Saba/Weinstein report surrender of 4,015,961 MAV shares for cash

Rhea-AI Filing Summary

Pioneer Municipal High Income Advantage Fund, Inc. (MAV) reporting persons Saba Capital Management, L.P. and Boaz Weinstein disclosed a transaction dated 08/27/2025 in which 4,015,961 shares of Common Stock were disposed of at a reported price of $7.67 per share. The Form 4 shows the shares were surrendered following a fund liquidation and exchanged for cash, and the filing indicates no remaining beneficial ownership after the transaction. The Form 4 was signed on 09/02/2025.

Positive

• Transaction disclosed clearly: Form 4 provides date, quantity (4,015,961 shares), and price ($7.67).
• Shares surrendered for cash: The filing explicitly states the fund was liquidated and shares were exchanged for cash.

Negative

• Large reduction in ownership: A 10% owner and director shows zero indirect beneficial ownership
• Material supply impact: Disposal of over 4 million shares could increase available shares in the market following liquidation events.

Insights

Financial Analyst

TL;DR: A large insider disposal by a 10% owner removed indirect holdings of 4,015,961 shares, realized at $7.67 per share.

This Form 4 documents a material disposal by Saba Capital Management and Boaz Weinstein tied to a fund liquidation. The sale of over four million shares at $7.67 is sizable relative to typical closed-end fund free floats and may affect short-term supply dynamics for MAV. The filing is explicit that the shares were surrendered for cash, which removes ambiguity about the nature of the transaction. There is no forward-looking information or commentary on use of proceeds in the filing.

Corporate Governance Expert

TL;DR: Significant insider divestiture following fund liquidation; governance disclosure is standard and transparent.

The Form 4 clearly identifies reporting persons as a director and 10% owner and discloses the transaction date and consideration. The explanatory note states the fund was liquidated and shares were surrendered for cash, which aligns with an administrative/structural event rather than an opportunistic open-market sale. While disclosure appears complete, the elimination of indirect holdings by a major holder is material for shareholder composition and should be noted by investors assessing ownership concentration.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. [ MAV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/27/2025		J(1)		4,015,961	D	$7.67	0	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Fund was liquidated and shares were surrendered in exchange for cash.

	Saba Capital Management, L.P. By: Zachary Gindes	09/02/2025
	Boaz Weinstein	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Saba Capital and Boaz Weinstein report for MAV on Form 4?

They reported a disposal of 4,015,961 shares of MAV common stock on 08/27/2025 at a price of $7.67 per share.

Why were the MAV shares disposed of according to the filing?

The filing states the fund was liquidated and shares were surrendered in exchange for cash.

Did the reporting persons retain any beneficial ownership after the transaction?

No; the Form 4 shows 0 shares beneficially owned following the reported transaction.

When was the Form 4 signed and filed?

The signatures on the form are dated 09/02/2025.

What was the price per share for the reported transaction in MAV?

The reported price was $7.67 per share.