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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                   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)


            Terrence J. Cullen, 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:  May 1, 2010 through October 31, 2010


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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. REPORTS TO SHAREOWNERS.


Pioneer Municipal High Income Trust

--------------------------------------------------------------------------------
Semiannual Report | October 31, 2010
--------------------------------------------------------------------------------


Ticker Symbol:    MHI


[LOGO] PIONEER
       Investments(R)





                        visit us: pioneerinvestments.com





Table of Contents



                                          
Letter to Shareowners                          2
Portfolio Management Discussion                4
Portfolio Summary                              7
Prices and Distributions                       8
Performance Update                             9
Schedule of Investments                       10
Financial Statements                          20
Financial Highlights                          23
Notes to Financial Statements                 25
Trustees, Officers and Service Providers      35



        Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     1


President's Letter

Dear Shareowner,

Through the first nine months of 2010, the U.S. economy moved forward on a slow
path to recovery. But with the memory of a deep recession still lingering,
businesses and consumers remained cautious about both investing and spending.
While business fundamentals showed signs of improvement, there was still a
reluctance to hire, and high unemployment remains a problem. Wary investors,
concerned about risk, gravitated towards cash and bonds. We remain generally
optimistic about the prospects for economic recovery, although it may occur
more slowly than many would like.

At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. This strategy has generally performed well for
many investors. Bond markets certainly rewarded investors in the first nine
months of 2010. While the equity markets barely budged, equities at the end of
September 2010 were inexpensive relative to bonds, compared with historic
levels, and represented potentially good value for long-term investors.

Pioneer has not changed the basic approach to investing that we have used for
more than 80 years. We remain focused on company fundamentals and risk
management. Our investment process is based on careful research into individual
companies, quantitative analysis, and active portfolio management. This
three-pillared process, which we apply to each of our portfolios, is supported
by an integrated team approach and is designed to carefully balance risk and
reward. Our experienced professionals devote themselves to the careful research
needed to identify investment opportunities in markets around the world.

Our advice, as always, is to work closely with a trusted financial advisor to
discuss your goals and work together to develop an investment strategy that
meets your individual needs. There is no single best strategy that works for
every investor.


2     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
www.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.

Sincerely,

/s/ Daniel K. Kingsbury


Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.


Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of the opinion of the Trust's management as of the date of this
report. These statements should not be relied upon for any other purposes. Past
performance is no guarantee of future results, and there is no guarantee that
market forecasts discussed will be realized.


        Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     3


Portfolio Management Discussion | 10/31/10

In the following interview, David Eurkus discusses the market environment and
some of the factors that affected the performance of Pioneer Municipal High
Income Trust over the six months ended October 31, 2010. Mr. Eurkus, senior
vice president, is a member of Pioneer's fixed-income team and is responsible
for the day-to-day management of the Trust's portfolio.

Q  How did the Trust perform over the six months ended October 31, 2010?

A  Over the six months ended October 31, 2010, the Trust returned 7.07% at net
   asset value and 9.56% at market price, while the Trust's benchmarks, the
   Barclays Capital High Yield Municipal Bond Index and the Barclays Capital
   Municipal Bond Index, returned 6.71% and 3.95%, respectively. Unlike the
   Trust, the two Barclays Capital indices are not leveraged. At the end of the
   six-month period, the Trust held 120 issues in 34 states and the District of
   Columbia. As of October 31, 2010, the Trust's 30-day SEC yield was 6.50%. The
   Trust's taxable equivalent yield as of October 31, 2010, based on the maximum
   Federal income tax rate of 35%, was 10.97%. Approximately 12% of the Trust's
   investments were subject to the Federal Alternative Minimum Tax (AMT).

Q  What was the investment environment like for the Trust over the six months
   ended October 31, 2010?

A  The investment environment for both the municipal bond market and the Trust
   was positive over the six-month period, as market interest rates continued to
   decline. In a slow-growing economy, inflation remained subdued and the
   Federal Reserve System (the Fed) maintained an accommodative monetary policy
   designed to stimulate economic growth. Against that backdrop, demand for
   municipal securities was robust, as traditional and non-traditional buyers
   came into the market.

Q  How did you position the Trust in that positive environment over the six
   months ended October 31, 2010?

A  At the end of the six-month period, we had 57.7% of the Trust's total
   investment portfolio invested in investment-grade bonds, and 40.7% of the
   Trust's total investment portfolio in below-investment-grade bonds. The Trust
   also had a 1.6% cash position as part of its total investment portfolio. At
   the end of the period, 24.5% of the Trust's total investment portfolio was
   financed by borrowings. The positioning aided the Trust's performance, as
   there were no significant disappointments in the Trust's portfolio and, in
   general both the investment-grade and below-investment grade securities fared
   well during the six months ended October 31, 2010.


4     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


   We did not make any significant changes to the Trust during the six-month
   period. More than a year ago, we had positioned the Trust's portfolio to
   take advantage of market areas that we felt had become oversold during the
   financial crisis of 2008. We were particularly drawn to sectors that
   typically support the U.S. economy, such as health care, transportation and
   education, and that approach has benefited the Trust's performance. Over
   the six months ended October 31, 2010, the Trust remained fully invested
   and diversified. As of October 31, 2010, health care (28.7% of the Trust's
   total investment portfolio) was the biggest sector position in the Trust,
   followed by transportation (15.6% of the Trust's total investment
   portfolio), and education (6.1% of the Trust's total investment portfolio).

   The Trust also had an allocation of tobacco settlement revenue bonds which
   are allocated amongst various states. (8.2% of the Trust's total investment
   portfolio), as well as to the housing, pollution control and power and
   water sectors.

   All of the Trust's portfolio securities were held in revenue bonds, which
   are dependent upon revenues generated from the particular asset the bond
   was issued to finance in order to make interest and principal payments. For
   example, a bond issued to fund a continuing care retirement community is
   backed by the revenues that accrue from the users of the facility.

Q  Could you discuss some securities that were strong performers for the Trust
   during the six months ended October 31, 2010, and some that were
   disappointments?

A  Among the Trust's better-performing holdings during the six months ended
   October 31, 2010 were bonds issued by New Jersey State Transportation
   Authority, which contributed 30 basis points to the Trust's performance, and
   bonds issued by Connecticut Health and Education Authority (for Yale
   University).

   Two of the Trust's disappointments during the six-month period were Non-
   Profit Preferred Funding Trust, and bonds issued by Metropolitan Pier and
   Exposition Authority (Illinois).

Q  What is your outlook?

A  As we look ahead, we believe the environment for municipal bonds, in which
   the Trust invests, should continue to be positive. We expect economic growth
   to be slow, but steady, and believe that the Fed will keep interest rates at
   current levels into 2011.

   State and municipal governments are under budget pressure. We continue to
   monitor this situation closely and we are aware of the differences between
   revenue bonds and general obligation bonds. We believe that the market for
   municipal bonds in general remains secure and that municipal bonds in


        Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     5


   which the Trust invests should continue to provide investors with a
   relatively stable and competitive stream of income.


Please refer to the Schedule of Investments on pages 10-19 for a full listing
of Trust securities.

Investments in high-yield or lower-rated securities are subject to
greater-than-average risk. The Trust may invest in securities of issuers that
are in default or that are in bankruptcy.

A portion of income may be subject to state, federal, and/or alternative
minimum tax. Capital gains, if any, are subject to a capital gains tax. When
interest rates rise, the prices of debt securities held by the Trust will
generally fall. Conversely, when interest rates fall the prices of debt
securities held by the Trust generally will rise. By concentrating in municipal
securities, the Trust is more susceptible to adverse economic, political or
regulatory developments than is a portfolio that invests more broadly.
Investments in the Trust are subject to possible loss due to the financial
failure of the issuers of the underlying securities and their issuer's
inability to meet their debt obligations.

The Trust uses leverage through the issuance of preferred shares. Leverage
creates significant risks, including the risk that the Trust's income or
capital appreciation will not be sufficient to cover the cost of leverage,
which may adversely affect the return for the holders of common shares. Since
February of 2008, regularly scheduled auctions for the Trust's preferred shares
have failed and preferred shareowners have not been able to sell their shares
at auction. The Board of Trustees of the Trust has considered, and continues to
consider, this issue.

The Trust is required to maintain certain regulatory and rating agency asset
coverage requirements in connection with its outstanding preferred shares. In
order to maintain required asset coverage levels, the Trust may be required to
alter the composition of its investment portfolio or take other actions, such
as redeeming preferred shares with the proceeds from portfolio transactions, at
what might be inopportune times in the market. Such actions could reduce the
net earnings or returns to holders of the Trust's common shares over time.

Risks of investing in the Trust are discussed in greater detail in the Trust's
original offering prospectus and in shareowner reports issued from time to
time.

Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.

Any information in this shareowner report regarding market or economic trends
or the factors influencing the Trust's historical or future performance are
statements of the opinion of Trust management as of the date of this report.
These statements should not be relied upon for any other purposes.


6     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


Portfolio Summary | 10/31/10

Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)

[The following data was represented as a pie chart in the printed material]


                                                      
Health Revenue                                           30.7%
Airport Revenue                                          13.6%
Other Revenue                                            12.4%
Tobacco Revenue                                          11.8%
Insured                                                  11.3%
Education Revenue                                         4.9%
Facilities Revenue                                        3.9%
Pollution Control Revenue                                 3.9%
Development Revenue                                       3.7%
Transportation Revenue                                    2.6%
Gaming Revenue                                            1.0%
Housing Revenue                                           0.2%



Portfolio Quality
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio; based on S&P ratings)

[The following data was represented as a pie chart in the printed material]


                                                      
AAA                                                      14.7%
AA                                                        4.2%
A                                                         5.8%
BBB                                                      16.7%
BB                                                        5.3%
B                                                         8.7%
CCC                                                       1.7%
Not Rated                                                42.9%



10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*



                                                                                             
 1.    New Jersey Economic Development Authority Revenue, 6.25%, 9/15/29                           3.17%
 2.    Metropolitan Pier & Exposition Authority Dedicated State Tax Revenue, 0.0%, 6/15/22         3.16
 3.    Allegheny County Hospital Development Authority Revenue, 9.25%, 11/15/30                    3.05
 4.    Connecticut Health & Educational Facilities Authority Revenue, RIB, 11.149%,
       7/1/42 (144A)                                                                               2.95
 5.    Tobacco Settlement Financing Corp., 6.75%, 6/1/39                                           2.80
 6.    North Texas Tollway Authority Revenue, 5.75%, 1/1/33                                        2.57
 7.    Chicago O'Hare International Airport Special Facility Revenue Refunding Bonds,
       5.5%, 12/1/30                                                                               2.43
 8.    New York State Dormitory Authority Revenue, RIB, 12.595%, 7/1/26 (144A)                     2.33
 9.    Washington State General Obligation, 0.0%, 6/1/22                                           2.28
10.    California State University Revenue, RIB, 9.075%, 11/1/39 (144A)                            2.11


*    This list excludes temporary cash investments. The portfolio is actively
     managed, and currently holdings may be different. The holdings listed
     should not be considered recommendations to buy or sell any security
     listed.


        Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     7


Prices and Distributions | 10/31/10

Market Value per Common Share
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
             10/31/10         4/30/10
--------------------------------------------------------------------------------
                        
             $ 15.14          $ 14.34
--------------------------------------------------------------------------------



Net Asset Value per Common Share
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
             10/31/10         4/30/10
--------------------------------------------------------------------------------
                       
            $ 14.30          $ 13.86
--------------------------------------------------------------------------------



Distributions per Common Share: 5/1/10-10/31/10
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------
            Net
         Investment       Short-Term         Long-Term
           Income       Capital Gains     Capital Gains
--------------------------------------------------------------------------------
                                   
           $ 0.525        $ --              $ --
--------------------------------------------------------------------------------



8     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


Performance Update | 10/31/10

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in market value, including
reinvestment of dividends and distributions, of a $10,000 investment made in
common shares of Pioneer Municipal High Income Trust, compared to that of the
Barclays Capital Municipal Bond Index and Barclays Capital High Yield Municipal
Bond Index.




Cumulative Total Returns
(As of October 31, 2010)
----------------------------------------------------
                         Net Asset       Market
Period                   Value (NAV)     Price
----------------------------------------------------
                                   
Life-of-Trust
(7/17/2003)              63.53%          65.40%
5 Years                  34.61           46.87
1 Year                   16.98           23.48
----------------------------------------------------



[The following data was represented as a mountain chart in the printed material]

Value of $10,000 Investment




                      Barclays
          Pioneer      Capital     Barclays
         Municipal    High Yield    Capital
         High Income   Municipal   Municipal
            Trust     Bond Index   Bond Index
                          
7/03       10,000      10,000      10,000
           10,097      10,319      10,419
10/04      10,504      10,941      11,446
           11,261      11,219      12,522
10/06      11,991      11,863      14,009
           12,789      12,209      14,326
10/08       8,865      11,805      11,614
           13,395      13,411      13,303
10/10      16,540      14,454      15,147



Call 1-800-225-6292 or visit www.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

Performance data shown represents past performance. Past performance is no
guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below net asset value (NAV) due to such factors as
interest rate changes and the perceived credit quality of borrowers.

Total investment return does not reflect broker sales charges or commissions.
All performance is for common shares of the Trust.

Closed-end funds, unlike open-end funds, are not continuously offered. There is
a one-time public offering and once issued, shares of closed-end funds are sold
in the open market through a stock exchange and frequently trade at prices
lower than their NAV. NAV is total assets less total liabilities which includes
preferred shares, divided by the number of common shares outstanding.

When NAV is lower than market price, dividends are assumed to be reinvested at
the greater of NAV or 95% of the market price. When NAV is higher, dividends
are assumed to be reinvested at prices obtained under the Trust's dividend
reinvestment plan.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Trust distributions or the sale of Trust shares.

The Barclays Capital Municipal Bond Index is a broad measure of the municipal
bond market. The Barclays Capital High Yield Municipal Bond Index totals over
$26 billion in market value and maintains over 1300 securities. Municipal bonds
in this index have the following requirements: maturities of one year or
greater, sub investment grade (below Baa or non-rated), fixed coupon rate,
issued after 12/31/90, deal size over $20 million, and maturity size of at
least $3 million. Index returns are calculated monthly, assume reinvestment of
dividends and, unlike Trust returns, do not reflect any fees, expenses or sales
charges. The indices are not leveraged. You cannot invest directly in the
indices.


        Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     9


Schedule of Investments | 10/31/10 (unaudited)




-----------------------------------------------------------------------------------------------------
                   S&P/Moody's
Principal          Ratings
Amount             (unaudited)                                                           Value
-----------------------------------------------------------------------------------------------------
                                                                               
                                 TAX EXEMPT OBLIGATIONS -- 126.3% of Net Assets
                                 Alabama -- 1.4%
  $   1,000,000           NR/NR  Huntsville-Redstone Village Special Care Facilities
                                 Financing Authority, 5.5%, 1/1/28                       $    878,550
      4,500,000           NR/NR  Huntsville-Redstone Village Special Care Facilities
                                 Financing Authority, 5.5%, 1/1/43                          3,583,440
                                                                                         ------------
                                                                                         $  4,461,990
-----------------------------------------------------------------------------------------------------
                                 Arizona -- 2.4%
      5,000,000       BBB-/Baa3  Apache County Industrial Development Authority,
                                 5.85%, 3/1/28                                           $  5,075,000
      1,000,000         NR/Baa3  Pima County Industrial Development Authority,
                                 6.75%, 7/1/31                                              1,003,680
        960,000         NR/Baa3  Pima County Industrial Development Authority,
                                 7.25%, 7/1/31                                                976,502
        500,000         NR/Baa2  Yavapai County Industrial Development Authority,
                                 6.0%, 8/1/33                                                 506,260
                                                                                         ------------
                                                                                         $  7,561,442
-----------------------------------------------------------------------------------------------------
                                 California -- 7.6%
      7,885,000(a)       AAA/NR  California State University Revenue, RIB, 9.075%,
                                 11/1/39 (144A)                                          $  8,726,881
        602,382(b)        NR/NR  California Statewide Communities Development
                                 Authority Environmental Facilities Revenue,
                                 9.0%, 12/1/38                                                 48,191
      1,000,000          BB+/NR  California Statewide Communities Development
                                 Authority Revenue, 7.25%, 10/1/38                          1,082,090
      5,150,000+        AAA/Aaa  Golden State Tobacco Securitization Corp., 7.8%,
                                 6/1/42                                                     6,079,420
      7,000,000+        AAA/Aaa  Golden State Tobacco Securitization Corp., 7.875%,
                                 6/1/42                                                     8,276,100
                                                                                         ------------
                                                                                         $ 24,212,682
-----------------------------------------------------------------------------------------------------
                                 Connecticut -- 5.1%
     10,335,000(a)       NR/Aaa  Connecticut Health & Educational Facilities Authority
                                 Revenue, RIB, 11.149%, 7/1/42 (144A)                    $ 12,199,641
      5,000,000           B+/NR  Mohegan Tribe Indians Gaming Authority, 6.25%,
                                 1/1/31                                                     4,141,150
                                                                                         ------------
                                                                                         $ 16,340,791
-----------------------------------------------------------------------------------------------------
                                 District of Columbia -- 3.4%
      5,000,000        BBB/Baa3  District of Columbia Tobacco Settlement Financing
                                 Corp., 6.5%, 5/15/33                                    $  4,941,550
      6,000,000        BBB/Baa3  District of Columbia Tobacco Settlement Financing
                                 Corp., 6.75%, 5/15/40                                      6,003,120
                                                                                         ------------
                                                                                         $ 10,944,670
-----------------------------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.

10     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10





------------------------------------------------------------------------------------------------------
                   S&P/Moody's
Principal          Ratings
Amount             (unaudited)                                                            Value
------------------------------------------------------------------------------------------------------
                                                                                
                                 Florida -- 5.2%
  $  1,700,000            NR/NR  Beacon Lakes Community Development, 6.9%,
                                 5/1/35                                                   $  1,705,219
     1,000,000            NR/NR  Florida Development Finance Corp, 6.0%, 9/15/40               998,540
     1,000,000            NR/NR  Hillsborough County Industrial Development Authority
                                 Revenue, 8.0%, 8/15/32                                      1,420,470
     2,390,000            NR/NR  Liberty County Subordinate Revenue, 8.25%,
                                 7/1/28                                                      2,331,134
     2,500,000            A-/A2  Miami-Dade County Aviation Revenue, 5.5%,
                                 10/1/41                                                     2,596,275
     1,000,000            NR/NR  St. Johns County Industrial Development Authority
                                 Revenue, 5.25%, 1/1/26                                        848,710
     2,000,000            NR/NR  St. Johns County Industrial Development Authority
                                 Revenue, 5.375%, 1/1/40                                     1,566,840
     5,000,000          NR/Baa1  Tallahassee Health Facilities Revenue, 6.375%,
                                 12/1/30                                                     5,002,800
                                                                                          ------------
                                                                                          $ 16,469,988
------------------------------------------------------------------------------------------------------
                                 Georgia -- 2.6%
     4,240,000(a)        NR/Aa3  Atlanta Georgia Water & Waste Revenue, RIB,
                                 9.075%, 11/1/43 (144A)                                   $  4,388,485
       500,000          CCC+/NR  Clayton County Development Authority Revenue,
                                 9.0%, 6/1/35                                                  545,150
     2,400,000            NR/NR  Fulton County Residential Care Facilities Revenue,
                                 5.0%, 7/1/27                                                1,753,704
     1,100,000            NR/NR  Fulton County Residential Care Facilities Revenue,
                                 5.125%, 7/1/42                                                724,108
     1,000,000            NR/NR  Rockdale County Development Authority Revenue,
                                 6.125%, 1/1/34                                              1,004,890
                                                                                          ------------
                                                                                          $  8,416,337
------------------------------------------------------------------------------------------------------
                                 Idaho -- 1.6%
     5,000,000        BBB+/Baa1  Power County Industrial Development Corp., 6.45%,
                                 8/1/32                                                   $  5,026,600
------------------------------------------------------------------------------------------------------
                                 Illinois -- 14.4%
     2,000,000(c)         NR/NR  Centerpoint Intermodal Center, 7.5%, 6/15/23
                                 (144A)                                                   $  2,020,000
    12,000,000          NR/Caa2  Chicago O'Hare International Airport Special Facility
                                 Revenue Refunding Bonds, 5.5%, 12/1/30                     10,050,600
     1,000,000            NR/NR  Illinois Finance Authority Revenue, 6.0%, 11/15/27            782,860
     4,000,000            NR/NR  Illinois Finance Authority Revenue, 6.0%, 11/15/39          2,804,440
     3,865,000          BBB+/NR  Illinois Finance Authority Revenue, 6.0%, 8/15/38           3,950,185
     2,000,000          AA+/Aa2  Illinois Finance Authority Revenue, 6.0%, 8/15/39           2,228,040
     2,500,000          NR/Baa2  Illinois Finance Authority Revenue, 6.5%, 4/1/39            2,686,675
     4,000,000            NR/NR  Illinois Finance Authority Revenue, 8.25%, 5/15/45          3,954,640
     2,500,000            NR/NR  Illinois Finance Authority Revenue, 8.25%, 2/15/46          2,474,025


The accompanying notes are an integral part of these financial statements.

       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     11


Schedule of Investments | 10/31/10 (unaudited) (continued)




------------------------------------------------------------------------------------------------------
                     S&P/Moody's
Principal            Ratings
Amount               (unaudited)                                                          Value
------------------------------------------------------------------------------------------------------
                                                                                
                                   Illinois -- (continued)
   $   1,500,000(b)         NR/NR  Illinois Health Facilities Authority Revenue, 6.9%,
                                   11/15/33                                               $    576,900
      16,880,000(d)        AAA/A2  Metropolitan Pier & Exposition Authority Dedicated
                                   State Tax Revenue, 0.0%, 6/15/22                         13,066,302
       1,625,000            NR/NR  Southwestern Illinois Development Authority
                                   Revenue, 5.625%, 11/1/26                                  1,183,780
                                                                                          ------------
                                                                                          $ 45,778,447
------------------------------------------------------------------------------------------------------
                                   Indiana -- 3.6%
       5,000,000            A+/A1  Indiana Health & Educational Facility Financing
                                   Authority Hospital Revenue, 5.0%, 2/15/39              $  4,816,450
       4,300,000          BBB-/NR  Indiana State Development Finance Authority
                                   Revenue, 5.75%, 10/1/11                                   4,366,994
       2,570,000            NR/NR  Vigo County Hospital Authority Revenue, 5.8%,
                                   9/1/47 (144A)                                             2,396,911
                                                                                          ------------
                                                                                          $ 11,580,355
------------------------------------------------------------------------------------------------------
                                   Louisiana -- 2.0%
       1,500,000          BB+/Ba2  Louisiana Local Government Environmental Facilities
                                   Revenue, 6.75%, 11/1/32                                $  1,591,440
       5,000,000          NR/Baa1  Louisiana Public Facilities Authority Revenue, 5.5%,
                                   5/15/47                                                   4,912,500
                                                                                          ------------
                                                                                          $  6,503,940
------------------------------------------------------------------------------------------------------
                                   Massachusetts -- 6.8%
       5,000,000             A/NR  Massachusetts Development Finance Agency
                                   Revenue, 5.75%, 1/1/42                                 $  5,692,700
       2,360,000            NR/NR  Massachusetts Development Finance Agency
                                   Revenue, 7.1%, 7/1/32                                     2,169,383
       1,000,000            AA/NR  Massachusetts Educational Financing Authority
                                   Revenue, 6.0%, 1/1/28                                     1,071,250
       3,500,000         BBB/Baa2  Massachusetts Health & Educational Facilities
                                   Authority Revenue, 6.25%, 7/1/22                          3,556,280
       4,500,000            NR/NR  Massachusetts Health & Educational Facilities
                                   Authority Revenue, 6.5%, 1/15/38                          4,100,895
       5,000,000           BB-/NR  Massachusetts Health & Educational Facilities
                                   Authority Revenue, 6.75%, 10/1/33                         5,013,400
                                                                                          ------------
                                                                                          $ 21,603,908
------------------------------------------------------------------------------------------------------
                                   Michigan -- 3.5%
         935,000            NR/NR  Doctor Charles Drew Academy, 5.7%, 11/1/36             $    612,275
       1,340,000           NR/Ba1  Flint Michigan Hospital Building Authority Revenue,
                                   5.25%, 7/1/16                                             1,324,724
       1,500,000            BB/NR  John Tolfree Health System Corp., 6.0%, 9/15/23           1,296,045
       2,000,000          BB-/Ba3  Michigan State Hospital Finance Authority Revenue,
                                   5.5%, 8/15/23                                             1,945,260


The accompanying notes are an integral part of these financial statements.

12     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10





-----------------------------------------------------------------------------------------------------------
                         S&P/Moody's
Principal                Ratings
Amount                   (unaudited)                                                           Value
-----------------------------------------------------------------------------------------------------------
                                                                                     
                                       Michigan -- (continued)
    $   5,830,000               BB/NR  Michigan Tobacco Settlement Finance Authority,
                                       6.0%, 6/1/48                                            $  4,635,142
        1,450,000              BBB/NR  Star International Academy Certificates of
                                       Participation, 6.125%, 3/1/37                              1,459,440
        7,720,000(e)(g)         NR/NR  Wayne Charter Escrow, 0.0%, 12/1/15                               77
                                                                                               ------------
                                                                                               $ 11,272,963
-----------------------------------------------------------------------------------------------------------
                                       Minnesota -- 0.5%
        1,675,000              BB-/NR  Duluth Economic Development Authority Health Care
                                       Facilities Revenue, 7.25%, 6/15/32                      $  1,714,228
-----------------------------------------------------------------------------------------------------------
                                       Mississippi -- 1.0%
        3,000,000             BBB/Ba1  Mississippi Business Finance Corp., Pollution Control
                                       Revenue, 5.9%, 5/1/22                                   $  3,015,000
-----------------------------------------------------------------------------------------------------------
                                       Montana -- 0.1%
        1,600,000(b)            NR/NR  Two Rivers Authority, Inc. Correctional Facility
                                       Improvement Revenue, 7.375%, 11/1/27                    $    232,832
-----------------------------------------------------------------------------------------------------------
                                       Nebraska -- 0.2%
        2,000,000(b)(f)         NR/NR  Grand Island Solid Waste Disposal Facilities
                                       Revenue, 7.0%, 6/1/23                                   $    570,100
-----------------------------------------------------------------------------------------------------------
                                       Nevada -- 0.0%
        2,000,000(b)            NR/NR  Nevada State Department of Business & Industry,
                                       7.25%, 1/1/23                                           $         20
-----------------------------------------------------------------------------------------------------------
                                       New Jersey -- 11.7%
        2,000,000                B/B3  New Jersey Economic Development Authority
                                       Revenue, 6.25%, 9/15/19                                 $  1,986,400
       13,350,000                B/B3  New Jersey Economic Development Authority
                                       Revenue, 6.25%, 9/15/29                                   13,082,466
        6,150,000(c)             B/B3  New Jersey Economic Development Authority
                                       Revenue, 7.0%, 11/15/30                                    6,187,699
       10,370,000             AA+/Aa1  New Jersey Transportation Trust Fund Authority,
                                       0.0%, 12/15/27                                             4,578,977
       10,000,000+            AAA/Aaa  Tobacco Settlement Financing Corp., 6.75%,
                                       6/1/39                                                    11,554,200
                                                                                               ------------
                                                                                               $ 37,389,742
-----------------------------------------------------------------------------------------------------------
                                       New Mexico -- 1.2%
        1,500,000               NR/NR  Otero County New Mexico Project Revenue, 6.0%,
                                       4/1/23                                                  $  1,293,645
        2,960,000               NR/NR  Otero County New Mexico Project Revenue, 6.0%,
                                       4/1/28                                                     2,454,343
                                                                                               ------------
                                                                                               $  3,747,988
-----------------------------------------------------------------------------------------------------------


The accompanying notes are an integral part of these financial statements.

       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     13


Schedule of Investments | 10/31/10 (unaudited) (continued)




----------------------------------------------------------------------------------------------------
                   S&P/Moody's
Principal          Ratings
Amount             (unaudited)                                                          Value
----------------------------------------------------------------------------------------------------
                                                                              
                                 New York -- 7.6%
  $  3,000,000            NR/NR  Dutchess County Industrial Development Agency
                                 Revenue, 7.5%, 3/1/29                                  $  3,014,670
     2,000,000          BBB+/NR  Hempstead Local Development Corp., Revenue
                                 Bonds, 5.75%, 7/1/39                                      2,128,960
     2,250,000            NR/NR  Nassau County New York Industrial Development
                                 Agency Revenue, 6.7%, 1/1/43                              2,262,420
       990,000        CCC+/Caa2  New York City Industrial Development Agency, 6.9%,
                                 8/1/24                                                      932,946
     2,000,000           BB-/B1  New York City Industrial Development Agency,
                                 7.625%, 12/1/32                                           2,049,000
     1,000,000           NR/Ba1  New York State Dormitory Authority Revenue,
                                 6.125%, 12/1/29                                           1,027,170
     7,040,000(a)        NR/Aaa  New York State Dormitory Authority Revenue, RIB,
                                 12.595%, 7/1/26 (144A)                                    9,638,464
     3,000,000            NR/NR  Suffolk County Industrial Development Agency,
                                 7.25%, 1/1/30                                             3,005,850
                                                                                        ------------
                                                                                        $ 24,059,480
----------------------------------------------------------------------------------------------------
                                 North Carolina -- 2.9%
     4,935,000            NR/NR  Charlotte North Carolina Special Facilities Revenue,
                                 5.6%, 7/1/27                                           $  4,417,072
     4,795,000            NR/NR  Charlotte North Carolina Special Facilities Revenue,
                                 7.75%, 2/1/28                                             4,804,494
                                                                                        ------------
                                                                                        $  9,221,566
----------------------------------------------------------------------------------------------------
                                 Oklahoma -- 1.7%
     1,225,000          B-/Caa2  Tulsa Municipal Airport Revenue, 6.25%, 6/1/20         $  1,183,852
     4,350,000          B-/Caa2  Tulsa Municipal Airport Revenue, 7.35%, 12/1/11           4,351,871
                                                                                        ------------
                                                                                        $  5,535,723
----------------------------------------------------------------------------------------------------
                                 Pennsylvania -- 7.5%
     3,000,000           BB-/B1  Allegheny County Hospital Development Authority
                                 Revenue, 5.0%, 11/15/28                                $  2,380,020
     1,550,000          NR/Baa2  Allegheny County Hospital Development Authority
                                 Revenue, 5.125%, 5/1/25                                   1,445,871
    12,300,000+          AAA/NR  Allegheny County Hospital Development Authority
                                 Revenue, 9.25%, 11/15/30                                 12,594,708
     1,000,000           CCC/NR  Columbia County Hospital Authority Health Care
                                 Revenue, 5.9%, 6/1/29                                       866,840
       755,000          BBB/Ba1  Hazleton Health Services Authority Hospital Revenue,
                                 5.625%, 7/1/17                                              754,947
     1,280,000(b)         NR/Ca  Langhorne Manor Borough Higher Education &
                                 Health Authority Revenue, 7.35%, 7/1/22                     661,811
     5,000,000           B/Caa2  Pennsylvania Economic Development Financing
                                 Authority Solid Waste Disposal Revenue,
                                 6.0%, 6/1/31                                              4,840,250


The accompanying notes are an integral part of these financial statements.

14     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10





---------------------------------------------------------------------------------------------------
                  S&P/Moody's
Principal         Ratings
Amount            (unaudited)                                                          Value
                                                                             
                                Pennsylvania -- (continued)
  $    500,000         BBB+/NR  Pennsylvania Higher Educational Facilities Authority
                                Revenue, 5.4%, 7/15/36                                 $    503,210
                                                                                       ------------
                                                                                       $ 24,047,657
---------------------------------------------------------------------------------------------------
                                Rhode Island -- 1.6%
     6,000,000           NR/NR  Central Falls Detention Facilities Revenue, 7.25%,
                                7/15/35                                                $  5,229,360
---------------------------------------------------------------------------------------------------
                                South Carolina -- 1.4%
     3,185,000+      BBB+/Baa1  South Carolina Jobs Economic Development
                                Authority Revenue, 6.375%, 8/1/34                      $  3,645,041
       665,000+      BBB+/Baa1  South Carolina Jobs Economic Development
                                Authority Revenue, 6.375%, 8/1/34                           764,783
                                                                                       ------------
                                                                                       $  4,409,824
---------------------------------------------------------------------------------------------------
                                Tennessee -- 4.7%
     7,000,000+          NR/A2  Johnson City Health & Educational Facilities Board
                                Hospital Revenue, 7.5%, 7/1/33                         $  7,784,420
     2,480,000           NR/A1  Knox County Health, Educational & Housing Facilities
                                Board Hospital Revenue,
                                6.375%, 4/15/22                                           2,664,413
     4,600,000         BBB+/NR  Sullivan County Health, Educational & Housing
                                Facilities Board Hospital Revenue,
                                5.25%, 9/1/36                                             4,491,578
                                                                                       ------------
                                                                                       $ 14,940,411
---------------------------------------------------------------------------------------------------
                                Texas -- 14.4%
     1,345,000          NR/Ba2  Bexar County Housing Finance Corp., 8.0%,
                                12/1/36                                                $  1,022,200
     1,000,000       CCC+/Caa2  Dallas-Fort Worth International Airport Revenue,
                                6.0%, 11/1/14                                               992,510
     4,000,000           NR/NR  Decatur Hospital Authority Revenue, 7.0%, 9/1/25          4,034,160
       769,709(b)        NR/NR  Gulf Coast Industrial Development Authority
                                Revenue, 7.0%, 12/1/36                                       61,577
     3,750,000         CCC+/B3  Houston Airport System Special Facilities Revenue,
                                5.7%, 7/15/29                                             3,465,637
     5,340,000           NR/NR  Lubbock Health Facilities Development Corp.,
                                6.625%, 7/1/36                                            5,067,500
    10,000,000         BBB+/A3  North Texas Tollway Authority Revenue, 5.75%,
                                1/1/33                                                   10,619,800
     2,810,000(a)       NR/Aaa  Northside Independent School District, RIB,
                                10.983%, 6/15/33 (144A)                                   3,144,812
     2,000,000           NR/NR  Tarrant County Cultural Education Facilities Finance
                                Corp., 8.0%, 11/15/34                                     2,008,760
     1,000,000           NR/NR  Tarrant County Cultural Education Facilities Finance
                                Corp., 8.125%, 11/15/39                                   1,040,660


The accompanying notes are an integral part of these financial statements.

       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     15


Schedule of Investments | 10/31/10 (unaudited) (continued)




----------------------------------------------------------------------------------------------------------
                         S&P/Moody's
Principal                Ratings
Amount                   (unaudited)                                                          Value
----------------------------------------------------------------------------------------------------------
                                                                                    
                                       Texas -- (continued)
    $    1,500,000              NR/NR  Tarrant County Cultural Education Facilities Finance
                                       Corp., 8.25%, 11/15/44                                 $  1,568,340
         7,040,000(a)          NR/Aaa  Texas State, RIB, 11.832%, 4/1/30 (144A)                  8,337,331
         5,000,000              NR/NR  Willacy County Local Government Corp. Revenue,
                                       6.875%, 9/1/28                                            4,535,500
                                                                                              ------------
                                                                                              $ 45,898,787
----------------------------------------------------------------------------------------------------------
                                       Utah -- 0.2%
           800,000              NR/NR  Spanish Fork City Charter School Revenue, 5.55%,
                                       11/15/26 (144A)                                        $    709,640
----------------------------------------------------------------------------------------------------------
                                       Vermont -- 0.5%
         1,500,000            A-/Baa1  Vermont Educational & Health Buildings Financing
                                       Agency Revenue, 6.0%, 10/1/28                          $  1,562,985
----------------------------------------------------------------------------------------------------------
                                       Virginia -- 0.3%
         1,000,000           BBB/Baa2  Peninsula Ports Authority, 6.0%, 4/1/33                $  1,035,770
----------------------------------------------------------------------------------------------------------
                                       Washington -- 9.1%
         4,710,000             A+/Aa3  Spokane Public Facilities District Hotel/Motel Tax &
                                       Sales, 5.75%, 12/1/27                                  $  4,941,497
         7,025,000           BBB/Baa3  Tobacco Settlement Authority Revenue, 6.625%,
                                       6/1/32                                                    7,128,338
        14,315,000            AA+/Aa1  Washington State General Obligation, 0.0%, 6/1/22         9,422,992
         3,795,000               A/A2  Washington State Health Care Facilities Authority
                                       Revenue, 6.0%, 1/1/33                                     3,980,158
         5,000,000              NR/NR  Washington State Housing Finance Committee
                                       Nonprofit Revenue, 5.625%, 1/1/27                         3,572,500
                                                                                              ------------
                                                                                              $ 29,045,485
----------------------------------------------------------------------------------------------------------
                                       Wisconsin -- 0.1%
         2,320,000(b)(f)        NR/NR  Aztalan Wisconsin Exempt Facilities Revenue, 7.5%,
                                       5/1/18                                                 $    294,640
----------------------------------------------------------------------------------------------------------
                                       TOTAL TAX-EXEMPT OBLIGATIONS
                                       (Cost $384,193,331)                                    $402,835,351
----------------------------------------------------------------------------------------------------------
                                       MUNICIPAL COLLATERALIZED DEBT
                                       OBLIGATION -- 2.1% of Net Assets
        10,000,000(c)(f)        NR/NR  Non-Profit Preferred Funding Trust I, 12.0%,
                                       9/15/37 (144A)                                         $  6,784,100
----------------------------------------------------------------------------------------------------------
                                       TOTAL MUNICIPAL COLLATERALIZED DEBT
                                       OBLIGATION
                                       (Cost $10,000,000)                                     $  6,784,100
----------------------------------------------------------------------------------------------------------



The accompanying notes are an integral part of these financial statements.

16     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10





-----------------------------------------------------------------------------------
 Shares                                                                 Value
-----------------------------------------------------------------------------------
                                                                
                           COMMON STOCK -- 1.1% of Net Assets
      250,413(g)           Delta Air Lines, Inc.                      $   3,478,237
-----------------------------------------------------------------------------------
                           TOTAL COMMON STOCK
                           (Cost $6,612,756)                          $   3,478,237
-----------------------------------------------------------------------------------
                           TOTAL INVESTMENTS IN SECURITIES -- 129.5%
                           (Cost $400,806,087)(h)(i)                  $ 413,097,688
-----------------------------------------------------------------------------------
                           OTHER ASSETS AND LIABILITIES -- 2.1%       $   6,839,149
-----------------------------------------------------------------------------------
                           PREFERRED SHARES AT REDEMPTION VALUE,
                           INCLUDING DIVIDENDS PAYABLE -- (31.6)%     $(101,003,012)
-----------------------------------------------------------------------------------
                           NET ASSETS APPLICABLE TO COMMON
                           SHAREOWNERS -- 100.0%                      $ 318,933,825
===================================================================================


RIB      Residual Interest Bonds

NR       Security not rated by S&P or Moody's.

(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
         October 31, 2010, the value of these securities amounted to
         $58,346,265, or 18.3% 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 October 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 October 31, 2010.

(d)      Debt obligation initially issued at one coupon rate which converts to a
         higher coupon rate at a specific date. The rate shown is the coupon
         rate at October 31, 2010.

(e)      Security is valued using fair value methods (other than prices supplied
         by independent pricing services) (see Note 1A).

(f)      Indicates a security that has been deemed illiquid. The aggregate cost
         of illiquid securities is $14,320,000. The aggregate fair value is
         $7,648,840, or 2.4% of the net assets applicable to common shareowners.


(g)      Non-income producing.

The accompanying notes are an integral part of these financial statements.

       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     17


Schedule of Investments | 10/31/10 (unaudited) (continued)

(h)      The concentration of investments by type of obligation/market sector is
         as follows:



                                    
Insured:
  NATL-RE                                  6.6%
  AMBAC                                    1.4
  FSA                                      1.1
  MBIA                                     1.1
  PSF                                      0.8
  ACA                                      0.3
Revenue Bonds:
  Health Revenue                          30.7
  Airport Revenue                         13.6
  Other Revenue                           12.4
  Tobacco Revenue                         11.8
  Education Revenue                        4.9
  Facilities Revenue                       3.9
  Pollution Control Revenue                3.9
  Development Revenue                      3.7
  Transportation Revenue                   2.6
  Gaming Revenue                           1.0
  Housing Revenue                          0.2
                                         -----
                                         100.0%
                                         ======


(i)      At October 31, 2010, the net unrealized gain on investments based on
         cost for federal income tax purposes of $398,885,035 was as follows:



                                                                    
       Aggregate gross unrealized gain for all investments in which
         there is an excess of value over tax cost                     $ 39,636,294
       Aggregate gross unrealized loss for all investments in which
         there is an excess of tax cost over value                      (25,423,641)
                                                                       ------------
       Net unrealized gain                                             $ 14,212,653
                                                                       ============


For financial reporting purposes net unrealized gain on investments was
$12,291,601 and cost of investments aggregated $400,806,087.

Purchases and sales of securities (excluding temporary cash investments) for the
six months ended October 31, 2010, aggregated $15,231,775 and $14,152,130,
respectively.


The accompanying notes are an integral part of these financial statements.

18     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


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 October 31, 2010, in
valuing the Trust's investments:




----------------------------------------------------------------------------------------------------------
                                               Level 1          Level 2           Level 3      Total
----------------------------------------------------------------------------------------------------------
                                                                                  
 Tax-exempt obligations                       $        --      $402,835,274          $--      $402,835,274
 Tax-exempt obligations (Michigan)                     --                --           77                77
 Municipal collateralized debt obligation              --         6,784,100           --         6,784,100
 Common stock                                   3,478,237                --           --         3,478,237
----------------------------------------------------------------------------------------------------------
 Total                                        $ 3,478,237      $409,619,374          $77      $413,097,688
==========================================================================================================


The following is a reconciliation of assets using significant unobservable
inputs (Level 3):




-------------------------------------------------------------
                                                   Tax-Exempt
                                                  Obligations
-------------------------------------------------------------
                                                  
Balance as of 4/30/10                                     $--
Realized gain (loss)                                       --
Change in unrealized appreciation (depreciation)           --
Net purchases (sales)                                      --
Transfers in and out of Level 3*                           77
-------------------------------------------------------------
Balance as of 10/31/10                                    $77
=============================================================


*        Transfers are calculated on the date of transfer.

The accompanying notes are an integral part of these financial statements.

       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     19


Statement of Assets and Liabilities | 10/31/10 (unaudited)



                                                                  
ASSETS:
  Investments in securities, at value (cost $400,806,087)            $413,097,688
  Receivables --
   Investment securities sold                                              60,000
   Interest                                                             9,024,215
  Prepaid expenses                                                         38,238
----------------------------------------------------------------------------------
     Total assets                                                    $422,220,141
----------------------------------------------------------------------------------
LIABILITIES:
  Payables --
   Due to custodian                                                  $  1,947,084
   Due to affiliates                                                      223,659
   Administration fee payable                                              25,021
   Accrued expenses                                                        87,540
----------------------------------------------------------------------------------
     Total liabilities                                               $  2,283,304
----------------------------------------------------------------------------------
PREFERRED SHARES AT REDEMPTION VALUE:
  $25,000 liquidation value per share applicable to 4,040 shares,
   including dividends payable of $3,012                             $101,003,012
----------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
  Paid-in capital                                                    $317,701,776
  Undistributed net investment income                                  12,180,771
  Accumulated net realized loss on investments                        (23,240,323)
  Net unrealized gain on investments                                   12,291,601
----------------------------------------------------------------------------------
     Net assets applicable to common shareowners                     $318,933,825
----------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE:
No par value (unlimited number of shares authorized)
  Based on $318,933,825/22,309,009 common shares                     $      14.30
==================================================================================



The accompanying notes are an integral part of these financial statements.

20     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


Statement of Operations (unaudited)

For the Six Months Ended 10/31/10



                                                                           
INVESTMENT INCOME:
  Interest                                                                        $14,505,438
---------------------------------------------------------------------------------------------
EXPENSES:
  Management fees                                                $1,309,738
  Administration fees                                               170,494
  Transfer agent fees and expenses                                    6,000
  Shareowner communication expenses                                  16,149
  Auction agent fees                                                127,433
  Custodian fees                                                      9,212
  Registration fees                                                  10,056
  Professional fees                                                  38,414
  Printing expense                                                   13,153
  Trustees' fees                                                      5,631
  Pricing fees                                                        7,116
  Miscellaneous                                                      21,352
---------------------------------------------------------------------------------------------
   Total expenses                                                                 $ 1,734,748
---------------------------------------------------------------------------------------------
       Net investment income                                                      $12,770,690
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
  Net realized gain from investments                             $  940,100
  Change in net unrealized gain from investments                  7,864,058
---------------------------------------------------------------------------------------------
   Net gain on investments                                                        $ 8,804,158
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS FROM
NET INVESTMENT INCOME:                                                            $  (213,328)
---------------------------------------------------------------------------------------------
  Net increase in net assets applicable to common shareowners
   resulting from operations                                                      $21,361,520
---------------------------------------------------------------------------------------------



The accompanying notes are an integral part of these financial statements.

       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     21


Statement of Changes in Net Assets

For the Six Months Ended 10/31/10 and the Year Ended 4/30/10, respectively





-----------------------------------------------------------------------------------------------
                                                              Six Months
                                                              Ended
                                                              10/31/10            Year Ended
                                                              (unaudited)         4/30/10
-----------------------------------------------------------------------------------------------
                                                                            
FROM OPERATIONS:
Net investment income                                         $ 12,770,690        $ 25,942,123
Net realized gain (loss) on investments                            940,100          (1,491,778)
Change in net unrealized gain (loss) on investments              7,864,058          56,977,837
Distributions to preferred shareowners from net
  investment income                                               (213,328)           (468,476)
-----------------------------------------------------------------------------------------------
     Net increase in net assets applicable to common
       shareowners resulting from operations                  $ 21,361,520        $ 80,959,706
-----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREOWNERS:
Net investment income
  ($0.53 and $0.97 per share, respectively)                   $(11,697,348)       $(21,516,929)
-----------------------------------------------------------------------------------------------
     Total distributions to common shareowners                $(11,697,348)       $(21,516,929)
-----------------------------------------------------------------------------------------------
FROM TRUST SHARE TRANSACTIONS:
Reinvestment of distributions                                 $    813,666        $  1,453,202
-----------------------------------------------------------------------------------------------
   Net increase in net assets applicable to common
     shareowners resulting from Trust share transactions      $    813,666        $  1,453,202
-----------------------------------------------------------------------------------------------
   Net increase in net assets applicable to common
     shareowners                                              $ 10,477,838        $ 60,895,979
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
Beginning of period                                            308,455,987         247,560,008
-----------------------------------------------------------------------------------------------
End of period                                                 $318,933,825        $308,455,987
-----------------------------------------------------------------------------------------------
Undistributed net investment income                           $ 12,180,771        $ 11,320,757
===============================================================================================


The accompanying notes are an integral part of these financial statements.

22     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10



Financial Highlights


----------------------------------------------------------------------------------------------------
                                                                          Six Months
                                                                          Ended            Year
                                                                          10/31/10         Ended
                                                                          (unaudited)      4/30/10
----------------------------------------------------------------------------------------------------
                                                                                     
Per Common Share Operating Performance
Net asset value, beginning of period                                      $  13.86         $ 11.18
----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
 Net investment income                                                    $   0.57         $  1.17
 Net realized and unrealized gain (loss) on investments and interest
  rate swaps                                                                  0.41            2.50
 Dividends and distributions to preferred shareowners from:
 Net investment income                                                       (0.01)          (0.02)
----------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                      $   0.97         $  3.65
Dividends and distributions to common shareowners from:
 Net investment income                                                       (0.53)          (0.97)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                                $   0.44         $  2.68
----------------------------------------------------------------------------------------------------
Net asset value, end of period (b)                                        $  14.30         $ 13.86
====================================================================================================
Market value, end of period (b)                                           $  15.14         $ 14.34
====================================================================================================
Total return at market value (c)                                               9.56%          48.69%
Ratios to average net assets of common shareowners
 Net expenses (d)                                                              1.10%(f)        1.14%
 Net investment income before preferred share dividends                        8.09%(f)        9.07%
 Preferred share dividends                                                     0.16%(f)        0.16%
 Net investment income available to common shareowners                         7.95%(f)        8.91%



----------------------------------------------------------------------------------------------------------------------
                                                                        Year          Year       Year        Year
                                                                        Ended         Ended      Ended       Ended
                                                                        4/30/09       4/30/08    4/30/07     4/30/06
----------------------------------------------------------------------------------------------------------------------
                                                                                                 
Per Common Share Operating Performance
Net asset value, beginning of period                                    $   14.07     $ 16.02    $ 15.15      $ 15.62
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations: (a)
 Net investment income                                                  $    1.12     $  1.08    $  1.02      $  1.02
 Net realized and unrealized gain (loss) on investments and interest
  rate swaps                                                                (3.05)      (2.03)      0.78        (0.48)
 Dividends and distributions to preferred shareowners from:
 Net investment income                                                      (0.11)      (0.17)     (0.16)       (0.12)
----------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations                    $   (2.04)    $ (1.12)   $  1.64      $  0.42
Dividends and distributions to common shareowners from:
 Net investment income                                                      (0.85)      (0.83)     (0.77)       (0.89)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                              $   (2.89)    $ (1.95)   $  0.87      $ (0.47)
----------------------------------------------------------------------------------------------------------------------
Net asset value, end of period (b)                                      $   11.18     $ 14.07    $ 16.02      $ 15.15
======================================================================================================================
Market value, end of period (b)                                         $   10.40     $ 13.88    $ 15.05      $ 13.22
======================================================================================================================
Total return at market value (c)                                           (18.85)%     (2.28)%     20.04%      (1.85)%
Ratios to average net assets of common shareowners
 Net expenses (d)                                                            1.19%       1.03%       1.06%       1.03%
 Net investment income before preferred share dividends                      9.36%       7.17%       6.49%       6.64%
 Preferred share dividends                                                   0.95%       1.13%       1.01%       0.80%
 Net investment income available to common shareowners                       8.41%       6.04%       5.48%       5.84%


The accompanying notes are an integral part of these financial statements.

           Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10
  23


Financial Highlights (continued)




----------------------------------------------------------------------------------------------------
                                                                           Six Months
                                                                           Ended           Year
                                                                           10/31/10        Ended
                                                                           (unaudited)     4/30/10
----------------------------------------------------------------------------------------------------
                                                                                     
Portfolio turnover                                                               3%              11%
Net assets of common shareowners, end of period (in thousands)             $318,934        $308,456
Preferred shares outstanding (in thousands)                                $101,000        $101,000
Asset coverage per preferred share, end of period                          $103,945        $101,351
Average market value per preferred share (e)                               $25,000         $ 25,000
Liquidation value, including dividends payable, per preferred share        $25,000         $ 25,001
Ratios to average net assets of common shareowners before waivers
 and reimbursement of expenses
 Net expenses (d)                                                             1.10%(f)         1.14%
 Net investment income before preferred share dividends                       8.09%(f)         9.07%
 Preferred share dividends                                                    0.16%(f)         0.16%
 Net investment income available to common shareowners                        7.95%(f)         8.91%
====================================================================================================


------------------------------------------------------------------------------------------------------------------------
                                                                       Year          Year         Year         Year
                                                                       Ended         Ended        Ended        Ended
                                                                       4/30/09       4/30/08      4/30/07      4/30/06
------------------------------------------------------------------------------------------------------------------------
                                                                                                   
Portfolio turnover                                                            16%          17%          18%          20%
Net assets of common shareowners, end of period (in thousands)          $247,560     $311,231     $354,486     $335,121
Preferred shares outstanding (in thousands)                             $101,000     $101,000     $101,000     $101,000
Asset coverage per preferred share, end of period                       $ 86,278     $102,047     $112,759     $107,962
Average market value per preferred share (e)                            $ 25,000     $ 25,000     $ 25,000     $ 25,000
Liquidation value, including dividends payable, per preferred share     $ 25,001     $ 25,010     $ 25,014     $ 25,011
Ratios to average net assets of common shareowners before waivers
 and reimbursement of expenses
 Net expenses (d)                                                           1.19%        1.03%        1.06%        1.03%
 Net investment income before preferred share dividends                     9.36%        7.17%        6.49%        6.64%
 Preferred share dividends                                                  0.95%        1.13%        1.01%        0.80%
 Net investment income available to common shareowners                      8.41%        6.04%        5.48%        5.84%
========================================================================================================================


(a)  The per common share data presented above is based upon the average common
     shares outstanding for the periods presented.
(b)  Net asset value and market value are published in Barron's on Saturday, The
     Wall Street Journal on Monday and The New York Times on Monday and
     Saturday.
(c)  Total investment return is calculated assuming a purchase of common shares
     at the current market value on the first day and a sale at the current
     market value on the last day of the periods reported. Dividends and
     distributions, if any, are assumed for purposes of this calculation to be
     reinvested at prices obtained under the Trust's dividend reinvestment plan.
     Total investment return does not reflect brokerage commissions. Past
     performance is not a guarantee of future results.
(d)  Expense ratios do not reflect the effect of dividend payments to preferred
     shareowners.
(e)  Market value is redemption value without an active market.
(f)  Annualized.

The information above represents the operating performance data for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the periods indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.

The accompanying notes are an integral part of these financial statements.


24    Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


Notes to Financial Statements | 10/31/10 (unaudited)

1. Organization and Significant Accounting Policies

Pioneer Municipal High Income Trust (the Trust) was organized as a Delaware
statutory trust on March 13, 2003. Prior to commencing operations on July 21,
2003, the Trust had no operations other than matters relating to its
organization and registration as a diversified, closed-end management investment
company under the Investment Company Act of 1940, as amended. The primary
investment objective of the Trust is to seek a high level of current income
exempt from regular federal income tax and, as a secondary investment objective,
the Trust may seek capital appreciation to the extent consistent with its
primary investment objective.

At times, the Trust's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Trust more susceptible to
any economic, political, or regulatory developments or other risks affecting
those industries and sectors. Information regarding the Trust's principal risks
is contained in the Trust's original offering prospectus, with additional
information included in the Trust's shareowner reports issued from time to time.
Please refer to that document when considering the Trust's principal risks.

The Trust may invest in both investment grade and below investment grade
(high-yield) municipal securities with a broad range of maturities and credit
ratings. Debt securities rated below investment grade are commonly referred to
as "junk bonds" and are considered speculative. These securities involve greater
risk of loss, are subject to greater price volatility, and are less liquid,
especially during periods of economic uncertainty or change, than higher rated
debt securities.

The Trust's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Trust to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains or losses on investments during the
reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:


       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     25


A. Security Valuation

    Security transactions are recorded as of trade date. The net asset value of
    the Trust is computed once daily, on each day the New York Stock Exchange
    (NYSE) is open, as of the close of regular trading on the NYSE. Fixed income
    securities with remaining maturity of more than sixty days are valued at
    prices supplied by independent pricing services, which consider such factors
    as market prices, market events, quotations from one or more brokers,
    Treasury spreads, yields, maturities and ratings. Valuations may be
    supplemented by dealers and other sources, as required. Equity securities
    that have traded on an exchange are valued at the last sale price on the
    principal exchange where they are traded. Equity securities that have not
    traded on the date of valuation, or securities for which sale prices are not
    available, generally are valued using the mean between the last bid and
    asked prices. The values of interest rate swaps are determined by obtaining
    dealer quotations. Securities for which independent pricing services are
    unable to supply prices or for which market prices and/or quotations are not
    readily available or are considered to be unreliable are valued using fair
    value methods pursuant to procedures adopted by the Board of Trustees.

    The Trust may use fair value methods if it is determined that a significant
    event has occurred after the close of the exchange or market on which the
    security trades and prior to the determination of the Trust's net asset
    value. Thus, the valuation of the Trust's securities may differ from
    exchange prices. At October 31, 2010, one security was valued using fair
    value methods (in addition to securities valued using prices supplied by
    independent pricing services) representing 0.00% of net assets. Inputs used
    when applying fair value methods to value a security may include credit
    ratings, the financial condition of the company, current market conditions
    and comparable securities. Short-term fixed income securities with remaining
    maturities of sixty days or less are generally valued at amortized cost.

    Discount and premium on debt securities are accreted or amortized,
    respectively, daily into interest income on a yield-to-maturity basis with a
    corresponding increase or decrease in the cost basis of the security.
    Interest income, including interest-bearing cash accounts, is recorded on an
    accrual basis.

    Dividend income is recorded on the ex-dividend date, except that certain
    dividends from foreign securities where the ex-dividend date may have passed
    are recorded as soon as the Trust becomes aware of the ex-dividend data in
    the exercise of reasonable diligence.

    Gains and losses on sales of investments are calculated on the identified
    cost method for both financial reporting and federal income tax purposes.


26     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


B. Federal Income Taxes

    It is the Trust's policy to comply with the requirements of the Internal
    Revenue Code applicable to regulated investment companies and to distribute
    all of its taxable income and net realized capital gains, if any, to its
    shareowners. Therefore, no federal income tax provision is required. Tax
    years for the prior three fiscal years remain subject to examination by tax
    authorities.

    The amounts and characterizations of distributions to shareowners for
    financial reporting purposes are determined in accordance with federal
    income tax rules. Therefore, the sources of the Trust's distributions may be
    shown in the accompanying financial statements as either from or in excess
    of net investment income or net realized gain (loss) on investment
    transactions, or as from paid in-capital, depending on the type of book/tax
    differences that may exist.

    The tax character of current year distributions payable to common and
    preferred shareowners will be determined at the end of the current taxable
    year. The tax character of distributions paid to common and preferred
    shareowners during the year ended April 30, 2010 was as follows:




---------------------------------------------
                                         2010
---------------------------------------------
                             
Distributions paid from:
Tax exempt income                 $21,528,535
Ordinary income                       456,870
---------------------------------------------
  Total                           $21,985,405
=============================================



    The following shows the components of distributable earnings (losses) on a
    federal income tax basis at April 30, 2010.





-----------------------------------------------------
                                                 2010
-----------------------------------------------------
                                    
Distributable earnings:
Undistributed tax-exempt income        $   9,313,854
Undistributed ordinary income                  5,590
Capital loss carryforward                (24,059,892)
Post-October loss deferred                   (37,016)
Dividend payable                              (3,254)
Unrealized appreciation                    6,348,595
-----------------------------------------------------
  Total                                $  (8,432,123)
=====================================================



    The difference between book-basis and tax-basis unrealized appreciation is
    primarily attributable to the difference between book and tax amortization
    methods for premiums and discounts on fixed income securities, book/tax
    difference in the accrual of income on securities in default, the deferral
    of post-October capital losses for tax purposes and other temporary
    differences.


       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     27


C. Automatic Dividend Reinvestment Plan

    All common shareowners, whose shares are registered in their own names,
    automatically participate in the Automatic Dividend Reinvestment Plan (the
    Plan), under which participants receive all dividends and capital gain
    distributions (collectively, dividends) in full and fractional common shares
    of the Trust in lieu of cash. Shareowners may elect not to participate in
    the Plan. Shareowners not participating in the Plan receive all dividends
    and capital gain distributions in cash. Participation in the Plan is
    completely voluntary and may be terminated or resumed at any time without
    penalty by notifying American Stock Transfer & Trust Company, the agent for
    shareowners in administering the Plan (the Plan Agent), in writing prior to
    any dividend record date; otherwise such termination or resumption will be
    effective with respect to any subsequently declared dividend or other
    distribution.

    If a shareowner's shares are held in the name of a brokerage firm, bank or
    other nominee, the shareowner can ask the firm or nominee to participate in
    the Plan on the shareowner's behalf. If the firm or nominee does not offer
    the Plan, dividends will be paid in cash to the shareowner of record. A firm
    or nominee may reinvest a shareowner's cash dividends in common shares of
    the Trust on terms that differ from the terms of the Plan.

    Whenever the Trust declares a dividend on common shares payable in cash,
    participants in the Plan will receive the equivalent in common shares
    acquired by the Plan Agent either (i) through receipt of additional unissued
    but authorized common shares from the Trust or (ii) by purchase of
    outstanding common shares on the New York Stock Exchange or elsewhere. If,
    on the payment date for any dividend, the net asset value per common share
    is equal to or less than the market price per share plus estimated brokerage
    trading fees (market premium), the Plan Agent will invest the dividend
    amount in newly issued common shares. The number of newly issued common
    shares to be credited to each account will be determined by dividing the
    dollar amount of the dividend by the net asset value per common share on the
    date the shares are issued, provided that the maximum discount from the then
    current market price per share on the date of issuance does not exceed 5%.
    If, on the payment date for any dividend, the net asset value per common
    share is greater than the market value (market discount), the Plan Agent
    will invest the dividend amount in common shares acquired in open-market
    purchases. There are no brokerage charges with respect to newly issued
    common shares. However, each participant will pay a pro rata share of
    brokerage trading fees incurred with respect to the Plan Agent's open-market
    purchases. Participating in the Plan does not relieve shareowners from any
    federal, state or local taxes which may be due on dividends paid in any
    taxable year. Shareowners holding Plan shares in a brokerage account may not
    be able to transfer the shares to another broker and continue to participate
    in the Plan.


28     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


2. Management Agreement

Pioneer Investment Management, Inc. (PIM), the Trust's investment adviser, a
wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit), manages the
Trust's portfolio. Management fees payable under the Trust's Advisory Agreement
with PIM are calculated daily at the annual rate of 0.60% of the Trust's average
daily managed assets. "Managed assets" means (a) the total assets of the Trust,
including any form of investment leverage, minus (b) all accrued liabilities
incurred in the normal course of operations, which shall not include any
liabilities or obligations attributable to investment leverage obtained through
(i) indebtedness of any type (including, without limitation, borrowing through a
credit facility or the issuance of debt securities), (ii) the issuance of
preferred stock or other similar preference securities, and/or (iii) any other
means. For the six months ended October 31, 2010, the net management fee was
equivalent to 0.60% of the Trust's average daily managed assets, which was
equivalent to 0.83% of the Trust's average daily net assets attributable to the
common shareowners.

In addition, under PIM's management and administration agreements, certain other
services and costs are paid by PIM and reimbursed by the Trust. At October 31,
2010, $223,659 was payable to PIM related to management costs, administrative
costs and certain other services and is included in "Due to affiliates" on the
Statement of Assets and Liabilities.

Effective September 1, 2010 PIM has retained State Street Bank and Trust Company
(State Street) to provide certain administrative and accounting services to the
Trust on its behalf. For such services, PIM pays State Street a monthly fee at
an annual rate of 0.07% of the Trust's managed assets up to $500 million and
0.03% for managed assets in excess of $500 million, subject to a minimum monthly
fee of $10,000. Previously, PIM had retained Princeton Administrators, LLC
(Princeton) to provide such services. PIM paid Princeton a monthly fee at an
annual rate of 0.07% of the average daily value of the Trust's managed assets up
to $500 million and 0.03% for average daily managed assets in excess of $500
million, subject to a minimum monthly fee of $10,000. Neither State Street nor
Princeton received compensation directly from the Trust for providing such
services.


3. Transfer Agents

Pioneer Investment Management Shareholder Services, Inc. (PIMSS), a wholly owned
indirect subsidiary of UniCredit, through a sub-transfer agency agreement with
American Stock Transfer & Trust Company, provides substantially all transfer
agent and shareowner services related to the Trust's common shares at negotiated
rates. Deutsche Bank Trust Company Americas (Deutsche Bank) is the transfer
agent, registrar, dividend paying agent and auction agent with respect to the
Trust's Auction Preferred Shares (APS). The Trust pays Deutsche


       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     29


Bank an annual fee, as is agreed to from time to time by the Trust and Deutsche
Bank, for providing such services.

In addition, the Trust reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings and outgoing phone calls.


4. Interest Rate Swaps

The Trust may enter into interest rate swap transactions to attempt to protect
itself from increasing dividend or interest expense on its leverage resulting
from increasing short-term interest rates. The cost of leverage may rise with an
increase in interest rates, generally having the effect of lower yields and
potentially lower dividends to common shareowners. Interest rate swaps can be
used to "lock in" the cost of leverage and reduce the negative impact that
rising short-term interest rates would have on the Trust's leveraging costs.

An interest rate swap is an agreement between two parties, which involves
exchanging a floating rate and fixed rate interest payments for a specified
period of time. Interest rate swaps involve the accrual of the net interest
payments between the parties on a daily basis, with the net amount recorded
within the unrealized appreciation/depreciation of interest rate swaps on the
Statement of Assets and Liabilities. Once the interim payments are settled in
cash, at the pre-determined dates specified in the agreement, the net amount is
recorded as realized gain or loss from interest rate swaps on the Statement of
Operations. During the term of the swap, changes in the value of the swap are
recognized as unrealized gains and losses by "marking-to-market" the value of
the swap based on values obtained from dealer quotations. When the swap is
terminated, the Trust will record a realized gain or loss equal to the
difference, if any, between the proceeds from (or cost of) closing the contract
and the cost basis of the contract. The Trust is exposed to credit risk in the
event of non-performance by the other party to the interest rate swap. Risk may
also arise with regard to market movements in the value of the swap arrangement
that do not exactly offset the changes in the related dividend requirement or
interest expense on the Trust's leverage.

There were no interest rate swap contracts outstanding at October 31, 2010.


5. Trust Shares

There are an unlimited number of common shares of beneficial interest
authorized.


30     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


Transactions in common shares of beneficial interest for the six months ended
October 31, 2010 and the year ended April 30, 2010 were as follows:




------------------------------------------------------------------------
                                                   10/10           4/10
------------------------------------------------------------------------
                                                        
Shares outstanding at beginning of period     22,251,232      22,140,525
Reinvestment of distributions                     57,777         110,707
------------------------------------------------------------------------
Shares outstanding at end of period           22,309,009      22,251,232
========================================================================


The Trust may classify or reclassify any unissued common shares of beneficial
interest into one or more series of preferred shares of beneficial interest. As
of October 31, 2010, there were 4,040 APS as follows: Series A-2,000 and Series
B-2,040.

Dividends on Series A and Series B are cumulative at a rate which is reset every
seven days based on the results of an auction. An auction fails if there are
more APS offered for sale than there are buyers. When an auction fails, the
dividend rate for the period will be the maximum rate on the auction dates
described in the prospectus for the APS. Preferred shareowners will not be able
to sell their APS at an auction if the auction fails. Since February 2008, the
Trust's auctions related to the APS have failed. The maximum rate for the 7-Day
Series is 110% of the 7 day commercial rate or Kenny rate. Dividend rates ranged
from 0.319% to 0.472% during the six months ended October 31, 2010.

The Trust may not declare dividends or make other distributions on its common
shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, the Trust does not comply with the asset coverage
ratios described in the prospectus for the APS.

The APS are redeemable at the option of the Trust, in whole or in part, on any
dividend payment date at $25,000 per share plus any accumulated or unpaid
dividends, whether or not declared. The APS are also subject to mandatory
redemption at $25,000 per share plus any accumulated or unpaid dividends,
whether or not declared, if certain requirements relating to the composition of
the assets and liabilities of the Trust as set forth in the Statement of
Preferences are not satisfied.

The holders of APS have voting rights equal to the holders of the Trust's common
shares (one vote per share) and will vote together with holders of the common
shares as a single class. Holders of APS are also entitled to elect two of the
Trust's Trustees. In addition, the Investment Company Act of 1940, as amended,
requires that along with approval by shareowners that might otherwise be
required, the approval of the holders of a majority of any outstanding preferred
shares, voting separately as a class, would be required to (a) adopt any plan of
reorganization that would adversely affect the preferred shares and (b) take any
action requiring a vote of security holders, including, among other things,
changes in the Trust's subclassification as a closed-end management investment
company or changes in its fundamental investment restrictions.


       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     31


6. Subsequent Events

Subsequent to October 31, 2010, the Board of Trustees of the Trust declared a
dividend from undistributed net investment income of $0.09 per common share
payable on November 30, 2010 to shareowners of record on November 16, 2010.

Subsequent to October 31, 2010, dividends declared and paid on preferred shares
totaled $66,193 in aggregate for the two outstanding preferred share series
through December 24, 2010.

In preparing these financial statements, PIM has evaluated the impact of all
events and transactions for potential recognition or disclosure and has
determined that other than disclosed above, there were no subsequent events
requiring recognition or disclosure in the financial statements.


32     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


ADDITIONAL INFORMATION (unaudited)

During the period, there have been no material changes in the Trust's investment
objective or fundamental policies that have not been approved by the
shareowners. There have been no changes in the Trust's charter or By-Laws that
would delay or prevent a change in control of the Trust which has not been
approved by the shareowners. There have been no changes in the principal risk
factors associated with investment in the Trust. There were no changes in the
persons who are primarily responsible for the day-to-day management of the
Trust's portfolio.

Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Trust may purchase, from time to time, its common
shares in the open market.


       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     33


Results of Shareholder Meeting (unaudited)

At the annual meeting of shareowners held on September 22, 2010 shareowners of
Pioneer Municipal High Income Trust were asked to consider the proposal
described below. A report of the total votes cast by the Trust's shareholders
follows:


Proposal 1 -- To elect Class I Trustees.




--------------------------------------------------
Nominee                 For            Withheld
--------------------------------------------------
                                 
David R. Bock           20,693,296     638,910
Stephen K. West         20,622,258     709,948
John F. Cogan, Jr.+     2,737              166


------------------
+ Elected by Preferred Shares only

34     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


Trustees, Officers and Service Providers




Trustees                                     Officers
                                          
John F. Cogan, Jr., Chairman                 John F. Cogan, Jr., President
David R. Bock                                Daniel K. Kingsbury, Executive
Mary K. Bush                                  Vice President
Benjamin M. Friedman                         Mark E. Bradley, Treasurer
Margaret B.W. Graham                         Christopher J. Kelley, Secretary
Daniel K. Kingsbury
Thomas J. Perna
Marguerite A. Piret
Stephen K. West



Investment Adviser
Pioneer Investment Management, Inc.


Custodian
Brown Brothers Harriman & Co.


Legal Counsel
Bingham McCutchen LLP


Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.


Shareowner Services and Sub-Transfer Agent
American Stock Transfer & Trust Company


Preferred Share Auction/Transfer Agent and Registrar
Deutsche Bank Trust Company Americas


Sub-Administrator
State Street Bank and Trust Company


Proxy Voting Policies and Procedures of the Trust are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Trust voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.

The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.


       Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10     35


                            This page for your notes.

36     Pioneer Municipal High Income Trust | Semiannual Report | 10/31/10


How to Contact Pioneer

We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.


You can call American Stock Transfer & Trust Company (AST) for:
--------------------------------------------------------------------------------
Account Information                             1-800-710-0935

Or write to AST:
--------------------------------------------------------------------------------
For                                             Write to

General inquiries, lost dividend checks,        American Stock
change of address, lost stock certificates,     Transfer & Trust
stock transfer                                  Operations Center
                                                6201 15th Ave.
                                                Brooklyn, NY 11219

Dividend reinvestment plan (DRIP)               American Stock
                                                Transfer & Trust
                                                Wall Street Station
                                                P.O. Box 922
                                                New York, NY 10269-0560

Visit our web site: www.amstock.com


For additional information, please contact your investment advisor or visit our
web site www.pioneerinvestments.com.

The Trust files a complete statement of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareowners may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form also may be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.


ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party.  If
the registrant has not adopted such a code of ethics, explain why it has not
done so.

The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:

        (1) Honest and ethical conduct, including the ethical handling of actual
        or apparent conflicts of interest between personal and professional
        relationships;

        (2) Full, fair, accurate, timely, and understandable disclosure in
        reports and documents that a registrant files with, or submits to, the
        Commission and in other public communications made by the registrant;

        (3) Compliance with applicable governmental laws, rules, and
        regulations;

        (4) The prompt internal reporting of violations of the code to an
        appropriate person or persons identified in the code; and

        (5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period
covered by this report.

(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

        (1) File with the Commission, pursuant to Item 10(a), a copy of its code
        of ethics that applies to the registrant's principal executive officer,
        principal financial officer, principal accounting officer or controller,
        or persons performing similar functions, as an exhibit to its annual
        report on this Form N-CSR;

        (2) Post the text of such code of ethics on its Internet website and
        disclose, in its most recent report on this Form N-CSR, its Internet
        address and the fact that it has posted such code of ethics on its
        Internet website; or

        (3) Undertake in its most recent report on this Form N-CSR to provide to
        any person without charge, upon request, a copy of such code of ethics
        and explain the manner in which such request may be made.
	See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1)  Disclose that the registrant's board of trustees has determined that
         the registrant either:

    (i)  Has at least one audit committee financial expert serving on its audit
         committee; or

    (ii) Does not have an audit committee financial expert serving on its audit
         committee.

The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.

    (2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:

    (i)  Accept directly or indirectly any consulting, advisory, or other
         compensatory fee from the issuer; or

    (ii) Be an "interested person" of the investment company as defined in
         Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.

    (3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.

Not applicable.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.

Audit Fees
Fees for audit services provided to the Trust, including fees
associated with the filings to update its Form N-2 and issuance
of comfort letters, totaled approximately $41,600 in 2010 and
$41,300 in 2009.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

N/A

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.

N/A

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.

N/A

(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 PIONEER FUNDS
            APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
                       PROVIDED BY THE INDEPENDENT AUDITOR

                  SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.



                               SECTION II - POLICY

---------------- -------------------------------- -------------------------------------------------
SERVICE           SERVICE CATEGORY DESCRIPTION      SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
                                            
I.  AUDIT        Services that are directly       o Accounting research assistance
SERVICES         related to performing the        o SEC consultation, registration
                 independent audit of the Funds     statements, and reporting
                                                  o Tax accrual related matters
                                                  o Implementation of new accounting
                                                    standards
                                                  o Compliance letters (e.g. rating agency
                                                    letters)
                                                  o Regulatory reviews and assistance
                                                    regarding financial matters
                                                  o Semi-annual reviews (if requested)
                                                  o Comfort letters for closed end
                                                    offerings
---------------- -------------------------------- -------------------------------------------------
II.              Services which are not           o AICPA attest and agreed-upon procedures
AUDIT-RELATED    prohibited under Rule            o Technology control assessments
SERVICES         210.2-01(C)(4) (the "Rule")      o Financial reporting control assessments
                 and are related extensions of    o Enterprise security architecture
                 the audit services support the     assessment
                 audit, or use the
                 knowledge/expertise gained
                 from the audit procedures as a
                 foundation to complete the
                 project.  In most cases, if
                 the Audit-Related Services are
                 not performed by the Audit
                 firm, the scope of the Audit
                 Services would likely
                 increase.  The Services are
                 typically well-defined and
                 governed by accounting
                 professional standards (AICPA,
                 SEC, etc.)
---------------- -------------------------------- -------------------------------------------------

 ------------------------------------- ------------------------------------
                                    
   AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                REPORTING POLICY
 ------------------------------------- ------------------------------------
                                    
 o "One-time" pre-approval             o A summary of all such
   for the audit period for all          services and related fees
   pre-approved specific service         reported at each regularly
   subcategories.  Approval of the       scheduled Audit Committee
   independent auditors as               meeting.
   auditors for a Fund shall
   constitute pre approval for
   these services.
 ------------------------------------- ------------------------------------
 o "One-time" pre-approval             o A summary of all such
   for the fund fiscal year within       services and related fees
   a specified dollar limit              (including comparison to
   for all pre-approved                  specified dollar limits)
   specific service subcategories        reported quarterly.

 o Specific approval is
   needed to exceed the
   pre-approved dollar limit for
   these services (see general
   Audit Committee approval policy
   below for details on obtaining
   specific approvals)

 o Specific approval is
   needed to use the Fund's
   auditors for Audit-Related
   Services not denoted as
   "pre-approved", or
   to add a specific service
   subcategory as "pre-approved"
 ------------------------------------- ------------------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
                                              
III. TAX SERVICES       Services which are not      o Tax planning and support
                        prohibited by the Rule,     o Tax controversy assistance
                        if an officer of the Fund   o Tax compliance, tax returns, excise
                        determines that using the     tax returns and support
                        Fund's auditor to provide   o Tax opinions
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption, or
                        the ability to maintain a
                        desired level of
                        confidentiality.
----------------------- --------------------------- -----------------------------------------------

------------------------------------- -------------------------
  AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                          REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval             o A summary of
  for the fund fiscal  year             all such services and
  within a specified dollar limit       related fees
  				        (including comparison
  			                to specified dollar
  			                limits) reported
  			                quarterly.

o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for tax services not
  denoted as pre-approved, or to add a specific
  service subcategory as
  "pre-approved"
------------------------------------- -------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
                                              
IV.  OTHER SERVICES     Services which are not      o Business Risk Management support
                        prohibited by the Rule,     o Other control and regulatory
A. SYNERGISTIC,         if an officer of the Fund     compliance projects
UNIQUE QUALIFICATIONS   determines that using the
                        Fund's auditor to provide
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption,
                        the ability to maintain a
                        desired level of
                        confidentiality, or where
                        the Fund's auditors
                        posses unique or superior
                        qualifications to provide
                        these services, resulting
                        in superior value and
                        results for the Fund.
----------------------- --------------------------- -----------------------------------------------

--------------------------------------- ------------------------
    AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                            REPORTING POLICY
------------------------------------- --------------------------
                                   
o "One-time" pre-approval             o A summary of
  for the fund fiscal year within       all such services and
  a specified dollar limit              related fees
  			               (including comparison
  			                to specified dollar
  				        limits) reported
                                        quarterly.
o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for "Synergistic" or
  "Unique Qualifications" Other
  Services not denoted as
  pre-approved to the left, or to
  add a specific service
  subcategory as "pre-approved"
------------------------------------- --------------------------




                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- ------------------------- -----------------------------------------------
   SERVICE CATEGORY         SERVICE CATEGORY        SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
                              DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
                                            
PROHIBITED  SERVICES    Services which result     1. Bookkeeping or other services
                        in the auditors losing       related to the accounting records or
                        independence status          financial statements of the audit
                        under the Rule.              client*
                                                  2. Financial information systems design
                                                     and implementation*
                                                  3. Appraisal or valuation services,
                                                     fairness* opinions, or
                                                     contribution-in-kind reports
                                                  4. Actuarial services (i.e., setting
                                                     actuarial reserves versus actuarial
                                                     audit work)*
                                                  5. Internal audit outsourcing services*
                                                  6. Management functions or human
                                                     resources
                                                  7. Broker or dealer, investment
                                                     advisor, or investment banking services
                                                  8. Legal services and expert services
                                                     unrelated to the audit
                                                  9. Any other service that the Public
                                                     Company Accounting Oversight Board
                                                     determines, by regulation, is
                                                     impermissible
----------------------- ------------------------- -----------------------------------------------

------------------------------------------- ------------------------------
     AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                  REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be              o A summary of all
  performed with the exception of the(*)      services and related
  services that may be permitted              fees reported at each
  if they would not be subject to audit       regularly scheduled
  procedures at the audit client (as          Audit Committee meeting
  defined in rule 2-01(f)(4)) level           will serve as continual
  the firm providing the service.             confirmation that has
  				              not provided any
                                              restricted services.
------------------------------------------- ------------------------------

--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
  make an assessment to determine that any proposed projects will not impair
  independence.

o Potential services will be classified into the four non-restricted service
  categories and the "Approval of Audit, Audit-Related, Tax and Other
  Services" Policy above will be applied. Any services outside the specific
  pre-approved service subcategories set forth above must be specifically
  approved by the Audit Committee.

o At least quarterly, the Audit Committee shall review a report summarizing the
  services by service category, including fees, provided by the Audit firm as
  set forth in the above policy.

--------------------------------------------------------------------------------


    (2) Disclose the percentage of services described in each of paragraphs (b)
   through (d) of this Item that were approved by the audit committee pursuant
   to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services
Beginning with non-audit service contracts entered into on or
after May 6, 2003, the effective date of the new SEC pre-
approval rules, the Trust's audit committee is required to pre-
approve services to affiliates defined by SEC rules to the
extent that the services are determined to have a direct impact
on the operations or financial reporting of the Trust. For the
years ended April 30, 2010 and 2009, there were no services
provided to an affiliate that required the Trust's audit
committee pre-approval.

(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.

N/A

(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

The Fund's audit committee of the Board of Trustees has considered
whether the provision of non-audit services that were rendered to the
Affiliates (as defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants

(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.

The registrant has a separately-designated standing audit
committe eestablished in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).

(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.

N/A

Item 6. Schedule of Investments.

File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.

Included in Item 1


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

		    Proxy Voting Policies and Procedures of
                       Pioneer Investment Management, Inc.

                            VERSION DATED July, 2004

                                    Overview

   Pioneer Investment Management, Inc. ("Pioneer") is a fiduciary that owes
   each of its client's duties of care and loyalty with respect to all
   services undertaken on the client's behalf, including proxy voting. When
   Pioneer has been delegated proxy-voting authority for a client, the duty of
   care requires Pioneer to monitor corporate events and to vote the proxies.
   To satisfy its duty of loyalty, Pioneer must place its client's interests
   ahead of its own and must cast proxy votes in a manner consistent with the
   best interest of its clients. Pioneer will vote all proxies presented in a
   timely manner.

   The Proxy Voting Policies and Procedures are designed to complement
   Pioneer's investment policies and procedures regarding its general
   responsibility to monitor the performance and/or corporate events of
   companies that are issuers of securities held in accounts managed by
   Pioneer. Pioneer's Proxy Voting Policies summarize Pioneer's position on a
   number of issues solicited by companies held by Pioneer's clients. The
   policies are guidelines that provide a general indication on how Pioneer
   would vote but do not include all potential voting scenarios.

   Pioneer's Proxy Voting Procedures detail monitoring of voting, exception
   votes, and review of conflicts of interest and ensure that case-by-case
   votes are handled within the context of the overall guidelines (i.e. best
   interest of client). The overriding goal is that all proxies for US and
   non-US companies that are received promptly will be voted in accordance
   with Pioneer's policies or specific client instructions. All shares in a
   company held by Pioneer-managed accounts will be voted alike, unless a
   client has given us specific voting instructions on an issue or has not
   delegated authority to us or the Proxy Voting Oversight Group determines
   that the circumstances justify a different approach.

   Pioneer does not delegate the authority to vote proxies relating to its
   clients to any of its affiliates, which include other subsidiaries of
   UniCredito.

   Any questions about these policies and procedures should be directed to the
   Proxy Coordinator.

                                       1


                             Proxy Voting Procedures

   Proxy Voting Service
   Pioneer has engaged an independent proxy voting service to assist in the
   voting of proxies. The proxy voting service works with custodians to ensure
   that all proxy materials are received by the custodians and are processed
   in a timely fashion. To the extent applicable, the proxy voting service
   votes all proxies in accordance with the proxy voting policies established
   by Pioneer. The proxy voting service will refer proxy questions to the
   Proxy Coordinator (described below) for instructions under circumstances
   where: (1) the application of the proxy voting guidelines is unclear; (2) a
   particular proxy question is not covered by the guidelines; or (3) the
   guidelines call for specific instructions on a case-by-case basis. The
   proxy voting service is also requested to call to the Proxy Coordinator's
   attention specific proxy questions that, while governed by a guideline,
   appear to involve unusual or controversial issues. Pioneer reserves the
   right to attend a meeting in person and may do so when it determines that
   the company or the matters to be voted on at the meeting are strategically
   important to its clients.

   Proxy Coordinator
   Pioneer's Director of Investment Operations (the "Proxy Coordinator")
   coordinates the voting, procedures and reporting of proxies on behalf of
   Pioneer's clients. The Proxy Coordinator will deal directly with the proxy
   voting service and, in the case of proxy questions referred by the proxy
   voting service, will solicit voting recommendations and instructions from
   the Director of Portfolio Management US or, to the extent applicable,
   investment sub-advisers. The Proxy Coordinator is responsible for ensuring
   that these questions and referrals are responded to in a timely fashion and
   for transmitting appropriate voting instructions to the proxy voting
   service. The Proxy Coordinator is responsible for verifying with the
   Compliance Department whether Pioneer's voting power is subject to any
   limitations or guidelines issued by the client (or in the case of an
   employee benefit plan, the plan's trustee or other fiduciaries).

   Referral Items
   From time to time, the proxy voting service will refer proxy questions to
   the Proxy Coordinator that are described by Pioneer's policy as to be voted
   on a case-by-case basis, that are not covered by Pioneer's guidelines or
   where Pioneer's guidelines may be unclear with respect to the matter to be
   voted on. Under such certain circumstances, the Proxy Coordinator will seek
   a written voting recommendation from the Director of Portfolio Management
   US. Any such recommendation will include: (i) the manner in which the
   proxies should be voted; (ii) the rationale underlying any such decision;
   and (iii) the disclosure of any contacts or communications made between
   Pioneer and any outside parties concerning the proxy proposal prior to the
   time that the voting instructions are provided. In addition, the Proxy
   Coordinator will ask the Compliance Department to review the question for
   any actual or apparent conflicts of interest as described below under
   "Conflicts of

                                       2


   Interest." The Compliance Department will provide a "Conflicts of Interest
   Report," applying the criteria set forth below under "Conflicts of
   Interest," to the Proxy Coordinator summarizing the results of its review.
   In the absence of a conflict of interest, the Proxy Coordinator will vote
   in accordance with the recommendation of the Director of Portfolio
   Management US.

   If the matter presents a conflict of interest for Pioneer, then the Proxy
   Coordinator will refer the matter to the Proxy Voting Oversight Group for a
   decision. In general, when a conflict of interest is present, Pioneer will
   vote according to the recommendation of the Director of Portfolio
   Management US where such recommendation would go against Pioneer's interest
   or where the conflict is deemed to be immaterial. Pioneer will vote
   according to the recommendation of its proxy voting service when the
   conflict is deemed to be material and the Pioneer's internal vote
   recommendation would favor Pioneer's interest, unless a client specifically
   requests Pioneer to do otherwise. When making the final determination as to
   how to vote a proxy, the Proxy Voting Oversight Group will review the
   report from the Director of Portfolio Management US and the Conflicts of
   Interest Report issued by the Compliance Department.

   Conflicts of Interest
   A conflict of interest occurs when Pioneer's interests interfere, or appear
   to interfere with the interests of Pioneer's clients. Occasionally, Pioneer
   may have a conflict that can affect how its votes proxies. The conflict may
   be actual or perceived and may exist when the matter to be voted on
   concerns:

       o      An affiliate of Pioneer,  such as another company  belonging to
              the UniCredito  Italiano  S.p.A.  banking group (a "UniCredito
              Affiliate");

       o      An issuer of a security for which Pioneer acts as a sponsor,
              advisor, manager, custodian, distributor, underwriter, broker, or
              other similar capacity (including those securities specifically
              declared by PGAM to present a conflict of interest for Pioneer);

       o      An issuer of a security for which UniCredito has informed Pioneer
              that a UniCredito Affiliate acts as a sponsor, advisor, manager,
              custodian, distributor, underwriter, broker, or other similar
              capacity; or

       o      A person with whom Pioneer (or any of its affiliates) has an
              existing, material contract or business relationship that was not
              entered into in the ordinary course of Pioneer's business.

       o      Pioneer will abstain from voting with respect to companies
              directly or indirectly owned by UniCredito Italiano Group, unless
              otherwise directed by a client. In addition, Pioneer will inform
              PGAM Global Compliance and the PGAM Independent Directors before
              exercising such rights.

   Any associate involved in the proxy voting process with knowledge of any
   apparent or actual conflict of interest must disclose such conflict to the
   Proxy Coordinator and the Compliance Department. The Compliance Department
   will review each item referred to Pioneer to determine whether an actual or
   potential conflict of interest with Pioneer exists in connection with the
   proposal(s) to be voted upon. The review will be conducted by comparing the
   apparent parties affected by the proxy proposal being

                                       3


   voted upon against the Compliance Department's internal list of interested
   persons and, for any matches found, evaluating the anticipated magnitude
   and possible probability of any conflict of interest being present. For
   each referral item, the determination regarding the presence or absence of
   any actual or potential conflict of interest will be documented in a
   Conflicts of Interest Report to the Proxy Coordinator.

   Securities Lending
   In conjunction with industry standards Proxies are not available to be
   voted when the shares are out on loan through either Pioneer's lending
   program or a client's managed security lending program. However, Pioneer
   will reserve the right to recall lent securities so that they may be voted
   according to the Pioneer's instructions. If a portfolio manager would like
   to vote a block of previously lent shares, the Proxy Coordinator will work
   with the portfolio manager and Investment Operations to recall the
   security, to the extent possible, to facilitate the vote on the entire
   block of shares.

   Share-Blocking

   "Share-blocking" is a market practice whereby shares are sent to a
   custodian (which may be different than the account custodian) for record
   keeping and voting at the general meeting. The shares are unavailable for
   sale or delivery until the end of the blocking period (typically the day
   after general meeting date).

   Pioneer will vote in those countries with "share-blocking." In the event a
   manager would like to sell a security with "share-blocking", the Proxy
   Coordinator will work with the Portfolio Manager and Investment Operations
   Department to recall the shares (as allowable within the market time-frame
   and practices) and/or communicate with executing brokerage firm. A list of
   countries with "share-blocking" is available from the Investment Operations
   Department upon request.

   Record Keeping
   The Proxy Coordinator shall ensure that Pioneer's proxy voting service:

       o   Retains a copy of the proxy statement received (unless the proxy
           statement is available from the SEC's Electronic Data Gathering,
           Analysis, and Retrieval (EDGAR) system);

       o   Retains a record of the vote cast;

       o   Prepares Form N-PX for filing on behalf of each client that is a
           registered investment company; and

       o   Is able to promptly provide Pioneer with a copy of the voting
           record upon its request.

                                       4


   The Proxy Coordinator shall ensure that for those votes that may require
   additional documentation (i.e. conflicts of interest, exception votes and
   case-by-case votes) the following records are maintained:

       o    A record memorializing the basis for each referral vote cast;

       o    A copy of any document created by Pioneer that was material in
            making the decision on how to vote the subject proxy; and

       o    A copy of any conflict notice, conflict consent or any other
            written communication (including emails or other electronic
            communications) to or from the client (or in the case of an
            employee benefit plan, the plan's trustee or other fiduciaries)
            regarding the subject proxy vote cast by, or the vote
            recommendation of, Pioneer.

       o    Pioneer shall maintain the above records in the client's file for a
            period not less than ten (10) years.

     Disclosure
     Pioneer shall take reasonable measures to inform its clients of the process
     or procedures clients must follow to obtain information regarding how
     Pioneer voted with respect to assets held in their accounts. In addition,
     Pioneer shall describe to clients its proxy voting policies and procedures
     and will furnish a copy of its proxy voting policies and procedures upon
     request. This information may be provided to clients through Pioneer's Form
     ADV (Part II) disclosure, by separate notice to the client, or through
     Pioneer's website.

     Proxy Voting Oversight Group
     The members of the Proxy Voting Oversight Group are Pioneer's: Director of
     Portfolio Management US, Head of Investment Operations, and Director of
     Compliance. Other members of Pioneer will be invited to attend meetings and
     otherwise participate as necessary. The Head of Investment Operations will
     chair the Proxy Voting Oversight Group.

     The Proxy Voting Oversight Group is responsible for developing, evaluating,
     and changing (when necessary) Pioneer's Proxy Voting Policies and
     Procedures. The group meets at least annually to evaluate and review these
     policies and procedures and the services of its third-party proxy voting
     service. In addition, the Proxy Voting Oversight Group will meet as
     necessary to vote on referral items and address other business as
     necessary.

     Amendments
     Pioneer may not amend its Proxy Voting Policies And Procedures without the
     prior approval of the Proxy Voting Oversight Group and its corporate
     parent, Pioneer Global Asset Management S.p.A

                                       5


   Proxy Voting Policies
   Pioneer's sole concern in voting proxies is the economic effect of the
   proposal on the value of portfolio holdings, considering both the short-
   and long-term impact. In many instances, Pioneer believes that supporting
   the company's strategy and voting "for" management's proposals builds
   portfolio value. In other cases, however, proposals set forth by management
   may have a negative effect on that value, while some shareholder proposals
   may hold the best prospects for enhancing it. Pioneer monitors developments
   in the proxy-voting arena and will revise this policy as needed.

   All proxies that are received promptly will be voted in accordance with the
   specific policies listed below. All shares in a company held by
   Pioneer-managed accounts will be voted alike, unless a client has given us
   specific voting instructions on an issue or has not delegated authority to
   us. Proxy voting issues will be reviewed by Pioneer's Proxy Voting
   Oversight Group, which consists of the Director of Portfolio Management US,
   the Director of Investment Operations (the Proxy Coordinator), and the
   Director of Compliance.

   Pioneer has established Proxy Voting Procedures for identifying and
   reviewing conflicts of interest that may arise in the voting of proxies.

   Clients may request, at any time, a report on proxy votes for securities
   held in their portfolios and Pioneer is happy to discuss our proxy votes
   with company management. Pioneer retains a proxy voting service to provide
   research on proxy issues and to process proxy votes.

Administrative
   While administrative items appear infrequently in U.S. issuer proxies, they
   are quite common in non-U.S. proxies.

   We will generally support these and similar management proposals:

       o    Corporate name change.

       o    A change of corporate headquarters.

       o    Stock exchange listing.

       o    Establishment of time and place of annual meeting.

       o    Adjournment or postponement of annual meeting.

       o    Acceptance/approval of financial statements.

       o    Approval of dividend payments, dividend reinvestment plans and other
            dividend-related proposals.

       o    Approval of minutes and other formalities.

                                       6


       o    Authorization of the transferring of reserves and allocation of
            income.

       o    Amendments to authorized signatories.

       o    Approval of accounting method changes or change in fiscal year-end.

       o    Acceptance of labor agreements.

       o    Appointment of internal auditors.

   Pioneer will vote on a case-by-case basis on other routine business;
   however, Pioneer will oppose any routine business proposal if insufficient
   information is presented in advance to allow Pioneer to judge the merit of
   the proposal. Pioneer has also instructed its proxy voting service to
   inform Pioneer of its analysis of any administrative items inconsistent, in
   its view, with supporting the value of Pioneer portfolio holdings so that
   Pioneer may consider and vote on those items on a case-by-case basis.

Auditors
     We normally vote for proposals to:

       o    Ratify the auditors. We will consider a vote against if we are
            concerned about the auditors' independence or their past work for
            the company. Specifically, we will oppose the ratification of
            auditors and withhold votes from audit committee members if
            non-audit fees paid by the company to the auditing firm exceed the
            sum of audit fees plus audit-related fees plus permissible tax
            fees according to the disclosure categories proposed by the
            Securities and Exchange Commission.

       o    Restore shareholder rights to ratify the auditors.

     We will normally oppose proposals that require companies to:

       o    Seek bids from other auditors.

       o    Rotate auditing firms, except where the rotation is statutorily
            required or where rotation would demonstrably strengthen financial
            disclosure.

       o    Indemnify auditors.

       o    Prohibit auditors from engaging in non-audit services for the
            company.

     Board of Directors
     On issues related to the board of directors, Pioneer normally supports
     management. We will, however, consider a vote against management in
     instances where corporate performance has been very poor or where the board
     appears to lack independence.

                                       7


     General Board Issues
     Pioneer will vote for:

       o    Audit, compensation and nominating committees composed of
            independent directors exclusively.

       o    Indemnification for directors for actions taken in good faith in
            accordance with the business judgment rule. We will vote against
            proposals for broader indemnification.

       o    Changes in board size that appear to have a legitimate business
            purpose and are not primarily for anti-takeover reasons.

       o    Election of an honorary director.

     We will vote against:

       o    Minimum stock ownership by directors.

       o    Term limits for directors. Companies benefit from experienced
            directors, and shareholder control is better achieved through
            annual votes.

       o    Requirements for union or special interest representation on the
            board.

       o    Requirements to provide two candidates for each board seat.

     We will vote on a case-by case basis on these issues:

       o    Separate chairman and CEO positions. We will consider voting with
            shareholders on these issues in cases of poor corporate
            performance.

     Elections of Directors
     In uncontested elections of directors we will vote against:

       o    Individual directors with absenteeism above 25% without valid
            reason. We support proposals that require disclosure of director
            attendance.

       o    Insider directors and affiliated outsiders who sit on the audit,
            compensation, stock option or nominating committees. For the
            purposes of our policy, we accept the definition of affiliated
            directors provided by our proxy voting service.

     We will also vote against:

       o    Directors who have failed to act on a takeover offer where the
            majority of shareholders have tendered their shares.

       o    Directors who appear to lack independence or are associated with
            very poor corporate performance.

                                       8


     We will vote on a case-by case basis on these issues:

       o    Re-election of directors who have implemented or renewed a
            dead-hand or modified dead-hand poison pill (a "dead-hand poison
            pill" is a shareholder rights plan that may be altered only by
            incumbent or "dead " directors. These plans prevent a potential
            acquirer from disabling a poison pill by obtaining control of the
            board through a proxy vote).

       o    Contested election of directors.

       o    Prior to phase-in required by SEC, we would consider supporting
            election of a majority of independent directors in cases of poor
            performance.

       o    Mandatory retirement policies.

       o    Directors who have ignored a shareholder proposal that has been
            approved by shareholders for two consecutive years.

     Takeover-Related Measures
     Pioneer is generally opposed to proposals that may discourage takeover
     attempts. We believe that the potential for a takeover helps ensure that
     corporate performance remains high.

     Pioneer will vote for:

       o    Cumulative voting.

       o    Increase ability for shareholders to call special meetings.

       o    Increase ability for shareholders to act by written consent.

       o    Restrictions on the ability to make greenmail payments.

       o    Submitting rights plans to shareholder vote.

       o    Rescinding shareholder rights plans ("poison pills").

       o    Opting out of the following state takeover statutes:

     o Control share acquisition statutes, which deny large holders voting
       rights on holdings over a specified threshold.

     o Control share cash-out provisions, which require large holders to
       acquire shares from other holders.

     o Freeze-out provisions, which impose a waiting period on large
       holders before they can attempt to gain control.

     o Stakeholder laws, which permit directors to consider interests of
       non-shareholder constituencies.

                                       9


     o Disgorgement provisions, which require acquirers to disgorge profits
       on purchases made before gaining control.

     o Fair price provisions.

     o Authorization of shareholder rights plans.

     o Labor protection provisions.

     o Mandatory classified boards.

     We will vote on a case-by-case basis on the following issues:

       o    Fair price provisions. We will vote against provisions requiring
            supermajority votes to approve takeovers. We will also consider
            voting against proposals that require a supermajority vote to
            repeal or amend the provision. Finally, we will consider the
            mechanism used to determine the fair price; we are generally
            opposed to complicated formulas or requirements to pay a premium.

       o    Opting out of state takeover statutes regarding fair price
            provisions. We will use the criteria used for fair price
            provisions in general to determine our vote on this issue.

       o    Proposals that allow shareholders to nominate directors.

     We will vote against:

       o    Classified boards, except in the case of closed-end mutual funds.

       o    Limiting shareholder ability to remove or appoint directors. We
            will support proposals to restore shareholder authority in this
            area. We will review on a case-by-case basis proposals that
            authorize the board to make interim appointments.

       o    Classes of shares with unequal voting rights.

       o    Supermajority vote requirements.

       o    Severance packages ("golden" and "tin" parachutes). We will support
            proposals to put these packages to shareholder vote.

       o    Reimbursement of dissident proxy solicitation expenses. While we
            ordinarily support measures that encourage takeover bids, we
            believe that management should have full control over corporate
            funds.

       o    Extension of advance notice requirements for shareholder proposals.

       o    Granting board authority normally retained by shareholders (e.g.,
            amend charter, set board size).

       o    Shareholder rights plans ("poison pills"). These plans generally
            allow shareholders to buy additional shares at a below-market
            price in the event of a change in control and may deter some bids.

                                       10


     Capital Structure
     Managements need considerable flexibility in determining the company's
     financial structure, and Pioneer normally supports managements' proposals
     in this area. We will, however, reject proposals that impose high barriers
     to potential takeovers.

     Pioneer will vote for:

       o    Changes in par value.

       o    Reverse splits, if accompanied by a reduction in number of shares.

       o    Share repurchase programs, if all shareholders may participate on
            equal terms.

       o    Bond issuance.

       o    Increases in "ordinary" preferred stock.

       o    Proposals to have blank-check common stock placements (other than
            shares issued in the normal course of business) submitted for
            shareholder approval.

       o    Cancellation of company treasury shares.

     We will vote on a case-by-case basis on the following issues:

       o    Reverse splits not accompanied by a reduction in number of shares,
            considering the risk of delisting.

       o    Increase in authorized common stock. We will make a determination
            considering, among other factors:

     o Number of shares currently available for issuance;

     o Size of requested increase (we would normally approve increases of up to
       100% of current authorization);

     o Proposed use of the additional shares; and

     o Potential consequences of a failure to increase the number of shares
       outstanding (e.g., delisting or bankruptcy).

       o    Blank-check preferred. We will normally oppose issuance of a new
            class of blank-check preferred, but may approve an increase in a
            class already outstanding if the company has demonstrated that it
            uses this flexibility appropriately.

       o    Proposals to submit private placements to shareholder vote.

       o    Other financing plans.

     We will vote against preemptive rights that we believe limit a company's
financing flexibility.

                                      11


     Compensation
     Pioneer supports compensation plans that link pay to shareholder returns
     and believes that management has the best understanding of the level of
     compensation needed to attract and retain qualified people. At the same
     time, stock-related compensation plans have a significant economic impact
     and a direct effect on the balance sheet. Therefore, while we do not want
     to micromanage a company's compensation programs, we will place limits on
     the potential dilution these plans may impose.

     Pioneer will vote for:

       o    401(k) benefit plans.

       o    Employee stock ownership plans (ESOPs), as long as shares
            allocated to ESOPs are less than 5% of outstanding shares. Larger
            blocks of stock in ESOPs can serve as a takeover defense. We will
            support proposals to submit ESOPs to shareholder vote.

       o    Various issues related to the Omnibus Budget and Reconciliation Act
            of 1993 (OBRA), including:

     o Amendments to performance plans to conform with OBRA;

     o Caps on annual grants or amendments of administrative features;

     o Adding performance goals; and

     o Cash or cash-and-stock bonus plans.

       o    Establish a process to link pay, including stock-option grants, to
            performance, leaving specifics of implementation to the company.

       o    Require that option repricings be submitted to shareholders.

       o    Require the expensing of stock-option awards.

       o    Require reporting of executive retirement benefits (deferred
            compensation, split-dollar life insurance, SERPs, and pension
            benefits).

       o    Employee stock purchase plans where the purchase price is equal to
            at least 85% of the market price, where the offering period is no
            greater than 27 months and where potential dilution (as defined
            below) is no greater than 10%.

                                       12


     We will vote on a case-by-case basis on the following issues:

       o    Executive and director stock-related compensation plans. We will
            consider the following factors when reviewing these plans:

       o    The program must be of a reasonable size. We will approve plans
            where the combined employee and director plans together would
            generate less than 15% dilution. We will reject plans with 15% or
            more potential dilution.

            Dilution = (A + B + C) / (A + B + C + D), where

            A = Shares reserved for plan/amendment,

            B = Shares available under continuing plans,

            C = Shares granted but unexercised and

            D = Shares outstanding.

       o    The plan must not:

            o   Explicitly permit unlimited option repricing authority or that
                have repriced in the past without shareholder approval.

            o   Be a self-replenishing "evergreen" plan, plans that grant
                discount options and tax offset payments.

     o We are generally in favor of proposals that increase participation beyond
       executives.

     o We generally support proposals asking companies to adopt rigorous
       vesting provisions for stock option plans such as those that vest
       incrementally over, at least, a three- or four-year period with a pro
       rata portion of the shares becoming exercisable on an annual basis
       following grant date.

     o We generally support proposals asking companies to disclose their
       window period policies for stock transactions. Window period policies
       ensure that employees do not exercise options based on insider
       information contemporaneous with quarterly earnings releases and other
       material corporate announcements.

     o We generally support proposals asking companies to adopt stock holding
       periods for their executives.

       o    All other employee stock purchase plans.

       o    All other compensation-related proposals, including deferred
            compensation plans, employment agreements, loan guarantee programs
            and retirement plans.

       o    All other proposals regarding stock compensation plans, including
            extending the life of a plan, changing vesting restrictions,
            repricing options, lengthening exercise periods or accelerating
            distribution of awards and pyramiding and cashless exercise
            programs.

                                       13


     We will vote against:

       o    Pensions for non-employee directors. We believe these retirement
            plans reduce director objectivity.

       o    Elimination of stock option plans.

     We will vote on a case-by case basis on these issues:

       o    Limits on executive and director pay.

       o    Stock in lieu of cash compensation for directors.

     Corporate Governance
     Pioneer will vote for:

       o    Confidential Voting.

       o    Equal access provisions, which allow shareholders to contribute
            their opinion to proxy materials.

       o    Proposals requiring directors to disclose their ownership of shares
            in the company.

     We will vote on a case-by-case basis on the following issues:

       o    Change in the state of incorporation. We will support
            reincorporations supported by valid business reasons. We will
            oppose those that appear to be solely for the purpose of
            strengthening takeover defenses.

       o    Bundled proposals. We will evaluate the overall impact of the
            proposal.

       o    Adopting or amending the charter, bylaws or articles of association.

       o    Shareholder appraisal rights, which allow shareholders to demand
            judicial review of an acquisition price.

     We will vote against:

       o    Shareholder advisory committees. While management should solicit
            shareholder input, we prefer to leave the method of doing so to
            management's discretion.

       o    Limitations on stock ownership or voting rights.

       o    Reduction in share ownership disclosure guidelines.

                                       14


     Mergers and Restructurings
     Pioneer will vote on the following and similar issues on a case-by-case
     basis:

       o    Mergers and acquisitions.

       o    Corporate restructurings, including spin-offs, liquidations, asset
            sales, joint ventures, conversions to holding company and
            conversions to self-managed REIT structure.

       o    Debt restructurings.

       o    Conversion of securities.

       o    Issuance of shares to facilitate a merger.

       o    Private placements, warrants, convertible debentures.

       o    Proposals requiring management to inform shareholders of merger
            opportunities.

     We will normally vote against shareholder proposals requiring that the
     company be put up for sale.

     Mutual Funds
     Many of our portfolios may invest in shares of closed-end mutual funds or
     exchange-traded funds. The non-corporate structure of these investments
     raises several unique proxy voting issues.

     Pioneer will vote for:

       o    Establishment of new classes or series of shares.

       o    Establishment of a master-feeder structure.

     Pioneer will vote on a case-by-case on:

       o    Changes in investment policy. We will normally support changes
            that do not affect the investment objective or overall risk level
            of the fund. We will examine more fundamental changes on a
            case-by-case basis.

       o    Approval of new or amended advisory contracts.

       o    Changes from closed-end to open-end format.

       o    Authorization for, or increase in, preferred shares.

       o    Disposition of assets, termination, liquidation, or mergers.

       o    Classified boards of closed-end mutual funds, but will typically
            support such proposals.

                                       15


     Social Issues
     Pioneer will abstain on stockholder proposals calling for greater
     disclosure of corporate activities with regard to social issues. "Social
     Issues" may generally be described as shareholder proposals for a company
     to:

       o    Conduct studies regarding certain issues of public concern and
            interest;

       o    Study the feasibility of the company taking certain actions with
            regard to such issues; or

       o    Take specific action, including ceasing certain behavior and
            adopting company standards and principles, in relation to issues
            of public concern and interest.

     We believe these issues are important and should receive management
     attention.

     Pioneer will vote against proposals calling for substantial changes in the
     company's business or activities. We will also normally vote against
     proposals with regard to contributions, believing that management should
     control the routine disbursement of funds.

                                       16


Item 8. Portfolio Managers of Closed-End Management Investment
        Companies.

(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.

Additional Information About the Portfolio Managers

Other Accounts Managed by the Portfolio Managers. The table below indicates, for
each portfolio manager of the fund, information about the accounts other than
the fund over which the portfolio manager has day-to-day investment
responsibility. All information on the number of accounts and total assets in
the table is as of April 30, 2010. For purposes of the table, "Other Pooled
Investment Vehicles" may include investment partnerships, undertakings for
collective investments in transferable securities ("UCITS") and other non-U.S.
investment funds and group trusts, and "Other Accounts" may include separate
accounts for institutions or individuals, insurance company general or separate
accounts, pension funds and other similar institutional accounts but generally
do not include the portfolio manager's personal investment accounts or those
which the manager may be deemed to own beneficially under the code of ethics.
Certain funds and other accounts managed by the portfolio manager may have
substantially similar investment strategies



                                                                                     

--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
Name of Portfolio     Type of Account      Number of         Total Assets        Number of          Assets Managed
Manager                                    Accounts Managed  Managed             Accounts Managed   for which
                                                                                 for which          Advisory Fee is
                                                                                 Advisory Fee is    Performance-Based
                                                                                 Performance-Based
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
David Eurkus          Other Registered     3                 $1,664,533,000      N/A                N/A
                      Investment
                      Companies
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Pooled         0                 $0                  N/A                N/A
                      Investment Vehicles
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Accounts       1                 $10,612,000         N/A                N/A
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------



--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
Name of Portfolio     Type of Account      Number of         Total Assets        Number of          Assets Managed
Manager                                    Accounts Managed  Managed             Accounts Managed   for which
                                                                                 for which          Advisory Fee is
                                                                                 Advisory Fee is    Performance-Based
                                                                                 Performance-Based
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------
Timothy Pynchon       Other Registered     3                 $1,664,533,000      N/A                N/A
                      Investment
                      Companies
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Pooled         0                 $0                  N/A                N/A
                      Investment Vehicles
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      -------------------- ----------------- ------------------- ------------------ -------------------
                      Other Accounts       0                 $0                  N/A                N/A
--------------------- -------------------- ----------------- ------------------- ------------------ -------------------



Potential Conflicts of Interest. When a portfolio manager is responsible for the
management of more than one account, the potential arises for the portfolio
manager to favor one account over another. The principal types of potential
conflicts of interest that may arise are discussed below. For the reasons
outlined below, Pioneer does not believe that any material conflicts are likely
to arise out of a portfolio manager's responsibility for the management of the
fund as well as one or more other accounts. Although Pioneer has adopted
procedures that it believes are reasonably designed to detect and prevent
violations of the federal securities laws and to mitigate the potential for
conflicts of interest to affect its portfolio management decisions, there can be
no assurance that all conflicts will be identified or that all procedures will
be effective in mitigating the potential for such risks. Generally, the risks of
such conflicts of interest are increased to the extent that a portfolio manager
has a financial incentive to favor one account over another. Pioneer has
structured its compensation arrangements in a manner that is intended to limit
such potential for conflicts of interest. See "Compensation of Portfolio
Managers" below.

o        A portfolio manager could favor one account over another in allocating
         new investment opportunities that have limited supply, such as initial
         public offerings and private placements. If, for example, an initial
         public offering that was expected to appreciate in value significantly
         shortly after the offering was allocated to a single account, that
         account may be expected to have better investment performance than
         other accounts that did not receive an allocation of the initial public
         offering. Generally, investments for which there is limited
         availability are allocated based upon a range of factors including
         available cash and consistency with the accounts' investment objectives
         and policies. This allocation methodology necessarily involves some
         subjective elements but is intended over time to treat each client in
         an equitable and fair manner. Generally, the investment opportunity is
         allocated among participating accounts on a pro rata basis.  Although
         Pioneer believes that its practices are reasonably designed to treat
         each client in an equitable and fair manner, there may be instances
         where a fund may not participate, or may participate to a lesser degree
         than other clients, in the allocation of an investment opportunity.

o        A portfolio manager could favor one account over another in the order
         in which trades for the accounts are placed.  If a portfolio manager
         determines to purchase a security for more than one account in an
         aggregate amount that may influence the market price of the security,
         accounts that purchased or sold the security first may receive a more
         favorable price than accounts that made subsequent transactions. The
         less liquid the market for the security or the greater the percentage
         that the proposed aggregate purchases or sales represent of average
         daily trading volume, the greater the potential for accounts that make
         subsequent purchases or sales to receive a less favorable price. When a
         portfolio manager intends to trade the same security on the same day
         for more than one account, the trades typically are "bunched," which
         means that the trades for the individual accounts are aggregated and
         each account receives the same price.  There are some types of accounts
         as to which bunching may not be possible for contractual reasons (such
         as directed brokerage arrangements). Circumstances may also arise where
         the trader believes that bunching the orders may not result in the best
         possible price. Where those accounts or circumstances are involved,
         Pioneer will place the order in a manner intended to result in as
         favorable a price as possible for such client.

o       A portfolio manager could favor an account if the portfolio manager's
        compensation is tied to the performance of that account to a greater
        degree than other accounts managed by the portfolio manager. If, for
        example, the portfolio manager receives a bonus based upon the
        performance of certain accounts relative to a benchmark while other
        accounts are disregarded for this purpose, the portfolio manager will
        have a financial incentive to seek to have the accounts that determine
        the portfolio manager's bonus achieve the best possible performance to
        the possible detriment of other accounts. Similarly, if Pioneer receives
        a performance-based advisory fee, the portfolio manager may favor that
        account, whether or not the performance of that account directly
        determines the portfolio manager's compensation.

o       A portfolio manager could favor an account if the portfolio manager has
        a beneficial interest in the account, in order to benefit a large client
        or to compensate a client that had poor returns. For example, if the
        portfolio manager held an interest in an investment partnership that was
        one of the accounts managed by the portfolio manager, the portfolio
        manager would have an economic incentive to favor the account in which
        the portfolio manager held an interest.

o       If the different accounts have materially and potentially conflicting
        investment objectives or strategies, a conflict of interest could arise.
        For example, if a portfolio manager purchases a security for one account
        and sells the same security for another account, such trading pattern
        may disadvantage either the account that is long or short. In making
        portfolio manager assignments, Pioneer seeks to avoid such potentially
        conflicting situations. However, where a portfolio manager is
        responsible for accounts with differing investment objectives and
        policies, it is possible that the portfolio manager will conclude that
        it is in the best interest of one account to sell a portfolio security
        while another account continues to hold or increase the holding in such
        security.

Compensation of Portfolio Managers. Pioneer has adopted a system of compensation
for portfolio managers that seeks to align the financial interests of the
portfolio managers with those of shareholders of the accounts (including Pioneer
funds) the portfolio managers manage, as well as with the financial performance
of Pioneer. The compensation program for all Pioneer portfolio managers includes
a base salary (determined by the rank and tenure of the employee) and an annual
bonus program, as well as customary benefits that are offered generally to all
full-time employees. Base compensation is fixed and normally reevaluated on an
annual basis. Pioneer seeks to set base compensation at market rates, taking
into account the experience and responsibilities of the portfolio manager. The
bonus plan is intended to provide a competitive level of annual bonus
compensation that is tied to the portfolio manager achieving superior investment
performance and align the interests of the investment professional with those of
shareholders, as well as with the financial performance of Pioneer. Any bonus
under the plan is completely discretionary, with a maximum annual bonus that may
be in excess of base salary. The annual bonus is based upon a combination of the
following factors:

        Quantitative Investment Performance. The quantitative investment
         performance calculation is based on pre-tax investment performance of
         all of the accounts managed by the portfolio manager (which includes
         the fund and any other accounts managed by the portfolio manager) over
         a one-year period (20% weighting) and four-year period (80% weighting),
         measured for periods ending on December 31. The accounts, which include
         the fund, are ranked against a group of mutual funds with similar
         investment objectives and investment focus (60%) and a broad-based
         securities market index measuring the performance of the same type of
         securities in which the accounts invest (40%), which, in the case of
         the fund, is the Merrill Lynch Global High Yield and Emerging Markets
         Index and the CSFB Leveraged Loan Index.  As a result of these two
         benchmarks, the performance of the portfolio manager for compensation
         purposes is measured against the criteria that are relevant to the
         portfolio manager's competitive universe.
o        Qualitative Performance. The qualitative performance component with
         respect to all of the accounts managed by the portfolio manager
         includes objectives, such as effectiveness in the areas of teamwork,
         leadership, communications and marketing, that are mutually established
         and evaluated by each portfolio manager and management.
o        Pioneer Results and Business Line Results. Pioneer's financial
         performance, as well as the investment performance of its investment
         management group, affect a portfolio manager's actual bonus by a
         leverage factor of plus or minus (+/-) a predetermined percentage.

The quantitative and qualitative performance components comprise 80% and 20%,
respectively, of the overall bonus calculation (on a pre-adjustment basis). A
portion of the annual bonus is deferred for a specified period and may be
invested in one or more Pioneer funds.

Certain portfolio managers may participate in other programs designed to reward
and retain key contributors. Senior executives or other key employees may be
granted performance units based on the stock price performance of UniCredit and
the financial performance of Pioneer Global Asset Management S.p.A., which are
affiliates of Pioneer. Portfolio managers also may participate in a deferred
compensation program, whereby deferred amounts are invested in one or more
Pioneer funds.



Share Ownership by Portfolio Managers. The following table indicates as of April
30, 2010 the value, within the indicated range, of shares beneficially owned by
the portfolio managers of the fund.

--------------------------------------- ----------------------------------------
Name of Portfolio Manager               Beneficial Ownership of the Fund*
--------------------------------------- ----------------------------------------
--------------------------------------- ----------------------------------------
David Eurkus                            A
--------------------------------------- ----------------------------------------
--------------------------------------- ----------------------------------------
Timothy Pynchon                         C
--------------------------------------- ----------------------------------------


*Key to Dollar Ranges

A. None B. $1 - $10,000 C. $10,001 - $50,000 D. $50,001 - $100,000
E. $100,001 - $500,000 F. $500,001 - $1,000,000 G. Over $1,000,000




                                                                                 

--------------------------------------------------------------------------------------------------------------------------
Interested Trustees:
--------------------------------------------------------------------------------------------------------------------------
------------------- ------------------ ------------------ ---------------------------------- -----------------------------
John F. Cogan,      Chairman of the    Class I Trustee    Deputy Chairman and a Director     None
Jr. (81)*           Board, Trustee     since 2003. Term   of Pioneer Global Asset
                    and President      expires in 2010.   Management S.p.A. ("PGAM");
                                       Elected by         Non-Executive Chairman and a
                                       Preferred Shares   Director of Pioneer Investment
                                       only.              Management USA Inc. ("PIM-USA");
                                                          Chairman and a Director of
                                                          Pioneer; Chairman and Director
                                                          of Pioneer Institutional Asset
                         Management, Inc. (since 2006);
                                                          Director of Pioneer Alternative
                                                          Investment Management Limited
                                                          (Dublin); President and a
                                                          Director of Pioneer Alternative
                                                          Investment Management (Bermuda)
                                                          Limited and affiliated funds;
                                                          Director of PIOGLOBAL Real
                                                          Estate Investment Fund (Russia)
                                                          (until June 2006); Director of
                                                          Nano-C, Inc. (since 2003);
                                                          Director of Cole Management Inc.
                                                          (since 2004); Director of
                                                          Fiduciary Counseling, Inc.;
                                                          President and Director of
                                                          Pioneer Funds Distributor, Inc.
                                                          ("PFD") (until May 2006);
                                                          President of all of the Pioneer
                                                          Funds; and Of Counsel, Wilmer
                                                          Cutler Pickering Hale and Dorr
                                                          LLP
------------------- ------------------ ------------------ ---------------------------------- -----------------------------
------------------- ------------------ ------------------ ---------------------------------- -----------------------------
Daniel K.           Trustee and        Class II Trustee   Director, CEO and President of     None
Kingsbury (49)*     Executive Vice     since 2007. Term   Pioneer Investment Management
                    President          expires in 2011.   USA Inc., Pioneer Investment
                                                          Management, Inc. and Pioneer
                                                          Institutional Asset Management,
                                                          Inc. (since March 2007);
                                                          Executive Vice President of all
                                                          of the Pioneer Funds (since
                                                          March 2007); Director of Pioneer
                                                          Global Asset Management S.p.A.
                                                          (since March 2007); Head of New
                                                          Markets Division, Pioneer Global
                                                          Asset Management S.p.A.
                                                          (2000-2007)
------------------- ------------------ ------------------ ---------------------------------- -----------------------------
--------------------------------------------------------------------------------------------------------------------------
Independent Trustees:
--------------------------------------------------------------------------------------------------------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
David R. Bock (63)       Trustee       Class I Trustee    Executive Vice President and       Director of The Enterprise
                                       since 2005. Term   Chief Financial Officer, I-trax,   Social Investment Company
                                       expires in 2010.   Inc. (publicly traded health       (privately-held affordable
                                                          care services company)
                                                          (2004 - housing
                                                          finance company);
                                                          present); Partner,
                                                          Federal City and
                                                          Director of New York
                                                          Capital Advisors
                                                          (boutique Mortgage
                                                          Trust (publicly
                                                          merchant bank)(1997 to
                                                          2004); traded mortgage
                                                          REIT) and Executive
                                                          Vice President and
                                                          Chief Financial Officer,
                                                          Pedestal Inc. (internet-based
                                                          mortgage trading company)
                                                          (2000-2002)

------------------------ ------------- ------------------ ---------------------------------- -----------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
Mary K. Bush (59)        Trustee       Class III          President, Bush International,     Director of Brady
                                       Trustee since      LLC (international financial       Corporation (industrial
                                       2003. Term         advisory firm)                     identification and
                                       expires in 2009.                                      specialty coated material
                                                                                             products manufacturer);
                                                                                             Director of Briggs &
                                                                                             Stratton Co. (engine
                                                                                             manufacturer); Director of
                                                                                             UAL Corporation (airline
                                                                                             holding company); Director
                                                                                             of Mantech International
                                                                                             Corporation (national
                                                                                             security, defense, and
                                                                                             intelligence technology
                                                                                             firm): and Member, Board of
                                                                                             Governors, Investment
                                                                                             Company Institute
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
Benjamin M. Friedman     Trustee       Class II Trustee   Professor,                         Trustee, Mellon
(64)                                   since 2008. Term   Harvard                            Institutional Funds
                                       expires in 2011.   University                         Investment Trust and Mellon
                                                                                             Institutional Funds Master
                                                                                             Portfolio (oversees 17
                                                                                             portfolios in fund complex)
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
Margaret B.W. Graham     Trustee       Class II Trustee   Founding Director,                 None
(60)                                   since 2003. Term   Vice-President and Corporate
                                       expires in 2011.   Secretary, The Winthrop Group,
                                                          Inc. (consulting firm); and
                                                          Desautels Faculty of Management,
                                                          McGill
                                                          University
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
Thomas J. Perna (57)     Trustee       Class III          Private investor (2004 -           Director of Quadriserv Inc.
                                       Trustee since      present); and Senior Executive     (technology products for
                                       2006. Term         Vice President, The Bank of New    securities lending
                                       expires in 2009.   York (financial and securities     industry)
                                                          services) (1986 -
2004)

------------------------ ------------- ------------------ ---------------------------------- -----------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
Marguerite A. Piret      Trustee       Class III          President and Chief Executive      Director of New America
(59)                                   Trustee since      Officer, Newbury, Piret &          High Income Fund, Inc.
                                       2003. Term         Company, Inc. (investment          (closed-end investment
                                       expires in 2009.   banking firm)                      company)
                                       Elected by
                                       Preferred Shares
                                       only.

------------------------ ------------- ------------------ ---------------------------------- -----------------------------
------------------------ ------------- ------------------ ---------------------------------- -----------------------------
Stephen K. West (79)     Trustee       Class I Trustee    Senior Counsel, Sullivan &         Director, The Swiss
                                       since 2003. Term   Cromwell (law firm)                Helvetia Fund, Inc.
                                       expires in 2010.                                      (closed-end investment
                                                                                             company)

------------------------ ------------- ------------------ ---------------------------------- -----------------------------




Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.

(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.

During the period covered by this report, there were no purchases
made by or on behalf of the registrant or any affiliated purchaser
as defined in Rule 10b-18(a)(3) under the Securities Exchange Act
of 1934 (the Exchange Act), of shares of the registrants equity
securities that are registered by the registrant pursuant to
Section 12 of the Exchange Act.


Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.


There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.


ITEM 11. 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-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.

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 whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

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.

The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:

In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose.  Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.


ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.



(b) 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 December 30, 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 December 30, 2010


By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer

Date December 30, 2010

* Print the name and title of each signing officer under his or her signature.