Saba Capital Amends MFS Investment Grade Muni Trust Stake

TL;DR

**Saba Capital is still a major player in MFS Investment Grade Municipal Trust, watch for potential activist moves!**

AI Summary

Saba Capital Management, L.P. filed an amendment (SC 13D/A) on January 10, 2024, updating its ownership stake in MFS Investment Grade Municipal Trust. This filing indicates a change in their previously reported acquisition, now reflecting that Saba Capital Management, L.P. has crossed a threshold requiring a Schedule 13D filing, having previously filed a Schedule 13G. This matters to investors because Saba Capital Management is an activist hedge fund known for taking significant stakes in closed-end funds to push for changes, potentially impacting the fund's structure or shareholder returns.

Why It Matters

This filing signals Saba Capital Management's continued significant interest in MFS Investment Grade Municipal Trust, potentially indicating future activist actions that could influence the fund's management or strategy.

Risk Assessment

Risk Level: medium — The presence of an activist investor like Saba Capital can introduce volatility and uncertainty, as their actions may lead to significant changes in the fund's operations or structure.

Analyst Insight

Investors in MFS Investment Grade Municipal Trust should monitor future filings and news regarding Saba Capital Management, L.P.'s activities, as their activist stance could lead to strategic changes or increased volatility in the fund's shares.

Key Players & Entities

• Saba Capital Management, L.P. (company) — the entity filing the SC 13D/A, an activist hedge fund
• MFS Investment Grade Municipal Trust (company) — the subject company in which Saba Capital holds a stake
• BOAZ R. WEINSTEIN (person) — a group member associated with Saba Capital Management GP, LLC
• SABA CAPITAL MANAGEMENT GP, LLC (company) — a group member associated with the filing
• Michael D'Angelo (person) — contact person for Saba Capital Management, L.P.
• January 8, 2024 (date) — date of the event requiring the filing

Forward-Looking Statements

• Saba Capital Management, L.P. will continue to be an active shareholder in MFS Investment Grade Municipal Trust. (Saba Capital Management, L.P.) — high confidence, target: 2024-12-31
• MFS Investment Grade Municipal Trust may face pressure from Saba Capital Management, L.P. to implement shareholder-friendly initiatives. (MFS Investment Grade Municipal Trust) — medium confidence, target: 2025-01-10

FAQ

Key Financial Figures

• $3,229,617 — ported herein. A total of approximately $3,229,617 was paid to acquire the Common Shares r

Filing Documents

• formsc13da.htm (SC 13D/A) — 56KB
• 0001062993-24-000729.txt ( ) — 58KB

SIGNATURES

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: January 10, 2024 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 CUSIP No. 59318B108 SCHEDULE 13D/A Page 7 of 7 Pages Schedule A This Schedule sets forth information with respect to each purchase and sale of Common Shares which were effectuated by Saba Capital since the filing of the Schedule 13D/A on 12/26/23. All transactions were effectuated in the open market through a broker. Trade Date Buy/Sell Shares Price 12/27/2023 Sell 12,000 7.56 1/2/2024 Sell 8,884 7.54 1/5/2024 Sell 44,236 7.56 1/8/2024 Sell 32,980 7.56

View Full Filing

View this SC 13D/A filing on SEC EDGAR