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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 811-09223
Pioneer Municipal High Income Trust Fund;
(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: October 31
Date of reporting period: January 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 1/31/05 (unaudited)
Principal S&P/Moody's
Amount Ratings Value
TAX EXEMPT OBLIGATIONS - 126.4% of Net Assets
Alabama - 3.5%
10000000 AAA/Aaa Birmingham Alabama General Obligation, 5.0%, 12/1/32 10,386,600
1500000 BBB/NR Camden Alabama Industrial Development Board, 6.125%, 12/1/24 1,625,325
12,011,925
Arizona - 7.1%
5000000 B+/Ba3 Apache County Industrial Development Authority, 5.85%, 3/1/28 4,999,600
5000000 B+/Ba3 Apache County Industrial Development Authority, 5.875%, 3/1/33 4,999,550
11630000 BB-/Ca Gila County Industrial Development Authority, 5.55%, 1/1/27 9,745,475
3000000 NR/NR Maricopa County Industrial Development Authority, 7.875%, 4/1/27 3,097,380
1000000 NR/Baa3 Pima County Industrial Development Authority, 7.25%, 7/1/31 1,069,250
500000 NR/Baa2 Yavapai County Industrial Development Authority, 6.0%, 8/1/33 531,790
24,443,045
California - 10.5%
7270000 A/A3 California State General Obligation, 5.25%, 2/1/28 7,710,126
5150000 BBB/Baa3 Golden State Tobacco Securitization Corp., 7.8%, 6/1/42 5,725,358
7000000 BBB/Baa3 Golden State Tobacco Securitization Corp., 7.875%, 6/1/42 7,815,990
4000000 AAA/Aaa Palm Desert Financing Authority Tax Allocation Revenue, 5.0%, 4/1/30 4,160,040
3000000 AAA/Aaa San Diego Unified School District, 5.0%, 7/1/25 3,165,630
2500000 AAA/Aaa University of California Revenue, 5.0%, 5/15/25 2,661,550
5000000 B+/NR Valley Health System Hospital Revenue, 6.5%, 5/15/25 4,955,450
36,194,144
Connecticut - 3.3%
2205000 BB/Ba1 Connecticut State Health & Educational Facilities Authority Revenue, 5.375%, 7/1/17 2,123,702
4400000 BB/Ba1 Connecticut State Health & Educational Facilities Authority Revenue, 5.5%, 7/1/27 4,044,304
5000000 BB+/NR Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31 5,309,200
11,477,206
District of Columbia - 3.6%
5000000 BBB/Baa3 District of Columbia Tobacco Settlement Financing Corp., 6.5%, 5/15/33 5,012,250
7325000 BBB/Baa3 District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40 7,424,766
12,437,016
Florida - 4.3%
2000000 NR/NR Beacon Lakes Community Development, 6.9%, 5/1/35 2,104,360
2300000 CC/C Hillsborough County Aviation Authority Revenue, 6.8%, 1/1/24 1,242,000
1650000 BBB-/Baa2Polk County Industrial Development Revenue, 5.85%, 12/1/30 1,691,943
2000000 NR/NR Seminole Tribe Convention-A, 8.95%, 10/1/33 2,263,380
1900000 NR/NR Seminole Tribe Convention-A, 10.0%, 10/1/33 2,159,635
5000000 NR/Baa2 Tallahassee Health Facilities Revenue, 6.375%, 12/1/30 5,210,550
14,671,868
Georgia - 0.4%
1325000 NR/NR Brunswick & Glynn County Development Authority Revenue, 7.25%, 1/1/35 1,325,715
Idaho - 1.5%
5000000 BB+/Ba3 Power County Industrial Development Corp., 6.45%, 8/1/32 5,137,500
Illinois - 4.2%
1000000 NR/NR Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 977,600
3810000 CC/C Chicago Illinois O'Hare International Airport, 6.45%, 5/1/18 1,790,700
1500000 NR/NR Illinois Health Facilities Authority Revenue, 6.9%, 11/15/33 1,517,865
16880000(a)AAA/Aaa Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue,
0.0%, 6/15/22 10,243,459
14,529,624
Indiana - 1.6%
1000000 BBB+/Baa1Indiana State Development Finance Authority Revenue, 5.6%, 12/1/32 1,031,160
4300000 BB+/Caa2 Indiana State Development Finance Authority Revenue, 5.75%, 10/1/11 4,455,230
5,486,390
Principal S&P/Moody's
Amount Ratings Value
Kentucky - 2.3%
7050000 CC/Ca Kenton County Airport Revenue, 7.5%, 2/1/12 6,242,281
1965000 CC/Ca Kenton County Airport Revenue, 7.5%, 2/1/20 1,654,137
7,896,418
Massachusetts - 9.2%
2435000 AAA/Aaa Massachusetts Health & Educational Facilities Authority Revenue, 5.0%, 7/15/35 2,523,196
7050000 AAA/Aaa Massachusetts Health & Educational Facilities Authority Revenue, 5.125%, 7/15/37 7,391,361
1000000 AA/NR Massachusetts Health & Educational Facilities Authority Revenue, 5.25%, 10/15/33 1,061,620
3500000 BBB/Baa3 Massachusetts Health & Educational Facilities Authority Revenue, 6.25%, 7/1/22 3,756,445
5000000 BBB-/NR Massachusetts Health & Educational Facilities Authority Revenue, 6.75%, 10/1/33 5,337,000
75000 BB/NR Massachusetts State Development Finance Agency, 5.25%, 10/1/18 69,140
5000000 AAA/Aaa Massachusetts State Development Finance Agency, 5.75%, 1/1/42 6,141,050
5055000 AA-/Aa3 Massachusetts State Housing Finance Agency, 5.25%, 12/1/33 5,132,999
31,412,811
Michigan - 4.6%
1500000 BBB-/NR John Tolfree Health System Corp., 6.0%, 9/15/23 1,464,420
2000000 B/Ba3 Michigan State Hospital Finance Authority Revenue, 5.5%, 8/15/23 1,849,000
4010000 BBB-/Ba1 Michigan State Hospital Finance Authority Revenue, 6.0%, 2/1/24 3,903,775
2000000 NR/NR Michigan State Hospital Finance Authority Revenue, 6.4%, 1/1/15 2,005,320
7690000 NR/NR Wayne Charter County Michigan Special Airport Facilities Revenue, 6.75%, 12/1/15 6,720,522
15,943,037
Minnesota - 4.5%
1675000 BB/NR Duluth Economic Development Authority Health Care Facilities Revenue, 7.25%, 6/15/32 1,764,897
13260000 NR/NR Minneapolis/St. Paul Metropolitan Airports, 7.0%, 4/1/25 12,302,495
1430000 BB+/Ba1 St. Paul Housing & Redevelopment Authority, 6.625%, 11/1/17 1,441,469
15,508,861
Mississippi - 0.9%
3000000 BBB/Ba1 Mississippi Business Finance Corp. Pollution Control Revenue, 5.9%, 5/1/22 3,029,160
Missouri - 1.4%
5500000 NR/B3 St. Louis Industrial Development Authority Revenue, 7.25%, 12/15/35 4,627,920
Nevada - 1.4%
1000000 BBB-/Baa2Clark County Industrial Development Revenue, 5.45%, 3/1/38 1,064,440
1850000 B-/NR Clark County Industrial Development Revenue, 5.5%, 10/1/30 1,799,051
2000000 NR/NR Nevada State Department of Business & Industry, 7.25%, 1/1/23 2,042,000
4,905,491
New Hampshire - 0.9%
3000000 AAA/Aaa Manchester School Facilities Revenue, 5.125%, 6/1/28 3,181,110
New Jersey - 8.2%
2000000 B/Caa2 New Jersey Economic Development Authority Revenue, 6.25%, 9/15/19 1,671,020
11700000 B/Caa2 New Jersey Economic Development Authority Revenue, 6.25%, 9/15/29 9,308,169
1000000 B/Caa2 New Jersey Economic Development Authority Revenue, 6.4%, 9/15/23 829,520
6150000 B/Caa2 New Jersey Economic Development Authority Revenue, 7.0%, 11/15/30 5,327,130
10750000 BBB/Baa3 Tobacco Settlement Financing Corp., 6.75%, 6/1/39 10,926,407
28,062,246
New Mexico - 1.6%
3700000 + NR/NR New Mexico Hospital Equipment Loan Council, 6.4%, 6/1/16 3,947,974
1350000 BBB-/NR Santa Fe Educational Facilities Revenue, 5.75%, 10/1/28 1,363,838
5,311,812
New York - 5.8%
2000000 A/NR New York City Industrial Development Agency, 5.375%, 6/1/23 2,086,140
5625000 CCC/Caa2 New York City Industrial Development Agency, 6.9%, 8/1/24 4,216,950
5000000 AAA/Aaa New York City Trust Cultural Resources Revenue, 5.125%, 7/1/31 5,249,700
2000000 NR/NR Suffolk County Industrial Development Agency, 7.25%, 1/1/30 1,995,240
6000000 AAA/Aaa Triborough Bridge & Tunnel Authority Revenue, 5.25%, 11/15/30 6,458,640
20,006,670
North Carolina - 0.6%
4600000 (b)NR/NR Charlotte North Carolina Special Facilities Revenue, 7.75%, 2/1/28 2,208,000
Principal S&P/Moody's
Amount Ratings Value
Oklahoma - 5.0%
3000000 ++AAA/Aaa Oklahoma Development Finance Authority Revenue, 5.625%, 8/15/19 3,350,550
8000000 ++AAA/Aaa Oklahoma Development Finance Authority Revenue, 5.625%, 8/15/29 8,913,200
4100000 B-/Caa2 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 3,882,085
1225000 B-/Caa2 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,030,311
17,176,146
Oregon - 4.6%
1000000 NR/NR Klamath Falls Electric Revenue, 5.75%, 1/1/13 1,018,130
7000000 NR/NR Klamath Falls Electric Revenue, 6.0%, 1/1/25 7,053,200
7500000 NR/NR Western Generation Agency Cogeneration Project Revenue, 7.125%, 1/1/21 7,684,200
15,755,530
Pennsylvania - 7.1%
1550000 NR/Baa1 Allegheny County Hospital Development Authority Revenue, 5.125%, 5/1/25 1,452,970
12300000 B/B1 Allegheny County Hospital Development Authority Revenue, 9.25%, 11/15/30 14,285,343
1000000 BB-/NR Columbia County Hospital Authority Health Care Revenue, 5.9%, 6/1/29 868,230
1000000 BBB/Ba2 Hazleton Health Services Authority Hospital Revenue, 5.625%, 7/1/17 924,550
1280000 NR/B2 Langhorne Manor Borough Higher Education & Health Authority Revenue, 7.35%, 7/1/22 1,273,178
500000 BBB+/NR Pennsylvania Higher Educational Facilities Authority Revenue, 5.4%, 7/15/36 520,850
5000000 BBB-/Baa3Philadelphia Hospitals & Higher Education Facilities Authority Revenue, 6.5%, 11/15/22 4,999,850
24,324,971
South Carolina - 8.0%
4250000 BBB/Baa2 Georgetown County Environmental Improvement Revenue, 5.95%, 3/15/14 4,806,835
15000000 AA-/A1 Greenville County School District, 5.5%, 12/1/28 16,147,650
5850000 BBB/Baa2 South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34 6,341,224
27,295,709
Tennessee - 3.8%
7000000 BBB+/Baa2Johnson City Health & Educational Facilities Board Hospital Revenue, 7.5%, 7/1/33 8,332,100
4480000 NR/Baa3 Knox County Health Educational & Housing Facilities Board Hospital Revenue, 6.375%, 4/15/22 4,602,304
12,934,404
Texas - 7.6%
7500000 CCC/Caa2 Alliance Airport Authority Special Facilities Revenue, 7.5%, 12/1/29 5,437,800
1345000 NR/Baa3 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,404,409
2500000 BBB-/Ba2 Brazos River Authority Revenue, 5.375%, 4/01/19 2,583,325
5000000 CCC/Caa2 Dallas-Fort Worth International Airport Revenue, 6.15%, 5/1/29 4,591,700
485000 CC/Ca Dallas-Fort Worth International Airport Revenue, 6.25%, 11/1/13 227,950
7750000 CC/Ca Dallas-Fort Worth International Airport Revenue, 7.125%, 11/1/26 3,410,000
4000000 NR/NR Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,228,320
1000000 BB/NR Georgetown Health Facilities Development Corp., 6.25%, 8/15/29 1,014,190
3750000 B-/Caa2 Houston Airport System Special Facilities Revenue, 5.7%, 7/15/29 2,675,850
500000 BBB/Baa2 Sabine River Authority Pollution Control Revenue, 6.15%, 8/1/22 556,520
26,130,064
Vermont - 0.5%
1500000 A-/A3 Vermont Educational & Health Buildings Financing Agency Revenue, 6.0%, 10/1/28 1,695,510
Virginia - 1.4%
1000000 BBB/Baa3 Peninsula Ports Authority, 6.0%, 4/1/33 1,044,830
4000000 BB/NR Pocahontas Parkway Association of Virginia Toll Road Revenue, 5.5%, 8/15/28 3,832,000
4,876,830
Washington - 5.5%
4710000 AAA/Aaa Spokane Public Facilities District Hotel/Motel Tax & Sales, 5.75%, 12/1/27 5,455,687
7025000 BBB/Baa3 Tobacco Settlement Authority Washington, 6.625%, 6/1/32 7,071,014
14315000 AAA/Aaa Washington State General Obligation, 0.0%, 6/1/22 6,387,639
18,914,340
Principal S&P/Moody's
Amount Ratings Value
Wyoming - 1.5%
5000000 BB+/Ba3 Sweetwater County Solid Waste Disposal Revenue, 6.9%, 9/1/24 5,074,550
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $405,193,884) 433,986,023
Shares TAX-EXEMPT MONEY MARKET MUTUAL FUND - 0.3% of Net Assets
1112083 BlackRock Provident Institutional Municipal Fund 1,112,083
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $1,112,083) 1,112,083
TOTAL INVESTMENTS IN SECURITIES - 126.7%
(Cost $406,305,967) (c) (d) 435,098,106
OTHER ASSETS AND LIABILITIES - 2.7% 9,399,908
PREFERRED SHARES AT REDEMPETION VALUE - (29.4)% (101,000,000)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% 343,498,014
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 January 31, 2005 the value of these securities amounted to
$977,600 or 0.3% of net assets applicable to common shareholders.
+ 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.
++ 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.
(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) Security is in default and is non-incoming producing.
(c) The concentration of investments by type of obligation/market sector is as follows:
Insured 15.3
General Obligation 1.8
Revenue Bonds:
Health Revenue 24.5
Airport Revenue 17.2
Tobacco Revenue 10.1
Education Revenue 7.1
Pollution Control Revenue 6.8
Development Revenue 5.9
Power Revenue 4.4
Transportation Revenue 1.6
Housing Revenue 1.5
Other 1.3
Gaming Revenue 1.2
Facilities Revenue 1.1
Utilities Revenue 0.2
100
(d) (b) At January 31, 2005, the net unrealized gain on investments based on cost
for federal income tax purposes of $405,495,705 was as follows:
(e) Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost 36933078
(f) Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value -7330677
Net unrealized gain 29602401
For financial reporting purposes net unrealized gain on investments was
$28,792,139 and cost of investments aggregated $406,305,967
The interest rate swaps outstanding as of January 31, 2005 were as follows:
Termination Notional Fixed Unrealized
Counterparty Date Amount (000) Rate
UBS AG April 5, 2009 $50,000 2.665% 1 month BMA $552,500
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 Trust Fund;
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 30, 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 March 30, 2005
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 30, 2005
* Print the name and title of each signing officer under his or her signature.