MFS Announces Portfolio Management Team Update for Three Closed End Funds

Rhea-AI Summary

MFS® has updated the portfolio management team for three closed-end funds: MFS® High Income Municipal Trust (NYSE: CXE), MFS® High Yield Municipal Trust (NYSE: CMU), and MFS® Municipal Income Trust (NYSE: MFM), effective immediately. The team will be led by portfolio managers Michael Dawson, Jason Kosty, and Geoffrey Schechter. This change follows the passing of Gary Lasman on March 28, 2023. MFS emphasizes that the investment objectives and strategies of the funds remain unchanged despite this personnel transition. MFS, established in 1924, manages approximately US$560.4 billion in assets as of February 28, 2023.

BOSTON--(BUSINESS WIRE)-- MFS® is announcing a portfolio management team update for three closed end funds: MFS® High Income Municipal Trust (NYSE: CXE), MFS® High Yield Municipal Trust (NYSE: CMU), and MFS® Municipal Income Trust (NYSE: MFM) (collectively, the “funds”), effective today.

The portfolio management team of the funds will continue to be portfolio managers Michael Dawson, Jason Kosty and Geoffrey Schechter. Current portfolio manager Gary Lasman passed away from an illness on March 28, 2023. MFS had previously disclosed on January 25, 2022, that Mr. Lasman had planned to retire from MFS, effective April 30, 2023.

The investment objective and investment strategy of each fund will not change as a result of Mr. Lasman’s passing.

MFS mourns the loss of Mr. Lasman and expresses its sincere appreciation for his contributions to the firm, its clients and shareholders since joining the firm in 2002.

About MFS Investment Management®

In 1924, MFS launched the first US open-end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of February 28, 2023, MFS manages US$560.4 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005591/en/

Dan Flaherty, +1 617 954 4256

Cherida Naughton +44 207 429 7426

For shareholders/advisors: Jeffrey Schwarz, 1 800 343 2829, ext. 55872

Source: MFS Investment Management

FAQ

What funds are impacted by the MFS portfolio management team update?

The funds impacted are MFS® High Income Municipal Trust (NYSE: CXE), MFS® High Yield Municipal Trust (NYSE: CMU), and MFS® Municipal Income Trust (NYSE: MFM).

Who are the new portfolio managers for MFS's closed-end funds?

The portfolio managers for the funds remain Michael Dawson, Jason Kosty, and Geoffrey Schechter.

When did Gary Lasman pass away?

Gary Lasman passed away on March 28, 2023.

Will the investment objectives of MFS's funds change after the management update?

No, the investment objectives and strategies of the funds will not change.

How much does MFS manage in assets?

As of February 28, 2023, MFS manages approximately US$560.4 billion in assets.