Saba/Weinstein Surrender 4.2M MHI Shares After Fund Liquidation

Rhea-AI Filing Summary

Pioneer Municipal High Income Fund, Inc. (MHI) reporting persons Saba Capital Management, L.P. and Boaz Weinstein disclosed a transaction dated 08/27/2025 in which 4,201,829 shares of Common Stock were surrendered at a price of $8.59 per share under transaction code J(1). The filing shows 0 shares beneficially owned after the reported transaction and lists the nature of ownership as indirect. The form states the reason for the disposition: the fund was liquidated and shares were surrendered in exchange for cash. The form was signed on 09/02/2025 and was filed by more than one reporting person.

Positive

• Transaction disclosure is complete with date, price, quantity, and explanatory statement about fund liquidation
• Resulting ownership is clearly reported as zero shares, eliminating ambiguity about ongoing indirect holdings

Negative

• Large disposition of 4,201,829 shares could increase market supply and affect MHI's trading dynamics
• Reporting persons no longer hold indirect beneficial ownership, removing a previously significant stakeholder

Insights

Financial Analyst

Large insider disposition due to fund liquidation removes a significant indirect stake and could affect supply dynamics for MHI shares.

The filing documents a sizeable disposition of 4,201,829 shares at $8.59, leaving the reporting parties with no indirect beneficial ownership. From a market perspective, surrender of this many shares as part of a fund liquidation may increase available float and temporarily pressure the share price depending on timing and purchaser demand. The disclosure clarifies the disposition was due to liquidation rather than an individual voluntary sale, which changes the interpretive context but does not eliminate potential market impact.

Compliance Specialist

Form 4 properly discloses the material transaction, cites liquidation as the cause, and includes required signatures.

The submission includes required details: reporting persons, transaction date, code J(1), number of shares, price, resulting holdings, and an explanatory statement that the fund was liquidated and shares were surrendered for cash. Signatures from Saba Capital Management and Boaz Weinstein are present and dated. The form indicates multiple filers, satisfying joint-filing disclosures.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 FUND, INC. [ MHI ]

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)		4,201,829	D	$8.59	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 transaction did Saba Capital report for MHI on Form 4?

The filing reports a disposition of 4,201,829 common shares on 08/27/2025 at $8.59 per share under code J(1).

Why were the MHI shares surrendered according to the filing?

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

What was the beneficial ownership after the reported transaction for MHI?

The reporting persons disclosed 0 shares beneficially owned following the reported transaction.

Who signed the Form 4 for the MHI transaction?

The form is signed by Saba Capital Management, L.P. (by Zachary Gindes) and Boaz Weinstein, dated 09/02/2025.

Was this Form 4 filed by multiple reporting persons for MHI?

Yes, the form indicates it was filed by more than one reporting person.