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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)

 

 

Sheri Morris

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: 5/31/16

 

 

 


Item 1. Schedule of Investments.


 

 

 

 

Invesco Quality Municipal Income Trust

Quarterly Schedule of Portfolio Holdings

May 31, 2016

 

 

 

 

LOGO       

 

      invesco.com/us            

                      MS-CE-QMINC-QTR-1       05/16    Invesco Advisers, Inc.


Schedule of Investments

May 31, 2016

(Unaudited)

 

      Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

Municipal Obligations–154.60%(a)

          

Alabama–2.23%

          

Alabama (State of) Special Care Facilities Financing Authority (Ascension Health Senior Credit Group); Series 2016 B, Ref. RB (b)

     5.00%        11/15/2046       $ 4,395       $ 5,243,323   

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

     5.00%        09/01/2039         1,130         1,324,665   

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

     5.00%        09/01/2044         1,130         1,319,196   

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

     5.25%        07/01/2030         2,100         2,402,253   

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

     5.00%        01/01/2036         3,060         3,500,487   

Lower Alabama Gas District (The); Series 2016 A, Gas Project RB (b)

     5.00%        09/01/2046         2,400         3,127,392   
                                 16,917,316   

Alaska–0.62%

          

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

     5.50%        10/01/2041         4,065         4,698,774   

Arizona–3.79%

          

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

     5.00%        02/01/2042         2,050         2,260,433   

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

     5.00%        12/01/2042         1,965         2,282,741   

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

     5.00%        07/01/2036         3,450         3,991,236   

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

     5.00%        03/01/2018         1,995         2,141,094   

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

     5.00%        07/01/2032         7,600         8,976,208   

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

     6.50%        07/01/2034         450         531,657   

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

     5.00%        06/01/2042         2,780         3,120,521   

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

     6.00%        07/01/2033         1,000         1,018,070   

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

     5.25%        10/01/2040         2,525         2,837,342   

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

     5.00%        08/01/2020         500         568,210   

Series 2014 A, Hospital RB

     5.00%        08/01/2021         800         927,312   
                                 28,654,824   

California–22.15%

          

Alameda Corridor Transportation Authority; Series 2016 B, Ref. Second Sub. Lien RB

     5.00%        10/01/2036         1,805         2,159,105   

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

     0.00%        08/01/2035         3,570         1,803,350   

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

     0.00%        08/01/2036         5,770         2,795,969   

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

     5.00%        04/01/2017         1,000         1,037,030   

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

     0.00%        08/01/2026         1,390         1,123,370   

Series 2009, Unlimited Tax CAB GO Bonds (g)

     0.00%        08/01/2031         2,680         1,801,791   

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

     5.00%        11/15/2032         3,500         4,110,890   

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

     5.00%        07/01/2027         1,230         1,384,033   

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

     5.00%        07/01/2030         1,450         1,627,262   

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

     5.00%        07/01/2037         3,195         3,545,939   

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

     5.00%        11/01/2020         1,000         1,166,100   

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

     5.40%        11/01/2027         4,000         4,164,080   

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

     5.00%        08/15/2032         8,000         8,078,000   

 

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

     5.25%        12/01/2044       $ 780       $ 875,956   

Series 2016 A, RB (f)

     5.00%        12/01/2046         1,245         1,383,656   

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

     5.00%        02/01/2032         2,600         3,070,833   

Series 2012, Various Purpose Unlimited Tax GO Bonds

     5.00%        09/01/2036         2,460         2,931,311   

Series 2012, Various Purpose Unlimited Tax GO Bonds

     5.25%        04/01/2035         4,305         5,208,749   

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

     5.00%        01/01/2028         3,300         4,397,580   

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

     5.00%        01/01/2028         1,700         2,265,420   

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

     0.00%        08/01/2029         695         478,042   

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         2,015,955   

Series 2009, Unlimited Tax CAB GO Bonds (g)

     0.00%        08/01/2041         4,965         2,058,092   

Series 2009, Unlimited Tax CAB GO Bonds (g)

     0.00%        08/01/2042         5,265         2,101,999   

Series 2009, Unlimited Tax CAB GO Bonds (g)

     0.00%        08/01/2043         3,460         1,323,104   

Series 2009, Unlimited Tax CAB GO Bonds (g)

     0.00%        08/01/2044         4,825         1,771,113   

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

     5.00%        06/01/2036         4,770         5,480,205   

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

     0.00%        08/01/2031         1,775         1,087,738   

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

     0.00%        08/01/2032         1,980         1,154,439   

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

     5.00%        01/15/2020         5,000         5,467,300   

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

     4.50%        06/01/2027         4,055         4,088,332   

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

     5.00%        06/01/2033         4,980         5,012,669   

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

     5.00%        06/01/2030         3,250         3,871,270   

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

     5.00%        05/15/2035         6,000         6,847,740   

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

     5.00%        07/01/2043         6,510         7,725,938   

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

     0.00%        08/01/2034         1,985         1,075,890   

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

     0.00%        08/01/2029         3,955         2,590,920   

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

     0.00%        08/01/2028         2,875         2,100,044   

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

     0.00%        08/01/2036         4,025         2,007,227   

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

     0.00%        08/01/2037         1,590         762,850   

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         2,926,333   

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

     0.00%        08/01/2031         5,000         3,166,350   

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

     5.00%        05/15/2033         4,000         4,839,080   

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

     5.00%        07/01/2034         875         992,136   

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

     5.00%        08/01/2036         6,790         7,913,202   

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         1,166,490   

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

     5.00%        05/01/2026         1,995         2,323,377   

Series 2011 G, Ref. Second Series RB

     5.25%        05/01/2027         5,000         5,971,000   

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

     5.00%        11/01/2036         4,320         5,062,781   

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

     5.00%        11/01/2027         2,500         2,840,000   

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

     0.00%        09/01/2030         3,300         2,155,362   

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

     5.50%        09/01/2032         615         712,305   

 

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)

          

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

     5.25%        05/15/2019       $ 80       $ 90,271   

Series 2009 O, General RB (d)(e)

     5.25%        05/15/2019         145         163,661   

Series 2009 O, General RB

     5.25%        05/15/2039         275         308,949   

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         9,986,964   

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

     0.00%        08/01/2033         5,725         3,126,537   
                                 167,696,089   

Colorado–2.70%

          

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

     5.00%        07/01/2039         4,000         4,320,840   

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

     5.50%        01/01/2035         3,900         4,739,631   

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

     6.00%        01/15/2041         3,200         3,707,424   

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

     5.25%        11/15/2032         5,000         6,052,900   

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

     5.00%        12/01/2030         1,590         1,607,458   
                                 20,428,253   

Connecticut–0.63%

          

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

     5.00%        07/01/2041         4,300         4,763,497   

Delaware–0.13%

          

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

     5.00%        09/01/2036         1,000         1,004,370   

District of Columbia–3.39%

          

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

     5.00%        10/01/2045         1,910         1,922,338   

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

     5.00%        10/01/2018         575         630,781   

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

     5.00%        10/01/2018         265         290,708   

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

     5.00%        02/01/2031         9,805         9,859,614   

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

     5.00%        06/01/2028         1,520         1,632,161   

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

     5.25%        12/01/2027         3,040         3,462,621   

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         6,779,904   

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

     5.00%        10/01/2029         1,000         1,117,520   
                                 25,695,647   

Florida–13.47%

          

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

     8.13%        11/15/2041         1,000         1,189,300   

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

     5.00%        10/01/2037         2,145         2,535,755   

Series 2013 C, Airport System RB

     5.25%        10/01/2038         2,500         2,919,650   

Series 2015 A, Airport System RB (h)

     5.00%        10/01/2045         2,010         2,319,138   

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

     5.00%        06/01/2019         2,950         3,285,651   

Series 2012 A-1, Sr. Sec. RB

     5.00%        06/01/2021         5,110         5,980,540   

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         2,324,222   

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

     6.00%        04/01/2042         1,250         1,499,738   

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

     5.13%        06/01/2027         995         1,165,075   

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

     5.25%        11/15/2016         100         102,105   

Series 2006 C, RB

     5.25%        11/15/2036         3,900         3,977,103   

 

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)

          

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

     5.00%        11/15/2027       $ 4,630       $ 5,202,083   

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

     5.00%        11/15/2039         845         967,322   

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

     6.00%        07/01/2018         3,000         3,323,970   

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

     5.00%        10/01/2025         2,850         3,172,107   

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

     5.00%        07/01/2040         2,500         2,839,975   

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

     6.00%        08/01/2030         1,195         1,389,570   

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

     5.00%        10/01/2030         2,995         3,151,788   

Series 2012 A, Ref. Aviation RB (h)

     5.00%        10/01/2028         1,000         1,157,460   

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

     5.00%        10/01/2035         1,750         2,041,532   

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

     5.00%        01/01/2031         7,855         9,234,652   

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

     5.00%        12/01/2031         1,125         1,306,913   

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

     5.00%        11/01/2043         2,030         2,223,743   

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

     6.00%        06/01/2021         500         524,400   

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

     5.50%        10/01/2023         2,700         3,100,194   

Series 2011, Ref. RB (b)

     5.00%        10/01/2031         3,330         3,891,671   

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

     5.00%        08/15/2042         6,000         6,220,500   

Series 2007, Hospital RB (b)

     5.00%        08/15/2042         18,000         18,661,500   

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

     5.38%        01/01/2049         3,938         2,283,671   

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         596,905   

Series 2014 A, Hospital RB

     5.00%        07/01/2027         500         586,235   

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

     6.00%        10/01/2029         2,000         2,802,660   
                                 101,977,143   

Georgia–1.64%

          

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

     2.20%        04/02/2019         1,000         1,023,980   

Series 1994, PCR (d)

     2.20%        04/02/2019         2,000         2,047,960   

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

     2.40%        04/01/2020         3,200         3,295,136   

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

     5.00%        10/01/2023         6,000         6,023,760   
                                 12,390,836   

Hawaii–1.94%

          

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         1,850,327   

Series 2013 A, Ref. Special Purpose RB

     5.50%        07/01/2043         2,000         2,380,800   

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

     5.00%        08/01/2020         3,055         3,490,338   

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

     5.00%        07/01/2039         4,100         4,619,429   

Series 2015 A, Airport System RB (h)

     5.00%        07/01/2045         2,010         2,311,982   
                                 14,652,876   

Idaho–0.59%

          

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

     5.25%        07/15/2018         2,600         2,843,568   

 

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–(continued)

          

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

     5.25%        04/01/2021       $ 1,390       $ 1,617,654   
                                 4,461,222   

Illinois–16.85%

          

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

     5.00%        11/01/2044         635         683,749   

Series 2013, Industrial Project RB

     5.50%        11/01/2042         1,000         1,111,510   

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

     5.00%        01/01/2021         3,200         3,729,792   

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

     5.00%        01/01/2041         1,125         1,265,197   

Chicago (City of) (O’Hare International Airport);
Series 2015 C, RB (h)

     5.00%        01/01/2046         775         877,091   

Series 2015 D, RB

     5.00%        01/01/2046         540         629,176   

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

     5.25%        06/01/2023         1,070         1,134,778   

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

     5.25%        06/01/2024         1,035         1,094,823   

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

     5.25%        12/01/2036         8,970         9,914,451   

Series 2014, Sales Tax Receipts RB

     5.00%        12/01/2044         3,380         3,800,202   

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

     5.50%        01/01/2037         615         617,891   

Series 2005 D, Ref. Unlimited Tax GO Bonds

     5.50%        01/01/2040         385         385,501   

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

     5.00%        01/01/2037         4,350         4,399,807   

Series 2007 E, Ref. Unlimited Tax GO Bonds

     5.50%        01/01/2042         310         310,403   

Series 2012, Second Lien Wastewater Transmission RB

     5.00%        01/01/2042         2,030         2,208,924   

Series 2014, Ref. Motor Fuel Tax RB

     5.00%        01/01/2029         1,000         1,052,790   

Series 2014, Second Lien Waterworks RB

     5.00%        11/01/2044         790         891,689   

Series 2015 A, Unlimited Tax GO Bonds

     5.50%        01/01/2033         3,085         3,120,601   

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

     5.00%        12/15/2032         2,540         2,832,024   

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

     5.00%        12/15/2037         2,540         2,814,218   

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

     5.00%        01/01/2023         1,435         1,519,550   

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

     5.00%        10/01/2020         1,000         1,115,960   

Series 2013 A, RB

     5.38%        10/01/2022         1,180         1,314,992   

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

     5.00%        09/01/2039         1,300         1,459,913   

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

     5.00%        08/15/2016         830         837,453   

Series 2009 B, RB

     5.38%        08/15/2024         1,900         2,117,930   

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

     6.00%        05/15/2039         2,620         3,032,860   

Series 2015 A, Ref. RB

     5.00%        11/15/2045         2,165         2,500,835   

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

     6.25%        08/15/2028         1,000         1,100,780   

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

     7.25%        11/01/2018         1,460         1,683,847   

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

     5.00%        11/15/2038         1,870         2,175,352   

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

     5.75%        08/15/2029         5,020         5,638,263   

Series 2010 A, Ref. RB

     6.00%        08/15/2038         2,620         2,933,116   

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

     5.50%        08/15/2041         1,440         1,638,144   

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

     5.25%        10/01/2052         3,390         3,949,960   

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

     6.13%        05/15/2025         105         120,733   

Series 2009, RB

     6.13%        05/15/2025         3,400         3,821,294   

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

     5.75%        06/15/2026         8,480         9,282,378   

Series 2010 A, RB

     5.50%        06/15/2050         2,300         2,469,119   

Series 2012 B, RB (b)

     5.00%        12/15/2028         5,565         6,124,728   

 

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) (c)(g)

     0.00%        12/15/2029       $ 2,500       $ 1,543,425   

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

     5.00%        06/15/2027         3,500         4,004,280   

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

     5.00%        01/01/2038         10,050         11,500,617   

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

     5.00%        01/01/2031         1,115         1,186,906   

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

     5.25%        07/01/2029         1,960         2,222,111   

Series 2014, Unlimited Tax GO Bonds

     5.00%        02/01/2021         2,250         2,483,145   

Series 2014, Unlimited Tax GO Bonds

     5.00%        05/01/2029         1,000         1,093,990   

Series 2014, Unlimited Tax GO Bonds

     5.00%        05/01/2036         750         804,645   

Railsplitter Tobacco Settlement Authority; Series 2010, RB

     5.50%        06/01/2023         4,275         5,014,361   
                                 127,565,304   

Indiana–4.30%

          

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

     5.25%        10/01/2031         3,000         3,529,020   

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

     5.00%        09/01/2046         1,350         1,457,771   

Series 2014, RB (h)

     5.25%        09/01/2034         790         890,693   

Series 2014, RB (h)

     5.25%        09/01/2040         2,280         2,518,921   

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

     5.00%        07/01/2040         3,480         3,823,198   

Series 2013 A, Private Activity RB (h)

     5.00%        07/01/2035         500         555,955   

Series 2013 A, Private Activity RB (h)

     5.00%        07/01/2048         525         571,604   

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

     5.00%        06/01/2039         2,690         2,845,482   

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

     5.25%        01/01/2033         1,000         1,192,510   

Series 2016 A, Ref. Power Supply System RB

     5.00%        01/01/2042         1,550         1,843,229   

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

     5.00%        06/01/2027         3,000         3,440,970   

Series 2013 F, RB (b)

     5.00%        02/01/2030         4,500         5,258,700   

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

     5.88%        01/01/2024         1,430         1,673,129   

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

     1.15%        12/02/2019         3,000         2,929,770   
                                 32,530,952   

Iowa–1.67%

          

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

     5.00%        06/01/2025         4,795         5,349,398   

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

     5.00%        06/01/2026         3,595         4,010,654   

Iowa (State of) Finance Authority (Iowa Fertilizer Co.); Series 2013, Midwestern Disaster
Area RB

     5.00%        12/01/2019         2,160         2,229,552   

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

     5.63%        06/01/2046         1,030         1,029,928   
                                 12,619,532   

Kansas–0.47%

          

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

     5.50%        11/15/2029         1,655         1,896,084   

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

     6.38%        05/15/2043         1,500         1,654,575   
                                 3,550,659   

Kentucky–2.98%

          

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

     5.00%        07/01/2040         1,220         1,386,298   

Series 2015 A, Sr. RB

     5.00%        01/01/2045         1,290         1,459,325   

 

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       $ 2,180,117   

Series 2010 A, Hospital RB

     6.38%        06/01/2040         1,625         1,874,990   

Series 2010 A, Hospital RB

     6.50%        03/01/2045         2,050         2,372,568   

Kentucky (State of) Economic Development Finance Authority (Republic Services, Inc.);
Series 2010 A, Ref. Solid Waste Disposal RB (d)(h)(i)

     0.70%        09/01/2016         1,000         1,000,000   

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

     5.00%        07/01/2017         3,000         3,120,330   

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

     5.00%        07/01/2028         1,860         2,237,115   

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

     2.20%        08/01/2019         1,000         1,021,560   

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

     5.50%        10/01/2033         3,000         3,616,230   

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

     5.00%        04/01/2035         2,000         2,260,560   
                                 22,529,093   

Louisiana–2.36%

          

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

     5.25%        10/01/2030         2,450         2,806,009   

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

     5.25%        06/01/2028         2,000         2,396,500   

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

     5.25%        06/01/2031         2,000         2,380,880   

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

     8.00%        07/01/2039         1,850         1,072,538   

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

     5.00%        06/01/2020         750         855,038   

Series 2014, Ref. Water RB

     5.00%        12/01/2021         1,000         1,172,090   

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

     5.13%        06/01/2037         2,265         2,322,531   

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

     5.25%        05/15/2031         770         872,179   

Series 2013 A, Ref. Asset-Backed RB

     5.25%        05/15/2032         1,465         1,684,003   

Series 2013 A, Ref. Asset-Backed RB

     5.25%        05/15/2033         1,235         1,409,357   

Series 2013 A, Ref. Asset-Backed RB

     5.50%        05/15/2030         770         874,350   
                                 17,845,475   

Maryland–1.33%

          

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

     5.00%        01/01/2037         2,495         2,540,434   

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

     5.00%        07/01/2045         1,435         1,649,059   

Maryland (State of) Stadium Authority (Baltimore City Public Schools); Series 2016, RB

     5.00%        05/01/2046         2,645         3,181,326   

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

     5.75%        06/01/2035         2,440         2,673,313   
                                 10,044,132   

Massachusetts–4.37%

          

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

     5.00%        01/01/2035         2,010         2,282,395   

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

     5.00%        10/01/2032         2,350         2,477,863   

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

     5.50%        11/15/2036         9,565         10,687,644   

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

     5.50%        07/01/2018         3,100         3,403,459   

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

     5.00%        07/01/2031         5,620         6,576,187   

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

     6.75%        01/01/2036         1,225         1,449,396   

 

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

                                 Invesco Quality Municipal Income Trust


      Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

Massachusetts–(continued)

          

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

     5.00%        10/15/2035       $ 5,325       $ 6,243,456   
                                 33,120,400   

Michigan–1.56%

          

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

     5.00%        07/01/2037         3,400         3,904,866   

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         1,243,565   

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

     5.00%        07/01/2033         565         651,699   

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

     5.00%        07/01/2029         565         661,033   

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

     5.00%        06/01/2039         2,070         2,385,571   

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

     5.00%        11/15/2025         1,855         2,031,040   

Western Michigan University;
Series 2013, Ref. General RB

     5.25%        11/15/2030         400         480,760   

Series 2013, Ref. General RB

     5.25%        11/15/2031         350         419,836   
                                 11,778,370   

Missouri–0.65%

          

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

     5.50%        09/01/2028         1,970         2,279,645   

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

     5.00%        05/01/2020         1,000         1,114,730   

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         1,566,180   
                                 4,960,555   

Nebraska–2.03%

          

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

     5.00%        09/01/2032         5,500         6,209,335   

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

     5.00%        11/01/2032         2,500         2,814,050   

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

     5.00%        02/01/2036         4,800         5,503,728   

Public Power Generation Agency (Whelan Energy Center Unit 2); Series 2016 A, Ref. RB

     5.00%        01/01/2037         685         815,253   
                                 15,342,366   

Nevada–0.95%

          

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

     5.13%        07/01/2034         1,500         1,678,950   

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

     5.00%        07/01/2028         2,000         2,292,580   

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

     6.25%        06/15/2016         1,450         1,453,219   

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

     5.00%        06/01/2018         1,600         1,734,128   
                                 7,158,877   

New Jersey–7.37%

          

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         2,245,257   

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

     5.38%        01/01/2043         1,000         1,156,320   

Series 2013, Private Activity RB (h)

     5.50%        01/01/2026         1,000         1,194,610   

Series 2013, RB (h)

     5.00%        07/01/2023         1,750         2,045,977   

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

     5.50%        09/01/2024         2,000         2,304,980   

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

     5.75%        06/15/2020         5,000         5,566,500   

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

     0.00%        12/15/2026         8,435         5,826,561   

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

     5.25%        07/01/2019         6,900         7,678,941   

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

     5.00%        12/01/2020         10,000         10,036,800   

 

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 Jersey–(continued)

          

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

     5.00%        12/01/2023       $ 4,000       $ 4,455,360   

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

     4.63%        06/01/2026         5,050         5,101,409   

Series 2007 1A, Asset-Backed RB

     4.75%        06/01/2034         950         922,250   

Series 2007 1A, Asset-Backed RB

     5.00%        06/01/2029         3,640         3,677,092   

Series 2007 1A, Asset-Backed RB

     5.00%        06/01/2041         3,665         3,569,087   
                                 55,781,144   

New Mexico–0.66%

          

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

     5.90%        06/01/2040         2,650         3,015,302   

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

     5.00%        06/01/2027         1,860         1,995,334   
                                 5,010,636   

New York–14.88%

          

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

     6.25%        07/15/2040         1,740         2,002,705   

Series 2009, RB

     6.38%        07/15/2043         720         830,743   

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

     5.00%        06/01/2045         2,760         2,759,862   

Metropolitan Transportation Authority;
Series 2012 F, Ref. RB

     5.00%        11/15/2024         1,500         1,825,605   

Series 2013 A, RB

     5.00%        11/15/2038         1,680         1,984,214   

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         2,756,448   

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

     5.00%        06/15/2045         1,000         1,163,660   

Series 2013 DD, Water & Sewer System RB

     5.00%        06/15/2035         2,900         3,464,369   

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

     5.00%        05/01/2028         4,615         5,161,785   

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

     5.00%        05/01/2029         3,695         4,127,130   

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

     5.00%        05/01/2030         3,695         4,117,302   

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

     5.00%        11/01/2033         1,725         2,028,445   

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

     5.00%        02/01/2037         7,155         8,404,120   

Subseries 2013 I, Future Tax Sec. RB

     5.00%        05/01/2038         1,535         1,814,738   

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

     5.00%        04/01/2027         4,765         5,211,242   

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

     5.00%        04/01/2026         5,635         6,258,625   

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

     5.25%        08/15/2027         5,200         5,667,844   

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

     5.25%        08/15/2028         5,200         5,667,844   

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

     5.50%        05/15/2029         1,805         2,438,122   

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

     5.00%        03/15/2030         5,805         6,741,521   

Series 2013 A, State Personal Income Tax RB

     5.00%        02/15/2037         2,050         2,417,175   

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

     5.00%        02/15/2027         150         154,266   

Series 2007 F, RB (d)(e)

     5.00%        02/15/2017         1,350         1,391,864   

New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010, VRD RB (l)

     0.40%        11/01/2044         2,000         2,000,000   

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

     5.00%        03/15/2025         1,310         1,453,510   

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

     5.00%        04/01/2029         4,860         5,654,416   

Series 2013 A, Jr. General RB

     5.00%        05/01/2019         2,000         2,229,400   

Series 2016 A, Jr. Lien General RB

     5.25%        01/01/2056         1,590         1,909,320   

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

     5.00%        11/15/2044         4,840         5,454,148   

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

     5.00%        09/15/2040         5,100         6,002,445   

Series 2012, Class 2, Ref. Liberty RB

     5.00%        09/15/2043         1,770         2,008,065   

 

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 York–(continued)

          

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment);
Series 2016 A, Special Facilities RB (h)

     5.00%        07/01/2041       $ 2,335       $ 2,641,095   

Series 2016 A, Special Facilities RB (h)

     5.00%        07/01/2046         2,335         2,630,448   

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

     5.00%        07/01/2019         1,250         1,402,850   

Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB
(LOC-Landesbank Hessen-Thüringen Girozentrale) (l)(m)

     0.39%        11/01/2032         900         900,000   
                                 112,675,326   

North Carolina–5.28%

          

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

     5.00%        06/01/2039         13,600         15,009,912   

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

     5.00%        10/01/2055         6,705         7,987,868   

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

     5.00%        12/31/2037         2,000         2,231,660   

Series 2015, Private Activity RB (h)

     5.00%        06/30/2054         1,115         1,221,415   

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

     5.00%        01/01/2019         1,525         1,686,147   

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

     5.00%        06/01/2042         5,110         5,897,707   

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

     5.10%        10/01/2030         1,100         1,103,190   

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

     5.00%        07/01/2036         1,755         2,022,023   

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

     5.00%        07/01/2041         2,430         2,799,725   
                                 39,959,647   

Ohio–6.70%

          

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

     5.00%        05/01/2042         1,450         1,649,897   

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

     5.25%        02/15/2033         9,100         9,717,435   

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

     5.88%        06/01/2047         7,190         7,041,383   

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

     6.50%        01/01/2034         1,000         1,092,340   

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

     5.25%        07/01/2033         2,000         1,989,860   

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

     5.00%        11/15/2036         3,390         3,853,006   

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

     5.50%        06/01/2042         3,000         3,448,980   

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

     6.25%        12/01/2034         2,470         2,931,544   

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

     5.00%        12/31/2039         735         841,671   

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

     5.70%        08/01/2020         2,000         2,198,000   

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

     5.75%        06/01/2016         3,670         3,670,000   

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

     5.75%        11/15/2040         4,835         5,431,977   

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

     5.00%        02/15/2028         2,500         2,997,025   

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

     5.88%        06/01/2016         930         930,000   

Series 2010 C, Ref. PCR (d)

     4.00%        06/03/2019         2,825         2,913,818   
                                 50,706,936   

Oklahoma–0.11%

          

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

     5.13%        12/01/2036         815         815,033   

 

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

                                 Invesco Quality Municipal Income Trust


      Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

Oregon–0.46%

          

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

     5.25%        04/01/2019       $ 685       $ 768,063   

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         2,690,424   
                                 3,458,487   

Pennsylvania–1.27%

          

Pennsylvania (State of) Economic Development Financing Authority (Topwater Investments Inc.); Series 2007 B-1, VRD RB (LOC-PNC Bank, N.A.) (h)(l)(m)

     0.53%        08/01/2035         1,000         1,000,000   

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

     5.00%        12/01/2020         1,370         1,577,993   

Subseries 2010 B-2, Sub. RB

     5.75%        12/01/2028         2,850         3,328,344   

Subseries 2010 B-2, Sub. RB

     6.00%        12/01/2034         1,750         2,087,365   

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

     5.13%        09/01/2023         1,500         1,630,575   
                                 9,624,277   

South Carolina–0.86%

          

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

     5.25%        08/01/2030         1,400         1,646,610   

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

     5.25%        07/01/2050         3,005         3,453,977   

Series 2015, RB (h)

     5.25%        07/01/2055         1,230         1,408,264   
                                 6,508,851   

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         1,526,399   

Tennessee–0.41%

          

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

     5.25%        09/01/2023         1,280         1,534,566   

Series 2006 A, Gas RB

     5.25%        09/01/2026         1,275         1,575,951   
                                 3,110,517   

Texas–14.37%

          

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

     5.00%        08/15/2034         5,105         6,066,578   

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

     5.00%        08/15/2028         4,000         4,336,440   

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

     5.00%        06/15/2035         2,500         2,812,200   

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

     6.20%        07/01/2045         2,225         2,531,049   

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

     5.25%        11/01/2026         2,000         2,418,300   

Friendswood Independent School District; Series 2008, Schoolhouse Unlimited Tax GO
Bonds (d)(e)

     5.00%        02/15/2018         1,130         1,211,326   

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

     5.25%        08/15/2031         5,395         7,311,034   

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

     5.00%        02/01/2023         1,300         1,430,117   

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

     0.00%        09/01/2025         4,650         3,567,666   

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

     5.00%        03/01/2019         1,785         1,983,242   

Series 2009 A, Ref. Public Improvement Limited Tax GO Bonds

     5.00%        03/01/2027         215         237,446   

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

     5.00%        11/15/2033         2,700         3,163,887   

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

     5.00%        11/15/2036         4,005         4,670,351   

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

     5.00%        04/15/2023         420         450,929   

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

     5.50%        08/15/2045         1,205         1,269,913   

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

     5.00%        05/15/2041         2,250         2,527,357   

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

     5.00%        05/15/2022         5         6,049   

Series 2012 A, Ref. RB

     5.00%        05/15/2030         2,125         2,493,794   

 

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)

          

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

     6.50%        01/01/2043       $ 1,000       $ 1,174,040   

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         1,103,860   

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

     0.00%        01/01/2028         18,900         13,136,823   

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

     0.00%        01/01/2031         3,740         2,332,152   

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

     5.50%        08/01/2021         1,500         1,793,880   

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

     5.00%        02/01/2038         2,495         2,942,852   

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

     5.13%        05/15/2037         925         925,315   

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

     0.00%        08/15/2036         3,170         1,440,606   

Series 2015 B, Ref. CAB RB (g)

     0.00%        08/15/2037         4,130         1,788,455   

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

     5.00%        05/15/2025         890         995,091   

Series 2009 A, Financing System RB

     5.00%        05/15/2026         2,500         2,794,425   

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

     6.25%        12/15/2026         5,230         6,577,928   

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

     5.00%        12/15/2028         4,095         4,682,428   

Series 2012, Gas Supply RB

     5.00%        12/15/2029         2,000         2,274,020   

Series 2012, Gas Supply RB

     5.00%        12/15/2031         1,200         1,349,868   

Series 2012, Gas Supply RB

     5.00%        12/15/2032         1,195         1,337,444   

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         2,292,319   

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

     7.00%        12/31/2038         1,300         1,642,290   

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

     5.00%        02/15/2033         9,100         9,701,510   
                                 108,772,984   

Utah–0.22%

          

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

     12.95%        05/15/2020         1,600         1,646,912   

Virgin Islands–0.35%

          

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

     5.00%        10/01/2025         2,400         2,678,328   

Virginia–2.95%

          

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

     5.13%        10/01/2037         1,750         1,812,510   

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

     5.25%        08/15/2019         9,000         9,618,030   

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         3,369,617   

Series 2012, Sr. Lien RB (h)

     6.00%        01/01/2037         885         1,053,274   

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

     5.00%        07/01/2034         3,975         4,372,222   

Series 2012, Sr. Lien RB (h)

     5.00%        01/01/2040         1,905         2,092,280   
                                   22,317,933   

Washington–3.65%

          

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

     5.50%        07/01/2025         925         1,094,247   

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

     5.00%        02/01/2041         3,000         3,308,130   

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

     5.25%        10/01/2033         1,500         1,634,280   

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

     5.25%        06/01/2031         2,000         2,247,040   

 

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

                                 Invesco Quality Municipal Income Trust


     

Interest

Rate

    Maturity
Date
     Principal
Amount
(000)
     Value  

Washington–(continued)

          

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

     5.00%        08/01/2029       $ 8,420       $ 9,433,263   

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

     5.00%        08/01/2030         8,850         9,935,630   
                                 27,652,590   

Wisconsin–2.06%

          

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

     5.00%        06/01/2039         3,500         3,925,633   

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

     5.00%        05/01/2026         1,100         1,178,606   

Series 2014, RB

     5.13%        05/01/2029         1,000         1,077,600   

Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. Central District Development); Series 2016, Lease Development RB (b)

     5.00%        03/01/2046         5,430         6,292,121   

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

     5.75%        04/01/2035         795         859,705   

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

     5.63%        05/01/2028         2,000         2,259,880   
                                 15,593,545   

TOTAL INVESTMENTS(o)–154.60% (Cost $1,043,695,974)

                               1,170,226,107   

FLOATING RATE NOTE OBLIGATIONS–(26.86)%

          

Notes with interest and fee rates ranging from 0.58% to 1.38% at 05/31/2016 and contractual maturities of collateral ranging from 06/01/2025 to 10/01/2052 (See Note 1D) (p)

                               (203,290,000)   

VARIABLE RATE MUNI TERM PREFERRED SHARES– (28.26)%

                               (213,900,000)   

OTHER ASSETS LESS LIABILITIES–0.52%

                               3,912,352   

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                             $ 756,948,459   

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

Conv.

   — Convertible      Ref.    —   Refunding

COP

   — Certificates of Participation      Sec.    —   Secured

Ctfs.

   — Certificates      SGI    —   Syncora Guarantee, Inc.

FTA

   — Federal Transit Administration      Sr.    —   Senior

GO

   — General Obligation      Sub.    —   Subordinated

IDR

   — Industrial Development Revenue Bonds      TEMPS    —   Tax-Exempt Mandatory Paydown Securities

LOC

   — Letter of Credit      VRD    —   Variable Rate Demand

INS

   — Insurer      Wts.    —   Warrants

 

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

                                 Invesco Quality Municipal Income Trust


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)  Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.
(c)  Principal and/or interest payments are secured by the bond insurance company listed.
(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 May 31, 2016 was $21,303,594, which represented 2.81% 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 May 31, 2016.
(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)  Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on May 31, 2016.
(m)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(n)  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 $1,646,912 which represents less than 1% of the Trust’s Net Assets.
(o)  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.

   5.3%
(p)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2016. At May 31, 2016, the Trust’s investments with a value of $354,734,568 are held by TOB Trusts and serve as collateral for the $203,290,000 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

May 31, 2016

(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.

 

                                 Invesco Quality Municipal Income Trust


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 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.

 

                                 Invesco Quality Municipal Income Trust


D. Floating Rate Note Obligations – (continued)

 

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 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 May 31, 2016, 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 three months ended May 31, 2016 was $48,732,361 and $45,896,716, 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

   $         129,590,838   

Aggregate unrealized (depreciation) of investment securities

     (3,898,630)   

Net unrealized appreciation of investment securities

   $ 125,692,208   

Cost of investments for tax purposes is $1,044,533,899.

  

 

                                 Invesco Quality Municipal Income Trust


Item 2. Controls and Procedures.

 

  (a) As of May 25, 2016, 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 May 25, 2016, 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/ Sheri Morris

  Sheri Morris
  Principal Executive Officer
Date:   July 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/ Sheri Morris

  Sheri Morris
  Principal Executive Officer
Date:   July 29, 2016
By:  

/s/ Kelli Gallegos

  Kelli Gallegos
  Principal Financial Officer
Date:   July 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.