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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, 2007
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 6/30/07 (unaudited)
Principal
Amount Value
TAX-EXEMPT OBLIGATIONS - 135.0% of Net Assets
Alaska - 1.2%
3,875,000 (a)Alaska State Housing Finance Corp., RIB, 10.596%, 6$ 4,264,748
Arizona - 4.1%
5,000,000 Casa Grande Industrial Development Authority, Hospi$ 5,488,450
3,000,000 (a)Downtown Phoenix Hotel Corp., RIB, 7.305%, 7/1/40 (1 3,206,820
1,000,000 Pima County Industrial Development Authority, 6.3%, 1,064,590
1,551,000 Pima County Industrial Development Authority, 6.75%, 1,648,418
1,000,000 + Pima County Industrial Development Authority, 7.5%, 1,181,850
2,000,000 San Luis Facility Development Corp., 7.25%, 5/1/27 2,014,800
$14,604,928
California - 6.3%
2,680,000 + Golden State Tobacco Securitization Corp., 6.75%, 6$ 3,068,144
9,520,000 (a)University of California, RIB, 7.481%, 5/15/38 (144A10,361,187
9,015,000 Valley Health System Hospital Revenue, 6.875%, 5/15/ 9,027,982
$22,457,313
Colorado - 1.9%
2,850,000 Denver Health & Hospital Authority Healthcare Reven$ 3,071,644
3,520,000 Northwest Parkway Public Highway Authority, 7.125%, 3,750,560
$ 6,822,204
District of Columbia - 2.1%
2,700,000 District of Columbia Tobacco Settlement Financing C$ 3,194,694
4,000,000 District of Columbia Tobacco Settlement Financing Co 4,350,360
$ 7,545,054
Florida - 5.6%
1,000,000 Greater Orlando Aviation Authority, 6.5%, 11/15/36 $ 1,048,830
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 4,669,830
1,980,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 2,015,640
500,000 Miami Beach Health Facilities Authority, 5.375%, 11/ 502,110
1,500,000 Miami Beach Health Facilities Authority, 6.7%, 11/15 1,615,785
10,000,000 Miami-Dade County Aviation Revenue, 5.0%, 10/1/37 10,225,100
$20,077,295
Georgia - 2.0%
4,000,000 (a)Atlanta Georgia Water and Wastewater Revenue, RIB, $ 4,290,040
1,065,000 Effingham County Industrial Development Authority, 6 1,117,462
1,650,000 Savannah Georgia Economic Development Authority Reve 1,787,297
$ 7,194,799
Guam - 2.4%
3,000,000 Northern Mariana Islands, 5.0%, 6/1/30 $ 2,931,840
5,000,000 Northern Mariana Islands, 6.75%, 10/1/33 5,609,900
$ 8,541,740
Idaho - 2.3%
2,000,000 Power County Industrial Development Corp., 6.45%, 8$ 2,107,940
5,920,000 Power County Pollution Control Revenue, 5.625% 10/1/ 6,052,312
$ 8,160,252
Illinois - 5.9%
4,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A)$ 4,080,160
1,100,000 Illinois Finance Authority Revenue, 5.5%, 5/15/26 1,111,957
1,850,000 Illinois Finance Authority Revenue, 5.75%, 5/15/38 1,891,125
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 1,042,880
3,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 3,112,980
1,645,000 Illinois Health Facilities Authority Revenue, 5.5%, 1,645,543
1,265,000 Illinois Health Facilities Authority Revenue, 6.7%, 1,265,202
2,400,000 Illinois Health Facilities Authority Revenue, 6.75%, 2,399,856
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 1,643,340
2,700,000 Southwestern Illinois Development Authority Revenue, 2,715,363
$20,908,406
Indiana - 4.9%
10,000,000 Indiana State Development Finance Authority Revenue$10,287,300
5,000,000 Jasper County Industrial Economic Development Revenu 5,036,500
2,245,000 Vincennes Industrial Economic Development Revenue, 6 2,254,002
$17,577,802
Kentucky - 1.4%
500,000 Kentucky Economic Development Finance Authority Hos$ 505,645
4,400,000 Kentucky Economic Development Finance Authority Hosp 4,437,312
$ 4,942,957
Louisiana - 3.0%
750,000 Opelousas Louisiana General Hospital Authority Reve$ 778,733
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 5/15/39 9,984,137
$10,762,870
Maryland - 0.6%
710,000 Maryland Health & Higher Educational Facilities Aut$ 710,000
1,250,000 Maryland Health & Higher Educational Facilities Auth 1,250,000
$ 1,960,000
Massachusetts - 7.0%
5,000,000 Massachusetts Bay Transportation Authority Revenue,$ 5,523,550
2,195,000 Massachusetts Health & Educational Facilities Author 2,216,994
1,000,000 + Massachusetts Health & Educational Facilities Author 1,107,790
3,520,000 (a)Massachusetts State College Building Authority Proje 3,832,858
900,000 Massachusetts State Development Finance Agency, 5.25 880,488
2,920,000 Massachusetts State Development Finance Agency, 6.0% 2,964,618
4,625,000 Massachusetts State Development Finance Agency, 7.1% 4,800,426
3,335,000 (a)Massachusetts State Housing Finance Agency, RIB, 8.2 3,538,902
$24,865,626
Michigan - 4.5%
1,650,000 Crescent Academy Project, 5.75%, 12/1/36 $ 1,671,978
3,000,000 + Delta County Michigan Economic Development Corp., 6. 3,286,140
3,000,000 Macomb County Hospital Finance Authority Revenue, 5. 3,155,010
4,130,000 Michigan State Hospital Finance Authority Revenue, 5 4,056,114
1,000,000 Michigan State Strategic Fund Solid Waste Disposal R 1,017,780
3,000,000 (b)Wayne Charter County Michigan Special Airport Facili 2,945,820
3,405,000 Wayne Charter County Special Airport Facilities Reve 0
$16,132,842
Missouri - 2.8%
1,850,000 Kansas City Industrial Development Authority Revenu$ 1,828,262
1,500,000 St. Louis Industrial Development Authority Revenue, 1,515,660
6,640,000 St. Louis Industrial Development Authority Revenue, 6,718,485
$10,062,407
Montana - 0.7%
2,445,000 (c)Hardin Increment Industrial Infrastructure Developm$ 1,582,355
1,000,000 Two Rivers Authority, Inc., Project Revenue, 7.375%, 1,022,360
$ 2,604,715
Nevada - 2.1%
2,425,000 Clark County Industrial Development Revenue, 5.5%, $ 2,366,679
2,500,000 Clark County Industrial Development Revenue, 5.9%, 1 2,500,775
1,600,000 Nevada State Department of Business & Industry, 7.25 1,667,600
1,000,000 Nevada State Department of Business & Industry, 7.37 1,045,110
70,000 Nevada State Department of Business & Industry, 7.37 73,124
$ 7,653,288
New Hampshire - 1.5%
1,000,000 New Hampshire Health & Educational Facilities Autho$ 1,037,440
1,125,000 New Hampshire Health & Educational Facilities Author 1,167,503
3,000,000 + New Hampshire Higher Educational & Health Facilities 3,090,570
$ 5,295,513
New Jersey - 8.4%
13,000,000 New Jersey Economic Development Authority Revenue, $13,401,960
2,500,000 New Jersey Health Care Facilities Financing Authorit 2,555,250
2,495,000 (a)New Jersey State Turnpike Authority, RIB, 9.442%, 1/ 3,574,786
1,000,000 + Tobacco Settlement Financing Corp., 6.25%, 6/1/43 1,117,010
3,250,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 3,715,173
5,000,000 + Tobacco Settlement Financing Corp., 7.0%, 6/1/41 5,778,100
$30,142,279
New York - 10.6%
3,000,000 Dutchess County Industrial Development Agency Reven$ 3,301,260
5,000,000 Nassau County New York Industrial Development Agency 5,106,850
6,980,000 New York City Industrial Development Agency, 5.25%, 6,824,486
2,000,000 New York City Industrial Development Agency, 5.375%, 2,066,780
2,000,000 New York City Industrial Development Agency, 6.9%, 8 2,010,020
3,950,000 New York City Industrial Development Agency, 7.625%, 4,341,840
2,500,000 New York City Industrial Development Agency, 7.8%, 1 2,531,775
5,000,000 New York State Environmental Facilities Corp., 5.0%, 5,132,000
4,500,000 Suffolk County New York Industrial Development Agenc 4,532,040
2,000,000 Yonkers Industrial Development Agency Civic Faciliti 2,004,560
$37,851,611
North Carolina - 5.3%
11,350,000 Charlotte North Carolina Special Facilities Revenue$11,335,018
7,140,000 Charlotte North Carolina Special Facilities Revenue, 7,567,258
$18,902,276
Ohio - 2.1%
3,800,000 Belmont County Health System Revenue, 5.7%, 1/1/13 $ 3,724,608
1,000,000 Belmont County Health System Revenue, 5.8%, 1/1/18 969,450
3,000,000 Cleveland Airport Special Revenue, 5.375%, 9/15/27 2,955,750
$7,649,808
Oklahoma - 1.6%
2,045,000 Jackson County Memorial Hospital Authority Revenue,$ 2,055,695
2,220,000 Tulsa Municipal Airport Transportation Revenue, 6.25 2,219,734
1,500,000 Tulsa Municipal Airport Transportation Revenue, 7.35 1,502,565
$ 5,777,994
Pennsylvania - 8.2%
4,000,000 Allegheny County Hospital Development Authority Rev$ 3,958,320
3,000,000 Allegheny County Hospital Development Authority Reve 3,540,030
500,000 Allegheny County Hospital Development Authority Reve 590,005
1,000,000 Clarion County Hospital Authority Revenue, 5.625%, 7 1,013,250
3,600,000 Columbia County Hospital Authority Revenue, 5.85%, 6 3,311,208
3,200,000 Delaware County Industrial Development Authority Rev 2,573,440
1,155,000 Hazleton Health Services Authority Hospital Revenue, 1,172,683
3,360,000 Montgomery County Higher Education & Health Authorit 3,396,590
1,430,000 Pennsylvania Economic Development Financing Authorit 1,401,271
1,805,000 Pennsylvania Economic Development Financing Authorit 1,807,491
2,330,000 Pennsylvania Economic Development Financing Authorit 2,333,635
2,005,000 Scranton-Lackawanna Health & Welfare Authority Reven 2,046,203
2,245,000 Scranton-Lackawanna Health & Welfare Authority Reven 2,291,112
$29,435,238
Rhode Island - 3.9%
4,485,000 Central Falls Rhode Island Detention Facilities Rev$ 4,978,529
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/42 8,918,388
$13,896,917
South Carolina - 5.7%
1,500,000 Connector 2000 Association, Inc., Toll Road Revenue$ 1,365,210
1,600,000 Loris Community Hospital District, 5.625%, 1/1/29 1,634,368
7,140,000 + South Carolina Jobs Economic Development Authority R 8,003,012
860,000 + South Carolina Jobs Economic Development Authority R 961,738
3,000,000 + South Carolina Jobs Economic Development Authority R 3,412,380
4,400,000 Tobacco Settlement Revenue Management, 6.375%, 5/15/ 5,084,728
$20,461,436
Tennessee - 2.3%
1,000,000 Johnson City Health & Educational Facilities Board $ 1,140,130
7,000,000 Knox County Health Educational & Housing Facilities 7,165,620
$ 8,305,750
Texas - 14.9%
8,650,000 Brazos River Authority Pollution Control Revenue, 6$ 9,368,036
4,000,000 Brazos River Authority Pollution Control Revenue, 7. 4,547,080
7,350,000 Gulf Coast Industrial Development Authority, 7.0%, 1 7,820,988
10,000,000 Houston Texas Airport System Revenue, 6.75%, 7/1/29 10,610,100
1,000,000 IAH Public Facility Corp., 6.0%, 5/1/16 992,140
1,000,000 IAH Public Facility Corp., 6.0%, 5/1/21 979,590
1,350,000 IAH Public Facility Corp., 6.125%, 5/1/26 1,337,512
845,000 Lubbock Health Facilities Development Corp., 6.5%, 7 880,304
2,000,000 Lubbock Health Facilities Development Corp., 6.625%, 2,092,860
7,750,000 Matagorda County Navigation District Number 1 Revenu 7,932,900
5,000,000 Tomball Hospital Authority, 6.0%, 7/1/25 5,142,450
1,500,000 Willacy County Local Government Corp., 6.0%, 3/1/09 1,509,285
$53,213,245
Utah - 0.5%
1,600,000 Spanish Fork Charter School Revenue, 5.7%, 11/15/36$ 1,621,216
Virginia - 0.5%
1,555,000 + Pocahontas Parkway Association of Virginia Toll Roa$ 1,610,451
Washington - 7.3%
5,000,000 Port Seattle Washington Special Facilities Revenue,$ 5,097,650
5,500,000 (b)Port Seattle Washington Special Facilities Revenue, 6,599,120
1,355,000 Tobacco Settlement Authority Revenue, 6.5%, 6/1/26 1,484,213
6,960,000 (a)Washington State Economic Development Finance Author 7,548,677
5,000,000 Washington State Housing Finance Commission Nonprofi 5,119,750
$25,849,410
Wisconsin - 1.4%
3,000,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.50%,$ 2,966,130
1,000,000 Wisconsin State Health & Educational Facilities Auth 1,044,510
1,000,000 Wisconsin State Health & Educational Facilities Auth 1,048,230
$ 5,058,870
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $437,665,918) $482,211,260
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 3.6% of Net Assets
13,000,000 Non-Profit Preferred Funding Trust I, Series E, 12.$12,994,410
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) $12,994,410
Shares COMMON STOCK - 0.5% of Net Assets
70,513 Northwest Airlines Corp. $ 1,565,389
TOTAL COMMON STOCK
(Cost $3,210,349) $ 1,565,389
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 0.2% of Net Assets
827,442 BlackRock Liquidity Funds MuniFund Porfolio $ 827,442
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $827,442) $ 827,442
TOTAL INVESTMENTS IN SECURITIES - 139.3%
(Cost $454,703,710) (d)(e) $497,598,501
OTHER ASSETS AND LIABILITIES - 2.7% $ 9,781,514
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIV$(150,084,146)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 100.0$357,295,869
(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,
2007, the
value of these securities amounted to $62,206,656, or 17.4%
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 interest rate shown is the rateat
June 30, 2007.
(b) Security is in default and is non-income producing.
(c) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specific date. The rate shown is the rate at
June 30, 2007.
(d) The concentration of investments by type of obligation/market
sector is as follows:
Insured 12.1%
General Obligation 5.2
Revenue Bonds:
Health Revenue 25.0
Development Revenue 11.9
Airport Revenue 11.4
Tobacco Revenue 9.4
Facilities Revenue 6.8
Pollution Control Revenue 6.5
Transportation Revenue 6.0
Other Revenue 1.6
Housing Revenue 1.7
Education Revenue 1.1
Water Revenue 1.0
Power Revenue 0.3
100.0%
(e) At June 30, 2007, the net unrealized gain on investments based on
cost
for federal income tax purposes of $451,535,356 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $49,562,990
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (3,499,845)
Net unrealized gain $46,063,145
For financial reporting purposes net unrealized gain on
investments was $42,894,791
and cost of investments aggregated $454,703,710.
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, 2007
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, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date August 29, 2007
* Print the name and title of each signing officer under his or her signature.