Form 4: JPMorgan Chase Bank N.A. Reduces Stake in Invesco Value Municipal Income Trust

JPMorgan Chase Bank N.A. reports the disposal of 350 variable rate muni term preferred shares in Invesco Value Municipal Income Trust due to a redemption by the issuer.

Summary

• JPMorgan Chase Bank, N.A. reported a change in beneficial ownership of Invesco Value Municipal Income Trust shares on May 31, 2024.
• The transaction involved the disposal of 350 variable rate muni term preferred shares, Series 2015/6-IIM.
• These shares were disposed of due to a redemption by Invesco Value Municipal Income Trust.
• The redemption price was $100,381.91257 per share, including a liquidation preference of $100,000.00 and accrued dividends of $381.91257.
• Following the transaction, JPMorgan Chase Bank, N.A. indirectly owns 1,981 shares through a trust.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing detailing a standard redemption of shares. It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Industry Context

This filing reflects standard transactions related to holdings in investment trusts. Redemptions are a normal part of the fund's operation and can be influenced by market conditions and the fund's investment strategy.

Comparison to Industry Standards

• Redemptions of preferred shares are a common mechanism in closed-end funds like Invesco Value Municipal Income Trust.
• Similar transactions are regularly seen with other major holders of municipal securities, such as BlackRock or Nuveen, as they manage their portfolios.
• The redemption price is consistent with market rates for similar municipal term preferred shares.

Stakeholder Impact

• The redemption may slightly reduce the assets under management of Invesco Value Municipal Income Trust.
• Shareholders may see a minor impact on the fund's net asset value due to the redemption.

Key Dates