Saba Capital Amends Invesco PA Muni Trust Stake (Amendment No. 5)

TL;DR

**Saba Capital just updated its Invesco PA Muni Trust filing, watch for potential activist moves.**

AI Summary

Saba Capital Management, L.P. filed an amended Schedule 13D/A on January 4, 2024, regarding its ownership in Invesco Pennsylvania Value Municipal Income Trust. This amendment, specifically Amendment No. 5, indicates a change in their beneficial ownership or investment intent, with the triggering event occurring on January 2, 2024. This matters to investors because Saba Capital Management is an activist investor, and changes in their filings often signal potential future actions, such as advocating for changes in the trust's management or strategy, which could impact the stock's value.

Why It Matters

This filing signals a potential shift in Saba Capital Management's strategy or holdings in the Invesco Pennsylvania Value Municipal Income Trust, which could lead to activist engagement or portfolio adjustments affecting the trust's share price.

Risk Assessment

Risk Level: medium — The risk is medium because an activist investor's amended filing can signal future actions that might create volatility or strategic changes for the trust.

Analyst Insight

An investor should monitor future filings from Saba Capital Management, L.P. and news related to Invesco Pennsylvania Value Municipal Income Trust for any indications of activist campaigns or changes in the trust's strategy, as these could impact share value.

Key Numbers

• 0001062993-24-000349 — ACCESSION NUMBER (Unique identifier for this specific SEC filing)
• 5 — Amendment Number (Indicates this is the fifth amendment to Saba Capital's original Schedule 13D filing for this issuer)
• 46132K109 — CUSIP Number (Unique identification number for the Common Shares of Invesco Pennsylvania Value Municipal Income Trust)
• 20240104 — FILED AS OF DATE (The date this SC 13D/A filing was submitted to the SEC)
• 20240102 — Date of Event (The date of the event that triggered the requirement for this amendment)

Key Players & Entities

• Saba Capital Management, L.P. (company) — filer of the SC 13D/A, an activist investment firm
• Invesco Pennsylvania Value Municipal Income Trust (company) — the subject company in which Saba Capital holds shares
• Boaz R. Weinstein (person) — listed as a group member associated with Saba Capital Management GP, LLC
• Saba Capital Management GP, LLC (company) — listed as a group member
• Michael D'Angelo (person) — contact person for Saba Capital Management, L.P.

Forward-Looking Statements

• Saba Capital Management, L.P. will likely continue to engage in activist strategies regarding Invesco Pennsylvania Value Municipal Income Trust. (Saba Capital Management, L.P.) — medium confidence, target: Within the next 6-12 months
• The Invesco Pennsylvania Value Municipal Income Trust may experience increased volatility due to Saba Capital's continued involvement. (Invesco Pennsylvania Value Municipal Income Trust) — medium confidence, target: Near-term (3-6 months)

FAQ

Key Financial Figures

• $25,781,891 — ported herein. A total of approximately $25,781,891 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 65KB
• 0001062993-24-000349.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: January 4, 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. 46132K109 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 last 13D/A filing on 11/24/23. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 11/27/2023 Buy 22,064 9.49 11/28/2023 Buy 20,634 9.48 11/28/2023 Buy 53,903 9.48 11/30/2023 Buy 2,397 9.63 12/1/2023 Buy 3,604 9.79 12/4/2023 Buy 8,713 9.81 12/5/2023 Buy 34,622 9.82 12/6/2023 Buy 3,498 9.86 12/7/2023 Buy 7,400 9.88 12/8/2023 Buy 793 9.88 12/12/2023 Buy 24,711 9.93 12/14/2023 Buy 100 10.02 12/14/2023 Buy 41,317 10.03 12/15/2023 Buy 2,300 10.06 1/2/2024 Buy 14,926 10.02 1/3/2024 Buy 7,700 10.03

View Full Filing

View this SC 13D/A filing on SEC EDGAR