ABERDEEN GOVERNMENT MARKETS INCOME FUND

For the Annual Meetings of Shareholders

to be held on September 29, 2026

This Joint Proxy Statement (hereinafter referred to as the “Proxy Statement”) is furnished in connection with the solicitation of proxies by each Fund’s Board of Trustees (each a “Board” and collectively, the “Boards” with members of the Board being referred to as “Trustees”) to be voted at the Annual Meeting of Shareholders of each Fund (each, a “Meeting, and collectively, the “Meetings”) to be held at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103, on September 29, 2026, at 10:00 a.m. Eastern Time and at any adjournments or postponements thereof. A Notice of Annual Meeting of Shareholders and a proxy card (the “Proxy Card”) accompany this Proxy Statement. This Proxy Statement is first being sent to shareholders on or about August 14, 2026. It is anticipated that each Fund will hold its Meeting simultaneously with each other Fund. Shareholders of each Fund will vote separately on each item as noted below.

The purpose of each Meeting is to consider and act upon the following proposals (each, a “Proposal”) as applicable for each Fund and to consider and act upon such other matters as may properly come before each Meeting or any adjournments or postponements thereof:

Proposal 1: Election of Trustees for each Fund as detailed below

Proposal 2: MMT only: Adoption of a Fundamental Investment Policy

To adopt as a fundamental policy that, under normal circumstances, the Fund shall maintain an investment portfolio such that the average credit quality of its portfolio securities is investment grade.

All properly executed proxies received prior to Meeting will be voted at that Meeting, or at any adjournments or postponements thereof, in accordance with the instructions marked on the Proxy Card. Unless instructions to the contrary are marked on the Proxy Card, proxies received will be voted**“FOR”** each Proposal. The persons named as proxy holders on the Proxy Card will vote in their discretion on any other matters that may properly come before the Meeting or any adjournments or postponements thereof. Any Proxy Card may be revoked at any time prior to its exercise by submitting a properly executed, subsequently dated Proxy Card to, or giving written notice to, Megan Kennedy, Secretary of the Funds, 1900 Market Street, Suite 200, Philadelphia, PA 19103, or by attending the Meeting and voting in person. Shareholders may authorize proxy voting by using the enclosed Proxy Card along with the enclosed envelope with pre-paid postage. Shareholders may also authorize proxy voting by telephone or through the Internet by following the instructions contained on their Proxy Card. Shareholders do not have dissenters’ rights of appraisal in connection with any of the matters to be voted on by the shareholders at each Meeting.

The presence in person or by proxy of holders of 30% of the shares of a Fund entitled to vote at the Meeting shall constitute a quorum. For purposes of electing the two Preferred Share Trustees of MFM, the presence in person or by proxy of holders of 30% of the preferred shares entitled to vote at the Meeting shall constitute a quorum.

With respect to Proposal 1a and 1b (other than the MFM Preferred Shares Trustees), the election of a Trustee to the Board requires the affirmative vote of a plurality of shares present in person or by proxy and entitled to vote for the election of such Trustee at a meeting at which a quorum is present. With respect to Proposal 1b, the election of MFM Preferred Share Trustees requires the affirmative vote of a plurality of MFM’s outstanding preferred shares present in person or by proxy and entitled to vote for the election of the MFM Preferred Share Trustees at a meeting at which a quorum is present. Under a plurality vote, the nominees who receive the highest number of votes up to the number of Trustees or MFM Preferred Share Trustees to be elected will be elected even if they receive less than a majority of votes cast. For purposes of the election of Trustees and the MFM Preferred Share Trustees, abstentions and broker non-votes (i.e., proxies from brokers or nominees indicating that they have not received instructions from the beneficial owners regarding an item for which the brokers or nominees do not have discretionary power to vote) will be counted as shares present for quorum purposes, but will not be treated as votes cast. Abstentions and broker non-votes therefore, will have no effect on the election of Trustees (except to the extent they cause a quorum to be present).

With respect to Proposal 2 for MMT, approval will require the affirmative vote of a “majority of the outstanding voting securities” of MMT as defined in the 1940 Act. This means the lesser of (1) 67% or more of the shares of MMT present at the Annual Meeting if more than 50% of the outstanding shares of MMT are present or represented by proxy, or (2) more than 50% of the outstanding shares of MMT. Under a “majority of outstanding voting securities” vote for MMT, broker non-votes, abstentions and withholding of authority to vote for Proposal 2 will have the effect of a vote against this proposal.

All properly executed proxies received prior to a Meeting will be voted at the Meeting or any adjournments or postponements thereof in accordance with the instructions marked thereon. Proxies received prior to the Meeting on which no vote is indicated with respect to a proposal will be voted “FOR” the proposal.

In the event that a quorum is not present or if sufficient votes are not received consistent with a Board’s recommendation regarding a proposal, management may propose an adjournment or adjournments of a Meeting. Any adjournment would require a vote in favor of the adjournment representing 30 percent of the voting power of the outstanding shares entitled to vote present in person or by proxy on the applicable proposal. The persons named as proxies on the Proxy Card may vote (or withhold their votes) in their discretion on any proposed adjournment. If notice of any such adjourned meeting is required, it shall be given to each shareholder of record entitled to vote at the adjourned meeting. At any adjourned meeting, each Fund may transact any business that might have been transacted at the Meeting. Any proposals for which sufficient votes in accordance with the Trustees’ recommendations have been received by the time of the Meeting may be acted upon and considered final regardless of whether the Meeting is adjourned to permit additional solicitation with respect to any other proposal.

We will admit to each Meeting (1) all shareholders of record on August 3, 2026 (the “Record Date”), (2) persons holding proof of beneficial ownership on the Record Date, such as a letter or account statement from the person’s broker, (3) persons who have been granted proxies, and (4) such other persons that we, in our sole discretion, may elect to admit. To gain admittance, if you are a shareholder of record or a proxy holder of a shareholder of record, you must bring a form of personal identification to the Meeting, where your name will be verified against our shareholder list. If a broker or other nominee holds your shares and you plan to attend a Meeting, you should bring a recent brokerage statement showing your ownership of the shares, as well as a form of personal identification. If you are a beneficial owner and plan to vote at a Meeting, you should also bring a proxy card from your broker.

Each Board has fixed the close of business on August 3, 2026 as the Record Date for the determination of shareholders entitled to notice of, and to vote at, the Meeting and at any adjournment or postponement thereof. Shareholders on the Record Date for the Fund will be entitled to one vote for each share held for the Meeting on each Proposal on which the shareholder is entitled to vote. Each fractional share is entitled to a proportional fractional vote.

As of the Record Date, the following shares of each Fund were issued and outstanding.

MGF – 32,590,193 shares

MIN – 113,798,238 shares

MMT – 115,993,476 shares

MFM - 99,429,799 shares

2,241 preferred shares

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to Be Held on September 29, 2026, at the offices of abrdn Inc., located at 1900 Market Street, Suite 200, Philadelphia, PA 19103. The Proxy Materials and each Funds’ most recent annual report for the fiscal year ended October 31, 2025 (MIN, MMT and MFM) or November 30, 2025 (MGF), are available on the Internet athttps://www.AberdeenMGF.com (MGF), https://www.AberdeenMIN.com (MIN), https://www.AberdeenMMT.com (MMT) andhttps://www.AberdeenMFM.com (MFM), respectively. Each Fund will furnish, without charge, a copy of its annual report for its most recently completed fiscal year and any more recent reports, to any Fund shareholder upon request. To request a copy, please write to the Fund c/o abrdn Inc., 1900 Market Street, Suite 200, Philadelphia, PA 19103, or call 1-800-522-5465. You may also call for information on how to obtain directions to be able to register to attend the Meetings.