MFS High Yield Municipal Trust
CMU
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- MFS High Yield Municipal Trust (NYSE: CMU) is a diversified closed-end management investment company that seeks high current income exempt from federal income tax, with a secondary objective of capital appreciation. The fund invests at least 80% of its assets, including those attributable to leverage, in tax-exempt municipal bonds and notes issued by U.S. states, territories, and political subdivisions; these primarily comprise high-yield, below-investment-grade securities financing sectors such as education, healthcare, housing, utilities, water, and sewers, supplemented by derivatives, tender option bonds, and limited high-yield corporates. It employs leverage through variable rate municipal term preferred shares (RVMTP), borrowings, and tender option bond structures to enhance returns, resulting in a portfolio featuring approximately 628 issues from 353 issuers, an average coupon of 5.06%, effective duration of 13.19 years, and effective maturity of 21.18 years as of October 31, 2025. The fund trades on the New York Stock Exchange at market prices that may trade at a discount or premium to net asset value, with shares distributed monthly at approximately $0.0165 per share recently. It benchmarks performance against the Bloomberg Municipal Bond Index and maintains nationwide U.S. geographic exposure across municipal issuers. Massachusetts Financial Services Company (MFS) serves as investment adviser, with the fund domiciled in the United States and headquartered in Boston, Massachusetts. Founded on March 19, 1987, as Colonial Municipal Income Trust, the fund operates with net assets of $97.02 million as of October 31, 2025. Recent major developments include a tender offer approved in April 2025 for up to 10% of outstanding common shares to address share discounts; an amendment in July 2025 to a shareholder agreement extending the liquidity event discount threshold evaluation to December 31, 2025; optional partial redemptions of RVMTP shares announced for the period July 18, 2024, to December 31, 2024, alongside similar actions for affiliated MFS municipal closed-end funds; and a notice of the 2025 annual meeting of shareholders issued in August 2025.