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JPMorgan (NYSE: JPM) shifts 1,521 IQI preferred shares into trust structure

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Invesco Quality Municipal Income Trust insider JPMorgan Chase Bank, N.A., reported an internal restructuring involving 1,521 Variable Rate Muni Term Preferred Shares, Series 2020/2023-IQI. The filing shows these shares tied to a National Finance Authority Class A Certificate were moved into a designated trust structure.

According to the footnote, JPMorgan Chase Bank deposited the certificate into the JPM PD Series 5111 Trust and, as a beneficiary with contractual rights, continues to hold an indirect beneficial ownership interest. The transactions were coded as "J" events, reflecting other acquisitions or dispositions rather than open-market buying or selling.

Positive

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Negative

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Insider JPMorgan Chase Bank, N.A.
Role 10% Owner
Type Security Shares Price Value
Other Variable Rate Muni Term Preferred Shs Series 2020/2023-IQI 1,521 $0.00 --
Other Variable Rate Muni Term Preferred Shs Series 2020/2023-IQI 1,521 $0.00 --
Holdings After Transaction: Variable Rate Muni Term Preferred Shs Series 2020/2023-IQI — 0 shares (Indirect, By Trust)
Footnotes (1)
  1. [object Object]
Restructured VMTP shares 1,521 shares Variable Rate Muni Term Preferred Shs Series 2020/2023-IQI
Restructuring volume 3,042 shares Total shares across two J-code restructuring entries
Reported price $0.0000 per share Price for both non-derivative transactions
J-code transactions 2 entries Other acquisition or disposition / restructuring events
Variable Rate Muni Term Preferred Shares financial
"The 1,521 VARIABLE RATE MUNI TERM PREFERRED SHARES, SERIES 2020/2023-IQI"
VMTP Shares financial
"represent VMTP Shares of the Issuer that, immediately prior to the transaction"
National Finance Authority Certificates Series 2026-PS1 Class A Certificate financial
"ownership of that certain National Finance Authority Certificates Series 2026-PS1 Class A Certificate"
indirect beneficial ownership interest financial
"which represents an indirect beneficial ownership interest in the VMTP Shares"
trust financial
"deposited the NFA Class A Certificate into a trust designated as the JPM PD Series 5111 Trust"
A trust is a legal setup in which one party (the trustee) holds and manages assets—like cash, stocks or property—on behalf of other people (beneficiaries) according to instructions from the person who created it (the grantor). Think of it as a locked box with a keyholder who must follow written rules; for investors it matters because trusts influence who controls and benefits from assets, affect taxes and succession, and can change how quickly or transparently shares are bought, sold or voted.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider activity did IQI report for JPMorgan Chase Bank on this Form 4?
The Form 4 shows JPMorgan Chase Bank, N.A. reported two "J"-code transactions involving 1,521 Variable Rate Muni Term Preferred Shares. These reflect an internal restructuring of how the economic interest is held, not open-market purchases or sales.

How many Invesco Quality Municipal Income Trust preferred shares were involved?
The filing reports 1,521 Variable Rate Muni Term Preferred Shares, Series 2020/2023-IQI. This amount appears in both restructuring entries and is linked to a National Finance Authority Class A Certificate representing an indirect interest in those shares.

Did JPMorgan Chase Bank buy or sell IQI shares in the open market?
The reported transactions are coded "J" for other acquisition or disposition, with a price of 0.0000 per share. The footnote describes a deposit of a certificate into a trust, indicating an internal structural change rather than an open-market trade.

What is the role of the JPM PD Series 5111 Trust in this IQI filing?
The JPM PD Series 5111 Trust is where the National Finance Authority Class A Certificate was deposited. JPMorgan Chase Bank is a beneficiary and, through contractual rights, retains an indirect beneficial ownership interest in the certificate and related VMTP Shares.

Does JPMorgan Chase Bank retain an interest in IQI after this restructuring?
Yes. The footnote explains that after depositing the National Finance Authority Class A Certificate into the trust, JPMorgan Chase Bank, as a beneficiary with contractual rights, continues to hold an indirect beneficial ownership interest in the underlying VMTP Shares.
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
JPMorgan Chase Bank, N.A.
(Last)(First)(Middle)
1111 POLARIS PARKWAY
(Street)
COLUMBUS OHIO 43240
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Invesco Quality Municipal Income Trust [ IQI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Variable Rate Muni Term Preferred Shs Series 2020/2023-IQI05/15/2026J(1)1,521(1)D(1)(1)0IBy Trust(1)
Variable Rate Muni Term Preferred Shs Series 2020/2023-IQI05/15/2026J(1)1,521(1)A(1)(1)1,521IBy Trust(1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. The 1,521 VARIABLE RATE MUNI TERM PREFERRED SHARES, SERIES 2020/2023-IQI (the "VMTP Shares") shown as disposed of in Table I represent VMTP Shares of the Issuer that, immediately prior to the transaction date specified above, were indirectly beneficially owned by JPMorgan Chase Bank, National Association ("JPMCB") by way of JPMCB's ownership of that certain National Finance Authority Certificates Series 2026-PS1 Class A Certificate (the "NFA Class A Certificate"), which represents an indirect beneficial ownership interest in the VMTP Shares. On the transaction date specified above, JPMCB deposited the NFA Class A Certificate into a trust designated as the JPM PD Series 5111 Trust (the "Trust"). JPMCB, as a beneficiary of the Trust and through its contractual rights, retains an indirect beneficial ownership interest in the NFA Class A Certificate.
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, by: /s/ Adrian Budischak, Authorized Signatory05/19/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR