Company: CXH
Filing Date: 2025-01-27
Form Type: N-CSR
Source: 0001683863-25-000339
Chunk: 43

Company: MFS INVESTMENT GRADE MUNICIPAL TRUST
Filing Date: 2025-01-27
Form: N-CSR
Chunk 43
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Based on information provided
by Broadridge and MFS, the Trustees reviewed the Fund’s total return investment performance as well as the Broadridge performance universe over various time periods.  The Trustees placed particular
emphasis on the total return performance of the Fund’s common shares in comparison to the performance of funds in its Broadridge performance universe over the five-year period ended December 31, 2023, which the
Trustees believed was a long enough period to reflect differing market conditions.  The total return performance of the Fund’s common shares ranked 30th out of a total of 35 funds in the Broadridge
performance universe for this five-year period (a ranking of first place out of the total number of funds in the performance universe indicating the best performer and a ranking of last place out of the total number
of funds in the performance universe indicating the worst performer).  The total return performance of the Fund’s common shares ranked 21st out of a total of 39 funds for the one-year period and 28th out of
a total of 37 funds for the three-year period ended December 31, 2023.  Given the size of the Broadridge performance universe and information previously provided by MFS regarding differences between the Fund and
other funds in its Broadridge performance universe, the Trustees also reviewed the Fund’s performance in comparison to the Bloomberg Municipal Bond Index.  The Fund outperformed its benchmark for the
one-year period and underperformed its benchmark for each of the three- and five-year periods ended December 31, 2023 (one-year: 8.5% total return for the Fund versus 6.4% total return for the benchmark; three-year:
-2.9% total return for the Fund versus -0.4% total return for the benchmark; five-year: 1.4% total return for the Fund versus 2.3% total return for the benchmark).  Because of the passage of time, these
performance results may differ from the performance results for more recent periods, including those shown elsewhere in this report.

The Trustees expressed concern to
MFS about the substandard investment performance of the Fund. In the course of their deliberations, the Trustees took into account information provided by MFS in connection with the contract review meetings, as well
as during investment review meetings conducted with portfolio management personnel during the course of the year, as to MFS’ efforts to improve the Fund’s performance.  In addition, the Trustees
requested that