In plain terms — Invesco Quality Municipal Income Trust
Shares currently cost about 2.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.3% discount, so today's level is not wide for this fund (Z-score -0.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.5% a year of the share price (8.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.02 of assets — a ReinvestCapture™ rate of 8.7%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.3% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +1.14% | 2.20% | -1.31 | 55 |
| 6 months | -0.27% | 2.30% | -0.65 | 108 |
| 1 year | -1.26% | 2.13% | -0.24 | 206 |
| 3 years | -6.95% | — | — | — |
| 5 years | -8.17% | — | — | — |
Current contemporaneous premium/discount -1.76% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -6.24% to +4.37%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -10.84% | -15.18% | -12.45% | -12.89% | +1.09% | -7.87% |
| Market price total return | -9.55% | -12.85% | -6.03% | -4.71% | +8.81% | -1.77% |
| NAV return | -3.30% | -9.91% | -10.88% | -12.17% | -3.23% | -7.73% |
| NAV total return | -3.30% | -8.72% | -5.69% | -5.34% | +3.27% | -2.32% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Invesco Quality Municipal Income Trust operates as a closed-ended mutual fund focusing on fixed income, having been established by Invesco Ltd. Its management responsibilities are collaboratively handled by a consortium of Invesco entities, including Invesco Advisers, Inc., INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, INVESCO Asset Management (Japan) Limited, Invesco Hong Kong Limited, INVESCO Senior Secured Management, Inc., and Invesco Canada Ltd. This trust primarily allocates capital within the fixed income markets of the United States. A substantial portion of its portfolio is dedicated to investment-grade municipal securities, encompassing municipal bonds, notes, and commercial paper. Portfolio construction relies on a strategy combining fundamental analysis with a bottom-up approach to security selection. Historically, the trust operated under the designation of Morgan Stanley Quality Municipal Income Trust. Its inception date was September 29, 1992, and it maintains its domicile in the United States.
CEF Explorer research page for Invesco Quality Municipal Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.