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

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  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, 2011

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 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  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.


<PAGE>
ITEM 1. Schedule of Investments.





 
Principal
Amount
USD $
S&P / Moody's
Ratings
     
Value
 
 
TAX-EXEMPT OBLIGATIONS — 141.5% OF NET ASSETS
 
 
ALABAMA — 1.4%
 
 
2,500,000
 
B-/B2
 
Alabama Industrial Development Authority Revenue, 6.45%, 12/1/23
$
2,210,475
 
 
2,500,000
 
NR/NR
 
Huntsville-Redstone Village Special Care Facilities Financing Authority, 5.5%, 1/1/43
 
1,901,325
 
 
           
$
4,111,800
 
 
ARIZONA — 3.4%
 
 
5,000,000
 
NR/NR
 
Casa Grande Industrial Development Authority Hospital Revenue, 7.625%, 12/1/29
$
5,003,300
 
 
2,640,000
 
NR/NR
 
Pima County Industrial Development Authority, 7.0%, 1/1/38
 
2,484,214
 
 
1,492,000
 
NR/Baa3
 
Pima County Industrial Development Authority, 6.75%, 7/1/31
 
1,465,845
 
 
1,000,000
 
NR/NR
 
San Luis Facility Development Corp., 7.25%, 5/1/27
 
905,270
 
 
           
$
9,858,629
 
 
CALIFORNIA — 13.7%
 
 
1,000,000
 
NR/NR
 
California Enterprise Development Authority Recovery Zone Facility Revenue, 8.5%, 4/1/31
$
1,046,070
 
 
3,140,000
(a)
AA+/NR
 
California State University Revenue, RIB, 11.087%, 9/20/28 (144A)
 
3,525,372
 
 
2,425,000
 
A-/A1
 
California State Various Purpose, 5.75%, 4/1/31
 
2,717,261
 
 
8,575,000
(a)
AA+/NR
 
California State Various Purpose, RIB, 11.031%, 7/28/31 (144A)
 
9,250,453
 
 
3,000,000
 
BB+/NR
 
California Statewide Communities Development Authority, 7.25%, 10/1/38 (144A)
 
3,062,760
 
 
757,342
(b)
NR/NR
 
California Statewide Communities Development Authority, 9.0%, 12/1/38
 
7,339
 
 
2,680,000
AA+/Aaa
 
Golden State Tobacco Securitization Corp., 6.75%, 6/1/39
 
2,919,136
 
 
1,500,000
 
A-/NR
 
Madera Irrigation Financing Authority Water Revenue, 6.5%, 1/1/40
 
1,612,125
 
 
1,500,000
 
A-/NR
 
Madera Irrigation Financing Authority Water Revenue, 6.25%, 1/1/31
 
1,599,000
 
 
2,500,000
 
A-/A2
 
San Jose California Airport Revenue, 5.0%, 3/1/37
 
2,511,125
 
 
10,500,000
(a)
AA+/NR
 
University of California, RIB, 11.304%, 5/15/32
 
11,255,580
 
 
           
$
39,506,221
 
 
COLORADO — 0.4%
 
 
1,000,000
 
NR/NR
 
Kremmling Memorial Hospital District, 7.125%, 12/1/45
$
1,022,750
 
 
CONNECTICUT — 3.1%
 
 
7,750,000
 
NR/NR
 
Connecticut State Development Authority Revenue, 5.75%, 11/1/37
$
7,772,475
 
 
1,000,000
 
NR/NR
 
Hamden Connecticut Facility Revenue, 7.75%, 1/1/43
 
1,046,610
 
 
           
$
8,819,085
 
 
DISTRICT OF COLUMBIA — 3.4%
 
 
2,700,000
 
BBB/Baa1
 
District of Columbia Tobacco Settlement Financing Corp., 6.5%, 5/15/33
$
2,844,396
 
 
6,825,000
 
BBB/Baa1
 
District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40
 
6,841,243
 
 
           
$
9,685,639
 
 
FLORIDA — 5.0%
 
 
1,500,000
 
NR/NR
 
Alachua County Health Facilities Authority Revenue, 8.125%, 11/15/41
$
1,499,445
 
 
1,500,000
 
NR/NR
 
Alachua County Health Facilities Authority Revenue, 8.125%, 11/15/46
 
1,499,430
 
 
1,000,000
 
NR/Ba3
 
Capital Trust Agency Revenue Bonds, 7.75%, 1/1/41
 
1,037,050
 
 
1,000,000
 
NR/NR
 
Florida Development Finance Corp., Educational Facilities Revenue, 7.75%, 6/15/42
 
1,001,110
 
 
2,000,000
 
NR/NR
 
Florida Development Finance Corp., Educational Facilities Revenue, 7.625%, 6/15/41
 
2,059,840
 
 
1,000,000
 
NR/NR
 
Florida Development Finance Corp., Educational Facilities Revenue, 6.0%, 9/15/40
 
951,400
 
 
1,980,000
 
NR/NR
 
Hillsborough County Industrial Development Authority Revenue, 6.75%, 7/1/29
 
1,901,236
 
 
1,000,000
NR/NR
 
Hillsborough County Industrial Development Authority Revenue, 8.0%, 8/15/32
 
1,448,230
 
 
500,000
 
NR/NR
 
Miami Beach Health Facilities Authority, 5.375%, 11/15/28
 
489,925
 
 
2,500,000
 
A-/A2
 
Miami-Dade County Florida Aviation Revenue, 5.5%, 10/1/41
 
2,649,000
 
 
           
$
14,536,666
 
 
GEORGIA — 4.8%
 
 
5,210,000
(a)
NR/Aa3
 
Atlanta Georgia Water and Wastewater Revenue, RIB, 11.087%, 1/30/13 (144A)
$
5,491,809
 
 
1,000,000
 
CCC+/NR
 
Clayton County Development Authority Special Facilities Revenue, 9.0%, 6/1/35
 
1,077,080
 
 
900,000
 
NR/NR
 
DeKalb County Georgia Hospital Authority Revenue, 6.0%, 9/1/30
 
947,736
 
 
750,000
 
NR/NR
 
DeKalb County Georgia Hospital Authority Revenue, 6.125%, 9/1/40
 
771,495
 
 
1,065,000
 
NR/Baa3
 
Effingham County Industrial Development Authority, 6.5%, 6/1/31
 
1,068,685
 
 
3,360,000
 
NR/NR
 
Fulton County Residential Care Facilities, 7.0%, 7/1/29
 
2,910,633
 
 
1,650,000
 
NR/NR
 
Savannah Georgia Economic Development Authority Revenue, 7.4%, 1/1/34
 
1,586,112
 
 
           
$
13,853,550
 
 
GUAM — 2.0%
 
 
1,000,000
 
B/NR
 
Guam Government of Department Education Certificates of Participation, 6.625%, 12/1/30
$
1,029,550
 
 
4,400,000
AA+/NR
 
Northern Mariana Islands, 6.75%, 10/1/33
 
4,888,312
 
 
           
$
5,917,862
 
 
IDAHO — 1.2%
 
 
2,000,000
 
BBB+/Baa1
 
Power County Industrial Development Corp., 6.45%, 8/1/32
$
2,001,820
 
 
1,500,000
 
BBB+/Baa1
 
Power County Pollution Control Revenue, 5.625%, 10/1/14
 
1,500,165
 
 
           
$
3,501,985
 
 
ILLINOIS — 6.8%
 
 
1,450,000
 
A+/A1
 
Illinois Finance Authority Revenue, 5.5%, 4/1/39
$
1,492,645
 
 
2,000,000
 
AA-/Aa3
 
Illinois Finance Authority Revenue, 6.0%, 8/15/25
 
2,115,640
 
 
1,000,000
(b)
NR/NR
 
Illinois Finance Authority Revenue, 6.0%, 11/15/27
 
519,870
 
 
280,000
 
BBB+/NR
 
Illinois Finance Authority Revenue, 6.0%, 8/15/38
 
287,577
 
 
2,000,000
 
AA+/Aa2
 
Illinois Finance Authority Revenue, 6.0%, 8/15/39
 
2,217,560
 
 
2,500,000
 
NR/NR
 
Illinois Finance Authority Revenue, 6.125%, 11/15/25
 
2,287,250
 
 
6,000,000
 
NR/NR
 
Illinois Finance Authority Revenue, 8.25%, 5/15/45
 
5,985,540
 
 
2,500,000
 
NR/NR
 
Illinois Finance Authority Revenue, 8.25%, 2/15/46
 
2,520,875
 
 
1,500,000
(b)
NR/NR
 
Illinois Health Facilities Authority Revenue, 6.9%, 11/15/33
 
524,835
 
 
2,310,000
 
NR/NR
 
Southwestern Illinois Development Authority Revenue, 5.625%, 11/1/26
 
1,715,937
 
 
           
$
19,667,729
 
 
INDIANA — 2.2%
 
 
250,000
 
NR/Baa3
 
East Chicago Indiana Exempt Facilities Revenue, 7.0%, 1/1/14
$
244,310
 
 
5,000,000
 
NR/Baa3
 
Jasper County Industrial Economic Development Revenue, 5.6%, 4/1/29
 
4,999,550
 
 
1,900,000
 
NR/NR
 
Vincennes Industrial Economic Development Revenue, 6.25%, 1/1/24
 
1,142,033
 
 
           
$
6,385,893
 
 
KANSAS — 0.3%
 
 
1,000,000
 
NR/A2
 
Kansas Development Finance Authority, 5.0%, 5/15/35
$
1,010,390
 
 
KENTUCKY — 1.4%
 
 
4,390,000
 
BB/NR
 
Kentucky Economic Development Finance Authority Hospital System Revenue, 5.875%, 10/1/22
$
4,104,518
 
 
LOUISIANA — 7.1%
 
 
5,000,000
 
BBB-/Baa2
 
Jefferson Parish Hospital Service Revenue, 6.375%, 7/1/41
$
5,130,650
 
 
2,500,000
 
BBB-/Baa3
 
Louisiana Local Government Environmental Facilities Development Authority Revenue, 6.75%, 11/1/32
 
2,639,300
 
 
6,000,000
 
NR/Baa1
 
Louisiana Public Facilities Authority Revenue, 5.5%, 5/15/47
 
6,018,120
 
 
750,000
 
BBB-/NR
 
Opelousas Louisiana General Hospital Authority Revenue, 5.75%, 10/1/23
 
771,293
 
 
5,915,000
 
A-/A3
 
Tobacco Settlement Financing Corp., 5.875%, 5/15/39
 
5,917,011
 
 
           
$
20,476,374
 
 
MAINE — 0.6%
 
 
1,500,000
 
NR/Baa3
 
Maine Health & Higher Educational Facilities Authority Revenue, 7.5%, 7/1/32
$
1,663,470
 
 
MARYLAND — 1.6%
 
 
460,000
 
NR/NR
 
Maryland Health & Higher Educational Facilities Authority Revenue, 5.25%, 1/1/27
$
392,435
 
 
1,250,000
 
NR/NR
 
Maryland Health & Higher Educational Facilities Authority Revenue, 5.3%, 1/1/37
 
946,963
 
 
1,250,000
 
NR/Baa3
 
Maryland Health & Higher Educational Facilities Authority Revenue, 5.75%, 7/1/38
 
1,166,512
 
 
2,000,000
 
NR/NR
 
Maryland Health & Higher Educational Facilities Authority Revenue, 6.25%, 1/1/45
 
2,125,820
 
 
           
$
4,631,730
 
 
MASSACHUSETTS — 8.7%
 
 
675,000
 
BB/NR
 
Massachusetts Development Finance Agency, 5.25%, 10/1/18
$
662,175
 
 
1,885,000
 
NR/NR
 
Massachusetts Development Finance Agency, 7.1%, 7/1/32
 
1,648,904
 
 
8,000,000
 
A/NR
 
Massachusetts Development Finance Agency, 5.75%, 1/1/42
 
9,173,760
 
 
1,000,000
 
NR/Caa1
 
Massachusetts Health & Educational Facilities Authority Revenue, 6.0%, 10/1/23
 
769,280
 
 
2,195,000
 
BBB-/Baa3
 
Massachusetts Health & Educational Facilities Authority Revenue, 5.375%, 7/15/28
 
2,126,033
 
 
3,420,000
(b)
NR/NR
 
Massachusetts Health & Educational Facilities Authority Revenue, 6.5%, 1/15/38
 
34,200
 
 
10,760,000
 
AA-/Aa3
 
Massachusetts Housing Finance Agency, 5.35%, 12/1/45
 
10,769,361
 
 
           
$
25,183,713
 
 
MICHIGAN — 1.7%
 
 
2,000,000
 
NR/Ba1
 
Flint Michigan Hospital Building Authority Revenue, 7.375%, 7/1/35
$
2,071,640
 
 
2,235,000
 
BB+/NR
 
Kent Hospital Finance Authority Revenue, Metropolitan Hospital PJ-Series A, 6.25%, 7/1/40
 
2,201,386
 
 
725,000
 
NR/NR
 
Michigan Public Educational Facilities Authority Revenue, 7.0%, 10/1/36
 
675,156
 
 
           
$
4,948,182
 
 
MINNESOTA — 0.4%
 
 
1,000,000
 
NR/NR
 
Port Authority of the City of Bloomington, Minnesota Recovery Zone Facility Revenue, 9.0%, 12/1/35
$
1,033,680
 
 
MISSOURI — 1.2%
 
 
1,000,000
 
NR/NR
 
Kansas City Tax Increment Financing Commission Tax Increment Revenue, 6.5%, 6/1/25
$
1,014,840
 
 
1,500,000
(b)(c)
NR/Ca
 
St. Louis Industrial Development Authority Revenue, 7.2%, 12/15/28
 
449,985
 
 
6,640,000
(b)(c)
NR/Ca
 
St. Louis Industrial Development Authority Revenue, 7.25%, 12/15/35
 
1,991,934
 
 
           
$
3,456,759
 
 
MONTANA — 0.7%
 
 
2,445,000
(d)
NR/NR
 
Hardin Increment Industrial Infrastructure Development Revenue, 0.0%, 9/1/31
$
1,774,116
 
 
1,000,000
(b)(c)
NR/NR
 
Two Rivers Authority, Inc., Project Revenue, 7.375%, 11/1/27
 
139,810
 
 
           
$
1,913,926
 
 
NEVADA — 1.5%
 
 
1,320,000
(b)(c)
NR/NR
 
Director of the State of Nevada State Department of Business & Industry, 7.375%, 1/1/40
$
1,584
 
 
1,600,000
(b)(c)
NR/NR
 
Nevada State Department of Business & Industry, 7.25%, 1/1/23
 
1,920
 
 
1,000,000
(b)(c)
NR/NR
 
Nevada State Department of Business & Industry, 7.375%, 1/1/30
 
1,200
 
 
4,500,000
 
A-/A3
 
Reno Nevada Hospital Revenue, 5.25%, 6/1/41
 
4,433,490
 
 
           
$
4,438,194
 
 
NEW HAMPSHIRE — 0.4%
 
 
1,125,000
 
NR/NR
 
New Hampshire Health & Educational Facilities Authority Revenue, 5.875%, 7/1/34
$
1,132,234
 
 
NEW JERSEY — 13.1%
 
 
2,500,000
 
NR/NR
 
Burlington County New Jersey Bridge Commission Revenue, 5.625%, 1/1/38
$
2,288,500
 
 
13,000,000
 
B/B3
 
New Jersey Economic Development Authority Revenue, 6.25%, 9/15/29
 
12,532,520
 
 
3,500,000
(a)
NR/Aa3
 
New Jersey State Turnpike Authority, RIB, 8.746%, 7/1/23 (144A)
 
5,381,355
 
 
15,375,000
 
AA+/Aa1
 
New Jersey Transportation Trust Fund Authority Revenue, 0.01%, 12/15/27
 
7,546,050
 
 
3,250,000
AA+/Aaa
 
Tobacco Settlement Financing Corp., 6.75%, 6/1/39
 
3,548,642
 
 
5,000,000
AA+/Aaa
 
Tobacco Settlement Financing Corp., 7.0%, 6/1/41
 
5,476,400
 
 
1,000,000
AA+/Aaa
 
Tobacco Settlement Financing Corp., 6.25%, 6/1/43
 
1,084,810
 
 
           
$
37,858,277
 
 
NEW YORK — 10.2%
 
 
1,730,000
 
NR/NR
 
Dutchess County Industrial Development Agency, 7.5%, 3/1/29
$
1,726,090
 
 
3,000,000
 
NR/NR
 
Nassau County New York Industrial Development Agency Revenue, 6.7%, 1/1/43
 
2,301,990
 
 
5,000,000
 
BB-/B1
 
New York City Industrial Development Agency, 5.25%, 12/1/32
 
3,952,050
 
 
3,950,000
 
BB-/B1
 
New York City Industrial Development Agency, 7.625%, 12/1/32
 
3,906,945
 
 
3,000,000
 
NR/C
 
New York City Industrial Development Agency, 8.0%, 8/1/12
 
2,735,430
 
 
2,000,000
 
NR/Ba1
 
New York State Dormitory Authority Revenue, 6.125%, 12/1/29
 
2,015,780
 
 
5,000,000
 
AAA/Aaa
 
New York State Dormitory Authority Revenue,, 5.0%, 10/1/41
 
5,609,200
 
 
5,000,000
 
AAA/Aaa
 
New York State Environmental Facilities Corp., 5.0%, 6/15/33
 
5,206,200
 
 
2,000,000
 
BB/NR
 
Seneca Nation Indians Capital Improvement Authority Revenue, 5.25%, 12/1/16 (144A)
 
1,881,460
 
 
           
$
29,335,145
 
 
NORTH CAROLINA — 1.7%
 
 
5,010,000
 
NR/NR
 
Charlotte North Carolina Special Facilities Revenue, 7.75%, 2/1/28
$
5,016,613
 
 
OHIO — 1.4%
 
 
5,000,000
 
BB-/B3
 
Buckeye Tobacco Settlement Financing Authority, 6.5%, 6/1/47
$
3,939,100
 
 
OKLAHOMA — 1.4%
 
 
2,220,000
(b)
NR/NR
 
Tulsa Municipal Airport Revenue, 6.25%, 6/1/20
$
1,644,110
 
 
3,000,000
(b)
NR/NR
 
Tulsa Municipal Airport Trust Revenue, 7.75%, 6/1/35
 
2,269,830
 
 
           
$
3,913,940
 
 
OREGON — 0.7%
 
 
2,000,000
 
A-/NR
 
Oregon State Facilities Authority Revenue, 5.25%, 10/1/40
$
2,067,880
 
 
PENNSYLVANIA — 5.4%
 
 
3,600,000
 
CC/NR
 
Columbia County Hospital Authority Revenue, 5.85%, 6/1/24
$
3,413,880
 
 
710,000
 
BBB+/Baa3
 
Hazleton Health Services Authority Hospital Revenue, 6.125%, 7/1/16
 
711,384
 
 
1,000,000
 
BB/NR
 
Pennsylvania Economic Development Financing Authority Revenue, 5.125%, 6/1/18
 
947,780
 
 
5,000,000
 
B-/Caa2
 
Pennsylvania Economic Development Financing Authority Solid Waste Disposal Revenue, 6.0%, 6/1/31
 
3,834,600
 
 
5,000,000
 
BBB-/Baa3
 
Philadelphia Hospitals & Higher Education Facilities Authority Revenue, 5.0%, 7/1/34
 
4,359,150
 
 
2,245,000
 
B-/NR
 
Scranton-Lackawanna Health & Welfare Authority Revenue, 6.15%, 7/1/12
 
2,238,445
 
 
           
$
15,505,239
 
 
RHODE ISLAND — 3.7%
 
 
1,385,000
(c)
NR/NR
 
Central Falls Rhode Island Detention Facilities Revenue, 7.25%, 7/15/35
$
1,089,081
 
 
1,500,000
 
NR/NR
 
Rhode Island Health & Educational Building Corp Revenue, 8.375%, 1/1/46
 
1,556,805
 
 
8,285,000
 
BBB/B1
 
Tobacco Settlement Financing Corp., 6.25%, 6/1/42
 
8,064,785
 
 
           
$
10,710,671
 
 
SOUTH CAROLINA — 5.1%
 
 
7,140,000
BBB+/Baa1
 
South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34
$
7,791,954
 
 
860,000
BBB+/Baa1
 
South Carolina Jobs Economic Development Authority Revenue, 6.375%, 8/1/34
 
940,685
 
 
4,400,000
(e)
BBB/NR
 
Tobacco Settlement Revenue Management, 6.375%, 5/15/30
 
5,908,496
 
 
           
$
14,641,135
 
 
TENNESSEE — 5.8%
 
 
1,000,000
NR/A2
 
Johnson City Health & Educational Facilities Board Hospital Revenue, 7.5%, 7/1/33
$
1,057,920
 
 
5,000,000
 
BBB+/Baa1
 
Johnson City Health & Educational Facilities Board Hospital Revenue, Mountain States Health Alliance, 6.5%, 7/1/38
 
5,388,700
 
 
7,000,000
 
NR/A1
 
Knox County Health Educational & Housing Facilities Board Hospital Revenue, Baptist Health System East Tennessee, 6.5%, 4/15/31
 
7,197,680
 
 
3,000,000
 
BBB+/NR
 
Sullivan County Health, Educational & Housing Facilities Board Hospital Revenue, 5.25%, 9/1/36
 
2,962,980
 
 
           
$
16,607,280
 
 
TEXAS — 13.2%
 
 
2,400,000
 
BB+/Ba1
 
Central Texas Regional Mobility Authority Revenue, 6.75%, 1/1/41
$
2,403,984
 
 
2,663,453
(b)(c)
NR/NR
 
Gulf Coast Industrial Development Authority, 7.0%, 12/1/36
 
25,782
 
 
10,000,000
 
B-/B3
 
Houston Texas Airport System Special Facilities Revenue, 6.75%, 7/1/29
 
9,968,500
 
 
1,000,000
 
NR/NR
 
IAH Public Facility Corp., Project Revenue Bonds, Series 2006, 6.0%, 5/1/21
 
862,380
 
 
1,350,000
 
NR/NR
 
IAH Public Facility Corp., Project Revenue Bonds, Series 2006, 6.125%, 5/1/26
 
1,116,140
 
 
725,000
 
NR/NR
 
IAH Public Facility Corp., Project Revenue Bonds, Series 2006, 6.0%, 5/1/16
 
686,611
 
 
510,000
 
AA-/Aa3
 
Lower Colorado River Authority, 5.0%, 5/15/31
 
518,721
 
 
2,240,000
 
AA-/Aa3
 
Lower Colorado River Authority, 5.0%, 5/15/31
 
2,248,310
 
 
2,000,000
 
NR/NR
 
Lubbock Health Facilities Development Corp., 6.625%, 7/1/36
 
1,889,960
 
 
845,000
 
NR/NR
 
Lubbock Health Facilities Development Corp., 6.5%, 7/1/26
 
820,343
 
 
9,750,000
 
BBB+/A3
 
North Texas Tollway Authority Revenue, 5.75%, 1/1/33
 
10,358,595
 
 
1,711,000
 
NR/Aaa
 
Panhandle Regional Housing Finance Corp. Multifamily Housing Revenue, 6.6%, 7/20/31
 
1,806,628
 
 
1,500,000
 
NR/NR
 
Red River Health Facilities Development Corp., Revenue, 8.0%, 11/15/41
 
1,504,845
 
 
1,000,000
 
A/Baa2
 
Richardson Hospital Authority Revenue, 6.0%, 12/1/34
 
1,013,290
 
 
1,000,000
 
NR/NR
 
Tarrant County Cultural Education Facilities Finance Corp., 8.125%, 11/15/39
 
1,005,490
 
 
1,500,000
 
NR/NR
 
Tarrant County Cultural Education Facilities Finance Corp., 8.25%, 11/15/44
 
1,512,255
 
 
1,000,000
(b)(c)
D/NR
 
Texas Midwest Public Facility Corp., Revenue, 9.0%, 10/1/30
 
500,820
 
 
           
$
38,242,654
 
 
VIRGINIA — 0.8%
 
 
2,000,000
 
BBB+/Baa1
 
Washington County Industrial Development Authority Revenue, 7.75%, 7/1/38
$
2,291,100
 
 
WASHINGTON — 3.6%
 
 
1,140,000
 
BBB/A3
 
Tobacco Settlement Authority Revenue, 6.5%, 6/1/26
$
1,166,858
 
 
2,000,000
 
BBB/Baa2
 
Washington State Health Care Facilities Authority, 6.125%, 8/15/37
 
2,046,040
 
 
2,000,000
 
BBB/Baa2
 
Washington State Health Care Facilities Authority, 6.25%, 8/15/42
 
2,048,280
 
 
1,500,000
 
NR/Baa2
 
Washington State Health Care Facilities Authority, 5.5%, 12/1/39
 
1,464,390
 
 
5,000,000
 
NR/NR
 
Washington State Housing Finance Committee Nonprofit Revenue, 5.625%, 1/1/27
 
3,596,250
 
 
           
$
10,321,818
 
 
WEST VIRGINIA — 0.3%
 
 
750,000
 
NR/NR
 
West Virginia Hospital Finance Authority Hospital Revenue, 9.125%, 10/1/41
$
816,203
 
 
WISCONSIN — 2.1%
 
 
2,500,000
 
NR/NR
 
Wisconsin Public Finance Authority Continuing Care Retirement Community Revenue, 8.25%, 6/1/46
$
2,592,375
 
 
1,500,000
 
A+/A1
 
Wisconsin State Health & Educational Facilities Authority Revenue, 6.625%, 2/15/39
 
1,636,980
 
 
1,000,000
 
NR/NR
 
Wisconsin State Health & Educational Facilities Authority Revenue, 6.125%, 4/1/24
 
1,001,690
 
 
1,000,000
 
NR/NR
 
Wisconsin State Health & Educational Facilities Authority Revenue, 6.25%, 4/1/34
 
973,540
 
 
           
$
6,204,585
 
         
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $393,453,743)
$
408,332,619
 
 
MUNICIPAL COLLATERALIZED DEBT OBLIGATION — 3.1%
 
 
 
13,000,000
(c)
NR/NR
 
Non-Profit Preferred Funding Trust I, Series E, 12.0%, 9/15/37 (144A)
$
8,924,500
 
 
         
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $13,000,000)
$
8,924,500
 
Shares
         
Value
 
 
COMMON STOCK - OF NET ASSETS — 0.3%
 
 
TRANSPORTATION — 0.3%
 
 
AIRLINES — 0.3%
 
 
110,735
(f)
   
Delta Air Lines, Inc.
$
895,846
 
         
TOTAL COMMON STOCKS
(Cost $3,210,349)
$
895,846
 
 
TAX-EXEMPT MONEY MARKET MUTUAL FUND — 2.1% OF NET ASSETS
 
 
6,000,000
 
NR/NR
 
BlackRock Liquidity Funds MuniFund Portfolio
$
6,000,000
 
         
TOTAL TAX-EXEMPT MONEY MARKET MUTUAL FUND
(Cost $6,000,000)
$
6,000,000
 
         
TOTAL INVESTMENTS IN SECURITIES — 147.0%
(Cost $415,664,092)(g)(h)
$
424,152,965
 
         
OTHER ASSETS AND LIABILITIES — 5.0%
$
14,467,215
 
         
PREFERRED SHARES AT REDEMPTION VALUE, INCLUDING DIVIDENDS PAYABLE — (52.0)%
$
(150,004,114)
 
         
NET ASSETS APPLICABLE TO COMMON SHAREOWNERS — 100.0%
$
288,616,066
 
   
(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, 2011, the value of these securities amounted to $37,517,709 or 13.0% of total net assets applicable to common shareowners.
 
NR
Security not rated by S&P or Moody's
 
RIB
Residual Interest Bonds
 
Prerefunded bonds have been collateralized by U.S. Treasury or U.S. Government Agency securities which are held in escrow to pay interest and principal on the tax exempt issue and to retire the bonds in full at the earliest refunding date.
 
(a)
The interest rate is subject to change periodically and inversely based upon prevailing market rates. The interest rate shown is the coupon rate at December 31, 2011.
 
(b)
Security is in default and is non-income producing.
 
(c)
Indicates a security that has been deemed illiquid. The aggregate cost of illiquid securities is $30,076,785. The aggregate fair value of $13,126,616 represents 4.5% of the total net assets applicable to common shareowners.
 
(d)
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, 2011.
 
(e)
Escrow to maturity.
 
(f)
Non-income producing.
 
(g)
 
The concentration of investments by type of
   
obligation/market sector is as follows:
   
     
Insured:
   
FSA
8.2
%
AMBAC
2.7
 
BHAC-CR MBIA
1.8
 
AGM
1.5
 
Revenue Bonds:
   
Health Revenue
36.9
 
Tobacco Revenue
10.3
 
Other Revenue
8.5
 
Development Revenue
7.8
 
Airport Revenue
5.9
 
Pollution Control Revenue
4.8
 
Education Revenue
3.7
 
Housing Revenue
2.9
 
Facilities Revenue
2.6
 
Water Revenue
2
 
Transportation Revenue
0.4
 
 
100
%






The concentration of investments by type of
     
obligation/market sector is as follows:
     
       
Insured:
     
FSA
    8.2 %
AMBAC
    2.7  
BHAC-CR MBIA
    1.8  
AGM
    1.5  
Revenue Bonds:
       
Health Revenue
    36.9  
Tobacco Revenue
    10.3  
Other Revenue
    8.5  
Development Revenue
    7.8  
Airport Revenue
    5.9  
Pollution Control Revenue
    4.8  
Education Revenue
    3.7  
Housing Revenue
    2.9  
Facilities Revenue
    2.6  
Water Revenue
    2  
Transportation Revenue
    0.4  
      100 %
 
 
 
(h) At December 31, 2011, the net unrealized gain on investments based on cost for federal income tax purposes of $414,302,035 was as follows:
 
 
Aggregate gross unrealized gain in which there is an excess of value over tax cost $
39,554,529
             
 
Aggregate gross unrealized loss in which there is an excess of tax cost over value
(29,703,599)
             
             
 
Net unrealized gain$
9,850,930
             
             
 
For financial reporting purposes net unrealized gain on investments was  $8,488,873 and cost of investments aggregated $415,664,092.
 
 
Purchases and sales of securities (excluding temporary cash investments) for the period ended December 31, 2011 aggregated $42,120,447 and $55,310,358, respectively.
 
 
   

Various inputs are used in determining the value of the Trust’s investments. These inputs are summarized
             
in the three broad levels listed below.
                       
                         
Level 1 – quoted prices in active markets for identical securities
                   
Level 2 – other significant observable inputs (including quoted prices for similar securities,
             
interest rates, prepayment speeds, credit risk, etc.)
                       
Level 3 – significant unobservable inputs (including the Trust’s own assumptions in determining fair value of investments)
       
                         
                         
Generally, equity securities are categorized as Level 1, fixed income securities and senior loans are categorized as
       
Level 2 and securities valued using fair value methods are categorized as Level 3.
             
                         
The following is a summary of the inputs used as of December 31, 2011, in valuing the Trust’s investments:
       
                         
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Tax-exempt obligations
  $     $ 408,332,619     $     $ 408,332,619  
Municipal collateralized debt obligation
          8,924,500             8,924,500  
Common stock
    895,846                   895,846  
Tax-exempt money market mutual fund
    6,000,000                   6,000,000  
Total
  $ 6,895,846     $ 417,257,119     $     $ 424,152,965  


ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding 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 the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-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 CFR 270.30a-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(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer Municipal High Income Advantage Trust By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr, President Date February 29, 2012 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ John F. Cogan, Jr. John F. Cogan, Jr., President Date February 29, 2012 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer Date February 29, 2012 * Print the name and title of each signing officer under his or her signature.