Bulldog Investors Takes 5.78% Stake in MFS Investment Grade Municipal Trust

TL;DR

**Bulldog Investors just revealed a 5.78% stake in MFS Investment Grade Municipal Trust, signaling potential activist moves.**

AI Summary

Bulldog Investors, LLP and Phillip Goldstein have reported a significant stake in MFS Investment Grade Municipal Trust (NYSE: MFM), holding 474,257 shares, which represents 5.78% of the company's common stock as of December 31, 2023. This filing indicates that Bulldog Investors, a known activist investor, now has a substantial ownership position, suggesting they may seek to influence management decisions or strategic direction. For investors, this matters because activist involvement can sometimes lead to changes that boost shareholder value, such as special dividends, share buybacks, or even a sale of the company.

Why It Matters

Activist investor Bulldog Investors' 5.78% stake could signal upcoming pressure on MFS Investment Grade Municipal Trust's management, potentially leading to changes that impact the stock price.

Risk Assessment

Risk Level: medium — Activist investor involvement can introduce both upside potential and uncertainty, leading to moderate risk for current shareholders.

Analyst Insight

A smart investor would monitor MFS Investment Grade Municipal Trust for any announcements regarding Bulldog Investors' intentions or any proposed corporate actions, as activist involvement can be a catalyst for change, both positive and negative.

Key Numbers

• 474,257 — Shares Beneficially Owned (Represents the aggregate amount of common stock owned by Bulldog Investors, LLP and Phillip Goldstein in MFS Investment Grade Municipal Trust.)
• 5.78% — Percent of Class (This is the percentage of MFS Investment Grade Municipal Trust's common stock owned by the reporting persons, indicating a significant stake.)
• 12/31/2023 — Date of Event (The date on which the ownership threshold was crossed, requiring this SC 13G filing.)

Key Players & Entities

• Bulldog Investors, LLP (company) — reporting person and beneficial owner
• MFS Investment Grade Municipal Trust (company) — subject company (issuer)
• Phillip Goldstein (person) — reporting person and beneficial owner
• Delaware (company) — place of organization for Bulldog Investors, LLP
• USA (person) — citizenship for Phillip Goldstein

Forward-Looking Statements

• Bulldog Investors will engage with MFS Investment Grade Municipal Trust's management to propose strategic changes. (Bulldog Investors, LLP) — medium confidence, target: Q3 2024
• MFS Investment Grade Municipal Trust's stock price will experience increased volatility due to activist interest. (MFS Investment Grade Municipal Trust) — medium confidence, target: Q2 2024

FAQ

Filing Documents

• fp0086979-1_sc13g.htm (SC 13G) — 25KB
• fp0086979-1_ex7a.htm (EX-7.A) — 7KB
• 0001398344-24-001320.txt ( ) — 34KB

(a) The Name of the Issuer is

Item 1(a) The Name of the Issuer is: MFS Investment Grade Municipal Trust

(b) Address of Issuer's Principal Executive Offices

Item 1(b) Address of Issuer's Principal Executive Offices: 111 Huntington Ave. 24 th FL Boston, MA 02199

(a) Name of Persons Filing are

Item 2(a) Name of Persons Filing are: Bulldog Investors, LLP, Phillip Goldstein and Andrew Dakos

(b) Address of principal business office

Item 2(b) Address of principal business office: 250 Pehle Ave. Suite 708 Saddle Brook, NJ 07663

(c) Citizenship or Place of Organization

Item 2(c) Citizenship or Place of Organization: Delaware

(d) Title of Class of Securities

Item 2(d) Title of Class of Securities: Common Stock

(e) CUSIP Number

Item 2(e) CUSIP Number: 59318B108 Item 3. This statement is filed pursuant to 240.13d-1(b). The person filing is: (e) An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

Ownership

Item 4. Ownership. (a) Amount beneficially owned: 611,408 (b) Percent of class: 7.46% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 611,408 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 611,408

Ownership of 5 Percent or Less of a Class

Item 5. Ownership of 5 Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: ____.

Ownership of More than 5 Percent on Behalf of Another Person

Item 6. Ownership of More than 5 Percent on Behalf of Another Person. Clients of Bulldog Investors, LLP, and other accounts for which Messrs. Dakos and Goldstein are deemed to be the beneficial owners, are entitled to receive dividends and sales proceeds.

Identification and Classification of the Subsidiary Which Acquired

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security being Reported on by the Parent Holding Company or Control Person. Not applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. N/A

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Not applicable.

Certifications

Item 10. Certifications. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct. By: /s/ Phillip Goldstein Name: Phillip Goldstein Date: January 29, 2024 By: /s/ Andrew Dakos Name: Andrew Dakos Date: January 29, 2024 Bulldog Investors, LLP By: /s/ Andrew Dakos Andrew Dakos, Partner Date: January 29, 2024 Footnote 1: The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest therein.

View Full Filing

View this SC 13G filing on SEC EDGAR