[Form 4] Pioneer Municipal High Income Opportunities Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Pioneer Municipal High Income Opportunities Fund, Inc. (MIO) insiders reported a large disposition. On 08/27/2025, Saba Capital Management, L.P. (through Boaz Weinstein) reported a sale of 2,161,352 shares of Common Stock at $11.23 per share under transaction code J(1), resulting in zero shares beneficially owned after the transaction. The filing states the fund was liquidated and shares were surrendered in exchange for cash. The Form 4 is signed by Saba Capital Management and Boaz Weinstein on 09/02/2025.

Positive

• None.

Negative

• Large disposition by a 10% owner: sale of 2,161,352 shares at $11.23 on 08/27/2025 leaving 0 shares owned
• Transfer of material ownership: the reporting person moved fully out of the position, which materially changes insider ownership

Insights

Financial Analyst

TL;DR: A material insider disposition of 2.16 million shares at $11.23, leaving the reporting party with no beneficial ownership.

This Form 4 documents a sizeable sale by a 10% owner and director executed via a J(1) transaction on 08/27/2025 for 2,161,352 shares at $11.23, leaving 0 shares owned. The filer explains the sale followed the liquidation of a fund and surrender of shares for cash. For investors, the filing is a clear transfer of ownership out of the reporting entity rather than an acquisition or option exercise. The absolute size of the disposition relative to prior holdings and the 10% ownership status make this a material ownership change disclosed under Section 16.

Corporate Governance Expert

TL;DR: Disclosure shows an orderly liquidation-related disposition by an affiliated 10% owner; documentation appears complete.

The Form 4 identifies Saba Capital Management, L.P. and Boaz Weinstein as reporting persons with director and 10% owner status. The filing uses transaction code J(1) and includes a plain explanation that the fund was liquidated and shares were surrendered for cash. Signatures are present and dated 09/02/2025. From a governance and compliance perspective, the filing satisfies Section 16 reporting requirements by reporting the change and providing an explanation; no corrective amendment is indicated in the document.

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 Opportunities Fund, Inc. [ MIO ]

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)		2,161,352	D	$11.23	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 the Form 4 for MIO report on 08/27/2025?

The Form 4 reports a disposition of 2,161,352 shares of MIO common stock at $11.23 per share on 08/27/2025.

Who filed the Form 4 for MIO and what is their relationship to the issuer?

The Form 4 was filed by Saba Capital Management, L.P. and Boaz Weinstein; both are identified as a director and a 10% owner of the issuer.

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

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

What was the ownership level after the reported transaction?

Following the reported transaction, the filing shows 0 shares beneficially owned by the reporting person.

When was the Form 4 signed?

The Form 4 is signed by representatives of Saba Capital Management and Boaz Weinstein on 09/02/2025.