JPMorgan Chase Bank, N.A. 4

What Happened JPMorgan Chase Bank, N.A. — reported as a 10% owner of Invesco Quality Municipal Income Trust (IQI) — recorded both a disposition and an acquisition of 1,521 VARIABLE RATE MUNI TERM PREFERRED SHARES, SERIES 2020/2023-IQI (VMTP Shares) on May 15, 2026. Both entries are coded as "Other acquisition or disposition (J)" and show price/value as N/A, so no dollar amount is reported. The filing indicates the VMTP shares were represented indirectly by a National Finance Authority Class A Certificate that was deposited into the JPM PD Series 5111 Trust; JPMorgan retains an indirect beneficial interest through its beneficiary/contractual rights.

Key Details

• Transaction date: May 15, 2026 (filed May 19, 2026 — filing is within the two-business-day Form 4 window).
• Reported moves: 1,521 shares disposed and 1,521 shares acquired (both coded J); price per share and total value: N/A.
• Shares owned after transaction: not specified in the filing.
• Footnote: The disposal reflects depositing the NFA Class A Certificate (which conveyed indirect ownership of the VMTP shares) into a trust; JPMorgan remains an indirect beneficial owner of those interests.
• Insider type: 10% institutional owner (not an individual executive).

Context This appears to be an internal/institutional transfer of indirect ownership interests (a certificate representing the shares was moved into a trust) rather than an open-market buy or sale. Such transfers by large institutional holders are typically organizational/structural and do not by themselves signal management sentiment about the stock.