Abrdn National (NYSE: VFL) adjourns shareholder vote, reschedules to Apr 1

Rhea-AI Filing Summary

abrdn National Municipal Income Fund (VFL) adjourned its Special Meeting of Shareholders and rescheduled the adjourned meeting for April 1, 2026 at 11:00 am Eastern Time. The adjournment was taken to solicit additional proxies to achieve the requisite quorum.

Shareholders are being asked to vote on a proposed Agreement and Plan of Reorganization between abrdn National Municipal Income Fund and MFS Municipal Income Trust (NYSE: MFM). The Board of Trustees unanimously recommends voting for the reorganization as described in the Joint Proxy Statement/Prospectus. Supplemental proxy materials will be mailed; the proxy statement as supplemented is available on www.sec.gov.

Insights

Fund Governance Expert

Adjournment to solicit proxies is a routine governance step for vote-driven reorganizations.

Adjournment until April 1, 2026 indicates the fund did not reach quorum and seeks additional shareholder participation. The Board's unanimous recommendation is a clear governance signal in favor of the proposed Agreement and Plan of Reorganization with MFS Municipal Income Trust.

Outcomes depend on proxy returns; subsequent filings will disclose vote results and any further adjournments or conditions tied to closing.

Asset Management / Transaction Expert

This notice confirms a pending fund reorganization requiring shareholder approval and further solicitation.

The transaction being voted on is a reorganization between abrdn National Municipal Income Fund and MFS Municipal Income Trust; the proxy statement and supplemental materials provide the transaction terms. The filing directs investors to mailed supplements and the SEC website for full disclosures.

Material items to watch: final vote outcome on April 1, 2026 and any post-vote implementation disclosures in subsequent filings.

Filed by MFS Municipal Income Trust
pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Companies:

abrdn National Municipal Income Fund 
File No.: 811-07410

Date: March 11, 2026

abrdn National Municipal Income Fund (VFL) Announces Adjournment of Special

Shareholder Meeting Relating to Proposed Reorganization

(Philadelphia, March 11, 2026) – abrdn National Municipal Income Fund (NYSE: VFL) announces that the Special Meeting of Shareholders was held and adjourned today, to allow for the solicitation of additional proxies to achieve the requisite quorum. The Fund has set a new adjournment date for its Special Meeting of Shareholders of Wednesday, April 1, 2026, at 11:00 am Eastern Time.

Shareholders of the Fund are being asked to vote on the proposal to approve an Agreement and Plan of Reorganization between the abrdn National Municipal Income Fund (NYSE: VFL) and MFS Municipal Income Trust (NYSE: MFM).

The Board of Trustees unanimously recommends that you cast your vote for the Reorganization of the fund pursuant to the plan of Reorganization as described in the Joint Proxy Statement/Prospectus.

Shareholders are directed to the supplemental proxy materials that they will receive in the mail for further information. The proxy statement, as supplemented to date, is also available on the Securities and Exchange Commission’s website, www.sec.gov.

Important Information

Closed-end funds are traded on the secondary market through one of the stock exchanges. A fund’s investment return and principal value will fluctuate so that an investor’s shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund’s portfolio. There is no assurance that a fund will achieve its investment objective. Past performance does not guarantee future results.

The value at which a closed-end fund stock trades on a stock exchange is a function of external market factors that are not under the control of the Fund’s Board or Investment Advisor. Closed-end fund shares may therefore trade at a premium or a discount to net asset value at any given time. Shareholders should be aware that a fund trading at a premium to net asset value may not be sustainable, and a fund’s discount to net asset value can widen as well as narrow. Shareholders of a fund trading at a premium who participate in that fund’s dividend reinvestment plan should note the reinvestment of distributions may occur at a premium to net asset value.  

About Aberdeen Investments

Aberdeen Investments Global is the trade name of Aberdeen's investments business, herein referred to as “Aberdeen Investments” or “Aberdeen”. In the United States, Aberdeen Investments refers to the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited.

Aberdeen Investments is one of the world’s largest asset management firms with extensive experience in managing closed-end funds dating back to the 1980s. As of December 31, 2025, Aberdeen Investments had approximately $525 billion in assets under management.

For More Information Contact:

Aberdeen Investments U.S. Closed-End Funds

Investor Relations

1-800-522-5465

investor.relations@aberdeenplc.com

abrdn National Municipal Income Fund | Aberdeen

FAQ

What change did abrdn National Municipal Income Fund (VFL) announce?

It announced the Special Meeting was adjourned and rescheduled for April 1, 2026 at 11:00 am ET to solicit additional proxies. The meeting will consider a proposed reorganization with MFS Municipal Income Trust.

What are shareholders being asked to vote on in the VFL meeting?

Shareholders are being asked to approve an Agreement and Plan of Reorganization between abrdn National Municipal Income Fund and MFS Municipal Income Trust. The Board of Trustees unanimously recommends approval, per the joint proxy statement/prospectus.

Where can VFL shareholders find the proxy materials and supplemental information?

Shareholders will receive supplemental proxy materials by mail; the proxy statement as supplemented is also available on the SEC website at www.sec.gov for review before the adjourned meeting on April 1, 2026.

Does the filing state who will receive proceeds from the reorganization?

The filing excerpt does not describe proceeds or cash‑flow recipients. It focuses on the meeting adjournment, the reorganization vote, and availability of supplemental proxy materials for detailed terms.

How large is Aberdeen Investments according to the filing?

The filing states Aberdeen Investments had approximately $525 billion in assets under management as of December 31, 2025, cited in the "About Aberdeen Investments" section.