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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: January 31, 2007
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 1/31/07 (unaudited)
Principal
Amount ($) Value
TAX EXEMPT OBLIGATIONS - 122.4%
Alabama - 0.5%
1,500,000 Camden Alabama Industrial Development Board, 6 $ 1,637,490
Arizona - 6.4%
5,000,000 Apache County Industrial Development Authority $ 5,002,850
5,000,000 Apache County Industrial Development Authority 5,002,950
7,000,000(a) Downtown Phoenix Hotel Corp., RIB, 6.467%, 7/1 7,853,440
3,000,000 +Maricopa County Industrial Development Authori 3,078,150
1,000,000 Pima County Industrial Development Authority, 1,111,060
500,000 Yavapai County Industrial Development Authorit 538,075
$ 22,586,525
California - 10.6%
7,270,000 California State General Obligation, 5.25%, 2/ $ 7,713,034
5,000,000 California Statewide Communities Development A 5,215,700
5,150,000 Golden State Tobacco Securitization Corp., 7.8 6,256,168
7,000,000 Golden State Tobacco Securitization Corp., 7.8 8,532,720
2,000,000 San Diego Unified School District, 5.0%, 7/1/2 2,080,060
2,500,000 University of California Revenue, 5.0%, 5/15/2 2,622,050
5,000,000 Valley Health System Hospital Revenue, 6.5%, 5 5,033,050
$ 37,452,782
Connecticut - 3.5%
2,205,000 Connecticut State Health & Educational Facilit $ 2,248,615
4,800,000 Connecticut State Health & Educational Facilit 4,889,856
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 5,313,900
$ 12,452,371
Delaware - 0.3%
500,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 $ 526,370
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 631,686
$ 1,158,056
District of Columbia - 3.6%
5,000,000 District of Columbia Tobacco Settlement Financ $ 5,960,150
6,000,000 District of Columbia Tobacco Settlement Financ 6,617,160
$ 12,577,310
Florida - 3.6%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1/ $ 2,183,680
1,650,000 Polk County Industrial Development Revenue, 5. 1,685,079
1,000,000 St. Johns County Industrial Development Author 1,009,880
2,000,000 St. Johns County Industrial Development Author 2,030,620
5,500,000 Tallahassee Health Facilities Revenue, 6.375%, 5,868,940
$ 12,778,199
Georgia - 2.7%
4,240,000(a)Atlanta Georgia Water & Waste Revenue, RIB, 6. $4,819,014
2,400,000 Fulton County Residential Care Facilities Reve 2,331,120
2,600,000 Fulton County Residential Care Facilities Reve 2,519,426
$ 9,669,560
Idaho - 1.5%
5,000,000 Power County Industrial Development Corp., 6.4 $ 5,311,500
Illinois - 6.5%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 ( $ 1,028,640
5,000,000 Chicago Illinois O'Hare International Airport 5,234,150
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/1 1,052,050
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/1 1,042,740
1,500,000 Illinois Health Facilities Authority Revenue, 1,655,625
16,880,00(b)Metropolitan Pier & Exposition Authority Dedic 11,070,073
1,800,000 Southwestern Illinois Development Authority Re 1,818,666
$ 22,901,944
Indiana - 1.5%
1,000,000 Indiana State Development Finance Authority Re $ 1,033,030
4,300,000 Indiana State Development Finance Authority Re 4,454,112
$ 5,487,142
Massachusetts - 10.8%
5,000,000 Massachusetts Bay Transportation Authority, 5. $ 5,598,800
1,335,000 Massachusetts Health & Educational Facilities 1,378,508
7,050,000 Massachusetts Health & Educational Facilities 7,378,883
3,500,000 Massachusetts Health & Educational Facilities 3,771,635
5,000,000 Massachusetts Health & Educational Facilities 5,490,450
9,810,000(a)Massachusetts State Development Finance Agency 11,338,104
3,055,000 Massachusetts State Housing Finance Agency, 5. 3,149,277
$ 38,105,657
Michigan - 4.3%
950,000 Dr. Charles Drew Academy, 5.7%, 11/1/36 $ 939,702
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/2 1,538,055
2,000,000 Michigan State Hospital Finance Authority Reve 1,976,440
4,010,000 Michigan State Hospital Finance Authority Reve 4,011,724
7,720,000(c)Wayne Charter County Michigan Special Airport 6,639,277
$ 15,105,198
Minnesota - 0.5%
1,675,000 Duluth Economic Development Authority Health C $ 1,850,858
Mississippi - 0.9%
3,000,000 Mississippi Business Finance Corp. Pollution C $ 3,031,680
Montana - 0.5%
1,600,000 Two Rivers Authority, Inc. Correctional Facili $ 1,642,368
Nevada - 1.4%
1,000,000 Clark County Industrial Development Revenue, 5 $ 1,049,480
1,850,000 Clark County Industrial Development Revenue, 5 1,826,468
2,000,000 Nevada State Department of Business & Industry 2,121,040
$ 4,996,988
New Hampshire - 0.9%
3,000,000 Manchester School Facilities Revenue, 5.125%, $ 3,158,370
New Jersey - 10.0%
2,000,000 New Jersey Economic Development Authority Reve $ 2,079,200
13,350,000 New Jersey Economic Development Authority Reve 13,916,841
1,000,000 New Jersey Economic Development Authority Reve 1,047,870
6,150,000 New Jersey Economic Development Authority Reve 6,678,900
10,000,00 +Tobacco Settlement Financing Corp., 6.75%, 6/1 11,591,100
$ 35,313,911
New Mexico - 0.4%
1,350,000 +Santa Fe Educational Facilities Revenue, 5.75% $ 1,516,428
New York - 8.7%
2,000,000 New York City Industrial Development Agency, 5 $ 2,100,280
6,225,000 New York City Industrial Development Agency, 6 6,288,495
5,000,000 New York City Trust Cultural Resources Revenue 5,236,600
7,040,000(a)New York State Dormitory Authority Revenue, RI 8,706,509
2,000,000 Suffolk County Industrial Development Agency, 2,106,220
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 6,404,880
$30,842,984
North Carolina - 2.5%
4,030,000 Charlotte North Carolina Special Facilities Re $ 4,073,161
4,600,000 Charlotte North Carolina Special Facilities Re 4,939,572
$ 9,012,733
Ohio - 1.4%
5,000,000 Hamilton County Health Care Revenue, 5.0%, 1/1 $5,085,850
Oklahoma - 6.0%
3,000,000 +Oklahoma Development Finance Authority Revenue $ 3,160,020
8,000,000 +Oklahoma Development Finance Authority Revenue 8,426,720
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/3 4,172,119
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,229,447
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/1 4,365,269
$ 21,353,575
Pennsylvania - 5.6%
1,550,000 Allegheny County Hospital Development Authorit $ 1,553,503
12,300,000 Allegheny County Hospital Development Authorit 14,553,975
1,000,000 Columbia County Hospital Authority Health Care 913,490
1,000,000 Hazleton Health Services Authority Hospital Re 996,440
1,280,000 Langhorne Manor Borough Higher Education & Hea 1,280,371
500,000 Pennsylvania Higher Educational Facilities Aut 527,190
$ 19,824,969
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7. $ 4,481,560
South Carolina - 1.9%
5,185,000 +South Carolina Jobs Economic Development Autho $ 5,928,373
665,000 +South Carolina Jobs Economic Development Autho 756,245
$ 6,684,618
Tennessee - 3.6%
7,000,000 Johnson City Health & Educational Facilities B $ 8,108,940
4,480,000 Knox County Health Educational & Housing Facil 4,810,534
$ 12,919,474
Texas - 13.0%
7,500,000 Alliance Airport Authority Special Facilities $ 7,651,500
1,000,000 Austin Convention Enterprises, Inc. Revenue, 5 1,066,090
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1 1,429,816
1,000,000 Dallas-Fort Worth International Airport Revenu 1,008,520
5,000,000 Dallas-Fort Worth International Airport Revenu 5,053,500
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/ 4,380,680
1,000,000 +Georgetown Health Facilities Development Corp. 1,075,910
2,000,000 Gulf Coast Industrial Development Authority Re 2,102,580
3,750,000 Houston Airport System Special Facilities Reve 3,825,562
5,340,000 Lubbock Health Facilities Development Corp., 6 5,586,548
2,450,000(a)Northside Independent School District, RIB, 6. 2,855,842
500,000 Sabine River Authority Pollution Control Reven 540,520
7,040,000(a)Texas State, RIB, 6.456%, 4/1/30 (144A) 8,146,829
1,365,000 Willacy County Local Government Corp. Revenue, 1,382,199
$ 46,106,096
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55 $ 796,312
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financi $ 1,660,080
Virginia - 1.5%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 $ 1,080,790
4,000,000 +Pocahontas Parkway Association of Virginia Tol 4,185,360
$ 5,266,150
Washington - 5.8%
4,710,000 Spokane Public Facilities District Hotel/Motel $ 5,162,914
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 7,845,731
14,315,000 Washington State General Obligation, 0.0%, 6/1 7,344,597
$ 20,353,242
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $380,963,992) $ 433,121,980
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.8%
10,000,000 Non-Profit Preferred Funding Trust I, Series E $ 9,974,600
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) $ 9,974,600
Shares TAX-EXEMPT MONEY MARKET MUTUAL FUND - 1.9%
6,727,014 BlackRock Provident Institutional Municipal Fu $ 6,727,014
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $6,727,014) $ 6,727,014
TOTAL INVESTMENTS IN SECURITIES - 127.1%
(Cost $397,691,006) (d) (e) $ 449,823,594
OTHER ASSETS AND LIABILITIES - 1.5% $ 5,158,691
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (28.6)% $ (101,038,753)
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS - 100.0% $ 353,943,532
(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 exemptfrom registration. At
January 31, 2007 the value of these securities
amounted to $50,858,590 or 14.4% of net assets
applicable to common shareowners.
+ Prerefunded bonds have been collateralized 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.
(a) The interest rate is subject to change periodically
and inversely based upon prevailing market rates. The
interest rate shown is the rate at January 31, 2007.
(b) Debt obligation initially issued at one coupon which
converts to a higher coupon at a specific date.
The rate shown is the rate at period end.
(c) Security is in default and is non-income producing.
(d) The concentration of investments by type of
obligation/market sector is as follows:
Insured 14.0%
General Obligation 6.0
Revenue Bonds:
Health Revenue 27.2
Airport Revenue 15.3
Tobacco Revenue 10.4
Education Revenue 4.8
Pollution Control Revenue 4.4
Development Revenue 4.2
Transportation Revenue 2.8
Power Revenue 2.7
Facilities Revenue 2.6
Other Revenue 2.6
Gaming Revenue 1.2
Housing Revenue 1.0
School District Revenue 0.6
Utilities Revenue 0.2
100.0%
(e) At January 31, 2007, the net unrealized gain on investments
based on cost for federal income tax purposes
of $395,937,388 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax $ 54,235,492
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over v (349,286)
Net unrealized gain $ 53,886,206
RIB Residual Interest Bonds
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 principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their 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 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 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.
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 Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 30, 2007
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 March 30, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 30, 2007
* Print the name and title of each signing officer under his or her signature.