SCHEDULE: Sit Investment Associates Amends MFS Trust Stake

Sit Investment Associates and its subsidiary updated their beneficial ownership in MFS Investment Grade Municipal Trust to 4.8%.

Summary

• Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, reported beneficial ownership of 389,422 shares of Common Stock in MFS Investment Grade Municipal Trust.
• This ownership represents 4.8% of the issuer's class of securities.
• The percentage is calculated based on 8,199,220 shares of common stock outstanding as of May 31, 2025.
• The reporting persons, both registered investment advisers, hold these securities in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: Neutral, as this is a factual report of beneficial ownership and does not contain performance or operational news.

Positives

• Increased transparency regarding institutional ownership in MFS Investment Grade Municipal Trust.
• The reporting entities are registered investment advisers, indicating professional management of the reported stake.

Negatives

• The reported ownership of 4.8% is below the 5% threshold, which might indicate a reduction in stake from a previous filing (as this is Amendment No. 1), though the filing itself does not explicitly state the previous percentage.

Risks

• No specific risks related to the issuer's operations are mentioned in this beneficial ownership report.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding the issuer's operations or the reporting persons' future investment intentions beyond the certification that the securities are held in the ordinary course of business.

Management Comments

• The filing includes a certification that the securities 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.

Industry Context

Schedule 13G filings provide transparency into significant institutional ownership stakes, indicating that investment advisers like Sit Investment Associates and Sit Fixed Income Advisors II manage client portfolios that include MFS Investment Grade Municipal Trust common stock. This type of filing is standard for passive investors holding between 5% and 20% of a company's shares, or for certain institutional investors even below 5% if they previously crossed a threshold. The 'Amendment No. 1' indicates an update to a previously reported position.

Stakeholder Impact

• Shareholders: Provides transparency regarding institutional ownership, which can influence market perception and liquidity.
• Management: Awareness of significant institutional holders, though the filing explicitly states no intent to influence control.

Key Dates

Keywords

MFS Investment Grade Municipal Trust, Sit Investment Associates, Sit Fixed Income Advisors II, Beneficial Ownership, Schedule 13G, Common Stock, Investment Adviser, Institutional Ownership, Municipal Bonds