SCHEDULE: Bank of America Divests Pioneer Muni Fund Shares

Bank of America Corporation and its affiliate have fully divested their holdings in Pioneer Municipal High Income Advantage Fund's Variable Rate MuniFund Term Preferred Shares following a redemption by the issuer.

Summary

• Bank of America Corporation and Banc of America Preferred Funding Corp (Reporting Persons) filed Amendment No. 4 to their Schedule 13D.
• The amendment reports a change in ownership percentage of Variable Rate MuniFund Term Preferred Shares (VMTP Shares) of Pioneer Municipal High Income Advantage Fund, Inc. (Issuer).
• The change resulted from the redemption of 500 VMTP Shares (CUSIP No. 723762407) by the Issuer on August 18, 2025.
• The redemption price was the liquidation preference plus accumulated but unpaid dividends.
• As a result of this redemption, the Reporting Persons no longer own any VMTP Shares of the Issuer, reducing their beneficial ownership to 0.0%.
• The Issuer had previously filed a Notice of Intention to Redeem Securities (N-23C-2) on July 17, 2025.

Sentiment

Score: 5

Explanation: Neutral. The filing reports a completed, expected transaction where the reporting entities divested shares at their stated redemption value, indicating a routine portfolio adjustment rather than a positive or negative event.

Positives

• For the Reporting Persons, the divestment was completed at the liquidation preference plus accumulated dividends, indicating a full recovery of the investment value as per the terms of the preferred shares.

Future Outlook

The filing does not provide any forward-looking statements or guidance, as it primarily reports a completed transaction.

Industry Context

This filing reflects a specific corporate action by Pioneer Municipal High Income Advantage Fund, Inc. to redeem preferred shares, leading to a divestment by Bank of America entities. It does not indicate broader industry trends but rather a routine capital management decision by the issuer and a corresponding portfolio adjustment by the investor.

Comparison to Industry Standards

• This filing details a specific redemption event and does not provide financial performance metrics or operational results that can be directly compared to industry standards or specific comparable companies/projects. The redemption of preferred shares at liquidation preference plus accumulated dividends is a standard practice for such securities.

Stakeholder Impact

• Shareholders of Pioneer Municipal High Income Advantage Fund, Inc. may benefit from reduced preferred dividend obligations, potentially improving the fund's net income available to common shareholders.
• For Bank of America Corporation and its affiliate, the divestment represents a routine portfolio adjustment, with no significant impact on their overall operations or financial health.

Next Steps

• No specific future actions or milestones are mentioned for the Reporting Persons beyond the completion of this divestment.

Key Dates

Keywords

Pioneer Municipal High Income Advantage Fund, Bank of America Corporation, Banc of America Preferred Funding Corp, Schedule 13D, VMTP Shares, Variable Rate MuniFund Term Preferred Shares, Redemption, Preferred Stock, Fixed Income, Investment Divestment, SEC Filing