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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, 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 7/31/08 (unaudited)
Principal
Amount ($) Value ($)
TAX EXEMPT OBLIGATIONS - 129.0% of Net Assets
Alabama - 1.3%
1,500,000 Camden Alabama Industrial Development Board, 6.125%, 1,462,860
1,000,000 Huntsville-Redstone Village Special Care Facilities F 847,610
2,000,000 Huntsville-Redstone Village Special Care Facilities F 1,583,660
3,894,130
Arizona - 2.1%
5,000,000 Apache County Industrial Development Authority, 5.85% 4,775,550
980,000 Pima County Industrial Development Authority, 7.25%, 1,004,304
500,000 Yavapai County Industrial Development Authority, 6.0% 496,800
6,276,654
California - 5.9%
5,150,000 + Golden State Tobacco Securitization Corp., 7.8%, 6/1/ 6,110,114
7,000,000 + Golden State Tobacco Securitization Corp., 7.875%, 6/ 8,327,130
2,500,000 University of California Revenue, 5.0%, 5/15/25 2,530,575
655,000 Valley Health System Hospital Revenue, 6.5%, 5/15/25 480,639
17,448,458
Connecticut - 5.1%
10,335,00(a) Lehman Municipal Trust Receipts, RIB, 8.573%, 7/1/42 10,636,369
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31 4,531,500
15,167,869
Delaware - 0.4%
765,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 691,682
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 524,928
1,216,610
District of Columbia - 3.6%
5,000,000 District of Columbia Tobacco Settlement Financing Cor 4,714,350
6,000,000 District of Columbia Tobacco Settlement Financing Cor 5,937,180
10,651,530
Florida - 6.4%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1/35 1,888,320
7,000,000(a) Lehman Municipal Trust Receipts, RIB, 8.16%, 11/1/39 7,190,470
2,500,000 Liberty County Subordinate Revenue, 8.25%, 7/1/28 2,461,375
1,000,000 St. Johns County Industrial Development Authority Rev 839,080
2,000,000 St. Johns County Industrial Development Authority Rev 1,550,880
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/3 5,033,250
18,963,375
Georgia - 6.6%
4,240,000(a) Atlanta Georgia Water & Waste Revenue, RIB, 8.049%, 1 3,967,877
2,400,000 Fulton County Residential Care Facilities Revenue, 5. 1,957,080
2,600,000 Fulton County Residential Care Facilities Revenue, 5. 1,980,342
7,500,000 Main Street Natural Gas Project Revenue, 6.25%, 7/15/ 6,775,350
4,500,000 Main Street Natural Gas Project Revenue, 6.375%, 7/15 4,102,290
1,000,000 Rockdale County Development Authority Revenue, 6.125% 954,780
19,737,719
Guam - 1.5%
5,000,000 Northern Mariana Islands, 5.0%, 10/1/22 4,370,800
Idaho - 1.6%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/1 4,904,400
Illinois - 5.6%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 913,550
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 910,630
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 871,350
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 1 1,137,150
16,880,00(b) Metropolitan Pier & Exposition Authority Dedicated St 11,387,923
1,800,000 Southwestern Illinois Development Authority Revenue, 1,584,828
16,805,431
Indiana - 3.3%
5,000,000 Indiana Health & Educational Facility Financing Autho 4,437,050
1,000,000 Indiana State Development Finance Authority Revenue, 939,340
4,300,000 Indiana State Development Finance Authority Revenue, 4,332,981
9,709,371
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental Facilities R 1,456,140
5,000,000 Louisiana Public Facilities Authority Revenue, 5.5%, 4,665,250
6,121,390
Massachusetts - 6.1%
7,050,000 Massachusetts Health & Educational Facilities Authori 7,152,295
3,500,000 Massachusetts Health & Educational Facilities Authori 3,520,300
2,500,000 Massachusetts Health & Education Facilities Authority 2,362,625
5,000,000 Massachusetts Health & Educational Facilities Authori 4,990,350
18,025,570
Michigan - 3.2%
950,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 639,084
1,700,000 Flint Michigan Hospital Building Authority Revenue, 5 1,586,457
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,445,085
2,000,000 Michigan State Hospital Finance Authority Revenue, 5. 1,806,260
4,010,000 Michigan State Hospital Finance Authority Revenue, 6. 4,010,000
9,486,886
Minnesota - 2.3%
1,675,000 Duluth Economic Development Authority Health Care Fac 1,739,069
1,500,000 North Oaks Senior Housing Revenue, 6.0%, 10/1/33 1,384,905
2,000,000 North Oaks Senior Housing Revenue, 6.125%, 10/1/39 1,856,760
2,000,000 North Oaks Senior Housing Revenue, 6.5%, 10/1/47 1,955,400
6,936,134
Mississippi - 1.0%
3,000,000 Mississippi Business Finance Corp. Pollution Control 2,885,040
Montana - 0.4%
1,600,000 Two Rivers Authority, Inc. Correctional Facility Impr 1,146,592
Nebraska - 0.7%
2,000,000 Grand Island Solid Waste Disposal Facilities Revenue, 1,988,800
Nevada - 1.5%
4,600,000 Clark County Industrial Development Revenue, 5.5%, 10 3,915,198
2,000,000 Nevada State Department of Business & Industry, 7.25% 575,760
4,490,958
New Jersey - 9.5%
2,000,000 New Jersey Economic Development Authority Revenue, 6. 1,575,460
13,350,000 New Jersey Economic Development Authority Revenue, 6. 9,564,340
1,000,000 New Jersey Economic Development Authority Revenue, 6. 763,580
6,150,000 New Jersey Economic Development Authority Revenue, 7. 4,804,749
10,000,00 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,619,800
28,327,929
New Mexico - 1.4%
1,500,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/23 1,389,540
2,960,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/28 2,628,776
4,018,316
New York - 9.5%
2,500,000 Albany New York Industrial Development Agency Civic F 2,380,400
2,000,000 Nassau County New York Industrial Development Agency 1,972,860
2,000,000 New York City Industrial Development Agency, 5.375%, 1,837,640
12,990,000 New York City Industrial Development Agency, 6.9%, 8/ 5,849,657
7,040,000(a) New York State Dormitory Authority Revenue, RIB, 9.97 7,920,986
2,000,000 Suffolk County Industrial Development Agency, 7.25%, 2,035,660
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%, 6,115,920
28,113,123
North Carolina - 2.2%
4,030,000 Charlotte North Carolina Special Facilities Revenue, 2,697,642
4,600,000 Charlotte North Carolina Special Facilities Revenue, 3,952,596
6,650,238
Oklahoma - 7.0%
3,000,000 + Oklahoma Development Finance Authority Revenue, 5.625 3,139,260
8,000,000 + Oklahoma Development Finance Authority Revenue, 5.625 8,371,360
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 4,051,005
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 965,276
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,119,059
20,645,960
Pennsylvania - 7.3%
3,000,000 Allegheny County Hospital Development Authority Reven 2,382,180
1,550,000 Allegheny County Hospital Development Authority Reven 1,459,278
12,300,00 + Allegheny County Hospital Development Authority Reven 14,361,357
1,000,000 Columbia County Hospital Authority Health Care Revenu 832,560
925,000 Hazleton Health Services Authority Hospital Revenue, 870,221
1,280,000 Langhorne Manor Borough Higher Education & Health Aut 1,233,587
500,000 Pennsylvania Higher Educational Facilities Authority 477,795
21,616,978
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7.25%, 7/ 4,009,600
South Carolina - 2.3%
5,185,000 + South Carolina Jobs Economic Development Authority Re 5,926,196
665,000 + South Carolina Jobs Economic Development Authority Re 757,428
6,683,624
Tennessee - 3.7%
7,000,000 + Johnson City Health & Educational Facilities Board Ho 8,296,400
2,480,000 Knox County Health Educational & Housing Facilities B 2,579,051
10,875,451
Texas - 14.6%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,335,814
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0% 510,460
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,023,200
1,000,000 + Georgetown Health Facilities Development Corp., 6.25% 1,057,990
2,000,000 Gulf Coast Industrial Development Authority Revenue, 1,746,240
3,750,000 Houston Airport System Special Facilities Revenue, 5. 2,459,400
5,340,000 Lubbock Health Facilities Development Corp., 6.625%, 5,087,258
10,000,000 North Texas Tollway Authority Revenue, 5.75%, 1/1/33 9,718,500
2,450,000(a) Northside Independent School District, RIB, 9.169%, 6 2,491,944
500,000 Sabine River Authority Pollution Control Revenue, 6.1 402,770
7,040,000(a) Texas State, RIB, 9.134%, 4/1/30 (144A) 7,305,830
735,000 (c) Willacy County Local Government Corp. Revenue, 6.0%, 751,420
1,500,000 Willacy County Local Government Corp. Revenue, 6.0%, 1,484,160
5,250,000 Willacy County Local Government Corp. Revenue, 6.875% 4,948,493
43,323,479
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11/1 703,128
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Agen 1,549,740
Virginia - 0.3%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 938,850
Washington - 7.9%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & 5,023,121
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/32 6,871,995
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 7,065,455
5,000,000 Washington State Housing Finance Committee Nonprofit 4,529,850
23,490,421
Wisconsin - 0.7%
2,400,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 5/ 2,005,752
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $385,918,633) 383,180,306
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 3.3% of Net Assets
10,000,00(d)(Non-Profit Preferred Funding Trust I,12.0%, 9/15/37 ( 9,654,600
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) 9,654,600
Shares COMMON STOCK - 0.6% of Net Assets
194,770 (f) Northwest Airlines Corp. 1,784,093
TOTAL COMMON STOCK
(Cost $6,612,756) 1,784,093
TOTAL INVESTMENTS IN SECURITIES - 132.9%
(Cost $402,531,389) (g)(h) 394,618,999
OTHER ASSETS AND LIABILITIES - 1.1% 3,407,266
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (34.0)% (101,014,388)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% 297,011,877
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, 2008 the value
of these securities amounted to
$50,784,754 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 coupon rate at July 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 coupon rate at July 31, 2008.
(c) Escrow to maturity.
(d) The interest rate is subject to change periodically. The
interest rate shown is the coupon rate at July 31, 2008.
(e) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is
$10,000,000. The aggregate value $9,654,600
represents 3.3% of the net assets.
(f) Non-income producing.
(g) The concentration of investments by type of obligation/
market sector is as follows:
Insured:
MBIA
5.7%
FGIC 1.8
FSA 1.0
ACA 0.9
AMBAC 0.7
General Obligation 7.3
Revenue Bonds:
Health Revenue 27.0
Tobacco Revenue 11.1
Airport Revenue 10.3
Other Revenue 6.1
Development Revenue 5.2
Facilities Revenue 4.7
Education Revenue 4.5
Pollution Control Revenue 3.5
Utilities Revenue 2.8
Housing Revenue 2.8
Transportation Revenue 2.6
Gaming Revenue 1.2
School District Revenue 0.6
Power Revenue 0.2
100.0%
(h) At July 31, 2008, the net unrealized loss on investments
based on cost for federal income tax purposes
of $400,665,447 was as follows:
Aggregate gross unrealized gain for all investments i $
2
there is an excess of value over tax cost
Aggregate gross unrealized loss for all investments i
(2
there is an excess of tax cost over value $
(
Net unrealized loss
For financial reporting purposes net unrealized loss
on investments was $(7,912,390)
and cost of investments aggregated $402,531,389
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 29, 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 September 29, 2008
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date September 29, 2008
* Print the name and title of each signing officer under his or her signature.