MFS Municipal Closed-End Funds Announce Adjournment of Special Shareholder Meetings

MFS Investment Management (“MFS”) announced today an adjournment of the special meeting of shareholders of MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), MFS Investment Grade Municipal Trust (NYSE: CXH) (each a “Target Fund” and collectively, the “Target Funds”), and MFS Municipal Income Trust (NYSE: MFM) (the “Surviving Fund”) held on March 11, 2026 (each a “Meeting” and collectively, the “Meetings”).

Each Meeting is adjourned to April 2, 2026, at 11:00 a.m. Eastern Time.

The Meetings were adjourned to allow for the solicitation of additional shareholder votes relating to (i) a proposal that each Target Fund’s shareholders approve an Agreement and Plan of Reorganization between each Target Fund and the Surviving Fund (each a “Reorganization” and collectively, the “Reorganizations”) and (ii) a proposal that the Surviving Fund’s shareholders appoint of abrdn, Inc. (“Aberdeen”) as the new investment adviser of the Surviving Fund, elect five new trustees of the Surviving Fund, and approve the issuance of additional common shares of the Surviving Fund in connection with the Reorganizations. Each of these proposals is summarized below.

The Reorganizations

On December 10, 2025, the Board of Trustees (the “Board”) of each Target Fund unanimously approved the Reorganizations. Shareholders of each Target Fund as of December 11, 2025, were mailed a prospectus/proxy statement in early February 2026, providing additional information about each Reorganization and the factors considered by each Target Fund’s Board in approving the relevant Target Fund’s Reorganization. Each Target Fund’s Board determined that the Reorganization of that Target Fund into the Surviving Fund is in the best interests of the Target Fund’s shareholders and recommends shareholders vote in favor of their Target Fund’s Reorganization.

Conditional Tender Offer for CMU and CXH

On March 4, 2026, MFS announced that the Board authorized each of CMU and CXH to conduct separate conditional cash tender offers for up to 50% of outstanding common shares of CMU and CXH at a price equal to 99% of CMU’s and CXH’s net asset value, respectively (each a “Tender Offer”). Each Tender Offer will be subject to certain conditions that will be set forth in a tender offer statement on Schedule TO, which will be filed with the U.S. Securities and Exchange Commission, and an offer to purchase, which will be mailed to shareholders of CMU and CXH as of the record date upon commencement of the Tender Offer. Among other conditions, the commencement of each Tender Offer is contingent upon CMU and CXH, as applicable, receiving the necessary shareholder vote in favor of its Reorganization. As such, each Tender Offer will not commence unless and until the requisite shareholder vote is received at the adjourned special meeting of shareholders for CMU and CXH, respectively, scheduled for April 2, 2026, or any further adjournment thereof.