Company: CXH
Filing Date: 2025-07-28
Form Type: N-CSRS
Source: 0001683863-25-006221
Chunk: 10

Company: MFS INVESTMENT GRADE MUNICIPAL TRUST
Filing Date: 2025-07-28
Form: N-CSRS
Chunk 10
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 significant
unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of May 31, 2025 in valuing the fund's assets and
liabilities:

36

Notes to Financial Statements (unaudited) - continued

| Financial Instruments |    Level 1 |      Level 2 | Level 3 |        Total |
| Equity Securities:    |            |              |         |              |
| Netherlands           |         $— |           $— |  $4,496 |       $4,496 |
| Municipal Bonds       |          — |  108,452,386 |       — |  108,452,386 |
| U.S. Corporate Bonds  |          — |       66,977 |       — |       66,977 |
| Investment Companies  |  1,127,031 |            — |       — |    1,127,031 |
| Total                 | $1,127,031 | $108,519,363 |  $4,496 | $109,650,890 |

For further information regarding security characteristics, see the Portfolio of Investments. The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The table presents the activity of level 3 securities held at the beginning and the end of the period.

|                                                   |     Equity 
 Securities |
| Balance as of 11/30/24                            |    $11,461 |
| Change in unrealized appreciation or depreciation |     -6,965 |
| Balance as of 5/31/25                             |     $4,496 |

At May 31, 2025, the fund held one level 3 security. Inverse Floaters — The fund invests in municipal inverse floating rate securities in the form of self-deposited secondary market inverse floaters which have variable rates of interest that typically move in the opposite direction of short-term rates. A self-deposited secondary market inverse floater is created when the fund transfers a municipal bond from its portfolio to a special purpose trust (“the trust”) and causes the trust to issue (a) inverse floaters to be held by the fund and (b) floating rate certificates to be held by third parties. The floating rate certificates usually pay tax-exempt interest at short-term rates that reset daily or weekly and the holders of those certificates typically have the option to tender at par