Saba Capital Management Amends 13D Filing for Invesco PA Muni Trust

TL;DR

Saba Capital updated its stake in Invesco PA Muni Trust. Watch for potential trading activity.

AI Summary

Saba Capital Management, L.P. has amended its Schedule 13D filing regarding Invesco Pennsylvania Value Municipal Income Trust. The filing, dated June 14, 2024, indicates a change in beneficial ownership. Saba Capital Management, L.P. is a Delaware-based entity with its principal business address in New York.

Why It Matters

This amendment signals potential shifts in the investment strategy or holdings of Saba Capital Management concerning the Invesco Pennsylvania Value Municipal Income Trust, which could impact the trust's market performance.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate significant changes in a major shareholder's position, which can lead to increased volatility.

Key Players & Entities

• Saba Capital Management, L.P. (company) — Filer of the Schedule 13D/A
• Invesco Pennsylvania Value Municipal Income Trust (company) — Subject company of the filing
• Boaz R. Weinstein (person) — Group member associated with Saba Capital Management

FAQ

Key Financial Figures

• $27,722,647 — ported herein. A total of approximately $27,722,647 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 61KB
• exhibit3.htm (EX-3) — 59KB
• 0001062993-24-012625.txt ( ) — 122KB

is hereby amended and supplemented as follows

Item 4 is hereby amended and supplemented as follows: On June 13, 2024, Saba Capital entered into a standstill agreement (the " Agreement ") with the Issuer and Invesco Advisers, Inc., the investment adviser of the Issuer (the " Adviser "), pursuant to which the Issuer agreed to commence, no earlier than October 31, 2024 and not later than November 8, 2024, a cash tender offer to purchase 25% of its outstanding Common Shares at a price per share equal to 99.0% of the Issuer's net asset value per share (the " Tender Offer "). Saba Capital agreed to tender all of the Common Shares then owned by Saba Capital and one or more private funds and accounts managed by Saba Capital, subject to the terms and conditions therein. The Agreement also provides for customary standstill provisions during the period from the date of the Agreement through the date that is the earlier of (a) the day following the Issuer's 2025 annual meeting of shareholders or December 31, 2025, whichever is earlier; (b) such date that the Issuer determines not to conduct the Tender Offer as described therein; and (c) January 10, 2025, if the Tender Offer payment date has not occurred on or prior to that date for any reason other than as a result of the failure of the condition in Section 2.1(c) therein. Under the Agreement, Saba Capital and certain of its affiliates agreed to withdraw the trustee nominations it previously submitted to the Issuer in connection with the Annual Meeting. The foregoing summary of the Agreement shall not be deemed complete and is qualified in its entirety by reference to the full text of the Agreement, the form of which is attached hereto as Exhibit 3 to this Schedule 13D and incorporated by reference herein. CUSIP No. 46132K109 SCHEDULE 13D/A Page 5 of 7 Pages 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

is hereby amended and supplemented by the addition of the following

Item 6 is hereby amended and supplemented by the addition of the following: The Reporting Persons' response to Item 4 is incorporated by reference into this Item 6. Item 7. MATERIAL TO BE FILED AS EXHIBITS Exhibit 3: Standstill Agreement, dated as of June 13, 2024. CUSIP No. 46132K109 SCHEDULE 13D/A Page 6 of 7 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: June 14, 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 13D/A filed on 5/6/24. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 5/15/2024 Buy 7,265 10.28

View Full Filing

View this SC 13D/A filing on SEC EDGAR