SCHEDULE: Bulldog Investors Boosts MFS High Yield Municipal Trust Stake

Bulldog Investors, LLP and its partners have increased their beneficial ownership in MFS High Yield Municipal Trust to 11.79%, with Phillip Goldstein's stake reaching 13.11%.

Summary

• Bulldog Investors, LLP, along with partners Phillip Goldstein and Andrew Dakos, has increased its beneficial ownership in MFS High Yield Municipal Trust (CMU).
• As of August 27, 2025, Bulldog Investors, LLP beneficially owns 3,006,546 shares, representing 11.79% of CMU's outstanding common stock.
• Phillip Goldstein's beneficial ownership stands at 3,342,968 shares (13.11%), while Andrew Dakos beneficially owns 2,896,773 shares (11.36%).
• These percentages are calculated based on 25,492,782 shares of common stock outstanding as of November 30, 2024, as reported in the N-CSR filed on January 27, 2025.
• Since the last filing on July 16, 2025, the reporting persons purchased a total of 268,283 shares of CMU at prices ranging from $3.2188 to $3.3279 per share.

Sentiment

Score: 7

Explanation: The increased stake by an activist investor group suggests a positive outlook on the company's potential for value creation, indicating a strong conviction in the investment.

Positives

• The significant increase in beneficial ownership by Bulldog Investors, LLP and its partners, reaching 11.79% for the firm and 13.11% for Phillip Goldstein, indicates strong conviction in the value of MFS High Yield Municipal Trust.
• Bulldog Investors is known as an activist investor, and their increased stake may signal potential future actions aimed at enhancing shareholder value.
• Consistent share purchases across multiple dates in July and August 2025, totaling 268,283 shares, demonstrate continued accumulation at various price points.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may anticipate increased pressure on management to improve performance or consider strategic alternatives, given the activist nature of Bulldog Investors.
• The increased ownership by a prominent investor group could attract more attention to MFS High Yield Municipal Trust, potentially influencing trading activity.

Key Dates

Recommendation

The increased beneficial ownership by an activist investor group like Bulldog Investors often signals a belief in undervalued assets or potential for corporate action to unlock value. While not a direct performance report, this development suggests a watchful stance for investors, as the activist's engagement could lead to future strategic initiatives that may impact share price.

Keywords

MFS High Yield Municipal Trust, CMU, Bulldog Investors, Phillip Goldstein, Andrew Dakos, Schedule 13D, beneficial ownership, activist investor, closed-end fund