330 CMU preferred shares moved in MFS High Yield (NYSE: CMU) reorg

Rhea-AI Filing Summary

JPMorgan Chase Bank, N.A., as a 10% owner of MFS HIGH YIELD MUNICIPAL TRUST, reported an internal restructuring involving 330 remarketable variable rate MuniFund term preferred shares held indirectly through a trust. In connection with the reorganization of this fund into MFS MUNICIPAL INCOME TRUST, these 330 preferred shares were exchanged for 330 equivalent preferred shares of the new fund in a cashless transaction, leaving no such preferred shares reported as held in the original trust for this issuer.

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	330	$0.00	--

Holdings After Transaction: Remarketable Variable Rate MuniFund Term Preferred Shares — 0 shares (Indirect, By Trust)

Footnotes (1)

1. [object Object]

Key Figures

Preferred shares restructured: 330 shares Reported transaction price: $0.0000 per share Shares following transaction (issuer): 0 shares +1 more

4 metrics

Preferred shares restructured 330 shares Remarketable Variable Rate MuniFund Term Preferred Shares exchanged in reorganization

Reported transaction price $0.0000 per share Indicates cashless exchange of preferred shares

Shares following transaction (issuer) 0 shares Preferred shares of MFS High Yield Municipal Trust reported after exchange

Restructuring shares 330 shares TransactionSummary restructuringShares tied to code J "other" transaction

Key Terms

Remarketable Variable Rate MuniFund Term Preferred Shares, RVMTP Shares, cashless transaction, reorganization

4 terms

Remarketable Variable Rate MuniFund Term Preferred Shares financial

"330 remarketable variable rate munifund term preferred shares (the "RVMTP Shares")"

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

"were exchanged for an equal number of RVMTP Shares of MFM"

cashless transaction financial

"were exchanged for an equal number of RVMTP Shares of MFM in a cashless transaction"

reorganization financial

"In connection with the reorganization of the Issuer into MFS MUNICIPAL INCOME TRUST"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/09/2026 - 04:50 PM Accepted by SEC EDGAR 06/09/2026 - 04:50 PM Learn about SEC filing dates

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

X

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)
06/08/2026

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	06/08/2026		J(1)		330	D(1)	(1)	0(1)	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. In connection with the reorganization of the Issuer into MFS MUNICIPAL INCOME TRUST ("MFM"), 330 remarketable variable rate munifund term preferred shares (the "RVMTP Shares") of the Issuer indirectly beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB") were exchanged for an equal number of RVMTP Shares of MFM in a cashless transaction. The 330 RVMTP shares reported as disposed of in Table I represent shares that were indirectly beneficially owned by JPMCB.

	/s/ Adrian Budischak, Adrian Budischak, Authorized Signatory	06/09/2026
	** 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 did JPMorgan Chase Bank report in this Form 4 for CMU?

JPMorgan Chase Bank reported an internal restructuring of 330 remarketable variable rate MuniFund term preferred shares. These indirectly held shares were exchanged in a cashless transaction as part of the reorganization into MFS Municipal Income Trust.

How many CMU preferred shares were affected in the JPMorgan Form 4?

The filing shows 330 remarketable variable rate MuniFund term preferred shares were involved. These indirectly held shares were exchanged one-for-one for 330 similar preferred shares of MFS Municipal Income Trust in a cashless reorganization transaction.

Was this Form 4 a buy or sell of CMU shares by JPMorgan?

The Form 4 does not record a traditional buy or sell. It reports an "other" transaction where 330 indirectly held preferred shares were exchanged for an equal number of preferred shares in another MFS fund as part of a reorganization.

What is the significance of the transaction being cashless for CMU investors?

The transaction is described as cashless, meaning no cash consideration changed hands. Instead, 330 preferred shares of the original trust were exchanged for 330 preferred shares of MFS Municipal Income Trust as part of the reorganization process.

How were the CMU preferred shares held by JPMorgan before the exchange?

The 330 remarketable variable rate MuniFund term preferred shares were held indirectly "By Trust". The Form 4 notes they were indirectly beneficially owned by JPMorgan Chase Bank, National Association, before being exchanged in the reorganization.