Aberdeen Municipal Income SEC Filings

MFS High Income Municipal Trust (CXE) adjourned its special shareholder meeting to April 8, 2026 at 11:00 a.m. Eastern Time to continue soliciting votes on a proposed Agreement and Plan of Reorganization into the MFS Municipal Income Trust (the "Surviving Fund").

The Board of CXE unanimously approved the Reorganization on December 10, 2025 and recommended shareholder approval; shareholders of the Surviving Fund approved related governance and issuance proposals on April 2, 2026. Materials were mailed to shareholders of both funds as of December 11, 2025.

MFS Investment Management announced adjournment of the special shareholder meetings for MFS High Income Municipal Trust (CXE) and MFS Investment Grade Municipal Trust (CXH) to April 7, 2026 at 11:00 a.m. ET to solicit additional votes on proposed reorganizations into MFS Municipal Income Trust (MFM).

The boards of each Target Fund unanimously approved the Reorganizations on December 10, 2025 and mailed prospectus/proxy materials to shareholders of record as of December 11, 2025. CXH previously authorized a conditional cash tender offer for up to 50% of outstanding shares at 99% of CXH's net asset value, which is contingent on CXH shareholder approval of its Reorganization. The Surviving Fund approved appointment of Aberdeen as adviser, election of five trustees, and issuance of additional common shares; those proposals were approved by its shareholders on April 2, 2026.

MFS Investment Management announced adjournment of the special shareholder meetings for MFS High Income Municipal Trust (CXE) and MFS Investment Grade Municipal Trust (CXH) to April 7, 2026 at 11:00 a.m. ET to solicit additional votes on proposed reorganizations into MFS Municipal Income Trust (MFM).

The boards of each Target Fund unanimously approved the Reorganizations on December 10, 2025 and mailed prospectus/proxy materials to shareholders of record as of December 11, 2025. CXH previously authorized a conditional cash tender offer for up to 50% of outstanding shares at 99% of CXH's net asset value, which is contingent on CXH shareholder approval of its Reorganization. The Surviving Fund approved appointment of Aberdeen as adviser, election of five trustees, and issuance of additional common shares; those proposals were approved by its shareholders on April 2, 2026.

MFS Municipal Income Trust filed a Form 4 for portfolio manager Geoffrey Schechter that shows no insider transactions in this report. All transaction counts, including buys, sells, exercises, gifts, and tax withholdings, are zero, indicating this filing is purely informational rather than reflecting recent trading activity.

MFS Investment Management adjourned special shareholder meetings for MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), MFS Investment Grade Municipal Trust (NYSE: CXH) and MFS Municipal Income Trust (NYSE: MFM) to April 2, 2026 at 11:00 a.m. ET.

The adjournments were made to solicit additional votes on (i) proposed reorganizations of each Target Fund into the Surviving Fund, (ii) conditional cash tender offers for up to 50% of outstanding shares of CMU and CXH at 99% of NAV contingent on shareholder approval, and (iii) shareholder approval to appoint abrdn, Inc. as adviser, elect five new trustees, and authorize issuance of additional common shares of the Surviving Fund in connection with the reorganizations.

MFS Investment Management adjourned special shareholder meetings for MFS High Income Municipal Trust (NYSE: CXE), MFS High Yield Municipal Trust (NYSE: CMU), MFS Investment Grade Municipal Trust (NYSE: CXH) and MFS Municipal Income Trust (NYSE: MFM) to April 2, 2026 at 11:00 a.m. ET.

The adjournments were made to solicit additional votes on (i) proposed reorganizations of each Target Fund into the Surviving Fund, (ii) conditional cash tender offers for up to 50% of outstanding shares of CMU and CXH at 99% of NAV contingent on shareholder approval, and (iii) shareholder approval to appoint abrdn, Inc. as adviser, elect five new trustees, and authorize issuance of additional common shares of the Surviving Fund in connection with the reorganizations.

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.

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.

abrdn National Municipal Income Fund (VFL) is asking shareholders to approve a tax-free reorganization into MFS Municipal Income Trust, which would then be renamed “Aberdeen Municipal Income Fund.” VFL shareholders would receive new shares on a net asset value basis, so the dollar value of their investment is intended to stay the same, aside from cash in lieu of fractional shares.

The combined fund is expected to be larger, with an illustrative average daily trading volume near $2 million versus VFL’s typical level below $400,000, aiming for better liquidity and a narrower discount to net asset value. Aberdeen plans to propose a stable distribution policy targeting an annualized 6% of NAV, up from VFL’s current 5.24% rate as of November 30, 2025. Aberdeen has also agreed to cap the combined fund’s total expense ratio at 0.67% of managed assets for at least two years, compared with an estimated 0.70% for VFL after its current cap expires in June 2026.

The same portfolio team would manage the combined fund, but its strategy would be more flexible, including the ability to invest up to 100% in below-investment-grade bonds, compared with VFL’s 20% limit, which increases credit risk. Legal, proxy, printing, and mailing costs for the deal will be paid by MFS and Aberdeen, while portfolio turnover around the reorganization will generate trading costs and could realize capital gains. The transaction requires approval from VFL common and preferred shareholders of record on December 11, 2025, who are scheduled to vote at a special meeting on March 11, 2026.

abrdn National Municipal Income Fund (VFL) is asking shareholders to approve a tax-free reorganization into MFS Municipal Income Trust, which would then be renamed “Aberdeen Municipal Income Fund.” VFL shareholders would receive new shares on a net asset value basis, so the dollar value of their investment is intended to stay the same, aside from cash in lieu of fractional shares.

The combined fund is expected to be larger, with an illustrative average daily trading volume near $2 million versus VFL’s typical level below $400,000, aiming for better liquidity and a narrower discount to net asset value. Aberdeen plans to propose a stable distribution policy targeting an annualized 6% of NAV, up from VFL’s current 5.24% rate as of November 30, 2025. Aberdeen has also agreed to cap the combined fund’s total expense ratio at 0.67% of managed assets for at least two years, compared with an estimated 0.70% for VFL after its current cap expires in June 2026.

The same portfolio team would manage the combined fund, but its strategy would be more flexible, including the ability to invest up to 100% in below-investment-grade bonds, compared with VFL’s 20% limit, which increases credit risk. Legal, proxy, printing, and mailing costs for the deal will be paid by MFS and Aberdeen, while portfolio turnover around the reorganization will generate trading costs and could realize capital gains. The transaction requires approval from VFL common and preferred shareholders of record on December 11, 2025, who are scheduled to vote at a special meeting on March 11, 2026.

MFS Multimarket Income Trust and MFS Municipal Income Trust are asking shareholders to approve major fund mergers, new management agreements with Aberdeen, and a new board of trustees. The proposed reorganizations would fold multiple MFS and abrdn closed-end funds into the two trusts, exchanging each Target Fund’s assets and liabilities for newly issued common shares (and RVMTP preferred shares where applicable) of the acquiring trust at equal aggregate net asset value.

If approved, Aberdeen would replace MFS as investment adviser under new fee structures based on managed assets, with Aberdeen and MFS covering an estimated $991,598 of proxy and solicitation costs and all direct reorganization expenses. The boards highlight expected benefits from larger combined funds, including potential economies of scale, trading efficiencies, expense limitation agreements for at least 24 months, and Aberdeen’s intention to recommend higher managed distribution rates—raising MMT’s annual distribution target from about 8.01% to 11.00% of average monthly NAV and the municipal trust’s rate from 4.56% to 6.00% of NAV—subject to approval by the new board after closing.

MFS High Income Municipal Trust, MFS High Yield Municipal Trust, MFS Investment Grade Municipal Trust and abrdn National Municipal Income Fund are asking shareholders to approve reorganizations into MFS Municipal Income Trust. Each Target Fund would transfer substantially all assets and liabilities for newly issued common shares (and, where applicable, preferred shares) of the Acquiring Fund, then liquidate and dissolve.

Common shareholders would receive Acquiring Fund common shares with an aggregate net asset value equal to that of their current holdings, except for cash in lieu of fractional shares. For CXE, CMU and CXH, RVMTP preferred shares would be exchanged for Acquiring Fund RVMTP shares with substantially identical terms, while VFL’s MMP preferred shares are expected to be liquidated at liquidation preference plus accrued but unpaid dividends.

The reorganized Combined Fund would remain a diversified closed-end municipal bond fund, able to invest up to 100% of assets in below investment grade municipal debt and continue using leverage. If approved by Acquiring Fund shareholders, Aberdeen would replace MFS as adviser under a new fee schedule of 0.60% of average daily Managed Assets up to $500 million and 0.55% above that, with an expense cap at 0.67% of average daily Managed Assets for at least two years; if Aberdeen is not approved, MFS would remain adviser with an expense cap at 0.71% of average daily net assets including preferred shares.

The boards of all Target Funds unanimously recommend voting for their respective reorganizations, which are intended to qualify as tax-free reorganizations under Section 368(a) of the Code, aside from cash received for fractional shares and taxable distributions of accumulated income and gains before closing.