Bulldog Investors, LLP Reduces Stake in MFS High Yield Municipal Trust Below 5% Following Tender Offer

On May 12, 2026, Bulldog Investors, LLP filed Amendment No. 14 to its Schedule 13D for MFS High Yield Municipal Trust (CMU), reporting a significant reduction in its position. Following a tender offer completed on May 6, 2026, the reporting persons ceased to be beneficial owners of more than 5% of the issuer's common stock. Specifically, Bulldog Investors disposed of 1,410,919 shares on May 6 at a price of $3.71, following smaller dispositions on May 4. As a result, Bulldog Investors, LLP now beneficially owns 100,155 shares, representing approximately 0.79% of the 12,746,391 shares outstanding. Individual partners Phillip Goldstein and Andrew Dakos are deemed to beneficially own 1.04% and 0.71% of the shares, respectively, through their shared power to direct the vote and disposition of these securities. This filing marks a major exit for the group, which previously held a substantial stake in the Trust.