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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21409
Pioneer Municipal High Income Advantage Trust
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Dorothy E. Bourassa, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: March 31
Date of reporting period: December 31, 2006
Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5under
the Investment Company Act of 1940 (17 CFR 270.30b-5). The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. Schedule of Investments.
Pioneer Municipal High Income Advantage Trust
SCHEDULE OF INVESTMENTS 12/31/06 (unaudited)
Principal
Amount Value
TAX-EXEMPT OBLIGATIONS - 134.8% of Net Assets
Alaska - 1.2%
3,875,000(aAlaska State Housing Finance Corp., RIB,4,406,456
Arizona - 4.1%
5,000,000 Casa Grande Industrial Development Autho5,551,450
3,000,000(aDowntown Phoenix Hotel Corp., RIB, 5.3043,432,360
1,000,000 Pima County Industrial Development Autho1,057,230
1,560,000 Pima County Industrial Development Autho1,652,804
1,000,000 +Pima County Industrial Development Autho1,215,590
2,000,000 San Luis Facility Development Corp., 7.22,035,800
14,945,234
California - 6.5%
2,680,000 Golden State Tobacco Securitization Corp3,068,386
9,520,000(aUniversity of California, RIB, 5.706%, 511,318,042
9,320,000 Valley Health System Hospital Revenue, 69,334,353
23,720,781
Colorado - 1.9%
2,850,000 Denver Health & Hospital Authority Healt3,044,398
3,520,000 Northwest Parkway Public Highway Authori3,690,122
6,734,520
District of Columbia - 2.1%
2,700,000 District of Columbia Tobacco Settlement 3,241,512
4,000,000 District of Columbia Tobacco Settlement 4,390,680
7,632,192
Florida - 5.6%
1,000,000 Greater Orlando Aviation Authority, 6.5%1,059,540
4,500,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 5.5%, 10/1/23 4,695,255
2,000,000 Hillsborough County Florida Industrial Development Authority
Pollution
Control Revenue, 6.75%, 7/1/29 2,054,100
500,000 Miami Beach Health Facilities Authority,507,915
1,500,000 Miami Beach Health Facilities Authority,1,649,940
10,000,000 Miami-Dade County Aviation Revenue, 5.0%10,475,700
20,442,450
Georgia - 2.1%
4,000,000(aAtlanta Georgia Water and Wastewater Rev4,631,520
1,065,000 Effingham County Industrial Development 1,129,667
1,650,000 Savannah Georgia Economic Development Au1,816,601
7,577,788
Guam - 1.5%
5,000,000 Northern Mariana Islands, 6.75%, 10/1/335,596,150
Idaho - 2.3%
2,000,000 Power County Industrial Development Corp2,127,820
5,920,000 Power County Pollution Control Revenue, 6,085,168
8,212,988
Illinois - 6.1%
4,000,000 Centerpoint Intermodal Center, 8.0%, 6/14,115,240
1,000,000 Illinois Finance Authority Revenue, 5.1%1,019,760
1,100,000 Illinois Finance Authority Revenue, 5.5%1,127,027
1,850,000 Illinois Finance Authority Revenue, 5.751,926,923
1,000,000 Illinois Finance Authority Revenue, 6.0%1,056,370
3,000,000 Illinois Finance Authority Revenue, 6.0%3,140,880
1,645,000 Illinois Health Facilities Authority Rev1,661,680
1,400,000 Illinois Health Facilities Authority Rev1,400,350
2,400,000 Illinois Health Facilities Authority Rev2,400,096
1,500,000 Illinois Health Facilities Authority Rev1,661,790
2,700,000 Southwestern Illinois Development Author2,740,527
22,250,643
Indiana - 4.9%
10,000,000 Indiana State Development Finance Author10,377,300
5,000,000 Jasper County Industrial Economic Develo5,056,000
2,315,000 Vincennes Industrial Economic Developmen2,332,802
17,766,102
Kentucky - 1.4%
500,000 Kentucky Economic Development Finance Au508,325
4,400,000 Kentucky Economic Development Finance Au4,476,296
4,984,621
Louisiana - 3.0%
750,000 Opelousas Louisiana General Hospital Aut799,125
9,415,000 Tobacco Settlement Financing Corp., 5.8710,087,984
10,887,109
Maryland - 0.5%
710,000 Maryland Health & Higher Educational Fac708,253
1,250,000 Maryland Health & Higher Educational Fac1,233,350
1,941,603
Massachusetts - 9.0%
1,000,000 Lynn Massachusetts Water & Sewer Commiss1,056,820
5,000,000 Massachusetts Bay Transportation Authori5,674,800
5,000,000 Massachusetts Bay Transportation Authori5,858,000
2,195,000 Massachusetts Health & Educational Facil2,217,828
1,000,000 Massachusetts Health & Educational Facil1,081,220
3,520,000(aMassachusetts State College Building Aut4,176,586
900,000 Massachusetts State Development Finance 892,917
2,920,000 Massachusetts State Development Finance 2,985,846
4,710,000 Massachusetts State Development Finance 4,922,751
3,335,000(aMassachusetts State Housing Finance Agen3,571,218
32,437,986
Michigan - 5.1%
1,650,000 Crescent Academy Project, 5.75%, 12/1/361,635,942
3,000,000 +Delta County Michigan Economic Developme3,369,180
3,000,000 Macomb County Hospital Finance Authority3,185,040
4,130,000 Michigan State Hospital Finance Authorit4,103,031
1,000,000 Michigan State Strategic Fund Solid Wast1,023,140
3,000,000(bWayne Charter County Michigan Special Ai2,353,680
3,405,000(bWayne Charter County Michigan Special Ai2,774,360
18,444,373
Missouri - 0.9%
1,500,000 St. Louis Industrial Development Authori1,444,665
1,840,000 St. Louis Industrial Development Authori1,771,589
3,216,254
Montana - 0.7%
2,445,000(cHardin Increment Industrial Infrastructu1,606,585
1,000,000 Two Rivers Authority, Inc., Project Reve1,029,870
2,636,455
Nevada - 2.2%
2,425,000 Clark County Industrial Development Reve2,424,806
2,500,000 Clark County Industrial Development Reve2,501,050
1,600,000 Nevada State Department of Business & In1,701,264
1,000,000 Nevada State Department of Business & In1,066,700
370,000 Nevada State Department of Business & In394,679
8,088,499
New Hampshire - 1.5%
1,000,000 New Hampshire Health & Educational Facil1,054,460
1,125,000 New Hampshire Health & Educational Facil1,188,934
3,000,000 +New Hampshire Higher Educational & Healt3,125,670
5,369,064
New Jersey - 8.9%
13,000,000 New Jersey Economic Development Authorit13,413,660
2,500,000 New Jersey Health Care Facilities Financ2,617,150
1,420,000 New Jersey Health Care Facilities Financ1,422,215
2,495,000(aNew Jersey State Turnpike Authority, RIB4,152,179
1,000,000 Tobacco Settlement Financing Corp., 6.251,117,050
3,250,000 Tobacco Settlement Financing Corp., 6.753,723,168
5,000,000 Tobacco Settlement Financing Corp., 7.0%5,797,750
32,243,172
New York - 10.6%
3,000,000 Dutchess County Industrial Development A3,342,030
5,000,000 Nassau County New York Industrial Develo5,201,300
6,980,000 New York City Industrial Development Age6,891,075
2,000,000 New York City Industrial Development Age2,098,500
2,000,000 New York City Industrial Development Age2,021,200
3,950,000 New York City Industrial Development Age4,434,981
2,600,000 New York City Industrial Development Age2,633,176
5,000,000 New York State Environmental Facilities 5,250,200
4,500,000 Suffolk County New York Industrial Devel4,657,095
2,000,000 Yonkers Industrial Development Agency Ci2,011,660
38,541,217
North Carolina - 5.9%
11,350,000 Charlotte North Carolina Special Facilit11,473,147
7,140,000 Charlotte North Carolina Special Facilit7,630,232
2,000,000 North Carolina Capital Facilities Financ2,111,580
21,214,959
Ohio - 2.7%
3,800,000 Belmont County Health System Revenue, 5.3,745,090
1,000,000 Belmont County Health System Revenue, 5.977,760
5,000,000 Cleveland Airport Special Revenue, 5.3755,046,050
9,768,900
Oklahoma - 1.0%
2,045,000 Jackson County Memorial Hospital Authori2,055,900
1,500,000 Tulsa Municipal Airport Transportation R1,505,280
3,561,180
Pennsylvania - 7.1%
3,000,000 Allegheny County Hospital Development Au3,572,250
500,000 Allegheny County Hospital Development Au594,385
1,000,000 Clarion County Hospital Authority Revenu1,015,960
3,600,000 Columbia County Hospital Authority Reven3,359,304
3,200,000 Delaware County Industrial Development A2,595,040
1,250,000 Hazleton Health Services Authority Hospi1,253,575
3,360,000 Montgomery County Higher Education & Hea3,430,661
1,430,000 Pennsylvania Economic Development Financ1,413,512
1,805,000 Pennsylvania Economic Development Financ1,811,534
2,330,000 Pennsylvania Economic Development Financ2,339,064
2,005,000 Scranton-Lackawanna Health & Welfare Aut2,055,987
2,245,000 Scranton-Lackawanna Health & Welfare Aut2,302,090
25,743,362
Rhode Island - 3.9%
4,485,000 Central Falls Rhode Island Detention Fac5,041,319
8,285,000 Tobacco Settlement Financing Corp., 6.258,944,403
13,985,722
South Carolina - 5.8%
1,500,000 Connector 2000 Association, Inc., Toll R1,339,680
1,600,000 Loris Community Hospital District, 5.6251,655,232
7,140,000 +South Carolina Jobs Economic Development8,229,421
860,000 +South Carolina Jobs Economic Development985,818
3,000,000 +South Carolina Jobs Economic Development3,451,230
4,400,000 Tobacco Settlement Revenue Management, 65,156,096
20,817,477
Tennessee - 2.4%
1,000,000 Johnson City Health & Educational Facili1,167,270
7,000,000 Knox County Health Educational & Housing7,553,280
8,720,550
Texas - 16.8%
11,300,000 Alliance Airport Authority Special Facil11,526,000
8,650,000 Brazos River Authority Pollution Control9,720,610
7,350,000 Gulf Coast Industrial Development Author7,578,806
10,000,000 Houston Texas Airport System Revenue, 6.10,757,300
1,000,000 IAH Public Facility Corp., 6.0%, 5/1/16 998,210
1,000,000 IAH Public Facility Corp., 6.0%, 5/1/21 975,250
1,350,000 IAH Public Facility Corp., 6.125%, 5/1/21,310,904
845,000 Lubbock Health Facilities Development Co884,952
2,000,000 Lubbock Health Facilities Development Co2,100,980
7,750,000 Matagorda County Navigation District Num7,983,740
1,885,000(bPanhandle Texas Regional Housing Finance188,538
5,000,000 Tomball Hospital Authority, 6.0%, 7/1/255,208,500
1,500,000 Willacy County Local Government Corp., 61,524,225
60,758,015
Utah - 0.4%
1,600,000 Spanish Fork Charter School Revenue, 5.71,601,552
Virginia - 0.4%
1,555,000 +Pocahontas Parkway Association of Virgin1,626,266
Washington - 5.7%
5,000,000 Port Seattle Washington Special Faciliti5,183,600
5,500,000(bPort Seattle Washington Special Faciliti5,460,015
1,385,000 Tobacco Settlement Authority Revenue, 6.1,525,467
6,960,000(aWashington State Economic Development Fi8,404,757
20,573,839
Wisconsin - 0.6%
1,000,000 Wisconsin State Health & Educational Fac1,056,450
Revenue, 6.125%, 4/1/24
1,000,000 Wisconsin State Health & Educational Facilities Authority
Revenue, 6.25%, 4/1/34 1,059,160
2,115,610
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $435,391,184) 488,563,089
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 3.6% of Net Assets
13,000,000 Non-Profit Preferred Funding Trust I, Se12,974,650
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000) 12,974,650
Shares TAX-EXEMPT MONEY MARKET MUTUAL FUND - 0.0% of Net Assets
4,386 BlackRock Provident Institutional Munici4,386
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $4,386) 4,386
TOTAL INVESTMENTS IN SECURITIES - 138.4%
(Cost $448,395,570) (d)(e) 501,542,125
OTHER ASSETS AND LIABILITIES - 3.0% 10,927,744
PREFERRED SHARES AT REDEMPTION VALUE,
INCLUDING DIVIDENDS PAYABLE - (41.4)% (150,090,489)
NET ASSETS APPLICABLE TO COMMON SHAREOWN362,379,380
(144A) Security is exempt from registration under Rule 144A of
the Securities Act of 1933. Such securities may be resold
normally to qualified institutional buyers in a transaction exempt
from registration. At December 31, 2006, the value of these
securities amounted to $49,265,588, or 13.6% of total net assets
applicable to common shareowners.
RIB Residual Interest Bonds.
NR Security not rated by S&P or Moody's.
+ Prerefunded bonds have been collateralized by U.S.
Treasury securities which are held in escrow to pay
interest and principal on the tax exempt issue and to
retire the bonds in full at the earliest refunding date.
(a) The interest rate is subject to change periodically and inversely
based upon prevailing market rates. The interest rate shown
is the rateat December 31, 2006.
(b) Security is in default and is non-income producing.
(c) Debt obligation initially issued at one coupon which
converts to a higher coupon at a specific date.
The rate shown is the rate at December 31, 2006.
(d) The concentration of investments by type of
obligation/market sector is as follows:
Insured 13.0 %
General Obligation 3.7
Revenue Bonds:
Health Revenue 24.9
Airport Revenue 13.6
Development Revenue 11.3
Tobacco Revenue 9.4
Transportation Reven8.0
Facilities Revenue 5.8
Pollution Control Re5.6
Education Revenue 1.5
Other Revenue 1.4
Water Revenue 1.0
Housing Revenue 0.8
Power Revenue 0.0
100.0 %
(e) At December 31, 2006, the net unrealized gain on investments
based on cost for federal income tax purposes
of $445,623,386 was as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cos $ 58,495,195
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over valu (2,576,456)
Net unrealized gain $ 55,918,739
For financial reporting purposes net unrealized gain on
investments was $53,146,555
and cost of investments aggregated $448,395,570.
ITEM 2. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on their
evaluation of these controls and procedures required by Rule 30a-3(b)
under the Act (17 CFR270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures are
effective based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of this report.
(b) Disclose any change in the registrant's internal controls over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR270.30a-3(d))
that occurred during the registrant's last fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
There were no significant changes in the registrant's internal control over
financial reporting that occurred during the second fiscal quarter of the
period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Municipal High Income Advantage Trust
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date March 1, 2007
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 March 1, 2007
By (Signature and Title)* /s/ Vincent Nave
Vincent Nave, Treasurer
Date March 1, 2007
* Print the name and title of each signing officer under his or her signature.