MFS HIGH YIELD MUNICIPAL TRUST Business Summary

MFS High Yield Municipal Trust (CMU) is a diversified closed-end management investment company that generates revenue through the collection of tax-exempt interest income and capital appreciation from a portfolio of municipal securities. Its business model centers on an active management strategy that invests at least 80% of its net assets in tax-exempt bonds and notes, specifically targeting high-yield, lower-rated, or unrated debt to maximize current income for shareholders. The trust’s primary business segments are defined by its strategic allocations across municipal sectors such as healthcare, education, housing, and transportation infrastructure. CMU competes directly with other high-yield municipal closed-end funds, including the Nuveen Municipal High Income Opportunity Fund (NMZ), BlackRock Municipal Income Trust (BFK), and Invesco Municipal Opportunity Trust (VKO). Within this landscape, CMU is positioned as a research-driven vehicle that utilizes MFS’s proprietary credit analysis to navigate the complexities of the non-investment grade municipal market. The trust is managed by Massachusetts Financial Services Company (MFS), an investment pioneer that launched the first U.S. open-end mutual fund in 1924. The leadership team is headed by Chief Executive Officer Edward "Ted" Maloney, who assumed the role in January 2025, and Executive Chair Michael W. Roberge, a veteran with over three decades of experience at the firm. The portfolio management for CMU is led by Michael Dawson, an investment officer with extensive expertise in state and national municipal bond strategies. The fund is overseen by a Board of Trustees that includes Independent Chair Steven E. Buller and Trustee John P. Kavanaugh, both of whom provide significant fiduciary and industry experience from prior senior roles at major financial institutions. This leadership structure ensures a disciplined, long-term approach to credit risk and capital preservation within the high-yield municipal space.