SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material under Rule 14a-12
Pioneer High Income Trust
Pioneer Municipal High Income Trust
Pioneer Municipal High Income Advantage Trust
(Name of each Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
PIONEER HIGH INCOME TRUST
PIONEER MUNICIPAL HIGH INCOME TRUST
PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
60 State Street
Boston, Massachusetts 02109
1-800-622-3265
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
SCHEDULED FOR SEPTEMBER 21, 2006
This is the formal agenda for your fund's annual shareholder meeting. It
tells you the matters you will be asked to vote on and the time and place of
the meeting, in case you want to attend in person.
To the shareholders of Pioneer High Income Trust, Pioneer Municipal High Income
Trust and Pioneer Municipal High Income Advantage Trust:
The annual meeting of shareholders of each of the above registered
investment management companies (each, a "fund" and, collectively, the "funds")
will be held at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, 60
State Street, 26th Floor, Boston, Massachusetts 02109, on September 21, 2006 at
2:00 p.m., Eastern time, to consider the following:
1. To elect three Trustees of your fund, as named in the attached proxy
statement, two by the holders of Common and Preferred Shares of your
fund, voting together as a single class, and one by the holders of
Preferred Shares of your fund, voting as a separate class. Each elected
Trustee will serve for a three year term or until a successor is
elected.
2. To consider any other business that may properly come before the
meeting.
Each fund will hold a separate meeting. Shareholders of each fund will
vote separately.
YOUR TRUSTEES RECOMMEND THAT YOU VOTE IN FAVOR OF PROPOSAL NO 1.
Shareholders of record as of the close of business on July 28, 2006 are
entitled to vote at the meeting and any related follow-up meetings.
By Order of each Board of Trustees,
Dorothy E. Bourassa, Secretary
Boston, Massachusetts
August 8, 2006
-----------------
WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE AND RETURN THE
ENCLOSED PROXY.
PROXY STATEMENT OF
PIONEER HIGH INCOME TRUST
PIONEER MUNICIPAL HIGH INCOME TRUST
PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
60 State Street
Boston, Massachusetts 02109
1-800-622-3265
ANNUAL MEETING OF SHAREHOLDERS
This proxy statement contains the information you should know before
voting on the proposal summarized below.
Each fund will furnish without charge a copy of its most recent annual
report and any more recent semi-annual report to any shareholder upon request.
Shareholders who want to obtain a copy of a fund's reports should direct all
written requests to the attention of the fund, at the address listed above, or
should call Pioneer Investment Management Shareholder Services at
1-800-622-3265.
INTRODUCTION
This proxy statement is being used by the Board of Trustees of each fund
to solicit proxies to be voted at the annual meeting of shareholders of each of
the funds referenced above. Participating in the meeting are holders of common
shares of beneficial interest (the "Common Shares") and the holders of
preferred shares of beneficial interest (the "Preferred Shares") of each fund.
The Common Shares and the Preferred Shares of each fund sometimes are referred
to herein collectively as the "Shares". Each meeting will be held at the
offices of Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, 26th
Floor, Boston, Massachusetts 02109, at 2:00 p.m., Eastern time, on September
21, 2006, and at any adjournments of a meeting to a later date, for the
purposes as set forth in the accompanying notice of annual meeting of
shareholders.
This proxy statement and the enclosed proxy card are being mailed to
shareholders of each fund on or about August 8, 2006. The annual report for
each fund for its most recently completed fiscal year was previously mailed to
shareholders.
WHO IS ELIGIBLE TO VOTE
Shareholders of record of each fund as of the close of business on July
28, 2006 (the "record date") are entitled to vote on all of the fund's business
at the annual shareholder meeting and any adjournments thereof. The affirmative
vote of a plurality of the Common and Preferred Shares of each fund present at
the meeting in person or by proxy, voting together as a single class, is
required to elect each nominee for Trustee designated to be elected by the
Common and Preferred Shares of each fund. The affirmative vote of a plurality
of the Preferred Shares of each fund present at the meeting
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in person or by proxy is required to elect each nominee for Trustee designated
to be elected by the Preferred Shares of each fund. Election by plurality means
those persons who receive the highest number of votes cast "FOR" up to the
total number of persons to be elected as Trustees at the meeting shall be
elected. Shares represented by properly executed proxies, unless revoked before
or at the meeting, will be voted according to the shareholder's instructions.
If you sign a proxy but do not fill in a vote, your shares will be voted in
favor of each of the nominees for Trustee. If any other business comes before
the annual shareholder meeting, your shares will be voted at the discretion of
the persons named as proxies.
Each fund will vote separately on each item. Votes of multiple funds will
not be aggregated.
PROPOSAL 1
ELECTION OF BOARD OF TRUSTEES
Shareholders of each fund are being asked to consider the election of
three nominees to the Board of Trustees of each fund. All of the nominees for
election to each fund's Board currently serve as Trustees for the fund and have
served in that capacity continuously since originally elected or appointed.
Each Trustee shall be elected to hold office for a three year term or until his
or her successor is elected and qualified. Each nominee has consented to being
named in this proxy statement and indicated his or her willingness to serve if
elected. In the unanticipated event that any nominee should be unable to serve,
the persons named as proxies may vote for such other person as shall be
designated by the fund's Board of Trustees. The persons named on the
accompanying proxy card intend to vote at the meeting (unless otherwise
directed) for the election of the nominees named below as Trustees of each
fund.
The Agreement and Declaration of Trust for each fund provides that the
Board of Trustees shall consist of Trustees divided into three classes, the
classes to be as nearly equal in number as possible. The Trustees of only one
class are elected at each annual meeting so that the regular term of only one
class of Trustees will expire annually and any particular Trustee stands for
election only once in each three year period. Each fund's Board of Trustees is
divided into three staggered term classes -- Class I, Class II and Class III.
Class I Trustees are being submitted to shareholders for election at the
meeting for Pioneer High Income Trust. Class III Trustees are being submitted
to shareholders for election at the meetings for Pioneer Municipal High Income
Trust and Pioneer Municipal High Income Advantage Trust.
Each fund's Board of Trustees consists of nine members.
Pioneer High Income Trust
The terms of the Class II Trustees -- Mr. Cogan, Mr. Bock and Mr. West --
expire in 2007; the terms of the Class III Trustees -- Ms. Graham, Mr. Hood and
Mr. Winthrop -- expire in 2008; and the terms of the Class I Trustees -- Ms.
Bush, Mr. Perna and Ms. Piret -- expire at the upcoming 2006 annual meeting.
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Pioneer Municipal High Income Trust
The terms of the Class I Trustees -- Mr. Cogan, Mr. Bock and Mr. West --
expire in 2007; the terms of the Class II Trustees -- Ms. Graham, Mr. Hood and
Mr. Winthrop -- expire in 2008; and the terms of the Class III Trustees -- Ms.
Bush, Mr. Perna and Ms. Piret -- expire at the upcoming 2006 annual meeting.
Pioneer Municipal High Income Advantage Trust
The terms of the Class I Trustees -- Mr. Cogan, Mr. Bock and Mr. West --
expire in 2007; the terms of the Class II Trustees -- Ms. Graham, Mr. Hood and
Mr. Winthrop -- expire in 2008; and the terms of the Class III Trustees -- Ms.
Bush, Mr. Perna and Ms. Piret -- expire at the upcoming 2006 annual meeting.
Subsequently, for each fund, each class of Trustees will stand for
election at the conclusion of its respective three year term. Such
classification may prevent replacement of a majority of the Trustees for up to
a two-year period. Mr. Cogan and Ms. Piret have been designated as the Trustees
to be elected by the holders of the Preferred Shares of each fund.
The following table sets forth the incumbent Trustees and each Trustee's
position(s) with each fund, his or her age, address, principal occupation and
employment during the past five years and any other directorship held. Trustees
who are interested persons of a fund within the meaning of the Investment
Company Act of 1940, as amended (the "1940 Act") are referred to as Interested
Trustees. Trustees who are not interested persons of a fund are referred to as
Independent Trustees. Each of the Trustees (except Mr. Hood and Mr. West)
serves as a Trustee of each of the 89 U.S. registered investment portfolios for
which Pioneer Investment Management, Inc. ("Pioneer") serves as investment
adviser (the "Pioneer Funds"). Mr. Hood and Mr. West each serves as Trustee of
35 of the 89 Pioneer Funds. The address of all Interested Trustees is 60 State
Street, Boston, Massachusetts 02109.
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Other
Term of Office Directorships
Position(s) and Held by this
Name, Age Held Length of Principal Occupation(s) Trustee or
and Address With the Fund Service During Past Five Years Nominee
-------------------- --------------- ------------------ ---------------------------- ------------------
Interested Trustees:
John F. Cogan, Jr. Chairman of High Income Deputy Chairman and a Director of ICI
(80)* the Board, Trust: Class II Director of Pioneer Global Mutual Insurance
Trustee and Trustee since Asset Management S.p.A. Company; Director
President 2002. Term ("PGAM"); Non-Executive of Harbor Global
expires in 2007. Chairman and a Director Company, Ltd.
Elected by of Pioneer Investment
Preferred Management USA Inc.
Shares only. ("PIM-USA"); Chairman
Municipal High and a Director of Pioneer;
Income Trust: Chairman and Director of
Class I Trustee Pioneer Institutional Asset
since 2003. Management, Inc. (since
Term expires in 2006); Director of
2007. Elected Pioneer Alternative
by Preferred Investment Management
Shares only. Limited (Dublin);
Municipal High President and a Director
Income of Pioneer Alternative
Advantage Investment Management
Trust: Class I (Bermuda) Limited and
Trustee since affiliated funds; Director
2003. Term of PIOGLOBAL Real
expires in 2007. Estate Investment Fund
Elected by (Russia) (until June
Preferred 2006); Director of
Shares only. Nano-C, Inc. (since
2003); Director of Cole
Investment Corporation
(since 2004); Director of
Fiduciary Counseling,
Inc.; President and
Director of Pioneer Funds
Distributor, Inc. ("PFD")
(until June 2006);
President of all of the
Pioneer Funds; and Of
Counsel, Wilmer Cutler
Pickering Hale and Dorr
LLP (counsel to PIM-USA
and the Pioneer Funds).
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Other
Term of Office Directorships
Position(s) and Held by this
Name, Age Held Length of Principal Occupation(s) Trustee or
and Address With the Fund Service During Past Five Years Nominee
---------------- ---------------- ------------------ ---------------------------- --------------
Osbert M. Hood Trustee and High Income President and Chief None
(53)* Executive Vice Trust: Class III Executive Officer, PIM-
President Trustee since USA since May 2003
2003. Term (Director since January
expires in 2008. 2001; Executive Vice
Municipal High President and Chief
Income Trust: Operating Officer from
Class II Trustee November 2000-May
since 2003. 2003); Director of
Term expires PGAM since June 2003;
in 2008. President and Director of
Municipal High Pioneer since May 2003;
Income President and Director of
Advantage Pioneer Institutional Asset
Trust: Class II Management, Inc. since
Trustee since February 2006; Chairman
2003. Term and Director of Pioneer
expires in 2008. Investment Management
Shareholder Services,
Inc. ("PIMSS") since
May 2003; Director of
PFD since May 2006;
Director of Oak Ridge
Investments, L.L.C. (a
registered investment
adviser in which PIM
USA owns a minority
interest) since January
2005; Director of
Vanderbilt Capital
Advisors, LLC (an
institutional investment
adviser wholly-owned by
PIM USA) since June
2006; Executive Vice
President of all of the
Pioneer Funds since
June 2003.
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Other
Term of Office Directorships
Position(s) and Held by this
Name, Age Held Length of Principal Occupation(s) Trustee or
and Address With the Fund Service During Past Five Years Nominee
----------------------- --------------- ------------------- ------------------------------ -------------------
Independent Trustees:
David R. Bock Trustee High Income Senior Vice President and Director of The
(62) Trust: Class II Chief Financial Officer, Enterprise Social
3050 K. Street NW, Trustee since I-trax, Inc. (publicly Investment
Washington, DC 20007 2005. Term traded health care Company
expires in 2007. services company) (privately-held
Municipal High (2001-present); affordable housing
Income Trust: Managing Partner, Federal finance company);
Class I Trustee City Capital Advisors Director of New
since 2005. (boutique merchant bank) York Mortgage
Term expires (2002 to 2004); and Trust (publicly
in 2007. Executive Vice President traded mortgage
Municipal High and Chief Financial REIT)
Income Officer, Pedestal Inc.
Advantage (internet-based mortgage
Trust: Class I trading company)
Trustee since (2000-2002)
2005. Term
expires in 2007.
Mary K. Bush Trustee High Income President, Bush Director of Brady
(58) Trust: Class I International (international Corporation
3509 Woodbine Street, Trustee since financial advisory firm) (industrial
Chevy Chase, MD 2002. Term identification and
20815 expires in 2006. specialty coated
Municipal High material products
Income Trust: manufacturer),
Class III Trustee Director of
since 2003. Briggs & Stratton
Term expires Co. (engine
in 2006. manufacturer)
Municipal High and Mortgage
Income Guaranty
Advantage Insurance
Trust: Class III Corporation
Trustee since
2003. Term
expires in 2006.
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Other
Term of Office Directorships
Position(s) and Held by this
Name, Age Held Length of Principal Occupation(s) Trustee or
and Address With the Fund Service During Past Five Years Nominee
------------------------ --------------- ------------------ ---------------------------- -------------------
Margaret B.W. Graham Trustee High Income Founding Director, The None
(59) Trust: Class III Winthrop Group, Inc.
1001 Sherbrooke Street Trustee since (consulting firm);
West, Montreal, 2002. Term Desautels Faculty of
Quebec, Canada expires in 2008. Management, McGill
Municipal High University
Income Trust:
Class II Trustee
since 2003.
Term expires
in 2008.
Municipal High
Income
Advantage
Trust: Class II
Trustee since
2003. Term
expires in 2008.
Thomas J. Perna Trustee High Income Private investor (2004- Director of
(55) Trust: Class I present); Senior Executive Quadriserv Inc.
89 Robbins Avenue, Trustee since Vice President, The Bank (technology
Berkeley Heights, NJ February 2006. of New York (financial products for
07922 Term expires and securities services) securities lending
in 2006. (1986-2004) industry)
Municipal High
Income Trust:
Class III Trustee
since February
2006. Term
expires in 2006.
Municipal High
Income
Advantage
Trust: Class III
Trustee since
February 2006.
Term expires
in 2006.
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Other
Term of Office Directorships
Position(s) and Held by this
Name, Age Held Length of Principal Occupation(s) Trustee or
and Address With the Fund Service During Past Five Years Nominee
--------------------- --------------- ------------------ --------------------------- ------------------
Marguerite A. Piret Trustee High Income President and Chief Director of New
(58) Trust: Class I Executive Officer, America High
One Boston Place, Trustee since Newbury, Piret & Income Fund, Inc.
28th Floor, 2002. Term Company, Inc. (closed-end
Boston, MA 02108 expires in 2006. (investment banking firm) investment
Elected by company)
Preferred
Shares only.
Municipal High
Income Trust:
Class III Trustee
since 2003.
Term expires in
2006. Elected
by Preferred
Shares only.
Municipal High
Income
Advantage
Trust: Class III
Trustee since
2003. Term
expires in 2006.
Elected by
Preferred
Shares only.
Stephen K. West Trustee High Income Senior Counsel, Sullivan Director, The
(77) Trust: Class II & Cromwell (law firm) Swiss Helvetia
125 Broad Street, Trustee since Fund, Inc.
New York, NY 10004 2002. Term (closed-end
expires in 2007. investment
Municipal High company)
Income Trust:
Class I Trustee
since 2003.
Term expires
in 2007.
Municipal High
Income
Advantage
Trust: Class I
Trustee since
2003. Term
expires in 2007.
8
Other
Term of Office Directorships
Position(s) and Held by this
Name, Age Held Length of Principal Occupation(s) Trustee or
and Address With the Fund Service During Past Five Years Nominee
---------------------- --------------- ------------------ -------------------------- --------------
John Winthrop Trustee High Income President, John Winthrop None
(70) Trust: Class III & Co., Inc. (private
One North Adgers Trustee since investment firm)
Wharf, 2002. Term
Charleston, SC 29401 expires in 2008.
Municipal High
Income Trust:
Class II Trustee
since 2003.
Term expires
in 2008.
Municipal High
Income
Advantage
Trust: Class II
Trustee since
2003. Term
expires in 2008.
-------------
* Mr. Cogan and Mr. Hood are Interested Trustees because each is an officer or
director of each fund's investment adviser and certain of its affiliates.
Board Committees
The Board of Trustees for each fund has an Audit Committee, an Independent
Trustees Committee, a Nominating Committee, a Policy Administration Committee
and a Valuation Committee. Committee members are as follows:
Audit
David R. Bock, Margaret B.W. Graham, Marguerite A. Piret (Chair) and
Stephen K. West
Independent Trustees
David R. Bock, Mary K. Bush, Margaret B.W. Graham (Chair), Thomas J.
Perna, Marguerite A. Piret, Stephen K. West and John Winthrop
Nominating
Mary K. Bush, Marguerite A. Piret and John Winthrop (Chair)
Policy Administration
Mary K. Bush (Chair), Thomas J. Perna and John Winthrop
Valuation
David R. Bock, Margaret B.W. Graham and Marguerite A. Piret (Chair)
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During the most recent fiscal year, the Audit, Independent Trustees,
Nominating, Policy Administration and Valuation Committees of each fund held
the following meetings:
Municipal
High Income
High Municipal High Advantage
Income Trust Income Trust Trust
---------------------------------------------------------------------------------------------
Audit Committee ......................... 18 18 18
Independent Trustees Committee .......... 17 15 17
Nominating Committee .................... 8 7 8
Policy Administration Committee ......... 10 10 10
Valuation Committee ..................... 4 4 4
All members of the Audit Committee are "independent", as defined in the
applicable listing standard of the New York Stock Exchange currently in effect.
The Board of Trustees has adopted a charter for the Audit Committee, in effect
as of March 15, 2005. In accordance with its charter, the purposes of the Audit
Committee are to:
o act as a liaison between the fund's independent registered public
accounting firm and the full Board of Trustees of the fund;
o discuss with the fund's independent registered public accounting firm
their judgments about the quality of the fund's accounting principles and
underlying estimates as applied in the fund's financial reporting;
o review and assess the renewal materials of all related party contracts
and agreements, including management advisory agreements, underwriting
contracts, administration agreements, distribution contracts, and
transfer agency contracts, among any other instruments and agreements
that may be appropriate from time to time;
o review and approve insurance coverage and allocations of premiums
between the management and the fund and among the Pioneer Funds;
o review and approve expenses under the administration agreement between
Pioneer and the fund and allocations of such expenses among the Pioneer
Funds; and
o receive on a periodic basis a formal written statement delineating all
relationships between the independent registered public accounting firm
and the fund or Pioneer; to actively engage in a dialogue with the
independent registered public accounting firm with respect to any
disclosed relationships or services that may impact the objectivity and
independence of the independent registered public accounting firm; and to
recommend that the Trustees take appropriate action in response to the
independent registered public accounting firm's report to satisfy itself
of the firm's independence.
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The Audit Committee reports that it has (1) reviewed and discussed each
fund's audited financial statements with management; (2) discussed with the
independent registered public accounting firm the matters relating to the
quality of each fund's financial reporting; and (3) received written
disclosures and an independence letter from the independent registered public
accounting firm and discussed with the independent registered public accounting
firm that firm's independence. Based upon the review and discussions referred
to above, the Audit Committee recommended to the Board of Trustees that the
audited financial statements be included in the Annual Reports for Pioneer High
Income Trust and Pioneer Municipal High Income Advantage Trust for the fiscal
year ended March 31, 2006 and in the Annual Report for Pioneer Municipal High
Income Trust for the fiscal year ended April 30, 2006, for filing with the
Securities and Exchange Commission (the "SEC").
The Audit Committee charter is available on Pioneer's website:
www.pioneerinvestments.com. You can also obtain a copy by sending a written
request to your fund at the address listed on this proxy statement.
Each fund's Board of Trustees has determined that the fund has at least
one audit committee financial expert. Ms. Marguerite A. Piret, an Independent
Trustee, is the audit committee's financial expert.
All members of the Nominating Committee are independent under the New York
Stock Exchange's Revised Listing Rules and are not interested persons, as
defined in the 1940 Act, of Pioneer. The Board of each fund has adopted a
written charter for the Nominating Committee, which is available on Pioneer's
website: www.pioneerinvestments.com. You can also obtain a copy by sending a
written request to your fund at the address listed on this proxy statement. The
Nominating Committee reviews the qualifications of persons being considered as
candidates as Trustees and makes recommendations regarding the qualifications
of such persons to the Independent Trustees. All of the Independent Trustees
then evaluate any candidate and determine whether to nominate them for
election. The Trustees who are not Independent Trustees and the officers of
each fund are nominated and selected by the Board.
The Nominating Committee's charter provides for certain criteria to be
used in evaluating candidates for Independent Trustee. In reviewing a potential
nominee and in evaluating the re-nomination of current Independent Trustees,
the Nominating Committee applies the following criteria: (i) the nominee's
reputation for integrity, honesty and adherence to high ethical standards, (ii)
the nominee's business acumen and ability to exercise sound judgments, (iii) a
commitment to attend and participate in meetings of the Board and its
committees, (iv) the ability to understand potential conflicts of interest in
managing a fund and to act in the interests of all shareholders, and (v) the
absence of a real or apparent conflict of interest that would impair the
nominee's ability to represent the interests of all the shareholders and to
fulfill the responsibilities of an Independent Trustee. The Nominating
Committee does not necessarily place the same emphasis on each criteria and
each nominee may not have each of these qualities.
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As long as an existing Independent Trustee continues, in the opinion of
the other Independent Trustees, to satisfy these criteria and continues to make
positive contributions to the Board, each fund anticipates that Independent
Trustees of each fund would favor the re-nomination of an existing Trustee
rather than a new candidate. Consequently, while the Nominating Committee will
evaluate the qualifications of nominees recommended by shareholders to serve as
Trustee, the Independent Trustees may only act upon the Nominating Committee's
evaluation if there is a vacancy on the Board. In the event that a vacancy
arises or a change in Board membership is determined to be advisable, the
Nominating Committee will, in addition to any shareholder recommendations,
evaluate candidates identified by other means, including candidates proposed by
Independent Trustees or management. While it has not done so in the past, the
Nominating Committee may retain a consultant to assist the Committee in a
search for a qualified candidate.
Any shareholder recommendation must be submitted in compliance with all of
the pertinent provisions of Rule 14a-8 under the Securities Exchange Act of
1934, as amended (the "Exchange Act") to be considered by the Nominating
Committee. In evaluating a nominee recommended by a shareholder, the Nominating
Committee, in addition to the criteria discussed above, may consider the
objectives of the shareholder in submitting that nomination and whether such
objectives are consistent with the interests of all shareholders. If the Board
determines to include a shareholder's candidate among the slate of nominees,
the candidate's name will be placed on the fund's proxy card. If the Nominating
Committee, the Independent Trustees or the Board determines not to include such
candidate among the Board's designated nominees and the shareholder has
satisfied the requirements of Rule 14a-8, the shareholder's candidate will be
treated as a nominee of the shareholder who originally nominated the candidate.
The Nominating Committee initiated the recommendation of each of the
nominees to serve as Independent Trustee.
Shareholders may communicate with the members of the Board as a group or
individually. Any such communication should be sent to the Board or an
individual Trustee c/o the Secretary of the fund at the address on the notice
of this meeting. The Secretary may determine not to forward any letter to
members of the Board that does not relate to the business of a fund.
The Valuation Committee reviews the valuation assigned to certain
securities by Pioneer in accordance with each fund's valuation procedures.
The Policy Administration Committee reviews the implementation of certain
of each fund's administrative policies and procedures.
The Independent Trustees Committee reviews each fund's management contract
and other related party contracts annually and is also responsible for any
other action required to be taken, under the 1940 Act, by the Independent
Trustees acting alone.
Each fund's Agreement and Declaration of Trust provides that the fund will
indemnify the Trustees and officers against liabilities and expenses reasonably
incurred in connection
12
with any litigation in which they may be involved because of their offices with
the fund, unless it is determined in the manner specified in the Declaration of
Trust that they have not acted in good faith in the reasonable belief that
their actions were in the best interests of the fund or that such
indemnification would relieve any officer or Trustee of any liability to the
fund or its shareholders by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of his or her duties.
For Pioneer High Income Trust and Pioneer Municipal High Income Advantage
Trust, during each fund's most recent fiscal year, the Board of Trustees held
14 meetings. For Pioneer Municipal High Income Trust, during the fund's most
recent fiscal year, the Board of Trustees held 13 meetings. All of the current
Trustees and committee members of each fund then serving attended at least 75%
of the meetings of the Board of Trustees and applicable committees, if any,
held during that fund's fiscal year.
The following table indicates the value of shares that each Trustee or
nominee beneficially owned in each fund and Pioneer Funds in the aggregate as
of June 30, 2006. Beneficial ownership is determined in accordance with SEC
rules. The share value of any closed-end Pioneer fund is based on its closing
market price on June 30, 2006. The share value of any open-end Pioneer fund is
based on the net asset value of the class of shares on June 30, 2006. The
dollar ranges in this table are in accordance with SEC requirements.
13
Aggregate Dollar Range
of Equity Securities in
All Pioneer Funds
Dollar Range of Overseen or to be
Equity Securities Overseen by Trustee
Name of Trustee or Nominee in each Fund or Nominee
------------------------------- --------------------- ------------------------
INTERESTED TRUSTEE or NOMINEE
John F. Cogan, Jr. ............ Over $100,000(1) Over $100,000
$0(2)
$0(3)
Osbert M. Hood ................ $0(1) $50,001-$100,000
$0(2)
$0(3)
INDEPENDENT TRUSTEE or NOMINEE
David R. Bock ................. $10,001 to $50,000(1) $50,001-$100,000
$0(2)
$0(3)
Mary K. Bush .................. $0(1) $ 10,001-$50,000
$0(2)
$0(3)
Margaret B. W. Graham ......... $1 to $10,000(1) $ 10,001-$50,000
$0(2)
$0(3)
Thomas J. Perna ............... $0(1) $0
$0(2)
$0(3)
Marguerite A. Piret ........... $0(1) Over $100,000
$0(2)
$0(3)
Stephen K. West ............... $1 to $10,000(1) Over $100,000
$0(2)
$0(3)
John Winthrop ................. $1 to $10,000(1) Over $100,000
$1 to $10,000(2)
$1 to $10,000(3)
-------------
(1) Shares held in Pioneer High Income Trust
(2) Shares held in Pioneer Municipal High Income Trust
(3) Shares held in Pioneer Municipal High Income Advantage Trust
For each of the funds, during the most recent fiscal year, none of the
Trustees or any nominee for election as a Trustee engaged in the purchase or
sale of securities of Pioneer, UniCredito Italiano or any other entity in a
control relationship to Pioneer or PFD.
14
Material Relationships of the Independent Trustees
For purposes of the statements below:
o the immediate family members of any person are their spouse, children in
the person's household (including step and adoptive children) and any
dependent of the person.
o an entity in a control relationship means any person who controls, is
controlled by or is under common control with the named person. For
example, UniCredito Italiano is an entity that is in a control
relationship with Pioneer.
o a related fund is a registered investment company or an entity exempt
from the definition of an investment company pursuant to Sections 3(c)(1)
or 3(c)(7) of the 1940 Act, for which Pioneer or any of its affiliates
act as investment adviser or for which PFD or any of its affiliates act
as principal underwriter. For example, each fund's related funds include
all of the Pioneer Funds and any non-U.S. funds managed by Pioneer or its
affiliates.
As of December 31, 2005, for each fund, none of the Independent Trustees,
nor any of their immediate family members, beneficially owned any securities
issued by Pioneer, UniCredito Italiano or any other entity in a control
relationship to Pioneer or PFD.
During the past five years, for each fund, none of the Independent
Trustees, nor any of their immediate family members, had any direct or indirect
interest (the value of which exceeded $60,000), whether by contract,
arrangement or otherwise, in Pioneer, UniCredito Italiano, or any other entity
in a control relationship to Pioneer or PFD.
During the past five years, for each fund, none of the Independent
Trustees, nor any of their immediate family members, had an interest in a
transaction or a series of transactions, or in any currently proposed
transaction, or series of similar transactions, in which the aggregate amount
involved exceeded $60,000 and to which any of the following were a party (each
a "fund related party"):
o the fund
o an officer of the fund
o a related fund
o an officer of any related fund
o Pioneer or PFD
o an officer of Pioneer or PFD
o any affiliate of Pioneer or PFD
o an officer of any such affiliate
During the calendar years 2004 and 2005, for each fund, none of the
Independent Trustees, nor any of their immediate family members, had any
relationship (the value of which exceeded $60,000) with any fund related party,
including, but not limited to,
15
relationships arising out of (i) the payment for property and services, (ii)
the provision of legal services, (iii) the provision of investment banking
services (other than as a member of the underwriting syndicate) or (iv) the
provision of consulting services, except that Mr. West, an Independent Trustee,
is Senior Counsel to Sullivan & Cromwell and acts as counsel to the Independent
Trustees and the Independent Trustees of the other Pioneer Funds. The aggregate
compensation paid to Sullivan & Cromwell by the funds and certain other Pioneer
Funds was approximately $208,010 and $173,353 in 2004 and 2005, respectively.
During the calendar years 2004 and 2005, for each fund, none of the
Independent Trustees, nor any of their immediate family members, served as a
member of a board of directors on which an officer of any of the following
entities also serves as a director:
o Pioneer
o PFD
o UniCredito Italiano
o any other entity in a control relationship with Pioneer or PFD
None of the funds' Trustees or officers has any arrangement with any other
person pursuant to which that Trustee or officer serves on the Board of
Trustees. During the calendar years 2004 and 2005, for each fund, none of the
Independent Trustees, nor any of their immediate family members, had any
position, including as an officer, employee, director or partner, with any of
the following:
o the fund
o any related fund
o Pioneer
o PFD
o any affiliated person of the fund, Pioneer or PFD
o UniCredito Italiano
o any other entity in a control relationship to the fund, Pioneer or PFD
Compliance with Section 16(a) Reporting Requirements
Section 16(a) of the Exchange Act requires each fund's executive officers,
Trustees and persons who own more than ten percent of a fund's shares ("10%
Shareholders") to file reports of ownership and changes in ownership with the
SEC. Executive officers, Trustees and 10% Shareholders are required by SEC
regulations to furnish the fund with copies of all Section 16(a) forms they
file. Except as noted below, based solely on a review of the copies of these
reports furnished to each of the funds and representations that no other
reports were required to be filed, each fund believes that during the past
fiscal year its executive officers, Trustees and 10% Shareholders complied with
all applicable Section 16(a) filing requirements.
16
Due to an error by each fund and not the Trustee, Forms 3 for Mr. Bock and
Mr. Perna were filed subsequent to the required date for such filings. Forms 4,
if any, showing changes in ownership of each fund's securities by such
Trustees, were filed in a timely manner.
Other executive officers
In addition to Mr. Cogan and Mr. Hood, who serve as President and
Executive Vice President, respectively, of each fund, the following table
provides information with respect to the other executive officers of the funds.
Each executive officer is elected by the Board of Trustees and serves until his
or her successor is chosen and qualified or until his or her resignation or
removal by the Board. The business address of all officers of the funds is 60
State Street, Boston, Massachusetts 02109.
Name, age and position with each fund Principal occupation(s)
--------------------------------------- ---------------------------------------------------
Dorothy E. Bourassa (58) Secretary of PIM-USA; Senior Vice President --
Secretary Legal of Pioneer; and Secretary/Clerk of most of
PIM-USA's subsidiaries; Secretary of all of the
Pioneer Funds since September 8, 2003
(Assistant Secretary from November 2000 to
September 2003)
Christopher J. Kelley (41) Vice President and Senior Counsel of Pioneer
Assistant Secretary since July 2002; Vice President and Senior
Counsel of BISYS Fund Services, Inc. (April 2001
to June 2002); and Assistant Secretary of all of
the Pioneer Funds since September, 2003
Christopher P. Harvey (45) Partner, Wilmer Cutler Pickering Hale and Dorr
Assistant Secretary LLP; and Assistant Secretary of all of the Pioneer
Funds since July 2006
Vincent Nave (61) Vice President -- Fund Accounting,
Treasurer Administration and Controllership Services of
Pioneer; and Treasurer of all of the Pioneer Funds
Mark E. Bradley (46) Deputy Treasurer of Pioneer since 2004; Treasurer
Assistant Treasurer and Senior Vice President, CDC IXIS Asset
Management Services from 2002 to 2003;
Assistant Treasurer and Vice President, MFS
Investment Management from 1997 to 2002; and
Assistant Treasurer of all of the Pioneer Funds
since November 2004
Luis I. Presutti (41) Assistant Vice President -- Fund Accounting,
Assistant Treasurer Administration and Controllership Services of
Pioneer; and Assistant Treasurer of all of the
Pioneer Funds
17
Name, age and position with each fund Principal occupation(s)
--------------------------------------- -------------------------------------------------
Gary Sullivan (48) Fund Accounting Manager -- Fund Accounting,
Assistant Treasurer Administration and Controllership Services of
Pioneer; and Assistant Treasurer of all of the
Pioneer Funds since May 2002
Katherine Kim Sullivan (32) Fund Administration Manager -- Fund
Assistant Treasurer Accounting, Administration and Controllership
Services since June 2003; Assistant Vice
President -- Mutual Fund Operations of State
Street Corporation from June 2002 to June 2003
(formerly Deutsche Bank Asset Management);
Pioneer Fund Accounting, Administration and
Controllership Services (Fund Accounting Manager
from August 1999 to May 2002); and Assistant
Treasurer of all of the Pioneer Funds since
September 2003
Terrence J. Cullen (45) Chief Compliance Officer of Pioneer and Pioneer
Chief Compliance Officer Funds since March 2006; Vice President and
Senior Counsel of Pioneer since September 2004;
and Senior Vice President and Counsel, State
Street Research & Management Company
(February 1998 to September 2004)
18
Compensation of trustees and officers
The following table sets forth certain information with respect to the
compensation of each Trustee of Pioneer High Income Trust and Pioneer Municipal
High Income Advantage Trust for the fiscal year ended March 31, 2006. The
amounts paid to the Trustees differ due to (i) membership on or chairing
certain committees of the boards of Trustees and (ii) attendance at meetings.
The fund does not pay any salary or other compensation to its officers.
Pioneer High Income Trust and Pioneer Municipal High Income Advantage Trust:
Pension or Retirement Total Compensation
Aggregate Benefits Accrued as from the Fund and
Compensation Part of Fund Other Pioneer
Name of Trustee from Fund Expenses Funds(2)
------------------------------ ---------------- ----------------------- -------------------
Interested Trustees:
John F. Cogan, Jr.(1).......... $ 500.00*
$ 500.00** $ 0.00 $ 34,000.00
Osbert M. Hood(1).............. $ 500.00*
$ 500.00** 0.00 $ 28,875.00
Independent Trustees:
David R. Bock ................ $ 1,986.86*
$ 1,727.67** 0.00 $ 141,562.50
Mary K. Bush ................. $ 2,024.32*
$ 1,755.83** 0.00 $ 143,812.50
Margaret B.W. Graham ......... $ 2,041.64*
$ 1,768.36** 0.00 $ 145,312.50
Thomas J. Perna(3)............. $ 262.04*
$ 235.67** 0.00 $ 22,928.12
Marguerite A. Piret .......... $ 2,238.23*
$ 1,911.72** 0.00 $ 160,312.50
Stephen K. West .............. $ 1,895.22*
$ 1,661.23** 0.00 $ 91,890.72
John Winthrop ................ $ 1,934.91*
$ 1,690.10** 0.00 $ 137,062.50
------- ------------
Total ........................ $ 13,383.22*
$ 11,750.56** $ 0.00 $ 905,756.34
======= ============
-------------
(1) Under the management contract, Pioneer reimburses each fund for any
Interested Trustees fees paid by the fund.
(2) There are 89 U.S. registered investment portfolios in the Pioneer Family of
Funds.
(3) Mr. Perna became a Trustee of the fund on February 7, 2006.
* Aggregate compensation from Pioneer High Income Trust.
** Aggregate compensation from Pioneer Municipal High Income Advantage Trust.
19
Compensation of trustees and officers
The following table sets forth certain information with respect to the
compensation of each Trustee of Pioneer Municipal High Income Trust for the
fiscal year ended April 30, 2006. The amounts paid to the Trustees differ due
to (i) membership on or chairing certain committees of the boards of Trustees
and (ii) attendance at meetings. The fund does not pay any salary or other
compensation to its officers.
Pioneer Municipal High Income Trust:
Pension or Retirement Total Compensation
Aggregate Benefits Accrued as from the Fund and
Compensation Part of Fund Other Pioneer
Name of Trustee from Fund Expenses Funds(2)
------------------------------ -------------- ----------------------- -------------------
Interested Trustees:
John F. Cogan, Jr.(1).......... $ 500.00 $ 0.00 $ 34,000.00
Osbert M. Hood(1)............. $ 500.00 0.00 $ 28,875.00
Independent Trustees:
David R. Bock ................ $ 1,712.02 0.00 $ 141,562.50
Mary K. Bush ................. $ 1,746.08 0.00 $ 143,812.50
Margaret B.W. Graham ......... $ 1,755.93 0.00 $ 145,312.50
Thomas J. Perna(3) ........... $ 220.99 0.00 $ 22,928.12
Marguerite A. Piret .......... $ 1,892.43 0.00 $ 160,312.50
Stephen K. West .............. $ 1,659.04 0.00 $ 91,890.72
John Winthrop ................ $ 1,682.45 0.00 $ 137,062.50
------- ------------
Total ........................ $ 11,668.94 $ 0.00 $ 905,756.34
======= ============
-------------
(1) Under the management contract, Pioneer reimburses each fund for any
Interested Trustees fees paid by the fund.
(2) There are 89 U.S. registered investment portfolios in the Pioneer Family of
Funds.
(3) Mr. Perna became a Trustee of the fund on February 7, 2006.
Investment adviser and administrator
Pioneer, whose executive offices are located at 60 State Street, Boston,
Massachusetts 02109, serves as investment adviser and administrator to each
fund.
The Trustees may, but generally do not, attend shareholder meetings. John
F. Cogan, Jr. attended the 2005 annual shareholder meeting for each fund.
Required vote
In accordance with each fund's Agreement and Declaration of Trust, the
holders of Common Shares and Preferred Shares of each fund will vote on the
respective nominees designated to be elected by such class of shares. Ms. Bush,
Mr. Perna and Ms. Piret are the current nominees for election for each fund.
Ms. Bush and Mr. Perna are each elected by the holders of Common and Preferred
Shares. Ms. Piret is elected by the holders of Preferred Shares, only. The
affirmative vote of a plurality of the Common and Preferred Shares for each
fund present at the meeting in person or by proxy, voting together as a single
class, is required to elect such nominee for Trustee designated to be elected
by the Common and Preferred Shares. The affirmative vote of a plurality of the
Preferred Shares for each fund present at the
20
meeting in person or by proxy is required to elect such nominee for Trustee
designated to be elected by the Preferred Shares. This means that the three
nominees receiving the greatest number of votes will be elected as Class I
Trustees to the Board of Pioneer High Income Trust and Class III Trustees to
the Board of Pioneer Municipal High Income Trust and Pioneer Municipal High
Income Advantage Trust.
Recommendation
For the reasons set forth above, the Trustees of your fund unanimously
recommend that shareholders vote in favor of each of the nominees.
21
AUDITOR INFORMATION
Audit fees
The aggregate fees billed for professional services rendered by Ernst &
Young LLP for its audit of each fund's annual financial statements and fees
related to consents and comfort letters for the two most recent fiscal years
contained in the annual reports filed by each fund for such years were as
follows:
For the fiscal year For the fiscal year
ended 3/31/2006 ended 3/31/2005
-------------------- --------------------
Pioneer High Income Trust ................... $23,920 $20,800
Pioneer Municipal High Income Advantage Trust .. $26,335 $22,900
For the fiscal year For the fiscal year
ended 4/30/2006 ended 4/30/2005
--------------------- --------------------
Pioneer Municipal High Income Trust ............ $26,335 $22,900
Audit-related fees
The following are aggregate fees billed for assurance and related services
by Ernst & Young LLP to each fund that are related to the review of each fund's
semi-annual financial statements and agreed upon procedures related to the
ratings of each fund's Preferred Shares for the two most recent fiscal years.
All of these services were approved by the Audit Committee of each fund
pursuant to Regulation S-X.
For the fiscal year For the fiscal year
ended 3/31/2006 ended 3/31/2005
-------------------- --------------------
Pioneer High Income Trust ...................... $8,500 $8,000
Pioneer Municipal High Income Advantage Trust .. $8,500 $8,000
For the fiscal year For the fiscal year
ended 4/30/2006 ended 4/30/2005
--------------------- --------------------
Pioneer Municipal High Income Trust ............ $8,500 $8,000
Tax fees
The aggregate fees billed for professional services, primarily for tax
returns, rendered by Ernst & Young LLP for tax compliance, tax advice and tax
planning to each fund for the two most recent fiscal years were as follows. All
of these services were approved by the Audit Committee of each fund pursuant to
Regulation S-X.
For the fiscal year For the fiscal year
ended 3/31/2006 ended 3/31/2005
--------------------- --------------------
Pioneer High Income Trust ...................... $6,800 $6,000
Pioneer Municipal High Income Advantage Trust .. $6,800 $6,000
For the fiscal year For the fiscal year
ended 4/30/2006 ended 4/30/2005
--------------------- --------------------
Pioneer Municipal High Income Trust ............ $6,800 $6,000
22
All other fees
There were no fees billed for other services rendered by Ernst & Young LLP
to the funds.
Affiliates' Fees for Non-Audit Services Required to be Pre-Approved
Beginning with non-audit service contracts entered into on or after May 6,
2003, the effective date of the new SEC pre-approval rules, each fund's audit
committee is required to pre-approve services to affiliates as defined by SEC
rules to the extent that the services are determined to have a direct impact on
the operations or financial reporting of the fund. Affiliates include the
fund's investment adviser and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the fund
(hereinafter referred to as "affiliates" of the fund). For the fiscal years
ended March 31, 2006 and 2005, for Pioneer High Income Trust and Pioneer
Municipal High Income Advantage Trust, there were no services provided to an
affiliate that required the fund's audit committee pre-approval. For the fiscal
years ended April 30, 2006 and 2005, for Pioneer Municipal High Income Trust,
there were no services provided to an affiliate that required the fund's audit
committee pre-approval.
General Audit Committee Approval Policy
o For all projects, the officers of the funds and the funds' independent
registered public accounting firm will each make an assessment to determine
that any proposed projects will not impair independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the independent
registered public accounting firm as set forth in the above policy.
Aggregate Non-Audit Fees
The aggregate non-audit fees for each fund and its affiliates, as
previously defined, were as follows.
For the fiscal year For the fiscal year
ended 3/31/2006 ended 3/31/2005
-------------------- --------------------
Pioneer High Income Trust ..................... $15,300 $15,100
Pioneer Municipal High Income Advantage Trust . $15,300 $15,100
For the fiscal year For the fiscal year
ended 4/30/2006 ended 4/30/2005
--------------------- --------------------
Pioneer Municipal High Income Trust ......... $15,300 $15,100
The Audit Committee of the Board of each fund has considered whether the
provision of services, other than audit services, by Ernst & Young LLP to each
fund and its affiliates
23
is compatible with maintaining Ernst & Young LLP's independence in performing
audit services.
Representatives of Ernst & Young LLP will be available at the shareholder
meeting (either in person or via telephone), will have the opportunity to make
a statement should they desire to do so, and will be available to answer
questions.
24
INFORMATION CONCERNING THE MEETINGS
Outstanding shares and quorum
As of the record date, the following Common and Preferred Shares of
beneficial interest were outstanding for each fund:
Common Shares Preferred Shares
----------------------------------------------------------------------------------------
Pioneer High Income Trust .................... 26,962,118.000 2,020 Series M
2,020 Series W
2,000 Series TH
Pioneer Municipal High Income Trust .......... 22,120,893.000 2,000 Series A
2,040 Series B
Pioneer Municipal High Income
Advantage Trust ............................ 22,740,627.000 3,000 Series A
3,000 Series B
Only shareholders of record as of the record date are entitled to notice
of and to vote at the meeting. The holders of one-third of the outstanding
shares of each series or class of each fund or one third of the outstanding
shares of each fund, entitled to vote in person or by proxy, shall be a quorum
for the transaction of business with respect to such class or classes for each
fund, respectively.
25
Ownership of shares of the funds
To the knowledge of each fund, as of the record date, the following
persons owned of record or beneficially 5% or more of a class of the
outstanding shares of each fund:
Pioneer High Income Trust
Record Holder Share Class Number of Shares % of Class
----------------------------------------------------------------------------------------
Cede & Co. Common 26,872,919 99.67
Box 20
Bowling Green Station
New York, NY 10004
----------------------------------------------------------------------------------------
UBS Financial Services, Inc. Series M 260 12.87
Newport Center 3
499 Washington Blvd., 15th Floor
Jersey City, NJ 07310-1995
----------------------------------------------------------------------------------------
Series TH 156 7.80
----------------------------------------------------------------------------------------
Series W 227 11.24
----------------------------------------------------------------------------------------
CSFB Direct Series M 102 5.05
Harborside Financial Center
501 Plaza II
Jersey City, NJ 07311-0000
----------------------------------------------------------------------------------------
Series W 116 5.74
----------------------------------------------------------------------------------------
Dean Witter Series M 410 20.30
Harborside Financial Center
34 Exchange Place Plaza 2,
2nd Floor
----------------------------------------------------------------------------------------
Series TH 490 24.50
----------------------------------------------------------------------------------------
Series W 302 14.95
----------------------------------------------------------------------------------------
Deutsche Bank Securities Series W 404 20.00
60 Wall Street
New York, NY 10005
----------------------------------------------------------------------------------------
Merrill Lynch Series M 747 36.98
4804 Deer Lake Drive East
4th Floor
Jacksonville, FL 32232-5286
----------------------------------------------------------------------------------------
Series TH 853 42.65
----------------------------------------------------------------------------------------
Series W 246 12.18
----------------------------------------------------------------------------------------
Citigroup Global Markets, Inc. Series M 386 19.11
333 West 34th Street 3rd Floor
New York, NY 10001-2402
----------------------------------------------------------------------------------------
Series W 189 9.36
----------------------------------------------------------------------------------------
26
Record Holder Share Class Number of Shares % of Class
----------------------------------------------------------------------------------------
CIBC World Markets Series TH 222 11.10
Oppenheimer Tower
World Financial Center
200 Liberty Street
New York, NY 10281-0000
----------------------------------------------------------------------------------------
Series W 381 18.86
----------------------------------------------------------------------------------------
Oppenheimer/Fahnestock Series TH 215 10.75
125 Broad Street
16th Floor
New York, NY 10004-2464
----------------------------------------------------------------------------------------
Series W 136 6.73
----------------------------------------------------------------------------------------
27
Pioneer Municipal High Income Trust
Record Holder Share Class Number of Shares % of Class
----------------------------------------------------------------------------------------
Cede & Co. Common 21,984,789 99.38
Box 20
Bowling Green Station
New York, NY 10004
----------------------------------------------------------------------------------------
UBS Financial Services, Inc. Series A 818 40.90
Newport Center 3
499 Washington Blvd., 15th Floor
Jersey City, NJ 07310-1995
----------------------------------------------------------------------------------------
Series B 900 44.12
----------------------------------------------------------------------------------------
Merrill Lynch Series A 248 12.40
4804 Deer Lake Drive East, 4th Floor
Jacksonville, FL 32232-5286
----------------------------------------------------------------------------------------
Series B 156 7.65
----------------------------------------------------------------------------------------
Wachovia Securities Series A 180 9.00
Loretta Pemberton
901 East Yird St
Richmond, VA 23219
----------------------------------------------------------------------------------------
Series B 204 10.00
----------------------------------------------------------------------------------------
Oppenheimer/Fahnestock Series A 314 15.70
125 Broad Street 16th Floor
New York, NY 10004-2464
----------------------------------------------------------------------------------------
Series B 558 27.35
----------------------------------------------------------------------------------------
Jeffries & Company Inc. Series A 345 17.25
Harborside Financial Center
Plaza III, Suite 705
Jersey City, NJ 07311-0000
----------------------------------------------------------------------------------------
28
Pioneer Municipal High Income Advantage Trust
Record Holder Share Class Number of Shares % of Class
----------------------------------------------------------------------------------------
Cede & Co. Common 22,651,277 99.61
Box 20
Bowling Green Station
New York, NY 10004
----------------------------------------------------------------------------------------
UBS Financial Services, Inc. Series A 1,221 40.70
Newport Center 3
499 Washington Blvd., 15th Floor
Jersey City, NJ 07310-1995
----------------------------------------------------------------------------------------
Series B 1,511 50.37
----------------------------------------------------------------------------------------
Oppenheimer/Fahnestock Series A 558 18.60
125 Broad Street, 16th Floor
New York, NY 10004-2464
----------------------------------------------------------------------------------------
Series B 533 17.77
----------------------------------------------------------------------------------------
Merrill Lynch Series A 643 21.43
4804 Deer Lake Drive East, 4th Floor
Jacksonville, FL 32232-5286
----------------------------------------------------------------------------------------
Series B 205 6.83
----------------------------------------------------------------------------------------
Morgan Keegan Series A 189 6.30
50 North Front Street
Memphis, TN 38103-2126
----------------------------------------------------------------------------------------
Wachovia Securities Series B 367 12.23
Loretta Pemberton
901 East Yird St
Richmond, VA 23219
----------------------------------------------------------------------------------------
Jeffries & Company Inc. Series A 155 5.17
Harborside Financial Center
Plaza III, Suite 705
Jersey City, NJ 07311-0000
----------------------------------------------------------------------------------------
Series B 336 11.20
----------------------------------------------------------------------------------------
29
Shareholder proposals
If you wish to include a proposal in your fund's proxy statement for the
2007 annual meeting, your proposal must be received by the Secretary of the
fund at the fund's principal offices at 60 State Street, Boston, Massachusetts
02109 on or before May 10, 2007. A proposal that is not to be included in the
fund's proxy statement may only be made at the 2007 annual meeting if it is
received by the Secretary of the fund at the fund's principal offices at 60
State Street, Boston, Massachusetts 02109 not more than 120 days and at least
90 days before the anniversary date of the mailing of the fund's proxy
materials for this year's annual meeting provided, however, that in the event
that the date of the mailing of the notice for the 2007 annual meeting is
advanced or delayed by more than thirty (30) days from the anniversary date of
the mailing of the notice for this year's annual meeting, notice by a
shareholder to be timely must be so delivered not earlier than the close of
business on the 120th day prior to the date of mailing of the notice for the
2007 annual meeting and not later than the close of business on the later of
the 90th day prior to the date of mailing of the notice for the 2007 annual
meeting or the 10th day following the day on which public announcement of the
date of mailing of the notice for the 2007 meeting is first made by the fund.
The submission by a shareholder of a proposal for inclusion in a proxy
statement does not guarantee that it will be included. Each fund currently
expects to hold the next annual shareholders' meeting on or about August 21,
2007, which date is subject to change. Shareholder proposals are subject to
certain regulations under the federal securities laws.
Proxies, quorum and voting at the meeting
Any shareholder who has given his or her proxy to someone has the power to
revoke that proxy at any time prior to its exercise by executing a superseding
proxy or by submitting a notice of revocation to the Secretary of the fund. In
addition, although mere attendance at the meeting will not revoke a proxy, a
shareholder present at the meeting may withdraw his or her proxy and vote in
person. All properly executed and unrevoked proxies received in time for the
meeting will be voted in accordance with the instructions contained in the
proxies. If no instruction is given, the persons named as proxies will vote the
shares represented thereby in favor of the nominees in Proposal 1, as described
above, and will use their best judgment in connection with the transaction of
such other business as may properly come before the meeting or any adjournment
thereof.
For each fund, one-third of the outstanding shares of each series or
class, or one-third of the outstanding shares of the fund, entitled to vote,
present in person or represented by proxy, constitutes a quorum for the
transaction of business at the meeting with respect to such series or class, or
with respect to the entire fund, respectively. In the event that at the time
any session of the meeting is called to order a quorum is not present in person
or by proxy, the persons named as proxies may vote those proxies that have been
received to adjourn the shareholder meeting to a later date. In the event that
a quorum is present but sufficient votes in favor of the proposal have not been
received, the persons named as proxies may propose one or more adjournments of
the shareholder meeting to permit further solicitation of proxies with respect
to such proposal. Any such
30
adjournment will require the affirmative vote of more than one half of the
shares of the fund present in person or by proxy at the session of the meeting
to be adjourned. The persons named as proxies will vote those proxies which
they are entitled to vote in favor of any such proposal in favor of such an
adjournment and will vote those proxies required to be voted against any such
proposal against any such adjournment. A shareholder vote may be taken on one
or more of the proposals in the proxy statement prior to such adjournment if
sufficient votes for its approval have been received and it is otherwise
appropriate. Such vote will be considered final regardless of whether the
meeting is adjourned to permit additional solicitation with respect to any
other proposal.
Shares of the fund represented in person or by proxy, including shares
that abstain or do not vote with respect to a proposal, will be counted for
purposes of determining whether there is a quorum at the meeting. However, an
abstention from voting has the same effect as a vote against a proposal.
Similarly, if a broker or nominee holding shares in "street name" indicates on
the proxy card that it does not have discretionary authority to vote on a
proposal and has not received instructions from the beneficial owner, those
shares will not be considered present and entitled to vote on that proposal.
Thus, a "broker non-vote" has no effect on the voting.
Other business
While the meeting has been called to transact any business that may
properly come before it, the only matters that the Trustees intend to present
are those matters stated in the attached notice of annual meeting of
shareholders. However, if any additional matters properly come before the
meeting, and on all matters incidental to the conduct of the meeting, it is the
intention of the persons named in the enclosed proxy to vote the proxy in
accordance with their judgment on such matters unless instructed to the
contrary.
Method of solicitation and expenses
The cost of preparing, assembling and mailing this proxy statement and the
attached notice of annual meeting of shareholders and the accompanying proxy
card for each fund will be borne by that fund. In addition to soliciting
proxies by mail, Pioneer may, at the fund's expense, have one or more of the
fund's officers, representatives or compensated third-party agents, including
Pioneer, PIMSS and PFD, aid in the solicitation of proxies by personal
interview or telephone and telegraph and may request brokerage houses and other
custodians, nominees and fiduciaries to forward proxy soliciting material to
the beneficial owners of the shares held of record by such persons.
Each fund may also arrange to have votes recorded by telephone, the
internet or other electronic means. The voting procedures used in connection
with such voting methods are designed to authenticate shareholders' identities,
to allow shareholders to authorize the voting of their shares in accordance
with their instructions and to confirm that their instructions have been
properly recorded. If these procedures were subject to a successful legal
challenge, such votes would not be counted at the shareholder meeting. Each
fund is unaware of any such challenge at this time. In the case of telephone
voting, shareholders would be called at the phone number the sub-transfer
agent, American Stock Transfer & Trust Company, has in its records for their
accounts, and would be asked for their Social Security number or other
identifying information. The shareholders would then be given
31
an opportunity to authorize proxies to vote their shares at the meeting in
accordance with their instructions. In the case of automated telephone and
internet voting, shareholders would be required to provide their Social
Security number or other identifying information and would receive a
confirmation of their instructions.
Persons holding shares as nominees will be reimbursed by Pioneer, upon
request, for the reasonable expenses of mailing soliciting materials to the
principals of the accounts.
August 8, 2006
32
19745-00-0806
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
Please detach at perforation before mailing.
PROXY PIONEER HIGH INCOME TRUST PROXY
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 21, 2006
This proxy is solicited on behalf of the Board of Trustees of Pioneer High
Income Trust. I (we), the undersigned holder(s) of common shares of beneficial
interest, having received notice of the meeting and management's proxy statement
therefor, and revoking all prior proxies, hereby appoint John F. Cogan, Jr.,
Dorothy E. Bourassa and Christopher J. Kelley, and each of them, my (our)
attorneys (with full power of substitution in them and each of them) for and in
my (our) name(s) to attend the Annual Meeting of Shareholders of Pioneer High
Income Trust to be held on September 21, 2006, at 2:00 p.m. (Eastern time) at
the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer
High Income Trust, 60 State Street, 26th Floor, Boston, Massachusetts 02109, and
any adjourned session or sessions thereof, and to vote and act upon the
following matters (as more fully described in the accompanying proxy statement)
in respect of all common shares of beneficial interest of Pioneer High Income
Trust which I (we) will be entitled to vote or act upon, with all the powers I
(we) would possess if personally present.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING. THE SHARES REPRESENTED BY THIS PROXY
WILL BE VOTED AS DIRECTED BY THE UNDERSIGNED.
999 99999 999 999 [box]
NOTE: In signing, please write name(s)
exactly as appearing hereon. When
signing as attorney, executor,
administrator or other fiduciary, please
give your full title as such. Joint
owners should each sign personally.
_________________________________________
Signature(s) [Title(s) if applicable]
_________________________________________
Signature of joint owner, if any
_________________________________________
Date 16502-HIT-com
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE COMMON SHARES OF BENEFICIAL INTEREST REPRESENTED BY THIS PROXY WILL BE VOTED
AS DIRECTED BY THE UNDERSIGNED.
IF THE PROXY IS SIGNED BUT NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR
THE PROPOSAL.
THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF PIONEER HIGH INCOME TRUST
AND SHOULD BE RETURNED AS SOON AS POSSIBLE IN THE ENVELOPE PROVIDED. THE BOARD
RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING PROPOSAL:
TO VOTE, MARK BLOCKS BELOW IN FOR WITHHOLD FOR ALL
BLUE OR BLACK INK.: ALL ALL EXCEPT
[box] [box] [box]
1. To elect two Class I trustees of Pioneer High Income Trust, as named in the
attached proxy statement, to serve on the Board of Trustees until their
successors have been duly elected and qualified. The nominees for trustees
are:
01. Mary K. Bush 02. Thomas J. Perna
To withhold authority to vote "FOR" any individual nominee, mark the "FOR
ALL EXCEPT" box and write the nominee's number(s) on the line provided
below.
________________________________________________
PLEASE SIGN, DATE AND RETURN THIS PROXY CARD
16502-HIT-com
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
Please detach at perforation before mailing.
PROXY PIONEER HIGH INCOME TRUST PROXY
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 21, 2006
This proxy is solicited on behalf of the Board of Trustees of Pioneer High
Income Trust. I (we), the undersigned holder(s) of preferred shares of
beneficial interest, having received notice of the meeting and management's
proxy statement therefor, and revoking all prior proxies, hereby appoint John F.
Cogan, Jr., Dorothy E. Bourassa and Christopher J. Kelley, and each of them, my
(our) attorneys (with full power of substitution in them and each of them) for
and in my (our) name(s) to attend the Annual Meeting of Shareholders of Pioneer
High Income Trust to be held on September 21, 2006, at 2:00p.m. (Eastern time)
at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer
High Income Trust, 60 State Street, 26th Floor, Boston, Massachusetts 02109, and
any adjourned session or sessions thereof, and to vote and act upon the
following matters (as more fully described in the accompanying proxy statement)
in respect of all preferred shares of beneficial interest of Pioneer High Income
Trust which I (we) will be entitled to vote or act upon, with all the powers I
(we) would possess if personally present.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING. THE SHARES REPRESENTED BY THIS PROXY
WILL BE VOTED AS DIRECTED BY THE UNDERSIGNED.
999 99999 999 999 [box]
NOTE: In signing, please write name(s)
exactly as appearing hereon. When
signing as attorney, executor,
administrator or other fiduciary, please
give your full title as such. Joint
owners should each sign personally.
_________________________________________
Signature(s) [Title(s) if applicable]
_________________________________________
Signature of joint owner, if any
_________________________________________
Date 16502-HIT-pfd
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE PREFERRED SHARES OF BENEFICIAL INTEREST REPRESENTED BY THIS PROXY WILL BE
VOTED AS DIRECTED BY THE UNDERSIGNED.
IF THE PROXY IS SIGNED BUT NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR
THE PROPOSAL.
THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF PIONEER HIGH INCOME TRUST
AND SHOULD BE RETURNED AS SOON AS POSSIBLE IN THE ENVELOPE PROVIDED. THE BOARD
RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING PROPOSAL:
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK.:
FOR WITHHOLD FOR ALL
ALL ALL EXCEPT
[box] [box] [box]
1. To elect three Class I trustees of Pioneer High Income Trust, as named in the
attached proxy statement, to serve on the Board of Trustees until their
successors have been duly elected and qualified. The nominees for trustees
are:
01. Mary K. Bush 02. Thomas J. Perna 03. Marguerite A. Piret
To withhold authority to vote "FOR" any individual nominee, mark the "FOR
ALL EXCEPT" box and write the nominee's number(s) on the line provided
below.
______________________________________________________
PLEASE SIGN, DATE AND RETURN THIS PROXY CARD
16502-HIT-pfd
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
Please detach at perforation before mailing.
PROXY PIONEER MUNICIPAL HIGH INCOME TRUST PROXY
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 21, 2006
This proxy is solicited on behalf of the Board of Trustees of Pioneer Municipal
High Income Trust. I (we), the undersigned holder(s) of common shares of
beneficial interest, having received notice of the meeting and management's
proxy statement therefor, and revoking all prior proxies, hereby appoint John F.
Cogan, Jr., Dorothy E. Bourassa and Christopher J. Kelley, and each of them, my
(our) attorneys (with full power of substitution in them and each of them) for
and in my (our) name(s) to attend the Annual Meeting of Shareholders of Pioneer
Municipal High Income Trust to be held on September 21, 2006, at 2:00 p.m.
(Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP,
counsel to Pioneer Municipal High Income Trust, 60 State Street, 26th Floor,
Boston, Massachusetts 02109, and any adjourned session or sessions thereof, and
to vote and act upon the following matters (as more fully described in the
accompanying proxy statement) in respect of all common shares of beneficial
interest of Pioneer Municipal High Income Trust which I (we) will be entitled to
vote or act upon, with all the powers I (we) would possess if personally
present.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING. THE SHARES REPRESENTED BY THIS PROXY
WILL BE VOTED AS DIRECTED BY THE UNDERSIGNED.
999 99999 999 999 [box]
NOTE: In signing, please write name(s)
exactly as appearing hereon. When
signing as attorney, executor,
administrator or other fiduciary, please
give your full title as such. Joint
owners should each sign personally.
_________________________________________
Signature(s) [Title(s) if applicable]
_________________________________________
Signature of joint owner, if any
_________________________________________
Date 16502-MHIT-com
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE COMMON SHARES OF BENEFICIAL INTEREST REPRESENTED BY THIS PROXY WILL BE VOTED
AS DIRECTED BY THE UNDERSIGNED.
IF THE PROXY IS SIGNED BUT NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR
THE PROPOSAL.
THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF PIONEER MUNICIPAL HIGH
INCOME TRUST AND SHOULD BE RETURNED AS SOON AS POSSIBLE IN THE ENVELOPE
PROVIDED. THE BOARD RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING PROPOSAL:
TO VOTE, MARK BLOCKS BELOW IN FOR WITHHOLD FOR ALL
BLUE OR BLACK INK.: ALL ALL EXCEPT
[box] [box] [box]
1. To elect two Class III trustees of Pioneer Municipal High Income Trust, as
named in the attached proxy statement, to serve on the Board of Trustees
until their successors have been duly elected and qualified. The nominees
for trustees are:
01. Mary K. Bush 02. Thomas J. Perna
To withhold authority to vote "FOR" any individual nominee, mark the "FOR
ALL EXCEPT" box and write the nominee's number(s) on the line provided
below.
________________________________________________
PLEASE SIGN, DATE AND RETURN THIS PROXY CARD
16502-MHIT-com
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
Please detach at perforation before mailing.
PROXY PIONEER MUNICIPAL HIGH INCOME TRUST PROXY
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 21, 2006
This proxy is solicited on behalf of the Board of Trustees of Pioneer Municipal
High Income Trust. I (we), the undersigned holder(s) of preferred shares of
beneficial interest, having received notice of the meeting and management's
proxy statement therefor, and revoking all prior proxies, hereby appoint John F.
Cogan, Jr., Dorothy E. Bourassa and Christopher J. Kelley, and each of them, my
(our) attorneys (with full power of substitution in them and each of them) for
and in my (our) name(s) to attend the Annual Meeting of Shareholders of Pioneer
Municipal High Income Trust to be held on September 21, 2006, at 2:00p.m.
(Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP,
counsel to Pioneer Municipal High Income Trust, 60 State Street, 26th Floor,
Boston, Massachusetts 02109, and any adjourned session or sessions thereof, and
to vote and act upon the following matters (as more fully described in the
accompanying proxy statement) in respect of all preferred shares of beneficial
interest of Pioneer Municipal High Income Trust which I (we) will be entitled to
vote or act upon, with all the powers I (we) would possess if personally
present.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING. THE SHARES REPRESENTED BY THIS PROXY
WILL BE VOTED AS DIRECTED BY THE UNDERSIGNED.
999 99999 999 999 [box]
NOTE: In signing, please write name(s)
exactly as appearing hereon. When
signing as attorney, executor,
administrator or other fiduciary, please
give your full title as such. Joint
owners should each sign personally.
_________________________________________
Signature(s) [Title(s) if applicable]
_________________________________________
Signature of joint owner, if any
_________________________________________
Date 16502-MHIT-pfd
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE PREFERRED SHARES OF BENEFICIAL INTEREST REPRESENTED BY THIS PROXY WILL BE
VOTED AS DIRECTED BY THE UNDERSIGNED.
IF THE PROXY IS SIGNED BUT NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR
THE PROPOSAL.
THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF PIONEER MUNICIPAL HIGH
INCOME TRUST AND SHOULD BE RETURNED AS SOON AS POSSIBLE IN THE ENVELOPE
PROVIDED. THE BOARD RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING PROPOSAL:
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK.:
FOR WITHHOLD FOR ALL
ALL ALL EXCEPT
[box] [box] [box]
1. To elect three Class III trustees of Pioneer Municipal High Income Trust, as
named in the attached proxy statement, to serve on the Board of Trustees
until their successors have been duly elected and qualified. The nominees
for trustees are:
01. Mary K. Bush 02. Thomas J. Perna 03. Marguerite A. Piret
To withhold authority to vote "FOR" any individual nominee, mark the "FOR
ALL EXCEPT" box and write the nominee's number(s) on the line provided
below.
______________________________________________________
PLEASE SIGN, DATE AND RETURN THIS PROXY CARD
16502-MHIT-pfd
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
Please detach at perforation before mailing.
PROXY PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST PROXY
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 21, 2006
This proxy is solicited on behalf of the Board of Trustees of Pioneer Municipal
High Income Advantage Trust. I (we), the undersigned holder(s) of common shares
of beneficial interest, having received notice of the meeting and management's
proxy statement therefor, and revoking all prior proxies, hereby appoint John F.
Cogan, Jr., Dorothy E. Bourassa and Christopher J. Kelley, and each of them, my
(our) attorneys (with full power of substitution in them and each of them) for
and in my (our) name(s) to attend the Annual Meeting of Shareholders of Pioneer
Municipal High Income Advantage Trust to be held on September 21, 2006, at 2:00
p.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP,
counsel to Pioneer Municipal High Income Advantage Trust, 60 State Street, 26th
Floor, Boston, Massachusetts 02109, and any adjourned session or sessions
thereof, and to vote and act upon the following matters (as more fully described
in the accompanying proxy statement) in respect of all common shares of
beneficial interest of Pioneer Municipal High Income Advantage Trust which I
(we) will be entitled to vote or act upon, with all the powers I (we) would
possess if personally present.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING. THE SHARES REPRESENTED BY THIS PROXY
WILL BE VOTED AS DIRECTED BY THE UNDERSIGNED.
999 99999 999 999 [box]
NOTE: In signing, please write name(s)
exactly as appearing hereon. When
signing as attorney, executor,
administrator or other fiduciary, please
give your full title as such. Joint
owners should each sign personally.
_________________________________________
Signature(s) [Title(s) if applicable]
_________________________________________
Signature of joint owner, if any
_________________________________________
Date 16502-MHIAT-com
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE COMMON SHARES OF BENEFICIAL INTEREST REPRESENTED BY THIS PROXY WILL BE VOTED
AS DIRECTED BY THE UNDERSIGNED.
IF THE PROXY IS SIGNED BUT NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR
THE PROPOSAL.
THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF PIONEER MUNICIPAL HIGH
INCOME ADVANTAGE TRUST AND SHOULD BE RETURNED AS SOON AS POSSIBLE IN THE
ENVELOPE PROVIDED. THE BOARD RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING
PROPOSAL:
TO VOTE, MARK BLOCKS BELOW IN FOR WITHHOLD FOR ALL
BLUE OR BLACK INK.: ALL ALL EXCEPT
[box] [box] [box]
1. To elect two Class III trustees of Pioneer Municipal High Income Advantage
Trust, as named in the attached proxy statement, to serve on the Board of
Trustees until their successors have been duly elected and qualified. The
nominees for trustees are:
01. Mary K. Bush 02. Thomas J. Perna
To withhold authority to vote "FOR" any individual nominee, mark the "FOR
ALL EXCEPT" box and write the nominee's number(s) on the line provided
below.
________________________________________________
PLEASE SIGN, DATE AND RETURN THIS PROXY CARD
16502-MHIAT-com
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
Please detach at perforation before mailing.
PROXY PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST PROXY
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD SEPTEMBER 21, 2006
This proxy is solicited on behalf of the Board of Trustees of Pioneer Municipal
High Income Advantage Trust. I (we), the undersigned holder(s) of preferred
shares of beneficial interest, having received notice of the meeting and
management's proxy statement therefor, and revoking all prior proxies, hereby
appoint John F. Cogan, Jr., Dorothy E. Bourassa and Christopher J. Kelley, and
each of them, my (our) attorneys (with full power of substitution in them and
each of them) for and in my (our) name(s) to attend the Annual Meeting of
Shareholders of Pioneer Municipal High Income Advantage Trust to be held on
September 21, 2006, at 2:00p.m. (Eastern time) at the offices of Wilmer Cutler
Pickering Hale and Dorr LLP, counsel to Pioneer Municipal High Income Advantage
Trust, 60 State Street, 26th Floor, Boston, Massachusetts 02109, and any
adjourned session or sessions thereof, and to vote and act upon the following
matters (as more fully described in the accompanying proxy statement) in respect
of all preferred shares of beneficial interest of Pioneer Municipal High Income
Advantage Trust which I (we) will be entitled to vote or act upon, with all the
powers I (we) would possess if personally present.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING. THE SHARES REPRESENTED BY THIS PROXY
WILL BE VOTED AS DIRECTED BY THE UNDERSIGNED.
999 99999 999 999 [box]
NOTE: In signing, please write name(s)
exactly as appearing hereon. When
signing as attorney, executor,
administrator or other fiduciary, please
give your full title as such. Joint
owners should each sign personally.
_________________________________________
Signature(s) [Title(s) if applicable]
_________________________________________
Signature of joint owner, if any
_________________________________________
Date 16502-MHIAT-pfd
YOUR VOTE IS VERY IMPORTANT.
PLEASE COMPLETE, SIGN, DATE AND RETURN
THE ENCLOSED PROXY CARD PROMPTLY.
PLEASE SIGN, DATE AND RETURN YOUR
PROXY TODAY
Please detach at perforation before mailing.
THE PREFERRED SHARES OF BENEFICIAL INTEREST REPRESENTED BY THIS PROXY WILL BE
VOTED AS DIRECTED BY THE UNDERSIGNED.
IF THE PROXY IS SIGNED BUT NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED FOR
THE PROPOSAL.
THIS PROXY IS SOLICITED BY THE BOARD OF TRUSTEES OF PIONEER MUNICIPAL HIGH
INCOME ADVANTAGE TRUST AND SHOULD BE RETURNED AS SOON AS POSSIBLE IN THE
ENVELOPE PROVIDED. THE BOARD RECOMMENDS THAT YOU VOTE IN FAVOR OF THE FOLLOWING
PROPOSAL:
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK.:
FOR WITHHOLD FOR ALL
ALL ALL EXCEPT
[box] [box] [box]
1. To elect three Class III trustees of Pioneer Municipal High Income Advantage
Trust, as named in the attached proxy statement, to serve on the Board of
Trustees until their successors have been duly elected and qualified. The
nominees for trustees are:
01. Mary K. Bush 02. Thomas J. Perna 03. Marguerite A. Piret
To withhold authority to vote "FOR" any individual nominee, mark the "FOR
ALL EXCEPT" box and write the nominee's number(s) on the line provided
below.
______________________________________________________
PLEASE SIGN, DATE AND RETURN THIS PROXY CARD
16502-MHIAT-pfd