Form 4: Bank of America Disposes of Pioneer Muni Preferred Shares

Bank of America Corporation and its subsidiary reported the disposition of 500 Variable Rate MuniFund Term Preferred Shares from Pioneer Municipal High Income Advantage Fund.

Summary

• Bank of America Corporation and its wholly-owned subsidiary, Banc of America Preferred Funding Corporation (BAPFC), filed a Form 4.
• The filing reports the disposition of 500 Variable Rate MuniFund Term Preferred Shares, Series 2021 (VMTP Shares), of Pioneer Municipal High Income Advantage Fund, Inc. (MAV).
• The shares were redeemed by the Issuer, Pioneer Municipal High Income Advantage Fund, on August 18, 2025.
• The redemption price was the liquidation preference and accumulated but unpaid dividends.
• This redemption was previously described in a Notice of Intention to Redeem Securities (N-23C-2) filed by Pioneer Municipal High Income Advantage Fund with the SEC on July 17, 2025.
• Following this transaction, Banc of America Preferred Funding Corporation beneficially owns 0 VMTP Shares.

Sentiment

Score: 5

Explanation: The filing is a routine Form 4 reporting a pre-announced transaction, indicating a neutral sentiment as it reflects an expected event without new positive or negative implications.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Industry Context

This filing represents a routine insider transaction reporting the disposition of preferred shares by a significant shareholder, Bank of America, from a closed-end fund, Pioneer Municipal High Income Advantage Fund. Such redemptions are typically pre-scheduled or announced and are part of the fund's capital management or the investor's portfolio adjustments, rather than indicative of broader industry trends.

Related Party Transactions

• Banc of America Preferred Funding Corporation, a wholly-owned subsidiary of Bank of America Corporation, disposed of shares from Pioneer Municipal High Income Advantage Fund. Bank of America Corporation is a 10% owner of the Issuer.

Stakeholder Impact

• Shareholders of Pioneer Municipal High Income Advantage Fund: The redemption of preferred shares can impact the fund's capital structure and potentially its leverage, though this specific transaction was pre-announced and likely already factored into market expectations.
• Bank of America Corporation: The disposition represents a change in its investment portfolio, liquidating a specific preferred share holding.

Key Dates

Keywords

SEC Form 4, Beneficial Ownership, Share Redemption, Bank of America, Pioneer Municipal High Income Advantage Fund, VMTP Shares, Preferred Stock, Insider Transaction