Invesco California Value Municipal Income Trust
11/06/2026 | Press release | Distributed by Public on 11/06/2026 08:14
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07404
Invesco California Value Municipal Income Trust
(Exact name of registrant as specified in charter)
1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309
(Address of principal executive offices) (Zip code)
Glenn Brightman 1555 Peachtree Street, N.E., Suite 1800 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: February 28
Date of reporting period: August 31, 2026
Item 1. Reports to Stockholders.
(a) The Registrant's semi-annual report transmitted to shareholders pursuant to Rule
30e-1
under the Investment Company Act of 1940, as amended (the "Act") is as follows:
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Semi-Annual Report to Shareholders
|
August 31, 2026
|
|
Invesco California Value Municipal Income Trust
NYSE:
VCV
| 2 | Trust Performance | |
| 2 | Share Repurchase Program Notice | |
| 3 | Dividend Reinvestment Plan | |
| 4 | Schedule of Investments | |
| 14 | Financial Statements | |
| 18 | Financial Highlights | |
| 19 | Notes to Financial Statements | |
| 24 | Approval of Investment Advisory and Sub-Advisory Contracts | |
| 26 | Proxy Results | |
Unless otherwise noted, all data is provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Trust Performance
|
Performance summary
|
||||
|
Cumulative total returns, 2/28/26 to 8/31/26
|
||||
|
Trust at NAV
|
-3.12 | % | ||
|
Trust at Market Value
|
-3.83 | |||
|
S&P Municipal Bond Index
▼
(Broad Market Index)
|
-1.61 | |||
|
S&P Municipal Bond California 5+ Year Investment Grade Index
▼
(Style-Specific
Index)
|
-2.44 | |||
|
Market Price Premium to NAV as of 8/31/26
|
6.72 | |||
|
Source(s):
▼
RIMES Technologies Corp.
|
||||
|
The performance data quoted represent past performance and cannot guarantee future results; current performance may be lower or higher. Investment return, net asset value (NAV) and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco.com/us for the most recent
month-end
performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in NAV for performance based on NAV and changes in market price for performance based on market price.
Since the Trust is a
closed-end
management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.
The
S&P Municipal Bond Index
is a broad, market value-weighted index that seeks to measure the performance of the US municipal bond market.
The
S&P Municipal Bond California 5+ Year Investment Grade Index
tracks the performance of investment-grade, California-issued US municipal bonds with maturities equal to or greater than five years.
The Trust is not managed to track the performance of any particular index, including the index(es) described here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es).
A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group, if applicable, reflects fund expenses; performance of a market index does not.
|
||||
Important Notice Regarding Share Repurchase Program
In September 2026, the Board of Trustees of the Trust approved the renewal of the Trust's share repurchase program that allows the Trust to repurchase up to 25% of the
20-day
average trading volume of the Trust's common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will repurchase shares pursuant
to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value.
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2
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Invesco California Value Municipal Income Trust
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Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
Plan benefits
|
∎
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Add to your account:
|
|
You may increase your shares in your Trust easily and automatically with the Plan.
|
|
∎
|
Low transaction costs:
|
|
Shareholders who participate in the Plan may be able to buy shares at below-market prices when the Trust is trading at a premium to its net asset value (NAV). In addition, transaction costs are low because when new shares are issued by the Trust, there is no brokerage fee, and when shares are bought in blocks on the open market, the per share fee is shared among all participants.
|
|
∎
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Convenience:
|
|
You will receive a detailed account statement from Computershare Trust Company, N.A. (the Agent), which administers the Plan. The statement shows your total Distributions, date of investment, shares acquired, and price per share, as well as the total number of shares in your reinvestment account. You can also access your account at
invesco.com/closed-end.
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|
∎
|
Safeke
eping:
|
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The Agent will hold the shares it has acquired for you in safekeeping.
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Who can participate in the Plan
If you own shares in your own name, your purchase will automatically enroll you in the Plan. If your shares are held in "street name" - in the name of your brokerage firm, bank, or other financial institution - you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.
How to enroll
If you haven't participated in the Plan in the past or chose to opt out, you are still eligible to participate. Enroll by visiting invesco.com/closed-end, by calling toll-free 800 341 2929 or by notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. If you are writing to us, please include the Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the "record date," which is generally 10 business days before the Distribution is paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distribution.
How the Plan works
If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your shares. If the Trust is trading at a share price that is equal to its NAV, you'll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:
| 1. |
Premium: If the Trust is trading at a premium - a market price that is higher than its NAV - you'll pay either the NAV or 95 percent of
|
| the market price, whichever is greater. When the Trust trades at a premium, you may pay less for your reinvested shares than an investor purchasing shares on the stock exchange. Keep in mind, a portion of your price reduction may be taxable because you are receiving shares at less than market price. |
| 2. |
Discount: If the Trust is trading at a discount - a market price that is lower than its NAV - you'll pay the market price for your reinvested shares.
|
Costs of the Plan
There is no direct charge to you for reinvesting Distributions because the Plan's fees are paid by the Trust. If the Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if the Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of any per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all participants in blocks, resulting in lower fees for each individual participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.
Tax implications
The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.
Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under US federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.
How to withdraw from the Plan
You may withdraw from the Plan at any time by calling 800 341 2929, by visiting invesco.com/ closed-end or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account sign these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:
| 1. |
If you opt to continue to hold your non-certificated whole shares (Investment Plan Book Shares), they will be held by the Agent electronically as Direct Registration Book-Shares (Book-Entry Shares) and fractional shares will be sold at the then-current market price. Proceeds will be sent via check to your address of record after deducting applicable fees, including per share fees such as any applicable brokerage commissions the Agent is required to pay.
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| 2. |
If you opt to sell your shares through the Agent, we will sell all full and fractional shares and send the proceeds via check to your address of record after deducting $2.50 per account and a brokerage charge.
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| 3. |
You may sell your shares through your financial adviser through the Direct Registration System (DRS). DRS is a service within the securities industry that allows Trust shares to be held in your name in electronic format. You retain full ownership of your shares, without having to hold a share certificate. You should contact your financial adviser to learn more about any restrictions or fees that may apply.
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The Trust and Computershare Trust Company, N.A. may amend or terminate the Plan at any time. Participants will receive at least 30 days written notice before the effective date of any amendment. In the case of termination, Participants will receive at least 30 days written notice before the record date for the payment of any such Distributions by the Trust. In the case of amendment or termination necessary or appropriate to comply with applicable law or the rules and policies of the Securities and Exchange Commission or any other regulatory authority, such written notice will not be required.
To obtain a complete copy of the current Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/closed-end.
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3
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Invesco California Value Municipal Income Trust
|
Schedule of Investments
August 31, 2026
(Unaudited)
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
Municipal Obligations-161.04%
(a)
|
||||||||||||||
|
California-156.85%
|
||||||||||||||
|
Adelanto School District (Community Facilities District No. 4); Series 2023, RB
|
5.75% | 09/01/2053 | $ | 490 | $ 503,845 | |||||||||
|
Alameda (City of), CA Community Facilities District (Green Bonds);
|
||||||||||||||
|
Series 2023, RB
|
5.00% | 09/01/2048 | 750 | 750,460 | ||||||||||
|
Series 2023, RB
|
5.00% | 09/01/2053 | 1,175 | 1,157,500 | ||||||||||
|
Alameda (City of), CA Corridor Transportation Authority; Series 2022 C, RB (INS - AGI)
(b)(c)
|
5.45% | 10/01/2052 | 7,000 | 4,120,717 | ||||||||||
|
Alhambra Unified School District (Election of 2004);
|
||||||||||||||
|
Series 2009 B, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2035 | 1,120 | 803,537 | ||||||||||
|
Series 2009 B, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2036 | 1,805 | 1,233,426 | ||||||||||
|
Beaumont Unified School District Community Facilities District
No. 2020-1
(Improvement area No. 2); Series 2023, RB
|
5.00% | 09/01/2048 | 660 | 658,425 | ||||||||||
|
Beverly Hills Unified School District (Election of 2008);
|
||||||||||||||
|
Series 2009, GO Bonds
(d)
|
0.00% | 08/01/2028 | 3,000 | 2,856,239 | ||||||||||
|
Series 2009, GO Bonds
(d)
|
0.00% | 08/01/2031 | 2,010 | 1,736,553 | ||||||||||
|
Series 2009, GO Bonds
(d)
|
0.00% | 08/01/2032 | 430 | 358,222 | ||||||||||
|
Burbank-Glendale-Pasadena Airport Authority; Series 2024 B, RB
(e)
|
5.25% | 07/01/2054 | 4,900 | 4,992,174 | ||||||||||
|
California (State of);
|
||||||||||||||
|
Series 2025, GO Bonds
(f)
|
5.00% | 09/01/2053 | 10,000 | 10,320,309 | ||||||||||
|
Series 2025, GO Bonds
(f)
|
5.00% | 03/01/2055 | 2,500 | 2,586,035 | ||||||||||
|
Series 2026, GO Bonds
|
5.25% | 10/01/2051 | 3,000 | 3,197,794 | ||||||||||
|
California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds);
|
||||||||||||||
|
Series 2024, RB
(g)
|
5.00% | 04/01/2032 | 5,000 | 5,239,700 | ||||||||||
|
Series 2025 A, RB
(g)
|
5.00% | 05/01/2035 | 10,000 | 10,195,671 | ||||||||||
|
Series 2025 C, RB
(g)
|
5.00% | 10/01/2033 | 3,000 | 3,110,610 | ||||||||||
|
Series 2025 E, RB
(g)
|
5.00% | 05/01/2035 | 3,500 | 3,688,097 | ||||||||||
|
California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - Orange Coast College); Series 2018, RB
|
5.25% | 05/01/2048 | 1,335 | 1,339,161 | ||||||||||
|
California (State of) County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB
(d)
|
0.00% | 06/01/2055 | 22,950 | 2,295,959 | ||||||||||
|
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
|
||||||||||||||
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Series 2020 A, Ref. RB
|
4.00% | 06/01/2040 | 600 | 567,216 | ||||||||||
|
Series 2020 A, Ref. RB
|
4.00% | 06/01/2049 | 1,000 | 886,752 | ||||||||||
|
Series 2020 A, Ref. RB
|
4.00% | 06/01/2049 | 290 | 250,840 | ||||||||||
|
Series 2020
B-2,
Ref. RB
(d)
|
0.00% | 06/01/2055 | 9,690 | 1,623,947 | ||||||||||
|
California (State of) County Tobacco Securitization Agency (Merced County Tobacco Funding Corp.); Series 2020, Ref. RB
|
5.00% | 06/01/2050 | 1,045 | 960,456 | ||||||||||
|
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.);
|
||||||||||||||
|
Series 2020, Ref. RB
|
4.00% | 06/01/2049 | 370 | 321,004 | ||||||||||
|
Series 2020, Ref. RB
|
5.00% | 06/01/2049 | 195 | 192,377 | ||||||||||
|
Series 2020, Ref. RB
(d)
|
0.00% | 06/01/2055 | 2,950 | 587,880 | ||||||||||
|
California (State of) Department of Water Resources (Central Valley); Series 2026 A, RB
|
5.00% | 12/01/2056 | 5,000 | 5,182,766 | ||||||||||
|
California (State of) Educational Facilities Authority (Art Center College of Design); Series 2018 A, Ref. RB
|
5.00% | 12/01/2044 | 2,500 | 2,471,135 | ||||||||||
|
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB
|
5.00% | 04/01/2042 | 3,285 | 3,286,414 | ||||||||||
|
California (State of) Educational Facilities Authority (Saint Mary's College of California); Series 2023, Ref. RB
|
5.25% | 10/01/2044 | 1,900 | 1,854,207 | ||||||||||
|
California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB
|
5.00% | 10/01/2052 | 1,400 | 1,329,852 | ||||||||||
|
California (State of) Enterprise Development Authority (Heights Christian Schools); Series 2023 A, RB
(h)
|
6.25% | 06/01/2053 | 815 | 767,734 | ||||||||||
|
California (State of) Enterprise Development Authority (Real Journey Academies Obligated Group); Series 2024 A, RB
(h)
|
5.00% | 06/01/2054 | 1,505 | 1,401,900 | ||||||||||
|
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System);
|
||||||||||||||
|
Series 2021 A, Ref. RB
(f)
|
4.00% | 08/15/2048 | 8,000 | 7,460,600 | ||||||||||
|
Series 2021 A, Ref. RB
|
5.00% | 08/15/2051 | 7,950 | 8,385,430 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
4
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles); Series 2017 A, Ref. RB
|
5.00% | 08/15/2047 | $ | 2,600 | $ 2,545,947 | |||||||||
|
California (State of) Health Facilities Financing Authority (CommonSpirit Health);
|
||||||||||||||
|
Series 2020, Ref. RB
(g)(i)
|
4.00% | 04/01/2030 | 195 | 203,626 | ||||||||||
|
Series 2020, Ref. RB
|
4.00% | 04/01/2049 | 5,555 | 4,978,262 | ||||||||||
|
California (State of) Health Facilities Financing Authority (Episcopal Communities & Services); Series 2024, RB
|
5.25% | 11/15/2058 | 1,250 | 1,252,769 | ||||||||||
|
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017
A-2,
RB
|
5.00% | 11/01/2047 | 7,000 | 7,480,731 | ||||||||||
|
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at Stanford); Series 2017, RB
|
4.00% | 11/15/2047 | 1,090 | 1,017,806 | ||||||||||
|
California (State of) Health Facilities Financing Authority (On Lok Senior Health Services) (Social Bonds); Series 2020, Ref. RB
|
5.00% | 08/01/2050 | 1,000 | 983,683 | ||||||||||
|
California (State of) Health Facilities Financing Authority (Providence Health & Services); Series 2014 B, RB
|
5.00% | 10/01/2044 | 2,000 | 2,000,607 | ||||||||||
|
California (State of) Health Facilities Financing Authority (Sutter Health);
|
||||||||||||||
|
Series 2026 A, Ref. RB
|
4.50% | 11/15/2051 | 15,000 | 14,504,551 | ||||||||||
|
Series 2026 A, Ref. RB
|
5.50% | 11/15/2052 | 12,000 | 12,920,154 | ||||||||||
|
California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation); Series 2026, RB
|
5.00% | 07/01/2056 | 5,370 | 5,495,694 | ||||||||||
|
California (State of) Infrastructure & Economic Development Bank (Brightline West Passenger Rail) (Green Bonds); Series 2025 B, Ref. RB (Acquired 11/26/2025; Cost $1,445,000)
(e)(g)(h)(j)
|
12.00% | 11/02/2026 | 1,445 | 917,575 | ||||||||||
|
California (State of) Infrastructure & Economic Development Bank (Green Bonds) (California Science Center Phase III); Series 2021 B, RB
|
4.00% | 05/01/2051 | 2,865 | 2,536,397 | ||||||||||
|
California (State of) Municipal Finance Authority;
|
||||||||||||||
|
Series 2025
A-1,
RB
|
3.44% | 02/20/2041 | 2,957 | 2,660,916 | ||||||||||
|
Series 2026
A-1,
RB
|
4.05% | 07/20/2041 | 1,992 | 1,886,607 | ||||||||||
|
California (State of) Municipal Finance Authority (Aldersly); Series 2023 A, RB (INS - Cal-Mortgage)
(c)
|
5.00% | 05/15/2053 | 8,145 | 8,212,610 | ||||||||||
|
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB
|
5.00% | 06/01/2046 | 2,750 | 2,667,113 | ||||||||||
|
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy);
|
||||||||||||||
|
Series 2018 A, RB
(h)
|
5.00% | 06/01/2038 | 560 | 559,491 | ||||||||||
|
Series 2018 A, RB
(h)
|
5.00% | 06/01/2048 | 2,270 | 2,146,224 | ||||||||||
|
California (State of) Municipal Finance Authority (Bold Program);
|
||||||||||||||
|
Series 2020 A, RB
|
4.00% | 09/01/2040 | 1,450 | 1,348,539 | ||||||||||
|
Series 2020 B, RB
|
4.00% | 09/01/2043 | 315 | 285,801 | ||||||||||
|
Series 2020 B, RB
|
4.00% | 09/01/2050 | 455 | 386,236 | ||||||||||
|
Series 2022 B, Ref. RB
|
6.00% | 09/01/2052 | 840 | 870,824 | ||||||||||
|
Series 2022 B, Ref. RB
|
6.30% | 09/01/2052 | 335 | 352,404 | ||||||||||
|
Series 2022 C, RB
|
6.25% | 09/01/2052 | 995 | 1,044,163 | ||||||||||
|
Series 2023 B, RB
|
5.75% | 09/01/2053 | 500 | 516,787 | ||||||||||
|
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB
(h)
|
5.00% | 11/01/2046 | 1,200 | 1,160,068 | ||||||||||
|
California (State of) Municipal Finance Authority (Caritas);
|
||||||||||||||
|
Series 2017 A, Ref. RB
|
4.00% | 08/15/2042 | 2,055 | 1,846,204 | ||||||||||
|
Series 2021 B, Ref. RB
|
4.00% | 08/15/2056 | 995 | 784,192 | ||||||||||
|
California (State of) Municipal Finance Authority (Caritas) (Social Bonds);
|
||||||||||||||
|
Series 2023, RB
|
5.25% | 08/15/2058 | 500 | 505,166 | ||||||||||
|
Series 2024, Ref. RB
|
5.00% | 08/15/2049 | 835 | 833,134 | ||||||||||
|
Series 2024, Ref. RB
|
5.00% | 08/15/2059 | 1,000 | 972,999 | ||||||||||
|
California (State of) Municipal Finance Authority
(CHF-Davis
I, LLC - West Village Student Housing); Series 2018, RB
|
5.00% | 05/15/2043 | 2,350 | 2,368,161 | ||||||||||
|
California (State of) Municipal Finance Authority
(CHF-Riverside
II, LLC - UCR North District Phase I Student Housing); Series 2019, RB (INS - BAM)
(c)
|
5.00% | 05/15/2049 | 2,840 | 2,859,311 | ||||||||||
|
California (State of) Municipal Finance Authority (Community Medical Centers); Series 2017 A, Ref. RB
|
5.00% | 02/01/2047 | 2,995 | 2,953,940 | ||||||||||
|
California (State of) Municipal Finance Authority (Gracelight Community Health); Series 2025 A, RB
|
5.13% | 06/01/2045 | 915 | 898,122 | ||||||||||
|
California (State of) Municipal Finance Authority (Greenfield Commons I) (Green Bonds); Series 2023 A, RB
(CEP - FNMA)
|
5.28% | 09/01/2046 | 1,050 | 1,084,407 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
5
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
California (State of) Municipal Finance Authority (Humangood - California Obligated Group); Series 2021, RB
|
4.00% | 10/01/2046 | $ | 420 | $ 371,223 | |||||||||
|
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB
(e)
|
5.00% | 12/31/2043 | 3,995 | 4,016,638 | ||||||||||
|
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB
|
5.00% | 11/15/2049 | 1,200 | 1,178,043 | ||||||||||
|
California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB
(h)
|
5.00% | 07/01/2049 | 1,200 | 1,106,546 | ||||||||||
|
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGI)
(c)
|
5.25% | 11/01/2052 | 2,100 | 2,062,177 | ||||||||||
|
California (State of) Municipal Finance Authority (Samuel Merritt University); Series 2022, RB
|
5.25% | 06/01/2053 | 4,000 | 4,080,268 | ||||||||||
|
California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2022, Ref. RB
|
5.00% | 07/01/2062 | 3,810 | 3,387,707 | ||||||||||
|
California (State of) Municipal Finance Authority (SFMTA Potrero Yard Modernization); Series 2026, RB
|
5.25% | 09/01/2051 | 6,000 | 6,246,328 | ||||||||||
|
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); Series 2019, RB (INS - BAM)
(c)
|
5.00% | 05/15/2052 | 8,250 | 8,278,813 | ||||||||||
|
California (State of) Municipal Finance Authority (William Jessup University);
|
||||||||||||||
|
Series 2019, Ref. RB (Acquired 04/25/2019; Cost $513,366)
(h)(j)(k)
|
5.00% | 08/01/2039 | 500 | 300,000 | ||||||||||
|
Series 2019, Ref. RB (Acquired 04/25/2019; Cost $2,758,949)
(h)(j)(k)
|
5.00% | 08/01/2048 | 2,700 | 1,620,000 | ||||||||||
|
California (State of) Pollution Control Financing Authority (Plant Bonds);
|
||||||||||||||
|
Series 2012, RB
(e)(h)
|
5.00% | 07/01/2027 | 520 | 522,011 | ||||||||||
|
Series 2012, RB
(e)(h)
|
5.00% | 07/01/2037 | 6,000 | 6,003,005 | ||||||||||
|
Series 2012, RB
(e)(h)
|
5.00% | 11/21/2045 | 2,000 | 2,000,535 | ||||||||||
|
California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB
(h)
|
5.13% | 07/01/2055 | 2,000 | 1,687,745 | ||||||||||
|
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
|
||||||||||||||
|
Series 2021, RB
(h)
|
5.00% | 11/15/2046 | 960 | 901,525 | ||||||||||
|
Series 2021, RB
(h)
|
5.00% | 11/15/2056 | 1,735 | 1,526,628 | ||||||||||
|
California (State of) Public Finance Authority (Hazelden Betty Ford Foundation); Series 2025 A, RB
|
5.00% | 11/01/2054 | 1,225 | 1,210,641 | ||||||||||
|
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB
|
5.00% | 10/15/2047 | 2,750 | 2,654,770 | ||||||||||
|
California (State of) Public Finance Authority (Kendal at Ventura); Series 2023
A-C,
RB
(h)
|
10.00% | 05/15/2028 | 1,100 | 1,557,661 | ||||||||||
|
California (State of) Public Works Board (Various Capital);
|
||||||||||||||
|
Series 2021 B, RB
(f)
|
4.00% | 05/01/2046 | 10,000 | 9,418,528 | ||||||||||
|
Series 2025 A, RB
(f)
|
5.00% | 04/01/2050 | 2,000 | 2,072,097 | ||||||||||
|
California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
|
||||||||||||||
|
Series 2015, RB
(h)
|
5.00% | 07/01/2030 | 920 | 918,211 | ||||||||||
|
Series 2015, RB
(h)
|
5.00% | 07/01/2045 | 1,250 | 1,215,660 | ||||||||||
|
Series 2024, Ref. RB
(h)
|
5.00% | 07/01/2059 | 1,000 | 941,455 | ||||||||||
|
California (State of) School Finance Authority (Aspen Public Schools Obligated Group);
|
||||||||||||||
|
Series 2022 A, RB (Acquired 09/23/2022; Cost $1,431,669)
(h)(j)
|
6.13% | 07/01/2052 | 1,455 | 1,457,885 | ||||||||||
|
Series 2022 A, RB (Acquired 09/23/2022; Cost $1,771,802)
(h)(j)
|
6.25% | 07/01/2062 | 1,810 | 1,809,459 | ||||||||||
|
California (State of) School Finance Authority (Aspire Public School);
|
||||||||||||||
|
Series 2016, Ref. RB
(h)
|
5.00% | 08/01/2041 | 1,000 | 965,409 | ||||||||||
|
Series 2016, Ref. RB
(h)
|
5.00% | 08/01/2046 | 1,370 | 1,281,956 | ||||||||||
|
California (State of) School Finance Authority (Aspire Public Schools Obligated Group); Series 2015 A, Ref. RB
(h)
|
5.00% | 08/01/2045 | 600 | 567,636 | ||||||||||
|
California (State of) School Finance Authority (Classical Academies Oceanside);
|
||||||||||||||
|
Series 2020 A, RB
(h)
|
5.00% | 10/01/2050 | 1,000 | 916,358 | ||||||||||
|
Series 2022 A, Ref. RB
(h)
|
5.00% | 10/01/2061 | 2,100 | 1,874,611 | ||||||||||
|
California (State of) School Finance Authority (Granada Hills Charter Obligated Group);
|
||||||||||||||
|
Series 2019, RB
(h)
|
5.00% | 07/01/2054 | 1,900 | 1,718,718 | ||||||||||
|
Series 2024, RB
(h)
|
5.00% | 07/01/2064 | 600 | 523,317 | ||||||||||
|
California (State of) School Finance Authority (Green Dot Public Schools);
|
||||||||||||||
|
Series 2015 A, RB
(h)
|
5.00% | 08/01/2045 | 1,000 | 947,189 | ||||||||||
|
Series 2018 A, RB
(h)
|
5.00% | 08/01/2048 | 6,750 | 6,267,712 | ||||||||||
|
California (State of) School Finance Authority (Harbor Springs Obligated Group); Series 2024, RB
(h)
|
5.63% | 07/01/2063 | 1,180 | 1,180,572 | ||||||||||
|
California (State of) School Finance Authority (Hawking Steam Charter School); Series 2022, RB
(h)
|
5.50% | 07/01/2062 | 775 | 764,028 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
6
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
California (State of) School Finance Authority (KIPP LA);
|
||||||||||||||
|
Series 2015 A, RB
(h)
|
5.00% | 07/01/2045 | $ | 1,150 | $ 1,130,575 | |||||||||
|
Series 2017 A, RB
(h)
|
5.00% | 07/01/2047 | 870 | 842,226 | ||||||||||
|
California (State of) School Finance Authority (KIPP SoCal Public Schools); Series 2019 A, RB
(h)
|
5.00% | 07/01/2039 | 750 | 759,471 | ||||||||||
|
California (State of) School Finance Authority (New Designs Charter School); Series 2024, Ref. RB
(h)
|
5.00% | 06/01/2064 | 1,685 | 1,502,399 | ||||||||||
|
California (State of) School Finance Authority (Orange County Educational Arts Academy); Series 2023, Ref. RB (CEP - Colorado Higher Education Intercept Program)
(h)
|
5.63% | 06/01/2043 | 560 | 564,411 | ||||||||||
|
California (State of) School Finance Authority (Scholarship Prep Public Schools - Obligated Group); Series 2023 A, RB
(h)
|
6.00% | 06/01/2063 | 1,500 | 1,429,267 | ||||||||||
|
California (State of) Statewide Communities Development Authority;
|
||||||||||||||
|
Series 2017, RB
|
5.00% | 09/02/2037 | 650 | 655,557 | ||||||||||
|
Series 2017, RB
|
5.00% | 09/02/2046 | 715 | 716,339 | ||||||||||
|
Series 2020 B, RB
|
4.00% | 09/02/2050 | 185 | 149,925 | ||||||||||
|
Series 2020, RB
|
5.00% | 09/02/2050 | 805 | 797,363 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Adventist Health System); Series 2015 A, Ref. RB
|
5.00% | 03/01/2033 | 1,730 | 1,731,401 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging); Series 2021, Ref. RB
|
4.00% | 04/01/2046 | 2,000 | 1,757,412 | ||||||||||
|
California (State of) Statewide Communities Development Authority (California Baptist University); Series 2017 A, Ref. RB
(h)
|
5.00% | 11/01/2041 | 1,000 | 951,046 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Community Facilities District
No. 2015-1);
Series 2020, RB
|
4.00% | 09/01/2050 | 625 | 519,186 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Community Facilities District
No. 2016-02);
Series 2020, RB
|
4.00% | 09/01/2050 | 1,035 | 858,537 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Community Facilities District
No. 2020-02);
Series 2022, RB
|
5.13% | 09/01/2042 | 500 | 508,469 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Delta Coves); Series 2022, RB
|
5.50% | 09/01/2052 | 1,990 | 2,007,331 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Enloe Medical Center); Series 2022 A, RB (INS - AGI)
(c)
|
5.38% | 08/15/2057 | 1,680 | 1,688,754 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017 A, Ref. RB
|
5.00% | 04/01/2047 | 4,580 | 4,548,769 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Improvement Area No. 1); Series 2021, RB
|
4.00% | 09/01/2041 | 200 | 181,258 | ||||||||||
|
California (State of) Statewide Communities Development Authority (John Muir Health);
|
||||||||||||||
|
Series 2016 A, Ref. RB
|
5.00% | 08/15/2051 | 1,250 | 1,234,571 | ||||||||||
|
Series 2018 A, Ref. RB
|
5.00% | 12/01/2057 | 1,715 | 1,654,120 | ||||||||||
|
Series 2024 A, Ref. RB
|
5.25% | 12/01/2054 | 2,500 | 2,586,170 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
|
||||||||||||||
|
Series 2016, Ref. RB
(h)
|
5.00% | 06/01/2046 | 2,000 | 1,949,013 | ||||||||||
|
Series 2019, RB
(h)
|
5.00% | 06/01/2039 | 375 | 375,985 | ||||||||||
|
Series 2019, RB
(h)
|
5.00% | 06/01/2051 | 1,145 | 1,085,549 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB
(h)
|
5.25% | 12/01/2056 | 3,500 | 3,501,745 | ||||||||||
|
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street
LLC-California
College of the Arts);
|
||||||||||||||
|
Series 2019, RB
(h)
|
5.25% | 07/01/2039 | 910 | 918,120 | ||||||||||
|
Series 2019, RB
(h)
|
5.25% | 07/01/2049 | 2,500 | 2,477,352 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Sheldon Farms); Series 2023, RB
|
5.00% | 09/01/2053 | 1,000 | 969,433 | ||||||||||
|
California (State of) Statewide Communities Development Authority (Statewide Community Infrastructure Program);
|
||||||||||||||
|
Series 2023, RB
|
5.25% | 09/02/2043 | 375 | 378,188 | ||||||||||
|
Series 2023, RB
|
5.25% | 09/01/2051 | 1,000 | 1,009,974 | ||||||||||
|
Series 2023, RB
|
5.25% | 09/02/2053 | 1,000 | 991,129 | ||||||||||
|
Series 2023, RB
|
5.50% | 09/02/2053 | 625 | 631,424 | ||||||||||
|
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments, Phase
IV-A
-
CHF-Irvine,
LLC); Series 2017, RB
|
5.00% | 05/15/2050 | 3,000 | 2,975,591 | ||||||||||
|
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); Series 2006 A, RB
(d)
|
0.00% | 06/01/2046 | 17,000 | 4,426,977 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
7
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
California State University;
|
||||||||||||||
|
Series 2017 A, Ref. RB
(f)(l)
|
5.00% | 11/01/2047 | $ | 10,000 | $ 10,064,376 | |||||||||
|
Series 2025 A, Ref. RB
|
4.63% | 11/01/2056 | 2,000 | 2,018,293 | ||||||||||
|
Series 2025, RB
(f)
|
5.25% | 11/01/2050 | 5,000 | 5,333,486 | ||||||||||
|
Series 2026 A, Ref. RB
|
5.00% | 11/01/2045 | 3,000 | 3,227,520 | ||||||||||
|
Chino (City of), CA Community Facilities District; Series 2020, RB
|
4.00% | 09/01/2040 | 75 | 71,307 | ||||||||||
|
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)
(c)(d)
|
0.00% | 08/01/2029 | 625 | 576,198 | ||||||||||
|
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB
|
6.50% | 12/15/2047 | 1,630 | 1,630,213 | ||||||||||
|
Dry Creek Joint Elementary School District (Election of 2008-Measure E);
|
||||||||||||||
|
Series 2009, GO Bonds
(d)
|
0.00% | 08/01/2039 | 4,420 | 2,592,660 | ||||||||||
|
Series 2009, GO Bonds
(d)
|
0.00% | 08/01/2048 | 2,860 | 1,054,810 | ||||||||||
|
Dublin (City of), CA Community Facilities District
No. 2015-1
(Improvement Area No. 5); Series 2023, RB
|
5.38% | 09/01/2051 | 1,250 | 1,267,648 | ||||||||||
|
Eastern Municipal Water District (Community Facilities District
No. 2012-61);
|
||||||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2027 | 95 | 95,526 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2028 | 95 | 95,955 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2050 | 350 | 291,162 | ||||||||||
|
Series 2025, RB
|
5.00% | 09/01/2040 | 525 | 534,798 | ||||||||||
|
El Centro (City of), CA Financing Authority (Police Station); Series 2023 A, RB
|
4.25% | 10/01/2047 | 3,000 | 2,915,163 | ||||||||||
|
El Segundo Unified School District (Election of 2008);
|
||||||||||||||
|
Series 2009 A, GO Bonds
(d)
|
0.00% | 08/01/2031 | 2,735 | 2,345,822 | ||||||||||
|
Series 2009 A, GO Bonds
(d)
|
0.00% | 08/01/2033 | 615 | 488,109 | ||||||||||
|
Elsinore Valley Municipal Water District; Series 2021 A, RB
(h)
|
4.50% | 09/01/2051 | 990 | 888,695 | ||||||||||
|
Enterprise Elementary School District;
|
||||||||||||||
|
Series 2025 D, GO Bonds
(d)
|
0.00% | 08/01/2048 | 2,470 | 876,527 | ||||||||||
|
Series 2025 D, GO Bonds
(d)
|
0.00% | 08/01/2049 | 2,325 | 786,977 | ||||||||||
|
Etiwanda School District (Election of 2016); Series 2020 A, GO Bonds
|
4.00% | 08/01/2049 | 3,000 | 2,734,972 | ||||||||||
|
Folsom Ranch Financing Authority Community Facilities District no. 23 (Improvement Area No. 1); Series 2022, RB
|
5.00% | 09/01/2052 | 2,860 | 2,819,670 | ||||||||||
|
Fontana (City of), CA (Community Facilities District No. 99); Series 2023, RB
|
5.00% | 09/01/2053 | 500 | 493,998 | ||||||||||
|
Fontana (City of), CA Community Facilities District No. 22 (Sierra Hills South); Series 2014, Ref. RB
|
5.00% | 09/01/2034 | 1,000 | 1,006,293 | ||||||||||
|
Foothill-Eastern Transportation Corridor Agency;
|
||||||||||||||
|
Series 1995 A, RB
(d)(i)
|
0.00% | 01/01/2027 | 2,950 | 2,926,500 | ||||||||||
|
Series 2015, Ref. RB (INS - AGI)
(c)(d)
|
0.00% | 01/15/2035 | 6,245 | 4,574,349 | ||||||||||
|
Series 2021 C, Ref. RB
|
4.00% | 01/15/2043 | 3,227 | 2,993,875 | ||||||||||
|
Fremont Community Facilities District No. 1 (Pacific Commons);
|
||||||||||||||
|
Series 2015, Ref. RB
|
5.00% | 09/01/2035 | 1,880 | 1,885,525 | ||||||||||
|
Series 2015, Ref. RB
|
5.00% | 09/01/2045 | 2,095 | 2,087,246 | ||||||||||
|
Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)
(c)(e)
|
5.00% | 07/01/2053 | 3,290 | 3,312,067 | ||||||||||
|
Garden Grove (City of), CA Agency for Community Development; Series 2008, RN
|
6.00% | 10/01/2027 | 330 | 330,491 | ||||||||||
|
Gilroy Unified School District (Election of 2008);
|
||||||||||||||
|
Series 2009 A, GO Bonds
(d)(i)
|
0.00% | 08/01/2029 | 85 | 77,952 | ||||||||||
|
Series 2009 A, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2029 | 665 | 611,315 | ||||||||||
|
Glendale Community College District; Series 2020 B, GO Bonds
(d)
|
0.00% | 02/01/2045 | 1,285 | 554,265 | ||||||||||
|
Golden State Tobacco Securitization Corp.; Series 2021
B-2,
Ref. RB
(d)
|
0.00% | 06/01/2066 | 10,000 | 935,538 | ||||||||||
|
Golden Valley Unified School District Financing Authority;
|
||||||||||||||
|
Series 2021 A, RB
|
4.00% | 09/01/2046 | 250 | 220,173 | ||||||||||
|
Series 2021 A, RB
|
4.00% | 09/01/2051 | 500 | 416,043 | ||||||||||
|
Imperial (County of), CA Community college District (Election of 2022); Series 2023 A, GO Bonds
(INS - AGI)
(c)
|
4.13% | 08/01/2055 | 4,330 | 3,965,149 | ||||||||||
|
Independent Cities Finance Authority;
|
||||||||||||||
|
Series 2021, RB (INS - AGI)
(c)(h)
|
4.00% | 06/01/2046 | 1,825 | 1,685,499 | ||||||||||
|
Series 2021, RB (INS - AGI)
(c)(h)
|
4.00% | 06/01/2051 | 1,250 | 1,115,458 | ||||||||||
|
Irvine (City of), CA Community Facilities District
No. 2013-3
(Great Park Improvement Area No. 10); Series 2023, RB
(INS - BAM)
(c)
|
5.25% | 09/01/2053 | 5,000 | 5,222,372 | ||||||||||
|
Lake Elsniore (City of), CA Community Facilities District
No. 2006-1;
Series 2021, RB
|
4.00% | 09/01/2046 | 400 | 350,427 | ||||||||||
|
Lincoln (City of), CA Community Facilities District
No. 2019-1;
Series 2022, RB
|
5.00% | 09/01/2052 | 2,000 | 1,949,307 | ||||||||||
|
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB
|
5.50% | 11/15/2037 | 1,480 | 1,631,570 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
8
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
Long Beach Unified School District (Election of 2022); Series 2026 B, GO Bonds
|
4.50% | 08/01/2055 | $ | 8,605 | $ 8,403,080 | |||||||||
|
Los Alamitos Unified School District; Series 2013, GO Bonds
|
6.01% | 08/01/2040 | 3,340 | 3,655,906 | ||||||||||
|
Los Angeles (City of), CA; Series 2025 A, RB
|
5.00% | 06/01/2045 | 2,010 | 2,149,313 | ||||||||||
|
Los Angeles (City of), CA (Green Bonds); Series 2022, RB
(e)
|
5.00% | 05/15/2047 | 5,000 | 5,046,751 | ||||||||||
|
Los Angeles (City of), CA Department of Airports;
|
||||||||||||||
|
Series 2022 H, RB
(e)
|
5.25% | 05/15/2047 | 8,000 | 8,202,984 | ||||||||||
|
Series 2023, RB
(e)(f)(l)
|
5.25% | 05/15/2048 | 10,000 | 10,077,309 | ||||||||||
|
Los Angeles (City of), CA Department of Airports (Green Bonds);
|
||||||||||||||
|
Series 2022, RB
(e)
|
4.00% | 05/15/2042 | 3,225 | 3,007,772 | ||||||||||
|
Series 2025, Ref. RB
(e)
|
5.25% | 05/15/2050 | 3,000 | 3,071,591 | ||||||||||
|
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); Series 2022, Ref. RB
(e)
|
5.00% | 05/15/2045 | 1,000 | 1,012,771 | ||||||||||
|
Los Angeles (City of), CA Department of Water & Power;
|
||||||||||||||
|
Series 2025 A, Ref. RB (INS - BAM)
(c)
|
5.00% | 07/01/2055 | 4,000 | 4,043,709 | ||||||||||
|
Series 2025 C, Ref. RB
|
5.00% | 07/01/2055 | 2,000 | 2,022,916 | ||||||||||
|
Los Angeles (County of), CA Community Facilities District
No. 2021-01
(Valencia Facilities);
|
||||||||||||||
|
Series 2022, RB
|
5.00% | 09/01/2052 | 1,000 | 994,454 | ||||||||||
|
Series 2024, RB
|
5.00% | 09/01/2054 | 800 | 781,591 | ||||||||||
|
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds); Series 2021 F, RB
(f)
|
4.00% | 12/01/2046 | 15,880 | 14,991,700 | ||||||||||
|
Los Angeles County Facilities, Inc.; Series 2022, RB
(f)
|
4.00% | 12/01/2048 | 25,000 | 22,590,962 | ||||||||||
|
Los Angeles Unified School District; Series 2026 QRR, GO Bonds
|
4.25% | 07/01/2050 | 3,000 | 2,853,484 | ||||||||||
|
Madera (County of), CA Community Facilities District
No. 2017-1
(Tesoro Viejo);
|
||||||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2045 | 850 | 730,046 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2051 | 1,470 | 1,206,360 | ||||||||||
|
Marina (City of), CA Redevelopment Agency Successor Agency; Series 2020 B, RB
|
4.00% | 09/01/2040 | 300 | 268,458 | ||||||||||
|
Menifee Union School District; Series 2021, RB
|
4.00% | 09/01/2051 | 675 | 569,998 | ||||||||||
|
Menifee Union School District (Community Facilities District
No. 2006-2);
Series 2020, Ref. RB
|
4.00% | 09/01/2045 | 295 | 263,408 | ||||||||||
|
Menifee Union School District (Community Facilities District No.
2011-1
- Improvement Area No. 5); Series 2021, RB
|
4.00% | 09/01/2045 | 975 | 867,249 | ||||||||||
|
Menifee Union School District (Community Facilities District
No. 2014-3);
Series 2019, RB
|
5.00% | 09/01/2049 | 1,600 | 1,603,251 | ||||||||||
|
Menifee Union School District (Community Facilities District
No. 2018-2);
Series 2019, RB
|
5.00% | 09/01/2049 | 1,035 | 1,037,103 | ||||||||||
|
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2034 | 850 | 643,931 | ||||||||||
|
Modesto (City of), CA Irrigation District; Series 2023 A, RB
(f)
|
5.25% | 10/01/2048 | 2,000 | 2,120,988 | ||||||||||
|
Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2031 | 2,000 | 1,715,409 | ||||||||||
|
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS - AMBAC)
(c)(d)
|
0.00% | 08/01/2029 | 1,250 | 1,141,191 | ||||||||||
|
Moreno Valley Unified School District (Community Facilities District
No. 2015-2);
|
||||||||||||||
|
Series 2019, RB
|
5.00% | 09/01/2044 | 435 | 436,992 | ||||||||||
|
Series 2019, RB
|
5.00% | 09/01/2048 | 485 | 485,931 | ||||||||||
|
Moreno Valley Unified School District (Community Facilities District
No. 2023-1);
Series 2025, RB
|
5.00% | 09/01/2050 | 1,000 | 980,988 | ||||||||||
|
M-S-R
Energy Authority; Series 2009 B, RB
|
6.13% | 11/01/2029 | 665 | 691,229 | ||||||||||
|
Murrieta Valley Unified School District (Election of 2006); Series 2008, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 09/01/2031 | 6,670 | 5,680,706 | ||||||||||
|
North Orange County Community College District; Series 2022 C, GO Bonds
(f)(l)
|
4.00% | 08/01/2047 | 10,000 | 9,478,296 | ||||||||||
|
Norwalk-La
Mirada Unified School District; Series 2005 B, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2029 | 6,000 | 5,502,953 | ||||||||||
|
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds
(d)
|
0.00% | 08/01/2028 | 670 | 635,485 | ||||||||||
|
Ontario (City of), CA Community Facilities District No. 64; Series 2024, RB
|
5.00% | 09/01/2055 | 2,000 | 1,929,375 | ||||||||||
|
Orange (County of), CA Community Facilities District
No. 2015-1
(Esencia Village);
|
||||||||||||||
|
Series 2015 A, RB
|
5.00% | 08/15/2035 | 270 | 270,269 | ||||||||||
|
Series 2015 A, RB
|
5.25% | 08/15/2045 | 3,555 | 3,558,794 | ||||||||||
|
Orange (County of), CA Community Facilities District
No. 2016-1
(Village of Esencia); Series 2016 A, RB
|
5.00% | 08/15/2046 | 3,000 | 3,000,359 | ||||||||||
|
Orange (County of), CA Community Facilities District
No. 2017-1
(Village of Esencia)); Series 2020, RB
|
4.00% | 08/15/2045 | 355 | 314,610 | ||||||||||
|
Orange (County of), CA Community Facilities District
No. 2021-1
(Ladera Ranch); Series 2022 A, RB
|
5.00% | 08/15/2052 | 1,000 | 991,573 | ||||||||||
|
Palm Desert (City of), CA (University Park);
|
||||||||||||||
|
Series 2021, Ref. RB
|
4.00% | 09/01/2041 | 450 | 398,591 | ||||||||||
|
Series 2021, Ref. RB
|
4.00% | 09/01/2051 | 650 | 532,987 | ||||||||||
|
Palomar Community College District (Election of 2006); Series 2010, GO Bonds
(b)
|
6.38% | 08/01/2045 | 6,670 | 6,426,671 | ||||||||||
|
Palomar Health; Series 2017, COP
|
4.00% | 11/01/2047 | 1,240 | 978,349 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
9
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
Pasadena Unified School District (Election of 2020); Series 2025 D, GO Bonds
|
5.25% | 08/01/2050 | $ | 1,975 | $ 2,117,398 | |||||||||
|
Perris (City of), CA Joint Powers Authority (Green Valley West Elementary);
|
||||||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2044 | 1,060 | 936,619 | ||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2051 | 1,225 | 1,011,853 | ||||||||||
|
Placer (County of), CA Community Facilities District (Riolo Vineyard Specific Plan); Series 2023, RB
|
5.00% | 09/01/2053 | 970 | 930,857 | ||||||||||
|
Planada Elementary School District (Election of 2008); Series 2009 B, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 07/01/2049 | 8,440 | 2,726,544 | ||||||||||
|
Rancho Cordova (City of), CA (Community Facilities District
No. 2014-1);
Series 2022, RB
|
5.00% | 09/01/2051 | 1,200 | 1,188,354 | ||||||||||
|
Rancho Cordova (City of), CA (Community Facilities District
No. 2022-1);
Series 2023, RB
|
5.13% | 09/01/2043 | 525 | 533,693 | ||||||||||
|
Rancho Mirage Community Facilities District (Del Webb);
|
||||||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2046 | 380 | 331,596 | ||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2051 | 325 | 268,451 | ||||||||||
|
Regents of the University of California Medical Center; Series 2022-XX1201, RB
(f)(l)
|
4.00% | 05/15/2053 | 10,000 | 9,084,844 | ||||||||||
|
River Islands Public Financing Authority; Series 2022
A-1,
Ref. RB (INS - AGI)
(c)
|
5.25% | 09/01/2052 | 1,400 | 1,447,352 | ||||||||||
|
Riverside (County of), CA Community Facilities District
No. 07-2
(Clinton Keith);
|
||||||||||||||
|
Series 2015, RB
|
5.00% | 09/01/2040 | 2,760 | 2,760,259 | ||||||||||
|
Series 2015, RB
|
5.00% | 09/01/2044 | 1,500 | 1,493,434 | ||||||||||
|
Riverside Unified School District (Community Facilities District No. 32);
|
||||||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2045 | 125 | 110,056 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2050 | 265 | 221,086 | ||||||||||
|
Riverside Unified School District (Community Facilities District No. 33); Series 2021, RB
|
4.00% | 09/01/2045 | 425 | 378,032 | ||||||||||
|
Romoland School District (Underwood); Series 2023, RB
|
5.00% | 09/01/2054 | 510 | 499,004 | ||||||||||
|
Romoland School District Community Facilities
No. 2004-1;
Series 2015, Ref. RB
|
5.00% | 09/01/2038 | 1,660 | 1,668,332 | ||||||||||
|
Roseville (City of), CA; Series 2023, RB
|
5.50% | 09/01/2043 | 505 | 522,046 | ||||||||||
|
Roseville (City of), CA (Ranch at Sierra Vista Community Facilities District No. 1 - Public Facilities); Series 2020, RB
|
5.00% | 09/01/2050 | 1,520 | 1,503,503 | ||||||||||
|
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities);
|
||||||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2045 | 150 | 134,797 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2050 | 200 | 170,020 | ||||||||||
|
Roseville (City of), CA Community Facilities District No. 1 (Improvement Area No. 2); Series 2023, RB
|
5.25% | 09/01/2053 | 500 | 503,521 | ||||||||||
|
Salinas (City of), CA Community Facilities District
No. 2016-1
(Improvement Area No. 3);
|
||||||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2040 | 185 | 170,087 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2045 | 380 | 330,338 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2050 | 225 | 186,103 | ||||||||||
|
San Diego (City of), CA Public Financing Authority (Capital Improvement); Series 2025 B, RB
(f)
|
5.25% | 10/15/2055 | 5,000 | 5,247,954 | ||||||||||
|
San Diego (County of), CA Regional Airport Authority;
|
||||||||||||||
|
Series 2021 A, RB
|
5.00% | 07/01/2051 | 3,000 | 3,077,571 | ||||||||||
|
Series 2021 B, RB
(e)
|
5.00% | 07/01/2051 | 5,000 | 5,012,655 | ||||||||||
|
Series 2021 B, RB
(e)
|
5.00% | 07/01/2056 | 4,165 | 4,163,846 | ||||||||||
|
Series 2022-XX1215, RB
(e)(f)(l)
|
5.00% | 07/01/2051 | 10,000 | 10,025,312 | ||||||||||
|
Series 2023 B, RB
(e)
|
5.00% | 07/01/2053 | 5,000 | 5,013,369 | ||||||||||
|
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
|
||||||||||||||
|
Second Series 2022 A, Ref. RB
(e)
|
5.00% | 05/01/2052 | 2,500 | 2,496,777 | ||||||||||
|
Second Series 2025 A, RB
(e)(f)(l)
|
5.25% | 05/01/2055 | 10,000 | 10,238,283 | ||||||||||
|
Series 2019 A, RB
(e)
|
5.00% | 05/01/2049 | 7,000 | 6,956,026 | ||||||||||
|
Series 2019 E, RB
(e)
|
4.00% | 05/01/2050 | 1,825 | 1,582,742 | ||||||||||
|
Series 2019 E, RB
(e)(f)
|
5.00% | 05/01/2050 | 10,000 | 9,932,434 | ||||||||||
|
San Francisco (City & County of), CA Community Facilities District
No. 2016-1;
|
||||||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2042 | 225 | 197,324 | ||||||||||
|
Series 2020, RB
|
4.00% | 09/01/2050 | 425 | 354,573 | ||||||||||
|
San Francisco (City & County of), CA Infrastructure & Revitalization Financing District No. 1; Series 2023 A, RB
(h)
|
5.50% | 09/01/2053 | 1,530 | 1,475,394 | ||||||||||
|
San Francisco (City & County of), CA Public Utilities Commission; Series 2024 C, RB
(f)
|
5.00% | 10/01/2054 | 3,265 | 3,368,628 | ||||||||||
|
San Francisco (City & County of), CA Special Tax District
No. 2020-1;
Series 2023, RB
(h)
|
5.75% | 09/01/2053 | 1,500 | 1,541,501 | ||||||||||
|
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Hunters Point Shipyard Phase One Improvements); Series 2014, Ref. RB
|
5.00% | 08/01/2044 | 1,390 | 1,390,924 | ||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
10
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||
|
California-(continued)
|
||||||||||||||
|
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment);
|
||||||||||||||
|
Series 2014 A, RB
|
5.00% | 08/01/2028 | $ | 370 | $ 370,535 | |||||||||
|
Series 2014 A, RB
|
5.00% | 08/01/2029 | 450 | 450,615 | ||||||||||
|
Series 2014 A, RB
|
5.00% | 08/01/2032 | 785 | 785,711 | ||||||||||
|
Series 2014 A, RB
|
5.00% | 08/01/2033 | 375 | 375,303 | ||||||||||
|
Series 2014 A, RB
|
5.00% | 08/01/2043 | 1,000 | 1,000,414 | ||||||||||
|
San Francisco (City of), CA Bay Area Rapid Transit District; Series 2022-XF1331, GO Bonds
(f)
|
4.25% | 08/01/2052 | 10,000 | 9,651,380 | ||||||||||
|
San Jose (City of), CA; Series 2017 A, Ref. RB
(e)
|
5.00% | 03/01/2047 | 2,095 | 2,096,091 | ||||||||||
|
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds
(INS - AGI)
(c)(d)
|
0.00% | 09/01/2032 | 1,000 | 825,581 | ||||||||||
|
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS - AGI)
(c)
|
5.00% | 08/01/2030 | 2,500 | 2,504,044 | ||||||||||
|
San Mateo (County of), CA Joint Powers Financing Authority (Capital); Series 2018 A, RB
|
4.00% | 07/15/2052 | 13,565 | 12,324,342 | ||||||||||
|
San Pablo (County of), CA Joint Powers Financing Authority; Series 2022, Ref. RB (INS - AGI)
(c)
|
4.00% | 11/01/2052 | 6,000 | 5,363,758 | ||||||||||
|
Santa Ana Unified School District (Financing Project); Series 1999, COP (INS - AGI)
(c)(d)
|
0.00% | 04/01/2036 | 1,000 | 673,880 | ||||||||||
|
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB
(d)
|
0.00% | 06/01/2036 | 7,065 | 4,111,600 | ||||||||||
|
Simi Valley Unified School District (Election of 2004);
|
||||||||||||||
|
Series 2007 C, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2028 | 1,520 | 1,441,970 | ||||||||||
|
Series 2007 C, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2029 | 3,000 | 2,757,018 | ||||||||||
|
Series 2007 C, GO Bonds (INS - AGI)
(c)(d)
|
0.00% | 08/01/2030 | 1,210 | 1,074,296 | ||||||||||
|
South San Francisco (City of), CA (Community Facilities District
No. 2021-01);
Series 2022, RB
|
4.00% | 09/01/2044 | 1,000 | 880,344 | ||||||||||
|
South Tahoe Joint Powers Financing Authority; Series 2023 A, RB
|
5.25% | 10/01/2053 | 4,000 | 4,172,144 | ||||||||||
|
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB
|
5.00% | 06/01/2048 | 210 | 206,001 | ||||||||||
|
Stockton (City of), CA Community Facilities District (Westlake Villages II); Series 2022, RB
|
5.13% | 09/01/2052 | 700 | 699,636 | ||||||||||
|
Sulphur Springs Union School District; Series 2024 A, RB
|
5.00% | 09/01/2054 | 1,495 | 1,451,975 | ||||||||||
|
Sweetwater Union High School District; Series 2016, Ref. GO Bonds (INS - BAM)
(c)
|
4.00% | 08/01/2047 | 2,505 | 2,250,495 | ||||||||||
|
Three Rivers Levee Improvement Authority (Community Facilities District
No. 2006-1);
Series 2021, Ref. RB
|
4.00% | 09/01/2046 | 3,990 | 3,445,420 | ||||||||||
|
Torrance Unified School District (Election of 2008-Measure Z); Series 2009, GO Bonds
(d)
|
0.00% | 08/01/2034 | 1,165 | 792,516 | ||||||||||
|
Tracy (City of), CA Community Facilities District No.
21-1(Hillview);
Series 2022, RB
|
5.00% | 09/01/2052 | 1,645 | 1,614,831 | ||||||||||
|
Transbay Joint Powers Authority (Green Bonds);
|
||||||||||||||
|
Series 2020 A, RB
|
5.00% | 10/01/2045 | 2,600 | 2,583,933 | ||||||||||
|
Series 2020 A, RB
|
5.00% | 10/01/2049 | 5,530 | 5,421,184 | ||||||||||
|
Series 2020 B, RB
|
5.00% | 10/01/2034 | 300 | 305,119 | ||||||||||
|
Series 2020 B, RB
|
5.00% | 10/01/2038 | 300 | 300,434 | ||||||||||
|
University of California;
|
||||||||||||||
|
Series 2020 BE, Ref. RB
|
4.00% | 05/15/2047 | 7,600 | 7,255,631 | ||||||||||
|
Series 2025 CC, RB
|
5.00% | 05/15/2053 | 2,500 | 2,603,272 | ||||||||||
|
Series 2026 CH, RB
|
5.50% | 05/15/2043 | 5,000 | 5,575,008 | ||||||||||
|
University of California (Limited); Series 2018 O, Ref. RB
(f)
|
5.00% | 05/15/2058 | 10,000 | 10,122,929 | ||||||||||
|
Washington Township Health Care District; Series 2023 A, RB
|
5.75% | 07/01/2048 | 500 | 519,448 | ||||||||||
|
Washington Township Health Care District (Election of 2020); Series 2023 B, GO Bonds (INS - AGI)
(c)
|
4.50% | 08/01/2053 | 2,400 | 2,222,787 | ||||||||||
|
West Patterson Financing Authority (Community Facilities District
No. 2005-1);
|
||||||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2043 | 600 | 516,529 | ||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2046 | 745 | 634,980 | ||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2049 | 1,775 | 1,457,801 | ||||||||||
|
Series 2026, RB
|
5.00% | 09/01/2056 | 4,210 | 3,984,273 | ||||||||||
|
West Patterson Financing Authority (Community Facilities District
No. 2018-1);
|
||||||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2041 | 375 | 337,267 | ||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2046 | 550 | 480,572 | ||||||||||
|
Series 2021, RB
|
4.00% | 09/01/2051 | 760 | 627,762 | ||||||||||
|
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds
(d)
|
0.00% | 08/01/2032 | 9,370 | 7,706,547 | ||||||||||
| 776,436,277 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
11
|
Invesco California Value Municipal Income Trust
|
|
Interest
Rate |
Maturity
Date |
Principal
Amount
(000)
|
Value
|
|||||||||||||
|
Puerto Rico-3.62%
|
||||||||||||||||
|
Children's Trust Fund;
|
||||||||||||||||
|
Series 2002, RB
|
5.50% | 05/15/2039 | $ | 905 | $ | 921,390 | ||||||||||
|
Series 2002, RB
|
5.63% | 05/15/2043 | 675 | 685,465 | ||||||||||||
|
Series 2005 A, RB
(d)
|
0.00% | 05/15/2050 | 4,325 | 870,109 | ||||||||||||
|
Puerto Rico (Commonwealth of) Electric Power Authority;
|
||||||||||||||||
|
Series 2007 VV, Ref. RB (INS - AGI)
(c)
|
5.25% | 07/01/2031 | 1,150 | 1,171,713 | ||||||||||||
|
Series 2007 VV, Ref. RB (INS - NATL)
(c)
|
5.25% | 07/01/2033 | 2,000 | 2,002,041 | ||||||||||||
|
Puerto Rico Sales Tax Financing Corp.;
|
||||||||||||||||
|
Series 2018
A-1,
RB
(d)
|
0.00% | 07/01/2031 | 1,500 | 1,280,767 | ||||||||||||
|
Series 2018
A-1,
RB
(d)
|
0.00% | 07/01/2046 | 10,000 | 3,599,493 | ||||||||||||
|
Series 2018
A-1,
RB
(d)
|
0.00% | 07/01/2051 | 13,280 | 3,480,462 | ||||||||||||
|
Series 2018
A-1,
RB
|
5.00% | 07/01/2058 | 4,025 | 3,906,203 | ||||||||||||
| 17,917,643 | ||||||||||||||||
|
Guam-0.31%
|
||||||||||||||||
|
Guam (Territory of) Waterworks Authority; Series 2020 A, RB
|
5.00% | 01/01/2050 | 1,540 | 1,551,071 | ||||||||||||
|
Virgin Islands-0.26%
|
||||||||||||||||
|
Virgin Islands Transportation & Infrastructure Corp. (Garvee); Series 2025, Ref. RB
|
5.00% | 09/01/2042 | 1,250 | 1,298,012 | ||||||||||||
|
Total Municipal Obligations (Cost $811,504,662)
|
797,203,003 | |||||||||||||||
|
Shares
|
||||||||||||||||
|
Common Stocks & Other Equity Interests-0.00%
|
||||||||||||||||
|
Nevada-0.00%
|
||||||||||||||||
|
BL Train Holdings West LLC; Wts. expiring 11/26/2035
(Cost $0)
(m)
|
12,000 | 24,000 | ||||||||||||||
|
MuniFund Preferred Shares-1.50%
|
||||||||||||||||
|
Nuveen California
AMT-Free
Quality Municipal Income Fund(Cost $7,400,000)
(h)(n)
|
7,400,000 | 7,400,000 | ||||||||||||||
|
TOTAL INVESTMENTS IN SECURITIES
(o)
-162.54% (Cost $818,904,662)
|
804,627,003 | |||||||||||||||
|
FLOATING RATE NOTE OBLIGATIONS-(25.71)%
|
||||||||||||||||
|
Notes with interest and fee rates ranging from 2.78% to 3.37% at 08/31/2026 and contractual maturities of collateral ranging from 05/01/2046 to 05/15/2058 (See Note 1K)
(p)
|
(127,285,000 | ) | ||||||||||||||
|
VARIABLE RATE MUNI TERM PREFERRED SHARES-(35.75)%
|
(176,979,020 | ) | ||||||||||||||
|
OTHER ASSETS LESS LIABILITIES-(1.08)%
|
(5,330,973 | ) | ||||||||||||||
|
NET ASSETS APPLICABLE TO COMMON SHARES-100.00%
|
$ | 495,032,010 | ||||||||||||||
Investment Abbreviations:
| AGI | - Assured Guaranty, Inc. | |
| AMBAC | - American Municipal Bond Assurance Corp. | |
| BAM | - Build America Mutual Assurance Co. | |
| CEP | - Credit Enhancement Provider | |
| COP | - Certificates of Participation | |
| FNMA | - Federal National Mortgage Association | |
| GO | - General Obligation | |
| INS | - Insurer | |
| NATL | - National Public Finance Guarantee Corp. | |
| RB | - Revenue Bonds | |
| Ref. | - Refunding | |
| RN | - Revenue Notes | |
| Wts. | - Warrants |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
12
|
Invesco California Value 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)
|
Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.
|
|
(c)
|
Principal and/or interest payments are secured by the bond insurance company listed.
|
|
(d)
|
Zero coupon bond issued at a discount.
|
|
(e)
|
Security subject to the alternative minimum tax.
|
|
(f)
|
Underlying security related to TOB Trusts entered into by the Trust. See Note 1K.
|
|
(g)
|
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
|
|
(h)
|
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 August 31, 2026 was $79,122,530, which represented 15.98% of the Trust's Net Assets.
|
|
(i)
|
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
|
|
(j)
|
Restricted security. The aggregate value of these securities at August 31, 2026 was $6,104,919, which represented 1.23% of the Trust's Net Assets.
|
|
(k)
|
Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at August 31, 2026 was $1,920,000, which represented less than 1% of the Trust's Net Assets.
|
|
(l)
|
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 $44,166,665. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
|
|
(m)
|
Security valued using significant unobservable inputs (Level 3). See Note 3.
|
|
(n)
|
Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2026.
|
|
(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
|
Percent
|
|
|
Assured Guaranty Inc.
|
7.16% | |
|
(p)
|
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2026. At August 31, 2026, the Trust's investments with a value of $174,186,450 are held by TOB Trusts and serve as collateral for the $127,285,000 in the floating rate note obligations outstanding at that date.
|
Portfolio Composition
By credit sector, based on total investments
As of August 31, 2026
|
Revenue Bonds
|
83.84 | % | ||
|
General Obligation Bonds
|
14.84 | |||
|
Other
|
0.92 | |||
|
Pre-Refunded
Bonds
|
0.40 | |||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
13
|
Invesco California Value Municipal Income Trust
|
Statement of Assets and Liabilities
August 31, 2026
(Unaudited)
|
Assets:
|
||||
|
Investments in unaffiliated securities, at value (Cost $818,904,662)
|
$ | 804,627,003 | ||
|
Receivable for:
|
||||
|
Investments sold
|
5,000 | |||
|
Interest
|
8,805,779 | |||
|
Investment for trustee deferred compensation and retirement plans
|
67,089 | |||
|
Prepaid expenses
|
89,031 | |||
|
Total assets
|
813,593,902 | |||
|
Liabilities:
|
||||
|
Floating rate note obligations
|
127,285,000 | |||
|
Variable rate muni term preferred shares ($0.01 par value, 1,770 shares issued with liquidation preference of $100,000 per share)
|
176,979,020 | |||
|
Payable for:
|
||||
|
Amount due to custodian
|
13,518,897 | |||
|
Accrued fees to affiliates
|
60,866 | |||
|
Accrued interest expense
|
511,040 | |||
|
Accrued trustees' and officers' fees and benefits
|
3,512 | |||
|
Accrued other operating expenses
|
65,989 | |||
|
Trustee deferred compensation and retirement plans
|
137,568 | |||
|
Total liabilities
|
318,561,892 | |||
|
Net assets applicable to common shares
|
$ | 495,032,010 | ||
|
Net assets applicable to common shares
consist of: |
||||
|
Shares of beneficial interest - common shares
|
$ | 574,612,109 | ||
|
Distributable earnings (loss)
|
(79,580,099 | ) | ||
| $ | 495,032,010 | |||
|
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
|
||||
|
Common shares outstanding
|
50,398,142 | |||
|
Net asset value per common share
|
$ | 9.82 | ||
|
Market value per common share
|
$ | 10.48 | ||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
14
|
Invesco California Value Municipal Income Trust
|
Statement of Operations
For the six months ended August 31, 2026
(Unaudited)
|
Investment income:
|
||||
|
Interest
|
$ | 18,592,057 | ||
|
Expenses:
|
||||
|
Advisory fees
|
2,247,039 | |||
|
Administrative services fees
|
35,023 | |||
|
Custodian fees
|
3,051 | |||
|
Interest, facilities and maintenance fees
|
5,146,457 | |||
|
Transfer agent fees
|
11,198 | |||
|
Trustees' and officers' fees and benefits
|
16,711 | |||
|
Registration and filing fees
|
23,571 | |||
|
Reports to shareholders
|
16,468 | |||
|
Professional services fees
|
51,096 | |||
|
Other
|
2,777 | |||
|
Total expenses
|
7,553,391 | |||
|
Net investment income
|
11,038,666 | |||
|
Realized and unrealized gain (loss) from:
|
||||
|
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(534,392))
|
(3,683,957 | ) | ||
|
Change in net unrealized appreciation (depreciation) of unaffiliated investment securities
|
(23,737,914 | ) | ||
|
Net realized and unrealized gain (loss)
|
(27,421,871 | ) | ||
|
Net increase (decrease) in net assets resulting from operations applicable to common shares
|
$ | (16,383,205 | ) | |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
15
|
Invesco California Value Municipal Income Trust
|
Statement of Changes in Net Assets
For the six months ended August 31, 2026 and the year ended February 28, 2026
(Unaudited)
|
August 31,
2026
|
February 28,
2026
|
|||||||
|
Operations:
|
||||||||
|
Net investment income
|
$ | 11,038,666 | $ | 21,179,939 | ||||
|
Net realized gain (loss)
|
(3,683,957 | ) | (4,660,350 | ) | ||||
|
Change in net unrealized appreciation (depreciation)
|
(23,737,914 | ) | (4,144,861 | ) | ||||
|
Net increase (decrease) in net assets resulting from operations applicable to common shares
|
(16,383,205 | ) | 12,374,728 | |||||
|
Distributions to common shareholders from distributable earnings
|
(19,143,700 | ) | (21,127,941 | ) | ||||
|
Return of capital applicable to common shares
|
- | (16,102,958 | ) | |||||
|
Total distributions
|
(19,143,700 | ) | (37,230,899 | ) | ||||
|
Net increase in common shares of beneficial interest
|
19,889,412 | 6,712,509 | ||||||
|
Net increase (decrease) in net assets applicable to common shares
|
(15,637,493 | ) | (18,143,662 | ) | ||||
|
Net assets applicable to common shares:
|
||||||||
|
Beginning of period
|
510,669,503 | 528,813,165 | ||||||
|
End of period
|
$ | 495,032,010 | $ | 510,669,503 | ||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
16
|
Invesco California Value Municipal Income Trust
|
Statement of Cash Flows
For the six months ended August 31, 2026
(Unaudited)
|
Cash provided by (used in) operating activities:
|
||||
|
Net increase (decrease) in net assets resulting from operations applicable to common shares
|
$ | (16,383,205 | ) | |
|
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
|
||||
|
Purchases of investments
|
(85,583,073 | ) | ||
|
Proceeds from sales of investments
|
80,908,702 | |||
|
Purchases of short-term investments, net
|
(7,388,584 | ) | ||
|
Amortization (accretion) of premiums and discounts, net
|
(1,684,758 | ) | ||
|
Net realized loss from investment securities
|
3,683,957 | |||
|
Net change in unrealized depreciation on investment securities
|
23,737,914 | |||
|
Change in operating assets and liabilities:
|
||||
|
Increase in receivables and other assets
|
(281,172 | ) | ||
|
Increase in accrued expenses and other payables
|
7,834 | |||
|
Net cash provided by (used in) operating activities
|
(2,982,385 | ) | ||
|
Cash provided by financing activities:
|
||||
|
Increase in payable for amount due custodian
|
11,652,158 | |||
|
Dividends paid to common shareholders from distributable earnings
|
(18,616,874 | ) | ||
|
Proceeds from shelf offering, net of offering costs
|
19,787,101 | |||
|
Proceeds from TOB Trusts
|
(80,000 | ) | ||
|
Repayment of TOB Trusts
|
(9,760,000 | ) | ||
|
Net cash provided by financing activities
|
2,982,385 | |||
|
Net increase in cash and cash equivalents
|
- | |||
|
Cash and cash equivalents at beginning of period
|
- | |||
|
Cash and cash equivalents at end of period
|
$ | - | ||
|
Non-cash
financing activities:
|
||||
|
Value of shares of beneficial interest issued in reinvestment of dividends paid to common shareholders
|
$ | 527,861 | ||
|
Supplemental disclosure of cash flow information:
|
||||
|
Cash paid during the period for interest, facilities and maintenance fees
|
$ | 5,106,063 | ||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
17
|
Invesco California Value Municipal Income Trust
|
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Trust outstanding throughout the periods indicated.
|
Six Months Ended
August 31,
|
Years Ended
February 28,
|
Year Ended
February 29,
|
Years Ended
February 28,
|
|||||||||||||||||||||
|
2026
|
2026
|
2025
|
2024
|
2023
|
2022
|
|||||||||||||||||||
|
Net asset value per common share, beginning of period
|
$ | 10.53 | $ | 11.04 | $ | 11.37 | $ | 10.85 | $ | 12.87 | $ | 13.44 | ||||||||||||
|
Net investment income
(a)
|
0.22 | 0.44 | 0.41 | 0.39 | 0.47 | 0.56 | ||||||||||||||||||
|
Net gains (losses) on securities (both realized and unrealized)
|
(0.56 | ) | (0.18 | ) | (0.05 | ) | 0.53 | (1.99 | ) | (0.56 | ) | |||||||||||||
|
Total from investment operations
|
(0.34 | ) | 0.26 | 0.36 | 0.92 | (1.52 | ) | - | ||||||||||||||||
|
Less:
|
||||||||||||||||||||||||
|
Dividends paid to common shareholders from net investment income
|
(0.39 | ) | (0.44 | ) | (0.40 | ) | (0.38 | ) | (0.47 | ) | (0.57 | ) | ||||||||||||
|
Return of capital
|
- | (0.34 | ) | (0.29 | ) | (0.02 | ) | (0.03 | ) | - | ||||||||||||||
|
Total distributions
|
(0.39 | ) | (0.78 | ) | (0.69 | ) | (0.40 | ) | (0.50 | ) | (0.57 | ) | ||||||||||||
|
Premium from common shares sold through shelf offering
|
0.02 | 0.01 | - | - | - | - | ||||||||||||||||||
|
Net asset value per common share, end of period
|
$ | 9.82 | $ | 10.53 | $ | 11.04 | $ | 11.37 | $ | 10.85 | $ | 12.87 | ||||||||||||
|
Market value per common share, end of period
|
$ | 10.48 | $ | 11.32 | $ | 11.09 | $ | 9.72 | $ | 9.51 | $ | 11.71 | ||||||||||||
|
Total return at net asset value
(b)
|
(3.12 | )% | 2.81 | % | 3.63 | % | 9.36 |
%
(c)
|
(11.46 | )% | (0.07 | )% | ||||||||||||
|
Total return at market value
(d)
|
(3.83 | )% | 10.02 | % | 21.77 | % | 6.66 | % | (14.70 | )% | (4.98 | )% | ||||||||||||
|
Net assets applicable to common shares, end of period (000's omitted)
|
$ | 495,032 | $ | 510,670 | $ | 528,813 | $ | 544,414 | $ | 519,705 | $ | 616,125 | ||||||||||||
|
Portfolio turnover rate
(e)
|
10 | % | 14 | % | 12 | % | 10 | % | 30 | % | 10 | % | ||||||||||||
|
Ratios/supplemental data based on average net assets applicable to common shares outstanding:
|
||||||||||||||||||||||||
|
Ratio of expenses:
|
||||||||||||||||||||||||
|
With fee waivers and/or expense reimbursements
|
2.98 |
%
(f)
|
3.35 | % | 3.54 | % | 3.84 | % | 2.92 | % | 1.43 | % | ||||||||||||
|
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
|
0.95 |
%
(f)
|
0.98 | % | 0.99 | % | 0.97 | % | 0.99 | % | 0.89 | % | ||||||||||||
|
Without fee waivers and/or expense reimbursements
|
2.98 |
%
(f)
|
3.35 | % | 3.54 | % | 3.84 | % | 2.92 | % | 1.43 | % | ||||||||||||
|
Ratio of net investment income to average net assets
|
4.36 |
%
(f)
|
4.30 | % | 3.62 | % | 3.57 | % | 4.22 | % | 4.09 | % | ||||||||||||
|
Senior securities:
|
||||||||||||||||||||||||
|
Total amount of preferred shares outstanding (000's omitted)
|
$ | 177,000 | $ | 177,000 | $ | 177,000 | $ | 208,300 | $ | 208,300 | $ | 208,300 | ||||||||||||
|
Asset coverage per preferred share
(g)
|
$ | 379,679 | $ | 388,514 | $ | 398,765 | $ | 361,360 | $ | 349,498 | $ | 395,787 | ||||||||||||
|
Liquidating preference per preferred share
|
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | ||||||||||||
|
(a)
|
Calculated using average shares outstanding.
|
|
(b)
|
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
|
|
(c)
|
Amount includes the effect of the Adviser
pay-in
for an economic loss that occurred on October 4, 2023. Had the
pay-in
not been made the total return would have been 9.17%.
|
|
(d)
|
Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Trust's dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.
|
|
(e)
|
Portfolio turnover is not annualized for periods less than one year, if applicable.
|
|
(f)
|
Annualized.
|
|
(g)
|
Calculated by subtracting the Trust's total liabilities (not including preferred shares, at liquidation value) from the Trust's total assets and dividing this by the total number of preferred shares outstanding.
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
|
18
|
Invesco California Value Municipal Income Trust
|
Notes to Financial Statements
August 31, 2026
(Unaudited)
NOTE 1-Significant Accounting Policies
Invesco California Value Municipal Income Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a
closed-end
management investment company.
The Trust's investment objective is to seek to provide common shareholders with a high level of current income exempt from federal and California income taxes, consistent with preservation of capital.
The Trust is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946,
Financial Services - Investment Companies
.
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
|
A.
|
Security Valuations
- Securities, including restricted securities, are valued according to the following policy.
|
Securities generally are valued on the basis of prices provided by independent pricing services. Prices 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. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. 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 are not readily available are fair valued by Invesco Advisers, Inc. (the "Adviser" or "Invesco") in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). If a fair value price provided by a pricing service is not representative of market value in the Adviser's judgment ("unreliable"), the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.
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 market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally 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.
The price the Trust could receive upon the sale of any investment may differ from the Adviser's valuation of the investment, particularly for securities that are valued using a fair valuation technique. When fair valuation techniques are applied, the Adviser uses available information, including both observable and unobservable inputs and assumptions, to determine a methodology that will result in a valuation that the Adviser believes approximates market value. Trust securities that are fair valued may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, the Trust could realize a greater or lesser than expected gain or loss upon the sale of the investment.
|
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 an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Pay-in-kind
interest income and
non-cash
dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the
ex-dividend
date.
|
The Trust may periodically participate in litigation related to the Trust's 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, the country that has the primary market for the issuer's securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
|
|
D.
|
Distributions
- The Trust declares and pays monthly dividends from net investment income to common shareholders. Distributions from net realized capital gain, if any, are generally declared and paid annually and are distributed on a pro rata basis to common and preferred shareholders.
|
|
E.
|
Federal Income Taxes -
The Trust intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), necessary to qualify as a regulated investment company and to distribute substantially all of the Trust's taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
|
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trust's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt-interest dividends", as defined in the Internal Revenue Code.
|
19
|
Invesco California Value Municipal Income Trust
|
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
|
F.
|
Interest, Facilities and Maintenance Fees
- Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees, administrative expenses and other expenses associated with establishing and maintaining the line of credit and Variable Rate Muni Term Preferred Shares ("VMTP Shares"). In addition, interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any, are included.
|
|
G.
|
Accounting Estimates
- The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the
period-end
date and before the date the financial statements are released to print.
|
|
H.
|
Indemnifications
- Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts, including the Trust's servicing agreements, that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
|
|
I.
|
Segment Reporting
- The Trust represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Trust's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Trust. The CODM monitors the operating results as a whole, and the Trust's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust's financial statements.
|
|
J.
|
Cash and Cash Equivalents -
For the purposes of the Statement of Cash Flows, the Trust defines Cash and Cash Equivalents as cash (including foreign currency), restricted cash, money market funds that qualify as a cash equivalent and other investments held in lieu of cash.
|
|
K.
|
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 carrying amount of the Trust's floating rate note obligations as reported on the Statement of Assets and Liabilities approximates its fair value. 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 and their affiliates from sponsoring and/or providing certain services for existing TOB Trusts, which constitute "covered funds" under the Volcker Rule. As a result of the Volcker Rule, the Trust, as holder of inverse floating rate securities, is required to perform certain duties in connection with TOB financing transactions previously performed by banking entities. These duties may alternatively be performed by a
non-bank
third-party service provider. The Trust's expanded role may increase its operational and regulatory risk.
Further, the SEC and various banking agencies have adopted rules implementing credit risk retention requirements for asset-backed securities (the "Risk Retention Rules"), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying security held by the TOB Trust. The Trust has adopted policies intended to comply with the Risk Retention Rules. The Risk Retention Rules may adversely affect the Trust's ability to engage in TOB financing transactions or increase the costs of such transactions in certain circumstances.
There can be no assurances that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions or an increase in the cost of financing provided by TOB transactions may adversely affect the Trust's net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), or are otherwise not readily 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.
| L. |
Other Risks - The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's
|
| 20 | Invesco California Value Municipal Income Trust |
| value, interest payments, repayment of principal and the Trust's ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security's value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
There is a possibility that the credit rating of a municipal security may be downgraded after purchase, which may occur quickly and without advanced warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.
Fluctuations in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed income investments, particularly those with longer maturities. Such changes and resulting increased volatility may adversely impact the Trust, including its operations, universe of potential investment options, and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Trust's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by shareholders, which could potentially increase the Trust's portfolio turnover rate and transaction costs.
The municipal issuers in which the Trust invests may be located in the same geographic area or may pay their interest obligations from revenue of similar projects, such as hospitals, airports, utility systems and housing finance agencies. This may make the Trust's investments more susceptible to similar social, economic, political or regulatory occurrences, making the Trust more susceptible to experience a drop in its share price than if the Trust had been more diversified across issuers that did not have similar characteristics.
Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Trust to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. The values of high yield debt securities often fluctuate more in response to company, political, regulatory or economic developments than higher quality bonds, and their values can decline significantly over short periods of time or during periods of economic difficulty when the bonds could be difficult to value or sell at a fair price, thus subjecting the Trust to a substantial risk of loss.
NOTE 2-Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Trust accrues daily and pays monthly an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust's average daily managed assets. Managed assets for this purpose means the Trust's net assets, plus assets attributable to any outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trust's financial statements for purposes of GAAP).
Under the terms of a master
sub-advisory
agreement between the Adviser and each of Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Management S.A. and Invesco Senior Secured Management, Inc. (collectively, the "Affiliated
Sub-Advisers")
the Adviser, not the Trust, will pay 40% of the fees paid to the Adviser to any such Affiliated
Sub-Adviser(s)
that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated
Sub-Adviser(s).
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2026, expenses incurred under this agreement are shown in the Statement of Operations as
Administrative services fees
. Invesco has entered into a
sub-administration
agreement whereby State Street Bank and Trust Company ("SSB") serves as fund accountant and provides certain administrative services to the Trust. Pursuant to a custody agreement with the Trust, SSB also serves as the Trust's custodian.
Certain officers and trustees of the Trust are officers and directors of Invesco.
NOTE 3-Additional Valuation Information
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. 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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service. | |
| 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 Adviser's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
The following is a summary of the tiered valuation input levels, as of August 31, 2026. 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.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Investments in Securities
|
||||||||||||||||
|
Municipal Obligations
|
$- | $ | 797,203,003 | $ | - | $ | 797,203,003 | |||||||||
|
MuniFund Preferred Shares
|
- | 7,400,000 | - | 7,400,000 | ||||||||||||
|
Common Stocks & Other Equity Interests
|
- | - | 24,000 | 24,000 | ||||||||||||
|
Total Investments
|
$- | $ | 804,603,003 | $ | 24,000 | $ | 804,627,003 | |||||||||
|
21
|
Invesco California Value Municipal Income Trust
|
NOTE 4-Security Transactions with Affiliated Funds
The Trust is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Trust from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule
17a-7
of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule
17a-7.
Pursuant to these procedures, for the six months ended August 31, 2026, the Trust engaged in securities purchases of $11,107,676 and securities sales of $15,460,706, which resulted in net realized gains (losses) of $(534,392).
NOTE 5-Trustees' and Officers' Fees and Benefits
Trustees' and Officers' Fees and Benefits
include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and
Trustees' and Officers' Fees and Benefits
also include amounts accrued by the Trust to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. The Trust may have certain former Trustees who participated in a retirement plan and receive benefits under such plan.
Trustees' and Officers' Fees and Benefits
include amounts accrued by the Trust to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Trust.
NOTE 6-Cash Balances and Borrowings
The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with SSB, the custodian bank. Such balances, if any at
period-end,
are shown in the Statement of Assets and Liabilities under the payable caption
Amount due custodian
. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2026 were $131,438,571 and 2.87%, respectively.
NOTE 7-Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trust's capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust's fiscal
year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 28, 2026, as follows:
|
Capital Loss Carryforward*
|
||||||||||||||||||||
|
Expiration
|
Short-Term
|
Long-Term
|
Total
|
|||||||||||||||||
|
Not subject to expiration
|
$ | 25,550,138 | $ | 30,329,046 | $ | 55,879,184 | ||||||||||||||
| * |
Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
|
NOTE 8-Investment Transactions
The aggregate amount of investment securities (other than short-term securities, U.S. Government obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2026 was $83,660,565 and $80,887,952, respectively. As of August 31, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting
period-end:
|
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis
|
||||
|
Aggregate unrealized appreciation of investments
|
$ | 18,298,834 | ||
|
Aggregate unrealized (depreciation) of investments
|
(30,104,431 | ) | ||
|
Net unrealized appreciation (depreciation) of investments
|
$ | (11,805,597 | ) | |
Cost of investments for tax purposes is $816,432,600.
NOTE 9-Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
|
Six Months Ended
August 31, |
Year Ended
February 28, |
|||||||
|
2026
|
2026
|
|||||||
|
Beginning shares
|
48,508,974 | 47,890,525 | ||||||
|
Shares sold through shelf offering
|
1,837,577 | 428,386 | ||||||
|
Shares issued through dividend reinvestment
|
51,591 | 190,063 | ||||||
|
Ending shares
|
50,398,142 | 48,508,974 | ||||||
In September 2026, the Board of Trustees of the Trust approved the renewal of the Trust's share repurchase program that allows the Trust to repurchase up to 25% of the
20-day
average trading volume of the Trust's common shares when the Trust is trading at a 10% or greater discount to its net asset value. The Trust will
|
22
|
Invesco California Value Municipal Income Trust
|
repurchase shares pursuant to this program if the Adviser reasonably believes that such repurchases may enhance shareholder value. Shares repurchased by the Trust under this program, if any, are shown in the table above under the caption
Shares redeemed
.
The Trust has filed a registration statement (the "Registration Statement") with the U.S. Securities and Exchange Commission authorizing the Trust to issue up to 20,000,000 additional common shares through a "shelf" registration process pursuant to Rule 415 under the 1933 Act.
During the six months ended August 31, 2026, the Trust sold 1,837,577 common shares at a value of $19,361,551 (net of offering costs) through its shelf offering. During the year ended February 28, 2026, the Trust sold 428,386 common shares at a value of $4,747,087 (net of offering costs) through its shelf offering. Costs incurred by the Trust in connection with the shelf offering are recorded as deferred offering costs and are amortized pro rata as common shares are sold. Any deferred offering costs remaining after the effectiveness of the initial shelf registration will be expensed.
The Trust has entered into a distribution agreement with Invesco Distributors, Inc. ("IDI"), an affiliate of the Trust and Invesco, to provide for distribution of the Trust's common shares. IDI has entered into a
sub-placement
agent agreement with JonesTrading Institutional Services LLC pursuant to which JonesTrading Institutional Services LLC will be acting as IDI's exclusive
sub-placement
agent (the
"Sub-Placement
Agent") with respect to the Trust's common shares offered pursuant to the Registration Statement.
Under the 1940 Act, the Trust may not sell any common shares at a price below the current net asset value per share of such common shares plus the per share amount of any distributing commission or discount. The Trust or IDI will suspend the sale of common shares if the per share price of the common shares is less than such minimum price. The Trust currently intends to distribute the common shares offered pursuant to the Registration Statement primarily in negotiated transactions or through transactions deemed "at the market," as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange or sales made to or through a market maker other than on an exchange at prices related to the prevailing market prices or at negotiated prices.
The Trust will compensate IDI with respect to sales of common shares at a commission rate of up to 1.00% of the gross proceeds of the sale of the Trust's common shares. Out of this amount, IDI will compensate the
Sub-Placement
Agent at a rate of up to the full 1.00% of the gross sales proceeds of the sale of the Trust's common shares sold by the
Sub-Placement
Agent. For the six months ended August 31, 2026, IDI retained $195,904 in commissions on the sale of common shares.
NOTE 10-Variable Rate Muni Term Preferred Shares
The Trust issued Series
2015/6-VCV
VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. As of August 31, 2026 the VMTP Shares outstanding were as follows:
|
Issue Date
|
Shares Issued
|
Term Redemption Date
|
Extension Date
|
|||||
|
05/15/2012
|
1,570 | 12/02/2027 | 06/01/2024 | |||||
|
06/01/2017
|
200 | 12/02/2027 | 06/01/2024 | |||||
VMTP Shares are a variable-rate form of preferred shares with a mandatory redemption date, unless earlier redeemed, repurchased or extended, and are considered debt for financial reporting purposes. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Trust will be required to earmark assets having a value equal to 110% of the redemption amount.
The Trust incurs costs in connection with the issuance and/or the extension of the VMTP Shares. These costs are recorded as a deferred charge and are amortized over the term life of the VMTP Shares. Amortization of these costs is included in
Interest, facilities and maintenance fees
on the Statement of Operations, and the unamortized balance is included in the value of
Variable rate muni term preferred shares
on the Statement of Assets and Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the "SIFMA" Index). As of August 31, 2026, the dividend rate is equal to the SIFMA Index plus a spread of 1.23%, which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2026 were $177,000,000 and 3.62%, respectively.
The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shares. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value of the VMTP Shares remains unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trust's yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger an increased rate which, if not cured, could cause the mandatory redemption of VMTP Shares at the liquidation preference plus any accumulated but unpaid dividends.
The liquidation preference of VMTP Shares, which approximates fair value, is recorded as a liability under the caption
Variable rate muni term preferred shares
on the Statement of Assets and Liabilities. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the credit rating on the VMTP Shares, and therefore the "spread" on the VMTP Shares (determined in accordance with the VMTP Shares' governing document) remains unchanged. At
period-end,
the Trust's Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference. Fair value could vary if market conditions change materially. Unpaid dividends on VMTP Shares are recognized as
Accrued interest expense
on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of
Interest, facilities and maintenance fees
on the Statement of Operations.
NOTE 11-Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2026:
|
Declaration Date
|
Amount per Share
|
Record Date
|
Payable Date
|
|||||||
|
September 1, 2026
|
$0.0646 | September 14, 2026 | September 30, 2026 | |||||||
|
October 1, 2026
|
$0.0646 | October 14, 2026 | October 30, 2026 | |||||||
|
23
|
Invesco California Value Municipal Income Trust
|
Approval of Investment Advisory and Sub-Advisory Contracts
At meetings held on June 10, 2026, the Board of Trustees (the Board or the Trustees) of Invesco California Value Municipal Income Trust (the Fund) as a whole, and the independent Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Fund's Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup
Sub-Advisory
Contract for Mutual Funds with Invesco Management S.A., Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited and Invesco Senior Secured Management, Inc. (collectively, the Affiliated
Sub-Advisers
and the
sub-advisory
contracts) for another year, effective July 1, 2026. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund's investment advisory agreement and the
sub-advisory
contracts and determined that the compensation payable thereunder by the Fund to Invesco Advisers and by Invesco Advisers to the Affiliated
Sub-Advisers
is fair and reasonable.
The Board's Evaluation Process
The Board considered the broad range of information relevant to the annual review process for the Invesco Funds' investment advisory agreement and
sub-advisory
contracts (the annual review process) that is provided to the Board throughout the year. Additionally, the Board has established an Investments Committee, which in turn has established
Sub-Committees.
The
Sub-Committees
meet regularly throughout the year with portfolio managers and other members of management to review information about the investment performance and portfolio attributes for those funds advised by Invesco Advisers (Invesco Funds) assigned to them. The Board has established additional standing and ad hoc committees that meet throughout the year to review matters within their purview, including a working group focused on opportunities to make ongoing and continuous improvements to the annual review process. In considering whether to approve each Invesco Fund's investment advisory agreement and
sub-advisory
contracts, the Board took into account evaluations and reports that it received from its committees and
sub-committees,
as well as the information provided to the Board and its committees and
sub-committees
throughout the year.
As part of the annual review process, the Board reviews and considers information provided in response to requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees (independent legal counsel) and the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Board receives comparative investment performance and fee and expense data regarding the Invesco Funds prepared by Broadridge Financial Solutions, Inc. (Broadridge), an independent provider of investment company data, as well as information on the composition of the peer groups and its methodology for determining peer groups. The Board also receives an independent written evaluation from the Senior Officer. The Senior Officer's evaluation is prepared as
part of his responsibility to manage the process by which the Invesco Funds' proposed management fees are negotiated during the annual review process to ensure they are negotiated in a manner that is at arms' length and reasonable in accordance with certain negotiated regulatory requirements. In addition to meetings with Invesco Advisers and fund counsel throughout the year and as part of meetings convened on April
28-29,
2026 and June
9-11,
2026, the independent Trustees also discussed the continuance of the investment advisory agreement and
sub-advisory
contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below includes summary information drawn in part from the Senior Officer's independent written evaluation with respect to the Fund's investment advisory agreement and
sub-advisory
contracts, as well as a discussion of the material factors and related conclusions that formed the basis for the Board's approval of the Fund's investment advisory agreement and
sub-advisory
contracts. The Trustees' review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
|
A.
|
Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated
Sub-Advisers
|
The Board reviewed the nature, extent and quality of the advisory services provided to the Fund by Invesco Advisers under the Fund's investment advisory agreement and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including the Fund's portfolio manager(s). The Board's review included consideration of Invesco Advisers' investment process and oversight, credit analysis and research capabilities. The Board considered information regarding Invesco Advisers' programs for and resources devoted to risk management, including management of investment, enterprise, operational, liquidity, derivatives, valuation and compliance risks, and technology and other resources used to manage such risks. The Board received information regarding Invesco's methodology for compensating its investment professionals and the incentives and accountability it creates, as well as how it impacts Invesco's ability to attract and retain talent. The Board considered that Invesco Advisers has shown the willingness to commit resources to support investment in the business and to remain well-positioned to serve Fund shareholders including with regard to attracting and retaining qualified personnel on its investment teams and investing in technology including emerging technologies such as those driven by artificial intelligence. The Board considered the additional services provided to the Fund due to the fact that the Fund is a
closed-end
fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund's trading discount, share repurchase
program, and distribution rates, as well as shareholder relations activities including with respect to investors focused on short-term profits. The Board also considered that in September 2025, Invesco had recommended, and the Board had approved, the filing of a "universal" shelf registration statement for the Fund to register an offering of additional common shares of beneficial interest and subscription rights to purchase common shares, and had considered the benefits to the Fund and its shareholders of conducting a secondary offering pursuant to such registration statement. The Board considered information provided by Invesco regarding the results of an
"at-the-market"
offering of the Fund's common shares, including the benefits that inured to the Fund and its shareholders from such offering. The Board received a description of, and reports related to, Invesco Advisers' global security program and business continuity plans and of its approach to data privacy and cybersecurity, including related testing. The Board also considered
non-advisory
services that Invesco Advisers and its affiliates provide to the Invesco Funds, such as various middle office and back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board considered Invesco Advisers' systems preparedness and ongoing investment to seek to manage, operate and oversee the Invesco Funds with minimal impact or disruption through challenging environments. The Board reviewed and considered the benefits to shareholders of investing in a Fund that is part of the family of funds under the umbrella of Invesco Ltd., Invesco Advisers' parent company, and noted Invesco Ltd.'s depth and experience in running an investment management business, as well as its commitment of financial and other resources to such business. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers supported the renewal of the investment advisory agreement.
The Board reviewed the services that may be provided to the Fund by the Affiliated
Sub-Advisers
under the
sub-advisory
contracts and the credentials and experience of the officers and employees of the Affiliated
Sub-Advisers
who provide these services. The Board noted the Affiliated
Sub-Advisers'
expertise with respect to certain asset classes and that the Affiliated
Sub-Advisers
have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the Affiliated
Sub-Advisers
can provide research and investment analysis on the markets and economies of various countries and territories in which the Fund may invest, make recommendations regarding securities and assist with portfolio trading. The Board concluded that the
sub-advisory
contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated
Sub-Advisers
in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided to the Fund by the Affiliated
Sub-Advisers
supported the renewal of the
sub-advisory
contracts.
|
B.
|
Fund Investment Performance
|
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The
|
24
|
Invesco California Value Municipal Income Trust
|
Board did not view Fund investment performance as a relevant factor in considering whether to approve the
sub-advisory
contracts for the Fund, as no Affiliated
Sub-Adviser
currently manages assets of the Fund.
The Board compared the Fund's investment performance over multiple time periods ending December 31, 2025 to the performance of funds in the Broadridge performance universe and against the S&P Municipal Bond California 5+ Year Investment Grade Index (Index). The Board noted that the Fund's performance was in the fifth quintile for the one year period and the first quintile for the three and five year periods (the first quintile being the best performing funds on a relative basis and the fifth quintile being the worst performing funds on a relative basis). The Board noted that the Fund's performance was below the performance of the Index for the one and five year periods and reasonably comparable to the performance of the Index for the three year period. The Board considered that the Fund's overweight exposure to certain bonds and
non-rated
credits detracted from the Fund's performance for 2025. The Board recognized that the performance data reflects a snapshot in time as of a particular date and that selecting a different performance period could produce different results. The Board also reviewed more recent Fund performance as well as other performance metrics, which did not change its conclusions. The Board also reviewed supplementally historic premium and discount levels of the Fund as provided to the Board at meetings throughout the year.
|
C.
|
Advisory and
Sub-Advisory
Fees and Fund Expenses
|
The Board received information regarding Invesco Advisers' approach with respect to contractual management fee schedules and compared the Fund's contractual management fee rate to the contractual management fee rates of funds in the Fund's Broadridge expense group. The Board noted that the contractual management and actual management fee rates for shares of the Fund were each reasonably comparable to the median contractual management and actual management fee rates of funds in its expense group. The Board noted that there were only five funds (including the Fund) in the expense group, therefore, Broadridge did not provide quintile rankings. The Board noted that the term "contractual management fee" and "actual management fee" for funds in the expense group may include both advisory and certain
non-portfolio
management administrative services fees, but that Broadridge is not able to provide information on a
fund-by-fund
basis as to what is included. The Board also reviewed the methodology used by Broadridge in calculating expense group information, which includes using each fund's contractual management fee schedule (including any applicable breakpoints) as reported in the most recent audited annual reports for each fund in the expense group. The Board also considered comparative information regarding the Fund's total expense ratio and its various components. The independent Trustees reviewed and considered information regarding the Fund's limited peer group.
The Board noted that Invesco Advisers and the Affiliated
Sub-Advisers
do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts, as well as the fees payable by Invesco Advisers to the Affiliated
Sub-Advisers
pursuant to the
sub-advisory
contracts.
|
D.
|
Economies of Scale and Breakpoints
|
The Board noted that most
closed-end
funds do not have fund level breakpoints because
closed-end
funds generally do not experience substantial asset growth after the initial public offering. The Board acknowledged the limitations in calculating and measuring economies of scale at the individual fund level, noting that only indicative and estimated measures are available at the individual fund level and that such measures are subject to uncertainty. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through Invesco Advisers' ability to negotiate lower fee arrangements with third party service providers. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, as well as Invesco Advisers' management of significant assets and investment in its business, including investments in business infrastructure, technology and cybersecurity.
|
E.
|
Profitability and Financial Resources
|
The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the Invesco Funds and the profitability of Invesco Advisers and its affiliates in providing these services in the aggregate and on an individual
fund-by-fund
basis. The Board considered the methodology used for calculating profitability and the periodic review and enhancement of such methodology. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds in the aggregate and to most Invesco Funds individually. The Board considered that profits to Invesco Advisers can vary significantly depending on the particular Invesco Fund, with some Invesco Funds showing indicative losses to Invesco Advisers and others showing indicative profits at healthy levels, and that Invesco Advisers' support for and commitment to an Invesco Fund are not, however, solely dependent on the profits attributed to such Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing such services to be excessive, given the nature, extent and quality of the services provided. The Board noted that Invesco Advisers provided information demonstrating that Invesco Advisers is financially sound and has the resources necessary to perform its obligations under the investment advisory agreement, and provided representations indicating that the Affiliated
Sub-Advisers
are financially sound and have the resources necessary to perform their obligations under the
sub-advisory
contracts. The Board noted the cyclical and competitive nature of the global asset management industry.
|
F.
|
Collateral Benefits to Invesco Advisers and its Affiliates
|
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund. The Board considered the organizational structure employed to provide these services.
The Board considered that the Fund's uninvested cash may be invested in registered money market funds advised by Invesco Advisers. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the fees paid by the affiliated money market funds to Invesco Advisers and its affiliates. In this regard, the Board noted that
Invesco Advisers receives advisory fees from these affiliated money market funds attributable to the Fund's investments. The Board also noted that Invesco Advisers has contractually agreed to waive through varying periods an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund's investment in the affiliated money market funds of uninvested cash.
|
25
|
Invesco California Value Municipal Income Trust
|
Proxy Results
A Joint Annual Meeting ("Meeting") of Shareholders of Invesco California Value Municipal Income Trust (the "Fund") was held on August 4, 2026. The Meeting was held for the following purpose:
(1). Election of Trustees by Common Shareholders and Preferred Shareholders voting together as a single class.
(2). Election of Trustees by Preferred Shareholders voting as a separate class.
The results of the voting on the above matters were as follows:
|
Matters
|
Votes For
|
Votes
Withheld
|
||||||||
| (1). | Beth Ann Brown | 37,416,176.49 | 1,173,686.73 | |||||||
| Jeffrey H. Kupor | 37,519,767.49 | 1,070,095.73 | ||||||||
| (2). | Anthony J. LaCava, Jr. | 1,770.00 | 0.00 | |||||||
|
26
|
Invesco California Value Municipal Income Trust
|
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Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078
Trust holdings and proxy voting information
The Trust provides a complete list of its portfolio holdings four times each fiscal year, at the end of each fiscal quarter. For the second and fourth quarters, the list appears, respectively, in the Trust's semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the list with the Securities and Exchange Commission (SEC) as an exhibit to its reports on Form
N-PORT.
The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trust's Form
N-PORT
filings on the SEC website at sec.gov. The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at
invesco.com/corporate/about-us/esg.
The information is also available on the SEC website, sec.gov.
Information regarding how the Trust voted proxies related to its portfolio securities during the most recent
12-month
period ended June 30 is available at invesco.com/proxysearch. The information is also available on the SEC website, sec.gov.
|
SEC file number(s): 811-07404
|
VK-CE-CAVMI-SAR-1
|
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable for a semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for a semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for a semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable for a semi-annual report.
Item 6. Investments.
(a) Investments in securities of unaffiliated issuers is filed under Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.
Not applicable.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
None.
Item 16. Controls and Procedures.
| (a) |
As of a date within 90 days of the filing date of this report, 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 Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.
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 California Value Municipal Income Trust
| By: |
/s/ Glenn Brightman |
|
| Name: |
Glenn Brightman |
|
| Title: |
Principal Executive Officer |
|
| Date: November 6, 2026 | ||
Pursuant to the requirements of the Securities 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/ Glenn Brightman |
|
| Name: | Glenn Brightman | |
| Title: | Principal Executive Officer | |
| Date: November 6, 2026 | ||
| By: |
/s/ Adrien Deberghes |
|
| Name: | Adrien Deberghes | |
| Title: | Principal Financial Officer | |
| Date: November 6, 2026 | ||
Invesco California Value Municipal Income Trust published this content on November 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 06, 2026 at 14:14 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]