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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, 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 Advantage Trust
SCHEDULE OF INVESTMENTS 6/30/08 (unaudited)
Principal
Amount Value ($)
($)
TAX-EXEMPT OBLIGATIONS - 140.3% of Net Assets
Arizona - 4.3%
5,000,000 Casa Grande Industrial Development Authority, Hospital 5,000,500
1,000,000 Pima County Industrial Development Authority, 6.3%, 7/1 972,810
1,551,000 Pima County Industrial Development Authority, 6.75%, 7/ 1,561,841
2,640,000 Pima County Industrial Development Authority, 7.0%, 1/1 2,492,978
1,000,000 + Pima County Industrial Development Authority, 7.5%, 7/1 1,183,970
2,000,000 San Luis Facility Development Corp., 7.25%, 5/1/27 1,794,020
13,006,119
California - 11.1%
2,680,000 + Golden State Tobacco Securitization Corp., 6.75%, 6/1/3 3,036,467
8,170,000 (a)Lehman Municipal Trust Receipts, RIB, 11.121%, 6/1/37 ( 8,326,864
3,140,000 (a)Lehman Municipal Trust Receipts, RIB, 11.451%, 11/1/39 3,299,606
2,500,000 San Jose California Airport Revenue, 5.0%, 3/1/37 2,433,000
9,520,000 (a)University of California, RIB, 11.757%, 5/15/38 (144A) 9,745,814
9,015,000 Valley Health System Hospital Revenue, 6.875%, 5/15/23 6,610,699
33,452,450
Colorado - 2.3%
2,850,000 + Denver Health & Hospital Authority Healthcare Revenue, 3,105,103
3,520,000 + Northwest Parkway Public Highway Authority, 7.125%, 6/1 3,940,253
7,045,356
District of Columbia - 2.2%
2,700,000 District of Columbia Tobacco Settlement Financing Corp. 2,594,754
4,000,000 District of Columbia Tobacco Settlement Financing Corp. 4,010,360
6,605,114
Florida - 5.5%
1,000,000 Greater Orlando Aviation Authority, 6.5%, 11/15/36 706,750
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 4,408,650
1,980,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 1,923,827
6,890,000 (a)Lehman Municipal Trust Receipts, RIB, 11.619%, 7/1/37 ( 7,456,565
500,000 Miami Beach Health Facilities Authority, 5.375%, 11/15/ 434,640
1,500,000 Miami Beach Health Facilities Authority, 6.7%, 11/15/19 1,529,250
16,459,682
Georgia - 7.0%
4,000,000 (a)Atlanta Georgia Water and Wastewater Revenue, RIB, 11.9 3,977,440
1,065,000 Effingham County Industrial Development Authority, 6.5% 979,395
3,360,000 Fulton County Residential Care Facilities, 7.0%, 7/1/29 2,850,086
7,500,000 Main Street Natural Gas, Inc., Gas Project Revenue Bond 7,153,800
4,500,000 Main Street Natural Gas, Inc., Gas Project Revenue Bond 4,317,300
1,650,000 Savannah Georgia Economic Development Authority Revenue 1,694,781
20,972,802
Guam - 2.7%
3,000,000 Northern Mariana Islands, 5.0%, 6/1/30 2,459,760
4,600,000 + Northern Mariana Islands, 6.75%, 10/1/33 5,234,708
400,000 Northern Mariana Islands, 6.75%, 10/1/33 405,932
8,100,400
Idaho - 2.6%
2,000,000 Power County Industrial Development Corp., 6.45%, 8/1/3 1,992,580
5,920,000 Power County Pollution Control Revenue, 5.625% 10/1/14 5,948,179
7,940,759
Illinois - 5.9%
4,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 3,699,640
1,100,000 Illinois Finance Authority Revenue, 5.5%, 5/15/26 964,590
2,350,000 Illinois Finance Authority Revenue, 5.75%, 5/15/38 2,003,211
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 922,540
3,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 2,658,450
2,500,000 Illinois Finance Authority Revenue, 6.125%, 11/15/25 2,330,450
1,645,000 Illinois Health Facilities Authority Revenue, 5.5%, 11/ 1,489,449
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 11/ 1,288,950
2,700,000 Southwestern Illinois Development Authority Revenue, 5. 2,384,235
17,741,515
Indiana - 5.3%
10,000,000 Indiana State Development Finance Authority Revenue, 5.10,120,000
5,000,000 Jasper County Industrial Economic Development Revenue, 3,945,950
2,170,000 Vincennes Industrial Economic Development Revenue, 6.25 1,967,843
16,033,793
Kentucky - 1.5%
500,000 Kentucky Economic Development Finance Authority Hospita 496,105
4,400,000 Kentucky Economic Development Finance Authority Hospita 4,059,968
4,556,073
Louisiana - 4.0%
2,500,000 Louisiana Local Government Environmental Facilities Dev 2,490,225
750,000 Opelousas Louisiana General Hospital Authority Revenue, 760,920
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 5/15/39 8,728,552
11,979,697
Maryland - 0.5%
710,000 Maryland Health & Higher Educational Facilities Authori 602,733
1,250,000 Maryland Health & Higher Educational Facilities Authori 1,007,050
1,609,783
Massachusetts - 4.8%
2,195,000 Massachusetts Health & Educational Facilities Authority 2,048,308
1,000,000 + Massachusetts Health & Educational Facilities Authority 1,117,140
900,000 Massachusetts State Development Finance Agency, 5.25%, 807,318
2,920,000 Massachusetts State Development Finance Agency, 6.0%, 1 2,743,720
4,540,000 Massachusetts State Development Finance Agency, 7.1%, 7 4,574,005
3,335,000 (a)Massachusetts State Housing Finance Agency, RIB, 11.947 3,097,481
14,387,972
Michigan - 3.9%
1,650,000 Crescent Academy Project Full Term Certificates of Part 1,237,203
1,500,000 + Delta County Michigan Economic Development Corp., 6.25% 1,651,740
3,000,000 Macomb County Hospital Finance Authority Revenue, 5.875 2,755,140
4,130,000 Michigan State Hospital Finance Authority Revenue, 5.5% 3,784,071
1,000,000 Michigan State Strategic Fund Solid Waste Disposal Reve 1,006,570
1,470,000 Star International Academy Full Term Certificates of Pa 1,316,606
11,751,330
Missouri - 3.0%
1,850,000 Kansas City Industrial Development Authority Revenue, 5 1,625,281
1,500,000 St. Louis Industrial Development Authority Revenue, 7.2 1,374,450
6,640,000 St. Louis Industrial Development Authority Revenue, 7.2 6,096,250
9,095,981
Montana - 0.8%
2,445,000 (b)Hardin Increment Industrial Infrastructure Development 1,541,988
1,000,000 Two Rivers Authority, Inc., Project Revenue, 7.375%, 11 725,590
2,267,578
Nevada - 1.0%
2,425,000 Clark County Industrial Development Revenue, 5.5%, 10/1 2,090,617
1,600,000 Nevada State Department of Business & Industry, 7.25%, 477,984
1,000,000 Nevada State Department of Business & Industry, 7.375%, 298,660
70,000 Nevada State Department of Business & Industry, 7.375%, 20,907
2,888,168
New Hampshire - 0.6%
1,000,000 New Hampshire Health & Educational Facilities Authority 864,120
1,125,000 New Hampshire Health & Educational Facilities Authority 1,081,586
1,945,706
New Jersey - 9.4%
2,500,000 Burlington County New Jersey Bridge Commission Revenue, 2,246,575
13,000,000 New Jersey Economic Development Authority Revenue, 6.25 9,639,630
2,500,000 New Jersey Health Care Facilities Financing Authority R 2,345,025
2,495,000 (a)New Jersey State Turnpike Authority, RIB, 15.746%, 1/1/ 3,389,383
1,000,000 + Tobacco Settlement Financing Corp., 6.25%, 6/1/43 1,122,680
3,250,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 3,721,543
5,000,000 + Tobacco Settlement Financing Corp., 7.0%, 6/1/41 5,779,000
28,243,836
New York - 9.3%
3,000,000 Dutchess County Industrial Development Agency Revenue, 3,190,590
1,000,000 Nassau County New York Industrial Development Agency Re 999,730
6,980,000 New York City Industrial Development Agency, 5.25%, 12/ 4,327,460
2,000,000 New York City Industrial Development Agency, 5.375%, 6/ 1,881,560
2,000,000 New York City Industrial Development Agency, 6.9%, 8/1/ 959,980
3,950,000 New York City Industrial Development Agency, 7.625%, 12 3,397,158
2,300,000 New York City Industrial Development Agency, 7.8%, 1/1/ 2,303,059
5,000,000 New York State Environmental Facilities Corp., 5.0%, 6/ 5,058,950
4,500,000 Suffolk County New York Industrial Development Agency, 3,525,210
500,000 Ulster County New York Industrial Development Agency, 6 445,995
2,000,000 Yonkers Industrial Development Agency Civic Facilities 1,986,520
28,076,212
North Carolina - 4.7%
11,350,000 Charlotte North Carolina Special Facilities Revenue, 5. 7,867,025
7,140,000 Charlotte North Carolina Special Facilities Revenue, 7. 6,324,255
14,191,280
Ohio - 2.2%
3,800,000 Belmont County Health System Revenue, 5.7%, 1/1/13 3,745,318
1,000,000 Belmont County Health System Revenue, 5.8%, 1/1/18 922,940
3,000,000 Cleveland Airport Special Revenue, 5.375%, 9/15/27 1,993,800
6,662,058
Oklahoma - 1.7%
1,875,000 Jackson County Memorial Hospital Authority Revenue, 7.3 1,883,663
2,220,000 Tulsa Municipal Airport Transportation Revenue, 6.25%, 1,765,233
1,500,000 Tulsa Municipal Airport Transportation Revenue, 7.35%, 1,432,560
5,081,456
Pennsylvania - 9.2%
3,000,000 + Allegheny County Hospital Development Authority Revenue 3,486,240
500,000 + Allegheny County Hospital Development Authority Revenue 581,040
1,000,000 Clarion County Hospital Authority Revenue, 5.625%, 7/1/ 1,001,800
3,600,000 Columbia County Hospital Authority Revenue, 5.85%, 6/1/ 3,099,096
3,110,000 (c)Delaware County Industrial Development Authority Revenu 2,379,865
1,050,000 Hazleton Health Services Authority Hospital Revenue, 6. 1,045,737
2,415,000 Montgomery County Higher Education & Health Authority H 2,419,733
1,430,000 Pennsylvania Economic Development Financing Authority R 1,299,799
1,805,000 Pennsylvania Economic Development Financing Authority R 1,782,311
2,330,000 Pennsylvania Economic Development Financing Authority R 2,288,643
5,000,000 Philadelphia Hospitals & Higher Education Facilities Au 4,207,450
2,005,000 Scranton-Lackawanna Health & Welfare Authority Revenue, 1,999,587
2,245,000 Scranton-Lackawanna Health & Welfare Authority Revenue, 2,237,143
27,828,444
Rhode Island - 4.1%
4,485,000 Central Falls Rhode Island Detention Facilities Revenue 4,543,754
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/42 7,819,052
12,362,806
South Carolina - 6.6%
1,500,000 Connector 2000 Association, Inc., Toll Road Revenue, 5. 964,155
1,600,000 Loris Community Hospital District, 5.625%, 1/1/29 1,574,208
7,140,000 + South Carolina Jobs Economic Development Authority Reve 8,069,771
860,000 + South Carolina Jobs Economic Development Authority Reve 969,426
3,000,000 + South Carolina Jobs Economic Development Authority Reve 3,393,720
4,400,000 (d)Tobacco Settlement Revenue Management, 6.375%, 5/15/30 4,970,196
19,941,476
Tennessee - 2.8%
1,000,000 + Johnson City Health & Educational Facilities Board Hosp 1,173,890
7,000,000 Knox County Health Educational & Housing Facilities Boa 7,201,670
8,375,560
Texas - 14.6%
8,650,000 Brazos River Authority Pollution Control Revenue, 6.75% 7,138,672
4,000,000 Brazos River Authority Pollution Control Revenue, 7.7%, 3,760,200
7,350,000 Gulf Coast Industrial Development Authority, 7.0%, 12/1 6,482,773
10,000,000 Houston Texas Airport System Special Facilities Revenue 7,893,500
1,000,000 IAH Public Facility Corp., Project Revenue Bonds, Serie 940,920
1,000,000 IAH Public Facility Corp., Project Revenue Bonds, Serie 909,010
1,350,000 IAH Public Facility Corp., Project Revenue Bonds, Serie 1,202,877
845,000 Lubbock Health Facilities Development Corp., 6.5%, 7/1/ 814,665
2,000,000 Lubbock Health Facilities Development Corp., 6.625%, 7/ 1,931,020
7,750,000 Matagorda County Navigation District Number 1 Revenue, 6,985,075
5,000,000 Tomball Hospital Authority, 6.0%, 7/1/25 5,021,750
810,000 (d)Willacy County Local Government Corp., 6.0%, 3/1/09 830,039
43,910,501
Utah - 0.5%
1,600,000 Spanish Fork Charter School Revenue, 5.7%, 11/15/36 (14 1,369,920
Washington - 4.7%
5,500,000 Port Seattle Washington Special Facilities Revenue, 7.2 4,587,055
1,290,000 Tobacco Settlement Authority Revenue, 6.5%, 6/1/26 1,304,474
2,000,000 Washington State Health Care Facilities Authority, 6.12 1,899,840
2,000,000 Washington State Health Care Facilities Authority, 6.25 1,922,580
5,000,000 Washington State Housing Finance Commission Nonprofit R 4,490,900
14,204,849
Wisconsin - 1.5%
3,000,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.50%, 5/1 2,532,660
1,000,000 Wisconsin State Health & Educational Facilities Authori 964,680
1,000,000 Wisconsin State Health & Educational Facilities Authori 927,740
4,425,080
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $430,929,675) 422,513,756
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 4.1% of Net Assets
13,000,000(e)Non-Profit Preferred Funding Trust I, Series E, 12.0%, 12,420,850
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) 12,420,850
Shares COMMON STOCK - 0.2% of Net Assets
83,773 (f)Northwest Airlines Corp. 557,928
TOTAL COMMON STOCK
(Cost $3,210,349) 557,928
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 2.7% of Net Assets
8,000,000 BlackRock Liquidity Funds MuniFund Portfolio 8,000,000
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $8,000,000) 8,000,000
TOTAL INVESTMENTS IN SECURITIES - 147.3%
(Cost $455,140,024) (g)(h) 443,492,534
OTHER ASSETS AND LIABILITIES - 2.5% 7,579,975
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (49.8)% (150,006,099)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% 301,066,410
(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, 2008, the value of these securities
amounted to $59,381,654, or 19.7% 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 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 rate shown is the coupon rate
at June 30, 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 June 30, 2008.
(c) Security is in default and is non-income producing.
(d) Escrow to maturity.
(e) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is $13,000,000.
The aggregate value is
$12,420,850, or 4.1% of the net assets.
(f) Non-income producing.
(g) The concentration of investments by type of obligation/market
sector is as follows:
Insured
FSA 5.7%
ACA 1.4
AMBAC 0.6
General Obligation 5.5
Revenue Bonds:
Health Revenue 27.2
Development Revenue 11.1
Tobacco Revenue 9.7
Airport Revenue 8.7
Facilities Revenue 7.0
Pollution Control Revenue 6.1
Other Revenue 5.6
Transportation Revenue 4.4
Utilities Revenue 2.6
Housing Revenue 1.7
Education Revenue 1.3
Water Revenue 1.1
Power Revenue 0.3
100.0%
(h) At June 30, 2008, the net unrealized loss on investments
based on cost for federal income tax purposes
of $451,177,623 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $19,478,863
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (27,163,952)
Net unrealized gain $(7,685,089)
For financial reporting purposes net unrealized loss on investments
was $11,647,490
and cost of investments aggregated $455,140,024.
FAS 157 Footnote Disclosures
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, 2008, in valuing the Fund's assets:
Investments Other Financial
Valuation Inputs in Securities Instruments
Level 1 - Quoted Prices 557,928 0
Level 2 - Other Significant Observable Inputs 442,934,606 (329,607)
Level 3 - Significant Unobservable Inputs 0 0
Total 443,492,534 (329,607)
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 Advantage Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 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 August 29, 2008
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 29, 2008
* Print the name and title of each signing officer under his or her signature.