MFS High Yield Municipal Trust Commences Tender Offer

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Key Terms

tender offer financial

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 financial

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.

schedule to regulatory

A phrase indicating that a company plans or intends to hold an event, publish information, or take an action at a specified future time, but that the timing is not guaranteed and may change. For investors it signals an expected milestone—like an earnings call, product launch, or filing—so think of it as a calendar note rather than a firm promise; timing shifts can affect trading, expectations, and planning.

fdic-insured regulatory

"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.

closed end funds financial

A closed-end fund is an investment company that raises a fixed amount of money by selling a set number of shares and then lists those shares for trading on an exchange, so investors buy and sell them like stocks. It matters because the market price can differ from the value of the underlying assets—trading at a discount or premium—creating income and pricing opportunities but also extra risk if supply and demand, fees, or borrowed money push the share price away from the fund’s actual holdings; think of it as a fixed-size pie sold on a public marketplace.

open end mutual fund financial

An open-end mutual fund is a pooled investment that continuously issues and redeems shares at the fund’s net asset value (NAV), so investors buy or sell directly from the fund rather than on an exchange. It gives small investors access to a professionally managed, diversified portfolio—like buying a slice of a large pie that the manager reshapes—making it important for investors because it offers daily liquidity, steady pricing tied to underlying assets, and costs or cash-flow pressures that can affect returns.

04/06/2026 - 04:15 PM

BOSTON--(BUSINESS WIRE)-- MFS High Yield Municipal Trust (the “Fund”) (NYSE: CMU) today commenced a cash tender offer for the Fund’s common shares. The Fund is offering to purchase up to 50% of the Fund’s outstanding common shares (the “Shares”) at a price per Share equal to 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 on the date the offer expires. The tender offer will expire at 5:00 P.M., Eastern Standard Time on May 5, 2026, unless extended. The pricing date will also be May 5, 2026, unless the tender offer is extended. If the number of shares tendered exceeds the maximum amount of the offer, the Fund will purchase shares from tendering shareholders on a pro-rata basis.

The tender offer is being made on the terms and subject to the conditions set forth in the Fund’s tender offer statement on Schedule TO (including an offer to purchase, a related letter of transmittal and other offer documents) that have been filed with the U.S. Securities and Exchange Commission (the “SEC”). All of these documents contain important information about the tender offer. Shareholders of the Fund are urged to read them carefully before any decision is made with respect to the offer. Shareholders of the Fund can obtain a free copy of each of these documents at the SEC’s website at www.sec.gov or from the Fund by calling Georgeson LLC, the Fund’s information agent for the tender offer, at 1-866-316-3922. This press release is not a recommendation, an offer to purchase, or a solicitation of an offer to sell shares of the Fund and is not a prospectus, circular or representation intended for use in the purchase or sale of Fund shares.

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 February 28, 2026, MFS manages $669.8 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.

MFS Investment Management
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