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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 811-21043
Pioneer Municipal High Income Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: April 30
Date of reporting period: January 31, 2008
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Municipal High Income Trust
SCHEDULE OF INVESTMENTS 1/31/08 (unaudited)
Principal
Amount Value
TAX EXEMPT OBLIGATIONS - 123.8% of Net Assets
Alabama - 1.3%
1,500,000 Camden Alabama Industrial Development Board, $ 1,550,715
1,000,000 Huntsville-Redstone Village Special Care Facil 911,990
2,000,000 Huntsville-Redstone Village Special Care Facil 1,762,340
$ 4,225,045
Arizona - 5.4%
5,000,000 Apache County Industrial Development Authorit$ 4,930,050
5,000,000 Apache County Industrial Development Authority 4,906,450
7,000,000 (a)Downtown Phoenix Hotel Corp., RIB, 5.646%, 7/1 6,488,510
980,000 Pima County Industrial Development Authority, 1,031,107
500,000 Yavapai County Industrial Development Authorit 515,790
$ 17,871,907
California - 6.2%
5,150,000 + Golden State Tobacco Securitization Corp., 7.$ 6,369,108
7,000,000 + Golden State Tobacco Securitization Corp., 7.8 8,681,610
2,500,000 University of California Revenue, 5.0%, 5/15/2 2,572,950
5,000,000 Valley Health System Hospital Revenue, 6.5%, 5 2,925,000
$ 20,548,668
Connecticut - 1.5%
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%$ 5,028,900
Delaware - 0.4%
765,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 $ 746,464
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 569,340
$ 1,315,804
District of Columbia - 3.4%
5,000,000 District of Columbia Tobacco Settlement Finan$ 5,144,300
6,000,000 District of Columbia Tobacco Settlement Financ 6,130,920
$ 11,275,220
Florida - 2.9%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1$ 1,992,400
1,000,000 St. Johns County Industrial Development Author 904,550
2,000,000 St. Johns County Industrial Development Author 1,746,780
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 5,103,700
$ 9,747,430
Georgia - 2.9%
4,240,000 (a)Atlanta Georgia Water & Waste Revenue, RIB, 1$ 4,582,889
2,400,000 Fulton County Residential Care Facilities Reve 2,053,152
2,600,000 Fulton County Residential Care Facilities Reve 2,150,408
1,000,000 Rockdale County Development Authority Revenue, 980,220
$ 9,766,669
Guam - 1.4%
5,000,000 Northern Mariana Islands, 5.0%, 10/1/22 $ 4,735,700
Idaho - 1.5%
5,000,000 Power County Industrial Development Corp., 6.$ 5,113,050
Illinois - 6.0%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 $ 970,860
2,000,000 Chicago Illinois O'Hare International Airport 1,994,260
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/1 966,220
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/1 949,710
1,500,000 Illinois Health Facilities Authority Revenue, 1,334,580
16,880,000(b)Metropolitan Pier & Exposition Authority Dedic 11,976,529
1,800,000 Southwestern Illinois Development Authority Re 1,694,556
$ 19,886,715
Indiana - 3.0%
5,000,000 Indiana Health & Educational Facility Financi$ 4,787,350
1,000,000 Indiana State Development Finance Authority Re 1,004,920
4,300,000 Indiana State Development Finance Authority Re 4,334,873
$ 10,127,143
Louisiana - 1.5%
5,000,000 Louisiana Public Facilities Authority Revenue$ 5,029,550
Maryland - 1.5%
5,000,000 Maryland State Health & Higher Educational Fa$ 4,933,000
Massachusetts - 9.0%
3,000,000 Massachusetts Bay Transportation Authority, 5$ 3,336,300
7,050,000 Massachusetts Health & Educational Facilities 7,409,127
3,500,000 Massachusetts Health & Educational Facilities 3,639,580
5,000,000 Massachusetts Health & Educational Facilities 5,213,850
9,810,000 (a)Massachusetts State Development Finance Agency 10,541,335
$ 30,140,192
Michigan - 3.0%
950,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 $ 834,869
1,700,000 Flint Michigan Hospital Building Authority Rev 1,656,531
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/2 1,515,420
2,000,000 Michigan State Hospital Finance Authority Reve 1,835,420
4,010,000 Michigan State Hospital Finance Authority Reve 4,012,085
7,720,000 Wayne Charter County Special Airport Facilitie -
$ 9,854,325
Minnesota - 2.2%
1,675,000 Duluth Economic Development Authority Health $ 1,750,810
1,500,000 North Oaks Senior Housing Revenue, 6.0%, 10/1/ 1,472,895
2,000,000 North Oaks Senior Housing Revenue, 6.125%, 10/ 1,981,840
2,000,000 North Oaks Senior Housing Revenue, 6.5%, 10/1/ 2,042,920
$ 7,248,465
Mississippi - 0.9%
3,000,000 Mississippi Business Finance Corp. Pollution $ 3,015,000
Montana - 0.4%
1,600,000 Two Rivers Authority, Inc. Correctional Facil$ 1,175,920
Nevada - 2.1%
1,000,000 Clark County Industrial Development Revenue, $ 1,045,010
4,600,000 Clark County Industrial Development Revenue, 5 4,247,134
2,000,000 Nevada State Department of Business & Industry 1,600,020
$ 6,892,164
New Hampshire - 0.9%
3,000,000 Manchester School Facilities Revenue, 5.125%,$ 3,089,970
New Jersey - 10.1%
2,000,000 New Jersey Economic Development Authority Rev$ 1,932,620
13,350,000 New Jersey Economic Development Authority Reve 12,508,950
1,000,000 New Jersey Economic Development Authority Reve 958,990
6,150,000 New Jersey Economic Development Authority Reve 6,195,080
10,000,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1 11,984,900
$ 33,580,540
New Mexico - 1.3%
1,500,000 Otero County New Mexico Project Revenue, 6.0%$ 1,455,015
2,960,000 Otero County New Mexico Project Revenue, 6.0%, 2,834,378
$ 4,289,393
New York - 12.4%
2,500,000 Albany New York Industrial Development Agency$ 2,463,500
2,000,000 Nassau County New York Industrial Development 2,034,600
2,000,000 New York City Industrial Development Agency, 5 2,003,640
12,990,000 New York City Industrial Development Agency, 6 12,721,367
5,000,000 New York City Trust Cultural Resources Revenue 5,113,300
7,040,000 (a)New York State Dormitory Authority Revenue, RI 8,691,373
2,000,000 Suffolk County Industrial Development Agency, 2,051,400
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 6,282,720
$ 41,361,900
North Carolina - 2.5%
4,030,000 Charlotte North Carolina Special Facilities R$ 3,618,980
4,600,000 Charlotte North Carolina Special Facilities Re 4,729,214
$ 8,348,194
Oklahoma - 6.4%
3,000,000 + Oklahoma Development Finance Authority Revenu$ 3,183,600
8,000,000 + Oklahoma Development Finance Authority Revenue 8,489,600
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/3 4,078,024
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,186,057
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/1 4,352,567
$ 21,289,848
Pennsylvania - 6.8%
3,000,000 Allegheny County Hospital Development Authori$ 2,598,000
1,550,000 Allegheny County Hospital Development Authorit 1,550,046
12,300,000 + Allegheny County Hospital Development Authorit 14,733,309
1,000,000 Columbia County Hospital Authority Health Care 883,580
1,000,000 Hazleton Health Services Authority Hospital Re 985,960
1,280,000 Langhorne Manor Borough Higher Education & Hea 1,287,296
500,000 Pennsylvania Higher Educational Facilities Aut 503,270
$ 22,541,461
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7$ 4,267,120
South Carolina - 2.1%
5,185,000 + South Carolina Jobs Economic Development Auth$ 6,114,567
665,000 + South Carolina Jobs Economic Development Autho 782,366
$ 6,896,933
Tennessee - 3.3%
7,000,000 Johnson City Health & Educational Facilities $ 8,530,200
2,480,000 Knox County Health Educational & Housing Facil 2,597,850
$ 11,128,050
Texas - 11.3%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/$ 1,377,993
1,000,000 Dallas-Fort Worth International Airport Revenu 943,720
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/ 4,140,000
1,000,000 + Georgetown Health Facilities Development Corp. 1,080,120
2,000,000 Gulf Coast Industrial Development Authority Re 1,880,100
3,750,000 Houston Airport System Special Facilities Reve 3,334,050
5,340,000 Lubbock Health Facilities Development Corp., 6 5,401,036
2,450,000 (a)Northside Independent School District, RIB, 10 2,740,374
500,000 Sabine River Authority Pollution Control Reven 469,020
7,040,000 (a)Texas State, RIB, 10.068%, 4/1/30 (144A) 7,875,789
1,365,000 (c)Willacy County Local Government Corp. Revenue, 1,392,901
1,500,000 Willacy County Local Government Corp. Revenue, 1,509,975
5,250,000 Willacy County Local Government Corp. Revenue, 5,403,720
$ 37,548,798
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.5$ 760,712
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financ$ 1,637,175
Virginia - 0.3%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 $ 1,026,810
Washington - 7.3%
4,710,000 Spokane Public Facilities District Hotel/Mote$ 5,124,574
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 7,170,839
14,315,000 Washington State General Obligation, 0.0%, 6/1 7,438,217
5,000,000 Washington State Housing Finance Committee Non 4,687,350
$ 24,420,980
Wisconsin - 0.6%
2,400,000 Aztalan Wisconsin Exempt Facilities Revenue, $ 2,138,376
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $384,745,017) $ 412,257,127
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.9% of Net Assets
10,000,000(d)Non-Profit Preferred Funding Trust I, Series $ 9,652,500
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) $ 9,652,500
Shares COMMON STOCK - 1.0% of Net Assets
184,048 Northwest Airlines Corp. $ 3,443,538
TOTAL COMMON STOCK
(Cost $6,612,756) $ 3,443,538
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 1.3% of Net Assets
4,278,574 BlackRock Liquidity Funds MuniFund Portfolio $ 4,278,574
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $4,278,574) $ 4,278,574
TOTAL INVESTMENTS IN SECURITIES - 129.0%
(Cost $405,636,347) (e)(f) $ 429,631,739
OTHER ASSETS AND LIABILITIES - 1.3% $ 4,436,109
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (30.3)% $ -101,012,956
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS -$ 333,054,892
.
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 January 31, 2008 the value of these
securities amounted to
$42,651,842 or 12.8% 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 January 31, 2008.
(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 January 31, 2008.
(c) Escrow to maturity.
(d) The interest rate is subject to change periodically. The interest
rate shown is the rate at January 31, 2008.
(e) The concentration of investments by type of obligation/market
sector is as follows:
Insured 13%
General Obligation 7
Revenue Bonds:
Health Revenue 27
Airport Revenue 12
Tobacco Revenue 11
Development Revenue 5
Pollution Control Revenue 5
Facilities Revenue 5
Education Revenue 4
Housing Revenue 3
Power Revenue 3
Other Revenue 2
Transportation Revenue 1
Gaming Revenue 1
School District Revenue 1
Utilities Revenue 0
100%
(f) At January 31, 2008, the net unrealized gain on investments based
on cost for federal income tax purposes
of $403,825,220 was as follows:
Aggregate gross unrealized gain for all inves$ 36,777,359
there is an excess of value over tax cost
Aggregate gross unrealized loss for all invest (10,970,840)
there is an excess of tax cost over value $ 25,806,519
Net unrealized gain
For financial reporting purposes net unrealized gain on investments
was $23,995,392
and cost of investments aggregated $405,636,347.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Municipal High Income Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 31, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date March 31, 2008
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 31, 2008
* Print the name and title of each signing officer under his or her signature.