Sec Form 13D Filing - Saba Capital Management L.P. filing for TORTOISE ENERGY INDEPENDENCE (NDP) - 2023-03-20

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A

 

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

 

Tortoise Energy Independence Fund, Inc

(Name of Issuer)

 

Common Shares, $0.001 par value

(Title of Class of Securities)

 

89148K200

(CUSIP Number)

March 17, 2023

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [X]

(Page 1 of 7 Pages)

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* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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1	NAME OF REPORTING PERSON      Saba Capital Management, L.P.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS      OO (see Item 3)
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)		☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION      Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:	7	SOLE VOTING POWER      -0-
	8	SHARED VOTING POWER      166,521
	9	SOLE DISPOSITIVE POWER      -0-
	10	SHARED DISPOSITIVE POWER      166,521
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON      166,521
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)      9.49%
14	TYPE OF REPORTING PERSON      PN; IA

The percentages used herein are calculated based upon 1,754,000 shares of common stock outstanding as of 11/30/22, as disclosed in the company's N-CSR filed 2/7/23.

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1	NAME OF REPORTING PERSON      Boaz R. Weinstein
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS      OO (see Item 3)
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)		☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION      United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:	7	SOLE VOTING POWER      -0-
	8	SHARED VOTING POWER      166,521
	9	SOLE DISPOSITIVE POWER      -0-
	10	SHARED DISPOSITIVE POWER      166,521
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON      166,521
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)      9.49%
14	TYPE OF REPORTING PERSON      IN

The percentages used herein are calculated based upon 1,754,000 shares of common stock outstanding as of 11/30/22, as disclosed in the company's N-CSR filed 2/7/23.

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1	NAME OF REPORTING PERSON      Saba Capital Management GP, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) ☐ (b) ☐
3	SEC USE ONLY
4	SOURCE OF FUNDS      OO (see Item 3)
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)		☐
6	CITIZENSHIP OR PLACE OF ORGANIZATION      Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:	7	SOLE VOTING POWER      -0-
	8	SHARED VOTING POWER      166,521
	9	SOLE DISPOSITIVE POWER      -0-
	10	SHARED DISPOSITIVE POWER      166,521
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON      166,521
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)      9.49%
14	TYPE OF REPORTING PERSON      OO

The percentages used herein are calculated based upon 1,754,000 shares of common stock outstanding as of 11/30/22, as disclosed in the company's N-CSR filed 2/7/23.

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Item 1.	SECURITY AND ISSUER
	This Amendment No. 3 amends and supplements the statement on Schedule 13D filed with the SEC on 1/10/22, as amended by Amendment No. 1 filed 2/14/22, and Amendment No 2. filed 7/1/22; with respect to the common shares of Tortoise Energy Independence Fund, Inc.  This Amendment No. 3 amends Items 3, 4, 5 and 7, as set forth below.

Item 3.	SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
	Funds for the purchase of the Common Shares were derived from the subscription proceeds from investors and the capital appreciation thereon and margin account borrowings made in the ordinary course of business.  In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the account, which may exist from time to time.  Since other securities are held in the margin accounts, it is not possible to determine the amounts, if any, of margin used to purchase the Common Shares reported herein. A total of approximately $3,969,334 was paid to acquire the Common Shares reported herein.

Item 4.	PURPOSE OF TRANSACTION
	On March 17, 2023, Saba Capital, on behalf of Saba Capital Master Fund, Ltd., sent a letter to the Issuer containing a shareholder proposal under Rule 14a-8, for presentation to the Issuer's shareholders at the Issuer's 2024 annual meeting of shareholders, asking the Board to take all necessary steps in its power to declassify the Board (such letter, the "Declassification Proposal Letter"). The foregoing summary of the Declassification Proposal Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Declassification Proposal Letter, a copy of which is attached as Exhibit 2 and is incorporated by reference herein.

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 owned by each of the Reporting Persons.  The percentages used herein are calculated based upon 1,754,000 shares of common stock outstanding as of 11/30/22, as disclosed in the company's N-CSR filed 2/7/23.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D/A for the number of Common Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.

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(c)	No trades in the past 60 days.
(d)	The funds and accounts advised by Saba Capital have the right to receive the dividends from and proceeds of sales from the Common Shares.
(e)	Not applicable.

Item 7.	MATERIAL TO BE FILED AS EXHIBITS
Exhibit 2:	Declassification Proposal Letter.

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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:  March 20, 2023

 

	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

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