Amundi US today announced the successful initial public offering of common stock of Pioneer Municipal High Income Opportunities Fund, Inc. (the “Fund”), a newly organized, diversified, closed-end management investment company. The Fund began trading on Friday on the New York Stock Exchange under the symbol “MIO”.

The Fund’s primary investment objective is to provide holders of its common stock with a high level of current income exempt from regular federal income tax. As a secondary investment objective, the Fund may seek capital appreciation to the extent consistent with its primary investment objective. Amundi Asset Management US, Inc. (“Amundi US”) is the Fund’s investment adviser.

The Fund raised $300 million in proceeds, selling 15,000,000 shares of common stock at a price of $20.00 per share, exclusive of the underwriters’ option to purchase additional shares. If the underwriters exercise this option in full, the Fund will raise approximately $345 million.

Lisa Jones, President and CEO of Amundi US

“Investing in municipal bonds has been a strength of our firm for many years and we are delighted to announce the successful launch of the Fund. With strong investor demand, this IPO quickly reached capacity. This Fund is managed by a team averaging 30-plus years of experience and we believe offers an innovative approach to investing across various segments of the municipal market. The adviser employs a disciplined approach, driven primarily by in-depth credit research.”

The underwriters were Morgan Stanley & Co. LLC, UBS Investment Bank, and Wells Fargo Securities, LLC.

MIO is the sixth closed-end fund advised by Amundi US. In addition, the firm manages:

For more information, please visit Amundi’s closed-end fund webpage: https://www.amundi.com/usinvestors/Products/Closed-End-Funds. The information contained on Amundi US’s website is not a part of this press release.

About Amundi US

Amundi US is the US business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally^[1]. Boston is one of Amundi’s six main global investment hubs^[2] and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific.

With our financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of over 4,500 employees in 37 countries. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $2.12 trillion of assets^[3].

Amundi, a Trusted Partner, working every day in the interest of our clients and society

www.amundi.com/us

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<sup>1. Source: IPE “Top 500 Asset Managers” published in June 2021, based on assets under management as of 12/31/2020

2. Boston, Dublin, London, Milan, Paris, and Tokyo

3. Amundi data as of 6/30/21</sup>

A Word About Risk

Municipal securities risk. The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. Issuers often depend on revenues from these projects to make principal and interest payments. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. Municipal securities may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. Financial difficulties of municipal issuers may continue or get worse. To the extent the Fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, including health care facilities, education, special revenues and pollution control, the fund will be more susceptible to associated risks and developments.

Interest income from certain types of municipal securities in which the Fund may invest generally may be subject to the federal alternative minimum tax (the “AMT”). The Fund may not be suitable for investors subject to the AMT. You should consult a tax adviser about whether the AMT applies to you and about state and local taxes on your Fund distributions.

Credit risk. If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline.

Interest rate risk. Interest rates may go up, causing the value of the fund’s investments to decline (this risk generally will be greater for securities with longer maturities). Interest rates are currently at or near historic lows, which may make a rise in rates more likely.

Risk of illiquid investments. Certain securities and derivatives held by the Fund may be impossible or difficult to purchase, sell or unwind. Illiquid securities and derivatives also may be difficult to value. Liquidity risk may be magnified in a rising interest rate environment. If the Fund is forced to sell an illiquid asset or unwind a derivatives position, the Fund may suffer a substantial loss or may not be able to sell at all.

Amundi Distributor US, Inc., Member SIPC

(Formerly Amundi Pioneer Distributor, Inc.)

60 State Street, Boston, MA 02109

©2021 Amundi Asset Management US

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