MFS Municipal Closed-End Funds Announce Refinancing of Term of Preferred Shares

MFS Municipal Income Trust (NYSE: MFM), MFS Investment Grade Municipal Trust (NYSE: CXH), MFS High Income Municipal Trust (NYSE: CXE), and MFS High Yield Municipal Trust (NYSE: CMU) today announced that each fund has completed the issuance of a new series of Remarketed Variable Rate MuniFund Preferred Shares, Series 2051 ("Series 2051 RVMTP Shares") in a private offering. MFM issued 1,138 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $113,800,000, CXH issued 488 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $48,800,000, CXE issued 975 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $97,5000,000, and CMU issued 750 shares of Series 2051 RVMTP Shares with an aggregate liquidation preference of $75,000,000. Each fund used the proceeds from the sale of its Series 2051 RVMTP Shares to fund the redemption of all of its outstanding Variable Rate Municipal Term Preferred Shares ("VMTP Shares"). Each fund's VMTP Shares were redeemed at its liquidation preference per share plus unpaid dividends accumulated from the original issue date to, but excluding, the redemption date. As a result of the Series 2051 RVMTP Shares issuance and the redemption of its outstanding VMTP Shares, each fund's leverage attributable to preferred shares remains substantially unchanged.

The Series 2051 RVMTP Shares have a stated maturity of July 20, 2051, and an early termination date, which initially will be 42 months from the date of original issuance. Absent an agreement with the holder(s) of the Series 2051 RVMTP Shares to extend the 42-month period (with respect to the initial 42-month period and subsequent 42-month periods) and retain the Series 2051 RVMTP Shares on the same or new terms or a successful remarketing of the Series 2051 RVMTP Shares, the Series 2051 RVMTP Shares are subject to mandatory redemption. Series 2051 RVMTP Shares are reset weekly to a fixed spread (dependent on the then current ratings of the Series 2051 RVMTP Shares) against the Securities Industry and Financial Markets Association Municipal Swap Index. The Series 2051 RVMTP of each fund rank senior in priority to its outstanding common shares as to payments of dividends and distributions upon liquidation.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within The Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking and can be identified by the use of words such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue," or other similar words. Such forward-looking statements are based on the fund's current plans and expectations, are not guarantees of future results or performance, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements are as of the date of this release only; the Fund undertakes no obligation to update or review any forward-looking statements. You are urged to carefully consider all such factors.

About the Funds

The funds are closed-end investment company products advised by MFS Investment Management. Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, common shares of the funds are bought and sold in the open market through a stock exchange. Shares may trade at a discount to the net asset value per share. Shares of the funds are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the funds involve investment risk, including possible loss of principal.

No VMTP shares have been registered under the Securities Act or any state securities laws. Unless so registered, no VMTP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

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 June 30, 2021, MFS had approximately US$661.6 billion in assets under management.

MFS Investment Management

111 Huntington Ave., Boston, MA 02199

48972.1

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