Form 4: JPMorgan Chase Bank, N.A. Disposes of MFS Investment Grade Municipal Trust Shares Following Redemption

JPMorgan Chase Bank, N.A. reports the disposition of 10 Remarketable Variable Rate MuniFund Term Preferred Shares of MFS Investment Grade Municipal Trust due to a redemption by the issuer.

Summary

• On August 30, 2024, JPMorgan Chase Bank, N.A. disposed of 10 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of MFS Investment Grade Municipal Trust.
• The shares were disposed of due to a redemption by the issuer.
• The redemption price was $100,368.716 per share, which includes a liquidation preference of $100,000.00 per share and accrued dividends of $368.716 per share.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a redemption of shares, indicating a neutral sentiment.

Industry Context

This filing reflects a standard transaction related to the redemption of preferred shares in a municipal trust, which is a common occurrence in the investment management industry. Redemptions can be triggered by various factors, including changes in market conditions or the trust's investment strategy.

Comparison to Industry Standards

• Redemption of preferred shares is a common practice among closed-end funds like MFS Investment Grade Municipal Trust.
• Similar redemptions can be observed in other municipal bond funds managed by companies like BlackRock, Nuveen, and Eaton Vance.
• The redemption price, which includes liquidation preference and accrued dividends, is standard practice in the industry to ensure fair value is returned to the shareholders.

Stakeholder Impact

• Shareholders who held the redeemed shares received the redemption price, including liquidation preference and accrued dividends.
• The redemption may slightly alter the asset base of the MFS Investment Grade Municipal Trust.

Key Dates