{"id":919049,"date":"2025-12-11T17:37:24","date_gmt":"2025-12-11T22:37:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/"},"modified":"2025-12-11T17:37:24","modified_gmt":"2025-12-11T22:37:24","slug":"mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/","title":{"rendered":"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser"},"content":{"rendered":"

<\/p>\n

MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen <\/b>Investments as Investment Adviser<\/b><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–
\nMFS Investment Management (\u201cMFS\u201d) announced today that the Board of Trustees (the \u201cBoard\u201d) of MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), and MFS Investment Grade Municipal Trust (NYSE: CXH) (each a \u201cTarget Fund\u201d and collectively, the \u201cTarget Funds\u201d) approved the proposed reorganization of each Target Fund into the MFS Municipal Income Trust (NYSE: MFM) (the \u201cSurviving Fund\u201d) (each a \u201cReorganization\u201d and collectively, the \u201cReorganizations\u201d). The Board has also approved three related proposals for the Surviving Fund: i) the appointment of Aberdeen Investments, the global specialist asset manager, as the new investment adviser, ii) the appointment of five new trustees, and iii) the issuance of additional common shares in connection with the proposed Reorganizations. Each of the three proposals is subject to approval by the Surviving Fund\u2019s shareholders, the consummation of certain of the proposed Reorganizations and certain other conditions.\n<\/p>\n

\nSubject to the aforementioned approvals, upon closing it is intended that the Surviving Fund name would be changed from \u201cMFS Municipal Income Trust\u201d to \u201cAberdeen Municipal Income Fund.\u201d\n<\/p>\n

The Reorganizations<\/span><\/b><\/p>\n

\nEach Reorganization is subject to the receipt of necessary shareholder approval by the respective Target Fund, as discussed further below.\n<\/p>\n\n\n\n\n\n\n
\n

Target Fund<\/b><\/p>\n<\/td>\n

\n

Surviving Fund<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nMFS High Income Municipal Trust\n<\/p>\n<\/td>\n

\n

\nMFS Municipal Income Trust\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMFS High Yield Municipal Trust\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMFS Investment Grade Municipal Trust\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nabrdn National Municipal Income Fund1<\/sup><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe Reorganizations are intended to increase the scale, liquidity and marketability of the Target Funds and the Surviving Fund, which may help reduce the discount to net asset value per share over time. The Reorganizations will allow shareholders of each Target Fund and the Surviving Fund to continue their investment in a significantly larger fund with the potential for a higher annual distribution rate and the potential for lower total annual fund operating expenses after agreed upon expense waivers. Each Target Fund and the Surviving Fund have similar investment objectives and investment policies. Each Target Fund\u2019s Board believes that the Reorganization is in the best interest of the applicable Target Fund\u2019s shareholders.\n<\/p>\n

Required Approval of Each Target Fund\u2019s Common Shareholders<\/i><\/p>\n

\nCommon and preferred shareholders of each Target Fund as of December 11, 2025, will be asked to approve their respective Reorganization at a special meeting of shareholders of each Target Fund, tentatively scheduled for March 11, 2026.\n<\/p>\n

\nShareholders of each Target Fund will receive a prospectus\/proxy statement (the \u201cTarget Funds Prospectus\/Proxy Statement\u201d) providing additional information and soliciting a vote in favor of the respective Target Fund\u2019s Reorganization. Each Target Fund\u2019s Board has determined that the Reorganization of that Target Fund into the Surviving Fund is in the best interests of the Target Fund\u2019s shareholders and recommends shareholders vote in favor of their Target Fund\u2019s Reorganization. If approved, the Reorganizations are expected to consummate in the second quarter of 2026.\n<\/p>\n

Issuance of Shares by the Surviving Fund<\/i><\/p>\n

\nShareholders of the Surviving Fund will be asked to approve the issuance of additional common shares (the \u201cReorganization Shares\u201d) to accommodate the Reorganizations.\n<\/p>\n

Appointment of Aberdeen Investments as Investment Adviser and the Election of Five New Trustees for the Surviving Fund<\/span><\/b><\/p>\n

\nIn addition to and in connection with the Reorganizations, the Board of the Surviving Fund has approved (i) a new investment management agreement with the US Subsidiary of Aberdeen Investments, abrdn Inc., to serve as the investment adviser to the Surviving Fund following the consummation of the Reorganizations and (ii) the nomination of five new trustees to serve as the Surviving Fund\u2019s board of trustees following the consummation of the Reorganizations. The appointment of abrdn Inc. as the Surviving Fund\u2019s investment adviser and the election of the five new trustees as the Surviving Fund\u2019s board of trustees are subject to the approval of the Surviving Fund\u2019s shareholders and certain contingencies, as discussed further below.\n<\/p>\n

About Aberdeen Investments<\/i><\/p>\n

\nIn the United States, Aberdeen Investments is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited and abrdn Asia Limited.\n<\/p>\n

\nAberdeen Investments constitutes one of the world\u2019s largest asset management firms with extensive experience in managing closed-end funds dating back to the 1980s. As of September 30, 2025, Aberdeen Investments had approximately $515 billion in assets under management. Moreover, closed-end funds are an important element of Aberdeen Investments\u2019 client base in the U.S. and globally, managing 15 U.S. closed-end funds and 13 non-U.S. closed-end funds, totaling $26.1 billion in assets as of September 30, 2025.\n<\/p>\n

Required Approval of the Surviving Fund\u2019s Shareholder<\/i><\/p>\n

\nShareholders of the Surviving Fund as of December 11, 2025, will be asked to approve the new investment management agreement appointing abrdn Inc. as its new investment adviser and to elect the five new trustees for the Surviving Fund at a special meeting of shareholders, tentatively scheduled for March 11, 2026. Shareholders of the Surviving Fund will receive a proxy statement (the \u201cSurviving Fund Proxy Statement\u201d) providing additional information and soliciting a vote in favor of each proposal, both of which are recommended by the Surviving Fund\u2019s Board. If approved, it is expected that the appointment of abrdn Inc. as investment adviser and the election of the five new Trustees will take effect upon the consummation of the Reorganizations, which is expected to occur in the second quarter of 2026.\n<\/p>\n

\nThe Surviving Fund\u2019s Board believes that each proposal described above is in the best interests of the Surviving Fund\u2019s shareholders and recommends that shareholders of the Surviving Fund vote in favor of each proposal.\n<\/p>\n

\nFurther information concerning the above will be provided in the Target Funds Prospectus\/Proxy Statement and the Surviving Fund Proxy Statement which will be mailed to shareholders of the Target Funds and Surviving Fund, respectively.\n<\/p>\n

Filing and Mailing of Shareholder Materials<\/span><\/b><\/p>\n

\nThe Target Funds Proxy Statement and the Surviving Fund Proxy Statement have yet to be filed with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d). After filing with the SEC, the Target Funds Prospectus\/Proxy Statement and Surviving Fund Proxy Statement may be amended or withdrawn. The Target Funds Prospectus\/Proxy Statement and Surviving Fund Proxy Statement are expected to be mailed to shareholders of record on December 11, 2025 of each Target Fund and the Surviving Fund, as applicable, in late January 2026.\n<\/p>\n

Cautionary Statement Regarding Forward-Looking Statements<\/span><\/b><\/p>\n

\nThis press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Such forward-looking statements are based on the fund’s current plans and expectations, are not guarantees of future results or performance, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements are as of the date of this release only; the funds undertake no obligation to update or review any forward-looking statements. You are urged to carefully consider all such factors.\n<\/p>\n

About the Funds<\/span><\/b><\/p>\n

\nThe funds are closed-end investment company products advised by MFS Investment Management. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, common shares of the funds are bought and sold in the open market through a stock exchange. Shares may trade at a discount to the net asset value per share. Shares of the funds are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the funds involve investment risk, including possible loss of principal.\n<\/p>\n

About MFS Investment Management<\/span><\/b><\/p>\n

\nIn 1924, MFS launched the first US open-end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries and institutional clients, MFS still serves a single purpose: to create long term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of November 30, 2025, MFS had approximately US$655.2 billion in assets under management.\n<\/p>\n

MFS Investment Management
\n
<\/b>111 Huntington Ave., Boston, MA 02199<\/b><\/p>\n\n\n\n
____________<\/td>\n<\/tr>\n
\n

1<\/sup><\/p>\n<\/td>\n

\n

\nThe reorganization of abrdn National Municipal Income Fund (\u201cVFL\u201d) into the Surviving Fund will be separately presented to and considered by VFL\u2019s Board of Trustees and will be addressed in a separate press release issued by VFL.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251211481732\/en\/<\/a><\/span><\/p>\n

Media Contacts: <\/b>Dan Flaherty<\/a>, +1 617.954.4256
\n<\/b>
For Shareholders\/Advisors: <\/b>Brian Mastrullo<\/a>, +1 617.954.7940<\/b><\/p>\n

KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser BOSTON–(BUSINESS WIRE)– MFS Investment Management (\u201cMFS\u201d) announced today that the Board of Trustees (the \u201cBoard\u201d) of MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), and MFS Investment Grade Municipal Trust (NYSE: CXH) (each a \u201cTarget Fund\u201d and collectively, the \u201cTarget Funds\u201d) approved the proposed reorganization of each Target Fund into the MFS Municipal Income Trust (NYSE: MFM) (the \u201cSurviving Fund\u201d) (each a \u201cReorganization\u201d and collectively, the \u201cReorganizations\u201d). The Board has also approved three related proposals for the Surviving Fund: i) the appointment of Aberdeen Investments, the global specialist asset manager, as the new investment … <\/p>\n

Continue reading “MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-919049","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nMFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser BOSTON–(BUSINESS WIRE)– MFS Investment Management (\u201cMFS\u201d) announced today that the Board of Trustees (the \u201cBoard\u201d) of MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), and MFS Investment Grade Municipal Trust (NYSE: CXH) (each a \u201cTarget Fund\u201d and collectively, the \u201cTarget Funds\u201d) approved the proposed reorganization of each Target Fund into the MFS Municipal Income Trust (NYSE: MFM) (the \u201cSurviving Fund\u201d) (each a \u201cReorganization\u201d and collectively, the \u201cReorganizations\u201d). The Board has also approved three related proposals for the Surviving Fund: i) the appointment of Aberdeen Investments, the global specialist asset manager, as the new investment … Continue reading "MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-11T22:37:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20251211481732r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser\",\"datePublished\":\"2025-12-11T22:37:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\\\/\"},\"wordCount\":1499,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20251211481732r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\\\/\",\"name\":\"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/","og_locale":"en_US","og_type":"article","og_title":"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser - Market Newsdesk","og_description":"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser BOSTON–(BUSINESS WIRE)– MFS Investment Management (\u201cMFS\u201d) announced today that the Board of Trustees (the \u201cBoard\u201d) of MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), and MFS Investment Grade Municipal Trust (NYSE: CXH) (each a \u201cTarget Fund\u201d and collectively, the \u201cTarget Funds\u201d) approved the proposed reorganization of each Target Fund into the MFS Municipal Income Trust (NYSE: MFM) (the \u201cSurviving Fund\u201d) (each a \u201cReorganization\u201d and collectively, the \u201cReorganizations\u201d). The Board has also approved three related proposals for the Surviving Fund: i) the appointment of Aberdeen Investments, the global specialist asset manager, as the new investment … Continue reading \"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/","og_site_name":"Market Newsdesk","article_published_time":"2025-12-11T22:37:24+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20251211481732r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser","datePublished":"2025-12-11T22:37:24+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/"},"wordCount":1499,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20251211481732r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/mfs-closed-end-funds-announce-special-shareholder-meetings-relating-to-proposed-reorganizations-and-proposed-appointment-of-aberdeen-investments-as-investment-adviser\/","name":"MFS Closed-end Funds Announce Special Shareholder Meetings Relating to Proposed Reorganizations and Proposed Appointment of Aberdeen Investments as Investment Adviser - 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