A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.
Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.
A closed-end investment company is a pooled investment fund that issues a fixed number of shares in a one-time offering and then has those shares bought and sold on an exchange like a stock; a professional manager runs the portfolio of assets. It matters to investors because the market price can move above or below the value of the underlying holdings, affecting returns and income, and shares may be less flexible to issue or redeem compared with open-ended funds—think of buying a slice of a privately baked pie whose market price can differ from the pie’s actual ingredients value.
open-end mutual fundfinancial
An open-end mutual fund is a pooled investment that continuously issues and redeems shares at a price set daily based on the total value of its holdings, allowing investors to buy or sell directly with the fund rather than on an exchange. It matters to investors because it offers professional management, easy access to diversification and liquidity—think of it like a grocery store that restocks whatever customers buy—while costs and portfolio choices can directly affect returns.
FDIC-insuredregulatory
"FDIC-insured" means that a bank or savings institution is protected by the Federal Deposit Insurance Corporation, which guarantees that depositors will get back their money up to a certain limit if the bank fails. This insurance provides peace of mind, similar to a safety net, ensuring that your savings are protected even if the bank encounters financial trouble. It helps build trust and confidence for people saving or investing their money in banks.
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BOSTON--(BUSINESS WIRE)--
MFS® High Yield Municipal Trust (the “Fund”) (NYSE: CMU) announced today that, in accordance with its tender offer for up to 50% of the Fund’s outstanding common shares (the “Shares”), which expired at 5:00 P.M., Eastern Time, on May 5, 2026, the Fund has accepted 12,746,391 Shares, representing 50% of Shares, for payment on or about May 11, 2026.
A total of 13,949,629.03 Shares were properly tendered and not withdrawn by May 5, 2026, the final date for withdrawals. Therefore, on a prorated basis, approximately 91.38% of the Shares so tendered by each shareholder have been accepted for payment. The purchase price of properly tendered Shares is 99% of the Fund’s net asset value (“NAV”) per Share calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”) on May 5, 2026, which is equal to $3.75 per Share.
The Fund’s information agent for the tender offer is Georgeson LLC and the depositary agent for the tender offer is Computershare Trust Company, N.A. Any questions with regard to the tender offer may be directed to the information agent toll-free at 1-866-316-3922.
About the Fund
The Fund is a closed-end investment company product advised by MFS Investment Management. Closed-end funds, unlike open-end funds, are not continuously offered. Except pursuant to a tender offer, common shares of the Fund are only available for purchase/sale on the NYSE at the current market price. Shares may trade at a discount to NAV. Shares of the Fund are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Shares of the Fund involve investment risk, including possible loss of principal. For more complete information about the Fund, including risks, charges, and expenses, please see the Fund's annual and semi-annual shareholder reports or contact your financial adviser.
About MFS Investment Management
In 1924, MFS launched the first U.S. 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 April 30, 2026, MFS manages $650.7 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.
MFS Investment Management 111 Huntington Ave., Boston, MA 02199
