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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
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)
Terrence J. Cullen, 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, 2010
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 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5). 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 7/31/10 (unaudited)
Principal
Amount Value
TAX EXEMPT OBLIGATIONS - 126.9% of Net Assets
Alabama - 1.4%
1,000,000 Huntsville-Redstone Village Special Care
Facilities Financing Auth., 5.5%, 1/1/28 830,960
4,500,000 Huntsville-Redstone Village Special Care Facilities
Financing Auth., 5.5%, 1/1/43 3,453,840
4,284,800
Arizona - 2.1%
5,000,000 Apache County Ind. Dev. Auth., 5.85%, 3/1/28 5,000,400
960,000 Pima County Ind. Dev. Auth., 7.25%, 7/1/31 964,762
500,000 Yavapai County Ind. Dev. Auth., 6.0%, 8/1/33 504,220
6,469,382
California - 8.1%
7,885,000 (a) California State University Rev., RIB,
10.627%, 11/1/39 (144A) 8,225,790
602,382 (b) California Statewide Communities Dev. Auth.
Environmental Facilities Rev., 9.0%, 12/1/38 58,732
1,000,000 California Statewide Communities Dev.
Auth. Rev., 7.25%, 10/1/38 1,016,150
5,150,000 + Golden State Tobacco Securitization
Corp., 7.8%, 6/1/42 6,147,709
7,000,000 + Golden State Tobacco Securitization
Corp., 7.875%, 6/1/42 8,370,180
1,000,000 University of California Rev., 5.0%, 5/15/25 1,063,540
655,000 (b) Valley Health System Hosp. Rev., 6.5%, 5/15/25 484,831
25,366,932
Connecticut - 5.1%
10,335,000 (a) Connecticut Health & Edl. Facilities Auth. Rev.,
RIB, 11.149%, 7/1/42 (144A) 11,853,935
5,000,000 Mohegan Tribe Indians Gaming Auth., 6.25%, 1/1/31 4,111,150
15,965,085
District of Columbia - 3.4%
5,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6.5%, 5/15/33 4,793,350
6,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6.75%, 5/15/40 5,930,880
10,724,230
Florida - 4.8%
1,700,000 Beacon Lakes Community Dev., 6.9%, 5/1/35 1,681,861
1,000,000 Hillsborough County Ind. Dev. Auth. Rev.,
8.0%, 8/15/32 1,143,830
2,390,000 Liberty County Subordinate Rev., 8.25%, 7/1/28 2,307,641
2,500,000 Miami-Dade County Aviation Rev., 5.5%, 10/1/41 2,563,125
1,000,000 St. Johns County Ind. Dev. Auth. Rev., 5.25%, 1/1/ 835,650
2,000,000 St. Johns County Ind. Dev. Auth. Rev., 5.375%, 1/1 1,539,980
5,000,000 Tallahassee Health Facilities Rev., 6.375%, 12/1/3 5,008,650
15,080,737
Georgia - 2.6%
4,240,000 (a) Atlanta Georgia Water & Waste Rev., RIB,
10.628%, 11/1/43 (144A) 4,321,790
500,000 Clayton County Dev. Auth. Rev., 9.0%, 6/1/35 523,945
2,400,000 Fulton County Residential Care
Facilities Rev., 5.0%, 7/1/27 1,728,000
1,100,000 Fulton County Residential Care
Facilities Rev., 5.125%, 7/1/42 689,150
1,000,000 Rockdale County Dev. Auth. Rev., 6.125%, 1/1/34 939,850
8,202,735
Idaho - 1.6%
5,000,000 Power County Ind. Dev. Corp., 6.45%, 8/1/32 5,030,000
Illinois - 13.5%
2,000,000 (c) Centerpoint Intermodal Center, 7.5%, 6/15/23 (144A 2,025,440
12,000,000 Chicago O'Hare Intl. Airport Special Facility Rev. ,
Ref. Bonds, 5.5%, 12/1/30 8,898,720
1,000,000 Illinois Fin. Auth. Rev., 6.0%, 11/15/27 779,460
3,865,000 Illinois Fin. Auth. Rev., 6.0%, 8/15/38 3,898,394
2,000,000 Illinois Fin. Auth. Rev., 6.0%, 8/15/39 2,188,140
4,000,000 Illinois Fin. Auth. Rev., 6.0%, 11/15/39 2,790,840
2,500,000 Illinois Fin. Auth. Rev., 6.5%, 4/1/39 2,622,475
4,000,000 Illinois Fin. Auth. Rev., 8.25%, 5/15/45 3,963,000
1,500,000 (b) Illinois Health Facilities Auth. Rev., 6.9%, 11/15 571,800
16,880,000 (d) Metropolitan Pier & Exposition Auth. Dedicated
State Tax Rev., 0.0%, 6/15/22 13,036,086
1,685,000 Southwestern Illinois Dev. Auth. Rev., 5.625%, 11/ 1,231,516
42,005,871
Indiana - 3.7%
5,000,000 Indiana Health & Edl. Facility Financing Auth.
Hosp. Rev., 5.0%, 2/15/39 4,724,300
4,300,000 Indiana State Dev. Fin. Auth. Rev., 5.75%, 10/1/11 4,379,034
2,570,000 Vigo County Hosp. Auth. Rev., 5.8%, 9/1/47 (144A) 2,352,193
11,455,527
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental
Facilities Rev., 6.75%, 11/1/32 1,551,390
5,000,000 Louisiana Public Facilities Auth. Rev., 5.5%, 5/15 4,681,300
6,232,690
Massachusetts - 6.3%
5,000,000 Massachusetts Dev. Fin. Agency Rev., 5.75%, 1/1/42 5,573,700
2,360,000 Massachusetts Dev. Fin. Agency Rev., 7.1%, 7/1/32 2,161,359
1,000,000 Massachusetts Edl. Financing Auth. Rev., 6.0%, 1/1 1,063,530
3,500,000 Massachusetts Health & Edl. Facilities
Auth. Rev., 6.25%, 7/1/22 3,551,835
2,500,000 Massachusetts Health & Edl. Facilities
Auth. Rev., 6.5%, 1/15/38 2,264,175
5,000,000 Massachusetts Health & Edl. Facilities
Auth. Rev., 6.75%, 10/1/33 4,990,650
19,605,249
Michigan - 3.4%
935,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 580,747
1,340,000 Flint Michigan Hosp. Building Auth. Rev., 5.25%, 7 1,318,238
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,275,015
2,000,000 Michigan State Hosp. Fin. Auth. Rev., 5.5%, 8/15/2 1,919,960
5,830,000 Michigan Tobacco Settlement Fin. Auth., 6.0%, 6/1/ 4,207,686
1,450,000 Star Intl. Academy Certs. of Participation, 6.125% 1,390,347
7,720,000 (e)(g)Wayne Charter Escrow, 0.0%, 12/1/15 0
10,691,993
Minnesota - 0.9%
1,675,000 Duluth Econ. Dev. Auth. Health
Care Facilities Rev., 7.25%, 6/15/32 1,713,659
1,000,000 Minneapolis & Saint Paul Housing & ReDev.
Auth. Rev., 5.25%, 8/15/35 1,016,370
2,730,029
Mississippi - 1.0%
3,000,000 Mississippi Business Fin. Corp. Pollution
Control Rev., 5.9%, 5/1/22 2,996,400
Montana - 0.1%
1,600,000 (b) Two Rivers Auth., Inc. Correctional Facility
Improvement Rev., 7.375%, 11/1/27 224,096
Nebraska - 0.2%
2,000,000 Grand Island Solid Waste Disposal Facilities Rev., 603,080
Nevada - 0.0%
2,000,000 (b) Nevada State Dept. of Business & Industry, 7.25%, 10,000
New Jersey - 11.9%
2,000,000 New Jersey Econ. Dev. Auth. Rev., 6.25%, 9/15/19 1,963,240
13,350,000 New Jersey Econ. Dev. Auth. Rev., 6.25%, 9/15/29 12,713,205
6,150,000 (c) New Jersey Econ. Dev. Auth. Rev., 7.0%, 11/15/30 6,160,701
10,370,000 New Jersey Transportation Trust Fund Auth., 0.0%, 4,374,377
10,000,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,725,800
36,937,323
New Mexico - 1.2%
1,500,000 Otero County New Mexico Project Rev., 6.0%, 4/1/23 1,274,220
2,960,000 Otero County New Mexico Project Rev., 6.0%, 4/1/28 2,399,169
3,673,389
New York - 8.4%
2,500,000 Albany New York Ind. Dev. Agency Civic Facilities
Rev., 5.25%, 11/15/27 2,477,375
3,000,000 Dutchess County Ind. Dev. Agency Rev., 7.5%, 3/1/2 2,992,560
2,000,000 Hempstead Local Dev. Corp. Rev. Bonds, 5.75%, 7/1/ 2,103,840
2,250,000 Nassau County New York Ind. Dev. Agency Rev., 6.7% 2,238,030
990,000 New York City Ind. Dev. Agency, 6.9%, 8/1/24 880,595
2,000,000 New York City Ind. Dev. Agency, 7.625%, 12/1/32 2,021,880
1,000,000 New York State Dormitory Auth. Rev., 6.125%, 12/1/ 1,008,010
7,040,000 (a) New York State Dormitory Auth. Rev., RIB, 12.596%, 9,414,522
3,000,000 Suffolk County Ind. Dev. Agency, 7.25%, 1/1/30 3,001,680
26,138,492
North Carolina - 3.2%
4,935,000 Charlotte Special Facilities Rev., 5.6%, 7/1/27 4,241,830
5,740,000 Charlotte Special Facilities Rev., 7.75%, 2/1/28 5,757,048
9,998,878
Oklahoma - 1.8%
1,225,000 Tulsa Municipal Airport Rev., 6.25%, 6/1/20 1,144,236
4,350,000 Tulsa Municipal Airport Rev., 7.35%, 12/1/11 4,350,043
5,494,279
Pennsylvania - 7.6%
3,000,000 Allegheny County Hosp. Dev. Auth. Rev., 5.0%, 11/1 2,360,010
1,550,000 Allegheny County Hosp. Dev. Auth. Rev., 5.125%, 5/ 1,423,009
12,300,000 + Allegheny County Hosp. Dev. Auth. Rev., 9.25%, 11/ 12,865,062
1,000,000 Columbia County Hosp. Auth. Health Care Rev., 5.9% 861,360
755,000 Hazleton Health Services Auth. Hosp. Rev., 5.625%, 738,284
1,280,000 Langhorne Manor Borough Higher Ed. &
Health Auth. Rev., 7.35%, 7/1/22 657,459
5,000,000 Pennsylvania Econ. Dev. Financing Auth. Solid
Waste Disposal Rev., 6.0%, 6/1/31 4,396,000
500,000 Pennsylvania Higher Edl. Facilities Auth. Rev., 5. 500,935
23,802,119
Rhode Island - 1.7%
6,000,000 Central Falls Detention Facilities Rev., 7.25%, 7/ 5,167,500
South Carolina - 1.4%
3,185,000 + South Carolina Jobs Econ. Dev. Auth. Rev.,
6.375%, 8/1/34 3,692,848
665,000 + South Carolina Jobs Econ. Dev. Auth. Rev.,
6.375%, 8/1/34 775,343
4,468,191
Tennessee - 4.8%
7,000,000 + Johnson City Health & Edl. Facilities
Board Hosp. Rev., 7.5%, 7/1/33 7,924,840
2,480,000 Knox County Health, Edl. & Housing
FacilitiesBoard Hosp. Rev., 6.375%, 4/15/22 2,665,702
4,600,000 Sullivan County Health, Edl. & Housing,
Facilities Board Hosp. Rev. , 5.25%, 9/1/36 4,273,354
14,863,896
Texas - 14.5%
1,345,000 Bexar County Housing Fin. Corp., 8.0%, 12/1/36 1,016,000
1,000,000 Dallas-Fort Worth Intl. Airport Rev., 6.0%, 11/1/1 937,980
4,000,000 Decatur Hosp. Auth. Rev., 7.0%, 9/1/25 4,019,320
769,709 (b) Gulf Coast Ind. Dev. Auth. Rev., 7.0%, 12/1/36 75,047
3,750,000 Houston Airport System Special Facilities
Rev., 5.7%, 7/15/29 3,261,862
5,340,000 Lubbock Health Facilities Dev. Corp., 6.625%, 7/1/ 4,983,074
10,000,000 North Texas Tollway Auth. Rev., 5.75%, 1/1/33 10,548,400
2,810,000 (a) Northside Independent School District, RIB, 10.983 3,118,960
2,000,000 Tarrant County Cultural Ed. Facilities Fin. Corp., 1,983,760
1,000,000 Tarrant County Cultural Ed. Facilities Fin. Corp., 1,031,870
1,500,000 Tarrant County Cultural Ed. Facilities Fin. Corp., 1,556,280
7,040,000 (a) Texas State, RIB, 11.832%, 4/1/30 (144A) 8,126,483
5,130,000 Willacy County Local Government Corp. Rev., 6.875% 4,557,697
45,216,733
Utah - 0.2%
800,000 Spanish Fork City Charter School Rev., 5.55%, 11/1 687,520
Vermont - 0.5%
1,500,000 Vermont Edl. & Health Buildings Financing
Agency Rev., 6.0%, 10/1/28 1,558,035
Virginia - 0.3%
1,000,000 Peninsula Ports Auth., 6.0%, 4/1/33 1,028,010
Washington - 9.1%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & Sales,
5.75%, 12/1/27 4,922,798
7,025,000 Tobacco Settlement Auth. Rev., 6.625%, 6/1/32 6,964,163
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 9,096,180
3,795,000 Washington State Health Care Facilities Auth. Rev. 3,932,569
5,000,000 Washington State Housing Fin. Committee
Nonprofit Rev., 5.625%, 1/1/27 3,559,700
28,475,410
Wisconsin - 0.1%
2,320,000 (b)(f)Aztalan Wisconsin Exempt Facilities Rev., 7.5%, 5/ 301,600
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $383,443,093) 395,490,211
MUNICIPAL COLLATERALIZED
DEBT OBLIGATION - 2.4% of Net Assets
10,000,000 (c)(f)Non-Profit Preferred Funding Trust I,12.0%, 9/15/3 7,457,000
TOTAL MUNICIPAL COLLATERALIZED
DEBT OBLIGATION
(Cost $10,000,000) 7,457,000
Shares COMMON STOCK - 0.9% of Net Assets
249,158 (g) Delta Air Lines, Inc. 2,959,997
TOTAL COMMON STOCK
(Cost $6,612,756) 2,959,997
TAX-EXEMPT MONEY MARKET
MUTUAL FUND - 0.8% of Net Assets
2,500,000 BlackRock Liquidity Funds MuniFund Portfolio 2,500,000
TOTAL TAX-EXEMPT MONEY
MARKET MUTUAL FUND
(Cost $2,500,000) 2,500,000
TOTAL INVESTMENTS IN SECURITIES - 131.0%
(Cost $402,555,849)(h)(i) 408,407,208
OTHER ASSETS AND LIABILITIES 1.4% 4,285,240
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (32.4)% -101,004,135
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS - 100.0% 311,688,313
RIB Residual Interest Bonds
NR Security not rated by S&P or Moody's.
(144ASecurity 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, 2010 the fair
value of these securities amounted to $57,583,633, or 18.5% of
et assets applicable to common shareowners.
+ Prerefunded bonds have been collateralized by U.S. Treasury or
U.S. Government Agency securities which are held in escrow
to pay interest and principal on the tax exempt issue and to retire
the bonds in full at the earliest refunding date.
(a) The interest rate is subject to change periodically
and inversely based upon prevailing market rates. The interest
rate shown is the coupon rate at July 31, 2010.
(b) Security is in default and is non-income producing.
(c) The interest rate is subject to change periodically.
The interest rate shown is the coupon rate at July 31, 2010.
(d) Debt obligation initially issued at one coupon which
converts to a higher coupon rate at a specific date.
The rate shown is the coupon rate at July 31, 2010.
(e) Security is valued using fair value methods
(other than prices supplied by independent pricing services) .
(f) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is $12,320,000.
The aggregate fair value is $7,758,600, or 2.5% of the
total net assets applicable to common shareowners.
(g) Non-income producing.
(h) The concentration of investments by type of
obligation/market sector is as follows:
Insured:
NATL-RE 7%
AMBAC 2
MBIA 1
FSA 1
PSF 1
ACA 0
Rev. Bonds:
Health Rev. 32
Airport Rev. 14
Tobacco Rev. 12
Other Rev. 12
Ed. Rev. 4
Dev. Rev. 4
Facilities Rev. 4
Pollution Control Rev. 4
Transportation Rev. 3
Gaming Rev. 1
Housing Rev. 0
Utilities Rev.* 0
Total 100%
* Amount is less than 0.1%
(i) At July 31, 2010, the net unrealized gain on investments based on
cost for federal income tax purposes of $400,500,819 was as follows:
Aggregate gross unrealized gain for all investment
there is an excess of value over tax cost 34,821,521
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (26,915,132)
Net unrealized gain 7,906,389
For financial reporting purposes net unrealized gain on investments
was $5,581,359 'and cost of investments aggregated $402,555,849.
Purchases and sales of securities (excluding temporary cash
investments $8,920,250 and $7,749,255, respectively.
Various inputs are used in determining the value of the
Fund's investments. These inputs are summarized in the
three broad levels listed below.
Highest priority is given to Level 1 inputs and lowest
priority is given to Level 3.
Level 1 - quoted prices in active markets for identical
securities
Level 2 - other significant observable inputs (including
quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the
Fund's own assumptions in determining fair value of
investments)
The following is a summary of the inputs used as of June
30, 2010, in valuing the Fund's assets:
Level 1 Level 2 Level 3 Total
Tax Exempt Obligations $0 $395,490,211 $ 0 $395,490,211
Municipal collateralized
Debt Obligation 7,457,000 0 7,457,000
Common Stocks 2,959,997 0 0 2,959,997
Tax-exempt Money Market
Mutual Fund 2,500,000 0 0 2,500,000
Total $5,459,997 $402,947,211 0 $408,407,208
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding 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 the
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-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 CFR 270.30a-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(a) under the Act
(17 CFR 270.30a-2(a)).
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 29, 2010
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 29, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date September 29, 2010
* Print the name and title of each signing officer under his or her signature.