Pioneer Municipal High Income Advantage Fund, Inc. — Pioneer Municipal High Income Fund, Inc. — Pioneer Municipal High Income Opportunities Fund, Inc.

Announce Liquidating Distributions

BOSTON--(BUSINESS WIRE)--Each of Pioneer Municipal High Income Advantage Fund, Inc. (MAV), Pioneer Municipal High Income Fund, Inc. (MHI), and Pioneer Municipal High Income Opportunities Fund, Inc. (MIO) announced today that the fund liquidated as planned on August 22, 2025 and the proportionate interests of stockholders in the assets of each fund were determined as of that date. Prior to the opening of business on August 25, 2025, each fund will cease trading on the New York Stock Exchange. Each fund’s primary liquidating distribution is anticipated to be paid in cash on August 27, 2025. Below is the expected distribution to be paid for each fund. All amounts are expressed per common share.

Fund	Liquidating Distribution	Tax-Exempt Income Distribution	Taxable Ordinary Income Distribution	Total Distribution
Pioneer Municipal High Income Advantage Fund, Inc. (MAV)	$7.597607	$0	$0.069912	$7.667519
Pioneer Municipal High Income Fund, Inc. (MHI)	$8.549729	$0	$0.037236	$8.586965
Pioneer Municipal High Income Opportunities Fund, Inc. (MIO)	$11.205797	$0	$0.021422	$11.227219

There may be one or more smaller distributions in the future once a fund liquidates remaining assets, if any. Each liquidation will generally be a taxable event for stockholders that are subject to U.S. federal income tax. Any stockholder that receives a distribution in a liquidation will generally realize capital gain or loss in an amount equal to the difference between the total amount of the liquidation distribution(s) received and the stockholder’s adjusted basis in the fund shares. Please consult your personal tax advisor with regard to the specific tax consequences of the liquidation.

Investments involve risk including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances.

Victory Capital Services, Inc.

Keep in mind, distribution rates are not guaranteed. A fund’s distribution rate may be affected by numerous factors, including changes in actual or projected investment income, the level of undistributed net investment income, if any, and other factors. Shareholders should not draw any conclusions about a fund’s investment performance based on a fund’s current distributions. Closed-end funds, unlike open-end funds, are not continuously offered. Once issued, common shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of common shares outstanding. For performance data on Pioneer Investments’ closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

Shareholder Inquiries: Please contact your financial advisor.