SCHEDULE: Bank of America Exits Pioneer Muni Fund Preferred Shares

Bank of America Corporation and its affiliate have fully redeemed their Variable Rate MuniFund Term Preferred Shares in Pioneer Municipal High Income Fund, Inc., ceasing beneficial ownership.

Summary

• This is Amendment No. 5 to the Schedule 13D filing.
• Reporting Persons, Bank of America Corporation (BAC) and Banc of America Preferred Funding Corp (BAPFC), no longer own any Variable Rate MuniFund Term Preferred Shares (VMTP Shares) of Pioneer Municipal High Income Fund, Inc.
• The change in ownership resulted from the redemption of 500 VMTP Shares (CUSIP No. 723763405) by the Issuer on August 18, 2025.
• The redemption price for the VMTP Shares was the liquidation preference and accumulated but unpaid dividends.
• The Issuer had previously filed a Notice of Intention to Redeem Securities (N-23C-2) with the SEC on July 17, 2025.

Sentiment

Score: 5

Explanation: Neutral. This filing reports a routine, previously announced redemption of preferred shares, which is a standard capital management activity for the issuer and a portfolio adjustment for the reporting entity. No new positive or negative information is presented beyond the completion of the transaction.

Positives

• The Issuer reduced its outstanding Variable Rate MuniFund Term Preferred Shares liability.
• Reporting Persons received the liquidation preference and accumulated but unpaid dividends for their shares, representing a return of capital.

Future Outlook

No forward-looking statements or guidance are provided; this filing reports a completed transaction.

Industry Context

This transaction represents a routine capital management action by Pioneer Municipal High Income Fund, Inc. to redeem preferred shares and a portfolio adjustment by Bank of America's entities. It does not indicate broader industry trends but rather a specific, planned financial event for a closed-end fund's capital structure.

Stakeholder Impact

• Shareholders of Pioneer Municipal High Income Fund, Inc. may view the reduction in preferred share liability as a positive for the fund's financial structure.
• Bank of America Corporation and Banc of America Preferred Funding Corp received capital back from the redemption, which is a routine portfolio management event.

Key Dates

Recommendation

This filing reports a routine, previously announced redemption of preferred shares. It does not contain new information that would warrant a change in investment thesis for either the issuer or the reporting entity. The transaction is a standard capital management activity for the fund and a portfolio adjustment for the bank, with no significant positive or negative implications for future performance.

Keywords

Pioneer Municipal High Income Fund, Bank of America, Variable Rate MuniFund Term Preferred Shares, VMTP Shares, Schedule 13D, SEC filing, Preferred Stock Redemption, Fixed Income, Municipal Bonds