Saba Capital Ups MFS High Income Municipal Trust Stake to 10.1%
Ticker: CXE · Form: SC 13D/A · Filed: May 22, 2024 · CIK: 845606
| Field | Detail |
|---|---|
| Company | Mfs High Income Municipal Trust (CXE) |
| Form Type | SC 13D/A |
| Filed Date | May 22, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $9,315,518 |
| Sentiment | neutral |
Sentiment: neutral
Topics: activist-investor, ownership-stake, amendment
TL;DR
Saba Capital now owns 10.1% of MFS High Income Municipal Trust after filing an amendment.
AI Summary
Saba Capital Management, L.P. has filed an amendment (Amendment No. 3) to its Schedule 13D on May 22, 2024, regarding its holdings in MFS High Income Municipal Trust. Saba Capital Management, L.P. is reporting beneficial ownership of 1,776,000 shares, representing 10.1% of the outstanding common shares. This filing indicates a change in reporting, with Saba Capital Management, L.P. now acting as the sole filer.
Why It Matters
This filing signals increased activity or a potential shift in strategy by Saba Capital Management, a known activist investor, concerning MFS High Income Municipal Trust.
Risk Assessment
Risk Level: medium — The filing indicates a significant ownership stake by an activist investor, which could lead to changes in the company's strategy or governance.
Key Numbers
- 1,776,000 — Shares Owned (Represents Saba Capital's beneficial ownership in MFS High Income Municipal Trust.)
- 10.1% — Ownership Stake (Indicates the percentage of MFS High Income Municipal Trust's outstanding shares held by Saba Capital.)
Key Players & Entities
- Saba Capital Management, L.P. (company) — Filer and beneficial owner
- MFS High Income Municipal Trust (company) — Subject company
- 1,776,000 (dollar_amount) — Number of shares beneficially owned
- 10.1% (dollar_amount) — Percentage of outstanding shares owned
- 20240522 (date) — Filing date
- Michael D'Angelo (person) — Contact person for Saba Capital Management
FAQ
What is the primary purpose of this SC 13D/A filing?
The primary purpose is to report an amendment to Saba Capital Management, L.P.'s Schedule 13D, indicating a change in its beneficial ownership of MFS High Income Municipal Trust.
Who is the filer of this amendment?
Saba Capital Management, L.P. is the filer of this SC 13D/A amendment.
What is the subject company of this filing?
The subject company is MFS High Income Municipal Trust.
How many shares does Saba Capital Management, L.P. beneficially own in MFS High Income Municipal Trust?
Saba Capital Management, L.P. beneficially owns 1,776,000 shares.
What percentage of MFS High Income Municipal Trust's outstanding shares does Saba Capital Management, L.P. own?
Saba Capital Management, L.P. owns 10.1% of the outstanding common shares.
Filing Stats: 1,338 words · 5 min read · ~4 pages · Grade level 11.5 · Accepted 2024-05-22 07:36:53
Key Financial Figures
- $9,315,518 — ported herein. A total of approximately $9,315,518 was paid to acquire the Common Shares r
Filing Documents
- formsc13da.htm (SC 13D/A) — 66KB
- 0001062993-24-010912.txt ( ) — 67KB
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Date: May 22, 2024 SABA CAPITAL MANAGEMENT, L.P. By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Chief Compliance Officer SABA CAPITAL MANAGEMENT GP, LLC By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Authorized Signatory BOAZ R. WEINSTEIN By: /s/ Michael D'Angelo Name: Michael D'Angelo Title: Attorney-in-fact* * Pursuant to a power of attorney dated as of November 16, 2015, which is incorporated herein by reference to Exhibit 2 to the Schedule 13G filed by the Reporting Persons on December 28, 2015, accession number: 0001062993-15-006823 CUSIP No. 59318D104 SCHEDULE 13D/A Page 7 of 7 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 4/25/24. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 4/25/2024 Buy 41,424 3.49 4/26/2024 Buy 54,884 3.52 5/1/2024 Buy 34,504 3.54 5/2/2024 Buy 29,466 3.55 5/3/2024 Buy 83,428 3.59 5/6/2024 Buy 15,740 3.60 5/7/2024 Buy 29,588 3.62 5/8/2024 Buy 1,349 3.62 5/15/2024 Buy 1,930 3.61 5/16/2024 Buy 4,211 3.61 5/20/2024 Buy 101,579 3.63