Invesco Quality Municipal Income Trust reported a Schedule 13G/A showing that JPMorgan Chase Bank, N.A. holds an indirect beneficial interest in 1,521 Variable Rate Muni Term Preferred Shares, Series 2020/2023‑IQI (CUSIP 46133G800), representing 100.00% of that preferred series. The filing describes a chain of transfers and trust arrangements dated April 28, 2026 and May 15, 2026
Positive
None.
Negative
None.
Insights
Disclosure traces ownership through multiple trust arrangements; voting rights remain split.
The filing documents that JPM acquired the VMTP Shares, transferred them to the National Finance Authority on April 28, 2026, received a Class A Certificate, and deposited that certificate into the JPM PD Series 5111 Trust on May 15, 2026.
Voting power on the VMTP Shares is reported as shared between JPM and a Voting Trust; contractual rights create an indirect beneficial interest for JPM. Further filings would disclose any changes to voting or disposition powers.
Key Figures
Reported shares beneficially owned:1,521 sharesPercent of class:100.00%Transfer to National Finance Authority:April 28, 2026+1 more
4 metrics
Reported shares beneficially owned1,521 sharesVMTP Shares, Series 2020/2023‑IQI
Percent of class100.00%Percentage ownership of VMTP Shares as reported
Transfer to National Finance AuthorityApril 28, 2026Date JPM transferred VMTP Shares to NFA and acquired Class A Certificate
Deposit into TOB TrustMay 15, 2026Date JPM deposited Class A Certificate into JPM PD Series 5111 Trust
Key Terms
Voting Trust, National Finance Authority Certificates Series 2026-PS1, Class A Certificate, TOB Trust
4 terms
Voting Trustregulatory
"On October 8, 2020, JPM assigned certain preferred class voting rights to a voting trust"
A voting trust is an arrangement where shareholders temporarily transfer their voting rights to one or more trusted individuals (trustees) who vote on company matters on their behalf. It matters to investors because it consolidates decision-making power—like handing the car keys to a single driver for a journey—which can stabilize leadership or push through strategic plans but also reduces individual shareholders’ direct influence and can affect the company’s direction and stock value.
National Finance Authority Certificates Series 2026-PS1financial
"NFA issued National Finance Authority Certificates Series 2026-PS1 representing an indirect beneficial ownership interest"
Class A Certificatefinancial
"JPM acquired the National Finance Authority Certificates Series 2026-PS1 Class A Certificate"
TOB Trustfinancial
"JPM deposited the Class A Certificate into the JPM PD Series 5111 Trust (the "TOB Trust")"
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
Invesco Quality Municipal Income Trust
(Name of Issuer)
Variable Rate Muni Term Preferred Shares, Series 2020/2023-IQI ("VMTP Shares")
(Title of Class of Securities)
46133G800
(CUSIP Number)
05/15/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
46133G800
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
1,521.00
7
Sole Dispositive Power
1,521.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,521.00
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 %
12
Type of Reporting Person (See Instructions)
BK
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Invesco Quality Municipal Income Trust
(b)
Address of issuer's principal executive offices:
1331 Spring Street N.W., 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 2020/2023-IQI ("VMTP Shares")
(e)
CUSIP No.:
46133G800
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:
1,521
(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:
1,521**
** On October 8, 2020, JPM assigned certain preferred class voting rights on the VMTP Shares to a voting trust (the "Voting Trust") created pursuant to the Voting Trust Agreement, dated October 8, 2020, among JPM, Lord Securities Corporation, as trustee (the "Voting Trustee"), and Institutional Shareholder Services Inc. (the "Voting Consultant"). Voting and consent rights on the VMTP Shares 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 matters and makes a recommendation to the Voting Trustee, and the Voting Trustee is obligated to follow such recommendations when providing a vote or consent.
(iii) Sole power to dispose or to direct the disposition of:
1,521
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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 October 8, 2020, JPM acquired the VMTP Shares from the Issuer and on April 28, 2026, JPM transferred such VMTP Shares to the National Finance Authority ("NFA") in exchange for an amount equal to the par value thereof plus accrued dividends less certain closing costs paid in connection with the closing of the Trust (defined below).
The NFA then deposited such VMTP Shares into a trust arrangement (the "NFA Trust") which issued National Finance Authority Certificates Series 2026-PS1, representing an indirect beneficial ownership interest in the VMTP Shares. On April 28, 2026, JPM acquired the National Finance Authority Certificates Series 2026-PS1 Class A Certificate (the "Class A Certificate") issued by the NFA for a price equal to the par amount of such Class A Certificate. On May 15, 2026, JPM deposited the Class A Certificate into a trust designated as the JPM PD Series 5111 Trust (the "TOB Trust"). The TOB Trust has title to the Class A Certificate but does not have the power to dispose or direct the disposition of the Class A Certificate. No voting rights on the Class A Certificate have been transferred to the TOB Trust and voting rights on the Class A Certificate are retained by JPM. Voting rights on the VMTP Shares continued to be held by JPM and the Voting Trust as described in Item 4 above.
The VMTP Shares reported in this Schedule represent VMTP Shares with repect to which, through the contractual rights under the NFA Trust arrangement documentation and the TOB Trust arrangement documentation, by way of its indirect ownership of the Class A Certificate and by way of its interest in the TOB Trust, JPM has an indirect beneficial ownership interest.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
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.
Who holds the VMTP Shares for Invesco Quality Municipal Income Trust (IQI)?
JPMorgan Chase Bank, N.A. holds an indirect beneficial interest in 1,521 VMTP Shares, representing 100.00% of that preferred series as disclosed in the Schedule 13G/A.
What voting rights are associated with the VMTP Shares reported in the filing?
Shared voting power of 1,521 votes is reported. Certain voting rights were assigned to a Voting Trust and others are retained by JPMorgan Chase, per the filing's Voting Trust description.
What trust transfers does the Schedule 13G/A describe for these shares?
On April 28, 2026 JPM transferred VMTP Shares to the National Finance Authority, which issued certificates; JPM acquired a Class A Certificate and on May 15, 2026 deposited it into the JPM PD Series 5111 Trust.
Does JPMorgan have power to dispose of the VMTP Shares?
Yes. The filing states JPM has sole dispositive power over 1,521 VMTP Shares. The TOB Trust holds title to the Class A Certificate but does not have power to dispose of it, per the disclosure.
