MFS High Yield Municipal Trust

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, over 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 invests primarily in municipal instruments. The Fund invests 25% or more of the fund’s total assets in municipal instruments that finance similar projects, such as those relating to education, healthcare, housing, utilities, water, or sewers. It also invests in taxable instruments, including derivatives. The Fund offers a dividend reinvestment and cash purchase plan that allows common shareholders to reinvest all of the distributions paid by the fund. The investment advisor of the fund is Massachusetts Financial Services Company.