SCHEDULE: Bulldog Investors Adjusts MFS High Yield Municipal Trust Stake

Bulldog Investors, LLP, along with principals Phillip Goldstein and Andrew Dakos, have filed an amendment to their Schedule 13D, reporting changes in their beneficial ownership of MFS High Yield Municipal Trust.

Summary

• This filing is Amendment No. 13 to the Schedule 13D, originally filed on July 17, 2023, and remains largely unmodified except for the reported changes in beneficial ownership.
• As of May 1, 2026, Bulldog Investors, LLP beneficially owns 1,382,344 shares of MFS High Yield Municipal Trust (CMU), representing 5.42% of the outstanding shares.
• Phillip Goldstein is deemed beneficial owner of 1,765,329 shares (6.92% of outstanding shares).
• Andrew Dakos is deemed beneficial owner of 1,267,456 shares (4.97% of outstanding shares).
• These ownership figures are based on 25,492,782 shares outstanding as of November 30, 2025, according to an N-CSR filing.
• Bulldog Investors, LLP has sole voting and dispositive power over 120,488 shares and shared power over 1,261,856 shares with certain clients.
• Since the last filing on May 1, 2026, Bulldog Investors has sold a net of 1,090,049 shares of CMU.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this filing as neutral to slightly negative due to the significant sale of shares by a major holder, which could be interpreted as a lack of confidence or a strategic exit, although the remaining stakes are still substantial.

Positives

• The filing provides updated beneficial ownership information, ensuring transparency for investors.
• The reporting persons continue to hold significant stakes, indicating ongoing interest in the issuer.

Negatives

• Significant sales of CMU shares have occurred since the last filing, totaling 1,090,049 shares between April 30, 2026, and May 1, 2026.
• The aggregate beneficial ownership for Phillip Goldstein and Andrew Dakos, while substantial, reflects a decrease due to recent sales.

Risks

• The sale of a large number of shares could indicate a reduction in confidence or a strategic shift by Bulldog Investors, potentially impacting market perception.
• Continued selling pressure from significant holders could negatively affect the share price.

Future Outlook

No specific forward-looking statements or guidance are provided in this amendment, which primarily reports on changes in beneficial ownership and recent transactions.

Management Comments

• "This Constitutes Amendment #13 to the schedule 13D filed July 17, 2023. Except as specifically set forth herein, the schedule 13D remains unmodified."
• "As per the N-CSR filed on 1/23/26 there were 25,492,782 shares of common stock outstanding as of 11/30/25. The percentages set forth herein were derived using such number."
• "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."
• "Clients of Bulldog Investors, LLP and the owners of accounts reflected herein are entitled to receive any dividends or sales proceeds."

Industry Context

StockSavvy.ai notes that Schedule 13D filings are crucial for tracking significant investor activity in publicly traded companies. This amendment indicates a notable reduction in holdings by Bulldog Investors, a known activist investor in closed-end funds, which may signal a change in their strategy or outlook for MFS High Yield Municipal Trust.

Related Party Transactions

• Phillip Goldstein and Andrew Dakos are partners of Bulldog Investors, LLP, a registered investment advisor. Their beneficial ownership is reported in relation to the shares held by Bulldog Investors and its clients.

Stakeholder Impact

• Shareholders may be concerned by the significant sales by Bulldog Investors, potentially leading to downward pressure on share price.
• Other investors may use this information to re-evaluate their own positions in MFS High Yield Municipal Trust.

Next Steps

• Monitor future filings from Bulldog Investors, Phillip Goldstein, and Andrew Dakos for any further changes in beneficial ownership or strategic actions.
• Observe the market reaction to the reported share sales and any potential impact on MFS High Yield Municipal Trust's share price.

Key Dates

Recommendation

The filing indicates a reduction in holdings by a significant investor, which warrants attention. However, the remaining stakes are still substantial, and without further information on the reasons for the sales or the issuer's performance, a 'hold' recommendation is prudent. Investors should monitor future filings and company performance.

Keywords

MFS High Yield Municipal Trust, Schedule 13D, Bulldog Investors, Phillip Goldstein, Andrew Dakos, Beneficial Ownership, SEC Filing, Municipal Bonds, Investment Advisor