MFS HIGH INCOME MUNICIPAL TRUST Business Summary

MFS High Income Municipal Trust (CXE) is a diversified, closed-end management investment company that generates revenue primarily through management fees and interest income derived from a high-yield portfolio of tax-exempt municipal obligations. The trust’s business model focuses on providing shareholders with high current income exempt from federal income tax by investing at least 80% of its net assets in municipal bonds, including significant allocations to below-investment-grade debt across sectors such as healthcare, multi-family housing, and investor-owned utilities. As of March 2026, the trust is navigating a strategic reorganization into the MFS Municipal Income Trust (MFM), a move intended to consolidate assets and transition investment advisory responsibilities to abrdn Inc. CXE competes directly with other national high-yield municipal closed-end funds, including BlackRock Municipal Income Trust II (BLE), Nuveen California Municipal Value Fund (NCA), and Putnam Managed Municipal Income (PMM), positioning itself as a yield-focused vehicle that frequently utilizes structural leverage to capture wider credit spreads in the municipal market. Originally formed in 1989 as the Colonial High Income Municipal Trust, the fund is sponsored by MFS Investment Management, a firm founded in 1924 by George Putnam that pioneered the first open-end mutual fund. The trust is currently led by David L. DiLorenzo as President and CEO, supported by Treasurer Kasey L. Phillips and Chief Compliance Officer Rosa E. Licea-Mailloux, while day-to-day portfolio management is overseen by Michael Dawson and Jason Kosty. At the parent firm level, Ted M. Maloney serves as Chief Executive Officer (effective January 2025), succeeding Michael W. Roberge, who transitioned to Executive Chair; other key leadership includes CIO Alison O’Neill, CFO John M. Corcoran, and CTO Jey Joseph Amalraj. The trust’s governance is provided by a Board of Trustees chaired by John P. Kavanaugh, and its institutional profile is marked by significant ownership from activist investors such as Saba Capital Management, led by Boaz Weinstein, alongside major holdings by UBS Group AG and Almitas Capital.