BOSTON--(BUSINESS WIRE)--MFS Investment Management® announced that, at a meeting held today, the Board of Trustees of MFS® California Municipal Fund (NYSE American: CCA), a closed-end management investment company, approved a plan of liquidation and termination for the fund (the "liquidation"). The liquidation is currently expected to be completed on or about October 4, 2019.

In determining to terminate and liquidate the fund, the fund's investment manager, MFS, and the board considered a variety of factors. These included a request for a liquidity event made by a common shareholder holding a significant percentage of the fund's common shares; the relatively small size of the fund; the nature of the fund's portfolio holdings; and the fund's common share trading discount to net asset value (NAV). MFS and the board also considered alternatives, including merging the fund into another investment company; converting the fund to an open-end structure; or conducting a tender offer. On balance it was determined that a liquidation would be in the best interests of the fund and its shareholders.

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, 2019, MFS managed US$488.8 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.