Form 4: JPMorgan Chase Bank N.A. Disposes of Remarketable Variable Rate MuniFund Term Preferred Shares in MFS High Income Municipal Trust

JPMorgan Chase Bank, N.A., a 10% owner of MFS High Income Municipal Trust, disposed of 102 Remarketable Variable Rate MuniFund Term Preferred Shares due to a redemption by the issuer.

Summary

• On August 2, 2024, JPMorgan Chase Bank, N.A. disposed of 102 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of MFS High Income Municipal Trust (CXE).
• The disposal was a result of a redemption by the issuer.
• The redemption price was $100,012.8688 per share, which includes a liquidation preference of $100,000.00 per share and accrued dividends of $12.8688 per share.
• Following the transaction, JPMorgan Chase Bank, N.A. holds 713 RVMTP Shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing simply reports a standard redemption of shares. There is no indication of positive or negative implications for the company or its investors.

Industry Context

This filing indicates activity in the municipal bond market, specifically involving preferred shares of a high-income municipal trust. Redemptions are a normal part of the lifecycle of these securities, often driven by market conditions or the issuer's financial strategy.

Stakeholder Impact

• The redemption may slightly reduce the assets under management of the MFS High Income Municipal Trust.
• Shareholders may experience a minor change in the fund's composition due to the redemption of preferred shares.

Key Dates