Fund Description: MFS High Yield Municipal Trust, formerly the Colonial Municipal Income Trust, is an exchange-traded closed-end fund or a closed-end ETF which is officially described as a non-diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The Fund seeks, as its primary investment objective, to provide high current income generally exempt from federal income tax. The Trust's secondary investment objective is to seek total return. <p> FUND STRATEGY: The bonds and notes purchased by the Trust generally are issued by or on behalf of state and local governmental units, whose interest is exempt from federal income tax. Under normal circumstances, the Trust will invest at least 80% of its assets in debt securities that are consistent with its objectives of high current income and total return. Typically, these investments include tax-exempt bonds that are rated to be of medium and lower quality or, if unrated, are considered by the Trust's investment advisor to be of comparable quality. <p> FUND MANAGEMENT: Massachusetts Financial Services Company (“MFS”) is the investment advisor of the Fund and also provides administrative and other services to the Fund.