Bulldog Investors Boosts MFS High Yield Muni Trust Stake to 5.50%

TL;DR

**Activist investor Bulldog Investors just upped its stake in MFS High Yield Municipal Trust, watch for potential shake-ups!**

AI Summary

Bulldog Investors, LLP, an investment adviser, and its principal, Phillip Goldstein, have updated their ownership in MFS High Yield Municipal Trust (MHY). As of December 28, 2023, Bulldog Investors, LLP reported shared voting and dispositive power over 1,401,848 shares, representing 5.50% of the class. Phillip Goldstein, individually, reported shared voting and dispositive power over 2,100,594 shares. This matters to investors because Bulldog Investors is known for activist investing in closed-end funds, suggesting they may push for changes to unlock shareholder value, potentially impacting the stock price.

Why It Matters

This filing indicates a significant activist investor, Bulldog Investors, LLP, has a substantial stake in MFS High Yield Municipal Trust, potentially signaling future efforts to influence management or corporate strategy.

Risk Assessment

Risk Level: medium — The presence of an activist investor can lead to volatility as they push for changes, which may or may not be beneficial for all shareholders.

Analyst Insight

Investors should monitor MFS High Yield Municipal Trust news for any announcements regarding Bulldog Investors' intentions or proposed actions, as this could significantly impact the fund's strategy and valuation. Consider the potential for both positive changes (e.g., improved shareholder value) and negative short-term volatility.

Key Numbers

• 1,401,848 — Shares owned by Bulldog Investors, LLP (Represents 5.50% of the MFS High Yield Municipal Trust's class, indicating a significant ownership stake.)
• 5.50% — Percentage of class owned by Bulldog Investors, LLP (This percentage is above the 5% threshold, requiring the SC 13D filing and indicating a potentially influential position.)
• 2,100,594 — Shares owned by Phillip Goldstein (This larger number reflects his total shared voting and dispositive power, including shares held through Bulldog Investors, LLP and potentially other entities.)
• December 28, 2023 — Date of Event (This is the specific date when the ownership change occurred that triggered this filing.)

Key Players & Entities

• Bulldog Investors, LLP (company) — reporting person and investment adviser
• MFS High Yield Municipal Trust (company) — subject company of the filing
• Phillip Goldstein (person) — reporting person and principal of Bulldog Investors, LLP
• 1,401,848 (dollar_amount) — shares owned by Bulldog Investors, LLP
• 2,100,594 (dollar_amount) — shares owned by Phillip Goldstein
• 5.50% (dollar_amount) — percentage of class represented by Bulldog Investors, LLP's ownership
• December 28, 2023 (date) — date of event requiring the filing

Forward-Looking Statements

• Bulldog Investors, LLP will likely engage with MFS High Yield Municipal Trust management to propose strategic changes. (Bulldog Investors, LLP) — medium confidence, target: Within 6-12 months
• The stock price of MFS High Yield Municipal Trust may experience increased volatility due to activist involvement. (MFS High Yield Municipal Trust) — medium confidence, target: Ongoing

FAQ

Filing Documents

• fp0086438-1_sc13da.htm (SC 13D/A) — 6KB
• 0001398344-24-000039.txt ( ) — 8KB

SECURITY AND ISSUER

Item 1. SECURITY AND ISSUER This Constitutes Amendment #3 to the schedule 13d filed July 17, 2023. Except as specifically set forth herein, the Schedule 13d remaines unmodified

INTEREST IN SECURITIES OF THE ISSUER

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER (a) As per the N-CSRS filed on 7/18/23 there were 28,325,314 shares of common stock outstanding as of 5/31/23. On 11/16/23 2,832,532 shares were tendered leaving 25,492,782 shares outstanding. The percentages set forth herein were derived using such number. Phillip Goldstein and Andrew Dakos own Bulldog Investors, LLP, a registered investment advisor. As of December 29, 2023 Bulldog Investors, LLP is deemed to be the beneficial shares) solely by virtue of Bulldog Investors LLP's power to direct the vote of,and dispose of, these shares. As of December 29, 2023, each of Messrs. Goldstein and Dakos is deemed to be the beneficial owner of 2,100,594 shares of CMU (representing 8.24% of CMU's outstanding shares) by virtue of their power to direct the vote of, and dispose of, these shares. (b)Bulldog Investors,LLP has sole power to dispose of and vote 0 shares. Bulldog Investors, LLP has shared power to dispose of and vote 1,401,848 shares. 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, LLP. Messrs. Goldstein and Dakos are partners of Bulldog Investors, LLP. Messrs. Goldstein and Dakos have shared power to dispose of and vote an additional 698,746 shares. c) Since the last filing on 11/17/23 the following shares of CMU were bought and sold. Date Shares Price 11/30/2023 7,950 3.1700 12/4/2023 10,000 3.2100 12/5/2023 10,700 3.2000 12/11/2023 7,800 3.2100 12/12/2023 247 3.2100 12/13/2023 3,588 3.2100 12/15/2023 4,500 3.2700 12/18/2023 1,800 3.2800 12/21/2023 24,500 3.2988 12/21/2023 26,820 3.2900 12/22/2023 23,700 3.2952 12/22/2023 5,000 3.2900 12/26/2023 14,629 3.3045 12/27/2023 713 3.3000 12/27/2023 (2,226) 3.3100 12/28/2023 85,131 3.3000 12/28/2023 20,000 3.3000 12/29/2023 10,000 3.3000 12/29/2023 117,837 3.3000 d) Clients of Bulldog Investors, LLP and a

CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS

ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. None

MATERIAL TO BE FILED AS EXHIBITS

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS None After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Dated: 01/02/2024 By: /S/ Phillip Goldstein Name: Phillip Goldstein By: /S/ Andrew Dakos Name: Andrew Dakos Bulldog Investors, LLP By: /s/ Andrew Dakos Andrew Dakos, Partner Footnote 1: The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest therein.

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View this SC 13D/A filing on SEC EDGAR