The MFS High Yield Municipal Trust (the fund) is a closed-end fund investing primarily in tax-exempt bonds and tax-exempt notes. 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. MFS 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. Its investment advisor is Massachusetts Financial Services Company.