Vault-13

PIONEER MUNICIPAL HIGH INCOM XPMAX

COM · Closed-End Fund · CUSIP 723762100

58 institutional holders -3 vs Q1 2025
13,292,46413.3m shares reported held*
$110.3mreported value*
8 new 17 added 20 reduced 10 sold out net bought ≈ $1.7m (+208.9k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $8.30.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 57Q4 22: 58Q1 23: 65Q2 23: 66Q3 23: 68Q4 23: 67Q1 24: 61Q2 24: 59Q3 24: 60Q4 24: 60Q1 25: 61Q2 25: 5858Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202257
Q4 202258
Q1 202365
Q2 202366
Q3 202368
Q4 202367
Q1 202461
Q2 202459
Q3 202460
Q4 202460
Q1 202561
Q2 202558

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
50050Q3 23: 41 bought or addedQ3 23: 27 cut or sold outQ4 23: 41 bought or addedQ4 23: 31 cut or sold outQ4 23Q1 24: 29 bought or addedQ1 24: 33 cut or sold outQ2 24: 30 bought or addedQ2 24: 32 cut or sold outQ2 24Q3 24: 28 bought or addedQ3 24: 28 cut or sold outQ4 24: 28 bought or addedQ4 24: 25 cut or sold outQ4 24Q1 25: 28 bought or addedQ1 25: 24 cut or sold outQ2 25: 25 bought or addedQ2 25: 30 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20234127
Q4 20234131
Q1 20242933
Q2 20243032
Q3 20242828
Q4 20242825
Q1 20252824
Q2 20252530

Biggest buyers

Almitas Capital LLC Added +937,516+937.5k
Karpus Management, Inc. Added +235,461+235.5k
Bulldog Investors, LLP New +194,697+194.7k
ROYAL BANK OF CANADA Added +193,803+193.8k
ICON ADVISERS INC/CO Added +140,000+140.0k
SIT INVESTMENT ASSOCIATES INC Added +126,463+126.5k
Saba Capital Management, L.P. Added +93,072+93.1k
GUGGENHEIM CAPITAL LLC Added +89,500+89.5k
Logan Stone Capital, LLC New +43,279+43.3k
GERMAN AMERICAN BANCORP, INC. New +32,610+32.6k

Biggest sellers

RIVERNORTH CAPITAL MANAGEMENT, LLC Reduced -979,306-979.3k
Pathstone Holdings, LLC Sold out -197,116-197.1k
Bank of New York Mellon Corp Reduced -131,804-131.8k
CITY OF LONDON INVESTMENT MANAGEMENT CO LTD Reduced -112,910-112.9k
Verition Fund Management LLC Sold out -100,504-100.5k
MacKay Shields LLC Reduced -77,722-77.7k
AQR Arbitrage LLC Reduced -60,795-60.8k
AVANTAX ADVISORY SERVICES, INC. Sold out -50,481-50.5k
MORGAN STANLEY Reduced -50,188-50.2k
Thomas J. Herzfeld Advisors, Inc. Sold out -44,032-44.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Saba Capital Management, L.P. 0.91% of their portfolio NEW YORK, NY 4,015,9614.0m $33.3m $33.3m 0.91% Added +93.1k +93,072
2 SIT INVESTMENT ASSOCIATES INC 0.40% of their portfolio Minneapolis, MN 2,254,8472.3m $18.7m $18.7m 0.40% Added +126.5k +126,463
3 Almitas Capital LLC 2.61% of their portfolio SANTA MONICA, CA 1,244,0331.2m $10.3m $10.3m 2.61% Added +937.5k +937,516
4 MacKay Shields LLC 0.20% of their portfolio New York, NY 736,710736.7k $6.1m $6.1m 0.20% Reduced -77.7k -77,722
5 Hennion & Walsh Asset Management, Inc. 0.18% of their portfolio Parsippany, NJ 528,863528.9k $4.4m $4.4m 0.18% Reduced -8.7k -8,695
6 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.23% of their portfolio WEST PALM BEACH, FL 510,263510.3k $4.2m $4.2m 0.23% Reduced -979.3k -979,306
7 GUGGENHEIM CAPITAL LLC 0.03% of their portfolio CHICAGO, IL 448,968449.0k $3.7m $3.7m 0.03% Added +89.5k +89,500
8 CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 0.34% of their portfolio London, X0 441,784441.8k $3.7m $3.7m 0.34% Reduced -112.9k -112,910
9 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 367,244367.2k $3.0m $3.0m 0.00% Added +193.8k +193,803
10 ICON ADVISERS INC/CO 0.67% of their portfolio GREENWOOD VILLAGE, CO 354,373354.4k $2.9m $2.9m 0.67% Added +140.0k +140,000
11 Karpus Management, Inc. 0.08% of their portfolio Pittsford, NY 299,040299.0k $2.5m $2.5m 0.08% Added +235.5k +235,461
12 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 237,777237.8k $2.0m $2.0m 0.00% Reduced -50.2k -50,188
13 Bulldog Investors, LLP 0.41% of their portfolio SADDLE BROOK, NJ 194,697194.7k $1.6m $1.6m 0.41% New
14 UBS Group AG 0.00% of their portfolio ZURICH, V8 160,786160.8k $1.3m $1.3m 0.00% Reduced -12.0k -12,037
15 Baird Financial Group, Inc. 0.00% of their portfolio MILWAUKEE, WI 147,612147.6k $1.2m $1.2m 0.00% Added +904 +904
16 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 127,219127.2k $1.1m $1.1m 0.00% Reduced -1.2k -1,192
17 VAN ECK ASSOCIATES CORP 0.00% of their portfolio NEW YORK, NY 114,410114.4k $950.0k $950.0k 0.00% Reduced -1.3k -1,312
18 PARK AVENUE SECURITIES LLC 0.01% of their portfolio NEW YORK, NY 114,393114.4k $949.0k $949.0k 0.01% Reduced -1.3k -1,319
19 Gridiron Partners, LLC 0.41% of their portfolio Wexford, PA 79,02379.0k $655.9k $655.9k 0.41% Unchanged
20 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.09% of their portfolio BLUE BELL, PA 67,33267.3k $558.9k $558.9k 0.09% Reduced -4.5k -4,491
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 64,41964.4k $534.7k $534.7k 0.00% Added +16.3k +16,307
22 Transce3nd, LLC 0.21% of their portfolio BUDA, TX 60,17060.2k $499.4k $499.4k 0.21% Added +30.1k +30,084
23 MELFA WEALTH MANAGEMENT, INC. 0.29% of their portfolio WESTBOROUGH, MA 54,95655.0k $456.1k $456.1k 0.29% Unchanged
24 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 53,45853.5k $443.7k $443.7k 0.00% Added +356 +356
25 AQR Arbitrage LLC 0.01% of their portfolio Greenwich, CT 44,97445.0k $373.3k $373.3k 0.01% Reduced -60.8k -60,795
26 Logan Stone Capital, LLC 0.17% of their portfolio CHICAGO, IL 43,27943.3k $359.2k $359.2k 0.17% New
27 INSIGNEO ADVISORY SERVICES, LLC 0.03% of their portfolio MIAMI, FL 43,00043.0k $356.9k $356.9k 0.03% Unchanged
28 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 40,70940.7k $337.9k $337.9k 0.00% Unchanged
29 Chicago Partners Investment Group LLC 0.01% of their portfolio CHICAGO, IL 39,78639.8k $322.3k $322.3k 0.01% Reduced -25 -25
30 CWM, LLC 0.00% of their portfolio OMAHA, NE 36,27436.3k $301.0k $301.0k 0.00% Added +27 +27
31 GERMAN AMERICAN BANCORP, INC. 0.03% of their portfolio JASPER, IN 32,61032.6k $270.7k $270.7k 0.03% New
32 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 30,09730.1k $249.8k $249.8k 0.00% Reduced -3.4k -3,376
33 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 27,65127.7k $229.5k $229.5k 0.00% Reduced -131.8k -131,804
34 Capital Investment Advisors, LLC 0.00% of their portfolio ATLANTA, GA 26,87326.9k $223.0k $223.0k 0.00% Reduced -2.0k -1,975
35 Balyasny Asset Management L.P. 0.00% of their portfolio Chicago, IL 25,65625.7k $212.9k $212.9k 0.00% New
36 INTEGRATED CAPITAL MANAGEMENT, INC. 0.15% of their portfolio JESSUP, PA 23,33923.3k $193.7k $193.7k 0.15% Reduced -1.3k -1,284
37 Stratos Wealth Partners, LTD. 0.00% of their portfolio BEACHWOOD, OH 22,00022.0k $182.6k $182.6k 0.00% Added +600 +600
38 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 20,12820.1k $167.1k $167.1k 0.00% Reduced -29.4k -29,402
39 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 18,77218.8k $156.0k $156.0k 0.00% Unchanged
40 WOLVERINE ASSET MANAGEMENT LLC 0.00% of their portfolio CHICAGO, IL 16,11316.1k $133.7k $133.7k 0.00% New
41 Wealthspire Advisors, LLC 0.00% of their portfolio NEW YORK, NY 15,00015.0k $124.5k $124.5k 0.00% Unchanged
42 XML Financial, LLC 0.01% of their portfolio BETHESDA, MD 14,50014.5k $120.3k $120.3k 0.01% Unchanged
43 Plan A Wealth LLC 0.06% of their portfolio LINCOLN, NE 12,89712.9k $107.0k $107.0k 0.06% Unchanged
44 Mariner, LLC 0.00% of their portfolio Overland Park, KS 11,90811.9k $98.8k $98.8k 0.00% Added +881 +881
45 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 11,79111.8k $97.9k $97.9k 0.00% Reduced -85 -85
46 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 11,31211.3k $93.9k $93.9k 0.00% Reduced -4.0k -3,976
47 Moloney Securities Asset Management, LLC 0.01% of their portfolio MANCHESTER, MO 11,29511.3k $93.8k $93.8k 0.01% Added +80 +80
48 DYMON ASIA CAPITAL (SINGAPORE) PTE. LTD. 0.06% of their portfolio Singapore, U0 10,72610.7k $89.0k $89.0k 0.06% New
49 COMERICA BANK 0.00% of their portfolio DALLAS, TX 5,1905.2k $43.1k $43.1k 0.00% Unchanged
50 COHEN & STEERS, INC. 0.00% of their portfolio NEW YORK, NY 5,0005.0k $42.0k $42.0k 0.00% New
51 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 4,8174.8k $40.0k $40.0k 0.00% Unchanged
52 Quarry LP 0.01% of their portfolio NEW YORK, NY 3,3583.4k $27.9k $27.9k 0.01% New
53 Sunbelt Securities, Inc. 0.00% of their portfolio HOUSTON, TX 2,5782.6k $21.7k $21.7k 0.00% Reduced -20 -20
54 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,0141.0k $8.4k $8.4k 0.00% Added +157 +157
55 Trust Co 0.00% of their portfolio MANHATTAN, KS 632632 $5.2k $5.2k 0.00% Unchanged
56 MAI Capital Management 0.00% of their portfolio INDEPENDENCE, OH 437437 $3.6k $3.6k 0.00% Added +7 +7
57 1620 INVESTMENT ADVISORS, INC. 0.00% of their portfolio PLYMOUTH, MA 410410 $3.4k $3.4k 0.00% Unchanged
58 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged