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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:        11/30/15             


Item 1. Schedule of Investments.


 

 

Invesco Quality Municipal Income Trust

Quarterly Schedule of Portfolio Holdings

November 30, 2015

 

 

 

 

 

 

 

LOGO

 

   
  invesco.com/us   MS-CE-QMINC-QTR-1     11/15   Invesco Advisers, Inc.


Schedule of Investments

November 30, 2015

(Unaudited)

 

      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Municipal Obligations–154.54%(a)

          

Alabama–1.15%

          

Alabaster (City of) Board of Education;
Series 2014 A, Limited Special Tax GO Wts. (INS-AGM) (b)

   5.00%   09/01/2039    $ 1,130       $ 1,272,199   

Series 2014 A, Limited Special Tax GO Wts. (INS-AGM) (b)

   5.00%   09/01/2044      1,130         1,263,103   

Birmingham (City of) Airport Authority; Series 2010, RB (INS-AGM) (b)

   5.25%   07/01/2030      2,100         2,379,888   

Birmingham (City of) Water Works Board; Series 2011, Water RB (INS-AGM) (b)(c)

   5.00%   01/01/2036      3,060         3,501,130   
                         8,416,320   

Alaska–0.63%

          

Alaska (State of) Industrial Development & Export Authority (Providence Health Services);
Series 2011 A, RB (c)

   5.50%   10/01/2041      4,065         4,614,507   

Arizona–3.81%

          

Arizona (State of) Health Facilities Authority (Phoenix Children’s Hospital);
Series 2012, Ref. Hospital System RB

   5.00%   02/01/2042      2,050         2,170,745   

Arizona (State of) Health Facilities Authority (Scottsdale Lincoln Hospital);
Series 2014, Ref. RB

   5.00%   12/01/2042      1,965         2,166,196   

Arizona (State of) Transportation Board; Series 2011 A, Ref. Sub. Highway RB (c)

   5.00%   07/01/2036      3,450         3,955,667   

Arizona (State of); Series 2008 A, COP (d)(e)

   5.00%   03/01/2018      1,995         2,176,625   

Mesa (City of); Series 2013, Excise Tax RB (c)

   5.00%   07/01/2032      7,600         8,531,076   

Phoenix (City of) Industrial Development Authority (Legacy Traditional Schools);
Series 2014 A, Education Facility RB (f)

   6.50%   07/01/2034      450         501,282   

Phoenix (City of) Industrial Development Authority (Rowan University); Series 2012, Lease RB

   5.00%   06/01/2042      2,780         2,993,837   

Pima (County of) Industrial Development Authority (Edkey Charter Schools);
Series 2013, Ref. Education Facility RB

   6.00%   07/01/2033      1,000         1,000,110   

Pima (County of) Industrial Development Authority (Tucson Electric Power Co.);
Series 2010 A, IDR

   5.25%   10/01/2040      2,525         2,772,324   

Yuma (City of) Industrial Development Authority (Regional Medical Center);
Series 2014 A, Hospital RB

   5.00%   08/01/2020      500         568,590   

Series 2014 A, Hospital RB

   5.00%   08/01/2021      800         919,760   
                         27,756,212   

California–22.62%

          

Alhambra Unified School District (Election of 2004);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(g)

   0.00%   08/01/2035      3,570         1,617,710   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(g)

   0.00%   08/01/2036      5,770         2,466,156   

Bay Area Toll Authority (San Francisco Bay Area); Series 2007 F, Toll Bridge RB (d)(e)

   5.00%   04/01/2017      1,000         1,058,810   

Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2026      1,390         1,061,195   

Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2031      2,680         1,630,914   

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2005, Ref. RB

   5.00%   11/15/2034      1,610         1,613,687   

California (State of) Health Facilities Financing Authority (City of Hope); Series 2012 A, RB

   5.00%   11/15/2032      3,500         3,926,125   

California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB

   5.25%   04/01/2039      2,000         2,021,520   

California (State of) Pollution Control Finance Authority;
Series 2012, Water Furnishing RB (f)(h)

   5.00%   07/01/2027      1,230         1,351,696   

Series 2012, Water Furnishing RB (f)(h)

   5.00%   07/01/2030      1,450         1,557,923   

Series 2012, Water Furnishing RB (f)(h)

   5.00%   07/01/2037      3,195         3,409,736   

California (State of) Public Works Board (Various Capital); Series 2013 I, Lease RB

   5.00%   11/01/2020      1,000         1,170,100   

California (State of) Statewide Communities Development Authority (California Baptist University); Series 2007 A, RB

   5.40%   11/01/2027      4,000         4,157,280   

California (State of) Statewide Communities Development Authority (John Muir Health);
Series 2006 A, RB

   5.00%   08/15/2032      8,000         8,234,480   

California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB

   5.25%   12/01/2044      780         824,983   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

California (State of);
Series 2012, Ref. Unlimited Tax GO Bonds

   5.00%   02/01/2032    $ 2,600       $   2,977,390   

Series 2012, Various Purpose Unlimited Tax GO Bonds

   5.00%   09/01/2036      2,460         2,821,743   

Series 2012, Various Purpose Unlimited Tax GO Bonds

   5.25%   04/01/2035      4,305         4,994,618   

California Infrastructure & Economic Development Bank (The Scripps Research Institute);
Series 2005 A, RB

   5.00%   07/01/2029      5,000         5,016,750   

California Infrastructure & Economic Development Bank;
Series 2003 A, First Lien Bay Area Toll Bridges RB (c)(d)(e)

   5.00%   01/01/2028      3,300         4,269,771   

Series 2003 A, First Lien Bay Area Toll Bridges RB (c)(d)(e)

   5.00%   01/01/2028      1,700         2,199,579   

Clovis Unified School District (Election of 2004);
Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (b)(g)

   0.00%   08/01/2029      695         461,675   

Dry Creek Joint Elementary School District (Election of 2008-Measure E);
Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2040      4,685         1,708,994   

Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2041      4,965         1,734,225   

Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2042      5,265         1,760,563   

Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2043      3,460         1,107,408   

Series 2009, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2044      4,825         1,477,849   

East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB (c)

   5.00%   06/01/2036      4,770         5,456,451   

El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2031      1,775         971,298   

Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2032      1,980         1,029,026   

Foothill-Eastern Transportation Corridor Agency; Subseries 2014 B-2, Ref. Toll Road RB (d)

   5.00%   01/15/2020      5,000         5,484,750   

Golden State Tobacco Securitization Corp.;
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

   4.50%   06/01/2027      4,055         4,001,636   

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

   5.00%   06/01/2033      4,980         4,543,055   

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

   5.00%   06/01/2030      3,250         3,737,955   

Los Angeles (City of) Department of Airports (Los Angeles International Airport);
Series 2010 A, Sr. RB (c)

   5.00%   05/15/2035      6,000         6,816,120   

Los Angeles (City of) Department of Water & Power; Series 2012 A, Water System RB (c)

   5.00%   07/01/2043      6,510         7,480,836   

Menifee Union School District (Election of 2008);
Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(g)

   0.00%   08/01/2034      1,985         905,279   

Moreland School District (Crossover); Series 2006 C, Ref. Unlimited Tax CAB GO
Bonds (INS-AMBAC) (b)(g)

   0.00%   08/01/2029      3,955         2,378,458   

Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2028      2,875         1,932,920   

Patterson Joint Unified School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(g)

   0.00%   08/01/2036      4,025         1,663,814   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(g)

   0.00%   08/01/2037      1,590         624,441   

Poway Unified School District (Election of 2008 - School Facilities Improvement
District No. 2007-1);
Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2027      4,005         2,709,062   

Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2031      5,000         2,825,850   

Regents of the University of California; Series 2013 AI, General RB (c)

   5.00%   05/15/2033      4,000         4,667,640   

San Diego (County of) Regional Airport Authority; Series 2010 A, Sub. RB

   5.00%   07/01/2034      875         985,591   

San Diego Community College District (Election of 2006);
Series 2011, Unlimited Tax GO Bonds (c)

   5.00%   08/01/2036      6,790         7,871,783   

San Francisco (City & County of) Airport Commission (San Francisco International Airport);
Series 2011 F, Ref. Second Series RB (h)

   5.00%   05/01/2025      1,000         1,147,460   

Series 2011 F, Ref. Second Series RB (h)

   5.00%   05/01/2026      1,995         2,278,210   

Series 2011 G, Ref. Second Series RB

   5.25%   05/01/2027      5,000         5,933,300   

San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB (c)

   5.00%   11/01/2036      4,320         5,048,050   

San Francisco (City & County of) Public Utilities Commission; Series 2009 A, Water RB

   5.00%   11/01/2027      2,500         2,848,950   

San Jose Evergreen Community College District (Election of 2004);
Series 2008 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(g)

   0.00%   09/01/2030      3,300         1,962,213   

Santa Margarita Water District (Community Facilities District No. 2013-1);
Series 2013, Special Tax RB

   5.50%   09/01/2032      615         686,930   

University of California;
Series 2009 O, General RB (d)(e)

   5.25%   05/15/2019      80         91,479   

Series 2009 O, General RB

   5.25%   05/15/2039      420         472,051   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

California–(continued)

          

William S. Hart Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2032    $ 17,570       $ 8,954,023   

Series 2009 A, Unlimited Tax CAB GO Bonds (g)

   0.00%   08/01/2033      5,725         2,787,445   
                         164,928,956   

Colorado–2.73%

          

Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2009 A, RB

   5.00%   07/01/2039      4,000         4,285,440   

Colorado (State of) Health Facilities Authority (SCL Health System); Series 2013 A, RB (c)

   5.50%   01/01/2035      3,900         4,583,085   

Colorado (State of) Regional Transportation District (Denver Transit Partners Eagle P3);
Series 2010, Private Activity RB

   6.00%   01/15/2041      3,200         3,598,624   

Denver (City & County of); Series 2013 B, Sub. Airport System RB

   5.25%   11/15/2032      5,000         5,802,650   

Denver (City of) Convention Center Hotel Authority; Series 2006, Ref. Sr. RB (INS-SGI) (b)

   5.00%   12/01/2030      1,590         1,620,035   
                         19,889,834   

Connecticut–0.64%

          

Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare);
Series 2011 A, RB

   5.00%   07/01/2041      4,300         4,675,734   

Delaware–0.14%

          

New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB

   5.00%   09/01/2036      1,000         1,007,800   

District of Columbia–3.52%

          

District of Columbia (Provident Group - Howard Properties LLC);
Series 2013, Student Dormitory RB

   5.00%   10/01/2045      1,910         1,841,068   

District of Columbia Water & Sewer Authority;
Series 2008 A, Ref. Public Utility Sub. Lien RB (d)(e)

   5.00%   10/01/2018      575         639,406   

Series 2008 A, Ref. Public Utility Sub. Lien RB (d)(e)

   5.00%   10/01/2018      265         294,682   

District of Columbia;
Series 2006 B-1, Ballpark RB (INS-NATL) (b)

   5.00%   02/01/2031      10,000         10,062,400   

Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (b)(c)

   5.00%   06/01/2026      380         415,340   

Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (b)(c)

   5.00%   06/01/2027      380         414,018   

Series 2008 E, Unlimited Tax GO Bonds (INS-BHAC) (b)(c)

   5.00%   06/01/2028      760         824,699   

Series 2009 A, Sec. Income Tax RB (c)

   5.25%   12/01/2027      3,040         3,491,501   

Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement);
Series 2014 A, Ref. Sr. Lien Dulles Toll Road RB

   5.00%   10/01/2053      6,170         6,553,712   

Metropolitan Washington Airports Authority; Series 2009 B, Airport System RB (INS-BHAC) (b)

   5.00%   10/01/2029      1,000         1,125,400   
                         25,662,226   

Florida–13.60%

          

Alachua (County of) Health Facilities Authority (Terraces at Bonita Springs); Series 2011 A, RB

   8.13%   11/15/2041      1,000         1,183,860   

Broward (County of);
Series 2012 A, Water & Sewer Utility RB

   5.00%   10/01/2037      2,145         2,413,940   

Series 2013 C, Airport System RB

   5.25%   10/01/2038      2,500         2,839,625   

Citizens Property Insurance Corp.;
Series 2012 A-1, Sr. Sec. RB

   5.00%   06/01/2019      2,950         3,312,850   

Series 2012 A-1, Sr. Sec. RB

   5.00%   06/01/2021      5,110         5,937,922   

Collier (County of) Industrial Development Authority (The Arlington of Naples);
Series 2014 B-2, TEMPS-70SM Continuing Care Community RB (f)

   6.50%   05/15/2020      2,320         2,323,596   

Davie (Town of) (Nova Southeastern University); Series 2013 A, Educational Facilities RB

   6.00%   04/01/2042      1,250         1,463,813   

Florida (State of) Ports Financing Commission (State Transportation Trust Fund);
Series 2011 B, Ref. RB (h)

   5.13%   06/01/2027      995         1,152,150   

Highlands (County of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group);
Series 2006 C, RB (d)(e)

   5.25%   11/15/2016      100         104,602   

Series 2006 C, RB

   5.25%   11/15/2036      3,900         4,072,653   

Martin (County of) Health Facilities Authority (Martin Memorial Medical Center);
Series 2012, RB

   5.00%   11/15/2027      4,630         5,011,558   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Florida–(continued)

          

Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center);
Series 2014, Ref. RB

   5.00%   11/15/2039    $ 845       $ 925,740   

Miami-Dade (County of) (Building Better Communities Program);
Series 2009 B-1, Unlimited Tax GO Bonds

   6.00%   07/01/2038      3,000         3,384,870   

Miami-Dade (County of) (Miami International Airport-Hub of the Americas);
Series 2009 B, Aviation RB (INS-AGC) (b)

   5.00%   10/01/2025      2,850         3,169,912   

Miami-Dade (County of) Educational Facilities Authority (University of Miami);
Series 2008 A, RB (d)(e)

   5.50%   04/01/2016      1,300         1,322,815   

Miami-Dade (County of) Expressway Authority; Series 2010 A, Ref. Toll System RB

   5.00%   07/01/2040      2,500         2,766,175   

Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital);
Series 2010 A, Ref. Hospital RB

   6.00%   08/01/2030      1,195         1,382,197   

Miami-Dade (County of);
Series 2005 A, Sub. Special Obligation RB (INS-NATL) (b)

   5.00%   10/01/2030      2,995         3,192,400   

Series 2012 A, Ref. Aviation RB (h)

   5.00%   10/01/2028      1,000         1,136,310   

Series 2012 B, Ref. Sub. Special Obligation RB (INS-AGM) (b)

   5.00%   10/01/2035      1,750         1,967,105   

Orange (County of); Series 2012 B, Ref. Sales Tax RB (c)

   5.00%   01/01/2031      7,855         9,076,295   

Palm Beach (County of) Health Facilities Authority (BRRH Corp. Obligated Group);
Series 2014, Ref. RB

   5.00%   12/01/2031      1,125         1,255,736   

Palm Beach (County of) Health Facilities Authority (Jupiter Medical Center, Inc.);
Series 2013 A, Hospital RB

   5.00%   11/01/2043      2,030         2,154,723   

Palm Beach (County of) Health Facilities Authority (Sinai Residences of Boca Raton);
Series 2014 C, Principal Redemption RB

   6.00%   06/01/2021      325         357,091   

Palm Beach (County of) Solid Waste Authority;
Series 2009, Improvement RB (INS-BHAC) (b)

   5.50%   10/01/2023      2,700         3,119,067   

Series 2011, Ref. RB (c)

   5.00%   10/01/2031      3,330         3,901,661   

South Miami (City of) Health Facilities Authority (Baptist Health South Florida Obligated Group);
Series 2007, Hospital RB (c)

   5.00%   08/15/2042      18,000         18,741,240   

Series 2007, Hospital RB

   5.00%   08/15/2042      6,000         6,247,080   

St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2014 A, Ref. Health Care RB (i)

   1.34%   01/01/2049      3,938         1,382,693   

Series 2014 B, Ref. Sub. Health Care RB

   2.50%   01/01/2049      1,457         15   

Sumter (County of) Industrial Development Authority (Central Florida Health Alliance);
Series 2014 A, Hospital RB

   5.00%   07/01/2025      500         575,195   

Series 2014 A, Hospital RB

   5.00%   07/01/2027      500         564,620   

Tampa Bay Water; Series 2001 A, Ref. & Improvement Utility System RB (INS-NATL) (b)

   6.00%   10/01/2029      2,000         2,702,400   
                         99,141,909   

Georgia–1.69%

          

Burke (County of) Development Authority (Georgia Power Co. Plant Vogtle);
Series 1994, PCR (d)

   2.20%   04/02/2019      1,000         1,023,030   

Series 1994, PCR (d)

   2.20%   04/02/2019      2,000         2,046,060   

Burke (County of) Development Authority (Oglethorpe Power Vogtle); Series 2013 A, PCR (d)

   2.40%   04/01/2020      3,200         3,242,816   

Georgia (State of) Road & Tollway Authority; Series 2003, RB

   5.00%   10/01/2023      6,000         6,024,060   
                         12,335,966   

Hawaii–1.91%

          

Hawaii (State of) Department of Budget & Finance (Hawaii Pacific Health Obligated Group);
Series 2010 B, Special Purpose RB

   5.75%   07/01/2040      1,630         1,833,310   

Series 2013 A, Ref. Special Purpose RB

   5.50%   07/01/2043      2,000         2,305,420   

Hawaii (State of) Department of Transportation (Airports Division);
Series 2013, Lease Revenue COP (h)

   5.00%   08/01/2020      3,055         3,496,753   

Hawaii (State of);
Series 2010 A, Airport System RB

   5.00%   07/01/2039      4,100         4,578,429   

Series 2015 A, Airport System RB (h)

   5.00%   07/01/2045      1,545         1,711,072   
                         13,924,984   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Idaho–0.62%

          

Idaho (State of) Housing & Finance Association (Federal Highway Trust Fund);
Series 2008 A, Grant & RAB (d)(e)

   5.25%   07/15/2018    $ 2,600       $   2,889,380   

Regents of the University of Idaho; Series 2011, Ref. General RB (d)

   5.25%   04/01/2021      1,415         1,646,650   
                         4,536,030   

Illinois–17.61%

          

Bourbonnais (Village of) (Olivet Nazarene University);
Series 2013, Industrial Project RB

   5.00%   11/01/2044      635         664,604   

Series 2013, Industrial Project RB

   5.50%   11/01/2042      1,000         1,082,760   

Chicago (City of) (Midway Airport);
Series 2013 B, Ref. Second Lien RB

   5.00%   01/01/2021      3,200         3,705,632   

Series 2014 A, Ref. Second Lien RB (h)

   5.00%   01/01/2041      1,125         1,210,084   

Chicago (City of) (O’Hare International Airport);
Series 2005 A, Third Lien General Airport RB (INS-NATL) (b)

   5.25%   01/01/2026      3,000         3,012,300   

Series 2015 C, RB (h)

   5.00%   01/01/2046      775         840,906   

Series 2015 D, RB

   5.00%   01/01/2046      540         596,365   

Chicago (City of) Transit Authority (FTA Section 5309 Fixed Guideway Modernization Formula Funds);
Series 2008, Capital Grant Receipts RB (INS-AGC) (b)

   5.25%   06/01/2023      1,070         1,136,393   

Series 2008, Capital Grant Receipts RB (INS-AGC) (b)

   5.25%   06/01/2024      1,035         1,094,699   

Chicago (City of) Transit Authority;
Series 2011, Sales Tax Receipts RB (c)

   5.25%   12/01/2036      8,970         9,657,281   

Series 2014, Sales Tax Receipts RB

   5.00%   12/01/2044      3,380         3,633,432   

Chicago (City of);
Series 2002 B, Unlimited Tax GO Bonds

   5.50%   01/01/2037      615         645,910   

Series 2005 D, Ref. Unlimited Tax GO Bonds

   5.50%   01/01/2040      385         403,773   

Series 2007 A, Ref. Project Unlimited Tax GO Bonds (INS-AGM) (b)

   5.00%   01/01/2037      4,350         4,386,409   

Series 2007 E, Ref. Unlimited Tax GO Bonds

   5.50%   01/01/2042      310         325,116   

Series 2012, Second Lien Wastewater Transmission RB

   5.00%   01/01/2042      2,030         2,139,742   

Series 2014, Ref. Motor Fuel Tax RB

   5.00%   01/01/2029      1,000         1,021,970   

Series 2014, Second Lien Waterworks RB

   5.00%   11/01/2044      790         842,037   

Series 2015 A, Unlimited Tax GO Bonds

   5.50%   01/01/2033      3,085         3,263,344   

Cook (County of) Forest Preserve District;
Series 2012 B, Ref. Limited Tax GO Bonds (c)

   5.00%   12/15/2032      2,540         2,765,654   

Series 2012 B, Ref. Limited Tax GO Bonds (c)

   5.00%   12/15/2037      2,540         2,750,185   

DeKalb County Community Unit School District No. 428; Series 2008, Unlimited Tax GO
Bonds (INS-AGM) (b)

   5.00%   01/01/2023      1,435         1,541,750   

Illinois (State of) Finance Authority (Benedictine University);
Series 2013 A, RB

   5.00%   10/01/2020      1,000         1,116,430   

Series 2013 A, RB

   5.38%   10/01/2022      1,180         1,308,325   

Illinois (State of) Finance Authority (Centegra Health System); Series 2014 A, RB

   5.00%   09/01/2039      1,300         1,403,597   

Illinois (State of) Finance Authority (Northwestern Memorial Hospital);
Series 2009 B, RB

   5.00%   08/15/2016      830         856,917   

Series 2009 B, RB

   5.38%   08/15/2024      1,900         2,119,298   

Illinois (State of) Finance Authority (OSF Healthcare System);
Series 2010 A, Ref. RB

   6.00%   05/15/2039      2,620         3,014,127   

Series 2015 A, Ref. RB

   5.00%   11/15/2045      2,165         2,381,522   

Illinois (State of) Finance Authority (Peace Village); Series 2013, RB

   6.25%   08/15/2028      1,000         1,083,710   

Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group);
Series 2009 A, RB (d)(e)

   7.25%   11/01/2018      1,460         1,721,033   

Illinois (State of) Finance Authority (Rush University Medical Center); Series 2015 A, Ref. RB

   5.00%   11/15/2038      1,870         2,103,002   

Illinois (State of) Finance Authority (Swedish Covenant Hospital);
Series 2010 A, Ref. RB

   5.75%   08/15/2029      5,020         5,583,746   

Series 2010 A, Ref. RB

   6.00%   08/15/2038      2,620         2,905,999   

Illinois (State of) Finance Authority (The University of Chicago Medical Center);
Series 2011 C, RB (c)

   5.50%   08/15/2041      1,440         1,609,373   

Illinois (State of) Finance Authority (University of Chicago); Series 2013 A, RB (c)

   5.25%   10/01/2052      3,390         3,796,936   

Illinois (State of) Finance Authority;
Series 2009, RB

   6.13%   05/15/2025      105         122,790   

Series 2009, RB

   6.13%   05/15/2025      3,400         3,798,582   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Illinois–(continued)

          

Illinois (State of) Metropolitan Pier & Exposition Authority;
Series 2002, Dedicated State Tax CAB RB (INS-AGM) (b)(g)

   0.00%   12/15/2029    $ 2,500       $ 1,426,675   

Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion);
Series 2002 A, Conv. CAB RB (INS-NATL) (b)(j)

   5.75%   06/15/2026      8,480         9,047,566   

Series 2010 A, RB

   5.50%   06/15/2050      2,300         2,431,169   

Series 2012 B, RB (c)

   5.00%   12/15/2028      5,565         6,115,267   

Illinois (State of) Sports Facilities Authority;
Series 2014, Ref. State Tax Supported RB (INS-AGM) (b)

   5.00%   06/15/2027      3,500         3,943,520   

Illinois (State of) Toll Highway Authority; Series 2013 A, RB (c)

   5.00%   01/01/2038      10,050         11,181,831   

Illinois (State of);
Series 2012 A, Unlimited Tax GO Bonds

   5.00%   01/01/2031      1,115         1,164,250   

Series 2013, Unlimited Tax GO Bonds (INS-AGM) (b)

   5.25%   07/01/2029      1,960         2,143,025   

Series 2014, Unlimited Tax GO Bonds

   5.00%   02/01/2021      2,250         2,466,607   

Series 2014, Unlimited Tax GO Bonds

   5.00%   05/01/2029      1,000         1,067,170   

Series 2014, Unlimited Tax GO Bonds

   5.00%   05/01/2036      750         782,422   

Railsplitter Tobacco Settlement Authority; Series 2010, RB

   5.50%   06/01/2023      4,275         4,992,217   
                         128,407,452   

Indiana–4.66%

          

Indiana (State of) Finance Authority (Clarion Health Obligated Group);
Series 2006 A, Hospital RB (d)(e)

   5.25%   02/15/2016      3,595         3,632,819   

Indiana (State of) Finance Authority (CWA Authority);
Series 2011 B, Second Lien Wastewater Utility RB

   5.25%   10/01/2031      3,000         3,517,770   

Indiana (State of) Finance Authority (I-69 Section 5);
Series 2014, RB (h)

   5.00%   09/01/2046      1,350         1,452,924   

Series 2014, RB (h)

   5.25%   09/01/2034      790         883,299   

Series 2014, RB (h)

   5.25%   09/01/2040      2,280         2,490,330   

Indiana (State of) Finance Authority (Ohio River Bridges East End Crossing);
Series 2013, Private Activity RB (h)

   5.00%   07/01/2040      3,480         3,725,653   

Series 2013 A, Private Activity RB (h)

   5.00%   07/01/2035      500         543,670   

Series 2013 A, Private Activity RB (h)

   5.00%   07/01/2048      525         556,999   

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.);
Series 2012 A, Midwestern Disaster Relief RB

   5.00%   06/01/2039      2,690         2,802,039   

Indiana (State of) Municipal Power Agency; Series 2013 A, Power Supply System RB

   5.25%   01/01/2033      1,000         1,154,550   

Indianapolis Local Public Improvement Bond Bank;
Series 2011 K, RB

   5.00%   06/01/2027      3,000         3,403,590   

Series 2013 F, RB (c)

   5.00%   02/01/2030      4,500         5,126,310   

Valparaiso (City of) (Pratt Paper, LLC); Series 2013, Exempt Facilities RB (h)

   5.88%   01/01/2024      1,500         1,722,195   

Whiting (City of) (BP Products North America);
Series 2014, Environmental Facilities Floating Rate RB (d)(h)(i)

   0.76%   12/02/2019      3,000         2,948,730   
                         33,960,878   

Iowa–1.32%

          

Iowa (State of) (IJOBS Program);
Series 2009 A, Special Obligation RB (c)(k)

   5.00%   06/01/2025      4,795         5,375,147   

Series 2009 A, Special Obligation RB (c)(k)

   5.00%   06/01/2026      3,595         4,029,959   

Iowa (State of) Tobacco Settlement Authority; Series 2005 C, Asset-Backed RB

   5.63%   06/01/2046      260         250,258   
                         9,655,364   

Kansas–0.48%

          

Kansas (State of) Development Finance Authority (Adventist Health System/Sunbelt Obligated Group); Series 2009 C, Hospital RB

   5.50%   11/15/2029      1,655         1,895,438   

Wichita (City of) (Presbyterian Manors, Inc.); Series 2013 IV-A, Health Care Facilities RB

   6.38%   05/15/2043      1,500         1,628,505   
                         3,523,943   

Kentucky–2.81%

          

Kentucky (State of) Economic Development Finance Authority (Next Generation Kentucky Information Highway);
Series 2015 A, Sr. RB

   5.00%   07/01/2040      1,065         1,150,317   

Series 2015 A, Sr. RB

   5.00%   01/01/2045      895         967,441   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Kentucky–(continued)

          

Kentucky (State of) Economic Development Finance Authority (Owensboro Medical Health System, Inc.);
Series 2010 A, Hospital RB

   6.00%   06/01/2030    $ 1,900       $ 2,161,136   

Series 2010 A, Hospital RB

   6.38%   06/01/2040      1,625         1,860,284   

Series 2010 A, Hospital RB

   6.50%   03/01/2045      2,050         2,350,099   

Kentucky (State of) Public Transportation Infrastructure Authority (Downtown Crossing);
Series 2013 A, Sub. Toll Revenue BAN

   5.00%   07/01/2017      3,000         3,182,940   

Kentucky (State of) Turnpike Authority (Revitalization); Series 2012 A, Economic Development Road RB

   5.00%   07/01/2028      1,860         2,162,176   

Louisville (City of) & Jefferson (County of) Metropolitan Government (Louisville Gas & Electric Co.); Series 2005 A, PCR (d)

   2.20%   08/01/2019      1,000         1,025,790   

Louisville (City of) & Jefferson (County of) Metropolitan Government (Norton Healthcare, Inc.); Series 2013 A, Health System RB

   5.50%   10/01/2033      3,000         3,431,160   

Warren (County of) (Bowling Green-Warren County Community Hospital Corp.);
Series 2013, Ref. Hospital RB

   5.00%   04/01/2035      2,000         2,190,500   
                         20,481,843   

Louisiana–2.53%

          

Lafayette (City of) Public Trust Financing Authority (Ragin’ Cajun Facilities, Inc. - Housing & Parking); Series 2010, RB (INS-AGM) (b)

   5.25%   10/01/2030      2,450         2,782,514   

Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1);
Series 2013 A, Power Project RB (INS-AGM) (b)

   5.25%   06/01/2028      2,000         2,344,160   

Series 2013 A, Power Project RB (INS-AGM) (b)

   5.25%   06/01/2031      2,000         2,316,320   

Louisiana (State of) Public Facilities Authority (Louisiana Pellets Inc.);
Series 2015 A, Waste Disposal Facilities RB (h)

   8.00%   07/01/2039      1,850         1,871,608   

New Orleans (City of);
Series 2014, Ref. Sewerage Service RB

   5.00%   06/01/2020      750         858,833   

Series 2014, Ref. Water RB

   5.00%   12/01/2021      1,000         1,165,400   

St. John the Baptist (Parish of) (Marathon Oil Corp.); Series 2007 A, RB

   5.13%   06/01/2037      2,265         2,331,478   

Tobacco Settlement Financing Corp.;
Series 2013 A, Ref. Asset-Backed RB

   5.25%   05/15/2031      770         861,761   

Series 2013 A, Ref. Asset-Backed RB

   5.25%   05/15/2032      1,465         1,656,475   

Series 2013 A, Ref. Asset-Backed RB

   5.25%   05/15/2033      1,235         1,372,888   

Series 2013 A, Ref. Asset-Backed RB

   5.50%   05/15/2030      770         865,349   
                         18,426,786   

Maryland–0.93%

          

Baltimore (County of) (Oak Crest Village Inc. Facility); Series 2007 A, RB

   5.00%   01/01/2037      2,495         2,564,087   

Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Medical Center); Series 2015, Ref. RB

   5.00%   07/01/2045      1,435         1,576,089   

Maryland Economic Development Corp. (Terminal); Series 2010 B, RB

   5.75%   06/01/2035      2,440         2,663,699   
                         6,803,875   

Massachusetts–4.55%

          

Massachusetts (State of) Department of Transportation (Contract Assistance);
Series 2010 B, Metropolitan Highway Systems RB

   5.00%   01/01/2035      2,010         2,272,426   

Massachusetts (State of) Development Finance Agency (Berklee College of Music);
Series 2007 A, RB

   5.00%   10/01/2032      2,350         2,508,766   

Massachusetts (State of) Development Finance Agency (Harvard University); Series 2009 A, RB (c)

   5.50%   11/15/2036      9,565         10,848,527   

Massachusetts (State of) Development Finance Agency (Massachusetts Institute of Technology);
Series 2009 O, RB (c)(d)(e)

   5.50%   07/01/2018      3,100         3,464,095   

Massachusetts (State of) Development Finance Agency (Partners Healthcare); Series 2012 L, RB

   5.00%   07/01/2031      5,620         6,474,746   

Massachusetts (State of) Development Finance Agency (Tufts Medical Center); Series 2011 I, RB

   6.75%   01/01/2036      1,225         1,441,739   

Massachusetts (State of) School Building Authority; Series 2011 B, Sr. Dedicated Sales Tax RB (c)

   5.00%   10/15/2035      5,325         6,160,120   
                         33,170,419   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Michigan–1.58%

          

Lansing (City of) Board of Water & Light; Series 2011 A, Utility System RB

   5.00%   07/01/2037    $ 3,400       $ 3,844,482   

Michigan (State of) Finance Authority (Detroit Water & Sewerage Department);
Series 2014 C-1, Ref. Local Government Loan Program RB

   5.00%   07/01/2044      1,130         1,205,608   

Series 2014 C-6, Ref. Local Government Loan Program RB

   5.00%   07/01/2033      565         618,155   

Series 2014 D-4, Ref. Local Government Loan Program RB

   5.00%   07/01/2029      565         627,811   

Michigan (State of) Finance Authority (Midmichigan Health); Series 2014, Ref. Hospital RB

   5.00%   06/01/2039      2,070         2,273,502   

Wayne State University Board of Governors; Series 2008, Ref. General RB (INS-AGM) (b)

   5.00%   11/15/2025      1,855         2,051,222   

Western Michigan University;
Series 2013, Ref. General RB

   5.25%   11/15/2030      400         465,752   

Series 2013, Ref. General RB

   5.25%   11/15/2031      350         406,186   
                         11,492,718   

Missouri–0.67%

          

Kansas City (City of) Industrial Development Authority (Downtown Redevelopment District);
Series 2011 A, Ref. RB

   5.50%   09/01/2028      1,970         2,248,834   

Missouri (State of) Health & Educational Facilities Authority (St. Louis College of Pharmacy);
Series 2013, RB

   5.00%   05/01/2020      1,000         1,119,540   

St. Louis (County of) Industrial Development Authority (Friendship Village of Sunset Hills);
Series 2013 A, Senior Living Facilities RB

   5.50%   09/01/2033      1,375         1,521,369   
                         4,889,743   

Nebraska–1.94%

          

Central Plains Energy Project (No. 3); Series 2012, Gas RB

   5.00%   09/01/2032      5,500         6,061,550   

Lincoln (County of) Hospital Authority No. 1 (Great Plains Regional Medical Center);
Series 2012, Ref. RB

   5.00%   11/01/2032      2,500         2,750,050   

Omaha (City of) Public Power District; Series 2011 B, RB (c)

   5.00%   02/01/2036      4,800         5,295,024   
                         14,106,624   

Nevada–0.98%

          

Clark (County of) (Las Vegas-McCarran International Airport);
Series 2010 A, Passenger Facility Charge RB

   5.13%   07/01/2034      1,500         1,673,640   

Clark (County of); Series 2013 A, Ref. Jet Aviation Fuel Tax Airport System RB (h)

   5.00%   07/01/2028      2,000         2,240,040   

Las Vegas (City of) Redevelopment Agency; Series 2009 A, Tax Increment Allocation RB

   6.25%   06/15/2016      1,450         1,477,159   

Nevada (State of);
Series 2008 C, Capital Improvement & Cultural Affairs Limited Tax GO Bonds (c)(d)(e)

   5.00%   06/01/2018      1,600         1,760,384   
                         7,151,223   

New Jersey–7.33%

          

New Jersey (State of) Economic Development Authority (Provident Group-Montclair Properties LLC-Montclair State University Student Housing); Series 2010 A, RB

   5.75%   06/01/2031      1,990         2,222,452   

New Jersey (State of) Economic Development Authority (The Goethals Bridge Replacement);
Series 2013, Private Activity RB (h)

   5.38%   01/01/2043      1,000         1,072,730   

Series 2013, Private Activity RB (h)

   5.50%   01/01/2026      1,000         1,163,470   

Series 2013, RB (h)

   5.00%   07/01/2023      1,750         2,019,202   

New Jersey (State of) Economic Development Authority; Series 2005 N-1, Ref. School Facilities Construction RB (INS-AMBAC) (b)

   5.50%   09/01/2024      2,000         2,246,260   

New Jersey (State of) Transportation Trust Fund Authority;
Series 1999 A, Transportation System RB

   5.75%   06/15/2020      5,000         5,474,700   

Series 2006 C, Transportation System CAB RB (INS-AGC) (b)(g)

   0.00%   12/15/2026      8,435         5,076,520   

New Jersey (State of); Series 2001 H, Ref. Unlimited Tax GO Bonds

   5.25%   07/01/2019      6,900         7,735,797   

Passaic Valley Sewage Commissioners; Series 2003 F, Sewer System RB (INS-NATL) (b)

   5.00%   12/01/2020      10,000         10,037,700   

Salem (County of) Pollution Control Financing Authority (Chambers); Series 2014 A, Ref. PCR (h)

   5.00%   12/01/2023      4,000         4,388,840   

Tobacco Settlement Financing Corp.;
Series 2007 1A, Asset-Backed RB

   4.63%   06/01/2026      5,050         4,994,147   

Series 2007 1A, Asset-Backed RB

   4.75%   06/01/2034      950         768,151   

Series 2007 1A, Asset-Backed RB

   5.00%   06/01/2029      3,640         3,297,003   

Series 2007 1A, Asset-Backed RB

   5.00%   06/01/2041      3,665         2,976,933   
                         53,473,905   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

New Mexico–0.68%

          

Farmington (City of) (Public Service Co. of New Mexico San Juan); Series 2010 C, Ref. PCR

   5.90%   06/01/2040    $ 2,650       $ 2,920,380   

New Mexico (State of) Finance Authority; Series 2008 A, Sr. Lien Public Revolving Fund RB

   5.00%   06/01/2027      1,860         2,017,393   
                         4,937,773   

New York–14.08%

          

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT RB

   6.25%   07/15/2040      1,740         1,976,988   

Series 2009, PILOT RB

   6.38%   07/15/2043      720         821,974   

Erie Tobacco Asset Securitization Corp.; Series 2005 A, Tobacco Settlement Asset-Backed RB

   5.00%   06/01/2045      2,760         2,637,152   

Metropolitan Transportation Authority;
Series 2012 F, Ref. RB

   5.00%   11/15/2024      1,500         1,788,405   

Series 2013 A, RB

   5.00%   11/15/2038      1,680         1,892,268   

New York (City of) Municipal Water Finance Authority;
Series 2010 FF, Second General Resolution Water & Sewer System RB

   5.00%   06/15/2031      2,400         2,741,040   

Series 2012 FF, Water & Sewer System RB (c)

   5.00%   06/15/2045      1,000         1,112,020   

Series 2013 DD, Water & Sewer System RB

   5.00%   06/15/2035      2,900         3,327,837   

New York (City of) Transitional Finance Authority;
Subseries 2009 A-1, Future Tax Sec. RB (c)

   5.00%   05/01/2028      4,615         5,194,367   

Subseries 2009 A-1, Future Tax Sec. RB (c)

   5.00%   05/01/2029      3,695         4,152,737   

Subseries 2009 A-1, Future Tax Sec. RB (c)

   5.00%   05/01/2030      3,695         4,129,717   

Subseries 2011 D-1, Future Tax Sec. RB (c)

   5.00%   11/01/2033      1,725         2,026,392   

Subseries 2012 E-1, Future Tax Sec. RB (c)

   5.00%   02/01/2037      7,155         8,077,709   

Subseries 2013 I, Future Tax Sec. RB

   5.00%   05/01/2038      1,535         1,737,267   

New York (City of) Trust for Cultural Resources (Museum of Modern Art);
Series 2008 1A, Ref. RB (c)

   5.00%   04/01/2026      5,635         6,246,341   

Series 2008 1A, Ref. RB (c)

   5.00%   04/01/2027      4,765         5,268,994   

New York (City of);
Subseries 2008 A-1, Unlimited Tax GO Bonds (c)

   5.25%   08/15/2027      5,200         5,727,904   

Subseries 2008 A-1, Unlimited Tax GO Bonds (c)

   5.25%   08/15/2028      5,200         5,727,904   

New York (State of) Dormitory Authority (City of New York);
Series 2005 A, Court Facilities Lease RB (INS-AMBAC) (b)

   5.50%   05/15/2029      1,805         2,315,508   

New York (State of) Dormitory Authority (General Purpose);
Series 2011 A, State Personal Income Tax RB (c)

   5.00%   03/15/2030      5,805         6,742,914   

Series 2013 A, State Personal Income Tax RB

   5.00%   02/15/2037      2,050         2,327,426   

New York (State of) Dormitory Authority (Mental Health Services);
Series 2007, RB (INS-AGM) (b)

   5.00%   02/15/2027      150         157,077   

Series 2007 F, RB (d)(e)

   5.00%   02/15/2017      1,350         1,421,779   

New York (State of) Energy Research & Development Authority (Brooklyn Union Gas Co.);
Series 1991 B, Gas Facilities Residual Interest RB (h)(l)

   13.44%   07/01/2026      1,700         1,717,714   

New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB

   5.00%   03/15/2025      1,310         1,457,951   

New York (State of) Thruway Authority;
Series 2011 A-1, Second General Highway & Bridge Trust Fund RB (c)

   5.00%   04/01/2029      4,860         5,600,324   

Series 2013 A, Jr. General RB

   5.00%   05/01/2019      2,000         2,248,280   

New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. Liberty RB (f)

   5.00%   11/15/2044      4,840         4,964,291   

New York Liberty Development Corp. (7 World Trade Center);
Series 2012, Class 1, Ref. Liberty RB (c)

   5.00%   09/15/2040      5,100         5,860,257   

Series 2012, Class 2, Ref. Liberty RB

   5.00%   09/15/2043      1,770         1,956,558   

Onondaga Civic Development Corp. (St. Joseph’s Hospital Health Center); Series 2014 A, RB

   5.00%   07/01/2025      1,250         1,343,838   
                         102,700,933   

North Carolina–4.93%

          

Charlotte (City of) (Cultural Arts Facilities); Series 2009 E, Ref. COP (c)

   5.00%   06/01/2039      13,600         14,991,960   

North Carolina (State of) Capital Facilities Finance Agency (Duke University);
Series 2015, Ref. RB

   5.00%   10/01/2055      5,725         6,552,091   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

North Carolina–(continued)

          

North Carolina (State of) Department of Transportation (I-77 HOT Lanes);
Series 2015, Private Activity RB (h)

   5.00%   06/30/2054    $ 1,115       $ 1,166,368   

North Carolina (State of) Eastern Municipal Power Agency; Series 2009 B, Power System RB (d)(e)

   5.00%   01/01/2019      1,525         1,711,142   

North Carolina (State of) Medical Care Commission (Duke University Health System);
Series 2012 A, Health Care Facilities RB (c)

   5.00%   06/01/2042      5,110         5,712,929   

North Carolina (State of) Medical Care Commission (Salemtowne);
Series 2006, Ref. First Mortgage Health Care Facilities RB

   5.10%   10/01/2030      1,100         1,104,939   

North Carolina (State of) Turnpike Authority;
Series 2011, Monroe Connector System State Appropriation RB (c)

   5.00%   07/01/2036      1,755         1,990,872   

Series 2011, Monroe Connector System State Appropriation RB (c)

   5.00%   07/01/2041      2,430         2,739,776   
                         35,970,077   

Ohio–6.55%

          

Allen (County of) (Catholic Health Partners); Series 2012 A, Ref. Hospital Facilities RB

   5.00%   05/01/2042      1,450         1,585,372   

American Municipal Power, Inc. (Prairie State Energy Campus);
Series 2008 A, RB (INS-AGC) (b)(c)

   5.25%   02/15/2033      9,100         9,810,164   

Buckeye Tobacco Settlement Financing Authority; Series 2007 A-2, Sr. Asset-Backed Turbo RB

   5.88%   06/01/2047      5,305         4,600,231   

Cleveland-Cuyahoga (County of) Port Authority (Constellation Schools);
Series 2014 A, Ref. & Improvement Lease RB (f)

   6.50%   01/01/2034      1,000         1,071,240   

Franklin (County of) (First Community Village Obligated Group);
Series 2013, Ref. Health Care Facilities RB

   5.25%   07/01/2033      2,000         1,910,380   

Franklin (County of) (OhioHealth Corp.); Series 2011 A, Hospital Facilities RB (c)

   5.00%   11/15/2036      3,390         3,780,867   

Hamilton (County of) (Christ Hospital); Series 2012, Health Care Facilities RB

   5.50%   06/01/2042      3,000         3,349,800   

Hancock (County of) (Blanchard Valley Regional Health Center);
Series 2011 A, Hospital Facilities RB

   6.25%   12/01/2034      2,470         2,895,606   

Ohio (State of) (Portsmouth Bypass); Series 2015, Private Activity RB (INS-AGM) (b)(h)

   5.00%   12/31/2039      735         810,235   

Ohio (State of) Air Quality Development Authority (FirstEnergy Generation Corp.);
Series 2009 A, RB

   5.70%   08/01/2020      2,000         2,184,320   

Ohio (State of) Air Quality Development Authority (FirstEnergy Nuclear Generation Corp.);
Series 2009 A, Ref. PCR (d)

   5.75%   06/01/2016      3,670         3,742,299   

Ohio (State of) Higher Educational Facility Commission (Summa Health System);
Series 2010, Hospital Facilities RB

   5.75%   11/15/2040      4,835         5,283,494   

Ohio (State of) Turnpike Commission (Infrastructure); Series 2013 A, Jr. Lien RB

   5.00%   02/15/2028      2,500         2,871,400   

Ohio (State of) Water Development Authority (FirstEnergy Nuclear Generation Corp.);
Series 2009 A, Ref. PCR (d)

   5.88%   06/01/2016      930         949,641   

Series 2010 C, Ref. PCR (d)

   4.00%   06/03/2019      2,825         2,923,564   
                         47,768,613   

Oklahoma–0.11%

          

Oklahoma (State of) Development Finance Authority (Great Plains Regional Medical Center); Series 2007, Hospital RB

   5.13%   12/01/2036      815         825,546   

Oregon–0.48%

          

Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB (d)(e)

   5.25%   04/01/2019      685         778,584   

Warm Springs Reservation Confederated Tribes of Oregon (Pelton Round Butte);
Series 2009 B, Tribal Economic Development Hydroelectric RB (f)

   6.38%   11/01/2033      2,465         2,702,503   
                         3,481,087   

Pennsylvania–1.15%

          

Pennsylvania (State of) Turnpike Commission;
Series 2012 A, Sub. RB

   5.00%   12/01/2020      1,370         1,582,843   

Subseries 2010 B-2, Sub. Conv. CAB RB (j)

   5.75%   12/01/2028      2,850         3,209,983   

Subseries 2010 B-2, Sub. Conv. CAB RB (j)

   6.00%   12/01/2034      1,750         1,958,688   

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (b)

   5.13%   09/01/2023      1,500         1,648,815   
                         8,400,329   

Rhode Island–0.54%

          

Tobacco Settlement Financing Corp.; Series 2015 B, Ref. RB

   5.00%   06/01/2050      3,855         3,913,288   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

South Carolina–0.62%

          

South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);
Series 2013 A, Ref. Hospital RB

   5.25%   08/01/2030    $ 1,400       $ 1,582,070   

South Carolina (State of) Ports Authority;
Series 2015, RB (h)

   5.25%   07/01/2050      1,705         1,899,132   

Series 2015, RB (h)

   5.25%   07/01/2055      965         1,062,320   
                         4,543,522   

South Dakota–0.20%

          

South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group);
Series 2015, Ref. RB

   5.00%   11/01/2045      1,315         1,464,489   

Tennessee–0.42%

          

Tennessee Energy Acquisition Corp.;
Series 2006 A, Gas RB

   5.25%   09/01/2023      1,280         1,520,679   

Series 2006 A, Gas RB

   5.25%   09/01/2026      1,275         1,516,268   
                         3,036,947   

Texas–15.30%

          

Alamo Community College District; Series 2012, Ref. Limited Tax GO Bonds (c)

   5.00%   08/15/2034      5,105         5,784,016   

Alliance Airport Authority, Inc. (Federal Express Corp.); Series 2006, Ref. Special Facilities RB (h)

   4.85%   04/01/2021      6,000         6,056,760   

Arlington (City of); Series 2009, Special Tax RB

   5.00%   08/15/2028      4,000         4,345,760   

Bexar (County of); Series 2009 A, Flood Control Limited Tax Ctfs. of Obligation

   5.00%   06/15/2035      2,500         2,815,625   

Bexar County Health Facilities Development Corp. (Army Retirement Residence); Series 2010, RB

   6.20%   07/01/2045      2,225         2,505,016   

Dallas-Fort Worth (Cities of) International Airport; Series 2014 A, Ref. RB (h)

   5.25%   11/01/2026      2,000         2,367,900   

Friendswood Independent School District;
Series 2008, Schoolhouse Unlimited Tax GO Bonds (CEP-Texas Permanent School Fund)

   5.00%   02/15/2025      1,130         1,224,660   

Harris (County of);
Series 2007 C, Ref. Sub. Lien Toll Road Unlimited Tax GO Bonds (INS-AGM) (b)

   5.25%   08/15/2031      5,395         6,961,492   

Harris County Industrial Development Corp. (Deer Park Refining Limited Partnership);
Series 2006, Solid Waste Disposal RB

   5.00%   02/01/2023      1,300         1,422,018   

Houston (City of) Convention & Entertainment Facilities Department;
Series 2001 B, Hotel Occupancy Tax & Special CAB RB (INS-AGM) (b)(g)

   0.00%   09/01/2025      4,650         3,377,574   

Houston (City of);
Series 2009 A, Ref. Public Improvement Limited Tax GO Bonds

   5.00%   03/01/2027      2,000         2,227,840   

Series 2011 D, First Lien Combined Utility System RB (c)

   5.00%   11/15/2033      2,700         3,126,006   

Series 2011 D, First Lien Combined Utility System RB (c)

   5.00%   11/15/2036      4,005         4,580,559   

Houston Community College System; Series 2008, Sr. Lien Student Fee RB (INS-AGM) (b)

   5.00%   04/15/2023      420         457,439   

La Vernia Higher Education Finance Corp. (Meridian World School); Series 2015 A, RB (f)

   5.50%   08/15/2045      1,205         1,215,676   

Lower Colorado River Authority (LCRA Transmissions Services Corp.); Series 2011 A, Ref. RB

   5.00%   05/15/2041      2,250         2,472,615   

Lower Colorado River Authority;
Series 2012 A, Ref. RB (d)(e)

   5.00%   05/15/2022      5         6,030   

Series 2012 A, Ref. RB

   5.00%   05/15/2030      2,125         2,412,853   

New Hope Cultural Education Facilities Corp. (Morningside Ministries);
Series 2013, First Mortgage RB

   6.50%   01/01/2043      1,000         1,119,510   

New Hope Cultural Education Facilities Finance Corp. (Collegiate Housing - Tarleton State University); Series 2014 A, Student Housing RB

   5.00%   04/01/2034      1,000         1,046,760   

North Texas Tollway Authority;
Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (b)(g)

   0.00%   01/01/2028      18,900         12,257,595   

Series 2008 D, Ref. First Tier System CAB RB (INS-AGC) (b)(g)

   0.00%   01/01/2031      3,740         2,105,471   

SA Energy Acquisition Public Facility Corp.; Series 2007, Gas Supply RB

   5.50%   08/01/2021      1,500         1,763,310   

San Antonio (City of); Series 2013, Jr. Lien Electric & Gas Systems RB

   5.00%   02/01/2038      2,495         2,790,757   

Tarrant County Cultural Education Facilities Finance Corp. (Air Force Village Obligated Group); Series 2007, Retirement Facilities RB

   5.13%   05/15/2037      925         932,594   

Texas (State of) Transportation Commission (Central Texas Turnpike System);
Series 2015 B, Ref. CAB RB (g)

   0.00%   08/15/2036      3,170         1,316,469   

Series 2015 B, Ref. CAB RB (g)

   0.00%   08/15/2037      4,130         1,621,603   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Texas–(continued)

          

Texas A&M University System Board of Regents;
Series 2009 A, Financing System RB

   5.00%   05/15/2025    $ 890       $ 1,001,579   

Series 2009 A, Financing System RB

   5.00%   05/15/2026      2,500         2,812,525   

Texas Municipal Gas Acquisition & Supply Corp. I; Series 2008 D, Sr. Lien Gas Supply RB

   6.25%   12/15/2026      5,230         6,397,859   

Texas Municipal Gas Acquisition & Supply Corp. III;
Series 2012, Gas Supply RB

   5.00%   12/15/2028      4,095         4,542,747   

Series 2012, Gas Supply RB

   5.00%   12/15/2029      2,000         2,198,860   

Series 2012, Gas Supply RB

   5.00%   12/15/2031      1,200         1,311,456   

Series 2012, Gas Supply RB

   5.00%   12/15/2032      1,195         1,310,688   

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC North Tarrant Express Management Lanes); Series 2009, Sr. Lien RB

   6.88%   12/31/2039      1,945         2,283,644   

Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC);
Series 2013, Sr. Lien RB (h)

   7.00%   12/31/2038      1,300         1,616,914   

University of Houston; Series 2008, Ref. Consolidated RB (INS-AGM) (b)(c)

   5.00%   02/15/2033      9,100         9,789,871   
                         111,580,051   

Utah–0.25%

          

Salt Lake City (City of) (IHC Hospitals, Inc.); Series 1991, Ref. Hospital RB (e)(l)

   13.10%   05/15/2020      1,800         1,853,208   

Vermont–0.35%

          

Vermont (State of) Economic Development Authority (Wake Robin Corp.);
Series 2006 A, Mortgage RB

   5.38%   05/01/2036      2,500         2,550,625   

Virgin Islands–0.37%

          

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2010 A, Sr. Lien RB

   5.00%   10/01/2025      2,400         2,668,176   

Virginia–3.02%

          

Fairfax (County of) Economic Development Authority (Goodwin House Inc.);
Series 2007, Residential Care Facilities Mortgage RB

   5.13%   10/01/2037      1,750         1,817,795   

Fairfax (County of) Industrial Development Authority (INOVA Health System);
Series 1993, Ref. RB

   5.25%   08/15/2019      9,000         9,758,340   

Virginia (State of) Small Business Financing Authority (Elizabeth River Crossings Opco, LLC);
Series 2012, Sr. Lien RB (h)

   5.50%   01/01/2042      2,930         3,237,474   

Series 2012, Sr. Lien RB (h)

   6.00%   01/01/2037      885         1,018,033   

Virginia (State of) Small Business Financing Authority (Express Lanes, LLC);
Series 2012, Sr. Lien RB (h)

   5.00%   07/01/2034      3,975         4,206,623   

Series 2012, Sr. Lien RB (h)

   5.00%   01/01/2040      1,905         1,995,412   
                         22,033,677   

Washington–3.79%

          

Chelan (County of) Public Utility District No. 1; Series 2011 A, Ref. Consolidated RB (h)

   5.50%   07/01/2025      925         1,079,068   

Washington (State of) Health Care Facilities Authority (Catholic Health Initiatives);
Series 2011 A, RB (c)

   5.00%   02/01/2041      3,000         3,233,760   

Washington (State of) Health Care Facilities Authority (Providence Health);
Series 2006 C, RB (INS-AGM) (b)

   5.25%   10/01/2033      1,500         1,647,570   

Washington (State of) Tobacco Settlement Authority; Series 2013, Ref. RB

   5.25%   06/01/2031      2,000         2,197,940   

Washington (State of);
Series 2010 A, Various Purpose Unlimited Tax GO Bonds (c)

   5.00%   08/01/2029      8,420         9,508,622   

Series 2010 A, Various Purpose Unlimited Tax GO Bonds (c)

   5.00%   08/01/2030      8,850         9,987,225   
                         27,654,185   

Wisconsin–1.25%

          

Wisconsin (State of) Health & Educational Facilities Authority (Mercy Alliance); Series 2012, RB

   5.00%   06/01/2039      3,500         3,780,769   

Wisconsin (State of) Health & Educational Facilities Authority (Mile Bluff Medical Center, Inc.);
Series 2014, RB

   5.00%   05/01/2026      1,100         1,155,460   

Series 2014, RB

   5.13%   05/01/2029      1,000         1,056,100   

Wisconsin (State of) Public Finance Authority (Roseman University of Health Sciences);
Series 2015, Ref. RB

   5.75%   04/01/2035      795         818,180   

 

See accompanying notes which are an integral part of this schedule.

Invesco Quality Municipal Income Trust


      Interest
Rate
  Maturity
Date
   Principal
Amount
(000)
     Value  

Wisconsin–(continued)

          

Wisconsin (State of); Series 2009 A, General Fund Annual Appropriation RB

   5.63%   05/01/2028    $ 2,000       $ 2,276,400   
                         9,086,909   

TOTAL INVESTMENTS(m)–154.54% (Cost $1,026,538,286)

                       1,126,904,686   

FLOATING RATE NOTE OBLIGATIONS–(26.76)%

          

Notes with interest and fee rates ranging from 0.53% to 0.73% at 11/30/2015 and contractual maturities of collateral ranging from 06/01/2025 to 10/01/2052 (See Note 1D)(n)

                       (195,115,000)   

VARIABLE RATE MUNI TERM PREFERRED SHARES–(29.33)%

                       (213,900,000)   

OTHER ASSETS LESS LIABILITIES–1.55%

                       11,318,961   

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                     $ 729,208,647   

Investment Abbreviations:

 

AGC    — Assured Guaranty Corp.    Jr.    —     Junior
AGM    — Assured Guaranty Municipal Corp.    NATL    —     National Public Finance Guarantee Corp.
AMBAC    — American Municipal Bond Assurance Corp.    PCR    —     Pollution Control Revenue Bonds
BAN    — Bond Anticipation Notes    PILOT    —     Payment-in-Lieu-of-Tax
BHAC    — Berkshire Hathaway Assurance Corp.    RAB    —     Revenue Anticipation Bonds
CAB    — Capital Appreciation Bonds    RB    —     Revenue Bonds
CEP    — Credit Enhancement Provider    Ref.    —     Refunding
Conv.    — Convertible    Sec.    —     Secured
COP    — Certificates of Participation    SGI    —     Syncora Guarantee, Inc.
Ctfs.    — Certificates    Sr.    —     Senior
FTA    — Federal Transit Administration    Sub.    —     Subordinated
GO    — General Obligation    TEMPS    —     Tax-Exempt Mandatory Paydown Securities
IDR    — Industrial Development Revenue Bonds    Wts.    —     Warrants
INS    — Insurer      

Notes to Schedule of Investments:

 

(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

 

(b)  Principal and/or interest payments are secured by the bond insurance company listed.

 

(c)  Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.

 

(d)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(e)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

 

(f)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at November 30, 2015 was $19,097,943, which represented 2.62% of the Trust’s Net Assets.

 

(g)  Zero coupon bond issued at a discount.

 

(h)  Security subject to the alternative minimum tax.

 

(i)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on November 30, 2015.

 

(j)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

 

(k)  Security is subject to a reimbursement 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 TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $5,650,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.

 

(l)  Current coupon rate for an inverse floating rate municipal obligation. This rate resets periodically as the rate on the related security changes. Positions in an inverse floating rate municipal obligation have a total value of $3,570,922 which represents less than 1% of the Trust’s Net Assets.

 

(m)  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.

 

  Entity    Percentage    

  Assured Guaranty Municipal Corp.

   5.4%
(n)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2015. At November 30, 2015, the Trust’s investments with a value of $336,700,749 are held by TOB Trusts and serve as collateral for the $195,115,000 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, 2015

(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, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became 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.

The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.

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 (net of withholding tax, if any) 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 the Statement of Changes in Net Assets, or the net investment income per share and the 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.
D. Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without

 

Invesco Quality Municipal Income Trust


D. Floating Rate Note Obligations – (continued)

 

 

first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) 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 TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities 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.

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 decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities 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 notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (“liquidity shortfall”). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.

The Trust accounts for the transfer of fixed rate bonds to the TOB 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 TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.

Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds”, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as “sponsors” of TOB Trusts. These duties may be performed by a third-party service provider. The Trust’s expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.

There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trust’s net asset value, distribution rate and ability to achieve its investment objective.

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 (the “1933 Act”), or are otherwise not readily

 

Invesco Quality Municipal Income Trust


D. Floating Rate Note Obligations – (continued)

 

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 atypical, 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.

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 the 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.

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.

As of November 30, 2015, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

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, 2015 was $58,469,421 and $55,836,153, 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

   $     103,181,325   

Aggregate unrealized (depreciation) of investment securities

     (4,290,898)   

Net unrealized appreciation of investment securities

   $ 98,890,427   

Cost of investments for tax purposes is $1,028,014,259.

  

 

Invesco Quality Municipal Income Trust


Item 2.    Controls and Procedures.

 

  (a) As of November 20, 2015, 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 November 20, 2015, 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 29, 2016

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 29, 2016
By:  

  /s/ Sheri Morris

    Sheri Morris
    Principal Financial Officer
Date:     January 29, 2016


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.