Form 4: Bank of America Corp Disposes of Variable Rate MuniFund Term Preferred Shares in Pioneer Municipal High Income Fund, Inc.

Bank of America Corp, through its subsidiary Banc of America Preferred Funding Corporation, disposed of Variable Rate MuniFund Term Preferred Shares in Pioneer Municipal High Income Fund, Inc. due to a redemption by the issuer.

Summary

• Bank of America Corporation (BAC), along with its subsidiary Banc of America Preferred Funding Corporation (PFC), filed a Form 4 regarding changes in beneficial ownership of securities in Pioneer Municipal High Income Fund, Inc. (MHI).
• On February 29, 2024, PFC disposed of 635 Variable Rate MuniFund Term Preferred Shares (VMTP Shares) due to a redemption by the Issuer.
• The redemption price was $100,443.2858 per share, including a liquidation preference of $100,000.00 per share and accrued dividends of $443.2858 per share.
• BAC holds an indirect interest in these securities through its wholly-owned subsidiary, PFC.
• Both BAC and PFC have signed a joint filing agreement.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a share disposal due to redemption, indicating a neutral sentiment.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or significant shareholders of a company trade the company's securities; this filing indicates a change in Bank of America's holdings in Pioneer Municipal High Income Fund.

Stakeholder Impact

• The redemption may slightly impact the fund's capital structure, but the effect is likely minimal given the size of the transaction relative to the overall fund.

Key Dates