OMB APPROVAL
OMB Number: 3235-0578
Expires: April 30, 2010
Estimated average burden
hours per response.....
10.5
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, 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 12/31/07 (unaudited)
Principal
Amount ($) Value
TAX-EXEMPT OBLIGATIONS - 137.8% of Net Assets
Alaska - 1.3%
3,875,000(a)Alaska State Housing Finance Corp., RIB, 9.78%, $ 4,190,076
Arizona - 4.2%
5,000,000 Casa Grande Industrial Development Authority, H $ 5,324,250
3,000,000(a)Downtown Phoenix Hotel Corp., RIB, 6.253%, 7/1/ 3,054,870
1,000,000 Pima County Industrial Development Authority, 6 1,018,090
1,551,000 Pima County Industrial Development Authority, 6 1,593,621
1,000,000+ Pima County Industrial Development Authority, 7 1,209,410
2,000,000 San Luis Facility Development Corp., 7.25%, 5/1 1,911,480
$ 14,111,721
California - 7.7%
2,680,000+ Golden State Tobacco Securitization Corp., 6.75 $ 3,097,973
5,000,000 San Jose California Airport Revenue, 5.0%, 3/1/ 5,163,000
9,520,000(a)University of California, RIB, 6.601%, 5/15/38 10,525,788
9,015,000 Valley Health System Hospital Revenue, 6.875%, 6,882,051
$ 25,668,812
Colorado - 2.1%
2,850,000+ Denver Health & Hospital Authority Healthcare R $ 3,129,357
3,520,000+ Northwest Parkway Public Highway Authority, 7.1 3,969,539
$ 7,098,896
District of Columbia - 2.1%
2,700,000 District of Columbia Tobacco Settlement Financi $ 2,743,605
4,000,000 District of Columbia Tobacco Settlement Financi 4,085,800
$ 6,829,405
Florida - 5.9%
1,000,000 Greater Orlando Aviation Authority, 6.5%, 11/15 $ 942,970
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 4,565,250
1,980,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 1,983,663
500,000 Miami Beach Health Facilities Authority, 5.375% 447,995
1,500,000 Miami Beach Health Facilities Authority, 6.7%, 1,547,475
10,000,000 Miami-Dade County Aviation Revenue, 5.0%, 10/1/ 10,148,000
$ 19,635,353
Georgia - 2.1%
4,000,000(a)Atlanta Georgia Water and Wastewater Revenue, R $ 4,319,320
1,065,000 Effingham County Industrial Development Authori 1,027,746
1,650,000 Savannah Georgia Economic Development Authority 1,683,842
$ 7,030,908
Guam - 2.5%
3,000,000 Northern Mariana Islands, 5.0%, 6/1/30 $ 2,680,200
4,600,000+ Northern Mariana Islands, 6.75%, 10/1/33 5,368,660
400,000 Northern Mariana Islands, 6.75%, 10/1/33 422,504
$ 8,471,364
Idaho - 2.4%
2,000,000 Power County Industrial Development Corp., 6.45 $ 2,043,460
5,920,000 Power County Pollution Control Revenue, 5.625% 5,994,592
$ 8,038,052
Illinois - 5.8%
4,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (1 $ 3,870,040
1,100,000 Illinois Finance Authority Revenue, 5.5%, 5/15/ 1,001,583
1,850,000 Illinois Finance Authority Revenue, 5.75%, 5/15 1,679,393
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15 956,360
3,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15 2,814,270
1,645,000 Illinois Health Facilities Authority Revenue, 5 1,545,165
1,265,000 Illinois Health Facilities Authority Revenue, 6 1,265,721
2,400,000 Illinois Health Facilities Authority Revenue, 6 2,401,368
1,500,000 Illinois Health Facilities Authority Revenue, 6 1,321,095
2,700,000 Southwestern Illinois Development Authority Rev 2,576,178
$ 19,431,173
Indiana - 4.9%
10,000,000 Indiana State Development Finance Authority Rev $ 10,072,600
5,000,000 Jasper County Industrial Economic Development R 4,330,150
2,170,000 Vincennes Industrial Economic Development Reven 2,070,744
$ 16,473,494
Kentucky - 1.4%
500,000 Kentucky Economic Development Finance Authority $ 496,320
4,400,000 Kentucky Economic Development Finance Authority 4,252,292
$ 4,748,612
Louisiana - 2.9%
750,000 Opelousas Louisiana General Hospital Authority $ 774,023
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 5/1 9,043,578
$ 9,817,601
Maryland - 0.5%
710,000 Maryland Health & Higher Educational Facilities $ 633,490
1,250,000 Maryland Health & Higher Educational Facilities 1,084,125
$ 1,717,615
Massachusetts - 7.3%
5,000,000 Massachusetts Bay Transportation Authority Reve $ 5,618,600
2,195,000 Massachusetts Health & Educational Facilities A 2,090,123
1,000,000+ Massachusetts Health & Educational Facilities A 1,133,030
3,520,000(a)Massachusetts State College Building Authority 3,867,389
900,000 Massachusetts State Development Finance Agency, 853,146
2,920,000 Massachusetts State Development Finance Agency, 2,878,770
4,625,000 Massachusetts State Development Finance Agency, 4,688,039
3,335,000(a)Massachusetts State Housing Finance Agency, RIB 3,342,003
$ 24,471,100
Michigan - 3.7%
1,650,000 Crescent Academy Project Full Term Certificates $ 1,445,054
1,500,000+ Delta County Michigan Economic Development Corp 1,673,625
3,000,000 Macomb County Hospital Finance Authority Revenu 2,942,940
4,130,000 Michigan State Hospital Finance Authority Reven 3,754,583
1,000,000 Michigan State Strategic Fund Solid Waste Dispo 1,009,540
1,470,000 Star International Academy Full Term Certificat 1,407,584
3,405,000 Wayne Charter County Special Airport Facilities -
$ 12,233,326
Missouri - 2.9%
1,850,000 Kansas City Industrial Development Authority Re $ 1,738,852
1,500,000 St. Louis Industrial Development Authority Reve 1,484,100
6,640,000 St. Louis Industrial Development Authority Reve 6,544,318
$ 9,767,270
Montana - 0.7%
2,445,000(b)Hardin Increment Industrial Infrastructure Deve $ 1,657,808
1,000,000 Two Rivers Authority, Inc., Project Revenue, 7. 790,830
$ 2,448,638
Nevada - 1.4%
2,425,000 Clark County Industrial Development Revenue, 5. $ 2,183,810
1,600,000 Nevada State Department of Business & Industry, 1,513,152
1,000,000 Nevada State Department of Business & Industry, 937,640
70,000 Nevada State Department of Business & Industry, 64,548
$ 4,699,150
New Hampshire - 1.5%
1,000,000 New Hampshire Health & Educational Facilities A $ 896,500
1,125,000 New Hampshire Health & Educational Facilities A 1,119,758
3,000,000+ New Hampshire Higher Educational & Health Facil 3,060,000
$ 5,076,258
New Jersey - 9.4%
2,500,000 Burlington County New Jersey Bridge Commission $ 2,305,275
13,000,000 New Jersey Economic Development Authority Reven 12,151,360
2,500,000 New Jersey Health Care Facilities Financing Aut 2,424,125
2,495,000(a)New Jersey State Turnpike Authority, RIB, 9.521 3,774,062
1,000,000+ Tobacco Settlement Financing Corp., 6.25%, 6/1/ 1,137,860
3,250,000+ Tobacco Settlement Financing Corp., 6.75%, 6/1/ 3,777,735
5,000,000+ Tobacco Settlement Financing Corp., 7.0%, 6/1/4 5,870,500
$ 31,440,917
New York - 11.1%
3,000,000 Dutchess County Industrial Development Agency R $ 3,181,680
5,000,000 Nassau County New York Industrial Development A 5,018,450
1,000,000 Nassau County New York Industrial Development A 1,000,000
6,980,000 New York City Industrial Development Agency, 5. 5,812,735
2,000,000 New York City Industrial Development Agency, 5. 1,933,800
2,000,000 New York City Industrial Development Agency, 6. 2,001,500
3,950,000 New York City Industrial Development Agency, 7. 4,149,277
2,400,000 New York City Industrial Development Agency, 7. 2,405,424
5,000,000 New York State Environmental Facilities Corp., 5,148,900
4,500,000 Suffolk County New York Industrial Development 3,792,915
500,000 Ulster County New York Industrial Development A 468,475
2,000,000 Yonkers Industrial Development Agency Civic Fac 1,995,340
$ 36,908,496
North Carolina - 5.2%
11,350,000 Charlotte North Carolina Special Facilities Rev $ 10,144,743
7,140,000 Charlotte North Carolina Special Facilities Rev 7,336,921
$ 17,481,664
Ohio - 2.2%
3,800,000 Belmont County Health System Revenue, 5.7%, 1/1 $ 3,762,646
1,000,000 Belmont County Health System Revenue, 5.8%, 1/1 954,050
3,000,000 Cleveland Airport Special Revenue, 5.375%, 9/15 2,601,300
$ 7,317,996
Oklahoma - 1.7%
1,875,000 Jackson County Memorial Hospital Authority Reve $ 1,883,588
2,220,000 Tulsa Municipal Airport Transportation Revenue, 2,149,204
1,500,000 Tulsa Municipal Airport Transportation Revenue, 1,500,840
$ 5,533,632
Pennsylvania - 8.8%
3,000,000+ Allegheny County Hospital Development Authority $ 3,539,280
500,000 + Allegheny County Hospital Development Authority 589,880
1,000,000 Clarion County Hospital Authority Revenue, 5.62 1,001,250
3,600,000 Columbia County Hospital Authority Revenue, 5.8 3,207,204
3,110,000(c)Delaware County Industrial Development Authorit 2,352,124
1,155,000 Hazleton Health Services Authority Hospital Rev 1,161,803
3,360,000 Montgomery County Higher Education & Health Aut 3,393,667
1,430,000 Pennsylvania Economic Development Financing Aut 1,375,774
1,805,000 Pennsylvania Economic Development Financing Aut 1,796,047
2,330,000 Pennsylvania Economic Development Financing Aut 2,316,276
5,000,000 Philadelphia Hospitals & Higher Education Facil 4,425,000
2,005,000 Scranton-Lackawanna Health & Welfare Authority 2,015,807
2,245,000 Scranton-Lackawanna Health & Welfare Authority 2,257,101
$ 29,431,213
Rhode Island - 3.9%
4,485,000 Central Falls Rhode Island Detention Facilities $ 4,800,699
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 6/1/ 8,306,541
$ 13,107,240
South Carolina - 5.9%
1,500,000 Connector 2000 Association, Inc., Toll Road Rev $ 1,213,560
1,600,000 Loris Community Hospital District, 5.625%, 1/1/ 1,601,520
7,140,000+ South Carolina Jobs Economic Development Author 8,199,933
860,000 + South Carolina Jobs Economic Development Author 985,319
3,000,000+ South Carolina Jobs Economic Development Author 3,430,950
4,400,000 Tobacco Settlement Revenue Management, 6.375%, 4,407,392
$ 19,838,674
Tennessee - 2.5%
1,000,000+ Johnson City Health & Educational Facilities Bo $ 1,193,660
7,000,000 Knox County Health Educational & Housing Facili 7,152,600
$ 8,346,260
Texas - 14.9%
8,650,000 Brazos River Authority Pollution Control Revenu $ 8,313,861
4,000,000 Brazos River Authority Pollution Control Revenu 4,137,080
7,350,000 Gulf Coast Industrial Development Authority, 7. 7,055,485
10,000,000 Houston Texas Airport System Special Facilities 10,103,900
1,000,000 IAH Public Facility Corp., Project Revenue Bond 973,110
1,000,000 IAH Public Facility Corp., Project Revenue Bond 952,330
1,350,000 IAH Public Facility Corp., Project Revenue Bond 1,268,595
845,000 Lubbock Health Facilities Development Corp., 6. 847,374
2,000,000 Lubbock Health Facilities Development Corp., 6. 2,010,480
7,750,000 Matagorda County Navigation District Number 1 R 7,576,167
5,000,000 Tomball Hospital Authority, 6.0%, 7/1/25 5,069,100
1,500,000(d)Willacy County Local Government Corp., 6.0%, 3/ 1,527,195
$ 49,834,677
Utah - 0.5%
1,600,000 Spanish Fork Charter School Revenue, 5.7%, 11/1 $ 1,485,696
Washington - 7.0%
5,500,000 Port Seattle Washington Special Facilities Reve $ 5,617,590
1,345,000 Tobacco Settlement Authority Revenue, 6.5%, 6/1 1,388,780
6,960,000(a)Washington State Economic Development Finance A 7,689,965
2,000,000 Washington State Health Care Facilities Authori 1,953,120
2,000,000 Washington State Health Care Facilities Authori 1,952,800
5,000,000 Washington State Housing Finance Commission Non 4,692,250
$ 23,294,505
Wisconsin - 1.4%
3,000,000 Aztalan Wisconsin Exempt Facilities Revenue, 7. $ 2,715,690
1,000,000 Wisconsin State Health & Educational Facilities 1,003,740
1,000,000 Wisconsin State Health & Educational Facilities 964,930
$ 4,684,360
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $439,847,066) $ 460,664,154
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 3.8% of Net Assets
13,000,000 Non-Profit Preferred Funding Trust I, Series E, $ 12,637,690
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) $ 12,637,690
Shares COMMON STOCK - 0.3% of Net Assets
80,678 Northwest Airlines Corp. $ 1,170,638
TOTAL COMMON STOCK
(Cost $3,210,349) $ 1,170,638
TAX-EXEMPT MONEY MARKET
MUTUAL FUND - 0.0% of Net Assets
45,820 BlackRock Liquidity Funds MuniFund Portfolio $ 45,820
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $45,820) $ 45,820
TOTAL INVESTMENTS IN SECURITIES - 141.9%
(Cost $456,103,235) (e)(f) $ 474,518,302
OTHER ASSETS AND LIABILITIES - 3.0% $ 9,824,103
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (44.9)% $ (150,009,450)
NET ASSETS APPLICABLE TO
COMMON SHAREOWNERS - 100.0% $ 334,332,955
(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, 2007, the value
of these securities amounted to $47,390,455, or 14.2%
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 interest rate shown is the rate
at December 31, 2007.
(b) Debt obligation initially issued at one coupon which
converts to a higher coupon at a specific date.
The rate shown is the rate at December 31, 2007.
(c) Security is in default and is non-income producing.
(d) Escrow to maturity.
(e) The concentration of investments by type of
obligation/market sector is as follows:
Insured 12.5%
General Obligation 5.3
Revenue Bonds:
Health Revenue 26.6
Development Revenue 11.3
Airport Revenue 10.3
Tobacco Revenue 9.3
Facilities Revenue 6.7
Transportation Revenue 6.1
Pollution Control Revenue 6.1
Housing Revenue 1.7
Other Revenue 1.4
Education Revenue 1.3
Water Revenue 1.1
Power Revenue 0.3
100.0%
(f) At December 31, 2007, the net unrealized gain on
investments based on cost for federal income tax
purposes of $452,460,201 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax c $ 32,158,575
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over va (10,100,474)
Net unrealized gain $ 22,058,101
For financial reporting purposes net unrealized
gain on investments was $18,415,067
and cost of investments aggregated $456,103,235.
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 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 February 29, 2008
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date February 29, 2008
* Print the name and title of each signing officer under his or her signature.