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500 VMTP Shares of MHI Redeemed; Bank of America Reports Disposal

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Bank of America Corporation and its wholly owned subsidiary Banc of America Preferred Funding Corporation (BAPFC) reported the disposition of 500 Variable Rate MuniFund Term Preferred Shares, Series 2021 (VMTP Shares) of Pioneer Municipal High Income Fund, Inc. (MHI). The shares were redeemed by the issuer on 08/18/2025 at the liquidation preference plus accumulated unpaid dividends, leaving 0 shares beneficially owned by the reporting entities. The Form 4 is jointly filed and identifies Bank of America as holding an indirect interest in the securities through its ownership of BAPFC. The filing includes customary non-admission language about group formation under Section 13(d).

Positive

  • Redemption executed by issuer returning liquidation preference and accumulated unpaid dividends to reporting persons
  • Position fully closed (beneficial ownership reduced to 0), simplifying the reporting entities' exposures

Negative

  • Elimination of preferred position removes any ongoing yield exposure from the 500 VMTP Shares
  • No dollar amount disclosed in the Form 4 for the redemption proceeds, limiting transparency on cash impact

Insights

TL;DR: A routine redemption returned capital and dividends to the reporting entities, eliminating their holding.

The transaction is a redemption by the issuer rather than an open-market sale, meaning the 500 VMTP Shares were retired at the stated liquidation preference plus accrued dividends on 08/18/2025. For investors, this is a non-operational change to Bank of America and BAPFC's exposure to MHI: the position is closed and proceeds were received. There is no new purchase or retained derivative exposure reported. The filing does not disclose dollar amounts for the redemption price beyond the stated terms.

TL;DR: Disclosure is standard and compliant; statement clarifies indirect ownership and joint filing.

The Form 4 properly identifies reporting persons, relationship to the issuer (director/10% owner box checked), and explains the corporate structure (BAPFC wholly owned by Bank of America). The explanatory footnotes include the issuer's prior notice of intention to redeem (filed 07/17/2025). The filing contains non-admission language regarding group status, which is typical to preserve legal positions. No governance disputes, group formations, or coordinated actions are disclosed.

Insider BANK OF AMERICA CORP /DE/, Banc of America Preferred Funding Corp
Role 10% Owner | 10% Owner
Type Security Shares Price Value
Other Variable Rate MuniFund Term Preferred Shares 500 $0.00 $0.00
Holdings After Transaction: Variable Rate MuniFund Term Preferred Shares — 0 shares (Indirect, See Footnotes)
Footnotes (3)
  1. F1. The 500 Variable Rate MuniFund Term Preferred Shares, Series 2021, (VMTP Shares) reported as disposed of in Table I represent shares that were beneficially owned by Banc of America Preferred Funding Corporation (BAPFC). The 500 VMTP Shares held by BAPFC were redeemed by the Issuer on August 18, 2025, as described in the Notice of Intention to Redeem Securities, N-23C-2, filed by Pioneer Municipal High Income Fund with the SEC on July 17, 2025, for a redemption price of the liquidation preference and accumulated but unpaid dividends. BAPFC is a wholly owned subsidiary of Bank of America Corporation.
  2. F2. This statement is jointly filed by Bank of America Corporation and PFC. Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its indirect ownership of PFC.
  3. F3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

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FAQ

What did Bank of America report on Form 4 for MHI?
The filing reports the redemption and disposition of 500 Variable Rate MuniFund Term Preferred Shares, Series 2021, resulting in 0 shares beneficially owned after 08/18/2025.

Why were the 500 VMTP Shares disposed of?
The shares were redeemed by the issuer on 08/18/2025 pursuant to a Notice of Intention to Redeem filed by Pioneer Municipal High Income Fund on 07/17/2025.

Who filed the Form 4 for the MHI transaction?
The statement is jointly filed by Bank of America Corporation and Banc of America Preferred Funding Corporation (BAPFC); BAPFC is a wholly owned subsidiary of Bank of America.

Does the Form 4 disclose how much cash was received for the redemption?
No; the Form 4 states redemption occurred at the liquidation preference plus accumulated unpaid dividends but does not disclose a dollar amount for the proceeds.

Does this Form 4 indicate coordinated action or group formation under Section 13(d)?
No. The filing includes a footnote expressly stating the reporting persons do not admit they are acting as a group under Section 13(d).
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
X
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
BANK OF AMERICA CORP /DE/
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
PIONEER MUNICIPAL HIGH INCOME FUND, INC. [ MHI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Variable Rate MuniFund Term Preferred Shares(1)(2)(3) 08/18/2025 J(1) 500 D (1) 0 I See Footnotes(1)(2)(3)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
BANK OF AMERICA CORP /DE/
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Banc of America Preferred Funding Corp
(Last) (First) (Middle)
214 NORTH TRYON STREET
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The 500 Variable Rate MuniFund Term Preferred Shares, Series 2021, (VMTP Shares) reported as disposed of in Table I represent shares that were beneficially owned by Banc of America Preferred Funding Corporation (BAPFC). The 500 VMTP Shares held by BAPFC were redeemed by the Issuer on August 18, 2025, as described in the Notice of Intention to Redeem Securities, N-23C-2, filed by Pioneer Municipal High Income Fund with the SEC on July 17, 2025, for a redemption price of the liquidation preference and accumulated but unpaid dividends. BAPFC is a wholly owned subsidiary of Bank of America Corporation.
2. This statement is jointly filed by Bank of America Corporation and PFC. Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its indirect ownership of PFC.
3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
BANK OF AMERICA CORP /DE/ By: Its: Authorized Signatory Andres Ortiz 08/20/2025
BANC OF AMERICA PREFERRED FUNDING CORPORATION. By: Its: Authorized Signatory Andres Ortiz 08/20/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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Source: View Original Filing on SEC EDGAR