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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, 2009
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 6/30/09 (unaudited)
Principal
Amount ($) Value ($)
TAX-EXEMPT OBLIGATIONS - 155.7%
Arizona - 3.5%
5,000,000 Casa Grande Industrial Development Authority, Hospital 4,068,650
1,531,000 Pima County Industrial Development Authority, 6.75%, 7/ 1,138,084
2,640,000 Pima County Industrial Development Authority, 7.0%, 1/1 2,002,730
1,000,000 San Luis Facility Development Corp., 7.25%, 5/1/27 861,600
8,071,064
California - 15.2%
3,140,000 (a) California State University Revenue, RIB, 11.991%, 11/1 2,879,129
2,425,000 California State Various Purpose, 5.75%, 4/1/31 2,337,385
8,575,000 (a) California State Various Purpose, RIB, 11.861%, 6/1/37 5,947,877
6,000,000 California Statewide Communities Development Authority, 4,800,000
2,680,000 + Golden State Tobacco Securitization Corp., 6.75%, 6/1/3 3,119,011
2,500,000 San Jose California Airport Revenue, 5.0%, 3/1/37 2,185,550
10,500,000(a) University of California, RIB, 12.877%, 5/15/38 9,435,300
7,670,000 Valley Health System Hospital Revenue, 6.875%, 5/15/23 4,424,823
35,129,075
Colorado - 1.4%
2,850,000 + Denver Health & Hospital Authority Healthcare Revenue, 3,149,478
Connecticut - 2.9%
7,750,000 Connecticut State Development Authority Revenue, 5.75%, 6,758,543
District of Columbia - 3.5%
2,700,000 District of Columbia Tobacco Settlement Financing Corp. 2,273,751
6,825,000 District of Columbia Tobacco Settlement Financing Corp. 5,794,698
8,068,449
Florida - 3.6%
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 4,281,885
1,980,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 1,529,887
500,000 Miami Beach Health Facilities Authority, 5.375%, 11/15/ 309,540
2,500,000 Miami-Dade County Florida Aviation Revenue, 5.5%, 10/1/ 2,356,250
8,477,562
Georgia - 4.0%
5,210,000 (a) Atlanta Georgia Water and Wastewater Revenue, RIB, 11.2 4,507,953
1,065,000 Effingham County Industrial Development Authority, 6.5% 838,102
3,360,000 Fulton County Residential Care Facilities, 7.0%, 7/1/29 2,336,342
1,650,000 Savannah Georgia Economic Development Authority Revenue 1,506,648
9,189,045
Guam - 2.3%
4,600,000 + Northern Mariana Islands, 6.75%, 10/1/33 5,383,334
Idaho - 2.0%
2,000,000 Power County Industrial Development Corp., 6.45%, 8/1/3 1,743,480
3,000,000 Power County Pollution Control Revenue, 5.625% 10/1/14 2,885,700
4,629,180
Illinois - 6.4%
3,000,000 (b) Centerpoint Intermodal Center, 10.0%, 6/15/23 (144A) 2,364,990
3,000,000 City of Chicago Illinois, 5.0%, 1/1/28 3,012,000
2,000,000 City of Chicago Illinois, 5.5%, 12/1/30 910,140
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 747,810
2,000,000 Illinois Finance Authority Revenue, 6.0%, 8/15/39 2,047,060
2,500,000 Illinois Finance Authority Revenue, 6.125%, 11/15/25 1,891,725
1,645,000 Illinois Health Facilities Authority Revenue, 5.5%, 11/ 1,569,807
1,500,000 (c) Illinois Health Facilities Authority Revenue, 6.9%, 11/ 660,600
2,700,000 Southwestern Illinois Development Authority Revenue, 5. 1,742,040
14,946,172
Indiana - 7.3%
10,000,000 Indiana State Development Finance Authority Revenue, 5. 9,590,400
5,000,000 Jasper County Industrial Economic Development Revenue, 3,294,200
2,500,000 (b) Rockport Indiana Pollution Control Revenue, 6.25%, 6/2/ 2,572,175
2,085,000 Vincennes Industrial Economic Development Revenue, 6.25 1,546,674
17,003,449
Kentucky - 1.6%
500,000 Kentucky Economic Development Finance Authority Hospita 484,635
4,400,000 Kentucky Economic Development Finance Authority Hospita 3,237,388
3,722,023
Louisiana - 6.4%
2,500,000 Louisiana Local Government Environmental Facilities Dev 2,007,075
6,000,000 Louisiana Public Facilities Authority Revenue, 5.5%, 5/ 4,760,400
750,000 Opelousas Louisiana General Hospital Authority Revenue, 652,770
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 5/15/39 7,380,136
14,800,381
Maryland - 0.4%
460,000 Maryland Health & Higher Educational Facilities Authori 292,224
1,250,000 Maryland Health & Higher Educational Facilities Authori 727,175
1,019,399
Massachusetts - 6.3%
2,195,000 Massachusetts Health & Educational Facilities Authority 1,676,804
1,000,000 + Massachusetts Health & Educational Facilities Authority 1,145,480
10,760,000 Massachusetts Housing Finance Agency, 5.35%, 12/1/45 9,542,183
900,000 Massachusetts Development Finance Agency, 5.25%, 10/1/1 709,173
1,955,000 Massachusetts Development Finance Agency, 7.1%, 7/1/32 1,520,482
14,594,122
Michigan - 4.0%
1,500,000 + Delta County Michigan Economic Development Corp., 6.25% 1,694,490
3,000,000 + Macomb County Hospital Finance Authority Revenue, 5.875 3,485,940
745,000 Michigan Public Educational Facilities Authority Revenu 568,457
4,130,000 Michigan State Hospital Finance Authority Revenue, 5.5% 2,812,860
1,000,000 Michigan State Strategic Fund Solid Waste Disposal Reve 772,570
9,334,317
Missouri - 1.3%
1,850,000 Kansas City Industrial Development Authority Revenue, 5 1,259,221
1,500,000 (c) St. Louis Industrial Development Authority Revenue, 7.2 328,560
6,640,000 (c) St. Louis Industrial Development Authority Revenue, 7.2 1,453,496
3,041,277
Montana - 0.5%
2,445,000 (d) Hardin Increment Industrial Infrastructure Development 1,074,944
1,000,000 (c) Two Rivers Authority, Inc., Project Revenue, 7.375%, 11 195,090
1,270,034
Nevada - 2.4%
1,500,000 Henderson Nevada Health Care Facilities Revenue, 5.625% 1,490,250
1,600,000 Nevada State Department of Business & Industry, 7.25%, 80,000
1,000,000 Nevada State Department of Business & Industry, 7.375%, 50,000
1,320,000 Nevada State Department of Business & Industry, 7.375%, 66,000
5,000,000 Reno Nevada Hospital Revenue, 5.25%, 6/1/41 3,914,850
5,601,100
New Hampshire - 0.4%
1,125,000 New Hampshire Health & Educational Facilities Authority 946,463
New Jersey - 13.1%
2,500,000 Burlington County New Jersey Bridge Commission Revenue, 1,663,400
13,000,000 New Jersey Economic Development Authority Revenue, 6.25 9,696,180
3,500,000 (a) New Jersey State Turnpike Authority, RIB, 13.272%, 1/1/ 4,250,120
10,375,000 New Jersey Transportation Trust Fund Authority Revenue, 3,663,413
1,000,000 + Tobacco Settlement Financing Corp., 6.25%, 6/1/43 1,170,140
3,250,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 3,864,250
5,000,000 + Tobacco Settlement Financing Corp., 7.0%, 6/1/41 5,990,100
30,297,603
New York - 6.1%
1,000,000 Nassau County New York Industrial Development Agency Re 756,500
5,000,000 New York City Industrial Development Agency, 5.25%, 12/ 3,017,200
2,000,000 New York City Industrial Development Agency, 5.375%, 6/ 1,728,180
3,950,000 New York City Industrial Development Agency, 7.625%, 12 3,227,308
5,000,000 New York State Environmental Facilities Corp., 5.0%, 6/ 5,039,150
500,000 Ulster County New York Industrial Development Agency, 6 344,540
14,112,878
North Carolina - 2.1%
6,000,000 Charlotte North Carolina Special Facilities Revenue, 7. 4,800,720
Ohio - 2.3%
3,115,000 Belmont County Health System Revenue, 5.7%, 1/1/13 2,790,448
1,000,000 Belmont County Health System Revenue, 5.8%, 1/1/18 754,830
3,000,000 Cleveland Airport Special Revenue, 5.375%, 9/15/27 1,740,750
5,286,028
Oklahoma - 3.2%
1,695,000 Jackson County Memorial Hospital Authority Revenue, 7.3 1,692,373
2,220,000 Tulsa Municipal Airport Trust Revenue, 6.25%, 6/1/20 1,735,973
1,500,000 Tulsa Municipal Airport Trust Revenue, 7.35%, 12/1/11 1,425,390
3,000,000 (b) Tulsa Municipal Airport Trust Revenue, 7.75%, 6/1/35 2,506,320
7,360,056
Pennsylvania - 11.2%
3,000,000 + Allegheny County Hospital Development Authority Revenue 3,401,040
500,000 + Allegheny County Hospital Development Authority Revenue 566,840
1,000,000 Clarion County Hospital Authority Revenue, 5.625%, 7/1/ 1,001,310
3,600,000 Columbia County Hospital Authority Revenue, 5.85%, 6/1/ 2,740,284
945,000 Hazleton Health Services Authority Hospital Revenue, 6. 831,987
1,405,000 Montgomery County Higher Education & Health Authority H 1,408,920
1,430,000 Pennsylvania Economic Development Financing Authority R 1,127,998
1,805,000 Pennsylvania Economic Development Financing Authority R 1,758,774
2,330,000 Pennsylvania Economic Development Financing Authority R 2,211,683
5,000,000 Pennsylvania Economic Development Financing Authority R 3,305,950
5,000,000 Philadelphia Hospitals & Higher Education Facilities Au 3,507,650
2,005,000 Scranton-Lackawanna Health & Welfare Authority Revenue, 1,920,128
2,245,000 Scranton-Lackawanna Health & Welfare Authority Revenue, 2,108,212
25,890,776
Rhode Island - 3.2%
1,385,000 Central Falls Rhode Island Detention Facilities Revenue 959,944
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/42 6,401,074
7,361,018
South Carolina - 7.8%
1,500,000 Connector 2000 Association, Inc., Toll Road Revenue, 5. 516,765
7,140,000 + South Carolina Jobs Economic Development Authority Reve 8,103,186
860,000 + South Carolina Jobs Economic Development Authority Reve 986,024
3,000,000 + South Carolina Jobs Economic Development Authority Reve 3,335,340
4,400,000 (e) Tobacco Settlement Revenue Management, 6.375%, 5/15/30 5,075,224
18,016,539
Tennessee - 4.2%
1,000,000 + Johnson City Health & Educational Facilities Board Hosp 1,133,610
7,000,000 Knox County Health Educational & Housing Facilities Boa 6,934,760
2,400,000 Sullivan County Health Educational and Housing Faciliti 1,594,104
9,662,474
Texas - 20.9%
8,650,000 Brazos River Authority Pollution Control Revenue, 6.75% 4,152,259
4,000,000 Brazos River Authority Pollution Control Revenue, 7.7%, 2,005,000
7,350,000 Gulf Coast Industrial Development Authority, 7.0%, 12/1 3,233,118
10,000,000 Houston Texas Airport System Special Facilities Revenue 8,046,800
960,000 IAH Public Facility Corp., Project Revenue Bonds, Serie 862,973
1,000,000 IAH Public Facility Corp., Project Revenue Bonds, Serie 804,040
1,350,000 IAH Public Facility Corp., Project Revenue Bonds, Serie 1,030,374
2,750,000 Lower Colorado River Authority, 5.0%, 5/15/31 2,738,972
845,000 Lubbock Health Facilities Development Corp., 6.5%, 7/1/ 650,743
2,000,000 Lubbock Health Facilities Development Corp., 6.625%, 7/ 1,488,780
7,750,000 Matagorda County Navigation District Number 1 Revenue, 6,422,115
10,000,000 North Texas Tollway Authority Revenue, 5.75%, 1/1/33 9,748,600
1,711,000 Panhandle Regional Housing Finance Corp. Multifamily Ho 1,770,218
1,000,000 Richardson Hospital Authority Revenue, 6.0%, 12/1/34 753,660
1,000,000 Texas Midwest Public Facility Corp. Revenue, 9.0%, 10/1 997,130
4,700,000 Tomball Hospital Authority, 6.0%, 7/1/25 3,651,759
48,356,541
Utah - 0.5%
1,600,000 Spanish Fork Charter School Revenue, 5.7%, 11/15/36 (14 1,067,008
Virginia - 0.9%
2,000,000 Washington County Industrial Development Authority Reve 2,125,640
Washington - 3.4%
1,195,000 Tobacco Settlement Authority Revenue, 6.5%, 6/1/26 1,180,445
2,000,000 Washington State Health Care Facilities Authority, 6.12 1,629,840
2,000,000 Washington State Health Care Facilities Authority, 6.25 1,592,140
5,000,000 Washington State Housing Finance Commission Nonprofit R 3,548,150
7,950,575
Wisconsin - 1.4%
2,900,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.50%, 5/1 162,400
1,000,000 Wisconsin State Health & Educational Facilities Authori 827,470
1,000,000 Wisconsin State Health & Educational Facilities Authori 701,360
1,500,000 Wisconsin State Health & Educational Facilities Authori 1,537,905
3,229,135
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $407,085,795) 360,651,458
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 3.8%
13,000,000(b)(Non-Profit Preferred Funding Trust I, Series E, 12.0%, 8,953,490
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) 8,953,490
Shares COMMON STOCK - 0.3%
109,377 (g) Delta Airlines, Inc. 633,293
TOTAL COMMON STOCK
(Cost $3,210,349) 633,293
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 1.3%
3,000,000 BlackRock Liquidity Funds MuniFund Portfolio 3,000,000
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $3,000,000) 3,000,000
TOTAL INVESTMENTS IN SECURITIES - 161.1%
(Cost $426,296,144) (h)(i) $373,238,241
OTHER ASSETS AND LIABILITIES - 3.6% $8,429,357
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (64.7)% ($150,003,373)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0% $231,664,225
(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, 2009,
the value of these securities amounted to $31,229,788,
or 13.5% of total net assets applicable to common shareowners.
RIB Residual Interest Bonds.
+ 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, 2009.
(b) The interest rate is subject to change periodically.
The interest rate shown is the rate at June 30, 2009.
(c) Security is in default and is non-income producing.
(d) 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, 2009.
(e) Escrow to maturity.
(f) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is $13,000,000.
The aggregate value is $8,953,490, or 3.9% of the
total net assets applied to common shareowners.
(g) Non-income producing.
(h) The concentration of investments by type of
obligation/market sector is as follows:
Insured
FSA 7.2%
AMBAC 1.4
NATL-RE 1.0
ACA 0.5
Q-SBLF 0.2
Revenue Bonds:
Health Revenue 32.9
Tobacco Revenue 11.3
Airport Revenue 10.6
Pollution Control Revenue 8.7
Other Revenue 8.0
Development Revenue 5.6
Housing Revenue 3.0
Transportation Revenue 2.8
Facilities Revenue 1.9
Water Revenue 1.4
Utilities Revenue 1.3
Power Revenue 1.1
Education Revenue 1.1
100.0%
(i) At June 30, 2009, the net unrealized loss on investments
based on cost for federal income tax purposes
of $421,877,493 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $20,241,163
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (68,880,415)
Net unrealized loss ($48,639,252)
For financial reporting purposes net unrealized
loss on investments was $53,057,903
and cost of investments aggregated $426,296,144.
Various inputs are used in determining the value of the Trust'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 Trust's
own assumptions in determining fair value of investments)
The following is a summary of the inputs used as of June
30, 2009, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Tax-exempt obligations $0 $360,651,458 $0 $360,651,458
Municipal collateralized debt oblig 0 8,953,490 0 8,953,490
Common Stock 633,293 0 0 633,293
Tax-exempt money market mutual fund 3,000,000 0 0 3,000,000
Total $3,633,293 $369,604,948 $0 $373,238,241
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 28, 2009
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 28, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date August 28, 2009
* Print the name and title of each signing officer under his or her signature.