MFS High Yield Municipal (NYSE: CMU) redeems 180 JPMorgan RVMTP shares

Rhea-AI Filing Summary

MFS HIGH YIELD MUNICIPAL TRUST redeemed 180 Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051, that were beneficially owned by JPMorgan Chase Bank through a trust. The redemption price was $100,000 per share, and JPMorgan now reports holding 330 of these preferred shares following the transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider JPMorgan Chase Bank, N.A.

Role null

Type	Security	Shares	Price	Value
Other	Remarketable Variable Rate Munifund Term Preferred Shares	180	$0.00	--

Holdings After Transaction: Remarketable Variable Rate Munifund Term Preferred Shares — 330 shares (Indirect, By Trust)

Footnotes (1)

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Key Figures

Preferred shares redeemed: 180 shares Redemption price per share: $100,000.00 per share Liquidation preference per share: $100,000.00 per share +3 more

6 metrics

Preferred shares redeemed 180 shares Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051

Redemption price per share $100,000.00 per share Redemption of RVMTP Shares, Series 2051

Liquidation preference per share $100,000.00 per share Specified for RVMTP Shares in redemption footnote

Accrued dividends per share $0.00 per share At time of redemption of RVMTP Shares

Shares after transaction 330 shares RVMTP Shares beneficially owned following transaction

Restructuring shares 180 shares Classified as restructuring in transaction summary

Key Terms

Remarketable Variable Rate Munifund Term Preferred Shares, RVMTP Shares, liquidation preference, redemption price, +1 more

5 terms

Remarketable Variable Rate Munifund Term Preferred Shares financial

"The 180 remarketable variable rate munifund term preferred shares reported as disposed of in Table I"

A remarketable variable rate munifund term preferred share is a type of preferred stock issued by a fund that invests in municipal (tax-exempt) debt, which pays a dividend that resets periodically with market rates and has a defined term or maturity. Think of it as an adjustable-rate certificate that can be resold on scheduled “remarketing” dates; it matters to investors because it offers tax-advantaged income with changing yields, but carries interest-rate sensitivity, liquidity risk at remarketing, and credit risk tied to the municipal holdings.

RVMTP Shares financial

"represent Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051 (the "RVMTP Shares")"

liquidation preference financial

"includes a liquidation preference of $100,000.00 per share and accrued dividends of $0.00 per share"

A liquidation preference is a rule that determines who gets paid first and how much they receive when a company is sold, goes bankrupt, or distributes its assets. It gives certain investors a priority claim—often returning their original investment plus any agreed multiple—before other owners receive money, which shapes how much common shareholders and founders ultimately get; think of it as a front-of-the-line pass that affects payout order and investor returns.

redemption price financial

"disposed of as a result of a redemption by the Issuer for a redemption price of $100,000.00 per share"

The redemption price is the amount of money a person receives when they sell or redeem a bond or investment before it matures. It’s important because it determines how much you get back and can affect your overall profit or loss on the investment. Think of it like the price you get when returning a gift card early—it's the value you receive at that time.

beneficially owned financial

"represent ... Shares, Series 2051 ... beneficially owned by JPMorgan Chase Bank, National Association"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JPMorgan Chase Bank, N.A.

(Last) (First) (Middle)

1111 POLARIS PARKWAY

(Street)

COLUMBUS OHIO 43240

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MFS HIGH YIELD MUNICIPAL TRUST [ CMU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Remarketable Variable Rate Munifund Term Preferred Shares	05/01/2026		J(1)		180	D(1)	(1)	330	I	By Trust(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The 180 remarketable variable rate munifund term preferred shares reported as disposed of in Table I represent Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051 (the "RVMTP Shares") beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB"). The RVMTP Shares were disposed of as a result of a redemption by the Issuer for a redemption price of $100,000.00 per share (which includes a liquidation preference of $100,000.00 per share and accrued dividends of $0.00 per share).

	/s/ Adrian Budischak	05/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did JPMorgan report in MFS HIGH YIELD MUNICIPAL TRUST (CMU)?

JPMorgan Chase Bank reported a redemption-driven disposition of 180 Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051. These shares were redeemed by the fund at $100,000 per share, leaving JPMorgan with 330 preferred shares beneficially owned through a trust.

What type of security was affected in the CMU insider filing?

The transaction involved Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051, of MFS HIGH YIELD MUNICIPAL TRUST. These are preferred shares with a variable rate and remarketing feature, distinct from the fund’s common shares held by regular investors in the closed-end fund.

How many CMU preferred shares were redeemed from JPMorgan’s beneficial holdings?

A total of 180 Remarketable Variable Rate Munifund Term Preferred Shares, Series 2051, were redeemed. After this redemption, JPMorgan Chase Bank reports 330 such preferred shares remaining, all held indirectly through a trust structure associated with the fund.

What was the redemption price for the CMU preferred shares in this Form 4?

The preferred shares were redeemed at a redemption price of $100,000.00 per share. This amount equals the liquidation preference of $100,000.00 per share, and the footnote specifies there were accrued dividends of $0.00 per share at the time of redemption.

Was this CMU Form 4 transaction an open-market sale by JPMorgan?

No, this was not an open-market sale. The 180 preferred shares were disposed of as a result of a redemption by MFS HIGH YIELD MUNICIPAL TRUST, at the stated redemption price, rather than being sold by JPMorgan on the open market.