MFS INVESTMENT GRADE MUNICIPAL TRUST Business Summary

MFS Investment Grade Municipal Trust (CXH) operates as a closed-end management investment company that generates revenue primarily through interest income derived from a diversified portfolio of tax-exempt municipal securities. The fund’s business model focuses on the maximization of current income exempt from federal income tax while prioritizing capital preservation, typically investing at least 80% of its net assets in investment-grade municipal bonds. Its portfolio is segmented by sector allocations—including healthcare, education, utilities, and transportation—and by geographic distribution across U.S. states and territories. CXH frequently employs financial leverage through the issuance of preferred shares or debt to enhance yield for common shareholders. Within the competitive landscape of municipal closed-end funds, CXH competes directly with the Nuveen Quality Municipal Income Fund (NAD), BlackRock MuniYield Quality Fund (MQY), and Eaton Vance Municipal Bond Fund (EIM), positioning itself as a research-intensive, credit-focused vehicle that leverages MFS’s proprietary fundamental analysis to mitigate default risk relative to more aggressively leveraged peers. The fund is managed by Massachusetts Financial Services Company (MFS), an institutional pioneer credited with inventing the first U.S. mutual fund in 1924. The investment strategy is executed by a veteran portfolio management team including Geoffrey Schechter, Jason Kosty, and Phillip Casparian, who bring extensive expertise in fixed-income research and municipal credit cycles. Corporate leadership at the advisor level is headed by Edward M. Maloney, who serves as Chief Executive Officer of MFS, supported by a global investment platform of over 300 investment professionals. The fund’s governance is overseen by an independent Board of Trustees, which includes seasoned financial executives such as Steven E. Buller, former CFO of BlackRock, and John P. Kavanaugh. This leadership structure ensures rigorous fiduciary oversight and maintains the firm’s long-standing commitment to active management and risk-adjusted performance in the tax-exempt fixed-income market.