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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)


            Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  April 30


Date of reporting period:  May 1, 2005 through April 30, 2006


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


                                     Annual
                                     Report


                                     4/30/06

[Logo] PIONEER
       Investments(R)


Table of Contents
--------------------------------------------------------------------------------


                                                                    
Letter to Shareowners                                                    2

Portfolio Summary                                                        4

Prices and Distributions                                                 5

Performance Update                                                       6

Portfolio Management Discussion                                          7

Schedule of Investments                                                 11

Financial Statements                                                    20

Notes to Financial Statements                                           24

Report of Independent Registered Public Accounting Firm                 33

Factors Considered by the Independent Trustees in Approving
the Management Contract                                                 34

Trustees, Officers and Service Providers                                39



                                                                     President's

Dear Shareowner,
--------------------------------------------------------------------------------
The six and 12 months ending April 30, 2006, have been characterized by strong
global growth, rising commodity and stock prices, and rising interest rates.
While markets reversed in May (U.S. Treasury bond yields, stock markets, and
commodity prices all turned down), we believe the basic fundamental pattern of
strong global economic growth remains intact.

According to the International Monetary Fund, global economic growth in 2004-5
was the fastest of any two-year period in more than 30 years, and 2006 growth is
projected to match 2005 levels. Growth has been broad-based, with Europe, Japan,
and emerging market economies all showing strength. The result has been rising
prices across a broad range of commodities, rising corporate profits, and rising
interest rates. These have been the basic ingredients of the equity bull market
and relatively weak bond market over the six months ending April 30, 2006.

The bond markets' concern has been that strong economic growth would spark
inflation - we have already seen commodity prices rise, and U.S. labor costs are
threatening to rise as the economy reaches full employment. In this environment,
strong economic growth may lead to inflation and higher interest rates, while
slowing economic growth is welcomed by the markets.

While first quarter economic growth was strong, it looks as if the slowdown in
the U.S. economy that we have been anticipating for the second half of the year
may be starting to unfold. The U.S. unemployment rate reached a five-year low of
4.6 percent in May, but employment growth slowed to only 75,000 new jobs, the
smallest increase since the Katrina-distorted result of October 2005. The
housing market is cooling, as is non-essential consumer spending.

The U.S. Federal Reserve ("Fed") has not yet paused in its program of measured
increases in short-term interest rates, and it appears likely that the Fed will
raise rates again at the end of June. Global stock markets declined in May after
the Fed warned that the central bank remains determined to keep inflation low.
Fed vigilance against inflation and resolve to hike interest rates as necessary
to keep inflation pressures well-contained puts short-term pressure on markets,
but is investor-friendly over the intermediate-to-longer term. By restraining

2


Letter

inflation, the Fed may limit upward pressure on longer-maturity bond yields and
downward pressure on stocks' price/earnings ratios.

In summary, we believe a desirable moderate slowing of U.S. economic growth
appears likely, with beneficial impacts on inflation and interest rates, while
global growth prospects remain strong. We think security market valuations
remain reasonable. However, there are no guarantees in investing. We know from a
long-view of history that sudden shifts in investor sentiment can occur with
little warning. This unpredictability reinforces the importance of Pioneer's
message that investors should remain diversified, take a long-term view, and
base investment decisions on economic and market fundamentals, rather than on
emotion. Our investment philosophy and approach continue to be based on the use
of fundamental research to identify a range of opportunities that offer an
attractive balance of risk and reward to help Trust shareowners work toward
their long-term goals.


Respectfully,

/s/ Osbert M. Hood

Osbert M. Hood, President
Pioneer Investment Management, 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 Trust 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.

                                                                               3


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
PORTFOLIO SUMMARY 4/30/06
--------------------------------------------------------------------------------


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


                                                    
Health Revenue                                          24.7%
Airport Revenue                                         16.7%
Insured                                                 12.1%
Tobacco Revenue                                         10.6%
Education Revenue                                        6.9%
Power Revenue                                            6.0%
Pollution Control Revenue                                4.6%
Development Revenue                                      4.0%
General Obligation                                       3.8%
Facilities Revenue                                       3.1%
Transportation Revenue                                   2.7%
Utilities Revenue                                        1.3%
Gaming Revenue                                           1.2%
Housing Revenue                                          1.1%
School District Revenue                                  0.6%
Other Revenue                                            0.6%


Portfolio Maturity
--------------------------------------------------------------------------------
(Effective duration as a percentage of long-term holdings)


                                                       
0-1 years                                                 7.5%
1-3 years                                                 8.5%
3-6 years                                                43.4%
6-8 years                                                 6.8%
8-10 years                                                9.7%
10+ years                                                24.1%


Effective duration with leverage: 9.49 years
Effective duration without leverage: 7.47 years


Quality Distribution
--------------------------------------------------------------------------------
(As a dollar-weighted percentage of holdings; based on S&P ratings.)


                                                      
AAA                                                      16.1%
AA                                                        2.7%
A                                                         2.6%
BBB                                                      22.7%
BB                                                        5.1%
B                                                        15.5%
CCC                                                       4.4%
Not Rated                                                30.9%


The portfolio is actively managed and current holdings may be different.

4


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
PRICES AND DISTRIBUTIONS

Share Prices and Distributions
--------------------------------------------------------------------------------



Market Value
per Common Share         4/30/06       4/30/05
                                 
                          $13.22        $14.33




Net Asset Value
per Common Share         4/30/06       4/30/05
                                 
                          $15.15        $15.62




Distributions
per Common Share         Income      Short-Term      Long-Term
(5/1/05 - 4/30/06)     Dividends   Capital Gains   Capital Gains
                                              
                        $0.8920         $ -             $ -



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


                                                                    
  1      Allegheny County Hospital Development Authority Revenue,
           9.25%, 11/15/30                                                 3.40%
  2      New Jersey Economic Development Authority Revenue,
           6.25%, 9/15/29                                                  3.03
  3      Tobacco Settlement Financing Corp., 6.75%, 6/1/39                 2.58
  4      Massachusetts State Development Finance Agency, RIB,
           7.034%, 10/1/39 (144A)                                          2.46
  5      Metropolitan Pier & Exposition Authority Dedicated State Tax
           Revenue, 0.0%, 6/15/22                                          2.40
  6      Minneapolis/St. Paul Metropolitan Airports, 7.0%, 4/1/25          2.07
  7      Oklahoma Development Finance Authority Revenue,
           5.625%, 8/15/29                                                 1.98
  8      Golden State Tobacco Securitization Corp., 7.875%, 6/1/42         1.94
  9      New York State Dormitory Authority Revenue, RIB,
           7.328%, 7/1/24 (144A)                                           1.93
 10      Johnson City Health & Educational Facilities Board Hospital
           Revenue, 7.5%, 7/1/33                                           1.88


This list excludes temporary cash and derivative instruments. The portfolio is
actively managed, and current holdings may be different.

                                                                               5


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
PERFORMANCE UPDATE 4/30/06

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 Lehman Brothers Municipal Bond Index and Lehman Brothers
   Non-Investment Grade Municipal Bond Index.

[The following table was depicted as a mountain chart in the printed material.]


                                                            Lehman Brothers
                                                            Non-Investment
           Pioneer Municipal         Lehman Brothers        Grade~Municipal
           High Income Trust      Municipal Bond Index        Bond Index
           -----------------      --------------------      ---------------
                                                       
7/03            10,000                    10,000                10,000
4/04            11,023                    10,441                11,014
4/05            12,598                    11,153                12,399
4/06            10,666                    11,394                13,324




Cumulative Annual Total Returns
(As of April 30, 2006)
                                  Net Asset     Market
Period                           Value (NAV)     Price
                                         
Life-of-Trust
(7/21/03)                          27.95%        6.66%
1 Year                              3.19        -1.85


--------------------------------
   Call 1-800-225-6292 or visit 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 market price.

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

   Index comparison begins July 31, 2003. The Lehman Brothers Municipal Bond
   Index is a broad measure of the municipal bond market. Lehman Brothers
   Non-Investment Grade 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, 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.
   You cannot invest directly in an Index.

6


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/06
--------------------------------------------------------------------------------

During the fiscal period ended April 30, 2006, strong economic growth, improved
business fundamentals of some distressed municipal credits and robust investor
demand for tax-free income were instrumental in boosting the performance of
municipal bonds over their taxable counterparts. Lower-quality bonds led the
municipal market during the 12 months. Investors in Pioneer Municipal High
Income Trust participated in this outperformance, as the Trust had a substantial
position in lower-quality credits, some of which saw positive changes in their
business prospects. In the following interview, David Eurkus, a member of the
management team for Pioneer Municipal High Income Trust, discusses some of the
factors that had an impact on the municipal bond market and the Trust.

Q:   What was the investment environment like during the period?

A:   The main focus in the bond market during the 12-month period ended April
     30, 2006 was the Federal Reserve's ("Fed") tighter monetary policy. The Fed
     boosted the Federal funds target rate, the rate banks charge for overnight
     loans, to 4.50% from 2.75%. The Fed's actions resulted in a flattening of
     the yield curve with short-term and long-term rates at roughly the same
     level for a few months. (The yield curve shows the relationship between
     bond yields and maturity lengths.) By period-end, the yield curve had a
     more positive slope, with longer-term yields above shorter-term yields.
     Despite rising interest rates, the economy grew at a steady pace, with both
     business and consumer spending at relatively high levels. The strong
     economy continued to fuel concerns about higher inflation, and the Fed
     raised interest rates to 5.00% on May 10, 2006, just after the close of the
     fiscal period.

Q:   How did the Trust perform in this environment?

A:   For the period, Pioneer Municipal High Income Trust earned a total return
     of 3.19% at net asset value and -1.85% at market price. As of April 30,
     2006, the Trust was selling at a discount of market price to net asset
     value of 12.74%. The Lehman Brothers Municipal Bond Index, which tracks the
     performance of investment-grade bonds, returned 2.16%. The Lehman Brothers
     Non-Investment Grade Municipal Bond Index returned 7.46% for the same
     period. While the Trust invested in municipal securities with a broad range
     of maturities and credit ratings, it maintained a dollar-weighted average
     portfolio credit quality rating of BBB. The Trust held 107

                                                                               7


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/06                            (continued)
--------------------------------------------------------------------------------

     issues in various states and the District of Columbia. On April 30, 2006,
     the Trust's 30-day SEC yield based on market price was 7.67%.

     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.

     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 net asset value ("NAV"). NAV is total
     assets less total liabilities, which includes Preferred shares, divided by
     the number of common shares outstanding.

     The performance data quoted represent past performance, which is no
     guarantee of future results. Investment return and principal value will
     fluctuate, and shares, when redeemed, may be worth more or less than their
     original cost.

Q:   What contributed to the Trust's performance?

A:   We kept the Trust diversified among sectors that generally perform well
     during a period of economic expansion. These sectors included
     transportation, public power, housing, education and water and sewer. We
     invested most of the assets in revenue bonds, whose interest and principal
     depend on revenues that are derived from the particular asset that the bond
     is financing. For example, a bond issued by an electric utility would be
     backed by the revenues the utility collects from its customers.

     We also had a mix of investment-grade and below investment-grade bonds. The
     below-investment grade bonds, which have higher yields, made the biggest
     contribution to return. Many of these securities are long-term holdings
     that were issued by entities that were in significant financial difficulty
     at the time of purchase. As a result, we bought many of the bonds at
     substantial discounts to par. This was particularly true of airline/airport
     bonds (13.8% of net assets). For example, Delta and Northwest Airlines
     voluntarily declared bankruptcy; and early in the period, these bonds
     detracted from results. We liquidated all Delta bonds, which effectively
     removed a non-income producing asset from the portfolio, which we could
     then replace with another income-producing asset. Northwest remains a
     position in the portfolio because we

8


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

     believe back interest will be paid once they exit voluntary bankruptcy. The
     bond's value has appreciated substantially since the initial Chapter 11
     filing.

     The Trust's health/hospital bonds (32% of net assets) and special revenue
     bonds, called tobacco bonds (14% of net assets), were also factors in the
     Trust's outperformance. Tobacco bonds have been a core long-term holding in
     the Trust. They are backed by tobacco companies' payments to states as part
     of the Master Settlement Agreement, in which states agreed to drop their
     lawsuits against tobacco companies in return for a series of payments.

     On April 30, 2006, 23% of the Trust was leveraged. We began leveraging the
     portfolio when interest rates were at historically low levels. Lower
     short-term rates provided an opportunity to borrow funds at attractive
     rates and invest those funds in higher-yielding bonds, which, in turn,
     boosted the Trust's returns. As short-term interest rates rose, the cost of
     leveraging also rose and reduced the overall effectiveness of leveraging
     the Trust, resulting in modest dividend cuts.

Q:   What is your outlook?

A:   We do not plan to make any significant changes to the Trust. We intend to
     keep the portfolio fully invested in a variety of sectors and maintain a
     mix of both investment-grade and below investment-grade bonds. While
     economic growth was robust in the first four months of 2006, we believe it
     could slow in the coming months, as higher oil prices and interest rates
     take their toll on business profits and consumer spending. Higher interest
     rates have also begun to affect the availability of new municipal bonds, as
     municipalities and other entities are reluctant to issue higher-yielding
     new debt. We view this supply/demand dynamic as positive for the Trust. As
     supply has tightened, demand for tax-free income has remained strong,
     potentially boosting the value of the bonds in the portfolio.

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 fixed-income securities in the Trust will
generally fall. Conversely, when interest rates fall the prices of fixed-income
securities in the Trust

                                                                               9


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
PORTFOLIO MANAGEMENT DISCUSSION 4/30/06                            (continued)
--------------------------------------------------------------------------------

will generally rise. By concentrating in municipal securities, the portfolio 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 underlying securities and their inability to meet their debt
obligations.

The Trust may use leverage through the issuance of preferred shares with an
aggregate liquidation preference of up to 25% of the Trust's total assets after
such issuance. 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.

Risks of investing in the Trust are discussed in greater detail in the Trust's
registration statement on Form N-2 relating to its common shares.

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

10


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/06
--------------------------------------------------------------------------------



                     S&P/Moody's
 Principal           Ratings
 Amount              (unaudited)                                                               Value
                                                                               
                                   TAX EXEMPT OBLIGATIONS - 128.2% of Net Assets
                                   Alabama - 0.5%
  $  1,500,000       BBB/NR        Camden Alabama Industrial Development Board,
                                     6.125%, 12/1/24                                    $  1,649,340
                                                                                        ------------
                                   Arizona - 6.6%
     5,000,000       B+/Ba1        Apache County Industrial Development Authority,
                                     5.85%, 3/1/28                                      $  5,001,900
     5,000,000       B+/Ba1        Apache County Industrial Development Authority,
                                     5.875%, 3/1/33                                        5,002,000
     7,000,000(a)    NR/Aaa        Downtown Phoenix Hotel Corp., RIB, 6.917%,
                                     7/1/40 (144A)                                         7,331,380
     3,000,000+      NR/NR         Maricopa County Industrial Development Authority,
                                     7.875%, 4/1/27                                        3,159,990
     1,000,000       NR/Baa3       Pima County Industrial Development Authority,
                                     7.25%, 7/1/31                                         1,074,780
       500,000       NR/Baa2       Yavapai County Industrial Development Authority,
                                     6.0%, 8/1/33                                            528,520
                                                                                        ------------
                                                                                        $ 22,098,570
                                                                                        ------------
                                   California - 9.8%
     7,270,000       A/A2          California State General Obligation,
                                     5.25%, 2/1/28                                      $  7,581,083
     5,150,000       BBB/Baa3      Golden State Tobacco Securitization Corp.,
                                     7.8%, 6/1/42                                          6,106,509
     7,000,000       BBB/Baa3      Golden State Tobacco Securitization Corp.,
                                     7.875%, 6/1/42                                        8,331,470
     3,000,000       AAA/Aaa       San Diego Unified School District, 5.0%, 7/1/25         3,138,810
     2,500,000       AAA/Aaa       University of California Revenue, 5.0%, 5/15/25         2,577,700
     5,000,000       B+/NR         Valley Health System Hospital Revenue,
                                     6.5%, 5/15/25                                         5,004,500
                                                                                        ------------
                                                                                        $ 32,740,072
                                                                                        ------------
                                   Connecticut - 4.2%
     2,000,000       NR/NR         Bridgeport Senior Living Facility Revenue,
                                     7.25%, 4/1/35                                      $  1,684,840
     2,205,000       BB+/Ba1       Connecticut State Health & Educational Facilities
                                     Authority Revenue, 5.375%, 7/1/17                     2,212,144
     4,800,000       BB+/Ba1       Connecticut State Health & Educational Facilities
                                     Authority Revenue, 5.5%, 7/1/27                       4,728,768
     5,000,000       BB+/NR        Mohegan Tribe Indians Gaming Authority,
                                     6.25%, 1/1/31 (144A)                                  5,329,200
                                                                                        ------------
                                                                                        $ 13,954,952
                                                                                        ------------


The accompanying notes are an integral part of these financial statements.   11


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/06                                    (continued)
--------------------------------------------------------------------------------



                     S&P/Moody's
 Principal           Ratings
 Amount              (unaudited)                                                                Value
                                                                                
                                   District of Columbia - 3.6%
  $   5,000,000      BBB/Baa3      District of Columbia Tobacco Settlement Financing
                                     Corp., 6.5%, 5/15/33                                $  5,668,600
      6,000,000      BBB/Baa3      District of Columbia Tobacco Settlement Financing
                                     Corp., 6.75%, 5/15/40                                  6,470,940
                                                                                         ------------
                                                                                         $ 12,139,540
                                                                                         ------------
                                   Delaware - 0.3%
        500,000      NR/NR         Sussex County Delaware Revenue, 5.9%, 1/1/26          $    508,800
        600,000      NR/NR         Sussex County Delaware Revenue, 6.0%, 1/1/35               611,400
                                                                                         ------------
                                                                                         $  1,120,200
                                                                                         ------------
                                   Florida - 2.7%
      2,000,000      NR/NR         Beacon Lakes Community Development,
                                     6.9%, 5/1/35                                        $  2,171,040
      1,650,000      BBB-/Baa2     Polk County Industrial Development Revenue,
                                     5.85%, 12/1/30                                         1,682,885
      5,000,000      NR/Baa2       Tallahassee Health Facilities Revenue,
                                     6.375%, 12/1/30                                        5,303,900
                                                                                         ------------
                                                                                         $  9,157,825
                                                                                         ------------
                                   Georgia - 2.0%
      4,240,000(a)   NR/Aaa        Atlanta Georgia Water & Waste Revenue, RIB,
                                     7.072%, 11/1/43 (144A)                              $  4,481,002
      2,325,000      NR/NR         Brunswick & Glynn County Development Authority
                                     Revenue, 7.25%, 1/1/35                                 2,349,668
                                                                                         ------------
                                                                                         $  6,830,670
                                                                                         ------------
                                   Idaho - 1.6%
      5,000,000      BBB-/Baa3     Power County Industrial Development Corp.,
                                     6.45%, 8/1/32                                       $  5,337,600
                                                                                         ------------
                                   Illinois - 3.9%
      1,000,000      NR/NR         Centerpoint Intermodal Center, 8.0%,
                                     6/15/23 (144A)                                      $  1,007,930
      1,500,000      NR/NR         Illinois Health Facilities Authority Revenue,
                                     6.9%, 11/15/33                                         1,620,840
     16,880,000(b)   AAA/Aaa       Metropolitan Pier & Exposition Authority Dedicated
                                     State Tax Revenue, 0.0%, 6/15/22                      10,315,706
                                                                                         ------------
                                                                                         $ 12,944,476
                                                                                         ------------


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


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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



                     S&P/Moody's
 Principal           Ratings
 Amount              (unaudited)                                                              Value
                                                                              
                                   Indiana - 1.6%
  $   1,000,000      BBB+/Baa1     Indiana State Development Finance Authority
                                     Revenue, 5.6%, 12/1/32                            $  1,030,380
      4,300,000      BBB-/Ba1      Indiana State Development Finance Authority
                                     Revenue, 5.75%, 10/1/11                              4,442,115
                                                                                       ------------
                                                                                       $  5,472,495
                                                                                       ------------
                                   Massachusetts - 11.3%
      5,000,000      AAA/Aa2       Massachusetts Bay Transportation Authority,
                                     5.0%, 7/1/31                                      $  5,334,850
      2,335,000      AAA/Aaa       Massachusetts Health & Educational Facilities
                                     Authority Revenue, 5.0%, 7/15/35                     2,394,029
      7,050,000      AAA/Aaa       Massachusetts Health & Educational Facilities
                                     Authority Revenue, 5.125%, 7/15/37                   7,299,429
      3,500,000      BBB/Baa3      Massachusetts Health & Educational Facilities
                                     Authority Revenue, 6.25%, 7/1/22                     3,734,360
      5,000,000      BBB-/NR       Massachusetts Health & Educational Facilities
                                     Authority Revenue, 6.75%, 10/1/33                    5,392,300
         75,000      BB/NR         Massachusetts State Development Finance
                                     Agency, 5.25%, 10/1/18                                  69,191
      9,810,000(a)   NR/Aaa        Massachusetts State Development Finance
                                     Agency, RIB, 7.034%, 10/1/39 (144A)                 10,554,775
      3,055,000      AA-/Aa3       Massachusetts State Housing Finance Agency,
                                     5.25%, 12/1/33                                       3,098,167
                                                                                       ------------
                                                                                       $ 37,877,101
                                                                                       ------------
                                   Michigan - 3.5%
      1,500,000      BBB-/NR       John Tolfree Health System Corp., 6.0%, 9/15/23     $  1,520,010
      2,000,000      BB-/Ba3       Michigan State Hospital Finance Authority
                                     Revenue, 5.5%, 8/15/23                               1,920,080
      4,010,000      BBB-/Ba1      Michigan State Hospital Finance Authority
                                     Revenue, 6.0%, 2/1/24                                4,010,682
      7,720,000(c)   NR/NR         Wayne Charter County Michigan Special Airport
                                     Facilities Revenue, 6.75%, 12/1/15                   4,246,463
                                                                                       ------------
                                                                                       $ 11,697,235
                                                                                       ------------
                                   Minnesota - 3.2%
      1,675,000      BB/NR         Duluth Economic Development Authority Health
                                     Care Facilities Revenue, 7.25%, 6/15/32           $  1,789,737
     13,260,000(c)   NR/NR         Minneapolis/St. Paul Metropolitan Airports,
                                     7.0%, 4/1/25                                         8,884,067
                                                                                       ------------
                                                                                       $ 10,673,804
                                                                                       ------------


The accompanying notes are an integral part of these financial statements.   13


Pioneer Municipal High Income Trust
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SCHEDULE OF INVESTMENTS 4/30/06                                    (continued)
--------------------------------------------------------------------------------



                    S&P/Moody's
 Principal          Ratings
 Amount             (unaudited)                                                             Value
                                                                            
                                  Mississippi - 0.9%
  $  3,000,000      BBB-/Ba1      Mississippi Business Finance Corp. Pollution
                                    Control Revenue, 5.9%, 5/1/22                    $  3,025,620
                                                                                     ------------
                                  Missouri - 1.3%
     5,500,000      NR/Caa2       St. Louis Industrial Development Authority
                                    Revenue, 7.25%, 12/15/35                         $  4,399,780
                                                                                     ------------
                                  Montana - 0.5%
     1,600,000      NR/NR         Two Rivers Authority, Inc. Correctional
                                    Facility Improvement Revenue, 7.375%,
                                    11/1/27 (144A)                                   $  1,556,864
                                                                                     ------------
                                  Nevada - 1.5%
     1,000,000      BBB-/Baa2     Clark County Industrial Development Revenue,
                                    5.45%, 3/1/38                                    $  1,043,380
     1,850,000      B-/NR         Clark County Industrial Development Revenue,
                                    5.5%, 10/1/30                                       1,807,635
     2,000,000      NR/NR         Nevada State Department of Business & Industry,
                                    7.25%, 1/1/23                                       2,079,400
                                                                                     ------------
                                                                                     $  4,930,415
                                                                                     ------------
                                  New Hampshire - 0.9%
     3,000,000      AAA/Aaa       Manchester School Facilities Revenue,
                                    5.125%, 6/1/28                                   $  3,118,920
                                                                                     ------------
                                  New Jersey - 9.9%
     2,000,000      B/Caa2        New Jersey Economic Development Authority
                                    Revenue, 6.25%, 9/15/19                          $  1,967,840
    13,350,000      B/Caa2        New Jersey Economic Development Authority
                                    Revenue, 6.25%, 9/15/29                            13,012,913
     1,000,000      B/Caa2        New Jersey Economic Development Authority
                                    Revenue, 6.4%, 9/15/23                                991,430
     6,150,000      B/Caa2        New Jersey Economic Development Authority
                                    Revenue, 7.0%, 11/15/30                             6,231,180
    10,000,000      BBB/Baa3      Tobacco Settlement Financing Corp.,
                                    6.75%, 6/1/39                                      11,096,500
                                                                                     ------------
                                                                                     $ 33,299,863
                                                                                     ------------
                                  New Mexico - 1.6%
     3,700,000++    NR/NR         New Mexico Hospital Equipment Loan Council,
                                    6.4%, 6/1/16                                     $  3,781,178
     1,350,000      BBB-/NR       Santa Fe Educational Facilities Revenue,
                                    5.75%, 10/1/28                                      1,406,619
                                                                                     ------------
                                                                                     $  5,187,797
                                                                                     ------------


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


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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



                     S&P/Moody's
 Principal           Ratings
 Amount              (unaudited)                                                              Value
                                                                              
                                   New York - 8.8%
  $  2,000,000       A/NR          New York City Industrial Development Agency,
                                     5.375%, 6/1/23                                    $  2,058,540
     6,225,000       CCC/Caa2      New York City Industrial Development Agency,
                                     6.9%, 8/1/24                                         5,785,951
     5,000,000       AAA/Aaa       New York City Trust Cultural Resources Revenue,
                                    5.125%, 7/1/31                                       5,161,100
     7,040,000(a)    NR/Aaa        New York State Dormitory Authority Revenue, RIB,
                                     7.328%, 7/1/24 (144A)                                8,272,211
     2,000,000       NR/NR         Suffolk County Industrial Development Agency,
                                     7.25%, 1/1/30                                        2,045,280
     6,000,000       AAA/Aaa       Triborough Bridge & Tunnel Authority Revenue,
                                     5.25%, 11/15/30                                      6,316,500
                                                                                       ------------
                                                                                       $ 29,639,582
                                                                                       ------------
                                   North Carolina - 2.3%
     3,375,000       NR/NR         Charlotte North Carolina Special Facilities
                                     Revenue, 5.6%, 7/1/27                             $  3,050,899
     4,600,000       NR/NR         Charlotte North Carolina Special Facilities
                                     Revenue, 7.75%, 2/1/28                               4,810,910
                                                                                       ------------
                                                                                       $  7,861,809
                                                                                       ------------
                                   Oklahoma - 6.4%
     3,000,000+      AAA/Aaa       Oklahoma Development Finance Authority
                                     Revenue, 5.625%, 8/15/19                          $  3,190,650
     8,000,000+      AAA/Aaa       Oklahoma Development Finance Authority
                                     Revenue, 5.625%, 8/15/29                             8,508,400
     4,100,000       B-/Caa2       Tulsa Municipal Airport Revenue, 5.65%, 12/1/35        4,031,161
     1,225,000       B-/Caa2       Tulsa Municipal Airport Revenue, 6.25%, 6/1/20         1,197,033
     4,350,000       B-/Caa2       Tulsa Municipal Airport Revenue, 7.35%, 12/1/11        4,352,132
                                                                                       ------------
                                                                                       $ 21,279,376
                                                                                       ------------
                                   Oregon - 4.2%
     1,000,000       NR/NR         Klamath Falls Electric Revenue, 5.75%,
                                     1/1/13 (144A)                                     $    891,170
     7,000,000       NR/NR         Klamath Falls Electric Revenue, 6.0%,
                                     1/1/25 (144A)                                        5,678,400
     7,500,000       NR/NR         Western Generation Agency Cogeneration Project
                                     Revenue, 7.125%, 1/1/21                              7,553,850
                                                                                       ------------
                                                                                       $ 14,123,420
                                                                                       ------------


The accompanying notes are an integral part of these financial statements.   15


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/06                                    (continued)
--------------------------------------------------------------------------------



                  S&P/Moody's
 Principal        Ratings
 Amount           (unaudited)                                                                  Value
                                                                               
                                Pennsylvania - 5.9%
$1,550,000        NR/Baa1       Allegheny County Hospital Development Authority
                                  Revenue, 5.125%, 5/1/25                               $  1,450,769
12,300,000        B+/Ba3        Allegheny County Hospital Development Authority
                                  Revenue, 9.25%, 11/15/30                                14,626,545
1,000,000         BB-/NR        Columbia County Hospital Authority Health Care
                                  Revenue, 5.9%, 6/1/29                                      879,620
1,000,000         BBB/Ba2       Hazleton Health Services Authority Hospital
                                  Revenue, 5.625%, 7/1/17                                    945,560
1,280,000         NR/B2         Langhorne Manor Borough Higher Education &
                                  Health Authority Revenue, 7.35%, 7/1/22                  1,280,077
  500,000         BBB+/NR       Pennsylvania Higher Educational Facilities Authority
                                  Revenue, 5.4%, 7/15/36                                     516,780
                                                                                        ------------
                                                                                        $ 19,699,351
                                                                                        ------------
                                Rhode Island - 1.3%
4,000,000         NR/NR         Central Falls Detention Facilities Revenue,
                                  7.25%, 7/15/35                                        $  4,368,200
                                                                                        ------------
                                South Carolina - 4.6%
3,000,000         AA-/Aa3       Greenville County School District, 5.0%, 12/1/23        $  3,102,150
5,000,000+        AA-/Aa3       Greenville County School District, 5.5%, 12/1/28           5,482,200
5,185,000+        BBB+/Baa1     South Carolina Jobs Economic Development
                                  Authority Revenue, 6.375%, 8/1/34                        5,924,640
  665,000         BBB+/Baa1     South Carolina Jobs Economic Development
                                  Authority Revenue, 6.375%, 8/1/34                          737,518
                                                                                        ------------
                                                                                        $ 15,246,508
                                                                                        ------------
                                Tennessee - 3.8%
7,000,000         BBB+/Baa2     Johnson City Health & Educational Facilities Board
                                  Hospital Revenue, 7.5%, 7/1/33                        $  8,086,190
4,480,000         NR/Baa3       Knox County Health Educational & Housing
                                  Facilities Board Hospital Revenue,
                                  6.375%, 4/15/22                                          4,719,994
                                                                                        ------------
                                                                                        $ 12,806,184
                                                                                        ------------


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


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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



                     S&P/Moody's
 Principal           Ratings
 Amount              (unaudited)                                                                   Value
                                                                                
                                   Texas - 11.7%
  $  7,500,000       CCC/Caa2      Alliance Airport Authority Special Facilities
                                     Revenue, 7.5%, 12/1/29                              $  7,250,325
     1,345,000       NR/Ba1        Bexar County Housing Finance Corp.,
                                     8.0%, 12/1/36                                          1,370,811
     1,000,000       CCC/Caa2      Dallas-Fort Worth International Airport Revenue,
                                     6.0%, 11/1/14                                            889,110
     5,000,000       CCC/Caa2      Dallas-Fort Worth International Airport Revenue,
                                     6.15%, 5/1/29                                          4,918,500
     4,000,000       NR/NR         Decatur Hospital Authority Revenue, 7.0%, 9/1/25         4,318,960
     1,000,000+      BB/NR         Georgetown Health Facilities Development Corp.,
                                     6.25%, 8/15/29                                         1,090,000
     3,750,000       B-/Caa2       Houston Airport System Special Facilities Revenue,
                                     5.7%, 7/15/29                                          3,236,287
     5,340,000       NR/NR         Lubbock Health Facilities Development Corp.,
                                     6.625%, 7/1/36                                         5,249,754
     2,450,000(a)    NR/NR         Northside Independent School District, RIB,
                                     7.484%, 6/15/33 (144A)                                 2,702,791
       500,000       BBB-/Baa2     Sabine River Authority Pollution Control Revenue,
                                     6.15%, 8/1/22                                            543,495
     7,040,000(a)    NR/Aa1        Texas State, RIB, 7.002%, 4/1/30 (144A)                  7,692,608
                                                                                         ------------
                                                                                         $ 39,262,641
                                                                                         ------------
                                   Vermont - 0.5%
     1,500,000       A-/A3         Vermont Educational & Health Buildings Financing
                                     Agency Revenue, 6.0%, 10/1/28                       $  1,656,750
                                                                                         ------------
                                   Virginia - 1.5%
     1,000,000       BBB/Baa2      Peninsula Ports Authority, 6.0%, 4/1/33               $  1,066,070
     4,000,000       BB-/Ba3       Pocahontas Parkway Association of Virginia Toll
                                     Road Revenue, 5.5%, 8/15/28                            4,074,600
                                                                                         ------------
                                                                                         $  5,140,670
                                                                                         ------------
                                   Washington - 5.8%
     4,710,000       AAA/Aaa       Spokane Public Facilities District Hotel/Motel Tax
                                     & Sales, 5.75%, 12/1/27                             $  5,177,609
     7,025,000       BBB/Baa3      Tobacco Settlement Authority Revenue,
                                     6.625%, 6/1/32                                         7,674,180
    14,315,000       AAA/Aaa       Washington State General Obligation,
                                     0.0%, 6/1/22                                           6,558,417
                                                                                         ------------
                                                                                         $ 19,410,206
                                                                                         ------------
                                   TOTAL TAX-EXEMPT OBLIGATIONS
                                   (Cost $396,235,158)                                   $429,707,836
                                                                                         ------------


The accompanying notes are an integral part of these financial statements.   17


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS 4/30/06                                    (continued)
--------------------------------------------------------------------------------



 Shares                                                                  Value
                                                           
            TAX-EXEMPT MONEY MARKET MUTUAL
            FUND - 0.0% of Net Assets
 6,536      BlackRock Provident Institutional Municipal Fund     $       6,536
                                                                 -------------
            TOTAL TAX-EXEMPT MONEY MARKET
            MUTUAL FUND
            (Cost $6,536)                                        $       6,536
                                                                 -------------
            TOTAL INVESTMENTS IN SECURITIES - 128.2%
            (Cost $396,241,694) (d) (e)                          $ 429,714,372
                                                                 -------------
            OTHER ASSETS AND LIABILITIES - 1.9%                  $   6,452,852
                                                                 -------------
            PREFERRED SHARES AT REDEMPTION VALUE,
            INCLUDING DIVIDENDS PAYABLE - (30.1)%                $(101,046,023)
                                                                 -------------
            NET ASSETS APPLICABLE TO COMMON
            SHAREOWNERS - 100.0%                                 $ 335,121,201
                                                                 =============


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 April
       30, 2006 the value of these securities amounted to $55,498,331 or 16.6%
       of net assets applicable to common shareowners.

+      Prerefunded bonds have been collateralized by U.S. Treasury securities
       which are held in escrow to pay interest and principal on the tax exempt
       issue and to retire the bonds in full at the earliest refunding date.

++     Prerefunded bonds have been collateralized by cash sufficient 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 was the rate at
       April 30, 2006.

(b)    Debt obligation initially issued at one coupon which converts to a higher
       coupon at a specific date. The rate shown was the rate at period end.

(c)    Security is in default and is non-income producing.

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


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

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


                                   
      Insured                                                   12.1%
      General Obligation                                         3.8
      Revenue Bonds:
                Health Revenue                                  24.7
                Airport Revenue                                 16.7
                Tobacco Revenue                                 10.6
                Education Revenue                                6.9
                Power Revenue                                    6.0
                Pollution Control Revenue                        4.6
                Development Revenue                              4.0
                Facilities Revenue                               3.1
                Transportation Revenue                           2.7
                Utilities Revenue                                1.3
                Gaming Revenue                                   1.2
                Housing Revenue                                  1.1
                School District Revenue                          0.6
                Other Revenue                                    0.6
                                                               -----
                                                               100.0%
                                                               =====


(e)  At April 30, 2006, the net unrealized gain on investments based on cost for
     federal income tax purposes of $394,854,987 was as follows:


                                                                                        
     Aggregate gross unrealized gain for all investments in which there is an excess of
     value over tax cost                                                                   $44,992,880
     Aggregate gross unrealized loss for all investments in which there is an excess of
     tax cost over value                                                                   (10,133,495)
                                                                                           -----------
     Net unrealized gain                                                                   $34,859,385
                                                                                           ===========
     For financial reporting purposes net unrealized gain on investments was
     $33,472,678 and cost of investments aggregated $396,241,694


RIB  Residual Interest Bonds

Purchases and sales of securities (excluding temporary cash investments) for
the period ended April 30, 2006, aggregated $89,913,667 and $84,620,516,
respectively.

The accompanying notes are an integral part of these financial statements.   19


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES 4/30/06
--------------------------------------------------------------------------------


                                                             
ASSETS:
  Investments in securities, at value (cost $396,241,694)       $429,714,372
  Receivables -
    Interest                                                       7,853,561
  Unrealized appreciation on interest rate swaps                   1,361,145
  Prepaid expenses                                                    30,402
                                                                ------------
     Total assets                                               $438,959,480
                                                                ------------
LIABILITIES:
  Dividends payable to common shareowners                       $  1,415,737
  Due to custodian                                                 1,053,250
  Due to affiliate                                                   215,230
  Administration fee payable                                          25,104
  Accrued expenses                                                    82,935
                                                                ------------
     Total liabilities                                          $  2,792,256
                                                                ------------
PREFERRED SHARES AT REDEMPTION VALUE:
  $25,000 liquidation value per share applicable to 4,040
    shares, including dividends payable of $46,023              $101,046,023
                                                                ------------
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS:
  Paid-in capital                                               $315,162,552
  Distributions in excess of net investment income                   (37,943)
  Accumulated net realized loss on investments and interest
    rate swaps                                                   (14,837,231)
  Net unrealized gain on investments                              33,472,678
  Net unrealized gain on interest rate swaps                       1,361,145
                                                                ------------
     Net assets applicable to common shareowners                $335,121,201
                                                                ============
NET ASSET VALUE PER SHARE:
No par value, (unlimited number of shares authorized)
  Based on $335,121,201/22,120,893 common shares                $      15.15
                                                                ============


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


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
For the Year Ended 4/30/06



                                                         
INVESTMENT INCOME:
    Interest                                                     $  25,998,110
                                                                 -------------
EXPENSES:
  Management fees                            $   2,638,673
  Administration fees and reimbursement            342,187
  Transfer agent fees and expenses                  52,316
  Auction agent fees                               267,788
  Custodian fees                                    30,089
  Registration fees                                 23,750
  Professional fees                                 56,882
  Printing expense                                  23,336
  Trustees' fees                                    13,155
  Pricing fees                                      16,971
  Insurance fees                                    14,792
  Miscellaneous                                     14,242
                                             -------------
    Total expenses                                               $   3,494,181
    Less fees paid indirectly                                              (38)
                                                                 -------------
    Net expenses                                                 $   3,494,143
                                                                 -------------
     Net investment income                                       $  22,503,967
                                                                 -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND INTEREST RATE SWAPS:
  Net realized gain (loss) from:
    Investments                              $ (13,037,515)
    Interest rate swaps                             47,240       $ (12,990,275)
                                             -------------       -------------
  Change in net unrealized gain from:
    Investments                              $   1,945,843
    Interest rate swaps                            543,838       $   2,489,681
                                             -------------       -------------
     Net loss on investments and interest
       rate swaps                                                  (10,500,594)
                                                                 -------------
DISTRIBUTIONS TO PREFERRED SHAREOWNERS
FROM NET INVESTMENT INCOME:                                      $  (2,704,921)
                                                                 -------------
  Net increase in net assets applicable
    to common shareowners resulting
    from operations                                              $   9,298,452
                                                                 =============


The accompanying notes are an integral part of these financial statements.   21


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
For the Years Ended 4/30/06 and 4/30/05



                                                              Year Ended        Year Ended
                                                                4/30/06          4/30/05
                                                                      
FROM OPERATIONS:
  Net investment income                                     $  22,503,967     $  25,177,837
  Net realized gain (loss) on investments and interest
    rate swaps                                                (12,990,275)          258,653
  Change in net unrealized gain on investments and
    interest rate swaps                                         2,489,681        20,621,102
  Dividends and distributions to preferred
    shareowners from:
    Net investment income                                      (2,704,921)       (1,444,764)
    Net realized gains                                                  -           (90,681)
                                                            -------------     -------------
     Net increase in net assets applicable to
       common shareowners                                   $   9,298,452     $  44,522,147
                                                            -------------     -------------
DIVIDENDS AND DISTRIBUTIONS TO COMMON
SHAREOWNERS FROM:
  Net investment income
    ($0.89 and $1.07 per share, respectively)               $ (19,731,837)    $ (23,669,356)
  Net realized gains
    ($0.00 and $0.09 per share, respectively)                           -        (2,011,719)
                                                            -------------     -------------
     Total distributions to common shareowners              $ (19,731,837)    $ (25,681,075)
                                                            -------------     -------------
FROM TRUST SHARE TRANSACTIONS:
  Changes in estimated common share offering costs
    previously charged to paid-in capital                   $           -     $     123,849
                                                            -------------     -------------
     Net increase in net assets applicable to
       common shareowners resulting from Trust
       share transactions                                   $           -     $     123,849
                                                            -------------     -------------
     Net increase (decrease) in net assets
       applicable to common shareowners                     $ (10,433,385)    $  18,964,921
NET ASSETS APPLICABLE TO COMMON
SHAREOWNERS:
  Beginning of year                                           345,554,586       326,589,665
                                                            -------------     -------------
  End of year (including undistributed (distributions in
    excess of) net investment income of ($37,943)
    and $203,603, respectively)                             $ 335,121,201     $ 345,554,586
                                                            =============     =============


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


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------



                                                                                                     7/21/03(b)
                                                                       Year Ended    Year Ended          to
                                                                         4/30/06      4/30/05          4/30/04
                                                                                        
Per Common Share Operating Performance
Net asset value, beginning of period                                   $  15.62     $  14.76        $   14.33(c)
                                                                        --------     ---------       ---------
Increase (decrease) from investment operations (a)
 Net investment income                                                 $   1.02     $   1.14        $    0.80
 Net realized and unrealized gain (loss) on investments
   and interest rate swaps                                                (0.48)        0.95             0.46
 Dividends and distributions to preferred shareowners from:
   Net investment income                                                  (0.12)       (0.07)           (0.02)
   Net realized gains                                                         -            -(d)             -
                                                                        --------     ---------       ---------
 Net increase (decrease) from investment operations                    $   0.42     $   2.02        $    1.24
 Dividends and distributions to common shareowners from:
   Net investment income                                                  (0.89)       (1.07)           (0.72)
   Net realized gains                                                         -        (0.09)               -
Capital change with respect to issuance of:
 Common shares                                                                -            -(d)         (0.03)
 Preferred shares                                                             -            -            (0.06)
                                                                        --------     ---------       ---------
Net increase (decrease) in net asset value                             $  (0.47)    $   0.86        $    0.43
                                                                        --------     ---------       ---------
Net asset value, end of period(e)                                      $  15.15     $  15.62        $   14.76
                                                                        --------     ---------       ---------
Market value, end of period(e)                                         $  13.22     $  14.33        $   13.70
                                                                        --------     ---------       ---------
Total return(f)                                                           (1.85)%      13.34%           (4.11)%
Ratios to average net assets of common shareowners
 Net expenses(g)                                                           1.03%        1.04%            0.95%(h)
 Net investment income before preferred share dividends                    6.64%        7.60%            6.91%(h)
 Preferred share dividends                                                 0.80%        0.43%            0.21%(h)
 Net investment income available to common shareowners                     5.84%        7.17%            6.70%(h)
Portfolio turnover                                                           20%          25%              54%
Net assets of common shareowners, end of period (in thousands)         $335,121     $345,555        $ 326,590
Preferred shares outstanding (in thousands)                            $101,000     $101,000        $ 101,000
Asset coverage per preferred share, end of period                      $107,962     $110,533        $ 105,839
Average market value per preferred share                               $ 25,000     $ 25,000        $  25,000
Liquidation value, including dividends payable, per preferred share    $ 25,011     $ 25,000        $  25,000
Ratios to average net assets of common shareowners before
 reimbursement of organization expenses and expense reductions
 Net expenses(g)                                                                        1.04%            0.96% (h)
 Net investment income before preferred share dividends                                 7.60%            6.90%(h)
 Preferred share dividends                                                              0.43%            0.21% (h)
 Net investment income available to common shareowners                                  7.17%            6.69% (h)


(a)  The per common share data presented above is based upon the average common
     shares outstanding for the periods presented.
(b)  Trust shares were first publicly offered on July 18, 2003.
(c)  Net asset value immediately after the closing of the first public offering
     was $14.30.
(d)  Amount is less than $0.01 per share.

(e)  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.
(f)  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 shareowner brokerage commissions.
     Total investment return less than a full period is not annualized. Past
     performance is not a guarantee of future results.
(g)  Expense ratios do not reflect the effect of dividend payments to preferred
     shareowners.
(h)  Annualized.
The information above represents the audited operating performance data for a
share of common stock outstanding, total investment return, ratios to average
net assets of common shareowners 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.   23


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/06
--------------------------------------------------------------------------------

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 Trust may invest in municipal securities with a broad range of maturities
and credit ratings, including both investment grade and below investment grade
municipal securities.

The Trust invests in below investment grade (high-yield) municipal securities.
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, and the reported amounts of income,
expenses and gains and 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:

A.   Security Valuation

     Security transactions are recorded as of trade date. Securities are valued
     at prices supplied by independent pricing services, which consider such
     factors as Treasury spreads, yields, maturities and ratings. Valuations may
     be supplemented by dealers and other sources, as required. The values of
     interest rate swaps are determined by obtaining dealer quotations.
     Securities for which market quotations are not readily available are valued
     at their fair values as determined by, or under the direction of, the Board
     of Trustees.

24


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

     At April 30, 2006, there were no securities fair valued. Temporary cash
     investments are valued at amortized cost.

     Discount and premium on debt securities are accreted or amortized,
     respectively, daily on an effective yield to maturity basis and are
     included in interest income. Interest income, including interest bearing
     cash accounts, is recorded on an accrual basis.

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

     Information regarding the Trust's principal risks is contained in the
     Trust's original offering prospectus. Please refer to those documents when
     considering the Trust's risks. At times, the Trust's investments may
     represent industries or industry sectors that are interrelated or have
     common risks, making it more susceptible to any economic, political, or
     regulatory developments or other risks affecting those industries and
     sectors.

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.

     The amounts and characterizations of distributions to shareowners for
     financial reporting purposes are determined in accordance with federal
     income tax rules. Therefore, the source 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 on investment transactions,
     or from paid in-capital, depending on the type of book/tax differences that
     may exist.

     At April 30, 2006 the Trust reclassified $308,755 to decrease undistributed
     net investment income and to decrease accumulated net realized loss on
     investments. The reclassification has no impact on the net asset value of
     the Trust and presents the Trust's capital accounts on a tax basis.

                                                                              25


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/06                              (continued)
--------------------------------------------------------------------------------

     At April 30, 2006, the Trust had a capital loss carryforward of $9,706,870
     which will expire in 2014 if not utilized.

     The tax character of distributions paid to common and preferred shareowners
     during the year ended April 30, 2006 and April 30, 2005 was as follows:



--------------------------------------------------------------------------------
                                        2006             2005
--------------------------------------------------------------------------------
                                             
  Distributions paid from:
  Tax exempt income                 $22,436,758      $25,094,466
  Ordinary income                             -        1,196,946
  Net long-term capital gains                 -          925,108
                                    -----------      -----------
    Total                           $22,436,758      $27,216,520
                                    -----------      -----------
--------------------------------------------------------------------------------


     The following shows the components of distributable earnings on a federal
     income tax basis at April 30, 2006.



--------------------------------------------------------------------------------
                                            2006
--------------------------------------------------------------------------------
                                   
  Undistributed tax-exempt income     $   491,874
  Undistributed ordinary income           149,127
  Capital loss carryforward            (9,706,870)
  Dividend payable                     (1,461,760)
  Unrealized appreciation              35,616,623
  Post-October loss deferred           (5,130,345)
                                      -----------
    Total                             $19,958,649
                                      -----------
--------------------------------------------------------------------------------


     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, tax deferral
     of losses on wash sales and accrual of income on defaulted bond interest.

C.   Automatic Dividend Reinvestment Plan

     All common shareowners 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

26


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

     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 Mellon Investor Services LLC, 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.

     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.

                                                                              27


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/06                              (continued)
--------------------------------------------------------------------------------

2.   Management Agreement

Pioneer Investment Management, Inc. ("PIM"), a wholly owned indirect subsidiary
of Unicredito Italiano S.p.A. ("Unicredito Italiano"), manages the Trust's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Trust's average daily managed assets. "Managed assets" is the average daily
value of the Trust's total assets minus the sum of the Trust's liabilities,
which liabilities exclude debt related to leverage, short-term debt and the
aggregate liquidation preference of any outstanding preferred shares. At April
30, 2006, $215,230 was payable to PIM related to management fees.

In addition, under PIM's management and administration agreements, certain
other services and costs are paid by PIM and reimbursed by the Trust. For the
year ended April 30, 2006, the Trust recorded $34,331 in reimbursements, which
is included in "Administration fees and reimbursement" on the Statement of
Operations.

The Trust has retained Princeton Administrators, L.P., ("Princeton") to provide
certain administrative services to the Trust on its behalf. The Trust pays
Princeton a monthly fee at an annual rate of 0.07% of the average weekly value
of the Trust's managed assets, subject to a minimum monthly fee of $10,000.

Also, PIM has agreed for the first three years of the Trust's investment
operations to limit the Trust's total annual expenses [excluding organizational
and offering costs for common and preferred shares, interest expense, the cost
of defending or prosecuting any claim or litigation to which the Trust is a
party, (together with any amount in judgment or settlement), indemnification
expenses or taxes incurred due to the failure of the Trust to qualify as a
regulated investment company under the Code or any other non-recurring or
non-operating expenses] to 0.80% of the Trust's average daily managed assets.
The dividend on any preferred shares is not an expense for this purpose. As of
April 30, 2006, the Trust's expenses were not reduced under such arrangements.

3.   Transfer Agents

Pioneer Investment Management Shareholder Services, Inc. ("PIMSS"), a wholly
owned indirect subsidiary of UniCredito Italiano, through a sub-transfer agency
agreement with Mellon Investor Services LLC, provides substantially all transfer
agent and shareowner

28


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

services related to the Trust's common shares at negotiated rates. Deutsche Bank
Trust Company Americas is the transfer agent, registrar, dividend paying agent
and redemption agent with respect to the Trust's Auction Preferred Shares
("APS"). The Trust pays Deutsche Bank Trust Company Americas an annual fee, as
is agreed to from time to time by the Trust and Deutsche Bank Trust Company
Americas, for providing such services.

4.   Expense Offset Arrangements

The Trust has entered into an arrangement with its custodian whereby credits
realized as a result of uninvested cash balances are used to reduce a portion of
the Trust's custodian expenses. For the year ended April 30, 2006 the Trust
expenses were reduced by $38 under such arrangement.

5.   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

                                                                              29


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/06                              (continued)
--------------------------------------------------------------------------------

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. However, at April 30, 2006 the Trust
does not anticipate non-performance by any counterparty. 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.

Under the terms of the agreement entered into by the Trust, the Trust receives
a floating rate of interest and pays a fixed rate of interest for the term.
Details of the swap agreement outstanding as of April 30, 2006 were as follows:



----------------------------------------------------------------------------------------
                                    Notional
                   Termination       Amount      Fixed      Floating       Unrealized
Counterparty           Date          (000)       Rate         Rate        Appreciation
----------------------------------------------------------------------------------------
                                                           
UBS AG            April 5, 2009     $50,000     2.665%     1 month BMA     $1,361,145
----------------------------------------------------------------------------------------


6.   Trust Shares

There are an unlimited number of common shares of beneficial interest
authorized. Of the 22,120,893 common shares of beneficial interest outstanding
at April 30, 2006, PIM owned 6,981 shares.

During the years ended April 30, 2006 and April 30, 2005, there were no share
transactions by the Trust. All reinvested distributions were satisfied with
previously issued shares purchased in the open market by the Plan Agent and
credited to shareowner accounts.

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 April 30, 2006, 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. Dividend rates ranged from
1.78% to 3.70% during the year ended April 30, 2006.

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, asset coverage with respect to the outstanding
preferred shares would be less than 200%.

30


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

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 Agreement and
Declaration of Trust 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. However, 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.

7.   Subsequent Events

Subsequent to April 30, 2006, the Board of Trustees of the Trust declared a
dividend from undistributed net investment income of $0.064 per common share
payable May 31, 2006, to shareowners of record on May 16, 2006.

For the period May 1, 2006 to May 31, 2006, dividends declared on preferred
stock totaled $340,686 in aggregate for the two outstanding preferred share
series.

                                                                              31


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS 4/30/06                              (continued)
--------------------------------------------------------------------------------

ADDITIONAL INFORMATION (unaudited)

During the period, there were no material changes in the Trust's investment
objective or fundamental policies that were not approved by the shareowners.
There were no changes in the Trust's charter or By-Laws that would delay or
prevent a change in control of the Trust which have not been approved by the
shareowners. There were 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.

CEO CERTIFICATION DISCLOSURE (unaudited)

The Trust's Chief Executive Officer has submitted to the New York Stock
Exchange the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual. In addition, the Trust has filed with the
Securities and Exchange Commission the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.

IMPORTANT TAX INFORMATION (unaudited)

All of the net investment income distributions paid by Pioneer Municipal High
Income Trust during the taxable year ended April 30, 2006 qualify as tax-exempt
interest dividends for federal income tax purposes.

32


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
--------------------------------------------------------------------------------

To the Board of Trustees and the Shareowners of
Pioneer Municipal High Income Trust:

We have audited the accompanying statement of assets and liabilities of Pioneer
Municipal High Income Trust (the "Trust"), including the schedule of
investments, as of April 30, 2006, and the related statement of operations for
the year then ended, the statements of changes in net assets for each of the
two years in the period then ended, and the financial highlights for each of
the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Trust's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of April 30, 2006, by correspondence with
the custodian and brokers. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Municipal High Income Trust at April 30, 2006, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each
of the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.

                                                     Ernst & Young LLP

Boston, Massachusetts
June 2, 2006

                                                                              33


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
FACTORS CONSIDERED BY THE INDEPENDENT TRUSTEES IN
APPROVING THE MANAGEMENT CONTRACT
--------------------------------------------------------------------------------

The Investment Company Act of 1940 requires that both the Board of Trustees and
a majority of the Independent Trustees (collectively "the Trustees") voting
separately annually approve the Trust's management contract (the "Management
Contract"). The Trustees have determined that the terms of the Management
Contract are fair and reasonable and that renewal of the contract will enable
the Trust to receive quality investment advisory services at a cost deemed
reasonable and in the best interests of the Trust and its shareowners. In
making such determinations, the Independent Trustees relied upon the assistance
of counsel to the Independent Trustees and counsel to the Trust.

Throughout the year, the Independent Trustees regularly met in executive
sessions separately from the Interested Trustees of the Trust and any officers
of Pioneer Investment Management, Inc., the Trust's adviser (the "Investment
Adviser"), or its affiliates. While the Trustees, including the Independent
Trustees, act on all major matters relating to the Trust, a significant portion
of the activities of the Board of Trustees (including certain of those
described herein) is conducted through committees, the members of which are
comprised exclusively of Independent Trustees. Such committee meetings are
attended by officers of the Trust or the Investment Adviser to the extent
requested by the members of the committee.

In evaluating the Management Contract, the Trustees conducted a review that was
specifically focused upon the renewal of the Management Contract and also
relied upon their knowledge, resulting from their meetings throughout the year,
of the Investment Adviser, its services and the Trust. Both in meetings
specifically dedicated to renewal of the Management Contract and at other
meetings during the course of the year, the Trustees, including the Independent
Trustees, received materials relating to the Investment Adviser's investment
and management services under the Management Contract. These materials included
(i) information on the investment performance of the Trust, a peer group of
funds and an index, in each case selected by the Independent Trustees for this
purpose, (ii) the general investment outlook in the markets in which the Trust
invests, (iii) the procedures employed to determine the value of each of the
Trust's assets, (iv) the Investment Adviser's management of the relationships
with the Trust's unaffiliated service providers, (v) the record of compliance
with the Trust's investment policies and restrictions and with the Trust's Code
of Ethics and the structure and responsibilities of the Investment Adviser's
compliance department, (vi) the nature, cost and

34


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------


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

character of non-investment management services provided by the Investment
Adviser and its affiliates, (vii) the disclosures included in the Trust's
reports to shareowners, (viii) analyses of the benefits and costs of the use of
leverage through the issuance of the Trust's preferred shares and sensitivity
analyses based on changes in interest rates and (ix) the discount or premium of
the market price of the Trust's common stock relative to its net asset value
and measures that are or could be taken to address any discount.

Specifically in connection with the Independent Trustees' review of the
Management Contract, the Independent Trustees requested and the Investment
Adviser provided additional information in order to evaluate the quality of the
Investment Adviser's services and the reasonableness of the fees under the
Management Contract. Among other items, this information included data or
analyses of (1) investment performance for one year period for the Trust and a
peer group selected by the Independent Trustees for this purpose, (2)
management and other fees incurred by a peer group of funds selected by the
Independent Trustees for this purpose, (3) the advisory fees of other
comparable portfolios managed by the Investment Adviser, (4) expense ratios for
the Trust and a peer group of funds selected by the Independent Trustees for
this purpose, (5) the overall organization of the Investment Adviser, (6) the
Investment Adviser's financial results and condition, including its and certain
of its affiliates' profitability from services per formed for the Trust, (7)
administrative reimbursements paid to the Investment Adviser or affiliates, (8)
investment management staffing, and (9) operating expenses paid to third
parties.

The following summarizes factors considered by the Trustees in connection with
reviewing the information described above and their renewal of the Trust's
Management Contract. The Trustees did not identify any single factor as
all-important or controlling, and the summary does not detail all the matters
that were considered.

A.   Ancillary Benefits to Shareowners. The Trustees considered the benefits to
     shareowners of investing in a closed-end fund that is part of an
     established group of open and closed-end funds. The Trustees also noted
     that the relationship of the market price relative to the Trust's net
     assets attributed to its common shares was at least comparable to other
     closed-end funds with similar investment approaches.

                                                                              35


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
FACTORS CONSIDERED BY THE INDEPENDENT TRUSTEES IN
APPROVING THE MANAGEMENT CONTRACT                                  (continued)
--------------------------------------------------------------------------------

B.   Compliance and Investment Performance. The Trustees determined that the
     Investment Adviser had policies and systems reasonably designed to achieve
     compliance with the Trust's investment objectives and regulatory
     requirements. The Trustees also reviewed the Trust's investment
     performance, based on total return, as well as the Trust's performance
     compared to both the performance of a peer group and the results of an
     index, in each case selected by the Independent Trustees for this purpose.
     The Trust's performance, on the basis of total return, was in the fifth
     quintile for the 12 months ended June 30, 2005. (In all quintile rankings
     referred to throughout this discussion first quintile is most favorable to
     the Trust's shareowners. Thus, highest relative performance would be first
     quintile and lowest relative expenses also would be first quintile.) The
     Trustees also considered the yield (gross of expense) to the Trust's common
     shareowners relative to the yield (at June 30, 2005) of the Lehman
     Municipal Bond Index. The Trustees concluded that the performance of the
     Trust supported the continuation of the Management Contract.

C.   The Investment Adviser's Personnel and Methods. The Trustees reviewed the
     background of members of the team responsible for the daily management of
     the Trust and the Trust's investment objective and discipline. The
     Independent Trustees also have had discussions with senior management of
     the Investment Adviser responsible for investment operations and the senior
     management of the Investment Adviser's fixed income group. Among other
     things, the Trustees considered the number, education and experience of the
     Investment Adviser's investment staff and their use of technology and
     emphasis on analytics in view of the risk profile of securities in which
     the Trust invests. The Trustees concluded that the Investment Adviser had
     the quality and depth of personnel and the well-developed methods essential
     to per forming its duties under the Management Contract.


D.   Nature and Quality of Other Services. The Trustees considered the nature,
     quality, cost and extent of other services provided to shareowners of the
     Trust, including administrative and shareowner services performed by the
     Investment Adviser under the Management Contract. The Trustees also
     considered the reasonableness of the arrangements for reimbursement of the
     Investment Adviser's out-of-pocket costs and expenses, including overhead,
     for certain administrative services that the Investment

36


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

     Adviser is not required to provide under the Management Contract. The
     Trustees also considered the nature and extent of the other services
     provided by the Investment Adviser's affiliates under other contracts and
     its supervision of third party service providers. Based on these
     considerations, the Trustees concluded that the nature, quality, cost and
     extent of such services are satisfactory and reliable and serve the
     shareowners of the Trust well.

E.   Management Fee and Expenses. The Trustees considered the Investment
     Adviser's fee under the Management Contract relative to the management fees
     charged by a peer group of funds selected by the Independent Trustees for
     this purpose using data provided by an independent third party. The Trust's
     management fee for the 12 months ended June 30, 2005 was in the third
     quintile relative to the management fees paid by the other funds in that
     peer group for the comparable period. The Trustees determined that the fee
     under the Management Contract was reasonable and fair in light of both the
     overall nature and quality of services provided by the Investment Adviser
     and the fees charged by the funds in the peer group. The Trustees also
     considered the Trust's expense ratio for the 12 months ended June 30, 2005
     and expense ratios for the comparable period of a peer group of funds
     selected by the Independent Trustees for this purpose. The Trust's expense
     ratio (after giving effect to expense limitations) was in the first
     quintile of the applicable peer group for the most recent fiscal year of
     the peer group. The Trustees concluded that the Trust's expense ratio was
     capped at a level that was reasonable relative to comparable funds.

F.   Profitability. The Trustees considered the level of the Investment
     Adviser's profits with respect to the management of the Pioneer funds,
     including details with respect to the Trust. This consideration included a
     review of the Investment Adviser's methodology in allocating certain of its
     costs to the management of each fund. The Trustees also considered the
     financial results realized by the Investment Adviser in connection with the
     operation of the Trust. They further considered the profits realized by the
     Investment Adviser and its affiliates from non-fund businesses that may
     benefit from or be related to the Trust's business. The Trustees considered
     the Investment Adviser's profit margins in comparison with the limited
     available industry data. The Trustees concluded that the Investment
     Adviser's profits from management

                                                                              37


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
FACTORS CONSIDERED BY THE INDEPENDENT TRUSTEES IN
APPROVING THE MANAGEMENT CONTRACT                                  (continued)
--------------------------------------------------------------------------------

     of the Pioneer funds, including the financial results derived from the
     Trust, bear a reasonable relationship to the services rendered and are fair
     for the management of the Trust.

G.   Economies of Scale. The Trustees considered whether the Trust had
     appropriately benefited from any economies of scale, and whether there was
     potential for realization of any further economies of scale. Since the
     Trust is a closed-end fund and its size is relatively stable at an asset
     level that was anticipated when the management fee was initially set, the
     Trustees concluded that economies of scale were not a relevant
     consideration.

H.   Other Benefits to the Investment Adviser. The Trustees also considered the
     character and amount of fees paid by the Trust, other than under the
     Management Contract, for services provided by the Investment Adviser and
     affiliates. The Trustees further considered the revenues and profitability
     of the Investment Adviser's businesses other than the fund business,
     including the Investment Adviser's institutional investment advisory
     business. The Trustees considered the intangible benefits that accrue to
     the Investment Adviser and its affiliates by virtue of its relationship
     with the Trust and the Pioneer funds as a group. The Trustees concluded
     that all these types of benefits accruing to the Investment Adviser were
     reasonable in the context of the overall relationship between the
     Investment Adviser and the Trust.

Conclusion. The Trustees, in light of the Investment Adviser's overall
performance, considered it appropriate to continue to retain the management
services of the Investment Adviser. Based on their evaluation of all material
factors deemed relevant and the advice of independent counsel, the Trustees
concluded that the Management Contract with the Trust is fair and reasonable
and voted to approve the continuation of the Management Contract for another
year.

38


Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
--------------------------------------------------------------------------------

Investment Adviser
Pioneer Investment Management, Inc.

Custodian
Brown Brothers Harriman & Co.

Independent Registered Public Accounting Firm
Ernst & Young LLP

Legal Counsel
Wilmer Cutler Pickering Hale and Dorr LLP

Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.

Shareowner Services and Sub-Transfer Agent
Mellon Investor Services LLC

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

Sub-Administrator
Princeton Administrators, L.P.

Trustees and Officers
The Trust's Board of Trustees provides broad supervision over the Trust's
affairs. The officers of the Trust are responsible for the Trust's operations.
The Trust's Trustees and officers are listed below, together with their
principal occupations during the past five years. Trustees who are interested
persons of the Trust within the meaning of the Investment Company Act of 1940
are referred to as Interested Trustees. Trustees who are not interested persons
of the Trust are referred to as Independent Trustees. Each of the Trustees
(except Mr. Hood and Mr. West) serve as a Trustee of the 91 U.S. registered
investment portfolios for which Pioneer Investment Management, Inc. ("Pioneer")
serves as investment adviser (the "Pioneer Funds"). Mr. Hood and Mr. West serve
as Trustees for 35 of the 91 Pioneer Funds. The address for all Interested
Trustees and all officers of the Trust is 60 State Street, Boston,
Massachusetts 02109.

The Trust's statement of additional information provides more detailed
information regarding the Trust's Trustees and is available upon request,
without charge, by calling 1-800-225-6292.

                                                                              39


--------------------------------------------------------------------------------
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
--------------------------------------------------------------------------------

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 and on the SEC's web site at
http://www.sec.gov.

40


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



Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES
-------------------------------------------------------------------------------------------------------------------------------
                                Positions Held         Length of Service
Name and Age                    With the Fund          and Term of Office
                                                 
John F. Cogan, Jr. (79)*        Chairman of            Class I Trustee since
                                the Board, Trustee     2003. Term expires
                                and President          in 2007. Elected by
                                                       Preferred Shares

*Mr. Cogan is an Interested Trustee because he is an officer or director of Pioneer and certain of its affiliates.
-------------------------------------------------------------------------------------------------------------------------------
Osbert M. Hood (53)**           Trustee and            Class II Trustee since
                                Executive Vice         2003. Term expires
                                President              in 2008.

**Mr. Hood is an Interested Trustee because he is an officer or director of Pioneer and certain of its affiliates.
-------------------------------------------------------------------------------------------------------------------------------



Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES
-------------------------------------------------------------------------------------------------------------------------------

                                                                                              Other Directorships Held
Name and Age                    Principal Occupation During Past Five Years                   by this Trustee
                                                                                        
John F. Cogan, Jr. (79)*        Deputy Chairman and a Director of Pioneer Global Asset        Chairman and Director
                                Management S.p.A. ("PGAM"); Non-Executive Chairman            of ICI Mutual Insurance
                                and a Director of Pioneer Investment Management USA           Company; Director
                                Inc. ("PIM-USA"); Chairman and a Director of Pioneer;         of Harbor Global
                                Director of Pioneer Alternative Investment Management         Company, Ltd.
                                Limited (Dublin); President and a Director of Pioneer
                                Alternative Investment Management (Burmuda) Limited
                                and affiliated funds; Director of PIOGLOBAL Real Estate
                                Investment Fund (Russia); Director of Nano-C, Inc.
                                (since 2003); Director of Cole Investment Corporation
                                (since 2004); Director of Fiduciary Counseling Inc.;
                                President and Director of Pioneer Funds Distributor, Inc.
                                ("PFD"); President of all of the Pioneer Funds; and of
                                Counsel, Wilmer Cutler Pickering Hale and Dorr LLP
                                (counsel to PIM-USA and the Pioneer Funds).
-------------------------------------------------------------------------------------------------------------------------------

Osbert M. Hood (53)**           President and Chief Executive Officer, PIM-USA since          None
                                May 2003 (Director since January 2001); President
                                and Director of Pioneer since May 2003; Chairman
                                and Director of Pioneer Investment Management
                                Shareholder Services, Inc. ("PIMSS") since May 2003;
                                Executive Vice President of all of the Pioneer Funds
                                since June 2003; Executive Vice President and Chief
                                Operating Officer of PIM-USA, November 2000 to May 2003.
-------------------------------------------------------------------------------------------------------------------------------


                                                                              41





Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
-------------------------------------------------------------------------------

                             Positions Held   Length of Service
Name, Age and Address        With the Fund    and Term of Office
                                        
David R. Bock **(62)         Trustee          Class I Trustee since
3050 K. Street NW,                            2005. Term expires
Washington, DC 20007                          in 2007.

**Mr. Bock became a Trustee of the Fund on January 1, 2005.
-------------------------------------------------------------------------------
Mary K. Bush (58)            Trustee          Class III Trustee
3509 Woodbine Street,                         since 2003. Term
Chevy Chase, MD 20815                         expires in 2006.
-------------------------------------------------------------------------------
Margaret B.W. Graham (58)    Trustee          Class II Trustee since
1001 Sherbrooke Street                        2003. Term expires
West, Montreal, Quebec,                       in 2008.
Canada H3A 1G5
-------------------------------------------------------------------------------
Thomas J. Perna (55)         Trustee          Class III Trustee
89 Robbins Avenue,                            since February 2006.
Berkeley Heights, NJ 07922                    Term expires in
                                              2006.
-------------------------------------------------------------------------------



Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
-------------------------------------------------------------------------------------------------------------------------------
                                                                                          Other Directorships Held
Name, Age and Address        Principal Occupation During Past Five Years                  by this Trustee
                                                                                    
David R. Bock **(62)         Senior Vice President and Chief Financial Officer, I-trax,   Director of The Enterprise
3050 K. Street NW,           Inc. (publicly traded health care services company)          Social Investment
Washington, DC 20007         (2001 - present); Managing Partner, Federal City             Company (privately-held
                             Capital Advisors (boutique merchant bank) (2002              affordable housing
                             to 2004); Executive Vice President and Chief Financial       finance company);
                             Officer, Pedestal Inc. (internet-based mortgage trading      Director of New York
                             company) (2000 - 2002).                                      Mortgage Trust (publicly
                                                                                          traded mortgage REIT)
**Mr. Bock became a Trustee of the Fund on January 1, 2005.
-------------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (58)            President, Bush International (international financial       Director of Brady
3509 Woodbine Street,        advisory firm).                                              Corporation (industrial
Chevy Chase, MD 20815                                                                     identification and
                                                                                          specialty coated material
                                                                                          products manufacturer),
                                                                                          Mortgage Guaranty
                                                                                          Insurance Corporation,
                                                                                          and Briggs & Stratton,
                                                                                          Inc. (engine manufacturer)
-------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (58)    Founding Director, The Winthrop Group, Inc. (consulting      None
1001 Sherbrooke Street       firm); Desautels, Faculty of Management, McGill
West, Montreal, Quebec,      University.
Canada H3A 1G5
-------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (55)         Private investor (2004 - present); Senior Executive Vice     Director of Quadriserv Inc.
89 Robbins Avenue,           President, The Bank of New York (financial and               (technology products for
Berkeley Heights, NJ 07922   securities services) (1986 - 2004).                          securities lending
                                                                                          industry)
-------------------------------------------------------------------------------------------------------------------------------


42




Pioneer Municipal High Income Trust
--------------------------------------------------------------------------------

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

                                Positions Held  Length of Service
Name, Age and Address           With the Fund   and Term of Office

                                          
Marguerite A. Piret (57)        Trustee         Class III Trustee
One Boston Place, 28th Floor,                   since 2003. Term
Boston, MA 02108                                expires in 2006.
                                                Elected by Preferred
                                                Shares only.
--------------------------------------------------------------------------------
Stephen K. West (77)            Trustee         Class I Trustee since
125 Broad Street,                               2003. Term expires
New York, NY 10004                              in 2007.
--------------------------------------------------------------------------------
John Winthrop (69)              Trustee         Class II Trustee since
One North Adgers Wharf,                         2003. Term expires
Charleston, SC 29401                            in 2008.
--------------------------------------------------------------------------------



Pioneer Municipal High Income Trust



                                                                                          Other Directorships Held
Name, Age and Address           Principal Occupation During Past Five Years               by this Trustee
                                                                                    
Marguerite A. Piret (57)        President and Chief Executive Officer, Newbury, Piret &   Director of New America
One Boston Place, 28th Floor,   Company, Inc. (investment banking firm).                  High Income Fund, Inc.
Boston, MA 02108                                                                          (closed-end investment
                                                                                          company)
-------------------------------------------------------------------------------------------------------------------------
Stephen K. West (77)            Senior Counsel, Sullivan & Cromwell (law firm).           Director, The Swiss
125 Broad Street,                                                                         Helvetia Fund, Inc.
New York, NY 10004                                                                        (closed-end investment
                                                                                          company)
-------------------------------------------------------------------------------------------------------------------------
John Winthrop (69)              President, John Winthrop & Co., Inc.                      None
One North Adgers Wharf,         (private investment firm).
Charleston, SC 29401
-------------------------------------------------------------------------------------------------------------------------



-------------------------------------------------------------------------------------------------------------------------------
FUND OFFICERS
-------------------------------------------------------------------------------------------------------------------------------

                                                                                                             
Dorothy E. Bourassa (58)   Secretary   Since 2003. Serves     Secretary of PIM-USA; Senior Vice President - Legal        None
                                       at the discretion of   of Pioneer; and Secretary/Clerk of most of PIM-USA's
                                       the Board.             subsidiaries; Secretary of all of the Pioneer Funds since
                                                              September 2003 (Assistant Secretary from November
                                                              2000 to September 2003).
-------------------------------------------------------------------------------------------------------------------------------


                                                                              43





Pioneer Municipal High Income Trust

FUND OFFICERS

                             Positions Held        Length of Service
Name and Age                 With the Fund         and Term of Office
                                             
Christopher J. Kelley (41)   Assistant Secretary   Since 2003. Serves
                                                   at the discretion of
                                                   the Board.
--------------------------------------------------------------------------------
David C. Phelan (48)         Assistant Secretary   Since 2003. Serves
                                                   at the discretion of
                                                   the Board.
--------------------------------------------------------------------------------
Vincent Nave (60)            Treasurer             Since 2003. Serves
                                                   at the discretion of
                                                   the Board.
--------------------------------------------------------------------------------
Mark E. Bradley (46)         Assistant Treasurer   Since 2003. Serves
                                                   at the discretion
                                                   of the Board.
--------------------------------------------------------------------------------
Luis I. Presutti (41)        Assistant Treasurer   Since November,
                                                   2000. Serves
                                                   at the discretion
                                                   of the Board.
--------------------------------------------------------------------------------
Gary Sullivan (48)           Assistant Treasurer   Since May, 2003.
                                                   Serves at the
                                                   discretion of
                                                   the Board.
--------------------------------------------------------------------------------



Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------------------------------------------
FUND OFFICERS
-------------------------------------------------------------------------------------------------------------------
                                                                                       Other Directorships Held
Name and Age                 Principal Occupation During Past Five Years               by this Officer
                                                                                 
Christopher J. Kelley (41)   Vice President and Senior Counsel of Pioneer since July   None
                             2002; Vice President and Senior Counsel of BISYS
                             Fund Services, Inc. (April 2001 to June 2002);
                             Assistant Secretary of all Pioneer Funds since
                             September 2003.
-------------------------------------------------------------------------------------------------------------------
David C. Phelan (48)         Partner, Wilmer Cutler Pickering Hale and Dorr LLP;       None
                             Assistant Secretary of all Pioneer Funds since
                             September 2003.
-------------------------------------------------------------------------------------------------------------------
Vincent Nave (60)            Vice President - Fund Accounting, Administration          None
                             and Custody Services of Pioneer; and Treasurer of all
                             of the Pioneer Funds.
-------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (46)         Deputy Treasurer of Pioneer since 2004; Treasurer         None
                             and Senior Vice President, CDC IXIS Asset
                             Management Services from 2002 to 2003; Assistant
                             Treasurer and Vice President, MFS Investment
                             Management from 1997 to 2002; and Assistant
                             Treasurer of all of the Pioneer Funds since
                             November 2004.
-------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (41)        Assistant Vice President - Fund Accounting,               None
                             Administration and Custody Services of Pioneer; and
                             Assistant Treasurer of all of the Pioneer Funds.
-------------------------------------------------------------------------------------------------------------------
Gary Sullivan (48)           Fund Accounting Manager - Fund Accounting,                None
                             Administration and Custody Services of Pioneer; and
                             Assistant Treasurer of all of the Pioneer Funds since
                             May 2002.
-------------------------------------------------------------------------------------------------------------------


44




Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------------------------------------------

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

                                                                                           Positions Held
Name and Age                                                                               With the Fund
                                                                                        
Katherine Kim Sullivan (32)                                                                Assistant Treasurer
-------------------------------------------------------------------------------------------------------------------
Terrence J. Cullen (45)                                                                    Chief Compliance
                                                                                           Officer
-------------------------------------------------------------------------------------------------------------------



Pioneer Municipal High Income Trust
-------------------------------------------------------------------------------------------------------------------

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

                                                                                           Length of Service
Name and Age                                                                               and Term of Office
                                                                                        
Katherine Kim Sullivan (32)                                                                Since 2003. Serves
                                                                                           at the discretion of
                                                                                           the Board.
-------------------------------------------------------------------------------------------------------------------
Terrence J. Cullen (45)                                                                    Since March 2006.
                                                                                           Serves at the
                                                                                           discretion of
                                                                                           the Board.
-------------------------------------------------------------------------------------------------------------------


The outstanding capital stock of PFD, PIM and PIMSS is indirectly wholly owned
by UniCredito Italiano S.p.A. ("UniCredito Italiano"), one of the largest
banking groups in Italy. PIM, the Trust's investment adviser, provides
investment management and financial services to mutual funds, institutional and
other clients.

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HOW TO CONTACT PIONEER
--------------------------------------------------------------------------------

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


You can call Mellon Investor Services LLC for:


Account Information                                              1-800-710-0935


Telecommunications Device for the Deaf (TDD)                     1-800-231-5469


Or write to Mellon Investor Services LLC:




For                                                     Write to
                                                     
General inquiries, lost dividend checks                 P.O. Box 3315
                                                        South Hackensack, NJ
                                                        07606-1915
Change of address, account consolidation                P.O. Box 3316
                                                        South Hackensack, NJ
                                                        07606-1916
Lost stock certificates                                 P.O. Box 3317
                                                        South Hackensack, NJ
                                                        07606-1917
Stock transfer                                          P.O. Box 3312
                                                        South Hackensack, NJ
                                                        07606-1912
Dividend reinvestment plan (DRIP)                       P.O. Box 3338
                                                        South Hackensack, NJ
                                                        07606-1938


For additional information, please contact your investment advisor or visit our
web site 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. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also 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.

The Trust's Chief Executive Officer is required by the New York Stock Exchange's
Listing Standards to file annually with the Exchange a certification that he is
not aware of any violation by the Trust of the Exchange's Corporate Governance
Standards applicable to the Trust. The Trust has filed such certification.


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 totaled
approximately $26,335 in 2006 and $22,900 in 2005.

(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.

Audit-Related Fees
Fees for the Trust's audit-related services totaled
approximately $8,500 in 2006 and $8,000 in 2005,
which were related to the issuance of agreed upon
procedures report to the rating agencies.

(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.

Tax Fees
Fees for tax compliance services, primarily for tax
returns, totaled approximately $6,800 and $6,000 for
2006 and 2005, respectively.

(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.

Other Fees
There were no other services provided to the Trust
during the fiscal years ended April 30, 2006 and 2005.

(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, 2006 and 2005, 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.

The aggregate non-audit fees for the Trust and
affiliates, as previously defined, totaled approximately
$15,300 in 2006 and $15,100 in 2005.  These fees
include services provided prior to May 6, 2003, the
effective date of the pre-approval process.


(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 independent auditor, Ernst &
Young LLP ("E&Y"), has advised the Audit
Committee of the Fund's Board of Trustees that
E&Ys Spanish affiliate (E&Y Spain) performed
certain non-audit work for Pioneer Global
Investments Limited ("PGIL"), an affiliate of the
Funds investment adviser.  The services involved
the receipt and disbursement of monies transferred
to E&Y Spain by PGIL in payment of individual
payroll and related income tax withholdings due on
returns prepared by E&Y Spain for certain PGIL
employees located in Spain from February 2001 to
October 2005.  E&Y became auditors of the Fund in
May 2002.  These payroll and tax services were
discontinued in November 2005.  The annual fee
received by E&Y Spain for all such services totaled
approximately 9,000 Euro per year. E&Y has informed
the Audit Committee that based on its internal
reviews and the de minimus nature of the services
provided and fees received, E&Y does not believe
its independence with respect to the Fund has been
impaired or that it is disqualified from acting as
independent auditors to the Fund.

The Trust'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.



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.

(a)(1)

As of the date of this report,  day-to-day management of the fund's portfolio is
the  responsibility of David Eurkus. Mr. Eurkus is supported by the fixed income
team.  Members of this team manage other  Pioneer funds  investing  primarily in
fixed income  securities.  The portfolio manager and the team also may draw upon
the research and investment management expertise of Pioneer's affiliate, Pioneer
Investment  Management  Limited.  Mr.  Eurkus  joined  Pioneer as a senior  vice
president in January 2000 and has been an  investment  professional  since 1969.
From 1998 to 2000,  Mr.  Eurkus  was a senior  vice  president  of fixed  income
investing for the Private Client Group at Brown Brothers Harriman. Prior to that
he was a senior vice president at Putnam Investments.

(a)(2)

Other Accounts Managed by the Portfolio Manager. The table below indicates,  for
the 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, 2006. 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 Accounts        Assets Managed
Manager                                Accounts       Managed             Managed for which         for which
                                       Managed                            Advisory Fee is           Advisory Fee is
                                                                          Performance-Based         Performance-Based
-----------------------------------------------------------------------------------------------------------------------
                                                                                     
David Eurkus          Other Registered   5	$1,951,522,000            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 interests 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  interests.  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.

(a)(3)

Compensation of Portfolio Managers. Pioneer has adopted a system of compensation
for  portfolio  managers  and  seeks to align  the  financial  interests  of the
portfolio managers with both those of shareholders of the accounts the portfolio
managers  manage,  through  incentive  payments  based  in part on the  relative
investment  performance  of those  funds,  and also  Pioneer  through  incentive
payments   based  in  part  on  Pioneer's   financial   performance.   Pioneer's
compensation  arrangements  with its  portfolio  managers are  determined on the
basis of the portfolio  manager's overall services to Pioneer and its affiliates
and not on the basis of  specific  funds or  accounts  managed by the  portfolio
manager.  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 aligns the financial  incentives of Pioneer and the  investment
professional.  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:

          o    Quantitative Investment Performance.  The quantitative investment
               performance calculation is based on pre-tax 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 are the
               Lehman Brothers Municipal Bond Index and the Lehman Brothers Non-
               Investment Grade Municipal Bond Index. As a result of these
               benchmarks,  the  performance  of the  portfolio manager for
               compensation  purposes is measured  against 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.

Certain  portfolio  managers  participate  in an incentive  plan whereby  senior
executives or other key employees are granted options in stock of Pioneer Global
Asset Management S.p.A., an affiliate of Pioneer,  at the then fair value of the
underlying stock. These options are generally exercisable within three years.

(a)(4)

Share Ownership by Portfolio Manager.  The following table indicates as of April
31, 2006 the value,  within the indicated range, of shares beneficially owned by
the portfolio manager of the fund.



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



*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


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 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.


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 June 30, 2006


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 June 30, 2006


By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer

Date June 30, 2006

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