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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                        MANAGEMENT INVESTMENT COMPANIES



		Investment Company Act file number 811-21409

                  Pioneer Municipal High Income Advantage Trust
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  March 31


Date of reporting period:  April 1, 2013 through March 31, 2014


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


ITEM 1. REPORTS TO STOCKHOLDERS.


                    Pioneer Municipal High
                    Income Advantage Trust

--------------------------------------------------------------------------------
                    Annual Report | March 31, 2014
--------------------------------------------------------------------------------

                    Ticker Symbol:   MAV

                    [LOGO] PIONEER
                           Investments(R)


                      visit us: us.pioneerinvestments.com


Table of Contents


                                                                           
Letter to Shareowners                                                          2

Portfolio Management Discussion                                                4

Portfolio Summary                                                             10

Prices and Distributions                                                      11

Performance Update                                                            12

Schedule of Investments                                                       13

Financial Statements                                                          24

Notes to Financial Statements                                                 29

Report of Independent Registered Public Accounting Firm                       36

Approval of Investment Advisory Agreement                                     38

Trustees, Officers and Service Providers                                      42


       Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 1


President's Letter

Dear Shareowner,

A few months into 2014, we still expect U.S. economic growth for the year to be
in the 2.5% to 3% range, despite some weaker economic data releases during the
winter months driven in large part by harsh weather across much of the
continental U.S. While unemployment remains high, employment has been rising
steadily. Consumer incomes, savings, wealth, and debt-servicing capacity have
been solid buttresses for the recovering housing and auto industries. Industrial
activity is growing only moderately, but current corporate profits are generally
solid and balance sheets appear able to support needed capital spending and
dividend* payouts. A modestly improving European economy and continuing economic
improvement in Japan appear likely to result in improving global growth in 2014,
further supporting the U.S. economy. In addition, we feel that continuing slack
in labor markets and capacity utilization offer the potential for continuing
growth without bottlenecks and rising inflation.

After observing the strengthening economic trends, the Federal Reserve System
(the Fed) has begun scaling back its QE (quantitative easing) program, but
short-term interest rates remain near zero, and while Fed Chair Janet Yellen has
suggested that rates may be raised roughly six months after the QE program is
fully tapered, that would still place the potential rate hike sometime in 2015.

There are certainly risks and uncertainties still facing the global economy as
2014 moves along. The European economy, while improving, remains weak, the
Japanese economy faced a tax hike this spring, and a number of emerging market
countries are experiencing difficulties. There are also geopolitical worries
abroad, such as Russia's aggressive move against the Ukraine, and more potential
political fights at home, especially during a mid-term election year. While most
of the widely recognized risks we have outlined may already be "priced into" the
market, we believe investors should continue to expect market volatility.

At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.

*  Dividends are not guaranteed.

2 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.

We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.

Sincerely,

/s/ Daniel K. Kingsbury

Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.

Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.

       Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 3


Portfolio Management Discussion | 3/31/14

Investors' confidence in municipal debt strongly rebounded during the second
half of the 12-month period ended March 31, 2014, although the municipal
market's performance for the Trust's full fiscal year remained modest. In the
following interview, David Eurkus and Jonathan Chirunga discuss the factors that
influenced the performance of Pioneer Municipal High Income Advantage Trust
during the 12-month period ended March 31, 2014. Mr. Eurkus, Director of
Municipals, a senior vice president and a portfolio manager a Pioneer, and Mr.
Chirunga, a vice president and portfolio manager at Pioneer, are responsible for
the day-to-day management of the Trust.

Q    How did Pioneer Municipal High Income Advantage Trust perform during the
     12-month period ended March 31, 2014?

A    Pioneer Municipal High Income Advantage Trust returned -2.78% at net asset
     value and 2.59% at market price during the 12-month period ended March 31,
     2014. During the same 12-month period, the Trust's benchmarks, the Barclays
     Municipal Bond Index and the Barclays High Yield Municipal Bond Index,
     returned 0.39% and -1.87% at net asset value, respectively. The Barclays
     Municipal Bond Index is an unmanaged measure of the performance of
     investment-grade municipal bonds, while the Barclays High Yield Municipal
     Bond Index is an unmanaged measure of the performance of lower-rated
     municipal bonds. Unlike the Trust, the two Barclays indices do not use
     leverage. While use of leverage increases investment opportunity, it also
     increases investment risk. During the same 12-month period, the average
     return (at market price) of the 11 closed end funds in Lipper's High Yield
     Municipal Debt Closed End Funds category (which may or may not be
     leveraged) was -4.53%.

     The shares of the Trust were selling at a 21.0% premium to net asset value
     at the end of the period, on March 31, 2014.

     On March 31, 2014, the standardized 30-day SEC yield of the Trust's shares
     was 8.40%*.

Q    How would you describe the investment environment in the municipal bond
     market during the 12-month period ended March 31, 2014?

A    Municipal bonds, particularly higher-yielding, lower-rated issues,
     rebounded strongly during the second half of the 12-month period, but the
     rally was not sufficient to overcome the negative effects of market
     volatility

*    The 30-day SEC yield is a standardized formula that is based on the
     hypothetical annualized earning power (investment income only) of the
     Trust's portfolio securities during the period indicated.

4 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


over the first half of the period. The Trust's fiscal year began on April 1,
2013, with municipal bonds, including high-yield securities, performing
well. The environment changed, however, starting in May and June of 2013.
First, then-U.S. Federal Reserve System (the Fed) Chair Ben Bernanke suggested
that the Fed might begin tapering its quantitative easing (QE) bond-buying
program, which had been a key part of the Fed's accommodative monetary policies
that had helped to keep interest rates low and provided a measure of support to
overall economic growth. In response, the fixed-income market, including
municipals, sold off in the second quarter of 2013 on fears of the potential
negative effects of rising interest rates in the wake of any tapering of QE. The
Fed ended up delaying its official announcement regarding the tapering of QE
until December of 2013, and began reducing its monthly bond purchases in 2014,
with the eventual goal being to fully draw down the QE program by the end of the
current calendar year.

Later in the spring of 2013, the municipal market received another blow when the
City of Detroit filed for bankruptcy protection. Then, before the effects of the
Detroit announcement had subsided, new fears arose in the market about the
ability of the Commonwealth of Puerto Rico to pay its debts. As the concerns
grew widespread, the three major bond rating agencies all lowered the credit
ratings of bonds issued by Puerto Rico. This had the effect of undermining the
reputation of municipal bonds in general, but especially of lower-rated
municipals that carried more credit risk than higher-quality municipals. In that
environment, municipal bond prices continued to fall for most of the remainder
of 2013, with higher-yielding municipals underperforming investment-grade
municipal debt.

The sell-off in the municipal bond market continued into the first week of 2014,
before market sentiment abruptly changed and municipal bond prices started
snapping back, led by high-yield municipal debt. The primary factor in the
market's turnaround was the growing recognition by investors that municipal bond
prices had fallen to low levels, and offered relatively low prices combined with
highly attractive yields, especially when compared with other types of
fixed-income investments, including taxable bonds. Non-traditional investors,
including property-and-casualty insurers and other financial institutions, began
buying up municipal bonds. The increased buying activity came as financial
institutions published their calendars of expected new-bond issuance, which
indicated that the number of new municipal bonds issued in 2014 could be as much
as 20% lower than the amount issued in 2013. The imbalance caused by increasing
demand and decreasing supply led to a brisk rally in municipal bond prices
during January, February and March of 2014, with the high-yield sector leading
the

       Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 5


     way. The rally was sustained by a supportive domestic economic backdrop
     featuring slow growth and relatively tame inflation. As investors moved
     back into the high-yield municipal market, even bonds issued by the
     Commonwealth of Puerto Rico saw new demand. In the first three months of
     2014, the Barclays Municipal Bond Index returned 3.32%, while the Barclays
     High Yield Municipal Bond Index rose by 5.91%.

Q    What factors had the most influence on the Trust's performance during the
     12-month period ended March 31, 2014?

A    During the 12-month period, the Trust's overall performance was hurt in
     large part by the municipal market sell-off starting in the spring of 2013
     and lasting through the end of the 2013 calendar year. Performance bounced
     back significantly as the market environment improved in early 2014. The
     portfolio's high-yield investments fared particularly well, led by
     securities issued by hospital and health care institutions, and by tobacco
     lawsuit settlement bonds. The Trust also invested in derivative securities
     known as municipal residual interest rate bonds. The exposure to those
     securities had a positive impact on the Trust's performance during the
     period.

     Two portfolio securities that detracted from the Trust's performance during
     the period were project revenue bonds backed by the Illinois State Housing
     Finance Authority. Both bonds are backed by continuing care retirement
     communities, and each posted a modest negative return over the 12-month
     period.

     The Trust's use of leverage held back total returns when the market
     declined early in the fiscal year, as leverage tends to amplify the effects
     of market trends. Conversely, the use of leverage helped boost the Trust's
     return during the market's comeback early in 2014.

     Consistent with our longer-term investment themes, at the end of the
     Trust's fiscal year on March 31, 2014, the bulk of the Trust's portfolio
     securities were bonds from four sectors: hospital/health care; education;
     power and energy; and transportation. The Trust suffered no defaults during
     the 12-month period, had no exposure to City of Detroit bonds, and had only
     a small position in Commonwealth of Puerto Rico bonds during the early part
     of the period. This Commonwealth of Puerto Rico bond was an investment in
     highly-rated senior debt backed by sales tax revenues.

     Virtually all of the investments in the Trust's portfolio were securities
     backed by the revenues of specific projects, as we believe such bonds have
     less risk than general obligation bonds, which are more vulnerable to
     changes in the general financial health of a state, municipality, or public
     agency. At the end of the period, only 3% of Trust total investment
     portfolio was invested in general obligation bonds.

6 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Q    How did the level of leverage employed by the Trust change over the
     12-month period ended March 31, 2014?

A    At the end of the 12-month period on March 31, 2014, 34.5% of the Trust's
     total managed assets were financed by leverage (or borrowed funds),
     compared with 32.1% of the Trust's total managed assets financed by
     leverage at the start of the period on April 1, 2013. The increase was due
     to an decrease in the values of securities in which the Trust had invested.

Q    What is your investment outlook?

A    We think the outlook is favorable for municipal bonds in general, and
     especially for high-yield municipal securities. The supply of new municipal
     securities has shrunk from the levels of the previous two years, while
     demand is rising. Traditional investors attracted by the tax advantages of
     municipal securities are being joined by non-traditional investors who see
     attractive values in the tax-exempt market, especially relative to the
     taxable bond market. Given the widespread expectation that the Fed will
     keep short-term interest rates at near-zero at least through the end of
     2014 and into 2015, the yields offered by municipal bonds look even more
     compelling.

     Going forward, we intend to continue to focus on individual security
     selection and to emphasize project revenue bonds in the Trust's portfolio.
     We believe project-specific bonds to be more reliable than general
     obligation bonds backed by municipal revenues. The segments of the
     project-revenue municipal market on which we are currently focused include
     bonds backed by charter school revenues, transportation projects, tobacco
     settlement lawsuits, and industrial development projects.

       Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 7


Please refer to the Schedule of Investments on pages 13-23 for a full listing of
Trust securities.

Investments in high-yield or lower-rated securities are subject to
greater-than-average risk.

The Trust may invest in securities of issuers that are in default or that are in
bankruptcy.

A portion of income may be subject to state, federal, and/or alternative minimum
tax. Capital gains, if any, are subject to a capital gains tax.

When interest rates rise, the prices of fixed-income securities in the Trust
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Trust will generally rise.

By concentrating in municipal securities, the portfolio is more susceptible to
adverse economic, political or regulatory developments than is a portfolio that
invests more broadly.

Investments in the Trust are subject to possible loss due to the financial
failure of the issuers of the underlying securities and the issuers' inability
to meet their debt obligations.

The Trust currently uses leverage through the issuance of preferred shares.
Leverage creates significant risks, including the risk that the Trust's
incremental income or capital appreciation for investments purchased with the
proceeds of leverage will not be sufficient to cover the cost of leverage, which
may adversely affect the return for the holders of common shares. Since February
of 2008, regularly scheduled auctions for the Trust's preferred shares have
failed and preferred shareowners have not been able to sell their shares at
auction. The Board of Trustees of the Trust has considered, and continues to
consider, this issue.

The Trust is required to maintain certain regulatory and rating agency asset
coverage requirements in connection with its outstanding preferred shares. In
order to maintain required asset coverage levels, the Trust may be required to
alter the composition of its investment portfolio or take other actions, such as
redeeming preferred shares with the proceeds from portfolio transactions, at
what might be inopportune times in the market. Such actions could reduce the net
earnings or returns to holders of the Trust's common shares over time.

8 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Risks of investing in the Trust are discussed in greater detail in the Trust's
original offering documents relating to its common shares and shareowner reports
issued from time to time.

These risks may increase share price volatility.

Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.

Any information in this shareowner report regarding market or economic trends or
the factors influencing the Trust's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.

       Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 9


Portfolio Summary | 3/31/14

Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)

[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]



                                                     
Insured:
FSA                                                     3.5%
FSA-CR                                                  2.4%
AMBAC GO OF INSTN                                       2.2%
BHAC-CR MBIA                                            2.1%
PSF-GTD                                                 1.8%
AMBAC                                                   0.6%
GO OF INSTN                                             0.6%
ASSURED GTY                                             0.4%
GNMA COLL                                               0.4%
NATL-RE                                                 0.2%


                                                    
Revenue Bonds:
Health Revenue                                         20.6%
Development Revenue                                    15.9%
Facilities Revenue                                     10.3%
Tobacco Revenue                                         8.6%
Education Revenue                                       8.6%
Other Revenue                                           8.3%
Transportation Revenue                                  6.0%
Airport Revenue                                         3.4%
Pollution Control Revenue                               2.1%
Water Revenue                                           2.0%


Portfolio Maturity
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)

[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]



                                                    
0-2 years                                               0.4%
2-5 years                                               0.1%
5-7 years                                               0.7%
7-10 years                                              2.4%
10-20 years                                            32.8%
20+ years                                              63.6%



Quality Distribution
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on Standard & Poor's
ratings)

[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]



                                                    
AAA                                                     3.7%
AA                                                     15.0%
A                                                      10.4%
BBB                                                    12.0%
BB                                                     10.9%
B                                                       7.0%
CCC                                                     1.2%
Not Rated                                              39.8%



Bond ratings are ordered highest to lowest in portfolio. Based on Standard &
Poor's measures, AAA (highest possible rating) through BBB are considered
investment grade; BB or lower ratings are considered non-investment grade. Cash
equivalents and some bonds may not be rated.

The portfolio is actively managed and current holdings may be different.

10 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Prices and Distributions | 3/31/14

Share Prices and Distributions
--------------------------------------------------------------------------------

Market Value per Common Share
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
                                               3/31/14             3/31/13
--------------------------------------------------------------------------------
                                                              
Market Value                                    $14.60              $15.51
--------------------------------------------------------------------------------
Premium                                          21.0%               14.6%
--------------------------------------------------------------------------------


Net Asset Value per Common Share
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
                                               3/31/14             3/31/13
--------------------------------------------------------------------------------
                                                              
Net Asset Value                                 $12.07              $13.54
--------------------------------------------------------------------------------


Distributions per Common Share*
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
                           Net
                       Investment         Short-Term            Long-Term
                         Income          Capital Gains         Capital Gains
--------------------------------------------------------------------------------
                                                            
4/1/13 - 3/31/14          $1.14                $--                   $--
--------------------------------------------------------------------------------


10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)**



                                                                                 
  1.   Massachusetts Housing Finance Agency Revenue, 5.35%, 12/1/45                 2.56%
-----------------------------------------------------------------------------------------
  2.   North Texas Tollway Authority Transportation Revenue, 5.75%, 1/1/33          2.51
-----------------------------------------------------------------------------------------
  3.   Philadelphia Authority for Industrial Development, 8.2%, 12/1/43             2.45
-----------------------------------------------------------------------------------------
  4.   Lehman Municipal Trust Receipts, General Obligation, 13.06%, 7/28/31         2.38
-----------------------------------------------------------------------------------------
  5.   Massachusetts Development Finance Agency Revenue, 5.75%, 1/1/42              2.22
-----------------------------------------------------------------------------------------
  6.   New Jersey Transportation Trust Fund Authority Revenue, 12/15/27             2.07
-----------------------------------------------------------------------------------------
  7.   Tobacco Settlement Financing Corp., Revenue, 6.25%, 6/1/42                   1.93
-----------------------------------------------------------------------------------------
  8.   New Jersey Economic Development Authority Revenue, 5.75%, 9/15/27            1.82
-----------------------------------------------------------------------------------------
  9.   Jefferson Parish Hospital Service District No. 2, 6.375%, 7/1/41             1.78
-----------------------------------------------------------------------------------------
 10.   District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40      1.61
-----------------------------------------------------------------------------------------


*    The amount of distributions made to shareowners during the period was in
     excess of the net investment income earned by the Trust during the
     period. The Trust has accumulated undistributed net investment income which
     is part of the Trust's NAV. A portion of this accumulated net investment
     income was distributed to shareowners during the period.

**   This list excludes temporary cash investments and derivative instruments.
     The portfolio is actively managed, and current holdings may be different.
     The holdings listed should not be considered recommendations to buy or sell
     any security listed.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 11


Performance Update | 3/31/14

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in market value, including
reinvestment of dividends and distributions, of a $10,000 investment made in
common shares of Pioneer Municipal High Income Advantage Trust during the
periods shown, compared to that of the Barclays Municipal Bond Index and the
Barclays High Yield Municipal Bond Index.



Average Annual Total Returns
(As of March 31, 2014)
--------------------------------------------------------------------------------
                                                   Barclays
                                   Barclays        High Yield
            Net                    Municipal       Municipal
            Asset                  Bond            Bond
            Value      Market      Index           Index
Period      (NAV)      Price       (NAV)           (NAV)
--------------------------------------------------------------------------------
                                       
10 Years     6.19%      7.83%      4.45%            5.44%
5 Years     14.98      19.94       5.71            11.41
1 Year      -2.78       2.59       0.39            -1.87
--------------------------------------------------------------------------------


[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]

Value of $10,000 Investment



               Pioneer Municipal
               High Income          Barclays Municipal   Barclays High Yield
               Advantage Trust      Bond Index           Municipal Bond Index
                                                
3/31/2004      $   10,000           $   10,000           $   10,000
3/31/2005      $   10,407           $   10,267           $   10,919
3/31/2006      $   11,609           $   10,657           $   11,915
3/31/2007      $   12,794           $   11,236           $   13,088
3/31/2008      $   11,961           $   11,450           $   12,238
3/31/2009      $    8,564           $   11,710           $    9,893
3/31/2010      $   13,510           $   12,845           $   12,694
3/31/2011      $   14,182           $   13,054           $   13,110
3/31/2012      $   18,259           $   14,629           $   15,141
3/31/2013      $   20,730           $   15,397           $   17,306
3/31/2014      $   21,266           $   15,457           $   16,982


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV due to such factors as interest rate changes
and the perceived credit quality of borrowers.

Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.

Closed-end funds, unlike open-end funds, are not continuously offered. There is
a one-time public offering and, once issued, shares of closed-end funds are sold
in the open market through a stock exchange, and frequently trade at prices
lower than their NAV. NAV per common share is total assets less total
liabilities, which include preferred shares, divided by the number of common
shares outstanding.

When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends are
assumed to be reinvested at prices obtained under the Trust's dividend
reinvestment plan.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the sale of Trust shares.

The Barclays Municipal Bond Index is an unmanaged, broad measure of the
municipal bond market. The Barclays High Yield Municipal Bond Index is
unmanaged, totals over $26 billion in market value and maintains over 1300
securities. Municipal bonds in this index have the following requirements:
maturities of one year or greater, sub investment grade (below Baa or
non-rated), fixed coupon rate, issue date later than 12/31/90, deal size over
$20 million, maturity size of at least $3 million. Index returns are calculated
monthly, assume reinvestment of dividends and, unlike Trust returns, do not
reflect any fees, expenses or sales charges. The indices do not employ leverage.
You cannot invest directly in the indices.

12 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Schedule of Investments | 3/31/14



---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  TAX EXEMPT OBLIGATIONS -- 146.8%
                                  of Net Assets
                                  Alabama -- 1.7%
   2,500,000              NR/B2   Alabama Industrial Development Authority
                                  Solid Waste Disposal Revenue, 6.45%, 12/1/23       $    2,506,750
   2,500,000              NR/NR   Huntsville-Redstone Village Special Care
                                  Facilities Financing Authority Nursing Home
                                  Revenue, 5.5%, 1/1/43                                   2,196,750
                                                                                     --------------
                                                                                     $    4,703,500
---------------------------------------------------------------------------------------------------
                                  Arizona -- 3.1%
   5,000,000(a)           NR/NR   Casa Grande Industrial Development Authority
                                  Hospital Revenue, 7.625%, 12/1/29                  $    4,924,850
   2,640,000              NR/NR   Pima County Industrial Development Authority,
                                  7.0%, 1/1/38                                            2,984,916
      32,000            NR/Baa3   Pima County Industrial Development Authority
                                  Education Revenue, 6.75%, 7/1/31                           32,010
   1,000,000              NR/NR   San Luis Facility Development Corp.,
                                  7.25%, 5/1/27                                             932,320
                                                                                     --------------
                                                                                     $    8,874,096
---------------------------------------------------------------------------------------------------
                                  California -- 15.9%
   6,990,000             CCC/NR   California County Tobacco Securitization
                                  Agency Revenue, 5.25%, 6/1/46                      $    4,874,616
   1,550,000              NR/NR   California Enterprise Development Authority
                                  Recovery Zone Facility Revenue, 8.5%, 4/1/31            1,688,555
   5,000,000            NR/Baa3   California Pollution Control Financing Authority,
                                  5.0%, 7/1/37 (144A)                                     5,010,000
   3,000,000             BB+/NR   California School Finance Authority, 7.375%,
                                  10/1/43                                                 3,152,910
   2,425,000               A/A1   California State General Obligation Various
                                  Purpose, 5.75%, 4/1/31                                  2,803,154
   1,875,000              NR/NR   California Statewide Communities Development
                                  Authority, 5.875%, 11/1/43                              1,814,925
     757,342(a)(b)        NR/NR   California Statewide Communities Development
                                  Authority Environmental
                                  Facilities Revenue, 9.0%, 12/1/38                           6,574
   4,000,000              B+/NR   California Statewide Communities Development
                                  Authority Revenue Higher Education Revenue,
                                  7.25%, 10/1/38 (144A)                                   2,366,000
  20,000,000(c)           NR/NR   Inland Empire Tobacco Securitization Authority
                                  Revenue, 0.0%, 6/1/36                                   3,525,200
   3,140,000(d)           AA/WR   Lehman Municipal Trust Receipts Revenue,
                                  RIB, 0.0%, 9/20/28 (144A)                               3,933,038
   8,575,000(d)           AA/NR   Lehman Municipal Trust Receipts, General
                                  Obligation, 13.06%, 7/28/31                            10,002,223
   1,500,000              A-/NR   Madera Irrigation Financing Authority Water
                                  Revenue, 6.25%, 1/1/31                                  1,657,125


The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 13


Schedule of Investments | 3/31/14 (continued)



---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  California -- (continued)
   1,500,000              A-/NR   Madera Irrigation Financing Authority Water
                                  Revenue, 6.5%, 1/1/40                              $    1,668,030
   2,500,000              A-/A2   San Jose California Airport Revenue, RIB,
                                  5.0%, 3/1/37                                            2,538,500
                                                                                     --------------
                                                                                     $   45,040,850
---------------------------------------------------------------------------------------------------
                                  Colorado -- 0.8%
   1,500,000              B+/NR   Colorado Educational & Cultural Facilities
                                  Authority, 8.0%, 9/1/43                            $    1,503,765
   1,000,000              NR/NR   Kremmling Memorial Hospital District
                                  Certificate of Participation, 7.125%, 12/1/45             856,360
                                                                                     --------------
                                                                                     $    2,360,125
---------------------------------------------------------------------------------------------------
                                  Connecticut -- 0.4%
   1,000,000              NR/NR   Hamden Connecticut Facility Revenue,
                                  7.75%, 1/1/43                                      $    1,028,660
---------------------------------------------------------------------------------------------------
                                  District of Columbia -- 3.4%
   2,700,000           BBB/Baa1   District of Columbia Tobacco Settlement
                                  Financing Corp., 6.5%, 5/15/33                     $    2,844,207
   6,825,000           BBB/Baa1   District of Columbia Tobacco Settlement
                                  Financing Corp., 6.75%, 5/15/40                         6,767,192
                                                                                     --------------
                                                                                     $    9,611,399
---------------------------------------------------------------------------------------------------
                                  Florida -- 3.5%
   1,500,000              NR/NR   Alachua County Health Facilities Authority
                                  Revenue, 8.125%, 11/15/41                          $    1,699,410
   1,500,000              NR/NR   Alachua County Health Facilities Authority
                                  Revenue, 8.125%, 11/15/46                               1,695,270
     500,000              NR/B1   Capital Trust Agency Revenue Bonds,
                                  7.75%, 1/1/41                                             508,790
   1,000,000(e)           NR/WR   Hillsborough County Industrial Development
                                  Authority Revenue, 8.0%, 8/15/32                        1,338,160
   2,200,000              BB/NR   Lee County Industrial Development Authority,
                                  5.375%, 6/15/37                                         2,147,112
   2,500,000               A/A2   Miami-Dade County Florida Aviation Revenue,
                                  5.5%, 10/1/41                                           2,686,050
                                                                                     --------------
                                                                                     $   10,074,792
---------------------------------------------------------------------------------------------------
                                  Georgia -- 6.7%
   5,210,000(d)           AA/WR   Atlanta Georgia Water and Wastewater
                                  Revenue, RIB, 12.827%, 11/1/43 (144A)              $    5,288,202
   5,000,000              B+/NR   Clayton County Development Authority
                                  Revenue, 9.0%, 6/1/35                                   5,292,900
     900,000              NR/NR   DeKalb County Georgia Hospital Authority
                                  Revenue, 6.0%, 9/1/30                                     924,498
     750,000              NR/NR   DeKalb County Georgia Hospital Authority
                                  Revenue, 6.125%, 9/1/40                                   763,163


The accompanying notes are an integral part of these financial statements.

14 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14




---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  Georgia -- (continued)
   3,360,000               NR/NR  Fulton County Residential Care Facilities
                                  for the Elderly Authority, 7.0%, 7/1/29            $    3,370,046
   3,100,000              AA/Aa2  Private Colleges & Universities Authority
                                  Revenue, 5.0%, 10/1/43                                  3,373,699
                                                                                     --------------
                                                                                     $   19,012,508
---------------------------------------------------------------------------------------------------
                                  Guam -- 0.4%
   1,000,000               B+/NR  Guam Government of Department Education
                                  Certificates of Participation, 6.625%, 12/1/30     $    1,028,430
---------------------------------------------------------------------------------------------------
                                  Idaho -- 1.2%
   2,000,000             A-/Baa1  Power County Industrial Development Corp.,
                                  Revenue, 6.45%, 8/1/32                             $    2,002,420
   1,500,000             A-/Baa1  Power County Pollution Control Revenue,
                                  5.625%, 10/1/14                                         1,500,675
                                                                                     --------------
                                                                                     $    3,503,095
---------------------------------------------------------------------------------------------------
                                  Illinois -- 6.4%
   1,000,000            NR/Baa1   City of Country Club Hills, General Obligation,
                                  5.0%, 12/1/31                                      $    1,010,770
   3,000,000              NR/NR   Illinois Finance Authority Revenue,
                                  8.125%, 2/15/40                                         3,057,480
     365,400(c)           NR/NR   Illinois Finance Authority Revenue, 11/15/52               24,665
     417,400(d)           NR/NR   Illinois Finance Authority Revenue,
                                  4.0%, 11/15/52                                            137,742
   1,450,000              A+/A1   Illinois Finance Authority Revenue,
                                  5.5%, 4/1/39                                            1,514,278
   1,605,000              AA/A3   Illinois Finance Authority Revenue,
                                  6.0%, 8/15/25                                           1,646,585
     280,000            BBB+/NR   Illinois Finance Authority Revenue,
                                  6.0%, 8/15/38                                             295,095
   2,000,000            AA+/Aa2   Illinois Finance Authority Revenue,
                                  6.0%, 8/15/39                                           2,287,220
      45,000              NR/NR   Illinois Finance Authority Revenue,
                                  7.0%, 11/15/17                                             43,263
     160,000              NR/NR   Illinois Finance Authority Revenue,
                                  7.0%, 11/15/27                                            145,079
   6,000,000              NR/NR   Illinois Finance Authority Revenue,
                                  8.25%, 5/15/45                                          3,967,500
   2,500,000              NR/NR   Illinois Finance Authority Revenue,
                                  8.25%, 2/15/46                                          2,554,525
   1,985,000              NR/NR   Southwestern Illinois Development
                                  Authority Revenue, 5.625%, 11/1/26                      1,572,656
                                                                                     --------------
                                                                                     $   18,256,858
---------------------------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 15


Schedule of Investments | 3/31/14 (continued)



---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  Indiana -- 0.9%
     250,000              NR/NR   City of Carmel Indiana Nursing Home
                                  Revenue, 7.0%, 11/15/32                            $      259,712
     750,000              NR/NR   City of Carmel Indiana Nursing Home
                                  Revenue, 7.125%, 11/15/42                                 775,845
     500,000              NR/NR   City of Carmel Indiana Nursing Home
                                  Revenue, 7.125%, 11/15/47                                 515,805
   1,585,000              NR/NR   Vincennes Industrial Economic Development
                                  Revenue, 6.25%, 1/1/24                                    966,264
                                                                                     --------------
                                                                                     $    2,517,626
---------------------------------------------------------------------------------------------------
                                  Kansas -- 0.4%
   1,000,000              NR/A2   Kansas Development Finance Authority
                                  Revenue, 5.0%, 5/15/35                             $    1,030,900
---------------------------------------------------------------------------------------------------
                                  Louisiana -- 6.0%
   7,000,000            BB+/Ba1   Jefferson Parish Hospital Service District
                                  No. 2, 6.375%, 7/1/41                              $    7,477,750
   2,500,000           BBB/Baa3   Louisiana Local Government Environmental
                                  Facilities & Community Development Authority
                                  Revenue, 6.75%, 11/1/32                                 2,764,200
   6,000,000            NR/Baa1   Louisiana Public Facilities Authority Revenue,
                                  5.5%, 5/15/47                                           6,089,940
     750,000            BBB-/NR   Opelousas Louisiana General Hospital
                                  Authority Revenue, 5.75%, 10/1/23                         755,100
                                                                                     --------------
                                                                                     $   17,086,990
---------------------------------------------------------------------------------------------------
                                  Maine -- 1.9%
   1,500,000             NR/Ba1   Maine Health & Higher Educational Facilities
                                  Authority Revenue, 7.5%, 7/1/32                    $    1,701,165
   3,500,000            AA-/Aa3   Maine Turnpike Authority Revenue,
                                  5.0%, 7/1/42                                            3,753,855
                                                                                     --------------
                                                                                     $    5,455,020
---------------------------------------------------------------------------------------------------
                                  Maryland -- 3.6%
   2,245,000              NR/NR   Maryland Health & Higher Educational
                                  Facilities Authority Revenue, 6.75%, 7/1/44        $    2,293,425
   4,500,000              A-/A2   Maryland Health & Higher Educational
                                  Facilities Authority Revenue, 5.0%, 7/1/43              4,600,395
   1,250,000            NR/Baa3   Maryland Health & Higher Educational
                                  Facilities Authority Revenue, 5.75%, 7/1/38             1,232,187
   2,000,000              NR/NR   Maryland Health & Higher Educational
                                  Facilities Authority Revenue, 6.25%, 1/1/45             2,153,400
                                                                                     --------------
                                                                                     $   10,279,407
---------------------------------------------------------------------------------------------------
                                  Massachusetts -- 9.4%
   2,200,000             AA/Aa2   Massachusetts Development Finance Agency
                                  Revenue, 5.0%, 7/1/39                              $    2,370,324
   8,000,000               A/WR   Massachusetts Development Finance Agency
                                  Revenue, 5.75%, 1/1/42                                  9,309,840


The accompanying notes are an integral part of these financial statements.

16 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14




---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  Massachusetts -- (continued)
   1,800,000              NR/NR   Massachusetts Development Finance
                                  Agency Revenue, 7.1%, 7/1/32                       $    1,800,072
   2,000,000            AAA/Aaa   Massachusetts Health & Educational
                                  Facilities Authority Revenue, 5.5%, 7/1/32              2,586,660
   3,420,000(a)(b)        NR/NR   Massachusetts Health & Educational
                                  Facilities Authority Revenue, 6.5%,
                                  1/15/38                                                     9,952
  10,760,000            AA-/Aa3   Massachusetts Housing Finance Agency
                                  Revenue, 5.35%, 12/1/45                                10,760,969
                                                                                     --------------
                                                                                     $   26,837,817
---------------------------------------------------------------------------------------------------
                                  Michigan -- 3.7%
   2,000,000             NR/Ba1   Flint Michigan Hospital Building Authority
                                  Revenue, 7.375%, 7/1/35                            $    2,123,140
   2,235,000             BB+/NR   Kent Hospital Finance Authority Revenue,
                                  6.25%, 7/1/40                                           2,331,485
     675,000              NR/NR   Michigan Public Educational Facilities
                                  Authority Revenue, 7.0%, 10/1/36                          651,348
   5,000,000             AA/Aa1   Michigan State University Revenue,
                                  5.0%, 8/15/41                                           5,411,750
                                                                                     --------------
                                                                                     $   10,517,723
---------------------------------------------------------------------------------------------------
                                  Minnesota -- 1.4%
   3,500,000              NR/NR   Port Authority of the City of Bloomington,
                                  Minnesota Recovery Zone Facility Revenue,
                                  9.0%, 12/1/35                                      $    3,855,740
---------------------------------------------------------------------------------------------------
                                  Missouri -- 0.9%
   1,500,000(a)(b)        NR/Ca   St. Louis Industrial Development Authority
                                  Revenue, 7.2%, 12/15/28                            $      462,345
   6,640,000(a)(b)        NR/Ca   St. Louis Industrial Development Authority
                                  Revenue, 7.25%, 12/15/35                                2,046,647
                                                                                     --------------
                                                                                     $    2,508,992
---------------------------------------------------------------------------------------------------
                                  Montana -- 0.7%
   2,445,000(c)           NR/NR   Hardin Increment Industrial Infrastructure
                                  Development Revenue, 9/1/31                        $    1,927,467
   1,000,000(a)(b)        NR/NR   Two Rivers Authority Inc., Project Revenue,
                                  7.375%, 11/1/27                                            79,710
                                                                                     --------------
                                                                                     $    2,007,177
---------------------------------------------------------------------------------------------------
                                  Nevada -- 2.3%
   2,000,000              A+/A1   Nevada Highway Revenue, 5.0%, 2/1/43               $    2,071,540
   4,500,000              A-/A3   Reno Nevada Hospital Revenue, 5.25%, 6/1/41             4,550,625
                                                                                     --------------
                                                                                     $    6,622,165
---------------------------------------------------------------------------------------------------
                                  New Hampshire -- 0.4%
   1,125,000(e)           NR/NR   New Hampshire Health & Education Facilities
                                  Authority Revenue, 5.875%, 7/1/34                  $    1,203,626
---------------------------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 17


Schedule of Investments | 3/31/14 (continued)



---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  New Jersey -- 11.2%
   1,500,000              NR/NR   Burlington County New Jersey Bridge
                                  Commission Revenue, 5.625%, 1/1/38                 $    1,377,690
   5,500,000              NR/NR   New Jersey Economic Development Authority
                                  Revenue, 10.5%, 6/1/32 (144A)                           5,276,150
   7,500,000               B/B2   New Jersey Economic Development Authority
                                  Revenue, 5.75%, 9/15/27                                 7,625,175
   3,500,000              NR/NR   New Jersey Health Care Facilities Financing
                                  Authority, 7.25%, 7/1/27                                3,500,035
   3,500,000(d)           AA/WR   New Jersey State Turnpike Authority
                                  Transportation Revenue, RIB, 13.52%,
                                  7/1/23 (144A)                                           5,319,720
  15,375,000(c)         AA+/Aa1   New Jersey Transportation Trust Fund Authority
                                  Revenue, 12/15/27                                       8,687,644
                                                                                     --------------
                                                                                     $   31,786,414
---------------------------------------------------------------------------------------------------
                                  New York -- 6.9%
   1,630,000(a)           NR/NR   Dutchess County Industrial Development
                                  Agency, 7.5%, 3/1/29                               $    1,483,300
   7,000,000              BB/B2   New York City Industrial Development Agency
                                  Revenue, 5.25%, 12/1/32                                 6,733,650
   3,950,000              BB/B2   New York City Industrial Development Agency
                                  Revenue, 7.625%, 12/1/32                                3,969,790
   5,000,000            AAA/Aaa   New York State Dormitory Authority Revenue,
                                  5.0%, 10/1/41                                           5,429,750
   2,000,000             NR/Ba1   New York State Dormitory Authority Revenue,
                                  6.125%, 12/1/29                                         2,017,120
                                                                                     --------------
                                                                                     $   19,633,610
---------------------------------------------------------------------------------------------------
                                  North Carolina -- 2.7%
   5,010,000              NR/NR   Charlotte North Carolina Special Facilities
                                  Revenue, 7.75%, 2/1/28                             $    5,015,561
   2,575,000              NR/NR   Charlotte Special Facilities Revenue,
                                  5.6%, 7/1/27                                            2,574,871
                                                                                     --------------
                                                                                     $    7,590,432
---------------------------------------------------------------------------------------------------
                                  Ohio -- 1.5%
   5,000,000              B-/B3   Buckeye Tobacco Settlement Financing
                                  Authority Revenue, 6.5%, 6/1/47                    $    4,347,350
---------------------------------------------------------------------------------------------------
                                  Oklahoma -- 1.9%
   3,000,000(d)           NR/WR   Tulsa Airports Improvement Trust,
                                  7.75%, 6/1/35                                      $    3,102,930
   2,220,000              NR/WR   Tulsa Airports Improvement Trust
                                  Revenue, 6.25%, 6/1/20                                  2,227,326
                                                                                     --------------
                                                                                     $    5,330,256
---------------------------------------------------------------------------------------------------
                                  Oregon -- 0.7%
   2,000,000            BBB+/NR   Oregon State Facilities Authority Revenue,
                                  5.25%, 10/1/40                                     $    2,033,000
---------------------------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.

18 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14




---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  Pennsylvania -- 11.0%
   1,965,000              B-/NR   Pennsylvania Economic Development
                                  Financing Authority, 8.0%, 5/1/29                  $    2,228,959
   5,000,000            B-/Caa2   Pennsylvania Economic Development
                                  Financing Authority Solid Waste Disposal
                                  Revenue, 6.0%, 6/1/31                                   5,000,400
   5,000,000              A-/A3   Pennsylvania Turnpike Commission,
                                  5.3%, 12/1/41                                           5,263,900
  10,000,000              NR/NR   Philadelphia Authority for Industrial
                                  Development Revenue, 8.2%, 12/1/43                     10,293,000
   1,000,000             BB-/NR   Philadelphia Authority for Industrial
                                  Development Revenue, 6.5%, 6/15/33 (144A)               1,005,440
   3,000,000             BB-/NR   Philadelphia Authority for Industrial
                                  Development Revenue, 6.75%, 6/15/43 (144A)              3,017,670
   5,000,000            BB+/Ba2   Philadelphia Hospitals & Higher Education
                                  Facilities Authority Revenue, 5.0%, 7/1/34              4,318,000
                                                                                     --------------
                                                                                     $   31,127,369
---------------------------------------------------------------------------------------------------
                                  Rhode Island -- 3.8%
   1,355,000(a)           NR/NR   Central Falls Rhode Island Detention Facility
                                  Corp., Revenue, 7.25%, 7/15/35                     $    1,016,372
   1,500,000              NR/NR   Rhode Island Health & Educational Building
                                  Corp., Revenue, 8.375%, 1/1/46                          1,676,625
   8,285,000             BB/Ba1   Tobacco Settlement Financing Corp.
                                  Revenue, 6.25%, 6/1/42                                  8,099,582
                                                                                     --------------
                                                                                     $   10,792,579
---------------------------------------------------------------------------------------------------
                                  South Carolina -- 2.0%
   4,400,000(f)          BBB/WR   Tobacco Settlement Revenue Management
                                  Authority, 6.375%, 5/15/30                         $    5,744,728
---------------------------------------------------------------------------------------------------
                                  Tennessee -- 3.0%
   5,000,000          BBB+/Baa1   Johnson City Health & Educational Facilities
                                  Board Hospital Revenue, 6.5%, 7/1/38               $    5,599,750
   3,000,000            BBB+/NR   Sullivan County Health, Educational & Housing
                                  Facilities Board Revenue, 5.25%, 9/1/36                 3,021,480
                                                                                     --------------
                                                                                     $    8,621,230
---------------------------------------------------------------------------------------------------
                                  Texas -- 17.0%
   1,000,000              BB/NR   Arlington Higher Education Finance Corp.
                                  Revenue, 7.0%, 3/1/34                              $      999,920
   2,500,000           BB+/Baa3   Central Texas Regional Mobility Authority
                                  Revenue, 6.75%, 1/1/41                                  2,770,425
   2,663,453(a)(b)        NR/NR   Gulf Coast Industrial Development Authority
                                  Revenue, 7.0%, 12/1/36                                     23,944
   3,000,000              NR/A3   Houston Higher Education Finance Corp.
                                  Revenue, 5.0%, 9/1/38                                   3,101,880
     460,000              NR/NR   IAH Public Facility Corp., Facilities Revenue,
                                  Series 2006, 6.0%, 5/1/16                                 321,867


The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 19


Schedule of Investments | 3/31/14 (continued)



---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  Texas -- (continued)
   1,000,000              NR/NR   IAH Public Facility Corp., Facilities Revenue,
                                  Series 2006, 6.0%, 5/1/21                          $      649,710
   1,350,000              NR/NR   IAH Public Facility Corp., Facilities Revenue,
                                  Series 2006, 6.125%, 5/1/26                               809,608
   3,000,000(a)(g)        NR/NR   Jefferson County Industrial Development
                                  Corp., Revenue, 8.25%, 7/1/32                           2,955,000
   2,000,000              NR/NR   Lubbock Health Facilities Development Corp.,
                                  Nursing Home Revenue, 6.625%, 7/1/36                    2,042,080
   9,750,000            BBB+/A3   North Texas Tollway Authority Transportation
                                  Revenue, 5.75%, 1/1/33                                 10,560,518
   1,711,000             NR/Aa1   Panhandle Regional Housing Finance Corp.,
                                  Multifamily Housing Revenue, 6.6%, 7/20/31              1,781,493
   1,500,000              NR/NR   Red River Health Facilities Development
                                  Corp., Revenue, 8.0%, 11/15/41                          1,713,735
   2,000,000            AAA/Aaa   Richardson Independent School District
                                  Revenue, 5.0%, 2/15/38                                  2,193,440
   4,000,000              NR/NR   Sanger Industrial Development Corp., Revenue,
                                  8.0%, 7/1/38                                            4,135,560
   1,000,000              NR/NR   Tarrant County Cultural Education Facilities
                                  Finance Corp., Revenue, 8.125%, 11/15/39                  941,200
   1,500,000              NR/NR   Tarrant County Cultural Education Facilities
                                  Finance Corp., Revenue, 8.25%, 11/15/44                 1,420,260
   1,000,000(a)(b)        NR/NR   Texas Midwest Public Facility Corp., Revenue,
                                  9.0%, 10/1/30                                             421,200
   3,000,000          BBB-/Baa3   Texas Private Activity Bond Surface
                                  Transportation Corp., 7.0%, 12/31/38                    3,414,660
   2,500,000              NR/NR   Travis County Health Facilities Development
                                  Corp., Revenue, 7.125%, 1/1/46                          2,592,550
   5,000,000             AAA/NR   Tyler Independent School District,
                                  5.0%, 2/15/38                                           5,483,600
                                                                                     --------------
                                                                                     $   48,332,650
---------------------------------------------------------------------------------------------------
                                  Virginia -- 0.8%
   2,000,000          BBB+/Baa1   Washington County Industrial Development
                                  Authority Revenue, 7.75%, 7/1/38                   $    2,298,960
---------------------------------------------------------------------------------------------------
                                  Washington -- 4.1%
   1,500,000            NR/Baa3   Washington State Health Care Facilities
                                  Authority Revenue, 5.5%, 12/1/39                   $    1,548,825
   2,000,000           BBB/Baa2   Washington State Health Care Facilities
                                  Authority Revenue, 6.125%, 8/15/37                      2,080,200
   2,000,000           BBB/Baa2   Washington State Health Care Facilities
                                  Authority Revenue, 6.25%, 8/15/42                       2,083,480
   1,100,000              NR/NR   Washington State Housing Finance
                                  Commission Revenue, 6.75%, 10/1/47                      1,075,129
   5,000,000              NR/NR   Washington State Housing Finance
                                  Committee Nonprofit Revenue, 5.625%, 1/1/27             4,731,800
                                                                                     --------------
                                                                                     $   11,519,434
---------------------------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.

20 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14




---------------------------------------------------------------------------------------------------
 Principal          S&P/Moody's
 Amount             Ratings
 USD ($)            (unaudited)                                                      Value
---------------------------------------------------------------------------------------------------
                                                                            
                                  West Virginia -- 0.9%
   2,000,000(a)           NR/NR   City of Philippi WV, 7.75%, 10/1/44                $    1,934,380
     740,000              NR/NR   West Virginia Hospital Finance Authority
                                  Hospital Revenue, 9.125%, 10/1/41                         723,639
                                                                                     --------------
                                                                                     $    2,658,019
---------------------------------------------------------------------------------------------------
                                  Wisconsin -- 4.2%
   5,000,000              NR/NR   Wisconsin Public Finance Authority
                                  Continuing Care Retirement Community
                                  Revenue, 8.25%, 6/1/46                             $    5,615,400
   1,000,000(e)           NR/NR   Wisconsin State Health & Educational
                                  Facilities Authority Revenue,
                                  6.125%, 4/1/24                                          1,000,000
   1,000,000(e)           NR/NR   Wisconsin State Health & Educational
                                  Facilities Authority Revenue, 6.25%, 4/1/34             1,000,000
   1,500,000              A+/A1   Wisconsin State Health & Educational
                                  Facilities Authority Revenue, 6.625%, 2/15/39           1,649,670
     920,000              NR/NR   Wisconsin State Public Finance Authority
                                  Revenue, 8.375%, 6/1/20                                   922,226
   1,500,000              NR/NR   Wisconsin State Public Finance Authority
                                  Revenue, 8.625%, 6/1/47                                 1,743,719
                                                                                     --------------
                                                                                     $   11,931,015
---------------------------------------------------------------------------------------------------
                                  TOTAL TAX EXEMPT OBLIGATIONS
                                  (Cost $403,622,616)                                $  417,164,543
---------------------------------------------------------------------------------------------------
                                  MUNICIPAL COLLATERALIZED
                                  DEBT OBLIGATION -- 1.0% of Net Assets
  13,000,000(a)(d)        NR/NR   Non-Profit Preferred Funding Trust I,
                                  0.0%, 9/15/37 (144A)                               $    2,763,280
---------------------------------------------------------------------------------------------------
                                  TOTAL MUNICIPAL COLLATERALIZED
                                  DEBT OBLIGATION
                                  (Cost $13,000,000)                                 $    2,763,280
---------------------------------------------------------------------------------------------------
                                  TOTAL INVESTMENTS IN SECURITIES -- 147.8%
                                  (Cost -- $416,622,616) (h)(i)                      $  419,927,823
---------------------------------------------------------------------------------------------------
                                  OTHER ASSETS AND LIABILITIES -- 5.0%               $   14,280,518
---------------------------------------------------------------------------------------------------
                                  PREFERRED SHARES AT REDEMPTION VALUE,
                                  INCLUDING DIVIDENDS PAYABLE -- (52.8)%             $ (150,000,229)
---------------------------------------------------------------------------------------------------
                                  NET ASSETS APPLICABLE TO
                                  COMMON SHAREOWNERS -- 100.0%                       $  284,208,112
===================================================================================================


NR       Security not rated by S&P or Moody's.

WR       Rating withdrawn by either S&P or Moody's.

(144A)   Security is exempt from registration under Rule 144A of the Securities
         Act of 1933. Such securities may be resold normally to qualified
         institutional buyers in a transaction exempt from registration. At
         March 31, 2014, the value of these securities amounted to $33,979,500,
         or 12.0% of total net assets applicable to common shareowners.

The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 21


Schedule of Investments | 3/31/14 (continued)

RIB  Residual Interest Bond. The interest rate is subject to change periodically
     and inversely based upon prevailing market rates. The interest rate shown
     is the rate at March 31, 2014.

(a)  Indicates a security that has been deemed illiquid. As of March 31, 2014
     the aggregate cost of illiquid securities in the Trust's portfolio was
     $26,839,186. As of that date, the aggregate value of illiquid securities in
     the Trust's portfolio of $18,127,555 represented 6.4% of total net assets
     applicable to common shareowners.

(b)  Security is in default and is non income producing.

(c)  Security issued with a zero coupon. Income is recognized through accretion
     of discount.

(d)  The interest rate is subject to change periodically. The interest rate
     shown is the rate at March 31, 2014.

(e)  Prerefunded bonds have been collateralized by U.S. Treasury or U.S.
     Government Agency securities which are held in escrow to pay interest and
     principal on the tax exempt issue and to retire the bonds in full at the
     earliest refunding date.

(f)  Escrow to maturity.

(g)  Security is valued using fair value methods (other than prices supplied by
     independent pricing services). See Notes to Financial Statements -- Note
     1A.

(h)  The concentration of investments by type of obligation/ market sector is as
     follows:



                                                                      
     Insured
         FSA                                                              3.5%
         FSA-CR                                                           2.4
         AMBAC GO OF INSTN                                                2.2
         BHAC-CR MBIA                                                     2.1
         PSF-GTD                                                          1.8
         AMBAC                                                            0.6
         GO OF INSTN                                                      0.6
         ASSURED GTY                                                      0.4
         GNMA COLL                                                        0.4
         NATL-RE                                                          0.2
     Revenue Bonds:
         Health Revenue                                                  20.6
         Development Revenue                                             15.9
         Facilities Revenue                                              10.3
         Tobacco Revenue                                                  8.6
         Education Revenue                                                8.6
         Other Revenue                                                    8.3
         Transportation Revenue                                           6.0
         Airport Revenue                                                  3.4
         Pollution Control Revenue                                        2.1
         Water Revenue                                                    2.0
                                                                        -----
                                                                        100.0%
                                                                        =====


The accompanying notes are an integral part of these financial statements.

22 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


(i)  At March 31, 2014, the net unrealized appreciation on investments based on
     cost for federal tax purposes of $412,480,181 was as follows:



                                                                               
        Aggregate gross unrealized appreciation for all investments in
            which there is an excess of value over tax cost                       $ 39,574,617

        Aggregate gross unrealized depreciation for all investments in
            which there is an excess of tax cost over value                        (32,126,975)
                                                                                  ------------
        Net unrealized appreciation                                               $  7,447,642
                                                                                  ------------


For financial reporting purposes net unrealized appreciation on investments was
$3,305,207 and cost of investments aggregated $416,622,616.

Purchases and sales of securities (excluding temporary cash investments) for the
year ended March 31, 2014 aggregated $103,372,839 and $122,659,673,
respectively.

Various inputs are used in determining the value of the Trust's investments.
These inputs are summarized in the three broad levels below.

     Level 1 -- quoted prices in active markets for identical securities.

     Level 2 -- other significant observable inputs (including quoted prices
                for similar securities, interest rates, prepayment speeds credit
                risks, etc.). See Notes to Financial Statements -- Note 1A.

     Level 3 -- significant unobservable inputs (including the Trust's own
                assumptions in determining fair value of investments. See
                Notes to Financial Statements -- Note 1A.

Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans are categorized as Level 2, and securities valued using fair
value methods (other than prices supplied by independent pricing services) as
Level 3. See Notes to Financial Statements -- Note 1A.

The following is a summary of the inputs used as of March 31, 2014, in valuing
the Trust's investments.



---------------------------------------------------------------------------------------
                                      Level 1    Level 2       Level 3     Total
---------------------------------------------------------------------------------------
                                                               
Tax Exempt Obligations                $ --       $414,209,543  $2,955,000  $417,164,543
Municipal Collateralized
   Debt Obligation                      --          2,763,280          --     2,763,280
---------------------------------------------------------------------------------------
  Total Investments in Securities     $ --       $416,972,823  $2,955,000  $419,927,823
=======================================================================================


The following is a reconciliation of assets valued using significant
unobservable inputs (level 3):



---------------------------------------------------------------------------------------------------------------------------------
                                         Change in
                   Balance   Realized    Unrealized                                Accrued     Transfers   Transfers   Balance
                   as of     gain        appreciation                              discounts/  in to       out of      as of
                   3/31/13   (loss)(1)   (depreciation)(2)  Purchases  Sales       premiums    Level 3*    Level 3*    3/31/14
---------------------------------------------------------------------------------------------------------------------------------
                                                                                            
Tax exempt
   obligations     $ --**    $12,900     $(105,870)         $ --       $ (12,900)  $4,260      $3,056,610  $ --        $2,955,000
---------------------------------------------------------------------------------------------------------------------------------
Total              $ --      $12,900     $(105,870)         $ --       $ (12,900)  $4,260      $3,056,610  $ --        $2,955,000
---------------------------------------------------------------------------------------------------------------------------------


*    Transfers are calculated on the beginning of period values.

**   Includes a security that is fair valued fair valued at $0.

(1)  Realized gain (loss) on these securities is included in the realized gain
     (loss) from investments in the Statement of Operations.

(2)  Unrealized appreciation (depreciation) on these securities is included in
     the change in unrealized appreciation (depreciation) from investments in
     the Statement of Operations.

Net change in unrealized depreciation of Level 3 investments still held and
considered Level 3 at 3/31/14: $(105,870).

The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 23


Statement of Assets and Liabilities | 3/31/14



                                                                         
ASSETS:
  Investments in securities, at value (cost $416,622,616)                   $419,927,823
  Cash                                                                         5,373,295
  Receivables --
     Investment securities sold                                                1,033,083
     Interest receivable                                                       8,096,203
  Reinvestment of distributions                                                  160,770
  Prepaid expenses                                                                 2,508
----------------------------------------------------------------------------------------
        Total assets                                                        $434,593,682
----------------------------------------------------------------------------------------
LIABILITIES:
   Payables --
      Due to affiliates                                                          211,412
      Administration fee payable                                                  70,826
   Accrued expenses                                                              102,589
   Other liabilities                                                                 514
----------------------------------------------------------------------------------------
        Total liabilities                                                   $    385,341
----------------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION VALUE:
  $25,000 liquidation value per share applicable to 6,000 shares,
     including dividends payable of $229                                    $150,000,229
----------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
  Paid-in capital                                                           $319,940,042
  Undistributed net investment income                                          8,291,054
  Accumulated net realized loss on investments                               (47,328,191)
  Net unrealized appreciation on investments                                   3,305,207
----------------------------------------------------------------------------------------
        Net assets applicable to common shareowners                         $284,208,112
========================================================================================
NET ASSET VALUE PER COMMON SHARE:
No par value (unlimited number of shares authorized)
  Based on $284,208,112/23,543,462 common shares                            $      12.07
========================================================================================


The accompanying notes are an integral part of these financial statements.

24 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Statement of Operations

For the Year Ended 3/31/14



                                                                             
INVESTMENT INCOME:
  Interest                                                                         $ 28,720,626
-----------------------------------------------------------------------------------------------
EXPENSES:
  Management fees                                                  $ 2,621,830
  Administrative reimbursements                                        213,913
  Transfer agent fees and expenses                                      19,818
  Shareholder communications expenses                                   12,866
  Auction agent fees                                                   378,514
  Custodian fees                                                         5,939
  Professional fees                                                     64,642
  Printing expenses                                                      4,233
  Trustees' fees                                                        12,563
  Pricing fees                                                          22,155
  Miscellaneous                                                         69,905
-----------------------------------------------------------------------------------------------
     Total expenses                                                                   3,426,378
-----------------------------------------------------------------------------------------------
        Net investment income                                                      $ 25,294,248
-----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on Investments                                 $ 1,349,154
  Change in net unrealized depreciation on Investments             (34,120,415)
-----------------------------------------------------------------------------------------------
        Net loss on investments                                                    $(32,771,261)
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME:                                                             $   (238,258)
-----------------------------------------------------------------------------------------------
  Net decrease in net assets resulting from operations                             $ (7,715,271)
===============================================================================================


The accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 25


Statements of Changes in Net Assets



-------------------------------------------------------------------------------------------------
                                                                 Year Ended         Year Ended
                                                                 3/31/14            3/31/13
-------------------------------------------------------------------------------------------------
                                                                              

FROM OPERATIONS:
Net investment income                                            $  25,294,248      $  25,500,104
Net realized gain on investments                                     1,349,154            418,450
Change in unrealized appreciation (depreciation)
   on investments                                                  (34,120,415)        16,515,110
Distributions to preferred shareowners from net
   investment income                                                  (238,258)          (436,645)
-------------------------------------------------------------------------------------------------
       Net increase (decrease) in net assets resulting
          from operations                                        $  (7,715,271)     $  41,997,019
-------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income and previously undistributed
   net investment income ($1.14 and $1.14 per
   share, respectively)                                          $ (26,754,525)     $ (26,607,280)
-------------------------------------------------------------------------------------------------
         Total distributions to common shareowners               $ (26,754,525)     $ (26,607,280)
-------------------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions                                    $   1,804,149      $   1,846,794
-------------------------------------------------------------------------------------------------
      Net increase in net assets applicable to common
         shareowners from Trust share transactions               $   1,804,149      $   1,846,794
-------------------------------------------------------------------------------------------------
      Net increase (decrease) in net assets applicable to
         common shareowners                                      $ (32,665,647)     $  17,236,533
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of year                                                  316,873,759        299,637,226
-------------------------------------------------------------------------------------------------
End of year                                                      $ 284,208,112      $ 316,873,759
-------------------------------------------------------------------------------------------------
Undistributed net investment income                              $   8,291,054      $   9,129,089
=================================================================================================


The accompanying notes are an integral part of these financial statements.

26 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Financial Highlights



---------------------------------------------------------------------------------------------------------------------------
                                                                  Year         Year        Year        Year       Year
                                                                  Ended        Ended       Ended       Ended      Ended
                                                                  3/31/14      3/31/13     3/31/12     3/31/11    3/31/10
---------------------------------------------------------------------------------------------------------------------------
                                                                                                   
Per Share Operating Performance
Net asset value, beginning of period                              $  13.54     $  12.87    $  11.54    $  12.24   $   9.23
---------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:(a)
   Net investment income                                          $   1.08     $   1.07    $   1.08    $   1.18   $   1.18
   Net realized and unrealized gain (loss) on investments            (1.40)        0.76        1.58       (0.79)      2.83
---------------------------------------------------------------------------------------------------------------------------
Distributions to preferred shareowners from:
   Net investment income                                             (0.01)       (0.02)      (0.02)      (0.03)     (0.04)
---------------------------------------------------------------------------------------------------------------------------
   Net increase (decrease) from investment operations             $  (0.33)    $   1.81    $   2.64    $   0.36   $   3.97
---------------------------------------------------------------------------------------------------------------------------
Distributions to common shareowners from:
   Net investment income and previously undistributed net
     investment income                                               (1.14)*      (1.14)*     (1.31)*     (1.06)     (0.96)
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                        $  (1.47)    $   0.67    $   1.33    $  (0.70)  $   3.01
---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period(b)                                 $  12.07     $  13.54    $  12.87    $  11.54   $  12.24
---------------------------------------------------------------------------------------------------------------------------
Market value, end of period(b)                                    $  14.60     $  15.51    $  14.72    $  12.64   $  13.10
===========================================================================================================================
Total return at market value(c)                                       2.59%       13.53%      28.48%       4.97%     57.76%
Ratios to average net assets of common shareowners:
   Net expenses(d)                                                    1.19%        1.23%       1.36%       1.35%      1.41%
   Net investment income before preferred share distributions         8.81%        8.08%       8.73%       9.54%     10.66%
   Preferred share distributions                                      0.08%        0.14%       0.15%       0.25%      0.33%
   Net investment income available to common shareowners              8.73%        7.94%       8.58%       9.29%     10.33%
Portfolio turnover                                                      24%          14%         15%         10%         8%
Net assets of common shareowners, end of period (in thousands)    $284,208     $316,874    $299,637    $266,870   $281,551


The  accompanying notes are an integral part of these financial statements.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 27


Financial Highlights (continued)



-----------------------------------------------------------------------------------------------------------------------------------
                                                                           Year        Year        Year        Year        Year
                                                                           Ended       Ended       Ended       Ended       Ended
                                                                           3/31/14     3/31/13     3/31/12     3/31/11     3/31/10
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                            
Preferred shares outstanding (in thousands)                                $150,000    $150,000    $150,000    $150,000    $150,000
Asset coverage per preferred share, end of period                          $ 72,367    $ 77,813    $ 74,941    $ 69,479    $ 71,926
Average market value per preferred share(e)                                $ 25,000    $ 25,000    $ 25,000    $ 25,000    $ 25,000
Liquidation value, including dividends payable, per preferred share        $ 25,001    $ 25,001    $ 25,001    $ 25,001    $ 25,001
===================================================================================================================================


*    The amount of distributions made to shareowners during the period were in
     excess of the net investment income earned by the Trust during the period.
     The Trust has accumulated undistributed net investment income which is part
     of the Trust's NAV. A portion of this accumulated net investment income was
     distributed to shareowners during the period.

(a)  The per common share data presented above is based upon the average common
     shares outstanding for the periods presented.

(b)  Net asset value and market value are published in Barron's on Saturday, The
     Wall Street Journal on Monday and The New York Times on Monday and
     Saturday.

(c)  Total investment return is calculated assuming a purchase of common shares
     at the current market value on the first day and a sale at the current
     market value on the last day of the periods reported. Dividends and
     distributions, if any, are assumed for purposes of this calculation to be
     reinvested at prices obtained under the Trust's dividend reinvestment plan.
     Total investment return does not reflect brokerage commissions. Past
     performance is not a guarantee of future results.

(d)  Expense ratios do not reflect the effect of distribution payments to
     preferred shareowners.

(e)  Market value is redemption value without an active market.

The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets and other supplemental data for the periods indicated. This
information has been determined based upon financial information provided in the
financial statements and market value data for the Trust's common shares.

The accompanying notes are an integral part of these financial statements.

28 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Notes to Financial Statements | 3/31/14

1. Organization and Significant Accounting Policies

Pioneer Municipal High Income Advantage Trust (the Trust) was organized as a
Delaware statutory trust on August 6, 2003. Prior to commencing operations on
October 20, 2003, the Trust had no operations other than matters relating to its
organization and registration as a diversified, closed-end management investment
company under the Investment Company Act of 1940, as amended. The investment
objective of the Trust is to seek a high level of current income exempt from
regular federal income tax, and the Trust may, as a secondary objective, also
seek capital appreciation to the extent that it is consistent with its primary
investment objective.

The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gain or loss on investments during the reporting
year. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:

A.   Security Valuation

     Security transactions are recorded as of trade date. Fixed income
     securities with remaining maturity of more than sixty days are valued at
     prices supplied by independent pricing services, which consider such
     factors as market prices, market events, quotations from one or more
     brokers, Treasury spreads, yields, maturities and ratings. Valuations may
     be supplemented by dealers and other sources, as required. The values of
     interest rate swaps are determined by obtaining dealer quotations. Equity
     securities that have traded on an exchange are valued at the last sale
     price on the principal exchange where they are traded. Equity securities
     that have not traded on the date of valuation or securities for which sale
     prices are not available, generally are valued using the mean between the
     last bid and asked prices. Short-term fixed income securities with
     remaining maturities of sixty days or less generally are valued at
     amortized cost. Shares of money market mutual funds are valued at such
     funds' net asset value.

     Securities for which independent pricing services are unable to supply
     prices or for which market prices and/or quotations are not readily
     available or are considered to be unreliable are valued by a fair valuation
     team comprised of

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 29


     certain personnel of Pioneer Investment Management, Inc. (PIM), the Trust's
     investment adviser, pursuant to procedures adopted by the Trust's Board of
     Trustees. PIM's fair valuation team uses fair value methods approved by the
     Valuation Committee of the Board of Trustees. PIM's valuation team is
     responsible for monitoring developments that may impact fair valued
     securities and for discussing and assessing fair value on an ongoing basis,
     and at least quarterly, with the Valuation Committee of the Board of
     Trustees.

     At March 31, 2014, one security was valued using fair value methods (in
     addition to securities valued using prices supplied by independent pricing
     services or broker-dealers) representing 1.0% of net assets applicable to
     common shareowners. The value of this fair valued security is $2,955,000.

     Discount and premium on debt securities are accreted or amortized,
     respectively, daily, into interest income on a yield-to-maturity basis with
     a corresponding increase or decrease in the cost basis of the security.
     Interest income, including interest or income bearing cash accounts, is
     recorded on an accrual basis.

     Dividend income is recorded on the ex-dividend date, except that certain
     dividends from foreign securities where the ex-dividend date may have
     passed are recorded as soon as the Trust becomes aware of the ex-dividend
     data in the exercise of reasonable diligence.

     Gains and losses on sales of investments are calculated on the identified
     cost method for both financial reporting and federal income tax purposes.

B.   Federal Income Taxes

     It is the Trust's policy to comply with the requirements of the Internal
     Revenue Code applicable to regulated investment companies and to distribute
     all of its taxable income and net realized capital gains, if any, to its
     shareowners. Therefore, no federal income tax provision is required. As of
     March 31, 2014, the Trust did not accrue any interest or penalties with
     respect to uncertain tax positions, which if applicable, would be recorded
     as an income tax expense in the Statement of Operations. Tax returns filed
     within the prior three years remain subject to examination by federal and
     state tax authorities.

     The amount and character of income and capital gain distributions to
     shareowners are determined in accordance with federal income tax rules,
     which may differ from U.S. generally accepted accounting principles.
     Distributions in excess of net investment income or net realized gains are
     temporary overdistributions for financial statement purposes resulting from
     differences in the recognition or classification of income or distributions
     for financial statement and tax purposes. Capital accounts within the
     financial statements are adjusted for permanent book/tax differences to
     reflect tax character, but are not adjusted for temporary differences.

30 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


At March 31, 2014, the Trust reclassified $860,500 to decrease undistributed net
investment income, $13,295,585 to increase net realized loss on investments and
$14,156,085 to decrease paid in-capital to reflect permanent book/tax
differences. The reclassification has no impact on the net assets of the Trust
and presents the Trust's capital accounts on a tax basis.

At March 31, 2014, the Trust was permitted to carry forward $1,050,845 of
short-term capital losses and $8,295,018 of long term capital losses without
limitation. Additionally, at March 31, 2014, the Trust had a net capital loss
carryforward of $39,026,949 of which the following amounts will expire between
2016 and 2019 if not utilized: $311,368 in 2016, $17,813,537 in 2017,
$18,242,633 in 2018 and $2,659,411 in 2019. During the year ended March 31,
2014, the Trust had $14,156,085 of capital loss carryforward that expired.

The Trust has elected to defer $606,703 of short-term capital losses and
$2,044,170 of long-term capital gains recognized between November 1, 2013 and
March 31, 2014 to its fiscal year ending March 31, 2015.

The tax character of distributions paid to shareowners during the years ended
March 31, 2014 and March 31, 2013 was as follows:



-------------------------------------------------------------------------------
                                                     2014                  2013
-------------------------------------------------------------------------------
                                                              
Distribution paid from:
Tax exempt income                             $25,927,367           $25,637,813
Ordinary income                                 1,065,416             1,406,112
-------------------------------------------------------------------------------
     Total                                    $26,992,783           $27,043,925
===============================================================================


The following shows the components of distributable earnings (losses) on a
federal income tax basis at March 31, 2014.



--------------------------------------------------------------------------------
                                                                           2014
--------------------------------------------------------------------------------
                                                               
Distributable earnings:
Undistributed tax-exempt income                                   $   7,163,321
Undistributed ordinary income                                           681,021
Capital loss carryforward                                           (48,372,812)
Post-October loss deferred                                           (2,650,873)
Dividends payable                                                          (229)
Unrealized appreciation                                               7,447,642
--------------------------------------------------------------------------------
     Total                                                        $ (35,731,930)
================================================================================


The difference between book-basis and tax-basis unrealized appreciation is
primarily attributable to the difference between book and tax amortization
methods for premiums and discounts on fixed income securities, the
difference between book and tax accounting for swap agreements, book/tax
difference in accrual of income on securities in default, and other temporary
differences.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 31


C.   Automatic Dividend Reinvestment Plan

     All common shareowners whose shares are registered in their own names
     automatically participate in the Automatic Dividend Reinvestment Plan (the
     Plan), under which participants receive all dividends and capital gain
     distributions (collectively, dividends) in full and fractional common
     shares of the Trust in lieu of cash. Shareowners may elect not to
     participate in the Plan. Shareowners not participating in the Plan receive
     all dividends and capital gain distributions in cash. Participation in the
     Plan is completely voluntary and may be terminated or resumed at any time
     without penalty by notifying American Stock Transfer & Trust Company, the
     agent for shareowners in administering the Plan (the Plan Agent), in
     writing prior to any dividend record date; otherwise such termination or
     resumption will be effective with respect to any subsequently declared
     dividend or other distribution.

     If a shareowner's shares are held in the name of a brokerage firm, bank or
     other nominee, the shareowner can ask the firm or nominee to participate in
     the Plan on the shareowner's behalf. If the firm or nominee does not offer
     the Plan, dividends will be paid in cash to the shareowner of record. A
     firm or nominee may reinvest a shareowner's cash dividends in common shares
     of the Trust on terms that differ from the terms of the Plan.

     Whenever the Trust declares a dividend on common shares payable in cash,
     participants in the Plan will receive the equivalent in common shares
     acquired by the Plan Agent either (i) through receipt of additional
     unissued but authorized common shares from the Trust or (ii) by purchase of
     outstanding common shares on the New York Stock Exchange or elsewhere. If,
     on the payment date for any dividend, the net asset value per common share
     is equal to or less than the market price per share plus estimated
     brokerage trading fees (market premium), the Plan Agent will invest the
     dividend amount in newly issued common shares. The number of newly issued
     common shares to be credited to each account will be determined by dividing
     the dollar amount of the dividend by the net asset value per common share
     on the date the shares are issued, provided that the maximum discount from
     the then current market price per share on the date of issuance does not
     exceed 5%. If, on the payment date for any dividend, the net asset value
     per common share is greater than the market value (market discount), the
     Plan Agent will invest the dividend amount in common shares acquired in
     open-market purchases. There are no brokerage charges with respect to newly
     issued common shares. However, each participant will pay a pro rata share
     of brokerage trading fees incurred with respect to the Plan Agent's
     open-market purchases. Participating in the Plan does not relieve
     shareowners from any federal, state or local taxes which may be due on

32 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


     dividends paid in any taxable year. Shareowners holding Plan shares in a
     brokerage account may not be able to transfer the shares to another broker
     and continue to participate in the Plan.

D.   Risks

     At times, the Trust's investments may represent industries or industry
     sectors that are interrelated or have common risks, making the Trust more
     susceptible to any economic, political, or regulatory developments or other
     risks affecting those industries and sectors. Information regarding the
     Trust's principal risks is contained in the Trust's original offering
     prospectus, with additional information included in the Trust's shareowner
     reports issued from time to time. Please refer to those documents when
     considering the Trust's principal risks.

     The Trust may invest in both investment grade and below investment grade
     (high-yield) municipal securities with a broad range of maturities and
     credit ratings. Debt securities rated below investment grade are commonly
     referred to as "junk bonds" and are considered speculative. Below
     investment grade securities involve greater risk of loss, are subject to
     greater price volatility, and are less liquid and more difficult to value
     especially during periods of economic uncertainty or change, than higher
     rated debt securities.

2. Management Agreement

PIM, the Trust's investment adviser, a wholly owned indirect subsidiary of
UniCredit S.p.A. (UniCredit), manages the Trust's portfolio. Management fees
payable under the Trust's Advisory Agreement with PIM are calculated daily at
the annual rate of 0.60% of the Trust's average daily managed assets. "Managed
assets" means (a) the total assets of the Trust, including any form of
investment leverage, minus (b) all accrued liabilities incurred in the normal
course of operations, which shall not include any liabilities or obligations
attributable to investment leverage obtained through (i) indebtedness of any
type (including, without limitation, borrowing through a credit facility or the
issuance of debt securities), (ii) the issuance of preferred stock or other
similar preference securities, and/or (iii) any other means. For the year ended
March 31, 2014, the net management fee was 0.60% of the Trust's average daily
managed assets, which was equivalent to 0.91% of the Trust's average daily net
assets attributable to the common shareowners.

In addition, under PIM's management and administration agreements, certain other
services and costs are paid by PIM and reimbursed by the Trust. At March 31,
2014, $289,704 was payable to PIM related to management costs, administrative
costs and certain other services is included in "Due to affiliates" and
"Administration fee payable" on the Statement of Assets and Liabilities.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 33


3. Transfer Agents

Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned
indirect subsidiary of UniCredit, through a sub-transfer agency agreement with
American Stock Transfer & Trust Company, provides substantially all transfer
agent and shareowner services related to the Trust's common shares at negotiated
rates.

In addition, the Trust reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareowner communications activities such as proxy and
statement mailings and outgoing phone calls.

4. Expense Offset Agreement

The Trust has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Trust's custodian expenses. For the year ended March 31, 2014, the Trust
expenses were not reduced under such arrangement.

5. Trust Shares

There are an unlimited number of common shares of beneficial interest
authorized.

Transactions in common shares of beneficial interest for the year
ended March 31, 2014 and March 31, 2013 were as follows:



--------------------------------------------------------------------------------
                                                          3/31/14        3/31/13
--------------------------------------------------------------------------------
                                                                
 Shares outstanding at beginning of year               23,406,918     23,282,302
 Reinvestment of distributions                            136,544        124,616
--------------------------------------------------------------------------------
 Shares outstanding at end of year                     23,543,462     23,406,918
================================================================================


The Trust may classify or reclassify any unissued shares of beneficial interest
into one or more series of preferred shares of beneficial interest. As of March
31, 2014, there were 6,000 APS as follows: Series A -- 3,000 and Series B --
3,000.

Dividends on Series A and Series B are cumulative at a rate which is to be reset
every seven days based on the results of an auction. An auction fails if there
are more APS offered for sale than there are buyers. When an auction fails, the
dividend rate for the period will be the maximum rate on the auction dates
described in the prospectus for the APS. Preferred shareowners are not able to
sell their APS at an auction if the auction fails. Since February 2008, the
Trust's auctions related to the APS have failed. The maximum rate for each
series is 125% of the 7 day commercial paper rate or adjusted Kenny rate.
Dividend rates on APS ranged from 0.075% to 0.429% during the year ended March
31, 2014.

34 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, the Trust does not comply with the asset coverage
ratios described in the prospectus for the APS.

The APS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The APS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Statement of
Preferences are not satisfied.

The holders of APS have voting rights equal to the holders of the Trust's common
shares (one vote per share) and will vote together with holders of the common
shares as a single class. Holders of APS are also entitled to elect two of the
Trust's Trustees. In addition, the Investment Company Act of 1940, as amended,
requires that along with approval by shareowners that might otherwise be
required, the approval of the holders of a majority of any outstanding preferred
shares, voting separately as a class, would be required to (a) adopt any plan of
reorganization that would adversely affect the preferred shares and (b) take any
action requiring a vote of security holders, including, among other things,
changes in the Trust's subclassification as a closed-end management investment
company or changes in its fundamental investment restrictions.

6. Subsequent Events

The Board of Trustees of the Trust declared on April 2, 2014 a dividend from
undistributed and accumulated net investment income of $0.095 per common share
payable April 30, 2014, to common shareowners of record on April 16, 2014.

Subsequent to March 31, 2014, dividends declared and paid on preferred shares
totaled $2,503 in aggregate for the two outstanding preferred share series
through April 30, 2014.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 35


Report of Independent Registered Public Accounting Firm

To the Board of Trustees and the Shareowners of
Pioneer Municipal High Income Advantage Trust:
--------------------------------------------------------------------------------

We have audited the accompanying statement of assets and liabilities of Pioneer
Municipal High Income Advantage Trust (the "Trust"), including the schedule of
investments, as of March 31, 2014, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the two
years in the period then ended and the financial highlights for each of the five
years in the period then ended. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of March 31, 2014, by correspondence with the custodian, and
brokers or by other appropriate auditing procedures where replies from brokers
were not received. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Municipal High Income Advantage Trust at March 31, 2014, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for each
of the five years in the period then ended, in conformity with U.S. generally
accepted accounting principles.

                                                           /s/ Ernst & Young LLP

Boston, Massachusetts
May 22, 2014

36 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


ADDITIONAL INFORMATION (unaudited)

During the period, there have been no material changes in the Trust's investment
objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. There have been no changes in the principal risk
factors associated with investment in the Trust. There were no changes in the
persons who are primarily responsible for the day-to-day management of the
Trust's portfolio.

Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.

IMPORTANT TAX INFORMATION (unaudited)

The following summarizes the taxable per share distributions paid by Pioneer
Municipal High Income Advantage Trust during the taxable year ended March 31,
2014.



--------------------------------------------------------------------------------
                                             Payable Date        Ordinary Income
--------------------------------------------------------------------------------
                                                           
 Common Shareowners                          12/19/13            0.044827
 Preferred Shareowners
   Series A                                  12/17/13            0.5400
                                             12/24/13            0.6400
                                             12/31/13            0.6400
                                               1/7/14            0.3500
   Series B                                  12/16/13            0.5800
                                             12/23/13            0.6400
                                             12/30/13            0.6400
                                               1/6/14            0.3500


All the other net investment income distributions paid by the Trust qualify as
tax-exempt interest dividends for federal income tax purposes.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 37


Approval of Investment Advisory Agreement

Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer Municipal High Income Advantage Trust (the Trust) pursuant to an
investment advisory agreement between PIM and the Trust. In order for PIM to
remain the investment adviser of the Trust, the Trustees of the Trust must
determine annually whether to renew the investment advisory agreement for the
Trust.

The contract review process began in March 2013 as the Trustees of the Trust
agreed on, among other things, an overall approach and timeline for the process.
In July 2013, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2013 and September 2013. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Trust were held in July,
September, and November, 2013 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Trust provided to the Trustees at regularly scheduled meetings.

At a meeting held on November 12, 2013, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Trust,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. In all quintile rankings referred to throughout this
disclosure, first quintile is most favorable to the Trust's shareowners. Thus,
highest relative performance would be first quintile and lowest relative
expenses would also be first quintile. The Trustees did not identify any single
factor as the controlling factor in determining to approve the renewal of the
agreement.

Nature, Extent and Quality of Services

The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Trust, taking into account the investment objective
and strategy of the Trust. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Trust and its research process. The Trustees considered the resources of PIM and
the personnel of PIM who provide investment management services to the Trust.
They also reviewed the amount of non-Trust assets managed by the portfolio
managers of the Trust. The Trustees

38 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


considered the non-investment resources and personnel of PIM involved in
PIM's services to the Trust, including PIM's compliance and legal resources and
personnel. The Trustees noted the substantial attention and high priority given
by PIM's senior management to the Pioneer fund complex.

The Trustees considered that PIM supervises and monitors the performance of the
Trust's service providers and provides the Trust with personnel (including Trust
officers) and other resources that are necessary for the Trust's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Trust's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.

Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Trust were
satisfactory and consistent with the terms of the investment advisory agreement.

Performance of the Trust

The Trustees review the Trust's performance on a regular basis, based on
analysis and data prepared by PIM for this purpose and discuss performance
issues with PIM on an ongoing basis. For purposes of their contract renewal
deliberations, the Trustees considered the performance results of the Trust over
various time periods. They reviewed information comparing the Trust's
performance with the performance of its peer group of funds as classified by
Morningstar, Inc. (Morningstar), an independent provider of investment company
data, and with the performance of the Trust's benchmark index. The Trustees
considered that the Trust's annualized total return was in the fourth quintile
of its Morningstar category for the one year period ended June 30, 2013, in the
second quintile of its Morningstar category for the three year period ended June
30, 2013, and in the first quintile of its Morningstar category for the five
year period ended June 30, 2013. The Trustees also considered that the Trust's
yield (for the twelve months ended June 30, 2013) lagged the yield of the
Barclays High Yield Municipal Bond Index and exceeded the yield of the Barclays
Municipal Bond Index for the same period. The Trustees also reviewed data
provided by PIM showing how leverage had benefited the Trust's common
shareholders. The Trustees noted the discussions held throughout the year
regarding the Trust's performance and confirmed that those discussions were
factored into the Trustees' deliberations concerning the renewal of the advisory
agreement. The Trustees indicated that they were satisfied with the discussions
with PIM with respect to the Trust's performance.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 39


Management Fee and Expenses

The Trustees considered information showing the fees and expenses of the Trust
in comparison to the management fees the expense ratios of a peer group of funds
selected on the basis of criteria determined by the Independent Trustees for
this purpose using data provided by Strategic Insight Mutual Fund Research and
Consulting, LLC (Strategic Insight), an independent third party.

The Trustees considered that the Trust's management fee (based on managed
assets) for the twelve months ended June 30, 2013 was in the fourth quintile
relative to the management fees paid by other funds in its Strategic Insight
peer group for the comparable period. The Trustees noted that the Trust's
management fee was approximately seven basis points higher than the median
management fee of its Strategic Insight peer group, and that there were only
eight funds in the Strategic Insight peer group. The Trustees also considered
that the Trust's expense ratio (based on managed assets) for the twelve months
ended June 30, 2013 was in the third quintile relative to its Strategic Insight
peer group for the comparable period.

The Trustees reviewed management fees charged by PIM and PIM's affiliate,
Pioneer Institutional Asset Management, Inc. (together with PIM, "Pioneer") to
institutional and other clients, including publicly offered European funds
sponsored by affiliates of Pioneer, unaffiliated U.S. registered investment
companies (in a sub-advisory capacity), and unaffiliated foreign and domestic
separate accounts. The Trustees also considered PIM's costs in providing
services to the Trust and Pioneer's costs in providing services to the other
clients and considered the differences in management fees and profit margins for
Trust and non-Trust services. In evaluating the fees associated with Pioneer's
client accounts, the Trustees took into account the respective demands,
resources and complexity associated with the Trust and client accounts. The
Trustees noted that, in some instances, the fee rates for those clients were
lower than the management fee for the Trust and considered that, under the
investment advisory agreement with the Trust, PIM performs additional services
for the Trust that it does not provide to those other clients or services that
are broader in scope, including oversight of the Trust's other service providers
and activities related to compliance and the extensive regulatory and tax
regimes to which the Trust is subject. The Trustees also considered the
different entrepreneurial risks associated with PIM's management of the Trust
and Pioneer's management of the other client accounts. The Trustees concluded
that the management fee payable by the Trust to PIM was reasonable in relation
to the nature and quality of the services provided by PIM.

40 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Profitability

The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Trust,
including the methodology used by PIM in allocating certain of its costs to the
management of the Trust. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Trust. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Trust in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Trust
was not unreasonable.

Economies of Scale

The Trustees considered the extent to which PIM may realize economies of scale
or other efficiencies in managing and supporting the Trust. Since the Trust is a
closed-end fund that has not raised additional capital, the Trustees concluded
that economies of scale were not a relevant consideration in the renewal of the
investment advisory agreement.

Other Benefits

The Trustees considered the other benefits to PIM from its relationship with the
Trust. The Trustees considered the character and amount of fees paid by the
Trust, other than under the investment advisory agreement, for services provided
by PIM and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
considered the intangible benefits to PIM by virtue of its relationship with the
Trust and the other Pioneer funds. The Trustees concluded that the receipt of
these benefits was reasonable in the context of the overall relationship between
PIM and the Trust.

Conclusion

After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Trust, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Trust.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 41


Trustees, Officers and Service Providers

Investment Adviser
Pioneer Investment Management, Inc.

Custodian and Sub-Administrator
Brown Brothers Harriman & Co.

Independent Registered Public Accounting Firm
Ernst & Young LLP

Legal Counsel
Bingham McCutchen LLP

Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.

Shareowner Services and Sub-Transfer Agent
American Stock Transfer & Trust Company

Preferred Share Auction/Transfer Agent and Registrar
Deutsche Bank Trust Company Americas

Proxy Voting Policies and Procedures of the Trust are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.

Trustees and Officers

The Trust's Trustees and officers are listed below, together with their
principal occupations during at least the past five years. Trustees who are
interested persons of the Trust within the meaning of the 1940 Act are referred
to as Interested Trustees. Trustees who are not interested persons of the Trust
are referred to as Independent Trustees. Each of the Trustees serves as a
Trustee of each of the 55 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Trust is 60 State Street, Boston, Massachusetts
02109.

The Statement of Additional Information of the Trust includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.

42 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Independent Trustees



------------------------------------------------------------------------------------------------------------------------------------
Name, Age and                    Term of Office and                                                   Other Directorships
Position Held with the Trust     Length of Service         Principal Occupation                       Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
Thomas J. Perna (63)             Class III Trustee since   Private investor (2004-2008 and            Director, Broadridge
Chairman of the Board            2006. Term expires        2013-present); Chairman (2008 - 2013) and  Financial Solutions, Inc.
and Trustee                      in 2015.                  Chief Executive Officer (2008 - 2012),     (investor communications
                                                           Quadriserv, Inc. (technology products for  and securities processing
                                                           securities lending industry); and Senior   provider for financial
                                                           Executive Vice President, The Bank of New  services industry) (2009
                                                           York (financial and securities services)   - present); Director,
                                                           (1986 - 2004)                              Quadriserv, Inc. (2005 -
                                                                                                      2013); and Commissioner,
                                                                                                      New Jersey State Civil
                                                                                                      Service Commission (2011
                                                                                                      - present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (70)               Class I Trustee since     Managing Partner, Federal City Capital     Director of Enterprise
Trustee                          2005. Term expires        Advisors (corporate advisory services      Community Investment,
                                 in 2016. Elected by       company) (1997 - 2004 and 2008 -           Inc. (privately held
                                 Preferred Shares only.    present); Interim Chief Executive Officer, affordable housing finance
                                                           Oxford Analytica, Inc. (privately held     company) (1985 - 2010);
                                                           research and consulting company) (2010);   Director of Oxford
                                                           Executive Vice President and Chief         Analytica, Inc. (2008 -
                                                           Financial Officer, I-trax, Inc. (publicly  present); Director of The
                                                           traded health care services company)       Swiss Helvetia Fund, Inc.
                                                           (2004 - 2007); and Executive Vice          (closed-end fund) (2010 -
                                                           President and Chief Financial Officer,     present); and Director of
                                                           Pedestal Inc. (internet-based mortgage     New York Mortgage Trust
                                                           trading company) (2000 - 2002)             (publicly traded mortgage
                                                                                                      REIT) (2004 - 2009, 2012
                                                                                                      - present)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (69)        Class II Trustee since    William Joseph Maier Professor of          Trustee, Mellon
Trustee                          2008. Term expires        Political Economy, Harvard University      Institutional Funds
                                 in 2014.                  (1972 - present)                           Investment Trust and
                                                                                                      Mellon Institutional
                                                                                                      Funds Master Portfolio
                                                                                                      (oversaw 17 portfolios in
                                                                                                      fund complex) (1989-2008)
------------------------------------------------------------------------------------------------------------------------------------


      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 43


Independent Trustees (continued)



------------------------------------------------------------------------------------------------------------------------------------
Name, Age and                   Term of Office and                                                  Other Directorships
Position Held with the Trust    Length of Service         Principal Occupation                      Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
                                                                                           
Margaret B.W. Graham (66)       Class II Trustee since    Founding Director, Vice President and     None
Trustee                         2003. Term expires        Corporate Secretary, The Winthrop Group,
                                in 2014.                  Inc. (consulting firm) (1982 - present);
                                                          Desautels Faculty of Management, McGill
                                                          University (1999 - present); and Manager
                                                          of Research Operations and
                                                          Organizational Learning, Xerox PARC,
                                                          Xerox's advance research center
                                                          (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marc O. Mayer (56)+             Class II Trustee since    Founding Partner and Chief Executive      Trustee, Alliance
Trustee                         2014. Term expires        Officer, Alignment Financial Services     Bernstein Mutual Funds
                                in 2014.                  (investment management) (2013- present);  (oversaw 92 funds in fund
                                                          Chief Executive Officer and Director, GMO complex) (2003-2008);
                                                          LLC (investment management) (2009-2011);  Board of Overseers,
                                                          Executive Vice President, Alliance        Columbia Business School
                                                          Bernstein LP (investment management)      (2010-present); and
                                                          (2000-2009); and Executive Vice           Director, Alpha Parity
                                                          President and Director, Sanford C.        LLC (hedge fund)
                                                          Bernstein & Co., LLC (investment          (2013-present)
                                                          management) (1989-2000)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (65)        Class III Trustee since   President and Chief Executive Officer,    Director of New America
Trustee                         2003. Term expires        Newbury, Piret & Company, Inc.            High Income Fund, Inc.
                                in 2015. Elected by       (investment banking firm) (1981 -         (closed-end investment
                                Preferred Shares only.    present)                                  company) (2004 -
                                                                                                    present); and member,
                                                                                                    Board of Governors,
                                                                                                    Investment Company
                                                                                                    Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------


+  Mr. Mayer resigned as a Trustee of the Trust effective May 6, 2014.

44 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


Interested Trustees



------------------------------------------------------------------------------------------------------------------------------------
Name, Age and                   Term of Office and                                                   Other Directorships
Position Held with the Trust    Length of Service         Principal Occupation                       Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
                                                                                            
Daniel K. Kingsbury (55)*       Class I Trustee since     Chairman (2013 - present), Director, CEO   None
Trustee, President and Chief    2013; Class II Trustee    and President of PIM-USA (since February
Executive Officer of the Trust  from 2007-2013. Term      2007); Chairman (2013 - present),
                                expires in 2016.          Director and President of Pioneer and
                                                          Pioneer Institutional Asset Management,
                                                          Inc. (since February 2007); Executive
                                                          Vice President of all of the Pioneer
                                                          Funds (2007 - 2013); Director of PGAM
                                                          (2007 - 2010); Head of New Europe
                                                          Division, PGAM (2000 - 2005); and Head
                                                          of New Markets Division, PGAM (2005 -
                                                          2007)
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (55)*         Class III Trustee since   Director and Executive Vice President      None
Trustee                         2014. Term expires        (since 2008) and Chief Investment
                                in 2014.                  Officer, U.S. (since 2010), of PIM-USA;
                                                          Executive Vice President of Pioneer
                                                          (since 2008); Executive Vice President
                                                          of Pioneer Institutional Asset
                                                          Management, Inc. (since 2009); Portfolio
                                                          Manager of Pioneer (since 1999)
------------------------------------------------------------------------------------------------------------------------------------


*    Mr. Kingsbury and Mr. Taubes are Interested Trustees because they are
     officers or directors of the Trust's investment adviser and certain of its
     affiliates.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 45


Trust Officers



------------------------------------------------------------------------------------------------------------------------------------
Name, Age and                   Term of Office and                                                   Other Directorships
Position Held with the Trust    Length of Service         Principal Occupation                       Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
                                                                                            
Mark D. Goodwin (49)            Since 2014. Serves        Executive Vice President and Chief         None
Executive Vice President        at the discretion of      Operating Officer of Pioneer since 2005
                                the Board.                and Executive Vice President of all the
                                                          Pioneer funds since 2014
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (49)      Since 2003. Serves        Vice President and Associate General       None
Secretary and Chief Legal       at the discretion of      Counsel of Pioneer since January 2008;
Officer                         the Board.                Secretary and Chief Legal Officer of all
                                                          of the Pioneer Funds since June 2010;
                                                          Assistant Secretary of all of the
                                                          Pioneer Funds from September 2003 to May
                                                          2010; and Vice President and Senior
                                                          Counsel of Pioneer from July 2002 to
                                                          December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (53)          Since 2010. Serves        Fund Governance Director of Pioneer        None
Assistant Secretary             at the discretion of      since December 2006 and Assistant
                                the Board.                Secretary of all the Pioneer Funds since
                                                          June 2010; Manager - Fund Governance of
                                                          Pioneer from December 2003 to November
                                                          2006; and Senior Paralegal of Pioneer
                                                          from January 2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (51)               Since 2010. Serves        Senior Counsel of Pioneer since May 2013   None
Assistant Secretary             at the discretion of      and Assistant Secretary of all the
                                the Board.                Pioneer Funds since June 2010; Counsel
                                                          of Pioneer from June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (54)            Since 2008. Serves        Vice President - Fund Treasury of          None
Treasurer and Chief Financial   at the discretion of      Pioneer; Treasurer of all of the Pioneer
and Accounting Officer of       the Board.                Funds since March 2008; Deputy Treasurer
the Fund                                                  of Pioneer from March 2004 to February
                                                          2008; and Assistant Treasurer of all of
                                                          the Pioneer Funds from March 2004 to
                                                          February 2008
------------------------------------------------------------------------------------------------------------------------------------


46 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14




------------------------------------------------------------------------------------------------------------------------------------
Name, Age and                   Term of Office and                                                   Other Directorships
Position Held with the Trust    Length of Service         Principal Occupation                       Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
                                                                                            
Luis I. Presutti (48)           Since 2002. Serves        Director - Fund Treasury of Pioneer; and   None
Assistant Treasurer             at the discretion of      Assistant Treasurer of all of the
                                the Board.                Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (55)              Since 2002. Serves        Fund Accounting Manager - Fund Treasury    None
Assistant Treasurer             at the discretion of      of Pioneer; and Assistant Treasurer of
                                the Board.                all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (34)           Since 2009. Serves        Fund Administration Manager - Fund         None
Assistant Treasurer             at the discretion of      Treasury of Pioneer since November 2008;
                                the Board.                Assistant Treasurer of all of the
                                                          Pioneer Funds since January 2009; and
                                                          Client Service Manager - Institutional
                                                          Investor Services at State Street Bank
                                                          from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (61)            Since 2010. Serves        Chief Compliance Officer of Pioneer and    None
Chief Compliance Officer        at the discretion of      of all the Pioneer Funds since March
                                the Board.                2010; Director of Adviser and Portfolio
                                                          Compliance at Pioneer since October
                                                          2005; and Senior Compliance Officer for
                                                          Columbia Management Advisers, Inc. from
                                                          October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (43)            Since 2006. Serves        Director - Transfer Agency Compliance of   None
Anti-Money Laundering Officer   at the discretion of      Pioneer and Anti-Money Laundering Officer
                                the Board.                of all the Pioneer funds since 2006
------------------------------------------------------------------------------------------------------------------------------------


      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 47


                           This page for your notes.

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                           This page for your notes.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 49


                           This page for your notes.

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                    This page for your notes.

      Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14 51


                           This page for your notes.

52 Pioneer Municipal High Income Advantage Trust | Annual Report | 3/31/14


How to Contact Pioneer

We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.

You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information                                      1-800-225-6292

Or write to AST:
--------------------------------------------------------------------------------
For                                                      Write to

General inquiries, lost dividend checks,                 American Stock
change of address, lost stock certificates,              Transfer & Trust
stock transfer                                           Operations Center
                                                         6201 15th Ave.
                                                         Brooklyn, NY 11219

Dividend reinvestment plan (DRIP)                        American Stock
                                                         Transfer & Trust
                                                         Wall Street Station
                                                         P.O. Box 922
                                                         New York, NY 10269-0560

Website                                                  www.amstock.com

For additional information, please contact your investment advisor or visit our
web site us.pioneerinvestments.com.

The Trust files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at www.sec.gov. The filed form may also be viewed and copied at the
Commission's Public Reference Room in Washington, DC. Information regarding the
operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.


[LOGO] PIONEER
       Investments(R)

Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com

Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2014 Pioneer Investments 19205-08-0514



ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party.  If
the registrant has not adopted such a code of ethics, explain why it has not
done so.

The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:

        (1) Honest and ethical conduct, including the ethical handling of actual
        or apparent conflicts of interest between personal and professional
        relationships;

        (2) Full, fair, accurate, timely, and understandable disclosure in
        reports and documents that a registrant files with, or submits to, the
        Commission and in other public communications made by the registrant;

        (3) Compliance with applicable governmental laws, rules, and
        regulations;

        (4) The prompt internal reporting of violations of the code to an
        appropriate person or persons identified in the code; and

        (5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period
covered by this report.

(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

        (1) File with the Commission, pursuant to Item 12(a)(1), a copy of
        its code of ethics that applies to the registrant's principal
        executive officer,principal financial officer, principal accounting
        officer or controller, or persons performing similar functions,
        as an exhibit to its annual
        report on this Form N-CSR (see attachment);

        (2) Post the text of such code of ethics on its Internet website and
        disclose, in its most recent report on this Form N-CSR, its Internet
        address and the fact that it has posted such code of ethics on its
        Internet website; or

        (3) Undertake in its most recent report on this Form N-CSR to provide to
        any person without charge, upon request, a copy of such code of ethics
        and explain the manner in which such request may be made.
	See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1)  Disclose that the registrant's board of trustees has determined that
         the registrant either:

    (i)  Has at least one audit committee financial expert serving on its audit
         committee; or

    (ii) Does not have an audit committee financial expert serving on its audit
         committee.

The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.

    (2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:

    (i)  Accept directly or indirectly any consulting, advisory, or other
         compensatory fee from the issuer; or

    (ii) Be an "interested person" of the investment company as defined in
         Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.

    (3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.

Not applicable.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.

Fees for audit services provided to the Trust, including
fees associated with the filings to update its Form N-2
and issuance of comfort letters, totaled approximately
$38,581 in 2014 and $42,076 in 2013.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

Audit related fees for the Trust's audit related services
totaled approximately $9,650 and $9,652 in 2014 and
2013, respectively.


(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.

PFees for tax compliance services, primarily for tax
returns, totaled approximately $8,131 and $8,290 for
2014 and 2013, respectively.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.

Audit related fees for the Trust's audit related services
totaled approximately $9,650 and $9,652 in 2014 and
2013, respectively.

(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 PIONEER FUNDS
            APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
                       PROVIDED BY THE INDEPENDENT AUDITOR

                  SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.



                               SECTION II - POLICY

---------------- -------------------------------- -------------------------------------------------
SERVICE           SERVICE CATEGORY DESCRIPTION      SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
                                            
I.  AUDIT        Services that are directly       o Accounting research assistance
SERVICES         related to performing the        o SEC consultation, registration
                 independent audit of the Funds     statements, and reporting
                                                  o Tax accrual related matters
                                                  o Implementation of new accounting
                                                    standards
                                                  o Compliance letters (e.g. rating agency
                                                    letters)
                                                  o Regulatory reviews and assistance
                                                    regarding financial matters
                                                  o Semi-annual reviews (if requested)
                                                  o Comfort letters for closed end
                                                    offerings
---------------- -------------------------------- -------------------------------------------------
II.              Services which are not           o AICPA attest and agreed-upon procedures
AUDIT-RELATED    prohibited under Rule            o Technology control assessments
SERVICES         210.2-01(C)(4) (the "Rule")      o Financial reporting control assessments
                 and are related extensions of    o Enterprise security architecture
                 the audit services support the     assessment
                 audit, or use the
                 knowledge/expertise gained
                 from the audit procedures as a
                 foundation to complete the
                 project.  In most cases, if
                 the Audit-Related Services are
                 not performed by the Audit
                 firm, the scope of the Audit
                 Services would likely
                 increase.  The Services are
                 typically well-defined and
                 governed by accounting
                 professional standards (AICPA,
                 SEC, etc.)
---------------- -------------------------------- -------------------------------------------------

 ------------------------------------- ------------------------------------
                                    
   AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                REPORTING POLICY
 ------------------------------------- ------------------------------------
                                    
 o "One-time" pre-approval             o A summary of all such
   for the audit period for all          services and related fees
   pre-approved specific service         reported at each regularly
   subcategories.  Approval of the       scheduled Audit Committee
   independent auditors as               meeting.
   auditors for a Fund shall
   constitute pre approval for
   these services.
 ------------------------------------- ------------------------------------
 o "One-time" pre-approval             o A summary of all such
   for the fund fiscal year within       services and related fees
   a specified dollar limit              (including comparison to
   for all pre-approved                  specified dollar limits)
   specific service subcategories        reported quarterly.

 o Specific approval is
   needed to exceed the
   pre-approved dollar limit for
   these services (see general
   Audit Committee approval policy
   below for details on obtaining
   specific approvals)

 o Specific approval is
   needed to use the Fund's
   auditors for Audit-Related
   Services not denoted as
   "pre-approved", or
   to add a specific service
   subcategory as "pre-approved"
 ------------------------------------- ------------------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
                                              
III. TAX SERVICES       Services which are not      o Tax planning and support
                        prohibited by the Rule,     o Tax controversy assistance
                        if an officer of the Fund   o Tax compliance, tax returns, excise
                        determines that using the     tax returns and support
                        Fund's auditor to provide   o Tax opinions
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption, or
                        the ability to maintain a
                        desired level of
                        confidentiality.
----------------------- --------------------------- -----------------------------------------------

------------------------------------- -------------------------
  AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                          REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval             o A summary of
  for the fund fiscal  year             all such services and
  within a specified dollar limit       related fees
  				        (including comparison
  			                to specified dollar
  			                limits) reported
  			                quarterly.

o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for tax services not
  denoted as pre-approved, or to add a specific
  service subcategory as
  "pre-approved"
------------------------------------- -------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
                                              
IV.  OTHER SERVICES     Services which are not      o Business Risk Management support
                        prohibited by the Rule,     o Other control and regulatory
A. SYNERGISTIC,         if an officer of the Fund     compliance projects
UNIQUE QUALIFICATIONS   determines that using the
                        Fund's auditor to provide
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption,
                        the ability to maintain a
                        desired level of
                        confidentiality, or where
                        the Fund's auditors
                        posses unique or superior
                        qualifications to provide
                        these services, resulting
                        in superior value and
                        results for the Fund.
----------------------- --------------------------- -----------------------------------------------

--------------------------------------- ------------------------
    AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                            REPORTING POLICY
------------------------------------- --------------------------
                                   
o "One-time" pre-approval             o A summary of
  for the fund fiscal year within       all such services and
  a specified dollar limit              related fees
  			               (including comparison
  			                to specified dollar
  				        limits) reported
                                        quarterly.
o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for "Synergistic" or
  "Unique Qualifications" Other
  Services not denoted as
  pre-approved to the left, or to
  add a specific service
  subcategory as "pre-approved"
------------------------------------- --------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- ------------------------- -----------------------------------------------
   SERVICE CATEGORY         SERVICE CATEGORY        SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
                              DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
                                            
PROHIBITED  SERVICES    Services which result     1. Bookkeeping or other services
                        in the auditors losing       related to the accounting records or
                        independence status          financial statements of the audit
                        under the Rule.              client*
                                                  2. Financial information systems design
                                                     and implementation*
                                                  3. Appraisal or valuation services,
                                                     fairness* opinions, or
                                                     contribution-in-kind reports
                                                  4. Actuarial services (i.e., setting
                                                     actuarial reserves versus actuarial
                                                     audit work)*
                                                  5. Internal audit outsourcing services*
                                                  6. Management functions or human
                                                     resources
                                                  7. Broker or dealer, investment
                                                     advisor, or investment banking services
                                                  8. Legal services and expert services
                                                     unrelated to the audit
                                                  9. Any other service that the Public
                                                     Company Accounting Oversight Board
                                                     determines, by regulation, is
                                                     impermissible
----------------------- ------------------------- -----------------------------------------------

------------------------------------------- ------------------------------
     AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                  REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be              o A summary of all
  performed with the exception of the(*)      services and related
  services that may be permitted              fees reported at each
  if they would not be subject to audit       regularly scheduled
  procedures at the audit client (as          Audit Committee meeting
  defined in rule 2-01(f)(4)) level           will serve as continual
  the firm providing the service.             confirmation that has
  				              not provided any
                                              restricted services.
------------------------------------------- ------------------------------

--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
  make an assessment to determine that any proposed projects will not impair
  independence.

o Potential services will be classified into the four non-restricted service
  categories and the "Approval of Audit, Audit-Related, Tax and Other
  Services" Policy above will be applied. Any services outside the specific
  pre-approved service subcategories set forth above must be specifically
  approved by the Audit Committee.

o At least quarterly, the Audit Committee shall review a report summarizing the
  services by service category, including fees, provided by the Audit firm as
  set forth in the above policy.

--------------------------------------------------------------------------------


    (2) Disclose the percentage of services described in each of paragraphs (b)
   through (d) of this Item that were approved by the audit committee pursuant
   to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services
Beginning with non-audit service contracts entered into
on or after May 6, 2003, the effective date of the new
SEC pre-approval rules, the Trust's audit committee is
required to pre-approve services to affiliates defined by
SEC rules to the extent that the services are determined
to have a direct impact on the operations or financial
reporting of the Trust. For the years ended March 31,
2014 and 2013, there were no services provided to an
affiliate that required the Trust's audit committee pre-
approval.


(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.

The aggregate non-audit fees for the Trust and affiliates,
as previously defined, totaled approximately $17,781 in
2014 and $17,942 in 2013.

(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

The Trust's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
 audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.

Included in Item 1


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

Proxy Voting Policies and Procedures of
                       Pioneer Investment Management, Inc.

                            VERSION DATED July, 2004

                                    Overview

   Pioneer Investment Management, Inc. ("Pioneer") is a fiduciary that owes
   each of its client's duties of care and loyalty with respect to all
   services undertaken on the client's behalf, including proxy voting. When
   Pioneer has been delegated proxy-voting authority for a client, the duty of
   care requires Pioneer to monitor corporate events and to vote the proxies.
   To satisfy its duty of loyalty, Pioneer must place its client's interests
   ahead of its own and must cast proxy votes in a manner consistent with the
   best interest of its clients. Pioneer will vote all proxies presented in a
   timely manner.

   The Proxy Voting Policies and Procedures are designed to complement
   Pioneer's investment policies and procedures regarding its general
   responsibility to monitor the performance and/or corporate events of
   companies that are issuers of securities held in accounts managed by
   Pioneer. Pioneer's Proxy Voting Policies summarize Pioneer's position on a
   number of issues solicited by companies held by Pioneer's clients. The
   policies are guidelines that provide a general indication on how Pioneer
   would vote but do not include all potential voting scenarios.

   Pioneer's Proxy Voting Procedures detail monitoring of voting, exception
   votes, and review of conflicts of interest and ensure that case-by-case
   votes are handled within the context of the overall guidelines (i.e. best
   interest of client). The overriding goal is that all proxies for US and
   non-US companies that are received promptly will be voted in accordance
   with Pioneer's policies or specific client instructions. All shares in a
   company held by Pioneer-managed accounts will be voted alike, unless a
   client has given us specific voting instructions on an issue or has not
   delegated authority to us or the Proxy Voting Oversight Group determines
   that the circumstances justify a different approach.

   Pioneer does not delegate the authority to vote proxies relating to its
   clients to any of its affiliates, which include other subsidiaries of
   UniCredito.

   Any questions about these policies and procedures should be directed to the
   Proxy Coordinator.

                                       1


                             Proxy Voting Procedures

   Proxy Voting Service
   Pioneer has engaged an independent proxy voting service to assist in the
   voting of proxies. The proxy voting service works with custodians to ensure
   that all proxy materials are received by the custodians and are processed
   in a timely fashion. To the extent applicable, the proxy voting service
   votes all proxies in accordance with the proxy voting policies established
   by Pioneer. The proxy voting service will refer proxy questions to the
   Proxy Coordinator (described below) for instructions under circumstances
   where: (1) the application of the proxy voting guidelines is unclear; (2) a
   particular proxy question is not covered by the guidelines; or (3) the
   guidelines call for specific instructions on a case-by-case basis. The
   proxy voting service is also requested to call to the Proxy Coordinator's
   attention specific proxy questions that, while governed by a guideline,
   appear to involve unusual or controversial issues. Pioneer reserves the
   right to attend a meeting in person and may do so when it determines that
   the company or the matters to be voted on at the meeting are strategically
   important to its clients.

   Proxy Coordinator
   Pioneer's Director of Investment Operations (the "Proxy Coordinator")
   coordinates the voting, procedures and reporting of proxies on behalf of
   Pioneer's clients. The Proxy Coordinator will deal directly with the proxy
   voting service and, in the case of proxy questions referred by the proxy
   voting service, will solicit voting recommendations and instructions from
   the Director of Portfolio Management US or, to the extent applicable,
   investment sub-advisers. The Proxy Coordinator is responsible for ensuring
   that these questions and referrals are responded to in a timely fashion and
   for transmitting appropriate voting instructions to the proxy voting
   service. The Proxy Coordinator is responsible for verifying with the
   Compliance Department whether Pioneer's voting power is subject to any
   limitations or guidelines issued by the client (or in the case of an
   employee benefit plan, the plan's trustee or other fiduciaries).

   Referral Items
   From time to time, the proxy voting service will refer proxy questions to
   the Proxy Coordinator that are described by Pioneer's policy as to be voted
   on a case-by-case basis, that are not covered by Pioneer's guidelines or
   where Pioneer's guidelines may be unclear with respect to the matter to be
   voted on. Under such certain circumstances, the Proxy Coordinator will seek
   a written voting recommendation from the Director of Portfolio Management
   US. Any such recommendation will include: (i) the manner in which the
   proxies should be voted; (ii) the rationale underlying any such decision;
   and (iii) the disclosure of any contacts or communications made between
   Pioneer and any outside parties concerning the proxy proposal prior to the
   time that the voting instructions are provided. In addition, the Proxy
   Coordinator will ask the Compliance Department to review the question for
   any actual or apparent conflicts of interest as described below under
   "Conflicts of

                                       2


   Interest." The Compliance Department will provide a "Conflicts of Interest
   Report," applying the criteria set forth below under "Conflicts of
   Interest," to the Proxy Coordinator summarizing the results of its review.
   In the absence of a conflict of interest, the Proxy Coordinator will vote
   in accordance with the recommendation of the Director of Portfolio
   Management US.

   If the matter presents a conflict of interest for Pioneer, then the Proxy
   Coordinator will refer the matter to the Proxy Voting Oversight Group for a
   decision. In general, when a conflict of interest is present, Pioneer will
   vote according to the recommendation of the Director of Portfolio
   Management US where such recommendation would go against Pioneer's interest
   or where the conflict is deemed to be immaterial. Pioneer will vote
   according to the recommendation of its proxy voting service when the
   conflict is deemed to be material and the Pioneer's internal vote
   recommendation would favor Pioneer's interest, unless a client specifically
   requests Pioneer to do otherwise. When making the final determination as to
   how to vote a proxy, the Proxy Voting Oversight Group will review the
   report from the Director of Portfolio Management US and the Conflicts of
   Interest Report issued by the Compliance Department.

   Conflicts of Interest
   A conflict of interest occurs when Pioneer's interests interfere, or appear
   to interfere with the interests of Pioneer's clients. Occasionally, Pioneer
   may have a conflict that can affect how its votes proxies. The conflict may
   be actual or perceived and may exist when the matter to be voted on
   concerns:

       o      An affiliate of Pioneer,  such as another company  belonging to
              the UniCredito  Italiano  S.p.A.  banking group (a "UniCredito
              Affiliate");

       o      An issuer of a security for which Pioneer acts as a sponsor,
              advisor, manager, custodian, distributor, underwriter, broker, or
              other similar capacity (including those securities specifically
              declared by PGAM to present a conflict of interest for Pioneer);

       o      An issuer of a security for which UniCredito has informed Pioneer
              that a UniCredito Affiliate acts as a sponsor, advisor, manager,
              custodian, distributor, underwriter, broker, or other similar
              capacity; or

       o      A person with whom Pioneer (or any of its affiliates) has an
              existing, material contract or business relationship that was not
              entered into in the ordinary course of Pioneer's business.

       o      Pioneer will abstain from voting with respect to companies
              directly or indirectly owned by UniCredito Italiano Group, unless
              otherwise directed by a client. In addition, Pioneer will inform
              PGAM Global Compliance and the PGAM Independent Directors before
              exercising such rights.

   Any associate involved in the proxy voting process with knowledge of any
   apparent or actual conflict of interest must disclose such conflict to the
   Proxy Coordinator and the Compliance Department. The Compliance Department
   will review each item referred to Pioneer to determine whether an actual or
   potential conflict of interest with Pioneer exists in connection with the
   proposal(s) to be voted upon. The review will be conducted by comparing the
   apparent parties affected by the proxy proposal being

                                       3


   voted upon against the Compliance Department's internal list of interested
   persons and, for any matches found, evaluating the anticipated magnitude
   and possible probability of any conflict of interest being present. For
   each referral item, the determination regarding the presence or absence of
   any actual or potential conflict of interest will be documented in a
   Conflicts of Interest Report to the Proxy Coordinator.

   Securities Lending
   In conjunction with industry standards Proxies are not available to be
   voted when the shares are out on loan through either Pioneer's lending
   program or a client's managed security lending program. However, Pioneer
   will reserve the right to recall lent securities so that they may be voted
   according to the Pioneer's instructions. If a portfolio manager would like
   to vote a block of previously lent shares, the Proxy Coordinator will work
   with the portfolio manager and Investment Operations to recall the
   security, to the extent possible, to facilitate the vote on the entire
   block of shares.

   Share-Blocking

   "Share-blocking" is a market practice whereby shares are sent to a
   custodian (which may be different than the account custodian) for record
   keeping and voting at the general meeting. The shares are unavailable for
   sale or delivery until the end of the blocking period (typically the day
   after general meeting date).

   Pioneer will vote in those countries with "share-blocking." In the event a
   manager would like to sell a security with "share-blocking", the Proxy
   Coordinator will work with the Portfolio Manager and Investment Operations
   Department to recall the shares (as allowable within the market time-frame
   and practices) and/or communicate with executing brokerage firm. A list of
   countries with "share-blocking" is available from the Investment Operations
   Department upon request.

   Record Keeping
   The Proxy Coordinator shall ensure that Pioneer's proxy voting service:

       o   Retains a copy of the proxy statement received (unless the proxy
           statement is available from the SEC's Electronic Data Gathering,
           Analysis, and Retrieval (EDGAR) system);

       o   Retains a record of the vote cast;

       o   Prepares Form N-PX for filing on behalf of each client that is a
           registered investment company; and

       o   Is able to promptly provide Pioneer with a copy of the voting
           record upon its request.

                                       4


   The Proxy Coordinator shall ensure that for those votes that may require
   additional documentation (i.e. conflicts of interest, exception votes and
   case-by-case votes) the following records are maintained:

       o    A record memorializing the basis for each referral vote cast;

       o    A copy of any document created by Pioneer that was material in
            making the decision on how to vote the subject proxy; and

       o    A copy of any conflict notice, conflict consent or any other
            written communication (including emails or other electronic
            communications) to or from the client (or in the case of an
            employee benefit plan, the plan's trustee or other fiduciaries)
            regarding the subject proxy vote cast by, or the vote
            recommendation of, Pioneer.

       o    Pioneer shall maintain the above records in the client's file for a
            period not less than ten (10) years.

     Disclosure
     Pioneer shall take reasonable measures to inform its clients of the process
     or procedures clients must follow to obtain information regarding how
     Pioneer voted with respect to assets held in their accounts. In addition,
     Pioneer shall describe to clients its proxy voting policies and procedures
     and will furnish a copy of its proxy voting policies and procedures upon
     request. This information may be provided to clients through Pioneer's Form
     ADV (Part II) disclosure, by separate notice to the client, or through
     Pioneer's website.

     Proxy Voting Oversight Group
     The members of the Proxy Voting Oversight Group are Pioneer's: Director of
     Portfolio Management US, Head of Investment Operations, and Director of
     Compliance. Other members of Pioneer will be invited to attend meetings and
     otherwise participate as necessary. The Head of Investment Operations will
     chair the Proxy Voting Oversight Group.

     The Proxy Voting Oversight Group is responsible for developing, evaluating,
     and changing (when necessary) Pioneer's Proxy Voting Policies and
     Procedures. The group meets at least annually to evaluate and review these
     policies and procedures and the services of its third-party proxy voting
     service. In addition, the Proxy Voting Oversight Group will meet as
     necessary to vote on referral items and address other business as
     necessary.

     Amendments
     Pioneer may not amend its Proxy Voting Policies And Procedures without the
     prior approval of the Proxy Voting Oversight Group and its corporate
     parent, Pioneer Global Asset Management S.p.A

                                       5


   Proxy Voting Policies
   Pioneer's sole concern in voting proxies is the economic effect of the
   proposal on the value of portfolio holdings, considering both the short-
   and long-term impact. In many instances, Pioneer believes that supporting
   the company's strategy and voting "for" management's proposals builds
   portfolio value. In other cases, however, proposals set forth by management
   may have a negative effect on that value, while some shareholder proposals
   may hold the best prospects for enhancing it. Pioneer monitors developments
   in the proxy-voting arena and will revise this policy as needed.

   All proxies that are received promptly will be voted in accordance with the
   specific policies listed below. All shares in a company held by
   Pioneer-managed accounts will be voted alike, unless a client has given us
   specific voting instructions on an issue or has not delegated authority to
   us. Proxy voting issues will be reviewed by Pioneer's Proxy Voting
   Oversight Group, which consists of the Director of Portfolio Management US,
   the Director of Investment Operations (the Proxy Coordinator), and the
   Director of Compliance.

   Pioneer has established Proxy Voting Procedures for identifying and
   reviewing conflicts of interest that may arise in the voting of proxies.

   Clients may request, at any time, a report on proxy votes for securities
   held in their portfolios and Pioneer is happy to discuss our proxy votes
   with company management. Pioneer retains a proxy voting service to provide
   research on proxy issues and to process proxy votes.

Administrative
   While administrative items appear infrequently in U.S. issuer proxies, they
   are quite common in non-U.S. proxies.

   We will generally support these and similar management proposals:

       o    Corporate name change.

       o    A change of corporate headquarters.

       o    Stock exchange listing.

       o    Establishment of time and place of annual meeting.

       o    Adjournment or postponement of annual meeting.

       o    Acceptance/approval of financial statements.

       o    Approval of dividend payments, dividend reinvestment plans and other
            dividend-related proposals.

       o    Approval of minutes and other formalities.

                                       6


       o    Authorization of the transferring of reserves and allocation of
            income.

       o    Amendments to authorized signatories.

       o    Approval of accounting method changes or change in fiscal year-end.

       o    Acceptance of labor agreements.

       o    Appointment of internal auditors.

   Pioneer will vote on a case-by-case basis on other routine business;
   however, Pioneer will oppose any routine business proposal if insufficient
   information is presented in advance to allow Pioneer to judge the merit of
   the proposal. Pioneer has also instructed its proxy voting service to
   inform Pioneer of its analysis of any administrative items inconsistent, in
   its view, with supporting the value of Pioneer portfolio holdings so that
   Pioneer may consider and vote on those items on a case-by-case basis.

Auditors
     We normally vote for proposals to:

       o    Ratify the auditors. We will consider a vote against if we are
            concerned about the auditors' independence or their past work for
            the company. Specifically, we will oppose the ratification of
            auditors and withhold votes from audit committee members if
            non-audit fees paid by the company to the auditing firm exceed the
            sum of audit fees plus audit-related fees plus permissible tax
            fees according to the disclosure categories proposed by the
            Securities and Exchange Commission.

       o    Restore shareholder rights to ratify the auditors.

     We will normally oppose proposals that require companies to:

       o    Seek bids from other auditors.

       o    Rotate auditing firms, except where the rotation is statutorily
            required or where rotation would demonstrably strengthen financial
            disclosure.

       o    Indemnify auditors.

       o    Prohibit auditors from engaging in non-audit services for the
            company.

     Board of Directors
     On issues related to the board of directors, Pioneer normally supports
     management. We will, however, consider a vote against management in
     instances where corporate performance has been very poor or where the board
     appears to lack independence.

                                       7


     General Board Issues
     Pioneer will vote for:

       o    Audit, compensation and nominating committees composed of
            independent directors exclusively.

       o    Indemnification for directors for actions taken in good faith in
            accordance with the business judgment rule. We will vote against
            proposals for broader indemnification.

       o    Changes in board size that appear to have a legitimate business
            purpose and are not primarily for anti-takeover reasons.

       o    Election of an honorary director.

     We will vote against:

       o    Minimum stock ownership by directors.

       o    Term limits for directors. Companies benefit from experienced
            directors, and shareholder control is better achieved through
            annual votes.

       o    Requirements for union or special interest representation on the
            board.

       o    Requirements to provide two candidates for each board seat.

     We will vote on a case-by case basis on these issues:

       o    Separate chairman and CEO positions. We will consider voting with
            shareholders on these issues in cases of poor corporate
            performance.

     Elections of Directors
     In uncontested elections of directors we will vote against:

       o    Individual directors with absenteeism above 25% without valid
            reason. We support proposals that require disclosure of director
            attendance.

       o    Insider directors and affiliated outsiders who sit on the audit,
            compensation, stock option or nominating committees. For the
            purposes of our policy, we accept the definition of affiliated
            directors provided by our proxy voting service.

     We will also vote against:

       o    Directors who have failed to act on a takeover offer where the
            majority of shareholders have tendered their shares.

       o    Directors who appear to lack independence or are associated with
            very poor corporate performance.

                                       8


     We will vote on a case-by case basis on these issues:

       o    Re-election of directors who have implemented or renewed a
            dead-hand or modified dead-hand poison pill (a "dead-hand poison
            pill" is a shareholder rights plan that may be altered only by
            incumbent or "dead " directors. These plans prevent a potential
            acquirer from disabling a poison pill by obtaining control of the
            board through a proxy vote).

       o    Contested election of directors.

       o    Prior to phase-in required by SEC, we would consider supporting
            election of a majority of independent directors in cases of poor
            performance.

       o    Mandatory retirement policies.

       o    Directors who have ignored a shareholder proposal that has been
            approved by shareholders for two consecutive years.

     Takeover-Related Measures
     Pioneer is generally opposed to proposals that may discourage takeover
     attempts. We believe that the potential for a takeover helps ensure that
     corporate performance remains high.

     Pioneer will vote for:

       o    Cumulative voting.

       o    Increase ability for shareholders to call special meetings.

       o    Increase ability for shareholders to act by written consent.

       o    Restrictions on the ability to make greenmail payments.

       o    Submitting rights plans to shareholder vote.

       o    Rescinding shareholder rights plans ("poison pills").

       o    Opting out of the following state takeover statutes:

     o Control share acquisition statutes, which deny large holders voting
       rights on holdings over a specified threshold.

     o Control share cash-out provisions, which require large holders to
       acquire shares from other holders.

     o Freeze-out provisions, which impose a waiting period on large
       holders before they can attempt to gain control.

     o Stakeholder laws, which permit directors to consider interests of
       non-shareholder constituencies.

                                       9


     o Disgorgement provisions, which require acquirers to disgorge profits
       on purchases made before gaining control.

     o Fair price provisions.

     o Authorization of shareholder rights plans.

     o Labor protection provisions.

     o Mandatory classified boards.

     We will vote on a case-by-case basis on the following issues:

       o    Fair price provisions. We will vote against provisions requiring
            supermajority votes to approve takeovers. We will also consider
            voting against proposals that require a supermajority vote to
            repeal or amend the provision. Finally, we will consider the
            mechanism used to determine the fair price; we are generally
            opposed to complicated formulas or requirements to pay a premium.

       o    Opting out of state takeover statutes regarding fair price
            provisions. We will use the criteria used for fair price
            provisions in general to determine our vote on this issue.

       o    Proposals that allow shareholders to nominate directors.

     We will vote against:

       o    Classified boards, except in the case of closed-end mutual funds.

       o    Limiting shareholder ability to remove or appoint directors. We
            will support proposals to restore shareholder authority in this
            area. We will review on a case-by-case basis proposals that
            authorize the board to make interim appointments.

       o    Classes of shares with unequal voting rights.

       o    Supermajority vote requirements.

       o    Severance packages ("golden" and "tin" parachutes). We will support
            proposals to put these packages to shareholder vote.

       o    Reimbursement of dissident proxy solicitation expenses. While we
            ordinarily support measures that encourage takeover bids, we
            believe that management should have full control over corporate
            funds.

       o    Extension of advance notice requirements for shareholder proposals.

       o    Granting board authority normally retained by shareholders (e.g.,
            amend charter, set board size).

       o    Shareholder rights plans ("poison pills"). These plans generally
            allow shareholders to buy additional shares at a below-market
            price in the event of a change in control and may deter some bids.

                                       10


     Capital Structure
     Managements need considerable flexibility in determining the company's
     financial structure, and Pioneer normally supports managements' proposals
     in this area. We will, however, reject proposals that impose high barriers
     to potential takeovers.

     Pioneer will vote for:

       o    Changes in par value.

       o    Reverse splits, if accompanied by a reduction in number of shares.

       o    Share repurchase programs, if all shareholders may participate on
            equal terms.

       o    Bond issuance.

       o    Increases in "ordinary" preferred stock.

       o    Proposals to have blank-check common stock placements (other than
            shares issued in the normal course of business) submitted for
            shareholder approval.

       o    Cancellation of company treasury shares.

     We will vote on a case-by-case basis on the following issues:

       o    Reverse splits not accompanied by a reduction in number of shares,
            considering the risk of delisting.

       o    Increase in authorized common stock. We will make a determination
            considering, among other factors:

     o Number of shares currently available for issuance;

     o Size of requested increase (we would normally approve increases of up to
       100% of current authorization);

     o Proposed use of the additional shares; and

     o Potential consequences of a failure to increase the number of shares
       outstanding (e.g., delisting or bankruptcy).

       o    Blank-check preferred. We will normally oppose issuance of a new
            class of blank-check preferred, but may approve an increase in a
            class already outstanding if the company has demonstrated that it
            uses this flexibility appropriately.

       o    Proposals to submit private placements to shareholder vote.

       o    Other financing plans.

     We will vote against preemptive rights that we believe limit a company's
financing flexibility.

                                      11


     Compensation
     Pioneer supports compensation plans that link pay to shareholder returns
     and believes that management has the best understanding of the level of
     compensation needed to attract and retain qualified people. At the same
     time, stock-related compensation plans have a significant economic impact
     and a direct effect on the balance sheet. Therefore, while we do not want
     to micromanage a company's compensation programs, we will place limits on
     the potential dilution these plans may impose.

     Pioneer will vote for:

       o    401(k) benefit plans.

       o    Employee stock ownership plans (ESOPs), as long as shares
            allocated to ESOPs are less than 5% of outstanding shares. Larger
            blocks of stock in ESOPs can serve as a takeover defense. We will
            support proposals to submit ESOPs to shareholder vote.

       o    Various issues related to the Omnibus Budget and Reconciliation Act
            of 1993 (OBRA), including:

     o Amendments to performance plans to conform with OBRA;

     o Caps on annual grants or amendments of administrative features;

     o Adding performance goals; and

     o Cash or cash-and-stock bonus plans.

       o    Establish a process to link pay, including stock-option grants, to
            performance, leaving specifics of implementation to the company.

       o    Require that option repricings be submitted to shareholders.

       o    Require the expensing of stock-option awards.

       o    Require reporting of executive retirement benefits (deferred
            compensation, split-dollar life insurance, SERPs, and pension
            benefits).

       o    Employee stock purchase plans where the purchase price is equal to
            at least 85% of the market price, where the offering period is no
            greater than 27 months and where potential dilution (as defined
            below) is no greater than 10%.

                                       12


     We will vote on a case-by-case basis on the following issues:

       o    Executive and director stock-related compensation plans. We will
            consider the following factors when reviewing these plans:

       o    The program must be of a reasonable size. We will approve plans
            where the combined employee and director plans together would
            generate less than 15% dilution. We will reject plans with 15% or
            more potential dilution.

            Dilution = (A + B + C) / (A + B + C + D), where

            A = Shares reserved for plan/amendment,

            B = Shares available under continuing plans,

            C = Shares granted but unexercised and

            D = Shares outstanding.

       o    The plan must not:

            o   Explicitly permit unlimited option repricing authority or that
                have repriced in the past without shareholder approval.

            o   Be a self-replenishing "evergreen" plan, plans that grant
                discount options and tax offset payments.

     o We are generally in favor of proposals that increase participation beyond
       executives.

     o We generally support proposals asking companies to adopt rigorous
       vesting provisions for stock option plans such as those that vest
       incrementally over, at least, a three- or four-year period with a pro
       rata portion of the shares becoming exercisable on an annual basis
       following grant date.

     o We generally support proposals asking companies to disclose their
       window period policies for stock transactions. Window period policies
       ensure that employees do not exercise options based on insider
       information contemporaneous with quarterly earnings releases and other
       material corporate announcements.

     o We generally support proposals asking companies to adopt stock holding
       periods for their executives.

       o    All other employee stock purchase plans.

       o    All other compensation-related proposals, including deferred
            compensation plans, employment agreements, loan guarantee programs
            and retirement plans.

       o    All other proposals regarding stock compensation plans, including
            extending the life of a plan, changing vesting restrictions,
            repricing options, lengthening exercise periods or accelerating
            distribution of awards and pyramiding and cashless exercise
            programs.

                                       13


     We will vote against:

       o    Pensions for non-employee directors. We believe these retirement
            plans reduce director objectivity.

       o    Elimination of stock option plans.

     We will vote on a case-by case basis on these issues:

       o    Limits on executive and director pay.

       o    Stock in lieu of cash compensation for directors.

     Corporate Governance
     Pioneer will vote for:

       o    Confidential Voting.

       o    Equal access provisions, which allow shareholders to contribute
            their opinion to proxy materials.

       o    Proposals requiring directors to disclose their ownership of shares
            in the company.

     We will vote on a case-by-case basis on the following issues:

       o    Change in the state of incorporation. We will support
            reincorporations supported by valid business reasons. We will
            oppose those that appear to be solely for the purpose of
            strengthening takeover defenses.

       o    Bundled proposals. We will evaluate the overall impact of the
            proposal.

       o    Adopting or amending the charter, bylaws or articles of association.

       o    Shareholder appraisal rights, which allow shareholders to demand
            judicial review of an acquisition price.

     We will vote against:

       o    Shareholder advisory committees. While management should solicit
            shareholder input, we prefer to leave the method of doing so to
            management's discretion.

       o    Limitations on stock ownership or voting rights.

       o    Reduction in share ownership disclosure guidelines.

                                       14


     Mergers and Restructurings
     Pioneer will vote on the following and similar issues on a case-by-case
     basis:

       o    Mergers and acquisitions.

       o    Corporate restructurings, including spin-offs, liquidations, asset
            sales, joint ventures, conversions to holding company and
            conversions to self-managed REIT structure.

       o    Debt restructurings.

       o    Conversion of securities.

       o    Issuance of shares to facilitate a merger.

       o    Private placements, warrants, convertible debentures.

       o    Proposals requiring management to inform shareholders of merger
            opportunities.

     We will normally vote against shareholder proposals requiring that the
     company be put up for sale.

     Mutual Funds
     Many of our portfolios may invest in shares of closed-end mutual funds or
     exchange-traded funds. The non-corporate structure of these investments
     raises several unique proxy voting issues.

     Pioneer will vote for:

       o    Establishment of new classes or series of shares.

       o    Establishment of a master-feeder structure.

     Pioneer will vote on a case-by-case on:

       o    Changes in investment policy. We will normally support changes
            that do not affect the investment objective or overall risk level
            of the fund. We will examine more fundamental changes on a
            case-by-case basis.

       o    Approval of new or amended advisory contracts.

       o    Changes from closed-end to open-end format.

       o    Authorization for, or increase in, preferred shares.

       o    Disposition of assets, termination, liquidation, or mergers.

       o    Classified boards of closed-end mutual funds, but will typically
            support such proposals.

                                       15


     Social Issues
     Pioneer will abstain on stockholder proposals calling for greater
     disclosure of corporate activities with regard to social issues. "Social
     Issues" may generally be described as shareholder proposals for a company
     to:

       o    Conduct studies regarding certain issues of public concern and
            interest;

       o    Study the feasibility of the company taking certain actions with
            regard to such issues; or

       o    Take specific action, including ceasing certain behavior and
            adopting company standards and principles, in relation to issues
            of public concern and interest.

     We believe these issues are important and should receive management
     attention.

     Pioneer will vote against proposals calling for substantial changes in the
     company's business or activities. We will also normally vote against
     proposals with regard to contributions, believing that management should
     control the routine disbursement of funds.

                                       16





ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.


DDITIONAL INFORMATION ABOUT THE PORTFOLIO MANAGER

OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER
The table below indicates, for the portfolio manager of the fund, information
about the accounts other than the fund over which the portfolio manager has
day-to-day investment responsibility. All information on the number of accounts
and total assets in the table is as of March 31, 2014. For purposes of the
table, "Other Pooled Investment Vehicles" may include investment partnerships,
undertakings for collective investments in transferable securities ("UCITS")
and other non-U.S. investment funds and group trusts, and "Other Accounts" may
include separate accounts for institutions or individuals, insurance company
general or separate accounts, pension funds and other similar institutional
accounts but generally do not include the portfolio manager's personal
investment accounts or those which the manager may be deemed to own
beneficially under the code of ethics. Certain funds and other accounts managed
by the portfolio manager may have substantially similar investment strategies.




                                                                                               NUMBER OF          ASSETS
                                                                                                ACCOUNTS         MANAGED
                                                                                             MANAGED FOR       FOR WHICH
                                                                                          WHICH ADVISORY        ADVISORY
                                                          NUMBER OF                               FEE IS          FEE IS
NAME OF                                                    ACCOUNTS       TOTAL ASSETS      PERFORMANCE-    PERFORMANCE-
PORTFOLIO MANAGER    TYPE OF ACCOUNT                        MANAGED    MANAGED (000'S)             BASED   BASED (000'S)
-------------------  ---------------------------------- -----------  -----------------  ----------------  --------------
                                                                                           
David Eurkus         Other Registered Investment
                     Companies                                  3    $1,654,573                      N/A             N/A
                     Other Pooled Investment Vehicles           0    $        0                      N/A             N/A
                     Other Accounts                             0    $        0                      N/A             N/A
-------------------  ---------------------------------- -----------  ----------         ----------------  --------------
Jonathan Chirunga    Other Registered
                     Investment Companies                       3    $1,654,573                      N/A             N/A
                     Other Pooled Investment Vehicles           0    $        0                      N/A             N/A
                     Other Accounts                             0    $        0                      N/A             N/A
-------------------  ---------------------------------- -----------  ----------         ----------------  --------------


POTENTIAL CONFLICTS OF INTEREST
When a portfolio manager is responsible for the management of more than one
account, the potential arises for the portfolio manager to favor one account
over another. The principal types of potential conflicts of interest that may
arise are discussed below. For the reasons outlined below, Pioneer does not
believe that any material conflicts are likely to arise out of a portfolio
manager's responsibility for the management of the fund as well as one or more
other accounts. Although Pioneer has adopted procedures that it believes are
reasonably designed to detect and prevent violations of the federal securities
laws and to mitigate the potential for conflicts of interest to affect its
portfolio management decisions, there can be no assurance that all conflicts
will be identified or that all procedures will be effective in mitigating the
potential for such risks. Generally, the risks of such conflicts of interest
are increased to the extent that a portfolio manager has a financial incentive
to favor one account over another. Pioneer has structured its compensation
arrangements in a manner that is intended to limit such potential for conflicts
of interest. See "Compensation of Portfolio Managers" below.

o A portfolio manager could favor one account over another in allocating new
  investment opportunities that have limited supply, such as initial public
  offerings and private placements. If, for example, an initial public
  offering that was expected to appreciate in value significantly shortly
  after the offering was allocated to a single account, that account may be
  expected to have better investment performance than other accounts that did
  not receive an allocation of the initial public offering. Generally,
  investments for which there is limited availability are allocated based upon
  a range of factors including available cash and


                                       0


 consistency with the accounts' investment objectives and policies. This
 allocation methodology necessarily involves some subjective elements but is
 intended over time to treat each client in an equitable and fair manner.
 Generally, the investment opportunity is allocated among participating
 accounts on a pro rata basis. Although Pioneer believes that its practices are
 reasonably designed to treat each client in an equitable and fair manner,
 there may be instances where a fund may not participate, or may participate to
 a lesser degree than other clients, in the allocation of an investment
 opportunity.

o A portfolio manager could favor one account over another in the order in
  which trades for the accounts are placed. If a portfolio manager determines
  to purchase a security for more than one account in an aggregate amount that
  may influence the market price of the security, accounts that purchased or
  sold the security first may receive a more favorable price than accounts
  that made subsequent transactions. The less liquid the market for the
  security or the greater the percentage that the proposed aggregate purchases
  or sales represent of average daily trading volume, the greater the
  potential for accounts that make subsequent purchases or sales to receive a
  less favorable price. When a portfolio manager intends to trade the same
  security on the same day for more than one account, the trades typically are
  "bunched," which means that the trades for the individual accounts are
  aggregated and each account receives the same price. There are some types of
  accounts as to which bunching may not be possible for contractual reasons
  (such as directed brokerage arrangements). Circumstances may also arise
  where the trader believes that bunching the orders may not result in the
  best possible price. Where those accounts or circumstances are involved,
  Pioneer will place the order in a manner intended to result in as favorable
  a price as possible for such client.

o A portfolio manager could favor an account if the portfolio manager's
  compensation is tied to the performance of that account to a greater degree
  than other accounts managed by the portfolio manager. If, for example, the
  portfolio manager receives a bonus based upon the performance of certain
  accounts relative to a benchmark while other accounts are disregarded for
  this purpose, the portfolio manager will have a financial incentive to seek
  to have the accounts that determine the portfolio manager's bonus achieve
  the best possible performance to the possible detriment of other accounts.
  Similarly, if Pioneer receives a performance-based advisory fee, the
  portfolio manager may favor that account, whether or not the performance of
  that account directly determines the portfolio manager's compensation.

o A portfolio manager could favor an account if the portfolio manager has a
  beneficial interest in the account, in order to benefit a large client or to
  compensate a client that had poor returns. For example, if the portfolio
  manager held an interest in an investment partnership that was one of the
  accounts managed by the portfolio manager, the portfolio manager would have
  an economic incentive to favor the account in which the portfolio manager
  held an interest.

o If the different accounts have materially and potentially conflicting
  investment objectives or strategies, a conflict of interest could arise. For
  example, if a portfolio manager purchases a security for one account and
  sells the same security for another account, such trading pattern may
  disadvantage either the account that is long or short. In making portfolio
  manager assignments, Pioneer seeks to avoid such potentially conflicting
  situations. However, where a portfolio manager is responsible for accounts
  with differing investment objectives and policies, it is possible that the
  portfolio manager will conclude that it is in the best interest of one
  account to sell a portfolio security while another account continues to hold
  or increase the holding in such security.


COMPENSATION OF PORTFOLIO MANAGER
Pioneer has adopted a system of compensation for portfolio managers that seeks
to align the financial interests of the portfolio managers with those of
shareholders of the accounts (including Pioneer funds) the portfolio managers
manage, as well as with the financial performance of Pioneer. The compensation
program for all Pioneer portfolio managers includes a base salary (determined
by the rank and tenure of the employee) and an annual bonus program, as well as
customary benefits that are offered generally to all full-time employees. Base
compensation is fixed and normally reevaluated on an annual basis. Pioneer
seeks to set base compensation at market rates, taking into account the
experience and responsibilities of


                                       1


the portfolio manager. The bonus plan is intended to provide a competitive
level of annual bonus compensation that is tied to the portfolio manager
achieving superior investment performance and align the interests of the
investment professional with those of shareholders, as well as with the
financial performance of Pioneer. Any bonus under the plan is completely
discretionary, with a maximum annual bonus that may be in excess of base
salary. The annual bonus is based upon a combination of the following factors:

o QUANTITATIVE INVESTMENT PERFORMANCE. The quantitative investment performance
  calculation is based on pre-tax investment performance of all of the
  accounts managed by the portfolio manager (which includes the fund and any
  other accounts managed by the portfolio manager) over a one-year period (20%
  weighting) and four-year period (80% weighting), measured for periods ending
  on December 31. The accounts, which include the fund, are ranked against a
  group of mutual funds with similar investment objectives and investment
  focus (60%) and a broad-based securities market index measuring the
  performance of the same type of securities in which the accounts invest
  (40%), which, in the case of the fund, is the Barclays Capital Municipal
  Bond Index and the Barclays Capital High Yield Municipal Bond Index. As a
  result of these two benchmarks, the performance of the portfolio manager for
  compensation purposes is measured against the criteria that are relevant to
  the portfolio manager's competitive universe.

o QUALITATIVE PERFORMANCE. The qualitative performance component with respect
  to all of the accounts managed by the portfolio manager includes objectives,
  such as effectiveness in the areas of teamwork, leadership, communications
  and marketing, that are mutually established and evaluated by each portfolio
  manager and management.

o PIONEER RESULTS AND BUSINESS LINE RESULTS. Pioneer's financial performance,
  as well as the investment performance of its investment management group,
  affect a portfolio manager's actual bonus by a leverage factor of plus or
  minus (+/-) a predetermined percentage.

The quantitative and qualitative performance components comprise 80% and 20%,
respectively, of the overall bonus calculation (on a pre-adjustment basis). A
portion of the annual bonus is deferred for a specified period and may be
invested in one or more Pioneer funds.

Certain portfolio managers participate in other programs designed to reward and
retain key contributors. Senior executives or other key employees are granted
performance units based on the stock price performance of UniCredit and the
financial performance of Pioneer Global Asset Management S.p.A., which are
affiliates of Pioneer. Portfolio managers also may participate in a deferred
compensation program, whereby deferred amounts are invested in one or more
Pioneer funds.


SHARE OWNERSHIP BY PORTFOLIO MANAGERS
The following table indicates as of March 31, 2014 the value, within the
indicated range, of shares beneficially owned by the portfolio managers of the
fund.




                             BENEFICIAL OWNERSHIP
NAME OF PORTFOLIO MANAGER    OF THE FUND*
---------------------------  ---------------------
                          
David Eurkus                 A
---------------------------  ---------------------
                             A
Jonathan Chirunga
---------------------------  ---------------------


*     Key to Dollar Ranges


  
A.   None
B.   $1 - $10,000
C.   $10,001 - $50,000
D.   $50,001 - $100,000
E.   $100,001 - $500,000
F.   $500,001 - $1,000,000
G.   Over $1,000,000



                                       2


ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).

During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.


There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.


ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.


(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.

There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.

The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:

In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose.  Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.


ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.



(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:

Filed herewith.





                                   SIGNATURES

                          [See General Instruction F]


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Pioneer Municipal High Income Advantage Trust


By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President

Date May 29, 2014


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ Daniel K. Kingsbury
Daniel K. Kingsbury, President

Date May 29, 2014


By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer

Date May 29, 2014

* Print the name and title of each signing officer under his or her signature.