Saba Capital Management Amends 13D Filing for Invesco Trust

TL;DR

Saba Capital updated its 13D filing for Invesco Trust. Watch for potential activist moves.

AI Summary

Saba Capital Management, L.P. has amended its Schedule 13D filing regarding Invesco Trust for Investment Grade Municipals. The filing, dated May 6, 2024, indicates a change in beneficial ownership. Saba Capital Management, L.P. is the filer, and Invesco Trust for Investment Grade Municipals is the subject company.

Why It Matters

This filing signals a potential shift in the ownership structure or strategy of Invesco Trust for Investment Grade Municipals, which could impact its market performance and investor relations.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede activist investor actions, which can introduce volatility and uncertainty for the target company.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filer of the Schedule 13D/A
• Invesco Trust for Investment Grade Municipals (company) — Subject company of the Schedule 13D/A
• 404-439-3217 (dollar_amount) — Business phone number for Invesco Trust
• 212-542-4635 (dollar_amount) — Business phone number for Saba Capital Management

FAQ

Key Financial Figures

• $27,404,768 — ported herein. A total of approximately $27,404,768 was paid to acquire the Common Shares r
• $5,000 — reed to advance an amount not to exceed $5,000 to cover the reimbursement of fees the

Filing Documents

• p24-1664sc13da.htm (SC 13D/A) — 80KB
• 0000902664-24-003308.txt ( ) — 82KB

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On May 2, 2024, Saba Capital Master Fund, Ltd., a private fund advised by Saba Capital, submitted to the Issuer a notice of intent informing the Issuer of its intention to nominate a slate of three independent trustee candidates – Ketu Desai, Paul Kazarian and Jassen Trenkow (the “ Nominees ”), for election to the Board at the Issuer’s 2024 annual meeting of shareholders (the “ Annual Meeting ”). Item 5. INTEREST IN SECURITIES OF THE ISSUER (a) See rows (11) and (13) of the cover pages to this Schedule 13D/A for the aggregate number of Common Shares and percentages of the Common Shares beneficially owned by each of the Reporting Persons. The percentages used herein are calculated based upon 54,231,968 shares of common stock outstanding as of 2/29/24, as disclosed in the company’s N-CSR filed 5/2/24 (b) See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. CUSIP No. 46131M106 SCHEDULE 13D Page 6 of 8 Pages (c) The transactions in the Common Shares effected within the past sixty days by the Reporting Persons, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference. (d) The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares. (e) Not applicable. Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER

is hereby amended and supplemented by the addition of the following

Item 6 is hereby amended and supplemented by the addition of the following: Each of the Nominees, except for Paul Kazarian, has entered into a nomination agreement (collectively, the “ Nominee Agreement ”) with Saba Capital substantially in the form attached as Exhibit 2 to this Schedule 13D/A whereby the Nominees agreed to stand for election as individual trustees of the Issuer in connection with a proxy solicitation which may be conducted in respect of the 2024 Annual Meeting and agreed not to acquire or dispose of any securities of the Issuer without prior written approval of Saba Capital and whereby, Saba Capital has agreed to advance an amount not to exceed $5,000 to cover the reimbursement of fees the nominees may incur in connection with their nominations and defend and indemnify the Nominees against, and with respect to, any losses that may be incurred by the Nominees in the event they become a party to litigation based on their nominations as candidates for election to the Board and the solicitation of proxies in support of their election. The foregoing summary of the Nominee Agreement is not complete and is qualified in its entirety by reference to the full text of the form of Nominee Agreement, a copy of which is attached as Exhibit 2 and is incorporated by reference herein. Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 2: Form of Nominee Agreement CUSIP No. 46131M106 SCHEDULE 13D Page 7 of 8 Pages

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 6, 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: CUSIP No. 46131M106 SCHEDULE 13D Page 8 of 8 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital during the past sixty days. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 4/26/2024 Buy 19,165 9.53 4/30/2024 Buy 67,964 9.54 5/1/2024 Buy 28,740 9.57 EXHIBIT 2 Form of Nominee Agreement Saba Capital Management, L.P. 405 Lexington Avenue, 58th Floor New York, NY 10174 [__________], 2024 Private & Confidential [Nominee] [Business Address] Dear [Nominee]: This will confirm our understanding as follows: You agree that you are willing, should we so elect, to become a member of a slate of nominees (the “ Slate ”) of an affiliate of Saba Capital Management, L.P. (the “ Nominating Party ”), to stand for election as a trustee of Invesco California Value Municipal Income Trust (“ VCV ”), Invesco Municipal Opportunity Trust (“ VMO ”), Invesco Municipal Trust (“ VKQ ”), Invesco Pennsylvania Value Municipal Income Trust (&ld

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View this SC 13D/A filing on SEC EDGAR