JPMorgan Chase Files 13G/A: Full Beneficial Ownership of VGM Preferred Class

Rhea-AI Filing Summary

JPMorgan Chase Bank, National Association reports beneficial ownership of 1,823 Variable Rate Muni Term Preferred Shares, Series 2015/6-VGM (CUSIP 46131M866), representing 100.00% of the class of those preferred shares, based on information supplied by the issuer. JPMorgan holds no sole voting power, shared voting power for 1,823 shares, sole dispositive power for 1,823 shares and no shared dispositive power.

The filing explains that certain voting rights were assigned to a voting trust on May 8, 2012, where a Voting Consultant recommends votes to a Voting Trustee who is obligated to follow those recommendations. On October 17, 2019 JPM deposited the VMTP into a tender option bond trust (TOB) which holds title but does not control disposition or voting rights; JPM and the Voting Trust retain voting rights as described.

Positive

• 100.00% beneficial ownership of the VMTP preferred class (1,823 shares) is clearly disclosed, clarifying economic exposure
• Sole dispositive power over all 1,823 shares indicates JPMorgan controls sale/transfer decisions for the class

Negative

• No sole voting power reported; voting authority for the class is delegated to a Voting Trust that follows a Voting Consultant, which reduces direct unilateral voting control

Insights

Securities Analyst

TL;DR: JPMorgan reports full beneficial ownership of the VMTP class (1,823 shares, 100%).

The filing discloses that JPMorgan retains dispositive control over all 1,823 shares and reports 100% of the preferred class as beneficially owned, which is a material ownership statistic for this security class. Voting authority is structured: no sole voting power is reported and voting rights for the class have been partially assigned to a Voting Trust that follows recommendations of a Voting Consultant. The TOB arrangement transfers title but not voting or disposition power. For investors in the issuer's preferred series, the filing clarifies who holds economic and voting influence over these shares.

Corporate Governance Expert

TL;DR: Governance rights are delegated via a Voting Trust and a Voting Consultant, reducing JPMorgan's direct sole voting control.

The filing indicates a governance structure where voting recommendations from an external Voting Consultant are binding on the Voting Trustee for the shares placed in the Voting Trust. Although JPMorgan retains dispositive power and reports 100% beneficial ownership, its direct unilateral voting control is limited (reported sole voting power = 0). This arrangement is relevant for corporate actions requiring holder votes because it centralizes voting decision-making with the Voting Trustee following consultant recommendations.

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

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Accepted by SEC EDGAR 09/08/2025 - 03:04 PM Learn about SEC filing dates

FAQ

How many VMTP preferred shares does JPMorgan Chase Bank own (VGM)?

JPMorgan Chase Bank beneficially owns 1,823 VMTP preferred shares, representing 100.00% of that preferred class as reported in the filing.

What voting and dispositive powers does JPMorgan report for VGM shares?

Sole voting power: 0, Shared voting power: 1,823, Sole dispositive power: 1,823, Shared dispositive power: 0.

Has JPMorgan transferred any rights related to the VMTP shares?

Yes. On May 8, 2012 certain preferred class voting rights were assigned to a Voting Trust that follows recommendations from a Voting Consultant; on October 17, 2019 100% of the VMTP was deposited into a TOB that holds title but not voting or disposition power.

Does the tender option bond trust (TOB) control the VMTP shares?

No. The TOB has title to 100% of the VMTP but according to the filing it does not have the power to dispose of the VMTP nor were voting rights transferred to the TOB.

Who signed the Schedule 13G/A filing for JPMorgan?

Sean Saroya, Authorized Signatory, signed the filing on 09/08/2025.

What percentage of the preferred class does the 1,823 shares represent?

100.00% of the VMTP preferred shares, as calculated based on information supplied by the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Invesco Trust for Investment Grade Municipals

(Name of Issuer)

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

(Title of Class of Securities)

46131M866

(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. 46131M866

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 1,823.00
7	Sole Dispositive Power 1,823.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,823.00

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 Trust for Investment Grade Municipals
(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-VGM
(e)	CUSIP No.: 46131M866
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: 1,823
(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: 1,823** ** On May 8, 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 8, 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: 1,823
	(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 October 17, 2019 JPM deposited 100% of the VMTP into a tender option bond trust (a "TOB") named J.P. Morgan Taxable Putters/Taxable Drivers, Series 5028 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