SCHEDULE: TD Bank Group Updates Invesco Muni Trust Ownership

Toronto-Dominion Bank Group entities confirm 100% beneficial ownership of Invesco Municipal Trust's VMTP Shares, with a partial redemption set for August 2025.

Summary

• The filing is Amendment No. 2 to a Schedule 13D, updating previous statements regarding ownership of Invesco Municipal Trust's Variable Rate Muni Term Preferred Shares (VMTP Shares).
• The Reporting Persons, including Toronto Dominion Investments, Inc., Toronto Dominion Holdings (U.S.A.), Inc., TD Group US Holdings LLC, and The Toronto-Dominion Bank, will beneficially own an aggregate of 2,064 VMTP Shares as of August 1, 2025.
• This ownership represents 100% of the outstanding VMTP Shares of Invesco Municipal Trust.
• The amendment is filed in relation to the Issuer's planned redemption of 364 VMTP Shares (CUSIP No. 46131J707) held by Toronto Dominion Investments, Inc. on August 1, 2025.

Sentiment

Score: 5

Explanation: The filing is neutral, providing a factual update on beneficial ownership and a future share redemption without indicating positive or negative financial performance or strategic shifts.

Positives

• Clear disclosure of beneficial ownership structure, confirming 100% ownership of the specific share class by the Reporting Persons.
• The planned redemption of 364 VMTP Shares provides a clear future event for a portion of the holdings.

Negatives

• No specific negative financial or operational impacts are disclosed in this ownership update filing.

Risks

• No legal proceedings or significant future challenges are mentioned in the filing; Schedule II explicitly states no convictions or civil proceedings related to securities laws for the past five years for the TD Entities or their key personnel.

Future Outlook

The filing indicates a future redemption of 364 VMTP Shares by Invesco Municipal Trust on August 1, 2025, affecting the holdings of Toronto Dominion Investments, Inc.

Industry Context

This filing is a routine ownership disclosure for a specific class of shares in a municipal bond trust, reflecting a change in the number of shares held due to a planned redemption. It does not provide broader insights into industry trends or competitive landscape beyond the specific transaction.

Legal Proceedings

• During the last five years, The Toronto-Dominion Bank and its affiliates, and to the best knowledge of The TD Entities, none of their executive officers, directors, or controlling persons, have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or were a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

Stakeholder Impact

• Shareholders of Invesco Municipal Trust holding VMTP Shares will be impacted by the redemption of 364 shares, specifically Toronto Dominion Investments, Inc. as the holder of the shares being redeemed.

Next Steps

• The Issuer is scheduled to redeem 364 VMTP Shares held by Toronto Dominion Investments, Inc. on August 1, 2025.

Key Dates

Keywords

Invesco Municipal Trust, Toronto-Dominion Bank, VMTP Shares, Schedule 13D, Beneficial Ownership, Redemption, Fixed Income, Municipal Bonds