MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE FUND, INC. Insider Trading

Saba Capital (10% owner) bought 14,918 shares of MAV at $8.14; stock down 5.3% in 90 days

Saba Capital Management, L.P., a 10% owner of Pioneer Municipal High Income Advantage Fund, purchased 14,918 shares at $8.14 on 2025-05-05, adding to its 4.02M share position. This follows another purchase at the same ticker just four days prior (2025-05-01), indicating consecutive buying activity. The stock currently trades at $8.20, down 5.3% over the past 90 days and 9.2% from its 52-week high of $9.03, placing the purchase within a broader period of price decline. Across the insider's cross-ticker open-market history, 14 prior buys have been tracked, though none demonstrated well-timed outcomes at the 90-day mark, suggesting no reliable pattern of accuracy in timing entry points.

Saba Capital buys 100 shares of MAV at $8.13; token 0.0% addition to 4.00M-share position

Saba Capital Management, a 10% owner of Pioneer Municipal High Income Advantage Fund, purchased 100 shares at $8.13 on 2025-05-01, a negligible 0.0% increase to its existing 4.00M-share position. The purchase occurred with the stock trading -9.3% from its 52-week high and down 2.3% over the prior 30 days, yet the transaction size is immaterial—$813.00 in dollar terms and 100 shares against a pre-transaction base of 4,000,943 shares. Across Saba's cross-ticker open-market history, 16 prior buys versus 4 prior sells shows a net-buy bias, but at this specific ticker (MAV), two prior trades in late April/early May remain unmeasurable on the 90-day outcome window. The token purchase size and minimal position change limit the weight this trade carries as a signal of conviction or strategic repositioning.

Saba Capital (10% owner) bought 11,054 shares at average $8.09, adding 0.3% to 4.00M-share MAV position.

Saba Capital Management executed 2 separate purchases totaling 11,054 shares for $89,390.72 on consecutive days (April 29–30, 2025) at prices near current market levels ($8.08–$8.12 vs. current $8.18). The purchases increased holdings from 3,989,889 to 4,000,943 shares, a marginal 0.3% addition to an already substantial 10% ownership stake. MAV's stock trades at -9.4% from its 52-week high and has declined 2.8% over 30 days and 4.1% over 90 days. Saba's cross-ticker track record shows 18 prior buys and 2 sells, but same-ticker measurable outcomes are not yet available for this recent filing.

10% owner Saba Capital purchased 18,476 shares of MAV at $7.99 on 2025-04-24, extending a two-day buying sequence.

Saba Capital purchased 18,476 shares at $7.99 as part of a two-day buying sequence (prior purchases on 2025-04-22 and 2025-04-23 also noted in same-ticker history). The transaction adds to a holdings position of 3.99M shares post-acquisition. The current stock price of $8.09 reflects a -10.4% decline from the 52-week high of $9.03 and a -5.9% move over the 90-day period, placing the transaction during a period of downward price momentum. The timing significance remains indeterminate since the two prior trades at MAV (2025-04-22 and 2025-04-23) lack measurable 90-day outcomes, and no pattern of well-timed buying is established in the insider's cross-ticker track record of 20 prior buys.

Saba Capital (10% owner) purchases 32,660 shares of MAV at blended avg $7.93 across 2 transactions; current price $8.02.

Saba Capital Management, L.P. filed two separate purchases totaling 32,660 shares for $258,862.12 on April 22–23, 2025, at a blended average price of $7.93. The current market price of $8.02 sits below the 52-week high of $9.03 (-11.2%), and the position increased by 0.8% to 3,971,413 shares. The insider's cross-ticker track record spans 20 prior buys, though no same-ticker outcome data yet exists to establish buy-timing accuracy at MAV specifically. The stock has declined 5.3% over 30 days and 5.9% over 90 days, placing the transaction near recent lows but not at the absolute nadir of the 52-week range.

Saba Capital (10% owner) purchases 13,048 shares of MAV at $7.86; stock currently $7.92, down 12.3% from 52-week high.

Saba Capital Management increased its position in Pioneer Municipal High Income Advantage Fund by 13,048 shares (0.3% growth to 3,938,753 shares post-transaction) at $7.86 per share on April 21, 2025, for a total value of $102,557.28. The transaction occurred in a fund trading near the lower end of its 52-week range ($7.70–$9.03), at a level 12.3% below the 52-week peak. This represents a modest position addition by a major stakeholder in a closed-end fund yielding municipal income. The purchase comes as the fund has declined 6.5% over 30 days and 7.2% over 90 days, though it remains above its 52-week low and current market price ($7.92) sits marginally above the transaction price. Without material context regarding fund performance, NAV dynamics, or distribution changes, the trade signals continued participation by a significant shareholder during a period of recent price softness.

Saba Capital Management bought 2,816 shares of MAV at $8.19, now trading at $8.09 (down 10.4% from 52-week high)

Saba Capital Management, a 10% owner of Pioneer Municipal High Income Advantage Fund, Inc., purchased 2,816 shares at $8.19 on 2025-04-07, increasing its holding from 3,922,889 shares to 3,925,705 shares. The transaction represents a modest +0.1% increase to existing holdings with a total value of $23,063.04. The purchase occurred when the stock was trading 10.4% below its 52-week high of $9.03 and has declined 6.2% over the prior 30 days. While Saba's cross-ticker history shows 20 prior open-market buys, the incremental nature of this purchase—a routine addition of less than 0.1% to an already substantial position—reflects ongoing portfolio maintenance rather than a significant directional signal.

Saba Capital bought 1,215 shares of MAV at $8.54; holds 3,922,889 shares (3.92M) post-transaction.

Saba Capital Management, a 10% owner of Pioneer Municipal High Income Advantage Fund, purchased 1,215 shares at $8.54 on 2025-02-03, for a total value of $10,376.10, bringing post-transaction holdings to 3,922,889 shares. This represents a net addition of 1,215 shares, or +0.0% of existing holdings. The transaction occurs with the stock trading at $8.66 current price, 1.2% above the purchase price, and 4.1% below its 52-week high of $9.03. Notably, this is the fourth consecutive purchase at MAV within the past 13 calendar days (January 21, 23, 24, and February 3), suggesting sustained accumulation activity. However, these recent transactions are too recent to assess any outcome against the 90-day mark, limiting analysis of execution timing at this specific holding.

10% owner Saba Capital adds 6,401 shares of MAV at $8.54; cross-ticker buy history strong (15 prior buys, 5 sells), but MAV-specific outcomes not yet measurable.

Saba Capital Management purchased 6,401 shares of Pioneer Municipal High Income Advantage Fund at $8.54 on 2025-01-31, increasing holdings to 3,921,674 shares. The transaction represents a +0.2% increase from pre-transaction holdings. Saba's cross-ticker buy history is substantially stronger than sell activity (15 prior buys versus 5 prior sells), but the same-ticker history at MAV shows four recent consecutive purchases (on 2025-01-21, 2025-01-23, 2025-01-24, and 2025-02-03) with no yet-measurable 90-day outcomes to assess execution quality at this specific holding. The current price of $8.57 is -5.1% from the 52-week high of $9.03, placing the purchase slightly below recent levels.

Saba Capital (10% owner) bought 6,189 shares at blended $8.50 across 2 trades; current price $8.57.

Saba Capital Management, L.P., a 10% owner of Pioneer Municipal High Income Advantage Fund, executed 2 separate purchases totaling 6,189 shares for $52,607.30 on consecutive days (2025-01-23 and 2025-01-24) at a blended average price of $8.50. The current price of $8.57 stands -5.1% from the 52-week high of $9.03 and within the 52-week range of $7.80–$9.03. These purchases increased holdings from 3,909,084 to 3,915,273 shares, a net change of +0.2% of pre-transaction holdings. The fund holds a municipal high income strategy, and the scale of this acquisition relative to the total position (6.2K shares added to 3.92M shares) is modest, consistent with routine portfolio management activity.