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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21321
Pioneer Municipal High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: April 30
Date of reporting period: July 31, 2007
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Municipal High Income Trust
SCHEDULE OF INVESTMENTS 7/31/07 (unaudited)
Principal
Amount ($) Value ($)
TAX EXEMPT OBLIGATIONS - 121.4%
Alabama - 1.3%
1,500,000 Camden Alabama Industrial Development Board, 6.125%, 1,612,995
1,000,000 Huntsville-Redstone Village Special Care Facilities 971,300
2,000,000 Huntsville-Redstone Village Special Care Facilities 1,904,620
4,488,915
Arizona - 5.6%
5,000,000 Apache County Industrial Development Authority, 5.85 5,002,000
5,000,000 Apache County Industrial Development Authority, 5.87 5,002,100
7,000,000(a)Downtown Phoenix Hotel Corp., RIB, 6.176%, 7/1/40 (1 7,553,560
1,000,000 Pima County Industrial Development Authority, 7.25%, 1,085,170
500,000 Yavapai County Industrial Development Authority, 6.0 529,095
19,171,925
California - 10.7%
7,270,000 California State General Obligation, 5.25%, 2/1/28 7,620,123
5,000,000 California Statewide Communities Development Authori 5,014,300
5,150,000 + Golden State Tobacco Securitization Corp., 7.8%, 6/1 6,178,970
7,000,000 + Golden State Tobacco Securitization Corp., 7.875%, 6 8,423,310
2,000,000 San Diego Unified School District, 5.0%, 7/1/25 2,064,500
2,500,000 University of California Revenue, 5.0%, 5/15/25 2,583,450
5,000,000 Valley Health System Hospital Revenue, 6.5%, 5/15/25 5,013,800
36,898,453
Connecticut - 1.5%
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/3 5,251,300
Delaware - 0.4%
765,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 771,311
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 607,866
1,379,177
District of Columbia - 3.5%
5,000,000 District of Columbia Tobacco Settlement Financing Co 5,773,300
6,000,000 District of Columbia Tobacco Settlement Financing Co 6,411,780
12,185,080
Florida - 3.0%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1/35 2,150,840
1,000,000 St. Johns County Industrial Development Authority Re 986,260
2,000,000 St. Johns County Industrial Development Authority Re 1,985,620
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/ 5,219,150
10,341,870
Guam - 1.4%
5,000,000 Northern Mariana Islands, 5.0%, 10/1/22 4,947,300
Georgia - 2.7%
4,240,000(a)Atlanta Georgia Water & Waste Revenue, RIB, 6.271%, 4,604,470
2,400,000 Fulton County Residential Care Facilities Revenue, 5 2,311,968
2,600,000 Fulton County Residential Care Facilities Revenue, 5 2,499,900
9,416,338
Idaho - 1.5%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/ 5,249,950
Illinois - 5.7%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 1,007,640
2,000,000 Chicago Illinois O'Hare International Airport Revenu 2,056,640
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 1,037,360
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 1,032,220
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 1,635,900
16,880,00(b)Metropolitan Pier & Exposition Authority Dedicated S 11,132,866
1,800,000 Southwestern Illinois Development Authority Revenue, 1,801,116
19,703,742
Indiana - 1.6%
1,000,000 Indiana State Development Finance Authority Revenue, 1,020,370
4,300,000 Indiana State Development Finance Authority Revenue, 4,405,006
5,425,376
Massachusetts - 10.5%
4,000,000 Massachusetts Bay Transportation Authority, 5.0%, 7/ 4,315,520
1,335,000 Massachusetts Health & Educational Facilities Author 1,369,123
7,050,000 Massachusetts Health & Educational Facilities Author 7,319,733
3,500,000 Massachusetts Health & Educational Facilities Author 3,741,115
5,000,000 Massachusetts Health & Educational Facilities Author 5,363,100
9,810,000(a)Massachusetts State Development Finance Agency, RIB, 10,755,684
3,055,000 Massachusetts State Housing Finance Agency, 5.25%, 1 3,086,864
35,951,139
Michigan - 2.5%
950,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 958,075
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,521,570
2,000,000 Michigan State Hospital Finance Authority Revenue, 5 1,950,060
4,010,000 Michigan State Hospital Finance Authority Revenue, 6 4,011,083
7,720,000 Wayne Charter County Special Airport Facilities Reve 0
8,440,788
Minnesota - 0.5%
1,675,000 Duluth Economic Development Authority Health Care Fa 1,827,978
Mississippi - 0.9%
3,000,000 Mississippi Business Finance Corp. Pollution Control 3,028,980
Montana - 0.5%
1,600,000 Two Rivers Authority, Inc. Correctional Facility Imp 1,633,072
Nevada - 2.2%
1,000,000 Clark County Industrial Development Revenue, 5.45%, 1,030,470
4,600,000 Clark County Industrial Development Revenue, 5.5%, 1 4,472,304
2,000,000 Nevada State Department of Business & Industry, 7.25 2,029,960
7,532,734
New Hampshire - 0.9%
3,000,000 Manchester School Facilities Revenue, 5.125%, 6/1/28 3,121,620
New Jersey - 10.1%
2,000,000 New Jersey Economic Development Authority Revenue, 6 2,057,240
13,350,000 New Jersey Economic Development Authority Revenue, 6 13,732,077
1,000,000 New Jersey Economic Development Authority Revenue, 6 1,026,690
6,150,000 New Jersey Economic Development Authority Revenue, 7 6,493,293
10,000,00 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,457,800
34,767,100
New Mexico - 0.4%
1,350,000 + Santa Fe Educational Facilities Revenue, 5.75%, 10/1 1,501,646
New York - 10.8%
2,000,000 New York City Industrial Development Agency, 5.375%, 2,048,680
12,990,000 New York City Industrial Development Agency, 6.9%, 8 13,014,551
5,000,000 New York City Trust Cultural Resources Revenue, 5.12 5,189,850
7,040,000(a)New York State Dormitory Authority Revenue, RIB, 6.4 8,355,565
2,000,000 Suffolk County Industrial Development Agency, 7.25%, 2,086,400
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%, 6,314,160
37,009,206
North Carolina - 2.6%
4,030,000 Charlotte North Carolina Special Facilities Revenue, 4,016,379
4,600,000 Charlotte North Carolina Special Facilities Revenue, 4,856,726
8,873,105
Oklahoma - 6.2%
3,000,000 + Oklahoma Development Finance Authority Revenue, 5.62 3,132,660
8,000,000 + Oklahoma Development Finance Authority Revenue, 5.62 8,353,760
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 4,115,949
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,225,576
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,357,178
21,185,123
Pennsylvania - 6.6%
3,000,000 Allegheny County Hospital Development Authority Reve 2,812,950
1,550,000 Allegheny County Hospital Development Authority Reve 1,549,938
12,300,00 + Allegheny County Hospital Development Authority Reve 14,530,236
1,000,000 Columbia County Hospital Authority Health Care Reven 898,480
1,000,000 Hazleton Health Services Authority Hospital Revenue, 986,890
1,280,000 Langhorne Manor Borough Higher Education & Health Au 1,298,304
500,000 Pennsylvania Higher Educational Facilities Authority 513,545
22,590,343
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7.25%, 7 4,429,240
South Carolina - 1.9%
5,185,000 + South Carolina Jobs Economic Development Authority R 5,844,999
665,000 + South Carolina Jobs Economic Development Authority R 747,945
6,592,944
Tennessee - 3.7%
7,000,000 Johnson City Health & Educational Facilities Board H 7,981,610
4,480,000 Knox County Health Educational & Housing Facilities 4,553,158
12,534,768
Texas - 10.7%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,416,164
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0 1,000,440
5,000,000 Dallas-Fort Worth International Airport Revenue, 6.1 5,004,050
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,318,640
1,000,000 + Georgetown Health Facilities Development Corp., 6.25 1,065,620
2,000,000 Gulf Coast Industrial Development Authority Revenue, 2,106,080
3,750,000 Houston Airport System Special Facilities Revenue, 5 3,778,200
5,340,000 Lubbock Health Facilities Development Corp., 6.625%, 5,556,857
2,450,000(a)Northside Independent School District, RIB, 6.683%, 2,721,019
500,000 Sabine River Authority Pollution Control Revenue, 6. 526,080
7,040,000(a)Texas State, RIB, 6.153%, 4/1/30 (144A) 7,762,234
1,365,000 Willacy County Local Government Corp. Revenue, 6.0%, 1,370,296
36,625,680
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11/ 805,816
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Age 1,634,205
Virginia - 1.5%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 1,045,070
4,000,000 + Pocahontas Parkway Association of Virginia Toll Road 4,149,680
5,194,750
Washington - 7.3%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & 5,101,118
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/32 7,548,081
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 7,259,852
5,000,000 Washington State Housing Finance Committee Nonprofit 5,092,650
25,001,701
Wisconsin - 0.7%
2,400,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 5 2,375,592
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $376,484,330) 417,116,956
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.9% of Net Assets
10,000,00(c)Non-Profit Preferred Funding Trust I, Series E, 12.5 9,899,800
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) 9,899,800
Shares COMMON STOCK - 0.8% of Net Assets
159,872 Northwest Airlines Corp. 2,786,569
TOTAL COMMON STOCK
(Cost $6,612,756) 2,786,569
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 2.7% of Net Assets
9,213,574 BlackRock Liquidity Funds MuniFund Portfolio 9,213,574
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $9,213,574) 9,213,574
TOTAL INVESTMENTS IN SECURITIES - 127.8%
(Cost $402,310,660) (d)(e) 439,016,899
OTHER ASSETS AND LIABILITIES - 1.6% 5,450,496
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (29.4)% (101,061,645)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% 343,405,750
.
RIB Residual Interest Bonds
NR Security not rated by S&P or Moody's.
(144A) Security is exempt from registration under Rule
144A of the Securities Act of 1933. Such
securities may be resold normally to qualified
institutional buyers in a transaction exempt
from registration. At July 31, 2007 the value
of these securities amounted to
$58,717,088 or 17.1% of net assets applicable
to common shareowners.
+ Prerefunded bonds have been collateralized by U.S. Treasury
securities or U.S. Government Agencies which are held in escrow
to pay interest and principal on the tax exempt issue
and to retire the bonds in full at the earliest refunding date.
(a) The interest rate is subject to change periodically
and inversely based upon prevailing market rates. The interest
rate shown is the rate at July 31, 2007.
(b) Debt obligation initially issued at one coupon which
converts to a higher coupon at a specific date.
The rate shown is the rate at July 31, 2007.
(c) The interest rate is subject to change periodically.
The interest rate shown is the rate at July 31, 2007.
(d) The concentration of investments by type of
obligation/market sector is as follows:
Insured 13.5
General Obligation 6.9
Revenue Bonds:
Health Revenue 25.5
Airport Revenue 14.5
Tobacco Revenue 10.4
Education Revenue 4.8
Pollution Control Revenue 4.5
Development Revenue 4.3
Other Revenue 3.3
Power Revenue 2.7
Housing Revenue 2.6
Transportation Revenue 2.6
Facilities Revenue 2.4
Gaming Revenue 1.2
School District Revenue 0.6
Utilities Revenue 0.2
100.0
(e) At July 31, 2007, the net unrealized gain on investments
based on cost for federal income tax purposes
of $400,670,193 was as follows:
Aggregate gross unrealized gain for all investments 44,237,635
there is an excess of value over tax cost
Aggregate gross unrealized loss for all investments (5,890,929)
there is an excess of tax cost over value 38,346,706
Net unrealized gain
For financial reporting purposes net unrealized gain
on investments was $36,706,239
and cost of investments aggregated $402,310,660.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Municipal High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date September 28, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date September 28, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date September 28, 2007
* Print the name and title of each signing officer under his or her signature.