MFS High Yield Municipal Trust Stock

MFS High Yield Municipal Trust (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is to seek high current income exempt from federal income tax but may also consider capital appreciation. The Fund invests, under normal market conditions, at least 80% of its net assets, including assets attributable to preferred shares and borrowings for investment purposes, in tax-exempt bonds and tax-exempt notes. The Fund may invest 25% or more of its total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. The Fund may invest up to 100% of its assets in below investment grade quality debt instruments. The Fund uses leverage through the issuance of preferred shares and/or the creation of tender option bonds, and then investing the proceeds pursuant to its investment strategies. The Fund's investment adviser is Massachusetts Financial Services Company.