# EDGAR Filing Document

**Accession Number:** 0001504304
**File Stem:** 0001398344-25-013224
**Filing Date:** 2025-7
**Character Count:** 19430
**Document Hash:** 76d744ca95aa87f34ea663798d5dfe42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-013224.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001398344-25-013224

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MFS HIGH YIELD MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000809844

**ORGANIZATION NAME:**
- **EIN:** 042950868
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84331
- **FILM NUMBER:** 251128018

**BUSINESS ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199
- **BUSINESS PHONE:** 617-954-5000

**MAIL ADDRESS:**
- **STREET 1:** 111 HUNTINGTON AVENUE
- **STREET 2:** 24TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02199

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COLONIAL MUNICIPAL INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bulldog Investors, LLP
- **CENTRAL INDEX KEY:** 0001504304

**ORGANIZATION NAME:**
- **EIN:** 270926182
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** PARK 80 WEST - PLAZA TWO
- **STREET 2:** 250 PEHLE AVE. SUITE 708
- **CITY:** SADDLE BROOK
- **STATE:** NJ
- **ZIP:** 07663
- **BUSINESS PHONE:** 201 556-0092

**MAIL ADDRESS:**
- **STREET 1:** PARK 80 WEST - PLAZA TWO
- **STREET 2:** 250 PEHLE AVE. SUITE 708
- **CITY:** SADDLE BROOK
- **STATE:** NJ
- **ZIP:** 07663

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bulldog Investors, LLC
- **DATE OF NAME CHANGE:** 20130610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Brooklyn Capital Management LLC
- **DATE OF NAME CHANGE:** 20101026

## Ex-1

**AMENDMENT NO. 1**

**TO TENDER OFFER AND STANDSTILL AGREEMENT**

This Amendment No. 1 (the "**Amendment**") to the Tender Offer and Standstill Agreement dated August 23, 2023, (the "**Agreement**"), by and among MFS High Yield Municipal Trust (the "**Fund**") and Massachusetts Financial Services Company ("**MFS**" and, together with the Fund, the "**Fund Parties**") and Bulldog Investors, LLP (d/b/a Bulldog Investors) and its employees and "affiliated persons" (as that term is defined in the Investment Company Act of 1940, as amended) (collectively, "**Bulldog**") (the Fund Parties and Bulldog are collectively referred to as the "**Parties**"), on behalf of Special Opportunities Fund and any other clients of Bulldog which have an interest in the Fund (or may have an interest in the Fund for the duration of the Agreement) and for which Bulldog has discretionary authority to act on their behalf.

**WHEREAS,** pursuant to Section 9 of the Agreement, the Agreement may be amended only by a written instrument signed by the Parties; and

**WHEREAS,** the Parties desire to amend the Agreement to, among other things, extend the term of the Agreement and certain provisions thereof as set forth below.

**NOW THEREFORE,** in consideration of the foregoing and the mutual covenants herein contained, the Parties hereby agree as follows:

**1.** Section 1(c) of the Agreement is hereby deleted and replaced in its entirety with the following:

"(c) The Board of Trustees of the Fund shall approve a liquidity event for the Fund (the "Liquidity Event"), unless the Average Trading Discount (as defined below) of the Shares is equal to or less than 7.50% for the entirety of a Trigger Period (as defined below), in which case such approval of the Liquidity Event shall not be required. For avoidance of doubt, if the Average Trading Discount of the Shares is equal to or less than 7.50% for the entirety of a Trigger Period, this Section 1(c) will not require any further action by the Fund's Board of Trustees, the Fund or MFS.

"Trigger Period" means any consecutive 30 calendar day period occurring between July 15, 2025 and December 31, 2025. Each Trigger Period shall commence as of 12:01 a.m. EST on the first calendar day and shall end as of 11:59 p.m. EST on the 30<sup>th</sup> calendar day of such period.

"Average Trading Discount" means the simple average of the trading discounts (and premiums, as the case may be) of the Shares on each day the NYSE is open for trading (each a "Business Day") during a Trigger Period, with the trading discount (or premium) on each Business Day equal to the percentage difference between the NAV of the Shares and the trading price of the Shares as of the close of regular trading on the NYSE on such Business Day (the "closing price"), with a trading price below NAV expressed as a positive percentage (*i.e.,* percentage discount) and a trading price above NAV as a negative percentage (*i.e.,* percentage premium).<sup>1</sup> MFS shall perform such calculations as soon as practical after each Business Day during a Trigger Period in good faith and on a consistent basis using the Fund's published daily NAV calculations and the closing price of the Shares as published by Bloomberg.

<sup>1</sup> For example, if the closing price of the Shares is $6 and the NAV $8 on a Business Day, and the closing price of the Shares is $11 and the NAV $10 on the next Business Day, the Average Trading Discount for those two Business Days would be 7.5%, which is the simple average of a 25% discount on the first Business Day and a 10% premium (-10%) on the second Business Day.

For the avoidance of doubt, nothing in the Agreement precludes the Fund's Board of Trustees from taking action regarding the Fund in accordance with its fiduciary duty to the Fund.

**2.** Section 2(b) of the Agreement is hereby deleted and replaced in its entirety with the following:

"(b) Bulldog shall, from the time of the Announcement through the Release Date (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* refrain from directly or indirectly making, supporting or encouraging any shareholder proposals (including proposing any nominees for election) concerning the Fund; *(ii)* vote in accordance with the recommendations of the Board of Trustees of the Fund on nominees for election as Trustees of the Fund; *(iii)* vote in accordance with the recommendations of the Board of Trustees on any other non-extraordinary matters affecting the Fund provided that Bulldog reasonably determines that voting in accordance with such recommendations does not violate any legal requirements; *(iv*) refrain from directly or indirectly soliciting or encouraging others to vote against the recommendations of the Board of Trustees on any non-extraordinary matters affecting the Fund; *(v*) refrain from granting a proxy with respect to Shares of the Fund other than to officers of, or other persons named as proxies by, the Fund; *(vi)* refrain from executing any written consent with respect to the Shares of the Fund other than as may be solicited by the Fund; *(vii)* refrain from joining or participating in a newly formed group concerning the Fund; *(viii)* refrain from seeking the removal of any member of the Board of Trustees of the Fund; *(ix)* refrain from seeking control or influence over the management or policies of the Fund; and *(x)* refrain from publicly disclosing any intention, plan, proposal or arrangement or other matter inconsistent with its obligations under this subparagraph 2(b). Notwithstanding anything to the contrary in this Section 2(b), any investment company that is advised by Bulldog or its affiliates shall vote its shares of the Fund to the extent it would be required by one of the methods prescribed in Section 12(d)(1) of the Investment Company Act of 1940, as amended.

 

For the purposes of this Agreement and subject to the foregoing, the "Release Date" will be the earliest of the following: (a) 11:59 p.m. EST on December 31, 2025, or (b) such other date as the Parties may agree in writing."

**3.** Section 13 of the Agreement is hereby deleted and replaced in its entirety with the following:

"13. **<u>Term and Termination</u>**. This Agreement shall remain in effect until the earliest of the following: (a) 11:59 p.m. EST on December 31, 2025, or (b) such other date as the Parties may agree in writing."

**4.** Except as specifically amended hereby, the Agreement shall continue in full force and effect in accordance
with its terms. This Amendment shall not itself be amended except as part of any future amendment to the Agreement effected in accordance
with the terms thereof.

**5.** If any provision of this Amendment shall be held or made invalid by a court decision, statute or rule,
or shall be otherwise rendered invalid, the remainder of this Amendment shall not be affected thereby. This Amendment embodies the entire
agreement and understanding between the Parties hereto, and supersedes all prior agreement and understandings relating to this Amendment's
subject matter.

**6.** This Amendment may be executed simultaneously in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. Signatures on this Amendment may be communicated
by electronic transmission (which shall include email but not facsimile) and shall be binding on the Parties so transmitting their signatures.

**IN WITNESS WHEREOF**, the Parties have caused this Amendment to be executed by their officers designated below as of July 15, 2025.

**BULLDOG INVESTORS, LLP**

By: <u>/s/ Phillip Goldstein</u>

Name: <u>Phillip Goldstein</u>

Title: <u>Managing Partner</u>

**MASSACHUSETTS FINANCIAL SERVICES COMPANY**

By: <u>/s/ Heidi Hardin</u>

Name: <u>Heidi Hardin</u>

Title: <u>EVP & General Counsel</u>

**MFS HIGH YIELD MUNICIPAL TRUST**

By: <u>/s/ David DiLorenzo</u>

Name: <u>David DiLorenzo</u>

Title: <u>Fund President</u>

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 6)**

**MFS High Yield Municipal Trust**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**59318E102**

*(CUSIP Number)*

**Bill Demo**<br>250 Pehle Ave.<br>Suite 708<br>Saddle Brook NJ 07663<br>(201) 881-7108

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**07/15/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **59318E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bulldog Investors, LLP** | Name of reporting person<br>**Bulldog Investors, LLP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**24200.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2671037.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**24200.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2671037.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2695237.00** | Aggregate amount beneficially owned by each reporting person<br>**2695237.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.57%** | Percent of class represented by amount in Row (11)<br>**10.57%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **59318E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Phillip Goldstein** | Name of reporting person<br>**Phillip Goldstein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**109810.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2966641.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**109810.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2966641.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3076451.00** | Aggregate amount beneficially owned by each reporting person<br>**3076451.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**12.07%** | Percent of class represented by amount in Row (11)<br>**12.07%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **59318E102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Andrew Dakos** | Name of reporting person<br>**Andrew Dakos** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2671037.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2671037.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2671037.00** | Aggregate amount beneficially owned by each reporting person<br>**2671037.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.48%** | Percent of class represented by amount in Row (11)<br>**10.48%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
MFS High Yield Municipal Trust

**(c) Address of Issuer's Principal Executive Offices:**
111 Huntington Avenue, Boston, MA, 02199

This Constitutes Amendment #6 to the schedule 13D filed July 17, 2023. Except as specifically set forth herein, the schedule 13D rmains unmodified.

**Item 4. Purpose of Transaction**

Bulldog Investors has entered into the Amendment to Standstill Agreement included as an Exhibit hereto.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As per the N-CSR filed on 1/27/25 there were 25,492,782 shares of common stock outstanding as of 11/30/24. The percentages set forth herein were derived using such number. Phillip Goldstein and Andrew Dakos own Bulldog Investors, LLP, a registered investment advisor. As of July 15 2025, Bulldog Investors, LLP is deemed to be the beneficial owner of 2,695,237 shares of CMU (representing 10.57% of CMU's outstanding shares) soley by virtue of Bulldog Investors, LLP's power to direct the vote of, and dispose of, these shares. As of July 15, 2025, Mr. Goldstein is deemed to be the beneficial owner of 3,076,451 shares of CMU (representing 12.07% of CMU's outstanding shares) and Mr. Dakos is deemed to be the beneficial owner of 2,671,037 shares of CMU (representing 10.48% of CMU's outstanding shares) by virtue of their power to direct the vote of, and dispose of, these shares.

**(b)**
Bulldog Investors, LLP has sole power to dispose of and vote 24,200 shares. Bulldog Investors, LLP has shared power to dispose and vote 2,671,037 shares. Certain of Bulldog Investors, LLP's clients (none of whom beneficially own more than 5% of CMU's shares) share this power with Bulldog Investors. Messrs. Goldstein and Dakos are partners of Bulldog Investors, LLP.

**(c)**
During the last 60 days the following shares of CMU were purchased.

Date                      Shares                   Price
7/11/2025            10,000                   3.2900

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

None

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bulldog Investors, LLP

**Signature:** Andrew Dakos

**Name/Title:** Andrew Dakos, Partner

**Date:** 07/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Phillip Goldstein

**Signature:** Phillip Goldstein

**Name/Title:** Phillip Goldstein, Partner

**Date:** 07/15/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Andrew Dakos

**Signature:** Andrew Dakos

**Name/Title:** Andrew Dakos, Partner

**Date:** 07/15/2025