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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 811-21409
Pioneer Municipal High Income Advantage 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: March 31
Date of reporting period: June 30, 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 Advantage Trust
SCHEDULE OF INVESTMENTS 6/30/06 (unaudited)
Principal
Amount ($) Value
TAX-EXEMPT OBLIGATIONS - 141.7% of Net Assets
Alaska - 1.2%
3,875,000(aAlaska State Housing Finance Corp., RIB, 10.069%, $ 4,370,884
Arizona - 5.6%
5,000,000 Casa Grande Industrial Development Authority, Hos $ 5,489,750
3,130,000 Coconino County Arizona Pollution Control Corp. R
3,074,411
1,615,000 Coconino County Arizona Pollution Control Corp. R 1,638,660
3,140,000(aDowntown Phoenix Hotel Corp., RIB, 6.806%, 7/1/40 3,169,202
1,000,000 Pima County Industrial Development Authority, 6.3 1,023,820
1,570,000 Pima County Industrial Development Authority, 6.7 1,628,467
1,000,000 +Pima County Industrial Development Authority, 7.5
1,196,770
2,000,000 San Luis Facility Development Corp., 7.25%, 5/1/2 2,004,620
$ 19,225,700
California - 6.6%
2,680,000 Golden State Tobacco Securitization Corp., 6.75%, $ 2,999,536
9,520,000(aUniversity of California, RIB, 6.972%, 5/15/38 (1 10,045,694
9,455,000 Valley Health System Hospital Revenue, 6.875%, 5 9,466,724
$ 22,511,954
Colorado - 1.8%
2,850,000 Denver Health & Hospital Authority Healthcare Rev $ 2,973,946
3,650,000 Northwest Parkway Public Highway Authority, 7.125
3,378,951
$ 6,352,897
Connecticut - 0.7%
3,000,000 Bridgeport Connecticut Senior Living Facilities R $ 2,516,790
District of Columbia - 2.1%
2,700,000 District of Columbia Tobacco Settlement Financing $ 3,035,340
4,000,000 District of Columbia Tobacco Settlement Financing 4,339,720
$ 7,375,060
Florida - 5.8%
1,000,000 Greater Orlando Aviation Authority, 6.5%, 11/15/3 $ 1,039,670
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 4,603,185
2,000,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 2,025,740
500,000 Miami Beach Health Facilities Authority, 5.375%, 493,245
1,500,000 Miami Beach Health Facilities Authority, 6.7%, 11 1,633,905
10,000,000 Miami-Dade County Aviation Revenue, 5.0%, 10/1/37 10,101,000
$ 19,896,745
Georgia - 2.7%
4,000,000(aAtlanta Georgia Water and Wastewater Revenue, RIB $ 4,088,040
2,500,000 Brunswick & Glynn County Development Authority Re 2,449,525
1,065,000 Effingham County Industrial Development Authority
1,117,473
1,650,000 Savannah Georgia Economic Development Authority R 1,712,964
$ 9,368,002
Guam - 1.6%
5,000,000 Northern Mariana Islands, 6.75%, 10/1/33 $ 5,531,750
Idaho - 2.4%
2,000,000 Power County Industrial Development Corp., 6.45%, $ 2,126,880
5,920,000 Power County Pollution Control Revenue, 5.625% 10 6,032,835
$ 8,159,715
Illinois - 4.3%
4,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144 $ 4,013,400
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/2
1,002,210
3,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/3 2,972,400
1,645,000 Illinois Health Facilities Authority Revenue, 5.5
1,515,094
1,400,000 Illinois Health Facilities Authority Revenue, 6.7 1,399,944
2,400,000 Illinois Health Facilities Authority Revenue, 6.7 2,370,480
1,500,000 Illinois Health Facilities Authority Revenue, 6.9 1,627,290
$ 14,900,818
Indiana - 5.5%
1,200,000 Indiana State Development Finance Authority Pollu $ 1,226,652
10,000,000 Indiana State Development Finance Authority Reven 10,297,700
5,000,000 Jasper County Industrial Economic Development Rev 4,923,700
2,315,000 Vincennes Industrial Economic Development Revenue 2,301,365
$ 18,749,417
Kentucky - 1.4%
500,000 Kentucky Economic Development Finance Authority H $ 506,240
4,400,000 Kentucky Economic Development Finance Authority H 4,431,152
$ 4,937,392
Louisiana - 3.1%
750,000 Opelousas Louisiana General Hospital Authority Re $ 750,555
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 5/15/ 9,847,808
$ 10,598,363
Maryland - 0.4%
1,500,000 Maryland Health & Higher Educational Facilities A $ 1,509,210
Massachusetts - 7.6%
1,000,000 Lynn Massachusetts Water & Sewer Commission Gener $ 1,014,820
5,000,000 Massachusetts Bay Transportation Authority Revenu 5,219,250
2,195,000 Massachusetts Health & Educational Facilities Aut 2,127,460
1,000,000 Massachusetts Health & Educational Facilities Aut 1,042,410
3,520,000(aMassachusetts State College Building Authority Pr 3,656,330
1,740,000 Massachusetts State Development Finance Agency, 5 1,599,391
2,920,000 Massachusetts State Development Finance Agency, 6 2,947,390
4,710,000 Massachusetts State Development Finance Agency, 7 4,874,238
3,475,000(aMassachusetts State Housing Finance Agency, RIB, 3,475,730
$ 25,957,019
Michigan - 4.4%
3,000,000 +Delta County Michigan Economic Development Corp., $ 3,340,410
3,000,000 Macomb County Hospital Finance Authority Revenue, 3,152,520
4,130,000 Michigan State Hospital Finance Authority Revenue 3,948,858
1,000,000 Michigan State Strategic Fund Solid Waste Disposa 1,026,450
3,000,000(bWayne Charter County Michigan Special Airport Fac 1,653,330
3,405,000(bWayne Charter County Michigan Special Airport Fac 1,895,325
$ 15,016,893
Minnesota - 1.0%
4,800,000(bMinneapolis/St. Paul Metropolitan Airports, 7.0%, $ 3,368,256
Missouri - 1.0%
1,500,000 St. Louis Industrial Development Authority Revenu $ 1,445,280
2,000,000 St. Louis Industrial Development Authority Revenu 1,927,340
$ 3,372,620
Montana - 0.3%
1,000,000 Two Rivers Authority, Inc., Project Revenue, 7.37 $ 965,860
Nevada - 2.4%
2,425,000 Clark County Industrial Development Revenue, 5.5% $ 2,366,727
2,500,000 Clark County Industrial Development Revenue, 5.9% 2,500,350
1,600,000 Nevada State Department of Business & Industry, 7 1,659,104
1,000,000 Nevada State Department of Business & Industry, 7 1,040,640
500,000 Nevada State Department of Business & Industry, 7 518,265
$ 8,085,086
New Hampshire - 1.5%
1,000,000 New Hampshire Health & Educational Facilities Aut $ 1,020,510
1,125,000 New Hampshire Health & Educational Facilities Aut 1,143,067
3,000,000 +New Hampshire Higher Educational & Health Facilit 3,145,020
$ 5,308,597
New Jersey - 9.0%
13,000,000 New Jersey Economic Development Authority Revenue $ 13,298,220
2,500,000 New Jersey Health Care Facilities Financing Autho 2,537,850
1,420,000 New Jersey Health Care Facilities Financing Autho 1,421,789
2,495,000(aNew Jersey State Turnpike Authority, RIB, 8.581%, 3,385,840
1,000,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/43 1,078,370
3,250,000 Tobacco Settlement Financing Corp., 6.75%, 6/1/39 3,627,325
5,000,000 Tobacco Settlement Financing Corp., 7.0%, 6/1/41 5,669,200
$ 31,018,594
New York - 11.0%
3,000,000 Dutchess County Industrial Development Agency Rev $ 3,244,650
5,000,000 Nassau County New York Industrial Development Age 5,063,400
6,980,000 New York City Industrial Development Agency, 5.25 6,570,623
2,000,000 New York City Industrial Development Agency, 5.37 2,044,620
2,000,000 New York City Industrial Development Agency, 6.9% 2,000,640
3,950,000 New York City Industrial Development Agency, 7.62 4,438,971
2,700,000 New York City Industrial Development Agency, 7.8% 2,764,422
5,000,000 New York State Environmental Facilities Corp., 5. 5,091,000
4,500,000 Suffolk County New York Industrial Development Ag 4,458,420
2,000,000 Yonkers Industrial Development Agency Civic Facil 1,981,880
$ 37,658,626
North Carolina - 5.5%
11,350,000 Charlotte North Carolina Special Facilities Reven $ 11,137,074
7,140,000 Charlotte North Carolina Special Facilities Reven 7,642,585
$ 18,779,659
Ohio - 2.7%
3,900,000 Belmont County Health System Revenue, 5.7%, 1/1/1 $ 3,786,783
1,000,000 Belmont County Health System Revenue, 5.8%, 1/1/1 950,890
5,000,000 Cleveland Airport Special Revenue, 5.375%, 9/15/2 4,576,950
$ 9,314,623
Oklahoma - 1.1%
2,345,000 Jackson County Memorial Hospital Authority Revenu $ 2,357,171
1,500,000 Tulsa Municipal Airport Transportation Revenue, 7 1,499,745
$ 3,856,916
Oregon - 4.2%
5,900,000 Klamath Falls Electric Revenue, 5.75%, 1/1/13 (14 $ 5,252,062
8,000,000 Klamath Falls Electric Revenue, 6.0%, 1/1/25 (144 6,510,080
2,500,000 Western Generation Agency Cogeneration Project Re 2,508,425
$ 14,270,567
Pennsylvania - 6.7%
3,000,000 Allegheny County Hospital Development Authority R $ 3,551,070
500,000 Allegheny County Hospital Development Authority R 590,805
1,000,000 Clarion County Hospital Authority Revenue, 5.625% 1,004,240
3,735,000 Columbia County Hospital Authority Revenue, 5.85% 3,341,966
1,250,000 Hazleton Health Services Authority Hospital Reven 1,229,400
3,360,000 Montgomery County Higher Education & Health Autho 3,429,888
1,430,000 Pennsylvania Economic Development Financing Autho 1,370,240
1,805,000 Pennsylvania Economic Development Financing Autho 1,799,874
2,330,000 Pennsylvania Economic Development Financing Autho 2,323,919
2,005,000 Scranton-Lackawanna Health & Welfare Authority Re 1,993,090
2,245,000 Scranton-Lackawanna Health & Welfare Authority Re 2,231,687
$ 22,866,179
Rhode Island - 4.0%
4,485,000 Central Falls Rhode Island Detention Facilities R $ 4,919,372
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/42 8,680,029
$ 13,599,401
South Carolina - 5.8%
1,500,000 Connector 2000 Association, Inc., Toll Road Reven $ 1,310,970
1,600,000 Loris Community Hospital District, 5.625%, 1/1/29 1,623,776
7,140,000 +South Carolina Jobs Economic Development Authorit 8,090,905
860,000 South Carolina Jobs Economic Development Authorit 949,191
3,000,000 South Carolina Jobs Economic Development Authorit 3,262,620
4,400,000 Tobacco Settlement Revenue Management, 6.375%, 5/ 4,845,676
$ 20,083,138
Tennessee - 2.5%
1,000,000 Johnson City Health & Educational Facilities Boar $ 1,148,320
7,000,000 Knox County Health Educational & Housing Faciliti 7,363,230
$
8,511,550
Texas - 18.2%
11,300,000 Alliance Airport Authority Special Facilities Rev $ 11,297,966
8,650,000 Brazos River Authority Pollution Control Revenue, 9,664,039
13,885,000 Dallas-Fort Worth International Airport Revenue, 13,477,614
10,000,000 Houston Texas Airport System Revenue, 6.75%, 7/1/ 10,629,100
845,000 Lubbock Health Facilities Development Corp., 6.5% 856,255
2,000,000 Lubbock Health Facilities Development Corp., 6.62 2,024,760
7,750,000 Matagorda County Navigation District Number 1 Rev 7,966,147
1,885,000 Panhandle Texas Regional Housing Finance, 8.125%, 1,593,428
5,000,000 Tomball Hospital Authority, 6.0%, 7/1/25 5,143,600
$ 62,652,909
Virginia - 0.5%
1,555,000 +Pocahontas Parkway Association of Virginia Toll R $ 1,623,871
Washington - 6.5%
10,000,000 Port Seattle Washington Special Facilities Revenu $ 10,058,900
5,500,000(bPort Seattle Washington Special Facilities Revenu 3,469,785
1,390,000 Tobacco Settlement Authority Revenue, 6.5%, 6/1/2 1,510,624
6,960,000(aWashington State Economic Development Finance Aut
7,129,198
$ 22,168,507
Wisconsin - 0.6%
1,000,000 Wisconsin State Health & Educational Facilities A $ 1,015,590
1,000,000 Wisconsin State Health & Educational Facilities A 1,009,840
$ 2,025,430
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $450,612,780) $ 486,508,998
Shares TAX-EXEMPT MONEY MARKET MUTUAL
FUND - 0.0% of Net Assets
838 BlackRock Provident Institutional Municipal Fund $ 838
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $838) $ 838
TOTAL INVESTMENTS IN SECURITIES - 141.7%
(Cost $450,613,618) (c)(d) $ 486,509,836
OTHER ASSETS AND LIABILITIES - 2.0% $ 6,979,473
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING
DIVIDENDS PAYABLE - (43.7)% $ (150,069,964)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100 $ 343,419,345
(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 June 30, 2006,
the value of these securities amounted to $59,068,020,
or 17.2% of total net assets applicable to common shareowners.
RIB Residual Interest Bonds.
NR Security not rated by S&P or Moody's.
+ 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 June 30, 2006.
(b) Security is in default and is non-income producing.
(c) The concentration of investments by type of obligation/market
sector is as follows:
Insured 12.4%
General Obligation 1.1
Revenue Bonds:
Health Revenue 24.8
Airport Revenue 16.5
Development Revenue 9.0
Tobacco Revenue 9.4
Pollution Control Revenue 7.0
Transportation Revenue 6.8
Facilities Revenue 5.7
Power Revenue 2.9
Education Revenue 1.2
Water Revenue 1.1
Housing Revenue 1.1
Utilities Revenue 0.8
Other 0.2
100.0%
(d) At June 30, 2006, the net unrealized gain on investments
based on cost for federal income tax purposes of
$447,959,186 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost 50,307,358
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (11,756,708)
Net unrealized gain 38,550,650
For financial reporting purposes net unrealized gain on investments
was $35,896,218 and cost of investments aggregated $450,613,618.
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 Advantage Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 30, 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 August 30, 2006
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date August 30, 2006
* Print the name and title of each signing officer under his or her signature.