Schedule 13G: 1.24M Shares (5.2%) Disclosed for Pioneer MHI

Rhea-AI Filing Summary

Pioneer Municipal High Income Fund, Inc. reporting persons Almitas Capital LLC and Ronald Mass disclose beneficial ownership of 1,244,033 shares, representing 5.2% of the outstanding common stock. Both filers report shared voting and shared dispositive power over these shares and indicate the holdings are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. The filing identifies the reporting entities and their place of organization and provides officer signatures certifying the accuracy of the statement.

Positive

• Transparent disclosure of a >5% beneficial ownership position by Almitas Capital LLC and Ronald Mass
• Certification of passive intent stating the shares are held in the ordinary course and not to influence control
• Shared voting/dispositive power is explicitly stated, clarifying the nature of the holding

Negative

• None.

Insights

Financial Analyst

TL;DR: A disclosed passive stake of 5.2% is material but reported as non-control, signaling ownership without an activist intent.

The filers report an aggregate position of 1,244,033 shares and specify shared voting and dispositive power, which may reflect pooled or adviser-managed holdings. Because the statement includes the standard certification that the position is held in the ordinary course and not to influence control, this filing is consistent with a passive investor disclosure rather than an acquisition intended to change governance. For investors, a >5% passive stake is notable as it can still affect liquidity and signal confidence, but absent further filings or changes in voting intent, it does not constitute an immediate change to the companys control dynamics.

Corporate Governance Expert

TL;DR: The 13G filing shows transparency by a significant holder claiming passive intent, reducing short-term governance risk.

The Schedule 13G format and the certification included indicate the filers assert a non-active role regarding corporate control. Shared voting power is disclosed, which governance professionals monitor because coordination among holders can influence outcomes. As presented, there is no indication of a group formed to pursue control, and no additional members or arrangements are identified. This limits immediate governance implications, though monitoring future amendments or Schedule 13D filings is warranted if the position or intent changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

PIONEER MUNICIPAL HIGH INCOME FUND, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

723763405

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 723763405

1

Names of Reporting Persons

Almitas Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,244,033.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,244,033.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,244,033.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 723763405

1

Names of Reporting Persons

Ronald Mass

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,244,033.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,244,033.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,244,033.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: PIONEER MUNICIPAL HIGH INCOME FUND, INC.
(b)	Address of issuer's principal executive offices: 60 STATE STREET, 5TH FLOOR, BOSTON, MASSACHUSETTS, 02109.
Item 2.
(a)	Name of person filing: Almitas Capital LLC Ronald Mass Each a "Filer."
(b)	Address or principal business office or, if none, residence: 1460 4th Street, Suite 300 Santa Monica, CA 90401
(c)	Citizenship: See Item 4 of the cover page for each Filer.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 723763405
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 of the cover page for each Filer.
(b)	Percent of class: See Item 11 of the cover page for each Filer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of the cover page for each Filer.
	(ii) Shared power to vote or to direct the vote: See Item 6 of the cover page for each Filer.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of the cover page for each Filer.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of the cover page for each Filer.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Almitas Capital LLC

Signature:	Michael Gomez
Name/Title:	Chief Financial Officer
Date:	08/15/2025

Ronald Mass

Signature:	Ronald Mass
Name/Title:	Managing Member, Chief Compliance Officer
Date:	08/15/2025

FAQ

How many Pioneer Municipal High Income Fund (MHI) shares do the filers report?

The filers report beneficial ownership of 1,244,033 shares.

What percentage of MHI common stock does the reported position represent?

The position represents 5.2% of the class.

Who filed the Schedule 13G for MHI?

The filing was made by Almitas Capital LLC and Ronald Mass.

Do the filers claim voting or dispositive power over the shares?

Yes, both report shared voting power and shared dispositive power over the disclosed shares.

Are the shares reported as being acquired to influence control of MHI?

No; the filers certify the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.