Company: CXH
Filing Date: 2025-07-28
Form Type: N-CSRS
Source: 0001683863-25-006221
Chunk: 19

Company: MFS INVESTMENT GRADE MUNICIPAL TRUST
Filing Date: 2025-07-28
Form: N-CSRS
Chunk 19
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 guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements
that are more stringent than those imposed on the fund by the Investment Company Act of 1940 (the “1940 Act”).

The fund is required to maintain
certain asset coverage with respect to the RVMTP shares as defined in the fund’s governing documents and the 1940 Act. One of a number of asset coverage-related requirements is that the fund is not permitted to
declare or pay common share dividends unless immediately thereafter the fund has a minimum asset coverage ratio of at least 200% with respect to the RVMTP shares after deducting the amount of such common share
dividends. The fund may be subject to more stringent asset coverage levels which exceed the requirements under the 1940 Act and may change from time to time as agreed to by the fund and the holders of the RVMTP
shares.

The 1940 Act requires that the
preferred shareholders of the fund, voting as a separate class, have the right to elect at least two trustees at all times, and elect a majority of the trustees at any time when dividends on the preferred shares are
unpaid for two full

43

Notes to Financial
Statements (unaudited) - continued

years. Unless otherwise required by law or under
the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.

Leverage involves risks and special
considerations for the fund’s common shareholders. To the extent that investments are purchased by the fund with proceeds from the issuance of preferred shares, the fund’s net asset value will increase or
decrease at a greater rate than a comparable unleveraged fund. Changes in the value of the fund’s portfolio will be borne entirely by the common shareholders. It is possible that the fund will be required to
sell assets at a time when it may be disadvantageous to do so in order to redeem preferred shares to comply with asset coverage or other restrictions including those imposed by the 1940 Act and the rating agency that
rates the preferred shares. There is no assurance that the fund’s leveraging strategy will be successful.

44

Report of Independent Registered Public
Accounting Firm

To the Shareholders and the Board
of Trustees of MFS Investment Grade Municipal Trust

### Results of Review of Interim Financial
Statements

We have reviewed the accompanying
statement of