[Form 4] Pioneer Municipal High Income Fund, Inc. Insider Trading Activity
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).
Bank of America Corporation e la sua controllata interamente posseduta Banc of America Preferred Funding Corporation (BAPFC) hanno comunicato la cessione di 500 Azioni Preferenziali a Tasso Variabile MuniFund Term, Serie 2021 (VMTP Shares) del Pioneer Municipal High Income Fund, Inc. (MHI). Le azioni sono state rimborsate dall'emittente il 18/08/2025 al valore di liquidazione maggiorato dei dividendi non pagati accumulati, lasciando 0 azioni detenute effettivamente dalle entità segnalanti. Il Modulo 4 è presentato congiuntamente e specifica che Bank of America detiene un interesse indiretto nei titoli attraverso la proprietà di BAPFC. La comunicazione contiene il consueto linguaggio di non ammissione riguardo alla formazione di un gruppo ai sensi della Sezione 13(d).
Bank of America Corporation y su subsidiaria de propiedad total Banc of America Preferred Funding Corporation (BAPFC) informaron la enajenación de 500 Acciones Preferentes MuniFund Term a Tasa Variable, Serie 2021 (VMTP Shares) del Pioneer Municipal High Income Fund, Inc. (MHI). Las acciones fueron rescatadas por el emisor el 18/08/2025 al valor de liquidación más los dividendos acumulados no pagados, quedando 0 acciones en propiedad beneficiosa de las entidades informantes. El Formulario 4 se presenta de manera conjunta e identifica a Bank of America como poseedora de un interés indirecto en los valores mediante su propiedad de BAPFC. La presentación incluye el lenguaje habitual de no admisión sobre la formación de grupo en virtud de la Sección 13(d).
Bank of America Corporation와 그 전액 출자 자회사인 Banc of America Preferred Funding Corporation (BAPFC)는 Pioneer Municipal High Income Fund, Inc. (MHI)의 500주 분의 가변금리 MuniFund Term 우선주, 시리즈 2021(VMTP Shares)의 처분을 보고했습니다. 해당 주식은 발행인이 2025-08-18에 청산 우선가액과 미지급 누적 배당금을 더한 금액으로 상환하여 보고 기관들이 보유한 실질 소유주식은 0주가 되었습니다. Form 4는 공동으로 제출되었으며 Bank of America가 BAPFC 소유를 통해 증권에 대한 간접적 이해관계를 보유하고 있음을 명시합니다. 제출서에는 섹션 13(d)에 따른 집단 형성에 대한 통상적인 비인정 문구가 포함되어 있습니다.
Bank of America Corporation et sa filiale détenue en totalité Banc of America Preferred Funding Corporation (BAPFC) ont signalé la cession de 500 Actions Privilégiées MuniFund Term à Taux Variable, série 2021 (VMTP Shares) du Pioneer Municipal High Income Fund, Inc. (MHI). Les actions ont été rachetées par l'émetteur le 18/08/2025 au prix de liquidation majoré des dividendes accumulés impayés, laissant 0 actions détenues au bénéfice des entités déclarante. Le formulaire 4 est déposé conjointement et indique que Bank of America détient un intérêt indirect dans les titres via sa propriété de BAPFC. Le dépôt inclut la mention habituelle de non-admission concernant la formation d'un groupe au titre de la Section 13(d).
Bank of America Corporation und deren vollständig im Eigentum stehende Tochtergesellschaft Banc of America Preferred Funding Corporation (BAPFC) meldeten die Veräußerung von 500 variabel verzinslichen MuniFund Term Preferred Shares, Serie 2021 (VMTP Shares) des Pioneer Municipal High Income Fund, Inc. (MHI). Die Aktien wurden vom Emittenten am 18.08.2025 zum Liquidationsbetrag zuzüglich aufgelaufener, nicht gezahlter Dividenden zurückgezahlt, wodurch den meldenden Gesellschaften 0 Aktien wirtschaftlich verbleiben. Das Formular 4 wurde gemeinsam eingereicht und weist Bank of America als Inhaber eines indirekten Interesses an den Wertpapieren durch die Beteiligung an BAPFC aus. Die Meldung enthält den üblichen Nichtanerkennungszusatz hinsichtlich einer Gruppenbildung gemäß Abschnitt 13(d).
- 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
- 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.
Bank of America Corporation e la sua controllata interamente posseduta Banc of America Preferred Funding Corporation (BAPFC) hanno comunicato la cessione di 500 Azioni Preferenziali a Tasso Variabile MuniFund Term, Serie 2021 (VMTP Shares) del Pioneer Municipal High Income Fund, Inc. (MHI). Le azioni sono state rimborsate dall'emittente il 18/08/2025 al valore di liquidazione maggiorato dei dividendi non pagati accumulati, lasciando 0 azioni detenute effettivamente dalle entità segnalanti. Il Modulo 4 è presentato congiuntamente e specifica che Bank of America detiene un interesse indiretto nei titoli attraverso la proprietà di BAPFC. La comunicazione contiene il consueto linguaggio di non ammissione riguardo alla formazione di un gruppo ai sensi della Sezione 13(d).
Bank of America Corporation y su subsidiaria de propiedad total Banc of America Preferred Funding Corporation (BAPFC) informaron la enajenación de 500 Acciones Preferentes MuniFund Term a Tasa Variable, Serie 2021 (VMTP Shares) del Pioneer Municipal High Income Fund, Inc. (MHI). Las acciones fueron rescatadas por el emisor el 18/08/2025 al valor de liquidación más los dividendos acumulados no pagados, quedando 0 acciones en propiedad beneficiosa de las entidades informantes. El Formulario 4 se presenta de manera conjunta e identifica a Bank of America como poseedora de un interés indirecto en los valores mediante su propiedad de BAPFC. La presentación incluye el lenguaje habitual de no admisión sobre la formación de grupo en virtud de la Sección 13(d).
Bank of America Corporation와 그 전액 출자 자회사인 Banc of America Preferred Funding Corporation (BAPFC)는 Pioneer Municipal High Income Fund, Inc. (MHI)의 500주 분의 가변금리 MuniFund Term 우선주, 시리즈 2021(VMTP Shares)의 처분을 보고했습니다. 해당 주식은 발행인이 2025-08-18에 청산 우선가액과 미지급 누적 배당금을 더한 금액으로 상환하여 보고 기관들이 보유한 실질 소유주식은 0주가 되었습니다. Form 4는 공동으로 제출되었으며 Bank of America가 BAPFC 소유를 통해 증권에 대한 간접적 이해관계를 보유하고 있음을 명시합니다. 제출서에는 섹션 13(d)에 따른 집단 형성에 대한 통상적인 비인정 문구가 포함되어 있습니다.
Bank of America Corporation et sa filiale détenue en totalité Banc of America Preferred Funding Corporation (BAPFC) ont signalé la cession de 500 Actions Privilégiées MuniFund Term à Taux Variable, série 2021 (VMTP Shares) du Pioneer Municipal High Income Fund, Inc. (MHI). Les actions ont été rachetées par l'émetteur le 18/08/2025 au prix de liquidation majoré des dividendes accumulés impayés, laissant 0 actions détenues au bénéfice des entités déclarante. Le formulaire 4 est déposé conjointement et indique que Bank of America détient un intérêt indirect dans les titres via sa propriété de BAPFC. Le dépôt inclut la mention habituelle de non-admission concernant la formation d'un groupe au titre de la Section 13(d).
Bank of America Corporation und deren vollständig im Eigentum stehende Tochtergesellschaft Banc of America Preferred Funding Corporation (BAPFC) meldeten die Veräußerung von 500 variabel verzinslichen MuniFund Term Preferred Shares, Serie 2021 (VMTP Shares) des Pioneer Municipal High Income Fund, Inc. (MHI). Die Aktien wurden vom Emittenten am 18.08.2025 zum Liquidationsbetrag zuzüglich aufgelaufener, nicht gezahlter Dividenden zurückgezahlt, wodurch den meldenden Gesellschaften 0 Aktien wirtschaftlich verbleiben. Das Formular 4 wurde gemeinsam eingereicht und weist Bank of America als Inhaber eines indirekten Interesses an den Wertpapieren durch die Beteiligung an BAPFC aus. Die Meldung enthält den üblichen Nichtanerkennungszusatz hinsichtlich einer Gruppenbildung gemäß Abschnitt 13(d).
FAQ
What did Bank of America report on Form 4 for MHI?
Why were the 500 VMTP Shares disposed of?
Who filed the Form 4 for the MHI transaction?
Does the Form 4 disclose how much cash was received for the redemption?
Does this Form 4 indicate coordinated action or group formation under Section 13(d)?
