MFS Amends Shareholder Agreement for MFS Investment Grade Municipal Trust

Written by Emily J. Thompson, Senior Investment Analyst

Source: Newsfilter

Updated: Jul 15 2025

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Source: Newsfilter

Agreement Amendment: MFS Investment Management has amended an agreement with a major shareholder of the MFS Investment Grade Municipal Trust, extending the deadline for meeting a trading discount threshold until December 31, 2025, which could trigger a liquidity event if not met.
Forward-Looking Statements: The press release includes cautionary statements regarding forward-looking information that may not guarantee future results and emphasizes the investment risks associated with the Fund's shares.

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About CXH

MFS Investment Grade Municipal Trust (the Fund) is a diversified closed-end management investment company. The Fund’s investment objective is to seek high current income exempt from federal income tax, but may also consider capital appreciation. The Fund invests, under normal market conditions, at least 80% of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in tax-exempt bonds and tax-exempt notes. The Fund may also invest in below-investment grade quality debt instruments. It invests in various sectors, such as healthcare, general obligations, universities, water and sewer utilities, toll roads, student loan, airports, and state and local appropriations. The fund offers a Dividend Reinvestment and Cash Purchase Plan that allows common shareholders to reinvest either all the distributions paid by the fund or only the long-term capital gains. The Fund's investment adviser is Massachusetts Financial Services Company.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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Distribution Amount Overview: For instance, the MFS® High Yield Municipal Trust (NYSE:CMU) will distribute $0.01650 per share, while the MFS® High Income Municipal Trust (NYSE:CXE) will distribute $0.0180 per share, reflecting the varying income capabilities and investment strategies of different funds.
Managed Distribution Plan: Some funds have adopted a managed distribution plan, which allows for distributions from long-term capital gains or return of capital if monthly investment income is insufficient, a strategy that aims to maintain distribution levels and may impact market performance.
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Shareholder Voting: A special meeting is tentatively scheduled for March 11, 2026, to seek approval from common and preferred shareholders of each Target Fund for the proposed reorganizations, ensuring maximization of shareholder interests.
New Investment Adviser: Following the reorganizations, Aberdeen Investments will be appointed as the new investment adviser, expected to enhance management efficiency and investment returns, thereby strengthening market competitiveness.
Board Changes: The reorganization will also involve the election of five new trustees, ensuring optimized governance structures and professional decision-making to support the long-term strategic development of the funds.

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Distribution Announcement: MFS Investment Management has announced monthly distributions for several closed-end funds, including MFS Charter Income Trust and MFS Government Markets Income Trust, reflecting the company's ongoing commitment to shareholder returns.
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Investor Notification Mechanism: MFS will issue notices to shareholders detailing the amounts and sources of distributions, enhancing transparency and helping investors understand the tax implications of distributions, thereby strengthening trust between the company and its investors.

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