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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: December 31, 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 12/31/08 (unaudited)
Principal
Amount ($) Value
TAX-EXEMPT OBLIGATIONS - 163.1% of Net Assets
Arizona - 4.2%
5,000,000 Casa Grande Industrial Development Authority, Ho$ 3,727,400
1,541,000 Pima County Industrial Development Authority, 6.7 1,138,445
2,640,000 Pima County Industrial Development Authority, 7.0 1,909,802
2,000,000 San Luis Facility Development Corp., 7.25%, 5/1/2 1,530,640
$ 8,306,287
California - 15.5%
3,140,000 (a) California State University Revenue, RIB, 10.431$ 2,583,215
8,575,000 (a) California State Variable Purpose, RIB, 10.004%, 5,200,480
6,000,000 California Statewide Communities Development Auth 4,806,540
2,680,000 + Golden State Tobacco Securitization Corp., 6.75%, 3,108,371
2,500,000 San Jose California Airport Revenue, 5.0%, 3/1/37 2,082,375
10,500,000 (a) University of California, RIB, 10.834%, 5/15/38 ( 8,248,485
7,670,000 Valley Health System Hospital Revenue, 6.875%, 5/ 4,674,865
$ 30,704,331
Colorado - 1.6%
2,850,000 + Denver Health & Hospital Authority Healthcare Re$ 3,167,689
Connecticut - 2.5%
7,750,000 Connecticut State Development Authority Revenue,$ 4,936,672
District of Columbia - 3.2%
2,700,000 District of Columbia Tobacco Settlement Financin$ 1,802,358
6,825,000 District of Columbia Tobacco Settlement Financing 4,608,240
$ 6,410,598
Florida - 2.5%
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 $ 3,401,145
1,980,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 1,384,891
500,000 Miami Beach Health Facilities Authority, 5.375%, 264,145
$ 5,050,181
Georgia - 4.3%
5,210,000 (a) Atlanta Georgia Water and Wastewater Revenue, RI$ 3,011,693
1,065,000 Effingham County Industrial Development Authority 496,609
3,360,000 Fulton County Residential Care Facilities, 7.0%, 2,145,058
7,500,000 (b) Main Street Natural Gas, Inc., Gas Project Revenu 956,400
4,500,000 (b) Main Street Natural Gas, Inc., Gas Project Revenu 573,840
1,650,000 Savannah Georgia Economic Development Authority R 1,291,620
$ 8,475,220
Guam - 3.8%
3,000,000 Northern Mariana Islands, 5.0%, 6/1/30 $ 1,705,650
4,600,000 + Northern Mariana Islands, 6.75%, 10/1/33 5,434,900
400,000 Northern Mariana Islands, 6.75%, 10/1/33 295,064
$ 7,435,614
Idaho - 3.3%
2,000,000 Power County Industrial Development Corp., 6.45%$ 1,354,300
5,920,000 Power County Pollution Control Revenue, 5.625% 10 5,207,765
$ 6,562,065
Illinois - 5.8%
3,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (14$ 2,258,190
3,000,000 City of Chicago Illinois, 5.0%, 1/1/28 2,900,010
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/2 655,320
2,500,000 Illinois Finance Authority Revenue, 6.125%, 11/15 1,696,300
1,645,000 Illinois Health Facilities Authority Revenue, 5.5 1,232,977
1,500,000 (b) Illinois Health Facilities Authority Revenue, 6.9 813,750
2,700,000 Southwestern Illinois Development Authority Reven 1,859,247
$ 11,415,794
Indiana - 6.6%
10,000,000 Indiana State Development Finance Authority Reve$ 9,378,200
5,000,000 Jasper County Industrial Economic Development Rev 2,224,600
2,085,000 Vincennes Industrial Economic Development Revenue 1,455,330
$ 13,058,130
Kentucky - 1.7%
500,000 Kentucky Economic Development Finance Authority $ 471,675
4,400,000 Kentucky Economic Development Finance Authority H 2,971,540
$ 3,443,215
Louisiana - 6.1%
2,500,000 Louisiana Local Government Environmental Facilit$ 1,363,750
6,000,000 Louisiana Public Facilities Authority Revenue, 5. 4,271,460
750,000 Opelousas Louisiana General Hospital Authority Re 620,550
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 5/15/ 5,879,573
$ 12,135,333
Maryland - 0.4%
460,000 Maryland Health & Higher Educational Facilities $ 246,887
1,250,000 Maryland Health & Higher Educational Facilities A 609,900
$ 856,787
Massachusetts - 8.5%
2,195,000 Massachusetts Health & Educational Facilities Au$ 1,438,274
4,000,000 Massachusetts Health & Educational Facilities Aut 4,147,760
1,000,000 + Massachusetts Health & Educational Facilities Aut 1,148,570
10,760,000 Massachusetts Housing Finance Agency, 5.35%, 12/1 8,048,050
900,000 Massachusetts Development Finance Agency, 5.25%, 676,701
2,000,000 Massachusetts Development Finance Agency, 7.1%, 7 1,446,740
$ 16,906,095
Michigan - 4.6%
1,500,000 + Delta County Michigan Economic Development Corp.$ 1,691,925
3,000,000 + Macomb County Hospital Finance Authority Revenue, 3,485,550
745,000 Michigan Public Educational Facilities Authority 541,019
4,130,000 Michigan State Hospital Finance Authority Revenue 2,596,572
1,000,000 Michigan State Strategic Fund Solid Waste Disposa 732,080
$ 9,047,146
Missouri - 2.2%
1,850,000 Kansas City Industrial Development Authority Rev$ 1,151,643
1,500,000 (b) St. Louis Industrial Development Authority Revenu 600,000
6,640,000 (b) St. Louis Industrial Development Authority Revenu 2,656,000
$ 4,407,643
Montana - 1.0%
2,445,000 (c) Hardin Increment Industrial Infrastructure Devel$ 1,363,894
1,000,000 Two Rivers Authority, Inc., Project Revenue, 7.37 545,630
$ 1,909,524
Nevada - 2.2%
1,600,000 Nevada State Department of Business & Industry, $ 360,832
1,000,000 Nevada State Department of Business & Industry, 7 225,780
1,320,000 Nevada State Department of Business & Industry, 7 298,267
5,000,000 Reno Nevada Hospital Revenue, 5.25%, 6/1/41 3,378,600
$ 4,263,479
New Hampshire - 0.4%
1,125,000 New Hampshire Health & Educational Facilities Au$ 770,389
New Jersey - 12.4%
2,500,000 Burlington County New Jersey Bridge Commission R$ 1,372,625
13,000,000 New Jersey Economic Development Authority Revenue 6,763,380
2,500,000 New Jersey Health Care Facilities Financing Autho 1,739,125
3,500,000 (a) New Jersey State Turnpike Authority, RIB, 10.654% 3,717,350
1,000,000 + Tobacco Settlement Financing Corp., 6.25%, 6/1/43 1,166,800
3,250,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 3,860,025
5,000,000 + Tobacco Settlement Financing Corp., 7.0%, 6/1/41 6,004,750
$ 24,624,055
New York - 7.5%
1,000,000 Nassau County New York Industrial Development Ag$ 650,630
5,000,000 New York City Industrial Development Agency, 5.25 2,393,200
2,000,000 New York City Industrial Development Agency, 5.37 1,516,020
2,000,000 New York City Industrial Development Agency, 6.9% 758,620
3,950,000 New York City Industrial Development Agency, 7.62 2,577,138
5,000,000 New York State Environmental Facilities Corp., 5. 4,808,850
500,000 Ulster County New York Industrial Development Age 293,830
2,000,000 Yonkers Industrial Development Agency Civic Facil 1,787,200
$ 14,785,488
North Carolina - 1.8%
6,000,000 Charlotte North Carolina Special Facilities Reve$ 3,548,820
Ohio - 2.4%
3,115,000 Belmont County Health System Revenue, 5.7%, 1/1/$ 2,665,661
1,000,000 Belmont County Health System Revenue, 5.8%, 1/1/1 702,800
3,000,000 Cleveland Airport Special Revenue, 5.375%, 9/15/2 1,404,150
$ 4,772,611
Oklahoma - 2.2%
1,695,000 Jackson County Memorial Hospital Authority Reven$ 1,611,809
2,220,000 Tulsa Municipal Airport Transportation Revenue, 6 1,331,623
1,500,000 Tulsa Municipal Airport Transportation Revenue, 7 1,325,415
$ 4,268,847
Pennsylvania - 12.0%
3,000,000 + Allegheny County Hospital Development Authority $ 3,445,170
500,000 + Allegheny County Hospital Development Authority R 574,195
1,000,000 Clarion County Hospital Authority Revenue, 5.625% 1,001,390
3,600,000 Columbia County Hospital Authority Revenue, 5.85% 2,451,420
3,110,000 (b) Delaware County Industrial Development Authority 1,689,756
1,050,000 Hazleton Health Services Authority Hospital Reven 861,420
2,415,000 Montgomery County Higher Education & Health Autho 2,401,476
1,430,000 Pennsylvania Economic Development Financing Autho 1,039,181
1,805,000 Pennsylvania Economic Development Financing Autho 1,713,505
2,330,000 Pennsylvania Economic Development Financing Autho 2,138,800
5,000,000 Philadelphia Hospitals & Higher Education Facilit 2,644,550
2,005,000 Scranton-Lackawanna Health & Welfare Authority Re 1,860,941
2,245,000 Scranton-Lackawanna Health & Welfare Authority Re 2,029,053
$ 23,850,857
Rhode Island - 3.1%
1,385,000 Central Falls Rhode Island Detention Facilities $ 958,088
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/42 5,180,859
$ 6,138,947
South Carolina - 9.9%
1,500,000 Connector 2000 Association, Inc., Toll Road Reve$ 585,060
1,600,000 Loris Community Hospital District, 5.625%, 1/1/29 1,129,312
7,140,000 + South Carolina Jobs Economic Development Authorit 8,260,552
860,000 + South Carolina Jobs Economic Development Authorit 1,003,852
3,000,000 + South Carolina Jobs Economic Development Authorit 3,399,000
4,400,000 (d) Tobacco Settlement Revenue Management, 6.375%, 5/ 5,248,848
$ 19,626,624
Tennessee - 4.4%
1,000,000 + Johnson City Health & Educational Facilities Boa$ 1,127,420
7,000,000 Knox County Health Educational & Housing Faciliti 6,144,110
2,400,000 Sullivan County Health Educational and Housing Fa 1,380,192
$ 8,651,722
Texas - 21.8%
8,650,000 Brazos River Authority Pollution Control Revenue$ 4,638,736
4,000,000 Brazos River Authority Pollution Control Revenue, 2,572,840
7,350,000 Gulf Coast Industrial Development Authority, 7.0% 4,756,847
10,000,000 Houston Texas Airport System Special Facilities R 5,309,600
1,000,000 IAH Public Facility Corp., Project Revenue Bonds, 861,950
1,000,000 IAH Public Facility Corp., Project Revenue Bonds, 732,960
1,350,000 IAH Public Facility Corp., Project Revenue Bonds, 922,630
2,750,000 Lower Colorado River Authority, 5.0%, 5/15/31 2,498,458
845,000 Lubbock Health Facilities Development Corp., 6.5% 592,227
2,000,000 Lubbock Health Facilities Development Corp., 6.62 1,314,300
7,750,000 Matagorda County Navigation District Number 1 Rev 4,921,328
10,000,000 North Texas Tollway Authority Revenue, 5.75%, 1/1 8,325,200
1,711,000 Panhandle Regional Housing Finance Corp. Multifam 1,664,050
5,000,000 Tomball Hospital Authority, 6.0%, 7/1/25 4,034,000
$ 43,145,126
Utah - 0.5%
1,600,000 Spanish Fork Charter School Revenue, 5.7%, 11/15$ 979,952
Washington - 3.5%
1,285,000 Tobacco Settlement Authority Revenue, 6.5%, 6/1/$ 1,073,810
2,000,000 Washington State Health Care Facilities Authority 1,397,100
2,000,000 Washington State Health Care Facilities Authority 1,400,220
5,000,000 Washington State Housing Finance Commission Nonpr 3,126,600
$ 6,997,730
Wisconsin - 1.2%
2,900,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.5$ 978,141
1,000,000 Wisconsin State Health & Educational Facilities A 711,990
1,000,000 Wisconsin State Health & Educational Facilities A 628,590
$ 2,318,721
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $414,965,198) $ 322,971,692
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 5.7% of Net Assets
13,000,000 (e)(fNon-Profit Preferred Funding Trust I, Series E, $ 11,283,870
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) $ 11,283,870
Shares COMMON STOCK - 0.6% of Net Assets
109,138 (g) Delta Airlines, Inc. $ 1,250,722
TOTAL COMMON STOCK
(Cost $3,210,349) $ 1,250,722
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 3.0% of Net Assets
6,000,000 BlackRock Liquidity Funds MuniFund Portfolio $ 6,000,000
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $6,000,000) $ 6,000,000
TOTAL INVESTMENTS IN SECURITIES - 172.4%
(Cost $437,175,547) (h)(i) $ 341,506,284
OTHER ASSETS AND LIABILITIES - 3.3% $ 6,593,144
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING $ (150,020,083)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS - 10$ 198,079,345
(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 December 31, 2008, the value of these securities
amounted to $38,434,878, or 19.4% 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 rate shown is the coupon rate
at December 31, 2008.
(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 coupon rate at December 31, 2008.
(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
$11,283,870, or 5.7% of the total net assets applied to common
shareowners.
(f) The interest rate is subject to change periodically. The
interest rate shown is the rate at December 31, 2008.
(g) Non-income producing.
(h) The concentration of investments by type of obligation/market
sector is as follows:
Insured
6.7%
1.5
0.4
0.2
Revenue Bonds:
Health Revenue 30.4
Tobacco Revenue 11.1
Development Revenue 10.2
Other Revenue 9.6
Pollution Control Revenue 7.3
Airport Revenue 6.8
Transportation Revenue 5.0
Facilities Revenue 4.7
Housing Revenue 3.8
Water Revenue 1.4
Education Revenue 0.5
Utilities Revenue 0.4
100.0%
(i) At December 31, 2008, the net unrealized loss on investments
based on cost for federal income tax purposes
of $433,024,394 was as follows:
Aggregate gross unrealized gain for all investments in
which
there is an excess of value over tax cost $ 13,316,302
Aggregate gross unrealized loss for all investments in
which
there is an excess of tax cost over value (104,834,412)
Net unrealized loss $ (91,518,110)
For financial reporting purposes net unrealized loss on
investments was $95,669,263
and cost of investments aggregated $437,175,547.
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 December 31,
2008, in valuing the Trust's Investments:
Valuation Inputs Investments
in Other
Financial
Instruments*
Level 1 - Quoted Prices 1,250,722
Level 2 - Other Significant Observable Inputs 340,255,562 (414,543)
Level 3 - Significant Unobservable Inputs 0 -
Total 341,506,284 (414,543)
*Other financial instruments include interest rate swaps.
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 February 27, 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 February 27, 2009
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date February 27, 2009
* Print the name and title of each signing officer under his or her signature.