0000950123-12-001620.txt : 20120127 0000950123-12-001620.hdr.sgml : 20120127 20120127142211 ACCESSION NUMBER: 0000950123-12-001620 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20111130 FILED AS OF DATE: 20120127 DATE AS OF CHANGE: 20120127 EFFECTIVENESS DATE: 20120127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Quality Municipal Income Trust CENTRAL INDEX KEY: 0000885125 IRS NUMBER: 136993836 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06591 FILM NUMBER: 12551183 BUSINESS ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: 2Q ZIP: 30309 BUSINESS PHONE: 404-439-3217 MAIL ADDRESS: STREET 1: 1555 PEACHTREE STREET, N.E. STREET 2: SUITE 1800 CITY: ATLANTA STATE: 2Q ZIP: 30309 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20011220 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19981221 FORMER COMPANY: FORMER CONFORMED NAME: INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 19920929 N-Q 1 h86055nvq.htm FORM N-Q nvq
     
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-06591
Invesco Quality Municipal Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Address of principal executive offices)      (Zip code)
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309
(Name and address of agent for service)
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 2/28
Date of reporting period: 11/30/11
 
 

 


 

Item 1. Schedule of Investments.

 


 

Invesco Quality Municipal Income Trust
Quarterly Schedule of Portfolio Holdings
November 30, 2011
         
(LOGO)
  MS-CE-QMINC-QTR-1    11/11   Invesco Advisers, Inc.

 


 

Schedule of Investments
November 30, 2011
(Unaudited)
                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
Municipal Obligations—159.11%
                               
Alabama—0.34%
                               
Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (a)
    5.25 %     07/01/30     $ 1,000     $ 1,046,000  
 
                             
Alaska—0.66%
                               
Alaska (State of) Industrial Development & Export Authority (Providence Health Services); Series 2011 A, RB
    5.50 %     10/01/41       1,905       2,016,881  
 
                             
Arizona—6.10%
                               
Arizona (State of) Transportation Board;
                               
Series 2002 A, Ref. Highway RB (b)(c)
    5.25 %     07/01/12       2,000       2,098,660  
Series 2011 A, Ref. Sub. Highway RB
    5.00 %     07/01/36       1,605       1,698,267  
Maricopa County Pollution Control Corp. (Arizona Public Service Co. Palo Verde); Series 2009 A, Ref. PCR (b)(d)
    6.00 %     05/01/14       650       711,132  
Phoenix Civic Improvement Corp.;
                               
Series 2002, Jr. Lien Water System RB (b)(c)
    5.00 %     07/01/12       3,800       3,903,246  
Series 2002 B, Sr. Lien Airport RB (INS-NATL) (a)(e)
    5.25 %     07/01/32       3,000       3,006,120  
Pima (County of) Industrial Development Authority (Tucson Electric Power Co.); Series 2010 A, IDR
    5.25 %     10/01/40       1,175       1,156,047  
Salt River Project Agricultural Improvement & Power District; Series 2002 B, Electric System RB (f)
    5.00 %     01/01/31       6,000       6,192,000  
 
                             
 
                            18,765,472  
 
                             
California—27.30%
                               
Alhambra Unified School District (Election of 2004);
                               
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(g)
    0.00 %     08/01/35       1,575       372,503  
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (a)(g)
    0.00 %     08/01/36       2,545       539,896  
California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center); Series 2005, Ref. RB
    5.00 %     11/15/34       600       597,144  
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB
    5.25 %     04/01/39       2,000       2,007,920  
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB
    5.40 %     11/01/27       4,000       3,740,320  
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB
    5.00 %     08/15/32       5,000       4,990,050  
California (State of); Series 2003, Unlimited Tax GO Bonds
    5.25 %     02/01/19       5,000       5,314,550  
California Infrastructure & Economic Development Bank (The Scripps Research Institute); Series 2005 A, RB
    5.00 %     07/01/29       3,000       3,075,510  
California Infrastructure & Economic Development Bank; Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB (b)(c)(f)
    5.00 %     01/01/28       5,000       6,228,550  
Dry Creek Joint Elementary School District (Election of 2008-Measure E);
                               
Series 2009, Unlimited Tax CAB GO Bonds (g)
    0.00 %     08/01/40       4,685       741,401  
Series 2009, Unlimited Tax CAB GO Bonds (g)
    0.00 %     08/01/41       4,535       650,138  
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB
    5.00 %     06/01/36       2,235       2,383,963  
Golden State Tobacco Securitization Corp.;
                               
Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS-AMBAC) (a)
    5.00 %     06/01/29       4,500       4,482,315  
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB
    5.13 %     06/01/47       4,100       2,607,928  
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2010 A, Sr. RB
    5.00 %     05/15/35       3,350       3,530,531  
Los Angeles (City of); Series 2004 A, Unlimited Tax GO Bonds (INS-NATL) (a)
    5.00 %     09/01/24       4,000       4,344,960  
Moreland School District (Crossover 2014); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds (INS-AMBAC) (a)(g)
    0.00 %     08/01/29       1,745       601,362  
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (g)
    0.00 %     08/01/28       1,270       477,520  
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
California—(continued)
                               
Oakland (Port of);
                               
Series 2002 L, RB (b)(c)(e)
    5.00 %     11/01/12     $ 110     $ 114,595  
Series 2002 L, RB (b)(c)(e)
    5.00 %     11/01/12       445       463,588  
Series 2002 L, RB (INS-NATL) (a)(e)
    5.00 %     11/01/21       890       899,381  
Series 2002 L, RB (INS-NATL) (a)(e)
    5.00 %     11/01/32       3,555       3,423,145  
Regents of the University of California;
                               
Series 2007 J, General RB (INS-AGM) (a)(f)
    4.50 %     05/15/31       2,760       2,733,476  
Series 2007 J, General RB (INS-AGM) (a)(f)
    4.50 %     05/15/35       2,240       2,150,534  
Series 2009 O, General RB
    5.25 %     05/15/39       500       532,485  
San Diego (County of) (Burnham Institute for Medical Research); Series 2006, COP
    5.00 %     09/01/34       1,000       861,130  
San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB
    5.00 %     07/01/34       875       888,081  
San Diego (County of) Water Authority; Series 2002 A, Revenue COP (b)(c)
    5.00 %     05/01/12       3,720       3,831,711  
San Diego Community College District (Election of 2006); Series 2011, Unlimited Tax GO Bonds
    5.00 %     08/01/36       1,410       1,494,769  
San Francisco (City & County of) (Laguna Honda Hospital); Series 2008 R3, Ref. Unlimited Tax GO Bonds (INS-AGC) (a)(f)
    5.00 %     06/15/28       960       1,005,110  
San Francisco (City & County of) Airport Commission (San Francisco International Airport);
                               
Second Series 2011 F, Ref. RB (e)
    5.00 %     05/01/25       470       490,248  
Second Series 2011 F, Ref. RB (e)
    5.00 %     05/01/26       935       967,267  
Second Series 2011 G, Ref. RB
    5.25 %     05/01/27       5,000       5,451,500  
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB
    5.00 %     11/01/36       2,025       2,124,225  
San Francisco (City & County of) Public Utilities Commission; Series 2009 A, Water RB
    5.00 %     11/01/27       2,500       2,725,750  
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB
    5.00 %     06/01/37       3,000       2,092,350  
Twin Rivers Unified School District (School Facility Bridge Funding Program); Series 2007, COP (INS-AGM) (a)(b)(d)
    3.50 %     05/31/13       1,000       1,000,870  
Twin Rivers Unified School District; Series 2009, Unlimited Tax CAB GO BAN (g)
    0.00 %     04/01/14       1,350       1,273,725  
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (g)
    0.00 %     08/01/32       10,100       2,716,698  
 
                             
 
                            83,927,199  
 
                             
Colorado—3.43%
                               
Boulder (County of) (University Corp. for Atmospheric Research);
                               
Series 2002, Development RB (INS-NATL) (a)
    5.38 %     09/01/18       1,750       1,805,335  
Series 2002, Development RB (INS-NATL) (a)
    5.38 %     09/01/21       1,750       1,800,330  
Colorado (State of) Educational & Cultural Facilities Authority (Peak to Peak Charter School); Series 2004, Ref. Improvement RB (INS-SGI) (a)
    5.25 %     08/15/34       2,000       1,959,560  
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB
    5.00 %     07/01/39       2,000       2,003,040  
Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3); Series 2010, Private Activity RB
    6.00 %     01/15/41       1,500       1,526,115  
Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (a)
    5.00 %     12/01/30       1,590       1,465,312  
 
                             
 
                            10,559,692  
 
                             
Connecticut—0.88%
                               
Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare Issue); Series 2011 A, RB
    5.00 %     07/01/41       2,700       2,702,943  
 
                             
Delaware—0.28%
                               
New Castle (County of) (Newark Charter School, Inc.); Series 2006, Development RB
    5.00 %     09/01/36       1,000       858,060  
 
                             
District of Columbia—1.91%
                               
District of Columbia; Series 2006 B-1, Ballpark RB (INS-NATL) (a)
    5.00 %     02/01/31       6,000       5,880,000  
 
                             
Florida—8.76%
                               
Broward County School Board; Series 2001 A, COP (INS-AGM) (a)
    5.00 %     07/01/26       2,000       2,008,240  
Florida (State of) Ports Financing Commission (State Transportation Trust Fund); Series 2011 B, Ref. RB (e)
    5.13 %     06/01/27       995       1,062,889  
Highlands (County of) Health Facilities Authority (Adventist Health);
                               
Series 2006 C, RB (b)(c)(d)
    5.25 %     11/15/16       75       89,551  
Series 2006 C, RB (d)
    5.25 %     11/15/36       2,925       2,974,023  
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
Florida—(continued)
                               
Miami-Dade (County of) (Building Better Communities Program); Series 2009 B-1, Unlimited Tax GO Bonds
    6.00 %     07/01/38     $ 2,000     $ 2,210,620  
Miami-Dade (County of) (Miami International Airport-Hub of the Americas); Series 2009 B, Aviation RB (INS-AGC) (a)
    5.00 %     10/01/25       1,250       1,345,062  
Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB
    5.00 %     07/01/40       1,500       1,509,825  
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2010 A, Ref. Hospital RB
    6.00 %     08/01/30       565       591,160  
Palm Beach (County of) Solid Waste Authority;
                               
Series 2009, Improvement RB (INS-BHAC) (a)
    5.50 %     10/01/23       1,200       1,433,496  
Series 2011, Ref. RB
    5.00 %     10/01/31       1,560       1,653,818  
South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group); Series 2007, Hospital RB
    5.00 %     08/15/42       12,000       12,043,440  
 
                             
 
                            26,922,124  
 
                             
Georgia—4.17%
                               
Atlanta (City of); Series 2004 J, Airport Passenger Facility Charge & Sub. Lien General RB (INS-AGM) (a)
    5.00 %     01/01/34       2,000       2,042,020  
Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2011 A, PCR (b)(d)
    2.50 %     03/01/13       1,050       1,066,013  
Georgia (State of) Road & Tollway Authority;
                               
Series 2003, RB (b)(c)
    5.00 %     10/01/13       6,000       6,504,960  
Series 2003, RB
    5.00 %     10/01/23       3,000       3,198,150  
 
                             
 
                            12,811,143  
 
                             
Hawaii—4.34%
                               
Hawaii (State of) Department of Budget & Finance (Hawai’i Pacific Health Obligated Group); Series 2010 B, Special Purpose RB
    5.75 %     07/01/40       770       783,252  
Hawaii (State of); Series 2010 A, Airport System RB
    5.00 %     07/01/39       1,925       1,966,022  
Honolulu (City & County of);
                               
Series 2003 A, Unlimited Tax GO Bonds (b)(c)
    5.25 %     03/01/13       8,590       9,118,457  
Series 2003 A, Unlimited Tax GO Bonds (INS-NATL) (a)
    5.25 %     03/01/26       1,410       1,476,340  
 
                             
 
                            13,344,071  
 
                             
Idaho—1.40%
                               
Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund); Series 2008 A, Grant & RAB (INS-AGC) (a)
    5.25 %     07/15/23       2,600       2,932,696  
Idaho (State of) Housing & Finance Association; Series 2000 E, Single Family Mortgage RB (e)
    6.00 %     01/01/32       545       552,096  
Regents of the University of Idaho; Series 2011, Ref. General RB (b)(d)
    5.25 %     04/01/21       710       821,051  
 
                             
 
                            4,305,843  
 
                             
Illinois—15.10%
                               
Chicago (City of) (Chicago O’Hare International Airport); Series 2003 B-2, Third Lien General Airport RB (INS-AGM) (a)(e)
    5.75 %     01/01/23       4,000       4,195,440  
Chicago (City of) Board of Education; Series 2011 A, Unlimited Tax GO Bonds
    5.00 %     12/01/41       2,685       2,690,236  
Chicago (City of) Transit Authority;
                               
Series 2011, Sales Tax Receipts RB (f)
    5.25 %     12/01/36       5,000       5,207,350  
Series 2011, Sales Tax Receipts RB
    5.25 %     12/01/36       1,380       1,437,229  
Chicago (City of); Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INS-AGM) (a)(f)(h)
    5.00 %     01/01/37       7,250       7,234,268  
Granite City (City of) (Waste Management, Inc.); Series 2002, Solid Waste Disposal RB (b)(d)(e)
    3.50 %     05/01/13       2,200       2,262,964  
Illinois (State of) (Illinois Fund of Infrastructure, Roads, Schools and
Transit); First Series 2002, Unlimited Tax GO Bonds (INS-NATL) (a)
    5.38 %     07/01/20       6,000       6,117,840  
Illinois (State of) Finance Authority (Little Company of Mary Hospital & Health Care Centers); Series 2010, RB
    5.38 %     08/15/40       1,325       1,265,282  
Illinois (State of) Finance Authority (Northwestern Memorial Hospital); Series 2009 B, RB
    5.00 %     08/15/16       830       945,138  
Illinois (State of) Finance Authority (OSF Healthcare System); Series 2010 A, Ref. RB
    6.00 %     05/15/39       1,695       1,756,884  
Illinois (State of) Finance Authority (Resurrection Health Care Corp.); Series 2009, Ref. RB
    6.13 %     05/15/25       1,650       1,723,309  
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group); Series 2009 A, RB
    7.25 %     11/01/38       645       710,558  
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
Illinois—(continued)
                               
Illinois (State of) Finance Authority (Swedish Covenant Hospital);
                               
Series 2010 A, Ref. RB
    5.75 %     08/15/29     $ 2,360     $ 2,405,359  
Series 2010 A, Ref. RB
    6.00 %     08/15/38       1,235       1,253,636  
Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2011 C, RB
    5.50 %     08/15/41       1,440       1,510,373  
Illinois (State of) Metropolitan Pier & Exposition Authority
(McCormick Place Expansion); Series 2010 A, Dedicated State Tax RB
    5.50 %     06/15/50       1,375       1,415,068  
Railsplitter Tobacco Settlement Authority; Series 2010, RB
    5.50 %     06/01/23       2,000       2,136,520  
Schaumburg (Village of); Series 2004 B, Unlimited Tax GO Bonds (INS-NATL) (a)
    5.25 %     12/01/34       2,000       2,155,140  
 
                             
 
                            46,422,594  
 
                             
Indiana—6.27%
                               
Indiana (State of) Finance Authority (Clarion Health Obligated Group); Series 2006 A, Hospital RB
    5.25 %     02/15/40       1,735       1,743,623  
Indiana (State of) Finance Authority (CWA Authority, Inc.); Series 2011 B, Second Lien Wastewater Utility RB
    5.25 %     10/01/31       1,405       1,486,209  
Indiana Bond Bank,
                               
Series 2001 A, RB (b)(c)
    5.00 %     02/01/13       7,495       7,970,933  
Series 2001 A, RB
    5.00 %     02/01/23       2,505       2,629,774  
Indianapolis Local Public Improvement Bond Bank; Series 2011 K, RB
    5.00 %     06/01/27       3,000       3,090,360  
Marion (County of) Convention & Recreational Facilities Authority;
Series 2003 A, Sr. Ref. Excise Taxes Lease Rental RB (INS-AMBAC) (a)
    5.00 %     06/01/21       1,400       1,457,806  
Rockport (City of) (Indiana Michigan Power Co.); Series 2009 B, Ref.
PCR (b)(d)
    6.25 %     06/02/14       820       907,256  
 
                             
 
                            19,285,961  
 
                             
Iowa—1.36%
                               
Iowa (State of) (IJOBS Program);
                               
Series 2009 A, Special Obligation RB (f)(h)
    5.00 %     06/01/25       2,120       2,404,949  
Series 2009 A, Special Obligation RB (f)(h)
    5.00 %     06/01/26       1,590       1,785,761  
 
                             
 
                            4,190,710  
 
                             
Kansas—0.26%
                               
Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB
    5.50 %     11/15/29       730       797,496  
 
                             
Kentucky—0.61%
                               
Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
                               
Series 2010 A, Hospital RB
    6.50 %     03/01/45       1,000       1,055,730  
Series 2010 A, Hospital RB
    6.38 %     06/01/40       775       812,789  
 
                             
 
                            1,868,519  
 
                             
Louisiana—0.83%
                               
Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. Housing & Parking); Series 2010, RB (INS-AGM) (a)
    5.25 %     10/01/30       1,150       1,217,827  
St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB
    5.13 %     06/01/37       1,365       1,344,935  
 
                             
 
                            2,562,762  
 
                             
Maryland—0.69%
                               
Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB
    5.00 %     01/01/37       1,105       1,039,540  
Maryland Economic Development Corp. (Terminal); Series 2010 B, RB
    5.75 %     06/01/35       1,080       1,084,244  
 
                             
 
                            2,123,784  
 
                             
Massachusetts—2.12%
                               
Massachusetts (State of) Department of Transportation (Contract Assistance); Series 2010 B, Metropolitan Highway Systems RB
    5.00 %     01/01/35       2,010       2,128,389  
Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB
    6.75 %     01/01/36       575       612,076  
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
Massachusetts—(continued)
                               
Massachusetts (State of) Health & Educational Facilities Authority (Berklee College of Music); Series 2007 A, RB
    5.00 %     10/01/32     $ 1,100     $ 1,118,007  
Massachusetts (State of) School Building Authority; Series 2011 B, Sr. Sales Tax RB
    5.00 %     10/15/35       2,490       2,663,055  
 
                             
 
                            6,521,527  
 
                             
Michigan—2.18%
                               
Lansing (City of) Board of Water & Light; Series 2011 A, Utility System RB
    5.00 %     07/01/37       1,600       1,683,952  
Wayne (Charter County of) (Detroit Metropolitan Wayne County Airport); Series 2002 D, Ref. Airport RB (INS-NATL) (a)(e)
    5.50 %     12/01/17       3,000       3,061,800  
Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (a)
    5.00 %     11/15/25       1,855       1,964,352  
 
                             
 
                            6,710,104  
 
                             
Minnesota—0.66%
                               
Western Minnesota Municipal Power Agency (Transmission); Series 2003 A, RB (INS-NATL) (a)
    5.00 %     01/01/30       2,000       2,020,240  
 
                             
Missouri—0.67%
                               
Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District); Series 2011 A, Ref. RB
    5.50 %     09/01/28       925       1,003,005  
Missouri (State of) Health & Educational Facilities Authority
(Lutheran Senior Services); Series 2005 A, Senior Living Facilities RB
    5.38 %     02/01/35       1,125       1,056,893  
 
                             
 
                            2,059,898  
 
                             
Montana—0.54%
                               
Forsyth (City of) (Portland General Electric Co.); Series 1998 A, Ref. PCR
    5.00 %     05/01/33       1,600       1,665,824  
 
                             
Nebraska—0.78%
                               
Omaha (City of) Public Power District; Series 2011 B, RB
    5.00 %     02/01/36       2,250       2,402,460  
 
                             
Nevada—4.44%
                               
Clark (County of) (Las Vegas-McCarran International Airport); Series 2010 A, Passenger Facility Charge RB
    5.13 %     07/01/34       1,000       1,021,860  
Clark (County of);
                               
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(e)
    5.38 %     07/01/19       1,000       1,032,890  
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(e)
    5.38 %     07/01/20       1,100       1,132,032  
Series 2003 C, Jet Aviation Fuel Tax Airport RB (INS-AMBAC) (a)(e)
    5.38 %     07/01/22       2,000       2,046,880  
Series 2004 A-1, Sub. Lien Airport System RB (INS-NATL) (a)(e)
    5.50 %     07/01/20       2,000       2,089,440  
Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Allocation RB
    6.25 %     06/15/16       640       715,866  
Las Vegas (City of) Valley Water District; Series 2003 A, Ref. Water Improvement Limited Tax GO Bonds (b)(c)
    5.25 %     12/01/12       5,345       5,611,662  
 
                             
 
                            13,650,630  
 
                             
New Hampshire—0.22%
                               
New Hampshire (State of) Business Finance Authority (The United Illuminating Co.); Series 1997 A, Ref. PCR (b)(d)(e)
    7.13 %     02/01/12       655       661,458  
 
                             
New Jersey—7.61%
                               
New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010, RB
    5.75 %     06/01/31       935       961,563  
New Jersey (State of) Economic Development Authority; Subseries 2005 N-1, Ref. School Facilities Construction RB (INS-AMBAC) (a)
    5.50 %     09/01/24       2,000       2,307,660  
New Jersey (State of) Housing & Mortgage Finance Agency; Series 2000 CC, Home Buyer RB (INS-NATL) (a)(e)
    5.88 %     10/01/31       70       70,053  
New Jersey (State of) Transportation Trust Fund Authority; Series 1999 A, Transportation System RB
    5.75 %     06/15/20       5,000       5,883,300  
New Jersey (State of) Turnpike Authority; Series 2003 A, RB (INS-NATL) (a)
    5.00 %     01/01/27       1,500       1,555,320  
Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INS-NATL) (a)
    5.00 %     12/01/20       10,000       10,563,400  
University of Medicine & Dentistry of New Jersey; Series 2004, COP (INS-NATL) (a)
    5.25 %     06/15/23       2,000       2,062,640  
 
                             
 
                            23,403,936  
 
                             
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
New Mexico—0.41%
                               
Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR
    5.90 %     06/01/40     $ 1,250     $ 1,273,400  
 
                             
New York—14.01%
                               
Brooklyn Arena Local Development Corp. (Barclays Center);
                               
Series 2009, PILOT RB
    6.25 %     07/15/40       820       854,079  
Series 2009, PILOT RB
    6.38 %     07/15/43       340       352,784  
Metropolitan Transportation Authority; Series 2002 A, Ref. RB (INS-NATL) (a)
    5.00 %     11/15/25       10,000       10,304,300  
New York (City of) Municipal Water Finance Authority;
                               
Series 2003 A, Water & Sewer System RB
    5.38 %     06/15/19       3,500       3,591,735  
Series 2004 A, Water & Sewer System RB
    5.00 %     06/15/35       3,000       3,080,880  
New York (City of) Transitional Finance Authority;
                               
Subseries 2010 A-1, Future Tax Sec. RB (f)
    5.00 %     05/01/28       2,040       2,249,304  
Subseries 2010 A-1, Future Tax Sec. RB (f)
    5.00 %     05/01/29       1,635       1,791,976  
Subseries 2010 A-1, Future Tax Sec. RB (f)
    5.00 %     05/01/30       1,635       1,776,395  
Subseries 2011 D-1, Future Tax Sec. RB
    5.00 %     11/01/33       1,725       1,845,353  
New York (City of) Trust for Cultural Resources (Museum of Modern Art);
                               
Series 2008 1A, Ref. RB (f)
    5.00 %     04/01/26       1,935       2,129,545  
Series 2008 1A, Ref. RB (f)
    5.00 %     04/01/27       2,815       3,074,993  
New York (City of);
                               
Subseries 2009 A-1, Unlimited Tax GO Bonds (f)
    5.25 %     08/15/27       2,380       2,638,230  
Subseries 2009 A-1, Unlimited Tax GO Bonds (f)
    5.25 %     08/15/28       2,380       2,623,236  
New York (State of) Dormitory Authority (The City of New York Issue); Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (a)
    5.50 %     05/15/29       1,100       1,270,467  
New York (State of) Dormitory Authority; Series 2011 A, State Personal Income Tax RB
    5.00 %     03/15/30       2,715       2,977,486  
New York (State of) Thruway Authority; Series 2011 A-1, Second General Highway & Bridge Trust Fund RB
    5.00 %     04/01/29       2,280       2,505,082  
 
                             
 
                            43,065,845  
 
                             
North Carolina—0.61%
                               
North Carolina (State of) Turnpike Authority; Series 2011, Monroe Connector System State Appropriation RB
    5.00 %     07/01/36       1,755       1,876,955  
 
                             
North Dakota—0.85%
                               
Ward (County of) (Trinity Obligated Group); Series 2006, Health Care Facilities RB
    5.13 %     07/01/29       2,750       2,600,510  
 
                             
Ohio—6.16%
                               
American Municipal Power-Ohio Inc. (Prairie State Energy Campus); Series 2008 A, RB (INS-AGC) (a)(f)
    5.25 %     02/15/33       5,100       5,342,811  
Cuyahoga (County of) (Cleveland Clinic Health System Obligated Group); Series 2003 A, Ref. RB
    6.00 %     01/01/32       5,370       5,644,890  
Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB
    5.00 %     11/15/36       1,590       1,609,255  
Hancock (County of) (Blanchard Valley Regional Health Center); Series 2011, Hospital RB
    6.25 %     12/01/34       1,425       1,525,591  
Ohio (State of) Higher Educational Facility Commission (Summa Health System); Series 2010, Hospital Facilities RB
    5.75 %     11/15/40       2,270       2,265,165  
Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.); Series 2009 A, Ref. PCR (b)(d)
    5.88 %     06/01/16       410       459,376  
Ohio State University (The); Series 2002 A, General Receipts RB (b)(c)
    5.13 %     12/01/12       2,000       2,097,280  
 
                             
 
                            18,944,368  
 
                             
Oklahoma—0.41%
                               
Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center); Series 2007, Hospital RB
    5.13 %     12/01/36       1,500       1,263,015  
 
                             
Oregon—0.64%
                               
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB
    5.25 %     04/01/24       685       799,032  
 
                             
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
Oregon—(continued)
                               
Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte); Series 2009 B, Tribal Economic Development Hydroelectric RB (i)
    6.38 %     11/01/33     $ 1,145     $ 1,153,977  
 
                             
 
                            1,953,009  
 
                             
Pennsylvania—0.60%
                               
Pennsylvania (State of) Turnpike Commission;
                               
Subseries 2010 B-2, Sub. Conv. CAB RB (g)
    0.00 %     12/01/28       1,350       1,162,647  
Subseries 2010 B-2, Sub. Conv. CAB RB (g)
    0.00 %     12/01/34       800       670,488  
 
                             
 
                            1,833,135  
 
                             
Puerto Rico—2.60%
                               
Puerto Rico (Commonwealth of) Electric Power Authority;
                               
Series 2010 CCC, RB
    5.25 %     07/01/27       1,500       1,565,745  
Series 2010 XX, RB
    5.25 %     07/01/40       1,300       1,304,836  
Puerto Rico Sales Tax Financing Corp.;
                               
First Subseries 2010 A, RB
    5.38 %     08/01/39       1,225       1,263,281  
First Subseries 2010 A, RB
    5.50       08/01/42       1,400       1,461,152  
First Subseries 2010 C, RB
    5.25 %     08/01/41       2,350       2,399,867  
 
                             
 
                            7,994,881  
 
                             
South Carolina—5.25%
                               
Charleston Educational Excellence Finance Corp. (Charleston County School District); Series 2005, Installment Purchase RB
    5.25 %     12/01/29       3,000       3,165,240  
Richland (County of) (International Paper Co.); Series 2007 A, Ref. Environmental Improvement RB
    4.60 %     09/01/12       345       352,759  
South Carolina (State of) Public Service Authority;
                               
Series 2002 D, Ref. RB (b)(c)
    5.00 %     01/01/13       2,060       2,164,545  
Series 2002 D, Ref. RB (INS-AGM) (a)
    5.00 %     01/01/20       2,940       3,063,274  
Series 2003 A, Ref. RB (INS-AMBAC) (a)(f)
    5.00 %     01/01/22       7,000       7,392,140  
 
                             
 
                            16,137,958  
 
                             
Texas—14.37%
                               
Alliance Airport Authority (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (e)
    4.85 %     04/01/21       2,000       2,091,440  
Arlington (City of); Series 2009, Special Tax RB
    5.00 %     08/15/28       2,500       2,616,000  
Austin (City of); Series 2001, Ref. Water & Wastewater System RB (INS-AGM) (a)
    5.13 %     05/15/27       2,950       2,953,481  
Bexar (County of); Series 2009 A, Flood Control Limited Tax COP
    5.00 %     06/15/35       2,500       2,749,250  
Bexar County Health Facilities Development Corp. (Army Retirement Residence); Series 2010, RB
    6.20 %     07/01/45       1,045       1,069,704  
Harris (County of); Series 2007 C, Ref. Sub. Lien Toll Road Unlimited Tax GO Bonds (INS-AGM) (a)
    5.25 %     08/15/31       2,380       2,817,063  
Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership); Series 2006, Solid Waste Disposal RB
    5.00 %     02/01/23       600       643,716  
Houston (City of);
                               
Series 2000 A, Sub. Lien Airport System RB (INS-AGM) (a)(e)
    5.63 %     07/01/30       1,250       1,250,575  
Series 2004 A, Ref. First Lien Combined Utility System RB (INS-NATL) (a)
    5.25 %     05/15/23       5,120       5,552,538  
Series 2009 A, Ref. Public Improvement Limited Tax GO Bonds
    5.00 %     03/01/27       2,000       2,193,940  
Series 2011 D, First Lien Combined Utility System RB
    5.00 %     11/15/33       2,700       2,866,347  
Series 2011 D, First Lien Combined Utility System RB
    5.00 %     11/15/36       1,890       1,989,168  
Lower Colorado River Authority (LCRA Transmission Services Corporation); Series 2011 A, Ref. Transmission Contract RB
    5.00 %     05/15/41       2,250       2,291,557  
Lower Colorado River Authority; Series 2010 A, Ref. RB
    5.00 %     05/15/40       700       720,657  
Matagorda (County of) Navigation District No. 1 (AEP Texas Central Co.); Series 2008, Ref. PCR (b)(d)
    1.13 %     06/01/12       1,125       1,126,305  
North Texas Tollway Authority;
                               
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(g)
    0.00 %     01/01/28       8,600       3,607,012  
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (a)(g)
    0.00 %     01/01/31       1,650       563,920  
Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2007, Retirement Facilities RB
    5.13 %     05/15/37       875       761,854  
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

                                 
                    Principal        
      Interest   Maturity     Amount        
      Rate   Date     (000)     Value  
 
Texas—(continued)
                               
Texas Private Activity Bond Surface Transportation Corp. (North Transit Express Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB
    6.88 %     12/31/39     $ 915     $ 980,139  
University of Houston System Board of Regents; Series 2008, Ref. Consolidated RB (INS-AGM) (a)(f)
    5.00 %     02/15/33       5,100       5,341,893  
 
                             
 
                            44,186,559  
 
                             
Vermont—0.66%
                               
Vermont (State of) Economic Development Authority (Wake Robin Corp.); Series 2006 A, Mortgage RB
    5.38 %     05/01/36       2,500       2,037,625  
 
                             
Virgin Islands—0.37%
                               
Virgin Islands Public Finance Authority (Virgin Islands Matching Fund Loan Note); Series 2010 A, Sr. Lien Working Capital RB
    5.00 %     10/01/25       1,125       1,147,061  
 
                             
Washington—8.26%
                               
Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB (e)
    5.50 %     07/01/25       925       1,041,217  
Energy Northwest (Columbia Generating Station); Series 2002 A, Ref. Electric RB (INS-NATL) (a)
    5.75 %     07/01/18       5,000       5,148,150  
Grant (County of) Public Utility District No. 2;
                               
Series 2001 H, Ref. Electric System RB (b)(c)
    5.38 %     01/01/12       1,955       1,963,739  
Series 2001 H, Ref. Electric System RB (b)(c)
    5.38 %     01/01/12       3,045       3,056,297  
Spokane School District No. 81; Series 2005, Unlimited Tax GO Bonds (INS-NATL) (a)
    5.13 %     06/01/23       2,500       2,698,375  
Washington (State of) Health Care Facilities Authority (Catholic Health); Series 2011 A, RB
    5.00 %     02/01/41       1,410       1,406,672  
Washington (State of) Health Care Facilities Authority (Providence Health & Services); Series 2006 C, RB (INS-AGM) (a)
    5.25 %     10/01/33       1,500       1,558,965  
Washington (State of);
                               
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (f)
    5.00 %     08/01/29       3,725       4,170,920  
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (f)
    5.00 %     08/01/30       3,915       4,341,539  
 
                             
 
                            25,385,874  
 
                             
TOTAL INVESTMENTS(j)—159.11% (Cost $472,911,030)
                            489,187,526  
 
                             
Floating Rate Note Obligations—(15.43)%
                               
Notes with interest rates ranging from 0.14% to 0.26% at 11/30/11 and contractual maturities of collateral ranging from 01/01/22 to 01/01/37 (See Note 1D)(k)
                            (47,440,000 )
 
                             
OTHER ASSETS LESS LIABILITIES—1.09%
                            3,356,732  
 
                             
PREFERRED SHARES—(44.77)%
                            (137,650,000 )
 
                             
NET ASSETS APPLICABLE TO COMMON SHARES—100.00%
                          $ 307,454,258  
 
                             
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

 
Investment Abbreviations:
     
AGC   — Assured Guaranty Corp.
 
AGM   — Assured Guaranty Municipal Corp.
 
AMBAC   — American Municipal Bond Assurance Corp.
 
BAN   — Bond Anticipation Notes
 
BHAC   — Berkshire Hathaway Assurance Corp.
 
CAB   — Capital Appreciation Bonds
 
Conv.   — Convertible
 
COP   — Certificates of Participation
 
Ctfs.   — Certificates
 
GO   — General Obligation
 
IDR   — Industrial Development Revenue Bonds
 
INS   — Insurer
 
Jr.   — Junior
 
NATL   — National Public Finance Guarantee Corp.
 
PCR   — Pollution Control Revenue Bonds
 
PILOT   — Payment-in-Lieu-of-Tax
 
RAB   — Revenue Anticipation Bonds
 
RB   — Revenue Bonds
 
Ref.   — Refunding
 
Sec.   — Secured
 
SGI   — Syncora Guarantee, Inc.
 
Sr.   — Senior
 
Sub.   — Subordinated
 
Notes to Schedule of Investments:
     
(a)   Principal and/or interest payments are secured by the bond insurance company listed.
 
(b)   Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
 
(c)   Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
 
(d)   Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2011.
 
(e)   Security subject to the alternative minimum tax.
 
(f)   Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.
 
(g)   Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at issue.
 
(h)   Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Fund could ultimately be required to make under the agreement is $7,335,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.
 
(i)   Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at November 30, 2011 represented 0.38% of the Trust’s Net Assets.
 
(j)   This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
         
Entities   Percentage
 
National Public Finance Guarantee Corp.
    15.5 %
 
Assured Guarantee Municipal Corp.
    8.7  
 
 
(k)   Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at November 30, 2011. At November 30, 2011, the Trust’s investments with a value of $77,814,980 are held by Dealer Trusts and serve as collateral for the $47,440,000 in the floating rate note obligations outstanding at that date.
See accompanying notes which are an integral part of this schedule.
Invesco Quality Municipal Income Trust

 


 

Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2011
(Unaudited)
NOTE 1 — Significant Accounting Policies
A.   Security Valuations — Securities, including restricted securities, are valued according to the following policy.
     Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
     Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.   Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
     The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
     Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
C.   Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
Invesco Quality Municipal Income Trust

 


 

D.   Floating Rate Note Obligations — The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interest in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.
     TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
     The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
     The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.
E.   Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
     Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.
     There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
Invesco Quality Municipal Income Trust

 


 

NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
  Level 1 —    Prices are determined using quoted prices in an active market for identical assets.
 
  Level 2 —    Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
 
  Level 3 —    Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
     The following is a summary of the tiered valuation input levels, as of November 30, 2011. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
     During the nine months ended November 30, 2011, there were no significant transfers between investment levels.
                               
    Level 1   Level 2   Level 3   Total
 
Municipal Obligations
  $     $ 489,187,526     $     $ 489,187,526
 
NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the nine months ended November 30, 2011 was $112,409,383 and $105,348,222, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
         
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities
  $ 21,028,829  
 
Aggregate unrealized (depreciation) of investment securities
    (4,337,201 )
 
Net unrealized appreciation of investment securities
  $ 16,691,628  
 
Cost of investments for tax purposes is $472,495,898.
       
Invesco Quality Municipal Income Trust

 


 

Item 2. Controls and Procedures.
  (a)   As of December 15, 2011, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of December 15, 2011, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
 
  (b)   There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 3. Exhibits.
      Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco Quality Municipal Income Trust
         
By:
  /s/ Philip A. Taylor
 
Philip A. Taylor
   
 
  Principal Executive Officer    
 
       
Date:
  January 27, 2012    
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Philip A. Taylor
 
Philip A. Taylor
   
 
  Principal Executive Officer    
 
       
Date:
  January 27, 2012    
 
       
By:
  /s/ Sheri Morris
 
Sheri Morris
   
 
  Principal Financial Officer    
 
       
Date:
  January 27, 2012    

 


 

EXHIBIT INDEX
Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.

 

EX-99.CERT 2 h86055exv99wcert.htm EX-99.CERT exv99wcert
I, Philip A. Taylor, Principal Executive Officer, certify that:
1. I have reviewed this report on Form N-Q of Invesco Quality Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in this registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
     
Date:     January 27, 2012
  /s/ Philip A. Taylor
 
  Philip A. Taylor, Principal Executive Officer

 


 

I, Sheri Morris, Principal Financial Officer, certify that:
1. I have reviewed this report on Form N-Q of Invesco Quality Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in this registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (or persons performing equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
     
Date:     January 27, 2012
  /s/ Sheri Morris
 
  Sheri Morris, Principal Financial Officer

 

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