OMB APPROVAL
OMB Number: 3235-0578
Expires: May 31, 2007
Estimated average burden
hours per response.....
21.09
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, 2006
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 7/31/06 (unaudited)
Principal
Amount Value
TAX EXEMPT OBLIGATIONS - 128.0% of Net Assets
Alabama - 0.5%
1,500,000 Camden Alabama Industrial Development Board, 6.125%, 1 $1,624,710
Arizona - 6.5%
5,000,000 Apache County Industrial Development Authority, 5.85%, $5,002,000
5,000,000 Apache County Industrial Development Authority, 5.875% 5,002,100
7,000,000 (a)Downtown Phoenix Hotel Corp., RIB, 6.103%, 7/1/40 (144 7,357,630
3,000,000 + Maricopa County Industrial Development Authority, 7.87 3,132,690
1,000,000 Pima County Industrial Development Authority, 7.25%, 7 1,072,200
500,000 Yavapai County Industrial Development Authority, 6.0%, 531,655
$22,098,275
California - 10.8%
7,270,000 California State General Obligation, 5.25%, 2/1/28 $7,581,011
5,000,000 California Statewide Communities Development Authority 5,078,000
5,150,000 Golden State Tobacco Securitization Corp., 7.8%, 6/1/4 6,156,516
7,000,000 Golden State Tobacco Securitization Corp., 7.875%, 6/1 8,398,670
2,000,000 San Diego Unified School District, 5.0%, 7/1/25 2,085,040
2,500,000 University of California Revenue, 5.0%, 5/15/25 2,580,075
5,000,000 Valley Health System Hospital Revenue, 6.5%, 5/15/25 5,006,050
$36,885,362
Connecticut - 4.0%
2,000,000 Bridgeport Senior Living Facility Revenue, 7.25%, 4/1/ $1,506,120
2,205,000 Connecticut State Health & Educational Facilities Auth 2,222,927
4,800,000 Connecticut State Health & Educational Facilities Auth 4,782,048
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31 5,311,400
$13,822,495
Delaware - 0.3%
500,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 $509,735
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 611,628
$1,121,363
District of Columbia - 3.6%
5,000,000 District of Columbia Tobacco Settlement Financing Corp $5,688,400
6,000,000 District of Columbia Tobacco Settlement Financing Corp 6,518,400
$12,206,800
Florida - 2.8%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1/35 $2,172,100
1,650,000 Polk County Industrial Development Revenue, 5.85%, 12/ 1,680,657
5,500,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/30 5,843,695
$9,696,452
Georgia - 2.0%
4,240,000 (a)Atlanta Georgia Water & Waste Revenue, RIB, 6.193%, 11 $4,502,541
2,325,000 Brunswick & Glynn County Development Authority Revenue 2,291,241
$6,793,782
Idaho - 1.6%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/1/ $5,324,100
Illinois - 5.9%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) $1,010,200
5,000,000 Chicago Illinois O'Hare International Airport Revenue, 5,124,350
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 1,007,520
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 1,000,350
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 11 1,632,765
16,880,000(b)Metropolitan Pier & Exposition Authority Dedicated Sta10,520,798
$20,295,983
Indiana - 1.6%
1,000,000 Indiana State Development Finance Authority Revenue, 5 $1,028,800
4,300,000 Indiana State Development Finance Authority Revenue, 5 4,439,965
$5,468,765
Pioneer Municipal High Income Trust
SCHEDULE OF INVESTMENTS 7/31/06 (unaudited) (continued)
Principal
Amount Value
Massachusetts - 11.1%
5,000,000 Massachusetts Bay Transportation Authority, 5.0%, 7/1/ $5,364,250
2,335,000 Massachusetts Health & Educational Facilities Authorit 2,402,995
7,050,000 Massachusetts Health & Educational Facilities Authorit 7,306,972
3,500,000 Massachusetts Health & Educational Facilities Authorit 3,742,095
5,000,000 Massachusetts Health & Educational Facilities Authorit 5,417,900
75,000 Massachusetts State Development Finance Agency, 5.25%, 69,270
9,810,000 (a)Massachusetts State Development Finance Agency, RIB, 610,633,255
3,055,000 Massachusetts State Housing Finance Agency, 5.25%, 12/ 3,102,078
$38,038,815
Michigan - 3.6%
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 $1,523,520
2,000,000 Michigan State Hospital Finance Authority Revenue, 5.5 1,927,160
4,010,000 Michigan State Hospital Finance Authority Revenue, 6.0 4,010,802
7,720,000 (c)Wayne Charter County Michigan Special Airport Faciliti 4,800,296
$12,261,778
Minnesota - 2.3%
1,675,000 Duluth Economic Development Authority Health Care Faci $1,787,811
8,760,000 (c)Minneapolis/St. Paul Metropolitan Airports, 7.0%, 4/1/ 6,013,565
$7,801,376
Mississippi - 0.9%
3,000,000 Mississippi Business Finance Corp. Pollution Control R $3,009,210
Missouri - 1.5%
5,500,000 St. Louis Industrial Development Authority Revenue, 7. $5,166,810
Montana - 0.5%
1,600,000 Two Rivers Authority, Inc. Correctional Facility Impro $1,556,816
Nevada - 1.4%
1,000,000 Clark County Industrial Development Revenue, 5.45%, 3/ $1,047,770
1,850,000 Clark County Industrial Development Revenue, 5.5%, 10/ 1,824,784
2,000,000 Nevada State Department of Business & Industry, 7.25%, 2,037,960
$4,910,514
New Hampshire - 0.9%
3,000,000 Manchester School Facilities Revenue, 5.125%, 6/1/28 $3,118,530
New Jersey - 10.1%
2,000,000 New Jersey Economic Development Authority Revenue, 6.2 $2,045,440
13,350,000 New Jersey Economic Development Authority Revenue, 6.213,643,833
1,000,000 New Jersey Economic Development Authority Revenue, 6.4 1,026,340
6,150,000 New Jersey Economic Development Authority Revenue, 7.0 6,443,109
10,000,000 Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,216,500
$34,375,222
New Mexico - 0.4%
1,350,000 Santa Fe Educational Facilities Revenue, 5.75%, 10/1/2 $1,404,257
New York - 8.8%
2,000,000 New York City Industrial Development Agency, 5.375%, 6 $2,058,720
6,225,000 New York City Industrial Development Agency, 6.9%, 8/1 6,209,126
5,000,000 New York City Trust Cultural Resources Revenue, 5.125% 5,163,200
7,040,000 (a)New York State Dormitory Authority Revenue, RIB, 6.41% 8,275,520
2,000,000 Suffolk County Industrial Development Agency, 7.25%, 1 2,046,400
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%, 1 6,303,240
$30,056,206
North Carolina - 2.6%
4,030,000 Charlotte North Carolina Special Facilities Revenue, 5 $3,979,464
4,600,000 Charlotte North Carolina Special Facilities Revenue, 7 4,932,764
$8,912,228
Pioneer Municipal High Income Trust
SCHEDULE OF INVESTMENTS 7/31/06 (unaudited) (continued)
Principal
Amount Value
Oklahoma - 6.3%
3,000,000 + Oklahoma Development Finance Authority Revenue, 5.625% $3,178,890
8,000,000 + Oklahoma Development Finance Authority Revenue, 5.625% 8,477,040
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 4,113,653
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,227,916
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,349,217
$21,346,716
Oregon - 4.3%
1,000,000 Klamath Falls Electric Revenue, 5.75%, 1/1/13 $928,730
7,000,000 Klamath Falls Electric Revenue, 6.0%, 1/1/25 6,282,500
7,500,000 Western Generation Agency Cogeneration Project Revenue 7,525,725
$14,736,955
Pennsylvania - 5.8%
1,550,000 Allegheny County Hospital Development Authority Revenu $1,522,767
12,300,000 Allegheny County Hospital Development Authority Revenu14,534,910
1,000,000 Columbia County Hospital Authority Health Care Revenue 882,220
1,000,000 Hazleton Health Services Authority Hospital Revenue, 5 978,040
1,280,000 Langhorne Manor Borough Higher Education & Health Auth 1,280,115
500,000 Pennsylvania Higher Educational Facilities Authority R 517,490
$19,715,542
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7.25%, 7/1 $4,406,000
South Carolina - 2.9%
3,000,000 + Greenville County School District, 5.5%, 12/1/28 $3,286,860
5,185,000 + South Carolina Jobs Economic Development Authority Rev 5,937,188
665,000 South Carolina Jobs Economic Development Authority Rev 739,586
$9,963,634
Tennessee - 3.8%
7,000,000 Johnson City Health & Educational Facilities Board Hos $8,094,100
4,480,000 Knox County Health Educational & Housing Facilities Bo 4,837,638
$12,931,738
Texas - 12.2%
7,500,000 Alliance Airport Authority Special Facilities Revenue, $7,537,575
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,368,564
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0%, 990,680
5,000,000 Dallas-Fort Worth International Airport Revenue, 6.15% 5,013,350
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,319,360
1,000,000 + Georgetown Health Facilities Development Corp., 6.25%, 1,080,600
3,750,000 Houston Airport System Special Facilities Revenue, 5.7 3,610,650
5,340,000 Lubbock Health Facilities Development Corp., 6.625%, 7 5,434,625
2,450,000 (a)Northside Independent School District, RIB, 6.604%, 6/ 2,711,047
500,000 Sabine River Authority Pollution Control Revenue, 6.15 539,575
7,040,000 (a)Texas State, RIB, 6.077%, 4/1/30 (144A) 7,709,082
1,500,000 Willacy County Local Government Corp. Revenue, 6.0%, 3 1,518,825
$41,833,933
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Agenc $1,656,915
Virginia - 1.5%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 $1,062,960
4,000,000 + Pocahontas Parkway Association of Virginia Toll Road R 4,208,640
$5,271,600
Washington - 5.7%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & S $5,142,143
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/32 7,654,159
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 6,765,412
$19,561,714
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $397,630,910) $437,374,596
Pioneer Municipal High Income Trust
SCHEDULE OF INVESTMENTS 7/31/06 (unaudited) (continued)
Shares TAX-EXEMPT MONEY MARKET MUTUAL FUND - 0.3% of Net Assets
1,080,401 BlackRock Provident Institutional Municipal Fund $1,080,401
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $1,080,401) $1,080,401
TOTAL INVESTMENTS IN SECURITIES - 128.3%
(Cost $398,711,311) (d) (e) $438,454,997
OTHER ASSETS AND LIABILITIES - 1.3% $4,275,134
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (29.6)%
$(101,050,559)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $341,679,572
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, 2006 the value of these securities
amounted to
$42,199,275 or 12.4% of net assets applicable to common
shareowners.
+ Prerefunded bonds have been collateralized by U.S. Treasury
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 was the rate at July 31, 2006.
(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 period end.
(c) Security is in default and is non-income producing.
(d) At July 31, 2006, the net unrealized gain on investments based on
cost for federal income tax purposes
of $397,221,262 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost 48,144,789
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value -6,911,054
Net unrealized gain 41,233,735
For financial reporting purposes net unrealized gain on investments
was $39,743,686
and cost of investments aggregated $398,711,311
RIB Residual Interest Bonds
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.
The registrant's principal executive officer and
principal financial officer, however, voluntarily are
reporting the following information:
In August of 2006 the registrant's
investment adviser enhanced its internal
procedures for reporting performance
information required to be included in
prospectuses. Those enhancements involved
additional internal controls over the
appropriateness of performance data
generated for this purpose. Such
enhancements were made following an
internal review which identified
prospectuses relating to certain classes of
shares of a limited number of registrants
where, inadvertently, performance
information not reflecting the deduction of
applicable sales charges was included.
Those prospectuses were revised, and the
revised prospectuses were distributed to
shareholders.
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 29, 2006
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, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date September 29, 2006
* Print the name and title of each signing officer under his or her signature.