Form 4: Toronto Dominion Reduces Invesco Municipal Trust Stake

Toronto Dominion Investments, Inc. disposed of 364 Variable Rate Muni Term Preferred Shares of Invesco Municipal Trust through an issuer redemption.

Summary

• Toronto Dominion Investments, Inc. (TDI), an indirect subsidiary of The Toronto-Dominion Bank, disposed of 364 Variable Rate Muni Term Preferred Shares (VMTP Shares) of Invesco Municipal Trust (VKQ).
• The disposal occurred on August 1, 2025, as a result of a redemption by Invesco Municipal Trust.
• The redemption price was $100,263.589038 per share, which included a liquidation preference of $100,000.00 per share and accrued dividends of $263.589038 per share.
• Following this transaction, TDI beneficially owns 2,064 VMTP Shares.
• The filing is jointly made by The Toronto-Dominion Bank, Toronto Dominion Investments, Inc., Toronto Dominion Holdings (U.S.A.), Inc., and TD Group US Holdings LLC, all of whom are 10% owners of Invesco Municipal Trust.

Sentiment

Score: 5

Explanation: The filing is a factual report of a transaction (redemption of preferred shares) and does not inherently convey positive or negative sentiment regarding the issuer's operational performance or future prospects. It's a neutral reporting of an ownership change.

Positives

• The reporting person, Toronto Dominion Investments, Inc., received a redemption price that included both the liquidation preference and accrued dividends, ensuring full value for the disposed shares.
• For Invesco Municipal Trust, the redemption of preferred shares can be a positive capital management action, potentially reducing future dividend obligations or simplifying its capital structure.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the issuer's future performance or strategy.

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Industry Context

This filing reports a specific transaction involving a financial institution's ownership in a municipal bond fund. It reflects a routine capital management event for the fund and an ownership adjustment for the institutional investor, rather than a broader industry trend.

Related Party Transactions

• The transaction involves the redemption of shares by Invesco Municipal Trust from Toronto Dominion Investments, Inc., which is a 10% owner of the issuer, indicating a related party dealing.

Stakeholder Impact

• Shareholders of Invesco Municipal Trust may see a slight change in the capital structure due to the redemption of preferred shares.
• Toronto Dominion Investments, Inc. and its parent entities have reduced their direct holdings in the VMTP Shares while still retaining a significant beneficial interest.

Key Dates

Keywords

SEC Form 4, Beneficial Ownership, Invesco Municipal Trust, VKQ, Toronto Dominion, Preferred Shares, Redemption, Investment Management, Financial Services