JPMorgan Discloses Voting Trust and TOB Title for IIM Preferred Shares

Rhea-AI Filing Summary

JPMorgan Chase Bank, National Association reports beneficial ownership of 1,681 Variable Rate Muni Term Preferred Shares (Series 2015/6-IIM), representing 100.00% of that preferred class. The filing shows shared voting power of 1,681 and sole dispositive power of 1,681. Certain voting rights on these shares were assigned to a voting trust that uses a voting consultant to recommend votes to the voting trustee; the voting trustee follows the consultants recommendations for matters assigned to the trust. The shares were deposited into a tender option bond trust that holds title but does not have the power to dispose of the shares and did not receive voting rights. The filing includes a certification that the securities are held in the ordinary course of business.

Positive

• Clear ownership disclosure: reports exact beneficial ownership of 1,681 shares (100.00%) for the preferred class
• Transparency on voting structure: explains assignment to a voting trust and the role of a voting consultant and voting trustee
• Title/custody clarity: states that a tender option bond trust holds title but lacks disposition and voting powers

Negative

• Concentrated position: 100.00% beneficial ownership of the class concentrates economic interest and voting influence
• Delegated voting authority: voting rights for the shares assigned to a voting trust that follows a voting consultants recommendations, which may limit direct investor insight into voting decisions

Insights

Financial Analyst

TL;DR JPMorgan reports full beneficial ownership of the VMTP preferred class and clarifies custody and voting arrangements.

From an investor perspective, the filing provides clear ownership metrics: 1,681 shares representing 100.00% of the class with sole dispositive power and shared voting power allocated through an established voting trust. The disclosure that title resides with a tender option bond trust but disposition and voting rights remain with JPMorgan clarifies separation of legal title and control. This is a routine, governance-focused disclosure rather than an operational earnings event.

Corporate Governance Expert

TL;DR The document documents concentrated ownership and a formalized voting trust structure with an external voting consultant.

The filing describes governance mechanics: assignment of certain voting rights to a voting trust where a voting consultant analyzes matters and the voting trustee follows the consultants recommendations. This structure centralizes decision-making authority for the preferred class within a defined trust arrangement and separates legal title via a tender option bond vehicle that lacks disposition or voting powers. The disclosure improves transparency about who exercises economic and voting influence over this preferred class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 6)

Invesco Value Municipal Income Trust

(Name of Issuer)

Variable Rate Muni Term Preferred Shares, Series 2015/6-IIM

(Title of Class of Securities)

46132P702

(CUSIP Number)

09/04/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 46132P702

1

Names of Reporting Persons

JPMorgan Chase Bank, National Association

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,681.00
7	Sole Dispositive Power 1,681.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,681.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

100.00 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Invesco Value Municipal Income Trust
(b)	Address of issuer's principal executive offices: 1331 Spring Street NW, Suite 2500, Atlanta, GA 30309
Item 2.
(a)	Name of person filing: JPMorgan Chase Bank, National Association ("JPM")
(b)	Address or principal business office or, if none, residence: 1111 Polaris Parkway, Columbus, OH 43240
(c)	Citizenship: United States of America
(d)	Title of class of securities: Variable Rate Muni Term Preferred Shares, Series 2015/6-IIM
(e)	CUSIP No.: 46132P702
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,681
(b)	Percent of class: 100.00%* * Represents percentage ownership of VMTP Shares as a percentage of all preferred shares outstanding and is calculated based on information suppled by the issuer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 1,681** ** On May 9, 2012 JPM assigned certain preferred class voting rights on the VMTP to a voting trust (the "Voting Trust") created pursuant to the Voting Trust Agreement, dated May 9, 2012 among JPM, Lord Securities Corporation, as trustee (the "Voting Trustee") and Institutional Shareholder Services Inc. (the "Voting Consultant"), as amended. Voting and consent rights on the VMTP not assigned to the Voting Trust have been retained by JPM. The Voting Trust provides that with respect to voting or consent matters relating to the voting rights assigned to the Voting Trust, the Voting Consultant analyzes such voting or consent matters and makes a recommendation to the Voting Trustee on voting or consenting. The Voting Trustee is obligated to follow any such recommendations of the Voting Consultant when providing a vote or consent.
	(iii) Sole power to dispose or to direct the disposition of: 1,681
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. On August 15, 2019 JPM deposited 100% of the VMTP into a tender option bond trust (a "TOB") named J.P. Morgan Taxable Putters/Taxable Drivers, Series 5027 Trust. The TOB has title to 100% of the VMTP but does not have the power to dispose or direct the disposition of the VMTP. No voting rights on the VMTP have been transferred to the TOB and voting rights on the VMTP are retained by JPM and the Voting Trust as described in Item 4.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not Applicable
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JPMorgan Chase Bank, National Association

Signature:	/s/ Sean Saroya
Name/Title:	Sean Saroya, Authorized Signatory
Date:	09/08/2025

FAQ

Who reports ownership of the VMTP preferred shares for IIM?

The filing is by JPMorgan Chase Bank, National Association, which reports beneficial ownership of the shares.

How many VMTP preferred shares does JPMorgan report owning for IIM?

JPMorgan reports beneficial ownership of 1,681 shares, representing 100.00% of that preferred class.

What voting rights does JPMorgan retain or delegate for these IIM shares?

The filing shows shared voting power of 1,681 with certain voting rights assigned to a voting trust where a voting consultant recommends votes to the voting trustee.

Does the tender option bond trust have disposal or voting power over the IIM shares?

No; the tender option bond trust holds title but does not have the power to dispose of the shares and was not assigned voting rights.

What powers does JPMorgan report having over the IIM preferred shares?

JPMorgan reports sole dispositive power of 1,681 shares and shared voting power of 1,681 for the preferred class.