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 FLOATING RATE TRUST 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 11, 2007 This is the formal agenda for your fund's annual shareholder meeting. It tells you the matters upon which you will be asked to vote and the time and place of the meeting, in case you want to attend in person. To the shareholders of Pioneer Floating Rate Trust, 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 Tuesday, September 11, 2007 at 11:00 a.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 June 20, 2007 are entitled to vote at the meeting and any adjournment or postponement thereof. By Order of each Board of Trustees, Dorothy E. Bourassa, Secretary Boston, Massachusetts August 3, 2007 ----------------- ----------------- WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE AND RETURN THE ENCLOSED PROXY. 20906-00-0607 PROXY STATEMENT OF PIONEER FLOATING RATE TRUST 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 Inc. ("PIMSS") 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 fund 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 11:00 a.m., Eastern time, on Tuesday, September 11, 2007, and at any adjournments or postponements 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 3, 2007. 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 June 20, 2007 (the "record date") are entitled to vote on all of the fund's business at the annual shareholder meeting and any adjournments or postponements 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 the nominee for Trustee designated to be elected by the Common and Preferred Shares of each fund. 1 The affirmative vote of a plurality of the Preferred Shares of each fund present at the meeting 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 three persons who receive the highest number of votes from their respective classes of shares cast "FOR" 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 card but do not fill in a vote, your shares will be voted FOR each of the nominees for Trustee listed on the proxy card. If any other business properly comes before the annual shareholder meeting, your shares will be voted at the discretion of the persons named as proxies. Shareholders of each fund will only vote on proposals relating to their fund. 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 and 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 meetings for Pioneer Floating Rate Trust, Pioneer Municipal High Income Trust and Pioneer Municipal High Income Advantage Trust. Class II Trustees are being submitted to shareholders for election at the meeting for Pioneer High Income 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 at the upcoming 2007 annual meeting; the terms of the Class III Trustees -- Ms. Graham, Mr. Kingsbury and Mr. Winthrop -- expire in 2008; and the terms of the Class I Trustees -- Ms. Bush, Mr. Perna and Ms. Piret -- expire in 2009. 2 Pioneer Floating Rate Trust The terms of the Class I Trustees -- Mr. Cogan, Mr. Bock and Mr. West -- expire at the upcoming 2007 annual meeting; the terms of the Class II Trustees -- Ms. Graham, Mr. Kingsbury and Mr. Winthrop -- expire in 2008; and the terms of the Class III Trustees -- Ms. Bush, Mr. Perna and Ms. Piret -- expire in 2009. Pioneer Municipal High Income Trust The terms of the Class I Trustees -- Mr. Cogan, Mr. Bock and Mr. West -- expire at the upcoming 2007 annual meeting; the terms of the Class II Trustees -- Ms. Graham, Mr. Kingsbury and Mr. Winthrop -- expire in 2008; and the terms of the Class III Trustees -- Ms. Bush, Mr. Perna and Ms. Piret -- expire in 2009. Pioneer Municipal High Income Advantage Trust The terms of the Class I Trustees -- Mr. Cogan, Mr. Bock and Mr. West -- expire at the upcoming 2007 annual meeting; the terms of the Class II Trustees -- Ms. Graham, Mr. Kingsbury and Mr. Winthrop -- expire in 2008; and the terms of the Class III Trustees -- Ms. Bush, Mr. Perna and Ms. Piret -- expire in 2009. 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. Kingsbury, Mr. West and Mr. Bock) serves as a Trustee of each of the 83 U.S. registered investment portfolios for which Pioneer Investment Management, Inc. ("Pioneer") serves as investment adviser (the "Pioneer Funds"). Mr. Kingsbury serves as Trustee of 34 of the 83 Pioneer Funds, Mr. West serves as Trustee of 33 of the 83 Pioneer Funds, and Mr. Bock serves as Trustee of 82 of the 83 Pioneer Funds. The address of all Interested Trustees is 60 State Street, Boston, Massachusetts 02109. 3 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 None (81)* the Board, Trust: Class II Director of Pioneer Global Trustee and Trustee since Asset Management S.p.A. President 2002. Term ("PGAM"); Non-Executive expires in 2007. Chairman and a Director 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 Elected by Fund (Russia) (until Preferred June 2006); Director of Shares only. Nano-C, Inc. (since Floating Rate 2003); Director of Cole Trust: Class I Management Inc. (since Trustee since 2004); Director of 2004. Term Fiduciary Counseling, expires in 2007. Inc.; President and Elected by Director of Pioneer Funds Preferred Distributor, Inc. ("PFD") Shares only. (until May 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) 4 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 ---------------------- ---------------- ------------------ --------------------------- ------------------- Daniel K. Kingsbury Trustee and High Income Director, CEO and None (48)* Executive Vice Trust: Class III President of Pioneer President Trustee since Investment Management 2007. Term USA Inc.; Pioneer expires in 2008. Investment Management, Municipal High Inc. and Pioneer Income Trust: Institutional Asset Class II Trustee Management, Inc. (since since 2007. March 2007); Executive Term expires Vice President of all of in 2008. the Pioneer Funds (since Municipal High March 2007); Director of Income Pioneer Global Asset Advantage Management S.p.A. Trust: Class II (since March 2007); Head Trustee since of New Markets Division, 2007. Term Pioneer Global Asset expires in 2008. Management S.p.A. Floating Rate (2000-2007) Trust: Class II Trustee since 2007. Term expires in 2008. Independent Trustees: David R. Bock Trustee High Income Executive Vice President Director of The (63) Trust: Class II and Chief Financial Enterprise Social 3050 K Street NW, Trustee since Officer, I-trax, Inc. Investment Washington, DC 20007 2005. Term (publicly traded health Company expires in 2007. care services company) (privately-held Municipal High (2004-present); and affordable housing Income Trust: Partner, Federal City finance company); Class I Trustee Capital Advisors and Director of since 2005. (boutique merchant bank) New York Term expires (1997 to 2004) Mortgage Trust in 2007. (publicly traded Municipal High mortgage REIT) Income Advantage Trust: Class I Trustee since 2005. Term expires in 2007. Floating Rate Trust: Class I Trustee since 2005. Term expires in 2007. 5 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 ------------------------ --------------- ------------------- -------------------------- -------------------- Mary K. Bush Trustee High Income President, Bush Director of Brady (59) Trust: Class I International, LLC Corporation 3509 Woodbine Street, Trustee since (international financial (industrial Chevy Chase, MD 2002. Term advisory firm) identification and 20815 expires in 2009. specialty coated Municipal High material products Income Trust: manufacturer); Class III Trustee Director of Briggs since 2003. & Stratton Co. Term expires (engine in 2009. manufacturer); Municipal High Director of UAL Income Corporation Advantage (airline holding Trust: Class III company); and Trustee since Director of 2003. Term Mantech expires in 2009. International Floating Rate Corporation Trust: Class III (national security, Trustee since defense, and 2004. Term intelligence expires in 2009. technology firm) Margaret B.W. Graham Trustee High Income Founding Director, Vice- None (60) Trust: Class III President and Corporate 1001 Sherbrooke Street Trustee since Secretary, The Winthrop West, Montreal, 2002. Term Group, Inc. (consulting Quebec, Canada expires in 2008. firm); and Desautels H3A1G5 Municipal High Faculty of Management, Income Trust: McGill University Class II Trustee since 2003. Term expires in 2008. Municipal High Income Advantage Trust: Class II Trustee since 2003. Term expires in 2008. Floating Rate Trust: Class II Trustee since 2004. Term expires in 2008. 6 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 ---------------------- --------------- ------------------ --------------------------- ------------------- Thomas J. Perna (56) Trustee High Income Private investor (2004- Director of 89 Robbins Avenue, Trust: Class I present); and Senior Quadriserv Inc. Berkeley Heights, NJ Trustee since Executive Vice President, (technology 07922 2006. Term The Bank of New York products for expires in 2009. (financial and securities securities lending Municipal High services) (1986-2004) industry) Income Trust: Class III Trustee since 2006. Term expires in 2009. Municipal High Income Advantage Trust: Class III Trustee since 2006. Term expires in 2009. Floating Rate Trust: Class III Trustee since 2006. Term expires in 2009. 7 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 (59) Trust: Class I Executive Officer, America High 200 State Street, Trustee since Newbury, Piret & Income Fund, Inc. 12th Floor, 2002. Term Company, Inc. (closed-end Boston, MA 02109 expires in 2009. (investment banking firm) investment Elected by company) Preferred Shares only. Municipal High Income Trust: Class III Trustee since 2003. Term expires in 2009. Elected by Preferred Shares only. Municipal High Income Advantage Trust: Class III Trustee since 2003. Term expires in 2009. Elected by Preferred Shares only. Floating Rate Trust: Class III Trustee since 2004. Term expires in 2009. Elected by Preferred Shares only. 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 -------------------- --------------- ------------------ -------------------------- --------------- Stephen K. West Trustee High Income Senior Counsel, Sullivan Director, The (78) 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. Floating Rate Trust: Class I Trustee since 2004. Term expires in 2007. 9 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 (71) 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. Floating Rate Trust: Class II Trustee since 2004. Term expires in 2008. ------------- * Mr. Cogan and Mr. Kingsbury are Interested Trustees because each is an officer or director of each fund's investment adviser and/or 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 10 Valuation David R. Bock, Margaret B.W. Graham, Marguerite A. Piret (Chair) and Stephen K. West During the most recent fiscal year, the Audit, Independent Trustees, Nominating, Policy Administration and Valuation Committees of each fund held the following meetings: Municipal Municipal High Income High High Income Advantage Floating Income Trust Trust Trust Rate Trust -------------- ------------- ------------ ----------- Audit Committee ......................... 16 15 16 16 Independent Trustees Committee .......... 14 13 14 12 Nominating Committee .................... 5 5 5 3 Policy Administration Committee ......... 8 7 8 9 Valuation Committee ..................... 4 4 4 4 All members of each Audit Committee are "independent", as defined in the applicable listing standard of the New York Stock Exchange currently in effect. The Board of Trustees of each fund has adopted a charter for the Audit Committee. In accordance with its charter, the purposes of the Audit Committee are to: o Assist the Board of Trustees' oversight of: (i) the integrity of the fund's financial statements; (ii) the fund's compliance with legal and regulatory requirements that relate to the fund's accounting and financial reporting, internal financial controls and independent audits (except to the extent such responsibility is delegated to another committee of the Board); (iii) the independent registered public accounting firm's qualifications, performance and independence; and (iv) the performance of the fund's internal audit function; and o Prepare an Audit Committee Report to the extent required by Securities and Exchange Commission ("SEC") to be included in the fund's annual proxy statement and other filings. 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 Report for Pioneer Floating Rate Trust for the fiscal year ended November 30, 2006, the Annual Reports for Pioneer High Income Trust and Pioneer Municipal High Income Advantage Trust for the fiscal year ended March 31, 2007 and in the Annual Report for Pioneer Municipal High Income Trust for the fiscal year ended April 30, 2007, for filing with the SEC. 11 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. Piret, an Independent Trustee, is the Audit Committee's financial expert. All members of the Nominating Committee are independent under the applicable listing standards of the New York Stock Exchange, currently in effect 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 for Independent Trustee and makes recommendations regarding the qualifications of such persons to the Independent Trustees Committee. The Independent Trustees Committee then evaluates any candidate and determines whether to nominate him or her 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 criterion. 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 might act upon the Nominating Committee's evaluation only 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. 12 Any shareholder recommendation must be submitted in compliance with all of the pertinent provisions of Regulation 14A under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Agreement and Declaration of Trust and By laws of the fund 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 under the Exchange Act, 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 communication 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 separately. 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 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 Agreement and 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, Pioneer Municipal High Income Advantage Trust, and Pioneer Municipal High Income Trust, during each fund's most recent fiscal year, the Board of Trustees held 11 meetings. For Pioneer Floating Rate Trust, during the fund's most recent fiscal year, the Board of Trustees held 10 meetings. All of the current Trustees and 13 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, 2007. 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, 2007. The share value of any open-end Pioneer fund is based on the net asset value of the class of shares on June 30, 2007. The dollar ranges in this table are in accordance with SEC requirements. 14 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) $0(4) Daniel K. Kingsbury* .......... $0(1) Over $100,000 $0(2) $0(3) $0(4) INDEPENDENT TRUSTEE or NOMINEE David R. Bock ................. $10,001 to $50,000(1) Over $100,000 $0(2) $0(3) $0(4) Mary K. Bush .................. $0(1) Over $100,000 $0(2) $0(3) $0(4) Margaret B. W. Graham ......... $1 to $10,000(1) Over $100,000 $0(2) $0(3) $0(4) Thomas J. Perna ............... $0(1) Over $100,000 $0(2) $0(3) $0(4) Marguerite A. Piret ........... $0(1) Over $100,000 $0(2) $0(3) $10,001 to $50,000(4) Stephen K. West ............... $1 to $10,000(1) Over $100,000 $0(2) $0(3) $0(4) John Winthrop ................. $1 to $10,000(1) Over $100,000 $1 to $10,000(2) $1 to $10,000(3) $0(4) ------------- * Mr. Kingsbury became a Trustee on March 6, 2007. (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 (4) Shares held in Pioneer Floating Rate Trust 15 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. Material Relationships of the Independent Trustees For purposes of the statements below: o the immediate family members of any person are his or her 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, 2006, 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 $120,000), 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 $120,000 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 16 During the calendar years 2005 and 2006, for each fund, none of the Independent Trustees, nor any of their immediate family members, had any relationship (the value of which exceeded $120,000) with any fund related party, including, but not limited to, 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 $173,353 and $287,453 in 2005 and 2006, respectively. During the calendar years 2005 and 2006, 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 2005 and 2006, 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 17 its executive officers, Trustees and 10% Shareholders complied with all applicable Section 16(a) filing requirements. Other executive officers In addition to Mr. Cogan and Mr. Kingsbury, 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 (59) Secretary of PIM-USA; Senior Vice President -- Secretary Legal of Pioneer; Secretary/Clerk of most of PIM-USA's subsidiaries; and Secretary of all of the Pioneer Funds since September 2003 (Assistant Secretary from November 2000 to September 2003) Christopher J. Kelley (42) Vice President and Senior Counsel of Pioneer; Assistant Secretary and Assistant Secretary of all of the Pioneer Funds since September 2003 Christopher P. Harvey (46) Partner, Wilmer Cutler Pickering Hale and Assistant Secretary Dorr LLP; and Assistant Secretary of all of the Pioneer Funds since July 2006 Vincent Nave (62) Vice President -- Fund Accounting, Treasurer Administration and Controllership Services of Pioneer; and Treasurer of all of the Pioneer Funds Mark E. Bradley (47) Deputy Treasurer of Pioneer since 2004; Treasurer Assistant Treasurer and Senior Vice President, CDC IXIS Asset Management Services from 2002 to 2003; and Assistant Treasurer of all of the Pioneer Funds since November 2004 Luis I. Presutti (42) Assistant Vice President -- Fund Accounting, Assistant Treasurer Administration and Controllership Services of Pioneer; and Assistant Treasurer of all of the Pioneer Funds Gary Sullivan (49) Fund Accounting Manager -- Fund Accounting, Assistant Treasurer Administration and Controllership Services of Pioneer; and Assistant Treasurer of all of the Pioneer Funds 18 Name, age and position with each fund Principal occupation(s) -------------------------------------------------------------------------------- Katherine Kim Sullivan (33) 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); and Assistant Treasurer of all of the Pioneer Funds since September 2003 Teri W. Anderholm (47) Chief Compliance Officer of Pioneer since Chief Compliance Officer December 2006 and of all the Pioneer Funds since January 2007; Vice President and Compliance Officer, MFS Investment Management (August 2005 to December 2006); Consultant, Fidelity Investments (February 2005 to July 2005): and Independent Consultant (July 1997 to February 2005) 19 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, 2007. The amounts paid to the Trustees by each fund differ due to (i) membership on or chairing certain committees of the Board 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 each Fund Expenses Funds(2) --------------------------------------------------------------------------------------------- Interested Trustees: John F. Cogan, Jr.(1) ............$ 500.00* $ 500.00** $ 0.00 $ 35,300.00 Daniel K. Kingsbury(1),(3) ..... $ 0.00* $ 0.00** 0.00 $ 0.00 Osbert M. Hood1,(4) ............. $ 500.00* $ 500.00** 0.00 $ 14,000.00 Independent Trustees: David R. Bock .................. $ 1,641.41* $ 1,529.60** 0.00 $ 148,000.00 Mary K. Bush ................... $ 1,619.00* $ 1,518.17** 0.00 $ 146,750.00 Margaret B.W. Graham ........... $ 1,688.75* $ 1,570.92** 0.00 $ 152,750.00 Thomas J. Perna ................ $ 1,589.18* $ 1,490.10** 0.00 $ 143,500.00 Marguerite A. Piret ............ $ 1,946.86* $ 1,785.60** 0.00 $ 178,250.00 Stephen K. West ................ $ 1,591.28* $ 1,491.78** 0.00 $ 55,607.57 John Winthrop .................. $ 1,556.41* $ 1,465.40** 0.00 $ 140,500.00 ------------ ------- -------------- Total .......................... $ 12,632.81* $ 11,851.57** $ 0.00 $ 1,014,657.57 ============ ======= ============== ------------- (1) Under the management contract, Pioneer reimburses each fund for any Interested Trustees fees paid by the fund. (2) There are 83 U.S. registered investment portfolios in the Pioneer Family of Funds. (3) Mr. Kingsbury became a Trustee on March 6, 2007. (4) Mr. Hood resigned as Trustee effective January 9, 2007. * Aggregate compensation from Pioneer High Income Trust. ** Aggregate compensation from Pioneer Municipal High Income Advantage Trust. 20 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, 2007. 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 $ 35,300.00 Daniel K. Kingsbury(1),(3) ..... $ 0.00 0.00 $ 0.00 Osbert M. Hood1,(4) ............ $ 500.00 0.00 $ 14,000.00 Independent Trustees: David R. Bock .................. $ 1,413.04 0.00 $ 148,000.00 Mary K. Bush ................... $ 1,404.24 0.00 $ 146,750.00 Margaret B.W. Graham ........... $ 1,445.54 0.00 $ 152,750.00 Thomas J. Perna ................ $ 1,382.12 0.00 $ 143,500.00 Marguerite A. Piret ............ $ 1,612.93 0.00 $ 178,250.00 Stephen K. West ................ $ 1,383.69 0.00 $ 55,607.57 John Winthrop .................. $ 1,363.04 0.00 $ 140,500.00 ----------- ------- -------------- Total .......................... $ 11,004.60 $ 0.00 $ 1,014,657.57 =========== ======= ============== ------------- (1) Under the management contract, Pioneer reimburses each fund for any Interested Trustees fees paid by the fund. (2) There are 83 U.S. registered investment portfolios in the Pioneer Family of Funds. (3) Mr. Kingsbury became a Trustee on March 6, 2007. (4) Mr. Hood resigned as Trustee effective January 9, 2007. 21 The following table sets forth certain information with respect to the compensation of each Trustee of Pioneer Floating Rate Trust for the fiscal year ended November 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 Floating Rate 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 $ 35,300.00 Daniel K. Kingsbury(1),(3) ..... $ 0.00 0.00 $ 0.00 Osbert M. Hood1,(4) ............ $ 500.00 0.00 $ 14,000.00 Independent Trustees: David R. Bock .................. $ 1,977.28 0.00 $ 149,500.00 Mary K. Bush ................... $ 1,955.88 0.00 $ 148,250.00 Margaret B.W. Graham ........... $ 2,075.37 0.00 $ 155,750.00 Thomas J. Perna(5) ............. $ 1,640.53 0.00 $ 126,053.12 Marguerite A. Piret ............ $ 2,426.62 0.00 $ 178,250.00 Stephen K. West ................ $ 1,882.94 0.00 $ 54,506.57 John Winthrop .................. $ 1,834.92 0.00 $ 140,500.00 ----------- ------- -------------- Total .......................... $ 14,793.54 $ 0.00 $ 1,002,109.69 =========== ======= ============== ------------- (1) Under the management contract, Pioneer reimburses each fund for any Interested Trustees fees paid by the fund. (2) There are 83 U.S. registered investment portfolios in the Pioneer Family of Funds. (3) Mr. Kingsbury became a Trustee on March 6, 2007. (4) Mr. Hood resigned as Trustee effective January 9, 2007. (5) Mr. Perna became a Trustee 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. 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. Mr. Cogan, Mr. Bock and Mr. West are the current nominees for election for each fund's Board of Trustees. Mr. Bock and Mr. West are each elected by the holders of Common and Preferred Shares. Mr. Cogan is elected by the holders of Preferred Shares, only. The affirmative vote of a plurality of the Common 22 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 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 with respect to the voting class or classes, as the case may be, will be elected as Class II Trustees to the Board of Pioneer High Income Trust and Class I Trustees to the Board of Pioneer Floating Rate Trust, 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 FOR each of Mr. Bock, Mr. Cogan and Mr. West. 23 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 3/31/2007 ended 3/31/2006 ------------------------------------------------------------------------------------------------------ Pioneer High Income Trust ............................. $38,545 $23,920 Pioneer Municipal High Income Advantage Trust ......... $38,545 $26,335 For the fiscal year For the fiscal year ended 4/30/2007 ended 4/30/2006 ------------------------------------------------------------------------------------------------------ Pioneer Municipal High Income Trust ................... $38,545 $26,335 For the fiscal year For the fiscal year ended 11/30/2006 ended 11/30/2005 ------------------------------------------------------------------------------------------------------ Pioneer Floating Rate Trust ........................... $38,110 $83,500 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 3/31/2007 ended 3/31/2006 ------------------------------------------------------------------------------------------------------ Pioneer High Income Trust ............................. $9,285 $8,500 Pioneer Municipal High Income Advantage Trust ......... $9,285 $8,500 For the fiscal year For the fiscal year ended 4/30/2007 ended 4/30/2006 ------------------------------------------------------------------------------------------------------ Pioneer Municipal High Income Trust ................... $9,825 $8,500 For the fiscal year For the fiscal year ended 11/30/2006 ended 11/30/2005 ------------------------------------------------------------------------------------------------------ Pioneer Floating Rate Trust ........................... $8,925 $14,500 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. 24 For the fiscal year For the fiscal year ended 3/31/2007 ended 3/31/2006 ------------------------------------------------------------------------------------------------------ Pioneer High Income Trust ............................. $7,820 $6,800 Pioneer Municipal High Income Advantage Trust ......... $7,820 $6,800 For the fiscal year For the fiscal year ended 4/30/2007 ended 4/30/2006 ------------------------------------------------------------------------------------------------------ Pioneer Municipal High Income Trust ................... $7,820 $6,800 For the fiscal year For the fiscal year ended 11/30/2006 ended 11/30/2005 ------------------------------------------------------------------------------------------------------ Pioneer Floating Rate Trust ........................... $7,515 $6,800 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 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, 2007 and 2006, 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, 2007 and 2006, for Pioneer Municipal High Income Trust, there were no services provided to an affiliate that required the fund's Audit Committee pre-approval. For the fiscal years ended November 30, 2006 and 2005, for Pioneer Floating Rate 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, each of the officers of the funds and the funds' independent registered public accounting firm will 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 specifically be 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. 25 For the fiscal year For the fiscal year ended 3/31/2007 ended 3/31/2006 ------------------------------------------------------------------------------------------------------ Pioneer High Income Trust ............................. $17,110 $15,300 Pioneer Municipal High Income Advantage Trust ......... $17,110 $15,300 For the fiscal year For the fiscal year ended 4/30/2007 ended 4/30/2006 ------------------------------------------------------------------------------------------------------ Pioneer Municipal High Income Trust ................... $17,105 $15,300 For the fiscal year For the fiscal year ended 11/30/2006 ended 11/30/2005 ------------------------------------------------------------------------------------------------------ Pioneer Floating Rate Trust ........................... $16,440 $21,300 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 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. 26 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 .................... 27,120,201 2,020 Series M 2,020 Series W 2,000 Series TH Pioneer Municipal High Income Trust .......... 22,120,893 2,000 Series A 2,040 Serie B Pioneer Municipal High Income Advantage Trust 22,740,627 3,000 Series A 3,000 Series B Pioneer Floating Rate Trust .................. 24,399,062 3,130 Series M7 3,125 Series W7 3,125 Series TH7 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 constitute a quorum for the transaction of business with respect to such class or classes for each fund, respectively. 27 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 class of a fund: Pioneer High Income Trust Record Holder Share Class Number of Shares % of Class ------------------------------------------------------------------------------------ Cede & Co. Common 27,028,188 99.66 Box 20 Bowling Green Station New York, NY 10004 ------------------------------------------------------------------------------------ UBS Financial Services, Inc. Series M 339 16.78 Newport Center 3 499 Washington Blvd., 15th Floor Jersey City, NJ 07310-1995 ------------------------------------------------------------------------------------ Series TH 141 7.05 ------------------------------------------------------------------------------------ Series W 231 11.44 ------------------------------------------------------------------------------------ Credit Suisse Series W 126 6.24 11 Madison Ave. New York, NY 10010-3629 ------------------------------------------------------------------------------------ Dean Witter Series M 493 24.41 Harborside Financial Center 34 Exchange Place Plaza 2, 2nd Floor Jersey City, NJ 07311 ------------------------------------------------------------------------------------ Series TH 736 36.80 ------------------------------------------------------------------------------------ Series W 315 15.59 ------------------------------------------------------------------------------------ Deutsche Bank Securities Series W 404 20.00 60 Wall Street New York, NY 10005 ------------------------------------------------------------------------------------ Merrill Lynch Series M 581 28.76 4804 Deer Lake Drive East 4th Floor Jacksonville, FL 32232-5286 ------------------------------------------------------------------------------------ Series TH 592 29.60 ------------------------------------------------------------------------------------ Series W 219 10.84 ------------------------------------------------------------------------------------ Citigroup Global Markets, Inc. Series M 267 13.22 333 West 34th Street 3(rd) Floor New York, NY 10001-2402 ------------------------------------------------------------------------------------ Series W 192 9.50 ------------------------------------------------------------------------------------ 28 Record Holder Share Class Number of Shares % of Class ----------------------------------------------------------------------------------------- CIBC World Markets Series M 107 5.30 Oppenheimer Tower World Financial Center 200 Liberty Street New York, NY 10281-0000 ----------------------------------------------------------------------------------------- Series TH 224 11.20 ----------------------------------------------------------------------------------------- Series W 323 15.99 ----------------------------------------------------------------------------------------- Oppenheimer/Fahnestock Series M 197 9.75 125 Broad Street 16th Floor New York, NY 10004-2464 ----------------------------------------------------------------------------------------- Series TH 200 10.00 ----------------------------------------------------------------------------------------- Series W 199 9.85 ----------------------------------------------------------------------------------------- 29 Pioneer Municipal High Income Advantage Trust Record Holder Share Class Number of Shares % of Class ------------------------------------------------------------------------------------------ Cede & Co. Common 22,663,376 99.66 Box 20 Bowling Green Station New York, NY 10004 ------------------------------------------------------------------------------------------ UBS Financial Services, Inc. Series A 819 27.30 Newport Center 3 499 Washington Blvd., 15th Floor Jersey City, NJ 07310-1995 ------------------------------------------------------------------------------------------ Series B 1,085 36.17 ------------------------------------------------------------------------------------------ Merrill Lynch Series A 575 19.17 4804 Deer Lake Drive East, 4th Floor Jacksonville, FL 32232-5286 ------------------------------------------------------------------------------------------ Series B 209 6.97 ------------------------------------------------------------------------------------------ Wachovia Securities Series A 170 5.67 901 East Byrd St Richmond, VA 23219 ------------------------------------------------------------------------------------------ Series B 332 11.07 ------------------------------------------------------------------------------------------ Oppenheimer/Fahnestock Series A 861 28.70 125 Broad Street 16th Floor New York, NY 10004-2464 ------------------------------------------------------------------------------------------ Series B 1,010 33.67 ------------------------------------------------------------------------------------------ Jeffries & Company Inc. Series B 242 8.07 Harborside Financial Center Plaza III, Suite 705 Jersey City, NJ 07311-0000 ------------------------------------------------------------------------------------------ Dean Witter Series A 206 6.87 Harborside Financial Center 34 Exchange Place Plaza 2, 2nd Floor Jersey City, NJ 07311 ------------------------------------------------------------------------------------------ Morgan Keegan Series A 272 9.07 50 North Front Street Memphis, TN 38103-2126 ------------------------------------------------------------------------------------------ 30 Pioneer Municipal High Income Trust Record Holder Share Class Number of Shares % of Class ------------------------------------------------------------------------------------------ Cede & Co. Common 21,992,494 99.42 Box 20 Bowling Green Station New York, NY 10004 ------------------------------------------------------------------------------------------ UBS Financial Services, Inc. Series A 685 34.25 Newport Center 3 499 Washington Blvd., 15th Floor Jersey City, NJ 07310-1995 ------------------------------------------------------------------------------------------ Series B 545 26.72 ------------------------------------------------------------------------------------------ Oppenheimer/Fahnestock Series A 541 27.05 125 Broad Street, 16th Floor New York, NY 10004-2464 ------------------------------------------------------------------------------------------ Series B 539 26.42 ------------------------------------------------------------------------------------------ Merrill Lynch Series A 151 7.55 4804 Deer Lake Drive East, 4th Floor Jacksonville, FL 32232-5286 ------------------------------------------------------------------------------------------ Series B 176 8.63 ------------------------------------------------------------------------------------------ Morgan Keegan Series A 252 12.60 50 North Front Street Memphis, TN 38103-2126 ------------------------------------------------------------------------------------------ Series B 210 10.29 ------------------------------------------------------------------------------------------ Wachovia Securities Series A 182 9.10 901 East Byrd St Richmond, VA 23219 ------------------------------------------------------------------------------------------ Series B 162 7.94 ------------------------------------------------------------------------------------------ Jeffries & Company Inc. Series B 105 5.15 Harborside Financial Center Plaza III, Suite 705 Jersey City, NJ 07311-0000 ------------------------------------------------------------------------------------------ Dean Witter Series A 107 5.35 Harborside Financial Center 34 Exchange Place Plaza 2, 2nd Floor Jersey City, NJ 07311 ------------------------------------------------------------------------------------------ Series B 223 10.93 ------------------------------------------------------------------------------------------ 31 Pioneer Floating Rate Trust Record Holder Share Class Number of Shares % of Class ------------------------------------------------------------------------------------------ Cede & Co. Common 24,388,145 99.96 Box 20 Bowling Green Station New York, NY 10004 ------------------------------------------------------------------------------------------ UBS Financial Services, Inc. Series M7 579 18.50 Newport Center 3 499 Washington Blvd., 15th Floor Jersey City, NJ 07310-1995 ------------------------------------------------------------------------------------------ Series TH7 649 20.77 ------------------------------------------------------------------------------------------ Series W7 896 28.67 ------------------------------------------------------------------------------------------ Merrill Lynch Series M7 1,916 61.21 4804 Deer Lake Drive East 4th Floor Jacksonville, FL 32232-5286 ------------------------------------------------------------------------------------------ Series TH7 1,685 53.92 ------------------------------------------------------------------------------------------ Series W7 1,525 48.80 ------------------------------------------------------------------------------------------ Citigroup Global Markets, Inc. Series M7 240 7.67 333 West 34th Street 3rd Floor New York, NY 10001-2402 ------------------------------------------------------------------------------------------ Series TH7 267 8.54 ------------------------------------------------------------------------------------------ Series W7 331 10.59 ------------------------------------------------------------------------------------------ Oppenheimer/Fahnestock Series M7 395 12.62 125 Broad Street 16th Floor New York, NY 10004-2464 ------------------------------------------------------------------------------------------ Series TH7 524 16.77 ------------------------------------------------------------------------------------------ 32 Shareholder proposals Under Rule 14a-8 of the Exchange Act (relating to shareholder proposals), any shareholder proposal that may properly be included in your fund's proxy statement for the 2008 annual meeting, must be received by the Secretary of the fund at the fund's principal offices at 60 State Street, Boston, Massachusetts 02109 120 calendar days prior to the anniversary of the date of mailing of the fund's proxy statement for the 2007 annual meeting, or on or before April 7, 2008. A proposal that is not to be included in a fund's proxy statement may be made at the 2008 annual meeting for such fund only 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 2008 annual meeting for a fund 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 2008 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 2008 annual meeting or the 10th day following the day on which public announcement of the date of mailing of the notice for the 2008 meeting is first made by the fund. The fund's By-laws require that certain information must be provided by the shareholder to the fund when notice of a nominee for election as a Trustee or proposal is submitted to the fund. The submission by a shareholder of a proposal for inclusion in a proxy statement does not guarantee that it will be included. Pioneer Floating Rate Trust currently expects to hold the next annual shareholders' meeting on or about June 24, 2008, which date is subject to change. Pioneer High Income Trust, Pioneer Municipal High Income Trust and Pioneer Municipal High Income Advantage Trust currently expect to hold the next annual shareholders' meeting on or about August 5, 2008, 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 generally 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 or postponement 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 33 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. For the two Trustees to be elected by the holders of the Common and Preferred Shares, voting together as a single class, one-third of the outstanding shares of the Common and Preferred Shares, counted together, constitutes a quorum. For the one Trustee to be elected by the holders of the Preferred Shares, voting as a separate class, one-third of the outstanding shares of the Preferred Shares constitutes a quorum. 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 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. Also, 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 for an election of Trustees. On any matter submitted to a vote of shareholders each whole share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional share shall be entitled to a proportionate fractional vote. 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. 34 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 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 the fund, upon request, for the reasonable expenses of mailing soliciting materials to the principals of the accounts. August 3, 2007 35 [LOGO]PIONEER Investments(R) PIONEER FLOATING RATE TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 This proxy is solicited on behalf of the Board of Trustees of Pioneer Floating Rate Trust. I (we), the undersigned holder(s) of common shares of beneficial interest, having received notice of the meeting and managements 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 Floating Rate Trust to be held on September 11, 2007, at 11:00 a.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer Floating Rate Trust, 60 State Street, 26(th) 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 Floating Rate 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date --------------------------------------------------------- Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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 FLOATING RATE 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: |X| 1. To elect two Class I trustees of Pioneer Floating Rate 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: FOR WITHHOLD 01. David R. Bock | | | | 02. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE COMMON TAG ID: 12345678 Cusip: 72369J102 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER HIGH INCOME TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 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 managements 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 11, 2007, at 11:00 a.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer High Income Trust, 60 State Street, 26(th) 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date --------------------------------------------------------- Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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 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: |X| 1. To elect two Class II 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: FOR WITHHOLD 01. David R. Bock | | | | 02. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE COMMON TAG ID: 12345678 Cusip: 72369H106 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 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 managements 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 11, 2007, at 11:00 a.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, 26(th) 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date --------------------------------------------------------- Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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 BLUE OR BLACK INK: |X| 1. To elect two Class I 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: FOR WITHHOLD 01. David R. Bock | | | | 02. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE COMMON TAG ID: 12345678 Cusip: 723762100 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER MUNICIPAL HIGH INCOME TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 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 managements 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 11, 2007, at 11:00 a.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer Municipal High Income Trust, 60 State Street, 26(th) 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date --------------------------------------------------------- Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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 BLUE OR BLACK INK: |X| 1. To elect two Class I 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: FOR WITHHOLD 01. David R. Bock | | | | 02. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE COMMON TAG ID: 12345678 Cusip: 723763108 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER FLOATING RATE TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 This proxy is solicited on behalf of the Board of Trustees of Pioneer Floating Rate Trust. I (we), the undersigned holder(s) of preferred shares of beneficial interest, having received notice of the meeting and managements 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 Floating Rate Trust to be held on September 11, 2007, at 11:00 a.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer Floating Rate Trust, 60 State Street, 26(th) 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 Floating Rate 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date ------------------------------------------------------------ Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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 FLOATING RATE 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: |X| 1. To elect three Class I trustees of Pioneer Floating Rate 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: FOR WITHHOLD 1. David R. Bock | | | | 2. John F. Cogan, Jr. | | | | 3. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE PREFERRED TAG ID: 12345678 CUSIP: 72369J201,300, 409 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER HIGH INCOME TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 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 managements 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 11, 2007, at 11:00 a.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer High Income Trust, 60 State Street, 26(th) 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date ------------------------------------------------------------ Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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: |X| 1. To elect three Class II 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: FOR WITHHOLD 1. David R. Bock | | | | 2. John F. Cogan, Jr. | | | | 3. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE PREFERRED TAG ID: 12345678 CUSIP: 72369H205, 304, 403 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 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 managements 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 11, 2007, at 11:00 a.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, 26(th) 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date ------------------------------------------------------------ Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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: |X| 1. To elect three Class I 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: FOR WITHHOLD 1. David R. Bock | | | | 2. John F. Cogan, Jr. | | | | 3. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE PREFERRED TAG ID: 12345678 CUSIP: 723762209, 308 -------------------------------------------------------------------------------- [LOGO]PIONEER Investments(R) PIONEER MUNICIPAL HIGH INCOME TRUST PROXY ANNUAL MEETING OF SHAREHOLDERS TO BE HELD SEPTEMBER 11, 2007 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 managements 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 11, 2007, at 11:00 a.m. (Eastern time) at the offices of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to Pioneer Municipal High Income Trust, 60 State Street, 26(th) 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. Note: In signing, please write name(s) exactly as they appear on this proxy. 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] Date ------------------------------------------------------------ Signature of joint owner, if any Date -------------------------------------------------------------------------------- FOLD HERE YOUR VOTE IS VERY IMPORTANT PLEASE COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD PROMPTLY 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: |X| 1. To elect three Class I 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: FOR WITHHOLD 1. David R. Bock | | | | 2. John F. Cogan, Jr. | | | | 3. Stephen K. West | | | | YOUR VOTE IS IMPORTANT. PLEASE COMPLETE, SIGN, DATE AND RETURN YOUR PROXY TODAY. -------------------------------------------------------------------------------- SCANNER BAR CODE PREFERRED TAG ID: 12345678 CUSIP: 723693207, 306 --------------------------------------------------------------------------------