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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, 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 12/31/09 (unaudited)
Principal
Amount Value
TAX-EXEMPT OBLIGATIONS - 143.3% of Net Assets
Alabama - 0.7%
2,500,000 Huntsville-Redstone Village Special Care Fa $ 1,833,225
Arizona - 3.4%
5,000,000 Casa Grande Industrial Development Authorit $ 4,687,600
1,531,000 Pima County Industrial Development Authorit 1,393,455
2,640,000 Pima County Industrial Development Authorit 2,289,250
1,000,000 San Luis Facility Development Corp., 7.25%, 911,640
$ 9,281,945
California - 12.1%
3,140,000 California State University Revenue, RIB, 1 $ 3,175,576
2,425,000 California State Various Purpose, 5.75%, 4/ 2,449,008
8,575,000 California State Various Purpose, RIB, 10.6 7,384,790
803,175 California Statewide Communities Developmen 160,635
2,680,000 Golden State Tobacco Securitization Corp., 3,145,194
2,500,000 San Jose California Airport Revenue, 5.0%, 2,324,575
10,500,000 University of California, RIB, 10.994%, 5/1 10,363,290
7,670,000 Valley Health System Hospital Revenue, 6.87 4,216,199
$ 33,219,267
Colorado - 1.1%
2,850,000 Denver Health & Hospital Authority Healthca $ 3,130,725
Connecticut - 2.8%
7,750,000 Connecticut State Development Authority Rev $ 7,570,587
District of Columbia - 3.4%
2,700,000 District of Columbia Tobacco Settlement Fin $ 2,623,995
6,825,000 District of Columbia Tobacco Settlement Fin 6,780,637
$ 9,404,632
Florida - 3.8%
4,500,000 Hillsborough County Industrial Development Authority Pollution
Control Revenue,
5.5%, 10/1/23 $ 4,547,565
1,980,000 Hillsborough County Industrial Development Authority Pollution
Control Revenue,
6.75%, 7/1/29 1,806,532
1,000,000 Hillsborough County Industrial Development 1,105,300
500,000 Miami Beach Health Facilities Authority, 5. 404,810
2,500,000 Miami-Dade County Florida Aviation Revenue, 2,537,475
$ 10,401,682
Georgia - 4.1%
5,210,000 Atlanta Georgia Water and Wastewater Revenu $ 5,160,870
1,000,000 Clayton County Development Authority Specia 996,500
1,065,000 Effingham County Industrial Development Aut 1,048,013
3,360,000 Fulton County Residential Care Facilities, 2,515,397
1,650,000 Savannah Georgia Economic Development Autho 1,620,960
$ 11,341,740
Guam - 1.9%
4,500,000 Northern Mariana Islands, 6.75%, 10/1/33 $ 5,300,955
Idaho - 1.8%
2,000,000 Power County Industrial Development Corp., $ 1,990,440
3,000,000 Power County Pollution Control Revenue, 5.6 2,969,610
$ 4,960,050
Illinois - 6.8%
3,000,000 Centerpoint Intermodal Center, 7.5%, 6/15/2 $ 2,997,330
3,000,000 City of Chicago Illinois, 5.0%, 1/1/28 3,077,520
2,000,000 City of Chicago Illinois, 5.5%, 12/1/30 1,310,000
1,450,000 Illinois Finance Authority Revenue, 5.5%, 4 1,418,912
2,000,000 Illinois Finance Authority Revenue, 6.0%, 8 2,085,900
1,000,000 Illinois Finance Authority Revenue, 6.0%, 1 832,100
2,000,000 Illinois Finance Authority Revenue, 6.0%, 8 2,167,060
2,500,000 Illinois Finance Authority Revenue, 6.125%, 2,237,500
1,500,000 Illinois Health Facilities Authority Revenu 660,750
2,615,000 Southwestern Illinois Development Authority 1,837,561
$ 18,624,633
Indiana - 5.7%
10,000,000 Indiana State Development Finance Authority $ 9,761,100
5,000,000 Jasper County Industrial Economic Developme 4,317,400
1,995,000 Vincennes Industrial Economic Development R 1,641,745
$ 15,720,245
Kentucky - 1.6%
500,000 Kentucky Economic Development Finance Autho $ 499,975
4,400,000 Kentucky Economic Development Finance Autho 3,801,732
$ 4,301,707
Louisiana - 6.3%
2,500,000 Louisiana Local Government Environmental Fa $ 2,538,675
6,000,000 Louisiana Public Facilities Authority Reven 5,449,860
750,000 Opelousas Louisiana General Hospital Author 755,490
9,415,000 Tobacco Settlement Financing Corp., 5.875%, 8,658,693
$ 17,402,718
Maryland - 0.4%
460,000 Maryland Health & Higher Educational Facili $ 372,076
1,250,000 Maryland Health & Higher Educational Facili 865,275
$ 1,237,351
Massachusetts - 6.5%
830,000 Massachusetts Development Finance Agency, 5 $ 717,892
2,500,000 Massachusetts Development Finance Agency, 5 2,485,500
1,955,000 Massachusetts Development Finance Agency, 7 1,520,677
2,195,000 Massachusetts Health & Educational Faciliti 1,872,203
1,000,000 Massachusetts Health & Educational Faciliti 1,138,120
10,760,000 Massachusetts Housing Finance Agency, 5.35% 10,124,084
$ 17,858,476
Michigan - 3.7%
1,500,000 Delta County Michigan Economic Development $ 1,672,980
3,000,000 Macomb County Hospital Finance Authority Re 3,522,840
745,000 Michigan Public Educational Facilities Auth 639,322
4,130,000 Michigan State Hospital Finance Authority R 3,545,811
1,000,000 Michigan State Strategic Fund Solid Waste D 807,060
$ 10,188,013
Missouri - 1.5%
1,850,000 Kansas City Industrial Development Authorit $ 1,442,760
1,500,000 St. Louis Industrial Development Authority 509,640
6,640,000 St. Louis Industrial Development Authority 2,255,143
$ 4,207,543
Montana - 0.5%
2,445,000 Hardin Increment Industrial Infrastructure $ 1,226,632
1,000,000 Two Rivers Authority, Inc., Project Revenue 154,090
$ 1,380,722
Nevada - 2.3%
1,500,000 Henderson Nevada Health Care Facilities Rev $ 1,541,010
1,600,000 Nevada State Department of Business & Indus 80,000
1,000,000 Nevada State Department of Business & Indus 50,000
1,320,000 Nevada State Department of Business & Indus 66,000
5,000,000 Reno Nevada Hospital Revenue, 5.25%, 6/1/41 4,491,700
$ 6,228,710
New Hampshire - 0.4%
1,125,000 New Hampshire Health & Educational Faciliti $ 1,049,805
New Jersey - 12.1%
2,500,000 Burlington County New Jersey Bridge Commiss $ 2,101,800
13,000,000 New Jersey Economic Development Authority R 11,208,080
3,500,000 New Jersey State Turnpike Authority, RIB, 1 4,909,065
10,375,000 New Jersey Transportation Trust Fund Author 4,127,382
1,000,000 Tobacco Settlement Financing Corp., 6.25%, 1,168,180
3,250,000 Tobacco Settlement Financing Corp., 6.75%, 3,850,795
5,000,000 Tobacco Settlement Financing Corp., 7.0%, 6 5,964,150
$ 33,329,452
New York - 6.5%
1,900,000 Dutchess County Industrial Development Agen $ 1,858,238
1,000,000 Nassau County New York Industrial Developme 889,500
5,000,000 New York City Industrial Development Agency 3,349,400
3,950,000 New York City Industrial Development Agency 3,599,635
5,000,000 New York State Environmental Facilities Cor 5,124,900
3,000,000 Ulster County New York Industrial Developme 2,692,200
500,000 Ulster County New York Industrial Developme 396,985
$ 17,910,858
North Carolina - 1.9%
6,000,000 Charlotte North Carolina Special Facilities $ 5,136,900
Ohio - 1.9%
2,375,000 Belmont County Health System Revenue, 5.7%, $ 2,210,983
1,000,000 Belmont County Health System Revenue, 5.8%, 806,640
3,000,000 Cleveland Airport Special Revenue, 5.375%, 2,256,090
$ 5,273,713
Oklahoma - 2.8%
1,500,000 Jackson County Memorial Hospital Authority $ 1,500,780
2,220,000 Tulsa Municipal Airport Trust Revenue, 6.25 1,877,698
1,500,000 Tulsa Municipal Airport Trust Revenue, 7.35 1,482,585
3,000,000 Tulsa Municipal Airport Trust Revenue, 7.75 2,938,860
$ 7,799,923
Pennsylvania - 10.0%
3,000,000 Allegheny County Hospital Development Autho $ 3,291,270
500,000 Allegheny County Hospital Development Autho 548,545
1,000,000 Clarion County Hospital Authority Revenue, 1,001,010
3,600,000 Columbia County Hospital Authority Revenue, 3,175,560
945,000 Hazleton Health Services Authority Hospital 897,211
1,405,000 Montgomery County Higher Education & Health 1,410,030
1,430,000 Pennsylvania Economic Development Financing 1,270,555
1,805,000 Pennsylvania Economic Development Financing 1,789,585
2,330,000 Pennsylvania Economic Development Financing 2,266,671
5,000,000 Pennsylvania Economic Development Financing 3,913,500
5,000,000 Philadelphia Hospitals & Higher Education F 3,807,650
2,005,000 Scranton-Lackawanna Health & Welfare Author 1,961,973
2,245,000 Scranton-Lackawanna Health & Welfare Author 2,167,660
$ 27,501,220
Rhode Island - 3.2%
1,385,000 Central Falls Rhode Island Detention Facili $ 1,179,078
8,285,000 Tobacco Settlement Financing Corp., 6.25%, 7,690,965
$ 8,870,043
South Carolina - 6.8%
1,500,000 Connector 2000 Association, Inc., Toll Road $ 360,120
7,140,000 South Carolina Jobs Economic Development Au 8,332,380
860,000 South Carolina Jobs Economic Development Au 1,011,188
3,000,000 South Carolina Jobs Economic Development Au 3,216,000
4,400,000 Tobacco Settlement Revenue Management, 6.37 5,688,452
$ 18,608,140
Tennessee - 3.8%
1,000,000 Johnson City Health & Educational Facilitie $ 1,132,060
7,000,000 Knox County Health Educational & Housing Fa 7,346,710
2,400,000 Sullivan County Health Educational and Hous 2,006,208
$ 10,484,978
Texas - 17.5%
8,650,000 Brazos River Authority Pollution Control Re $ 4,600,330
2,827,399 Gulf Coast Industrial Development Authority 565,480
10,000,000 Houston Texas Airport System Special Facili 9,315,100
960,000 IAH Public Facility Corp., Project Revenue 878,736
1,000,000 IAH Public Facility Corp., Project Revenue 823,410
1,350,000 IAH Public Facility Corp., Project Revenue 1,057,023
2,750,000 Lower Colorado River Authority, 5.0%, 5/15/ 2,776,153
845,000 Lubbock Health Facilities Development Corp. 756,233
2,000,000 Lubbock Health Facilities Development Corp. 1,748,980
7,750,000 Matagorda County Navigation District Number 7,435,505
9,750,000 North Texas Tollway Authority Revenue, 5.75 9,994,725
1,711,000 Panhandle Regional Housing Finance Corp. Mu 1,803,291
1,000,000 Richardson Hospital Authority Revenue, 6.0% 865,990
1,000,000 Texas Midwest Public Facility Corp. Revenue 1,032,020
4,700,000 Tomball Hospital Authority, 6.0%, 7/1/25 4,463,825
$ 48,116,801
Utah - 0.5%
1,600,000 Spanish Fork Charter School Revenue, 5.7%, $ 1,255,248
Virginia - 0.8%
2,000,000 Washington County Industrial Development Au $ 2,282,520
Washington - 3.3%
1,195,000 Tobacco Settlement Authority Revenue, 6.5%, $ 1,201,871
2,000,000 Washington State Health Care Facilities Aut 2,010,100
2,000,000 Washington State Health Care Facilities Aut 2,017,900
5,000,000 Washington State Housing Finance Commission 3,778,850
$ 9,008,721
Wisconsin - 1.4%
2,900,000 Aztalan Wisconsin Exempt Facilities Revenue $ 404,550
1,000,000 Wisconsin State Health & Educational Facili 999,410
1,000,000 Wisconsin State Health & Educational Facili 948,580
1,500,000 Wisconsin State Health & Educational Facili 1,612,980
$ 3,965,520
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $400,789,360) $ 394,188,768
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 3.6% of Net Assets
13,000,000 Non-Profit Preferred Funding Trust I, Serie $ 9,807,330
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) $ 9,807,330
Shares COMMON STOCK - 0.5% of Net Assets
109,625 Delta Airlines, Inc. $ 1,247,533
TOTAL COMMON STOCK
(Cost $3,210,349) $ 1,247,533
TAX-EXEMPT MONEY MARKET MUTUAL FUND - 2.9% of Net Assets
8,000,000 BlackRock Liquidity Funds MuniFund Portfoli $ 8,000,000
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $8,000,000) $ 8,000,000
TOTAL INVESTMENTS IN SECURITIES - 150.3%
(Cost $424,999,709) (h)(i) $ 413,243,631
OTHER ASSETS AND LIABILITIES 4.3% $ 11,752,009
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (54.6)% $ (150,007,899)
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS $ 274,987,741
(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, 2009,
the value of these securities amounted to $36,132,569,
or 13.1% 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 December 31, 2009.
(b) The interest rate is subject to change periodically.
The interest rate shown is the rate at December 31, 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 December 31, 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.
(i) At December 31, 2009, the net unrealized loss on investments
based on cost for federal income tax purposes
of $420,011,921 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $33,945,811
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (40,714,101)
Net unrealized loss ($6,768,290)
For financial reporting purposes net unrealized
loss on investments was $11,756,078
and cost of investments aggregated $424,999,709.
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, 2009, in valuing the Trust's assets:
Level 1 Level 2 Level 3 Total
Tax exempt obligations $0 $394,188,768 $0 $394,188,768
Municipal collateralized d 0 9,807,330 0 9,807,330
Common stock 1,247,533 0 0 1,247,533
Tax-exempt money market 8,000,000 0 0 8,000,000
Total $9,247,533 $403,996,098 $0 $413,243,631
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 March 1, 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 March1 , 2010
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer
Date March 1, 2010
* Print the name and title of each signing officer under his or her signature.