MFS High Income Municipal Trust SEC Filings

MFS High Income Municipal Trust (CXE) provides its annual report for the year ended November 30, 2025. The closed-end fund seeks high current income exempt from U.S. federal income tax by investing at least 80% of net assets in municipal bonds and can invest up to 100% in below investment grade debt.

For the twelve months, the fund returned 0.89% at net asset value and 1.13% at market price, compared with 2.64% for the Bloomberg Municipal Bond Index. The portfolio emphasizes healthcare and airport revenue bonds and has an average duration of 13.8 and average effective maturity of 21.1 years.

The fund uses leverage through remarketable variable rate munifund term preferred shares and tender option bonds, with RVMTP representing 32.62% and self-deposited inverse floaters 5.83% of total assets. Leverage and longer duration positioning aided relative performance in a year of generally declining interest rates. Michael Dawson and Jason Kosty serve as portfolio managers; Geoffrey Schechter stepped down as portfolio manager effective September 30, 2025.

MFS High Income Municipal Trust insider Thomas P. Murphy has filed an initial ownership report stating that he beneficially owns no securities of the trust as of the reported event date. The filing identifies him under “Other” as a director of the trust’s advisor, rather than as a director or 10% owner of the trust itself.

The report shows no holdings of non-derivative securities and no holdings of derivative securities such as options or warrants. No transactions or changes in ownership are listed, making this a baseline disclosure that he currently reports no beneficial ownership in the trust’s securities.

MFS closed-end funds have announced a major reorganization proposal. On December 11, 2025, the boards approved plans to merge seven NYSE-listed MFS closed-end funds into two existing funds. MCR, MGF, MIN, and CIF would reorganize into MFS Multimarket Income Trust (MMT), while CXE, CMU, and CXH would reorganize into MFS Municipal Income Trust (MFM), all subject to shareholder approval.

If shareholders of MFM and MMT approve, abrdn Inc. will become investment adviser to both funds, which will be renamed Aberdeen Municipal Income Fund and Aberdeen Multi-Market Income Fund, and new Aberdeen trustees will replace the current trustees. Shareholders of record as of December 11, 2025 will receive proxy materials in late January 2026 and may vote by phone, web, mail, or in person at a special meeting tentatively set for March 11, 2026. The reorganization is intended to be tax-free and is expected to close in June 2026 if approved.

Saba Capital Management filed Amendment No. 6 to its Schedule 13D for MFS High Income Municipal Trust, disclosing beneficial ownership of 1,565,970 common shares, or 4.97% of the fund’s outstanding common stock. The ownership percentage is based on 31,525,773 shares outstanding as of 7/31/25, as disclosed in the company’s proxy statement. Saba and related parties share voting and dispositive power over these shares, and they report having paid a total of approximately $5,480,081 to acquire the position using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings.

Saba Capital Management, together with Saba Capital Management GP, LLC and Boaz R. Weinstein, filed Amendment No. 5 to Schedule 13D on MFS High Income Municipal Trust (CXE). The group reports beneficial ownership of 1,918,375 Common Shares, representing 6.09% of the class, with shared voting and dispositive power over all reported shares and no sole power.

The percentage is based on 31,525,773 shares outstanding as of 7/31/25, as disclosed in the issuer’s DEF 14A. The filing notes that approximately $6,713,315 was paid to acquire the reported shares, using investor subscription proceeds, capital appreciation, and ordinary-course margin borrowings. The purpose of transaction is listed as not applicable, and recent open-market trades within sixty days prior to 11/07/2025 are referenced in Schedule A.

MFS High Income Municipal Trust insider Kanwal Amrit, identified as an “officer of the advisor,” filed a Form 4 relating to the trust’s shares. The filing is dated with an earliest transaction date of April 2, 2025, but the detail tables for non-derivative and derivative securities do not list any specific acquisitions or dispositions.