SCHEDULE 13G/A: Bulldog Investors and Principals Disclose Significant Passive Stakes in MFS Investment Grade Municipal Trust

Bulldog Investors, LLP, along with partners Phillip Goldstein and Andrew Dakos, have filed an amended Schedule 13G, disclosing beneficial ownership exceeding 10% in MFS Investment Grade Municipal Trust.

Summary

• Bulldog Investors, LLP, an investment adviser, reported beneficial ownership of 866,996 shares of MFS Investment Grade Municipal Trust common stock, representing 10.57% of the class.
• Phillip Goldstein, a partner at Bulldog Investors, LLP, reported beneficial ownership of 1,008,884 shares, representing 12.3% of the class.
• Andrew Dakos, also a partner at Bulldog Investors, LLP, reported beneficial ownership of 859,308 shares, representing 10.48% of the class.
• The filing is an Amendment No. 2 to Schedule 13G, indicating an update to previously disclosed ownership.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
• The filing date for this statement was April 23, 2025, based on an event date of March 31, 2025.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of significant beneficial ownership, indicating a passive investment. It provides factual information about holdings without expressing positive or negative sentiment about the issuer's performance or outlook.

Positives

• The reporting persons, including an investment adviser and its principals, hold a significant stake, which can be interpreted as a vote of confidence in the issuer.
• The certification explicitly states that the shares are held in the ordinary course of business and not for the purpose of influencing control, suggesting a passive and stable investment.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Management Comments

• "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."

Industry Context

This filing reflects a significant investment by an investment firm and its principals in a municipal trust, indicating their investment strategy within the fixed income and closed-end fund sectors. It does not provide broader industry trend analysis.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant ownership stakes by institutional and individual investors, which can influence market perception and potentially share price.

Key Dates

Keywords

MFS Investment Grade Municipal Trust, Bulldog Investors, LLP, Phillip Goldstein, Andrew Dakos, Schedule 13G, beneficial ownership, common stock, investment adviser, municipal trust