Fund Description: Pioneer Municipal High Income Advantage Trust is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Trust's primary investment objective is to provide its common shareholders with a high level of current income exempt from regular federal income tax. As a secondary investment objective, the Trust may seek capital appreciation to the extent consistent with its primary investment objective. FUND STRATEGY: Under normal market conditions, the Trust seeks to achieve its investment objectives by investing substantially all (at least 80%) of its assets in debt securities and other obligations issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the interest on which is exempt from regular federal income tax. The Trust may invest in municipal securities with a broad range of maturities and credit ratings, including both investment grade and below investment grade municipal securities. At least 40% of the Trust's portfolio of municipal securities will be rated investment grade at the time of acquisition. No more than 60% of the Trust's portfolio of municipal securities will be rated below investment grade at the time of acquisition. FUND MANAGEMENT: Pioneer Investment Management, Inc. is the Trust's investment adviser.