April 8 (Reuters) - U.S. activist investor Boaz

Weinstein's Saba Capital has sold its nearly 30% stake in

British investment trust Keystone Positive Change (KPC)

, a regulatory filing showed on Tuesday.

The Baillie Gifford-run investment trust is undergoing a

planned liquidation under which shareholders have the option of

a cash exit or the opportunity to roll over into another Baillie

Gifford managed fund.

The filing on Tuesday showed that on March 28, Saba Capital

management's voting rights in KPC dropped to nil, from about

29.65%, but did not disclose any other transaction details.

KPC was one of seven targets of Saba in the UK, where it was

waging a campaign to overhaul their boards over performance it

labelled as "underwhelming" and "disastrous".

In December, the U.S. hedge fund sought to overhaul the

boards of the trusts but six of the seven trusts, including KPC,

rejected its proposal and publicly hit back at Saba Capital,

calling its efforts opportunistic and not in the interests of

broader shareholders.

KPC was already in the process of winding itself down

after a long bout of underperformance, and announced plans to go

ahead with the liquidation after shareholders rejected Saba's

attempted efforts to gain control.