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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: January 31, 2010
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 1/31/10 (unaudited)
Principal
Amount ($) Value ($)
TAX EXEMPT OBLIGATIONS - 126.5% of Net Assets
Alabama - 1.4%
1,000,000 Huntsville-Redstone Village Special Care Facilities 828,530
4,500,000 Huntsville-Redstone Village Special Care Facilities 3,329,190
4,157,720
Arizona - 2.1%
5,000,000 Apache County Industrial Development Authority, 5.854,984,750
970,000 Pima County Industrial Development Authority, 7.25%, 938,756
500,000 Yavapai County Industrial Development Authority, 6.0 501,090
6,424,596
California - 8.3%
7,885,000 (a) California State University Revenue, RIB, 10.72%, 117,897,222
602,382 (b) California Statewide Communities Development Authority
Environmental Facilities Revenue,
9.0%, 12/1/38 118,970
1,000,000 California Statewide Communities Development Authori1,009,130
5,150,000 + Golden State Tobacco Securitization Corp., 7.8%, 6/ 6,208,428
7,000,000 + Golden State Tobacco Securitization Corp., 7.875%, 68,454,880
1,000,000 University of California Revenue, 5.0%, 5/15/25 1,057,060
655,000 (b) Valley Health System Hospital Revenue, 6.5%, 5/15/25 360,578
25,106,268
Connecticut - 5.2%
10,335,000 (a) Connecticut Health & Educational Facilities Authorit11,682,167
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/34,004,950
15,687,117
District of Columbia - 3.6%
5,000,000 District of Columbia Tobacco Settlement Financing Co4,940,300
6,000,000 District of Columbia Tobacco Settlement Financing Co6,011,760
10,952,060
Florida - 5.4%
1,700,000 Beacon Lakes Community Development, 6.9%, 5/1/35 1,610,614
2,000,000 Brevard County Health Facilities Authority Revenue, 1,783,280
1,000,000 Hillsborough County Industrial Development Authority1,107,060
2,445,000 Liberty County Subordinate Revenue, 8.25%, 7/1/28 2,090,402
2,500,000 Miami-Dade County Aviation Revenue, 5.5%, 10/1/41 2,477,550
1,000,000 St. Johns County Industrial Development Authority Re 773,480
2,000,000 St. Johns County Industrial Development Authority Re1,412,860
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/5,015,400
16,270,646
Georgia - 2.6%
4,240,000 (a) Atlanta Georgia Water & Waste Revenue, RIB, 10.72%, 4,122,298
500,000 Clayton County Development Authority Revenue, 9.0%, 502,065
2,400,000 Fulton County Residential Care Facilities Revenue, 51,772,808
1,100,000 Fulton County Residential Care Facilities Revenue, 5 723,415
1,000,000 Rockdale County Development Authority Revenue, 6.125 805,920
7,926,506
Idaho - 1.7%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/4,988,200
Illinois - 11.3%
2,000,000 (c) Centerpoint Intermodal Center, 7.5%, 6/15/23 (144A) 1,995,900
12,000,000 Chicago O'Hare International Airport Special Facilit8,160,960
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 838,330
2,000,000 Illinois Finance Authority Revenue, 6.0%, 8/15/39 2,190,020
4,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 3,034,760
2,500,000 Illinois Finance Authority Revenue, 6.5%, 4/1/39 2,578,975
1,500,000 (b) Illinois Health Facilities Authority Revenue, 6.9%, 661,620
16,880,000 (d) Metropolitan Pier & Exposition Authority Dedicated S13,383,139
1,745,000 Southwestern Illinois Development Authority Revenue,1,227,224
34,070,928
Indiana - 4.0%
5,000,000 Indiana Health & Educational Facility Financing Auth4,505,850
1,000,000 Indiana State Development Finance Authority Revenue, 979,980
4,300,000 Indiana State Development Finance Authority Revenue,4,398,384
2,570,000 Vigo County Hospital Authority Revenue, 5.8%, 9/1/472,093,933
11,978,147
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental Facilities 1,546,830
5,000,000 Louisiana Public Facilities Authority Revenue, 5.5%,4,541,700
6,088,530
Massachusetts - 6.1%
5,000,000 Massachusetts Development Finance Agency Revenue, 5.5,296,350
2,385,000 Massachusetts Development Finance Agency Revenue, 7.1,858,750
1,000,000 Massachusetts Educational Financing Authority Revenu1,064,540
3,500,000 Massachusetts Health & Educational Facilities Author3,520,055
2,500,000 Massachusetts Health & Educational Facilities Author2,193,375
5,000,000 Massachusetts Health & Educational Facilities Author4,528,150
18,461,220
Michigan - 3.7%
935,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 563,468
1,525,000 Flint Michigan Hospital Building Authority Revenue, 1,418,921
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,345,200
2,000,000 Michigan State Hospital Finance Authority Revenue, 51,725,960
5,830,000 Michigan Tobacco Settlement Finance Authority, 6.0%,4,627,271
1,470,000 Star International Academy Certificates of Participa1,293,747
10,974,567
Minnesota - 0.6%
1,675,000 Duluth Economic Development Authority Health Care Fa1,700,996
Mississippi - 1.0%
3,000,000 Mississippi Business Finance Corp. Pollution Control2,999,670
Montana - 0.1%
1,600,000 (b) Two Rivers Authority, Inc. Correctional Facility Imp 246,528
Nebraska - 0.3%
2,000,000 Grand Island Solid Waste Disposal Facilities Revenue1,001,520
Nevada - 0.0%
2,000,000 (b) Nevada State Department of Business & Industry, 7.25 80,000
New Jersey - 12.0%
2,000,000 New Jersey Economic Development Authority Revenue, 61,872,080
13,350,000 New Jersey Economic Development Authority Revenue, 611,660,290
1,000,000 New Jersey Economic Development Authority Revenue, 6 911,760
6,150,000 (c) New Jersey Economic Development Authority Revenue, 75,864,947
10,370,000 New Jersey Transportation Trust Fund Authority, 0.0%4,106,001
10,000,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,836,200
36,251,278
New Mexico - 1.2%
1,500,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/21,231,740
2,960,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/22,311,938
3,543,678
New York - 8.5%
2,500,000 Albany New York Industrial Development Agency Civic 2,415,675
3,000,000 Dutchess County Industrial Development Agency Revenu2,949,000
2,000,000 Hempstead Local Development Corp. Revenue Bonds, 5.71,997,080
2,450,000 Nassau County New York Industrial Development Agency2,192,627
990,000 New York City Industrial Development Agency, 6.9%, 8 796,821
7,040,000 (a) New York State Dormitory Authority Revenue, RIB, 12.9,125,530
2,000,000 Suffolk County Industrial Development Agency, 7.25%,1,849,740
4,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%,4,141,400
25,467,873
North Carolina - 2.8%
4,790,000 Charlotte North Carolina Special Facilities Revenue,3,376,950
5,740,000 Charlotte North Carolina Special Facilities Revenue,4,933,932
8,310,882
Oklahoma - 1.8%
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,038,433
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,302,585
5,341,018
Pennsylvania - 7.9%
3,000,000 Allegheny County Hospital Development Authority Reve2,270,040
1,550,000 Allegheny County Hospital Development Authority Reve1,391,637
12,300,000 + Allegheny County Hospital Development Authority Reve13,414,995
1,000,000 Columbia County Hospital Authority Health Care Reven 837,820
845,000 Hazleton Health Services Authority Hospital Revenue, 771,713
1,280,000 Langhorne Manor Borough Higher Education & Health Au 640,000
5,000,000 Pennsylvania Economic Development Financing Authority
Solid Waste Disposal Revenue,
6.0%, 6/1/31 4,085,200
500,000 Pennsylvania Higher Educational Facilities Authority 473,100
23,884,505
Rhode Island - 1.7%
6,000,000 Central Falls Detention Facilities Revenue, 7.25%, 75,124,780
South Carolina - 2.3%
5,185,000 + South Carolina Jobs Economic Development Authority R6,075,316
665,000 + South Carolina Jobs Economic Development Authority R 782,186
6,857,502
Tennessee - 4.9%
7,000,000 + Johnson City Health & Educational Facilities Board H7,911,610
2,480,000 Knox County Health, Educational & Housing Facilities Board
Hospital Revenue,
6.375%, 4/15/22 2,633,636
4,600,000 Sullivan County Health, Educational & Housing Facilities Board
Hospital Revenue,
5.25%, 9/1/36 4,061,064
14,606,310
Texas - 13.5%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,007,580
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0 902,540
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 3,936,440
769,709 (b) Gulf Coast Industrial Development Authority Revenue, 152,018
3,750,000 Houston Airport System Special Facilities Revenue, 53,035,175
5,340,000 Lubbock Health Facilities Development Corp., 6.625%,4,707,797
10,000,000 North Texas Tollway Authority Revenue, 5.75%, 1/1/3310,242,100
2,810,000 (a) Northside Independent School District, RIB, 11.15%, 3,097,182
500,000 Sabine River Authority Pollution Control Revenue, 6. 313,605
7,040,000 (a) Texas State, RIB, 12.03%, 4/1/30 (144A) 8,028,557
630,000 Willacy County Local Government Corp. Revenue, 6.0%, 628,740
5,130,000 Willacy County Local Government Corp. Revenue, 6.8754,442,529
40,494,263
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11/ 663,624
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Age1,552,170
Virginia - 0.3%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 1,015,350
Washington - 9.4%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax &4,916,816
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/327,035,608
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 8,590,145
3,795,000 Washington State Health Care Facilities Authority Re3,871,355
5,000,000 Washington State Housing Finance Committee Nonprofit3,807,050
28,220,974
Wisconsin - 0.1%
2,320,000 (b)(Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 5 321,320
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $376,396,780) 380,770,746
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.5% of Net Assets
10,000,000 (c)(Non-Profit Preferred Funding Trust I,12.0%, 9/15/37 7,652,200
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) 7,652,200
Shares COMMON STOCK - 1.0% of Net Assets
249,158 (f) Delta Air Lines, Inc. 3,047,203
TOTAL COMMON STOCK
(Cost $6,612,756) 3,047,203
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 - 132.7%
(Cost $401,009,536) (g)(h) 399,470,149
OTHER ASSETS AND LIABILITIES 0.9% 2,643,094
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (33.6)% (101,004,277)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0%301,108,966
RIB Residual Interest Bonds
(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 January 31,
2010 the value of these securities amounted to
$56,358,613 or 18.7% 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 January 31, 2010.
(b) Security is in default and is non-income producing.
(c) The interest rate is subject to change periodically.
The interest rate shown is the coupon rate at
January 31, 2010.
(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 January 31, 2010.
(e) Indicates a security that has been deemed illiquid.
The aggregate cost of illiquid securities is $12,320,000.
The aggregate value of $7,973,520, represents 2.6% of the
net assets applicable to common shareowners.
(f) Non-income producing.
(h) At January 31, 2010, the net unrealized gain on investments
based on cost for federal income tax purposes
of $399,054,708 was as follows:
Aggregate gross unrealized gain for all investments $30,043,414
there is an excess of value over tax cost
Aggregate gross unrealized loss for all investments (29,627,973)
there is an excess of tax cost over value $415,441
Net unrealized gain
For financial reporting purposes net unrealized loss
on investments was $1,539,387 and cost of
investments aggregated $401,009,536.
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 January
31, 2010, in valuing the Fund's assets:
Level 1 Level 2 Level 3 Total
Municipal bonds $0 $380,770,746 $0 $380,770,746
Municipal collateralized debt 0 7,652,200 0 7,652,200
Common stock 3,047,203 0 0 3,047,203
Temporary cash investments 8,000,000 0 0 8,000,000
Total $11,047,203 $388,422,946 $0 $399,470,149
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 March 31, 2010
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 March 31, 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date March 31, 2010
* Print the name and title of each signing officer under his or her signature.