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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21321
Pioneer Municipal High Income Trust:
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, 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: April 30
Date of reporting period: July 31, 2005
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
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. Schedule of Investments.
Pioneer Municipal High Income Trust
SCHEDULE OF INVESTMENTS 7/31/05 (unaudited)
S&P/Moody's
Principal Ratings
Amount (unaudited) Value
TAX EXEMPT OBLIGATIONS - 126.0% of Net Assets
Alabama - 3.4%
10,000,000AAA/Aaa Birmingham Alabama General Obligation, 5.0%, 12/1/32 $10,429,600
1,500,000 BBB/NR Camden Alabama Industrial Development Board, 6.125%, 12/1/24 1,666,935
12,096,535
Arizona - 7.1%
5,000,000 B+/Ba1 Apache County Industrial Development Authority, 5.85%, 3/1/28 5,001,250
5,000,000 B+/Ba1 Apache County Industrial Development Authority, 5.875%, 3/1/33 5,001,350
11,630,000CCC/Ca Gila County Industrial Development Authority, 5.55%, 1/1/27 10,231,027
3,000,000 NR/NR Maricopa County Industrial Development Authority, 7.875%, 4/1/27 3,130,980
1,000,000 NR/Baa3 Pima County Industrial Development Authority, 7.25%, 7/1/31 1,070,480
500,000 NR/Baa2 Yavapai County Industrial Development Authority, 6.0%, 8/1/33 538,115
24,973,202
California - 12.3%
7,270,000 A/A2 California State General Obligation, 5.25%, 2/1/28 7,727,501
5,000,000 A/A2 California State General Obligation, 5.25% 4/1/34 5,336,050
5,150,000 BBB/Baa3 Golden State Tobacco Securitization Corp., 7.8%, 6/1/42 6,392,592
7,000,000 BBB/Baa3 Golden State Tobacco Securitization Corp., 7.875%, 6/1/42 8,723,750
4,000,000 AAA/Aaa Palm Desert Financing Authority Tax Allocation Revenue, 5.0%, 4/1/30 4,174,160
3,000,000 AAA/Aaa San Diego Unified School District, 5.0%, 7/1/25 3,232,710
2,500,000 AAA/Aaa University of California Revenue, 5.0%, 5/15/25 2,642,250
5,000,000 B+/NR Valley Health System Hospital Revenue, 6.5%, 5/15/25 5,012,000
43,241,013
Connecticut - 4.1%
2,000,000 NR/NR Bridgeport Senior Living Facility Revenue, 7.25%, 4/1/35 2,076,340
2,205,000 BB/Ba1 Connecticut State Health & Educational Facilities Authority Revenue, 5.375%, 7/1/17 2,188,639
4,800,000 BB/Ba1 Connecticut State Health & Educational Facilities Authority Revenue, 5.5%, 7/1/27 4,651,296
5,000,000 BB+/NR Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31 5,395,850
14,312,125
District of Columbia - 4.0%
5,000,000 BBB/Baa3 District of Columbia Tobacco Settlement Financing Corp., 6.5%, 5/15/33 5,931,150
7,325,000 BBB/Baa3 District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40 8,169,792
14,100,942
Florida - 2.6%
2,000,000 NR/NR Beacon Lakes Community Development, 6.9%, 5/1/35 2,112,600
1,650,000 BBB-/Baa2 Polk County Industrial Development Revenue, 5.85%, 12/1/30 1,691,992
5,000,000 NR/Baa2 Tallahassee Health Facilities Revenue, 6.375%, 12/1/30 5,357,150
9,161,742
Georgia - 0.8%
1,325,000 NR/NR Brunswick & Glynn County Development Authority Revenue, 7.25%, 1/1/35 1,420,917
5,500,000 C/Ca Fulton County Development Authority Revenue, 6.95%, 11/1/12 1,429,890
2,850,807
Idaho - 1.5%
5,000,000 BBB-/Baa3 Power County Industrial Development Corp., 6.45%, 8/1/32 5,204,400
Illinois - 4.0%
1,000,000 NR/NR Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 976,510
3,810,000 C/C Chicago Illinois O'Hare International Airport, 6.45%, 5/1/18 1,190,168
1,500,000 NR/NR Illinois Health Facilities Authority Revenue, 6.9%, 11/15/33 1,583,010
16,880,000(a) AAA/AaaMetropolitan Pier & Exposition Authority Dedicated State Tax Revenue,
0.0%, 6/15/22 10,346,596
14,096,284
Indiana - 1.6%
1,000,000 BBB+/Baa1 Indiana State Development Finance Authority Revenue, 5.6%, 12/1/32 1,038,060
4,300,000 BBB-/Ba3 Indiana State Development Finance Authority Revenue, 5.75%, 10/1/11 4,554,517
5,592,577
2,335,000 AAA/Aaa Massachusetts Health & Educational Facilities Authority Revenue, 5.0%, 7/15/35 2,433,817
7,050,000 AAA/Aaa Massachusetts Health & Educational Facilities Authority Revenue, 5.125%, 7/15/37 7,435,141
1,000,000 AA/Aa3 Massachusetts Health & Educational Facilities Authority Revenue, 5.25%, 10/15/33 1,063,730
3,500,000 BBB/Baa3 Massachusetts Health & Educational Facilities Authority Revenue, 6.25%, 7/1/22 3,780,175
5,000,000 BBB-/NR Massachusetts Health & Educational Facilities Authority Revenue, 6.75%, 10/1/33 5,499,700
75,000 BB/NR Massachusetts State Development Finance Agency, 5.25%, 10/1/18 71,496
3,055,000 AA-/Aa3 Massachusetts State Housing Finance Agency, 5.25%, 12/1/33 3,153,799
23,437,858
Michigan - 4.4%
1,500,000 BBB-/NR John Tolfree Health System Corp., 6.0%, 9/15/23 1,523,640
2,000,000 BB-/Ba3 Michigan State Hospital Finance Authority Revenue, 5.5%, 8/15/23 1,871,800
4,010,000 BBB-/Ba1 Michigan State Hospital Finance Authority Revenue, 6.0%, 2/1/24 4,016,095
2,000,000 +NR/NR Michigan State Hospital Finance Authority Revenue, 6.4%, 1/1/15 2,069,640
7,690,000 NR/NR Wayne Charter County Michigan Special Airport Facilities Revenue, 6.75%, 12/1/15 6,025,730
15,506,905
Minnesota - 4.3%
1,675,000 BB/NR Duluth Economic Development Authority Health Care Facilities Revenue, 7.25%, 6/15/32 1,761,849
13,260,000NR/NR Minneapolis/St. Paul Metropolitan Airports, 7.0%, 4/1/25 12,131,707
1,430,000 BB+/NR St. Paul Housing & Redevelopment Authority, 6.625%, 11/1/17 1,434,590
15,328,146
Mississippi - 0.9%
3,000,000 BBB-/Ba1 Mississippi Business Finance Corp. Pollution Control Revenue, 5.9%, 5/1/22 3,045,420
Missouri - 1.2%
5,500,000 NR/B3 St. Louis Industrial Development Authority Revenue, 7.25%, 12/15/35 4,105,090
Nevada - 1.4%
1,000,000 BBB-/NR Clark County Industrial Development Revenue, 5.45%, 3/1/38 1,064,430
1,850,000 B-/NR Clark County Industrial Development Revenue, 5.5%, 10/1/30 1,843,840
2,000,000 NR/NR Nevada State Department of Business & Industry, 7.25%, 1/1/23 2,100,880
5,009,150
New Hampshire - 0.9%
3,000,000 AAA/Aaa Manchester School Facilities Revenue, 5.125%, 6/1/28 3,173,880
New Jersey - 9.3%
2,000,000 B/Caa2 New Jersey Economic Development Authority Revenue, 6.25%, 9/15/19 1,864,380
13,350,000B/Caa2 New Jersey Economic Development Authority Revenue, 6.25%, 9/15/29 12,183,076
1,000,000 B/Caa2 New Jersey Economic Development Authority Revenue, 6.4%, 9/15/23 938,320
6,150,000 B/Caa2 New Jersey Economic Development Authority Revenue, 7.0%, 11/15/30 6,058,119
10,000,000BBB/Baa3 Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,807,600
32,851,495
New Mexico - 1.5%
3,700,000 ++ NR/NR New Mexico Hospital Equipment Loan Council, 6.4%, 6/1/16 3,872,901
1,350,000 BBB-/NR Santa Fe Educational Facilities Revenue, 5.75%, 10/1/28 1,369,089
5,241,990
New York - 6.0%
2,000,000 A/NR New York City Industrial Development Agency, 5.375%, 6/1/23 2,074,040
6,225,000 CCC/Caa2 New York City Industrial Development Agency, 6.9%, 8/1/24 5,291,437
5,000,000 AAA/Aaa New York City Trust Cultural Resources Revenue, 5.125%, 7/1/31 5,256,750
2,000,000 NR/NR Suffolk County Industrial Development Agency, 7.25%, 1/1/30 2,081,760
6,000,000 AAA/Aaa Triborough Bridge & Tunnel Authority Revenue, 5.25%, 11/15/30 6,454,440
21,158,427
North Carolina - 1.5%
4,600,000 NR/NR Charlotte North Carolina Special Facilities Revenue, 7.75%, 2/1/28 3,308,090
1,980,000 AA+/Aa1 North Carolina Capital Facilities Financial Agency Revenue, 5.0%, 10/1/41 2,073,159
5,381,249
3,000,000 +AAA/Aaa Oklahoma Development Finance Authority Revenue, 5.625%, 8/15/19 3,274,710
8,000,000 +AAA/Aaa Oklahoma Development Finance Authority Revenue, 5.625%, 8/15/29 8,732,560
4,100,000 B-/Caa2 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 3,953,753
1,225,000 B-/Caa2 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,148,499
4,350,000 B-/Caa2 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,350,087
21,459,609
Oregon - 4.5%
1,000,000 NR/NR Klamath Falls Electric Revenue, 5.75%, 1/1/13 1,024,370
7,000,000 NR/NR Klamath Falls Electric Revenue, 6.0%, 1/1/25 7,101,290
7,500,000 NR/NR Western Generation Agency Cogeneration Project Revenue, 7.125%, 1/1/21 7,615,500
15,741,160
Pennsylvania - 5.6%
1,550,000 NR/Baa1 Allegheny County Hospital Development Authority Revenue, 5.125%, 5/1/25 1,487,039
12,300,000B/B1 Allegheny County Hospital Development Authority Revenue, 9.25%, 11/15/30 14,764,920
1,000,000 BB-/NR Columbia County Hospital Authority Health Care Revenue, 5.9%, 6/1/29 903,770
1,000,000 BBB/Ba2 Hazleton Health Services Authority Hospital Revenue, 5.625%, 7/1/17 945,550
1,280,000 NR/B2 Langhorne Manor Borough Higher Education & Health Authority Revenue, 7.35%, 7/1/22 1,280,115
500,000 BBB+/NR Pennsylvania Higher Educational Facilities Authority Revenue, 5.4%, 7/15/36 523,990
19,905,384
Rhode Island - 1.2%
4,000,000 NR/NR Central Falls Detention Facilities Revenue, 7.25%, 7/15/35 4,102,400
South Carolina - 7.8%
4,250,000 BBB/Baa2 Georgetown County Environmental Improvement Revenue, 5.95%, 3/15/14 4,804,752
15,000,000AA-/Aa3 Greenville County School District, 5.5%, 12/1/28 16,240,350
5,850,000 BBB+/Baa1 South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34 6,480,630
27,525,732
Tennessee - 3.7%
7,000,000 BBB+/Baa2 Johnson City Health & Educational Facilities Board Hospital Revenue, 7.5%, 7/1/33 8,291,780
4,480,000 NR/Baa3 Knox County Health Educational & Housing Facilities Board Hospital Revenue, 6.375%, 4/15/22 4,760,762
13,052,542
Texas - 8.7%
7,500,000 CCC/Caa2 Alliance Airport Authority Special Facilities Revenue, 7.5%, 12/1/29 6,722,175
1,345,000 NR/Baa3 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,402,835
2,500,000 BBB-/Ba1 Brazos River Authority Revenue, 5.375%, 4/1/19 2,599,075
1,000,000 CCC/Caa2 Dallas-Fort Worth International Airport Revenue, 6.0%, 11/1/14 855,940
5,000,000 CCC/Caa2 Dallas-Fort Worth International Airport Revenue, 6.15%, 5/1/29 4,817,800
485,000 C/Ca Dallas-Fort Worth International Airport Revenue, 6.25%, 11/1/13 135,795
7,750,000 C/Ca Dallas-Fort Worth International Airport Revenue, 7.125%, 11/1/26 2,092,500
2,800,000 C/Ca Dallas-Fort Worth International Airport Revenue, 7.6%, 11/1/11 868,000
7,715,000 C/Ca Dallas-Fort Worth International Airport Revenue, 7.625%, 11/1/21 2,083,050
4,000,000 NR/NR Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,412,360
1,000,000 BB/NR Georgetown Health Facilities Development Corp., 6.25%, 8/15/29 1,039,130
3,750,000 B-/Caa2 Houston Airport System Special Facilities Revenue, 5.7%, 7/15/29 3,002,288
500,000 BBB-/Baa2 Sabine River Authority Pollution Control Revenue, 6.15%, 8/1/22 550,020
30,580,968
Vermont - 0.5%
1,500,000 A-/A3 Vermont Educational & Health Buildings Financing Agency Revenue, 6.0%, 10/1/28 1,695,225
Virginia - 1.5%
1,000,000 BBB/Baa3 Peninsula Ports Authority, 6.0%, 4/1/33 1,077,260
4,000,000 BB/NR Pocahontas Parkway Association of Virginia Toll Road Revenue, 5.5%, 8/15/28 4,162,880
5,240,140
Washington - 5.6%
4,710,000 AAA/Aaa Spokane Public Facilities District Hotel/Motel Tax & Sales, 5.75%, 12/1/27 5,342,883
7,025,000 BBB/Baa3 Tobacco Settlement Authority Washington, 6.625%, 6/1/32 7,805,337
14,315,000AAA/Aaa Washington State General Obligation, 0.0%, 6/1/22 6,601,219
19,749,439
5,000,000 BBB-/Baa3 Sweetwater County Solid Waste Disposal Revenue, 6.9%, 9/1/24 5,068,200
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $406,613,490) 443,990,036
Shares TAX-EXEMPT MONEY MARKET MUTUAL FUND - 0.0% of Net Assets
24,928 BlackRock Provident Institutional Municipal Fund 24,928
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $24,928) 24,928
TOTAL INVESTMENTS IN SECURITIES - 126.0%
(Cost $406,638,418) (b) (c) $ 444,014,964
OTHER ASSETS AND LIABILITIES - 2.7% $ 9,459,568
466,434,928 PREFERRED SHARES AT REDEMPTION VALUE - (28.7)% $ (101,000,000)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $ 352,474,532
NR Security not rated by 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 July 31, 2005 the value of these securities amounted to
$976,510 or 0.3% of net assets applicable to common shareowners.
+ Prerefunded bonds have been collaterized by U.S. Treasury 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.
'++ Prerefunded bonds have been collaterized by cash sufficient to pay interest and principal
on the tax exempt issue and to
retire the bonds in full at the earliest refunding date.
(a) Indicates a security that has a zero coupon that remains in effect until a predetermined date at which time the
stated coupon rate becomes effective until final maturity.
(b) At July 31, 2005, the net unrealized gain on investments based on cost for federal income tax purposes
of $405,443,336 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 50,120,855
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value -11,549,227
Net unrealized gain $ 38,571,628
For financial reporting purposes net unrealized gain on investments was $37,376,546
and cost of investments aggregated $406,638,418
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about 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 their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on an evaluation of
these controls and procedures as of a date within 90 days prior to the filing
date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There was no significant change in the registrant's internal controls over
financial reporting that occurred during the registrant's last fiscal quarter
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
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/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date September 29, 2005
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/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date September 29, 2005
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date September 29, 2005
* Print the name and title of each signing officer under his or her signature.