Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
On May 7,2021, Saba Capital Management, L.P. and certain associated parties (collectively "Saba") entered into a standstill agreement with the Fund and Invesco Advisers, Inc. (the "Adviser" and together with Saba and the Adviser, the "Standstill Parties") whereby the Standstill Parties agreed, among other things, and subject to certain conditions, that the Fund will conduct a tender offer (the "Tender Offer") to purchase for cash 20% of its outstanding common shares at a price equal to 98.5% of the Funds net asset value per share with such Tender Offer to be completed not prior to September 10,2021.
Subsequent to the Tender Offer and with shareholder approval, the Fund will reorganize into a new shell interval fund (the "New Interval Fund") created to acquire the assets and liabilities of the Fund. The New Interval Fund will conduct quarterly repurchase offers for 10% of the New Interval Funds then outstanding shares at NAV for each of the quarters ended March 2022 and June 2022, subject to certain contingencies described in the agreement. In addition, Saba has agreed to certain customary standstill covenants as further described in Exhibit 2. Such covenants are to last until the date that is the earlier of (a) the day following the date on which VTAs (i) 2023 annual meeting of shareholders is held if the Reorganization is approved by shareholders or (ii) the 2022 annual meeting of shareholders if the Reorganization is not approved by shareholders;(b) such date that VTA determines not to conduct the Tender Offer; and (c) the date that is 60 days prior to the last date that a shareholder proposal pursuant to Rule 14a8 under the Exchange Act or trustee nomination is permitted to be submitted to the Issuer for the Issuers 2024 annual meeting of shareholders.
The foregoing summary of the Standstill Agreement is qualified in its entirety by reference to the full text of the Standstill Agreement, the form of which is attached hereto as Exhibit 2 to this Schedule 13D and incorporated by reference herein.
CUSIP No. 46132R104 SCHEDULE 13D/A Page 6 of 25 Pages