0000895531falseN-CSRS 0000895531 2024-03-01 2024-08-31 0000895531 cik0000895531:NotesMember 2024-03-01 2024-08-31 0000895531 cik0000895531:OtherRisksMember 2024-03-01 2024-08-31
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, 2024   
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 is as follows:
LOGO
 
 
Semi-Annual Report to Shareholders
   
August 31, 2024
Invesco California Value Municipal Income Trust
NYSE:
VCV
 
 
 
2
   
2
   
3
   
4
   
15
   
19
   
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25
   
27
   
      
 
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, 2/29/24 to 8/31/24
 
 
Trust at NAV
      2.79 % 
Trust at Market Value
      14.62  
S&P Municipal Bond Index
▼
(Broad Market Index)
      1.94  
S&P Municipal Bond California 5+ Year Investment Grade Index
▼

(Style-Specific Index)
      1.41  
Market Price Discount to NAV as of 8/31/24
      -4.67  
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 2024, the Board of Trustees of the Trust approved a 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.
 
2
  
Invesco California Value Municipal Income Trust
 
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
∎
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.
∎
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.
∎
Safekeeping:
The Agent will hold the shares it has acquired for you in safekeeping.
 
 
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.
 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.
 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.
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.
 
3
  
Invesco California Value Municipal Income Trust
Schedule of Investments
August 31, 2024
(Unaudited)
 
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
Municipal Obligations–159.27%
(a)
          
California–155.09%
           
Adelanto School District (Community Facilities District No. 4); Series 2023, RB
      5.75%       09/01/2053      $ 490      $     533,299  
 
  
Alameda (City of), CA Community Facilities District (Green Bonds);
           
Series 2023, RB
      5.00%       09/01/2048        750        771,140  
 
  
Series 2023, RB
      5.00%       09/01/2053            1,175        1,214,643  
 
  
Alameda (City of), CA Corridor Transportation Authority; Series 2022 C, RB (INS - AGM)
(b)(c)
     5.45%       10/01/2052        2,000        1,143,412  
 
  
Alhambra Unified School District (Election of 2004);
           
Series 2009 B, GO Bonds (INS - AGC)
(c)(d)
     0.00%       08/01/2035        1,120        790,055  
 
  
Series 2009 B, GO Bonds (INS - AGC)
(c)(d)
     0.00%       08/01/2036        1,805        1,215,624  
 
  
Beaumont Unified School District Community Facilities District
No. 2020-1
(Improvement area No. 2); Series 2023, RB
      5.00%       09/01/2048        660        688,026  
 
  
Beverly Hills Unified School District (Election of 2008);
           
Series 2009, GO Bonds
(d)
     0.00%       08/01/2026        1,245        1,183,005  
 
  
Series 2009, GO Bonds
(d)
     0.00%       08/01/2028        3,000        2,699,466  
 
  
Series 2009, GO Bonds
(d)
     0.00%       08/01/2031        2,010        1,646,193  
 
  
Series 2009, GO Bonds
(d)
     0.00%       08/01/2032        430        340,012  
 
  
Burbank-Glendale-Pasadena Airport Authority;
           
Series 2024 B, RB
(e)
     5.25%       07/01/2049        2,000        2,162,076  
 
  
Series 2024 B, RB
(e)
     5.25%       07/01/2054        2,450        2,628,093  
 
  
California (State of) Community Choice Financing Authority (Clean Energy); Series 2023, RB
(f)
     5.25%       04/01/2030        3,000        3,235,993  
 
  
California (State of) Community Choice Financing Authority (Green Bonds);
           
Series 2023, RB
(f)
     5.00%       08/01/2029        1,400        1,488,310  
 
  
Series 2023, RB
(f)
     5.00%       03/01/2031        1,600        1,719,424  
 
  
Series 2024, RB
(f)
     5.00%       12/01/2032        5,000        5,396,293  
 
  
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        1,369,726  
 
  
California (State of) Community Housing Agency (Verdant at Green Valley); Series 2019 A, RB
(g)
     5.00%       08/01/2049        2,640        2,539,688  
 
  
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        2,351,028  
 
  
California (State of) County Tobacco Securitization Agency (Los Angeles County Securitization Corp.);
           
Series 2020 A, Ref. RB
      4.00%       06/01/2040        600        601,750  
 
  
Series 2020 A, Ref. RB
      4.00%       06/01/2049        1,000        934,277  
 
  
Series 2020 A, Ref. RB
      4.00%       06/01/2049        290        270,940  
 
  
Series 2020
B-2,
Ref. RB
(d)
     0.00%       06/01/2055        10,000        1,972,926  
 
  
California (State of) County Tobacco Securitization Agency (Merced County Tobacco Funding Corp.); Series 2020, Ref. RB
      5.00%       06/01/2050        1,110        1,121,178  
 
  
California (State of) County Tobacco Securitization Agency (Sonoma County Securitization Corp.);
           
Series 2020, Ref. RB
      4.00%       06/01/2049        370        345,683  
 
  
Series 2020, Ref. RB
      5.00%       06/01/2049        635        651,378  
 
  
Series 2020, Ref. RB
(d)
     0.00%       06/01/2055        2,950        658,022  
 
  
California (State of) County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB
(d)
     0.00%       06/01/2046        10,000        2,794,526  
 
  
California (State of) Educational Facilities Authority (Art Center College of Design); Series 2018 A, Ref. RB
      5.00%       12/01/2044        2,500        2,570,367  
 
  
California (State of) Educational Facilities Authority (Chapman University); Series 2015, RB
      5.00%       04/01/2045        2,180        2,189,029  
 
  
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB
      5.00%       04/01/2042        3,285        3,368,496  
 
  
California (State of) Educational Facilities Authority (Saint Mary’s College of California); Series 2023, Ref. RB
      5.25%       10/01/2044        2,000        2,140,514  
 
  
California (State of) Educational Facilities Authority (University of Redlands); Series 2022 A, RB
      5.00%       10/01/2052        1,400        1,437,955  
 
  
California (State of) Enterprise Development Authority (Heights Christian Schools); Series 2023 A, RB
(g)
     6.25%       06/01/2053        915        929,962  
 
  
California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness Village); Series 2024, RB
      5.50%       11/01/2059        5,000        5,732,014  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
4
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System);
           
Series 2021 A, Ref. RB
(h)
     4.00%       08/15/2048      $    22,610      $  22,617,314  
 
  
Series 2021 A, Ref. RB
      5.00%       08/15/2051        7,950        8,561,756  
 
  
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); Series 2017 A, Ref. RB
      5.00%       08/15/2047        2,285        2,337,210  
 
  
California (State of) Health Facilities Financing Authority (Commonspirit Health); Series 2020 A, Ref. RB
      4.00%       04/01/2049        8,690        8,335,407  
 
  
California (State of) Health Facilities Financing Authority (Episcopal Communities & Services); Series 2024, RB
      5.25%       11/15/2053        1,250        1,327,295  
 
  
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Subseries 2017
A-2,
RB
      5.00%       11/01/2047        7,000        8,495,729  
 
  
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        1,079,923  
 
  
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        1,036,508  
 
  
California (State of) Health Facilities Financing Authority (Providence Health & Services); Series 2014 B, RB
      5.00%       10/01/2044        2,000        2,000,266  
 
  
California (State of) Health Facilities Financing Authority (Sutter Health);
           
Series 2016 B, Ref. RB
      5.00%       11/15/2046        2,915        2,991,338  
 
  
Series 2018 A, RB
      4.00%       11/15/2042        4,000        3,977,546  
 
  
California (State of) Housing Finance Agency; Series 2019
A-2,
RB
      4.00%       03/20/2033        3,387        3,487,248  
 
  
California (State of) Infrastructure & Economic Development Bank (Sustainability Bonds) (California Science Center Phase III); Series 2021 B, RB
      4.00%       05/01/2051        2,865        2,772,032  
 
  
California (State of) Municipal Finance Authority (Aldersly); Series 2023 A, RB (INS -
Cal-Mortgage)
(c)
     5.00%       05/15/2053        8,145        8,811,716  
 
  
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB
      5.00%       06/01/2046        2,750        2,766,197  
 
  
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy);
           
Series 2018 A, RB
(g)
     5.00%       06/01/2038        560        568,740  
 
  
Series 2018 A, RB
(g)
     5.00%       06/01/2048        2,270        2,279,049  
 
  
California (State of) Municipal Finance Authority (Bold Program);
           
Series 2020 A, RB
      4.00%       09/01/2040        1,450        1,429,020  
 
  
Series 2020 B, RB
      4.00%       09/01/2043        315        295,916  
 
  
Series 2020 B, RB
      4.00%       09/01/2050        455        412,349  
 
  
Series 2021 C, RB
      4.00%       09/01/2046        1,300        1,227,137  
 
  
Series 2021 C, RB
      4.00%       09/01/2051        1,800        1,651,411  
 
  
Series 2022 B, Ref. RB
      6.00%       09/01/2052        840        907,937  
 
  
Series 2022 B, Ref. RB
      6.30%       09/01/2052        335        364,949  
 
  
Series 2022 C, RB
      6.25%       09/01/2052        1,000        1,083,473  
 
  
Series 2023 B, RB
      5.75%       09/01/2053        500        544,183  
 
  
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB
(g)
     5.00%       11/01/2046        1,200        1,202,109  
 
  
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.);
           
Series 2014 A, RB
      5.25%       08/15/2039        800        800,518  
 
  
Series 2014 A, RB
      5.25%       08/15/2049        3,700        3,701,508  
 
  
Series 2014 B, RB
      5.88%       08/15/2049        295        295,092  
 
  
California (State of) Municipal Finance Authority (Caritas);
           
Series 2017 A, Ref. RB
      4.00%       08/15/2042        2,055        2,049,254  
 
  
Series 2021 B, Ref. RB
      4.00%       08/15/2056        995        885,939  
 
  
Series 2023, RB
      5.25%       08/15/2058        500        528,171  
 
  
Series 2024, Ref. RB
      5.00%       08/15/2054        800        860,712  
 
  
Series 2024, Ref. RB
      5.00%       08/15/2059        1,000        1,067,463  
 
  
California (State of) Municipal Finance Authority
(CHF-Davis
I, LLC - West Village Student Housing); Series 2018, RB
      5.00%       05/15/2043        2,350        2,433,739  
 
  
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        2,948,639  
 
  
California (State of) Municipal Finance Authority (Community Medical Centers); Series 2017 A, Ref. RB
      5.00%       02/01/2047        3,995        4,029,832  
 
  
California (State of) Municipal Finance Authority (Eisenhower Medical Centers); Series 2017 A, Ref. RB
      5.00%       07/01/2047        1,500        1,511,373  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
5
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
California (State of) Municipal Finance Authority (Greenfield Commons I) (Sustainable Bonds); Series 2023 A, RB (CEP - FNMA)
      5.28%       09/01/2046      $     1,050      $   1,147,314  
 
  
California (State of) Municipal Finance Authority (Humangood - California Obligated Group);
           
Series 2019 A, Ref. RB
      5.00%       10/01/2044        3,305        3,351,961  
 
  
Series 2021, RB
      4.00%       10/01/2046        420        396,396  
 
  
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB
(e)
     5.00%       12/31/2043        3,995        4,070,282  
 
  
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB
      5.00%       11/15/2049        1,200        1,198,204  
 
  
California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB
(g)
     5.00%       07/01/2049        1,200        1,202,815  
 
  
California (State of) Municipal Finance Authority (Palomar Health); Series 2022 A, Ref. COP (INS - AGM)
(c)
     5.25%       11/01/2052        2,100        2,247,321  
 
  
California (State of) Municipal Finance Authority (Samuel Merritt University); Series 2022, RB
      5.25%       06/01/2053        4,000        4,367,444  
 
  
California (State of) Municipal Finance Authority (Santa Rosa Academy); Series 2022, Ref. RB
      5.00%       07/01/2062        3,810        3,836,728  
 
  
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing);
           
Series 2019, RB (INS - BAM)
(c)
     5.00%       05/15/2025        500        505,699  
 
  
Series 2019, RB (INS - BAM)
(c)
     5.00%       05/15/2052        2,375        2,458,979  
 
  
California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB
      5.00%       06/01/2043        1,150        1,182,044  
 
  
California (State of) Municipal Finance Authority (William Jessup University);
           
Series 2019, Ref. RB
(g)
     5.00%       08/01/2039        500        452,983  
 
  
Series 2019, Ref. RB
(g)
     5.00%       08/01/2048        2,700        2,319,618  
 
  
California (State of) Pollution Control Financing Authority (Plant Bonds);
           
Series 2012, RB
(e)(g)
     5.00%       07/01/2027        1,380        1,388,252  
 
  
Series 2012, RB
(e)(g)
     5.00%       07/01/2037        6,000        6,017,173  
 
  
Series 2012, RB
(e)(g)
     5.00%       11/21/2045        2,000        2,003,502  
 
  
California (State of) Public Finance Authority (California Crosspoint Academy); Series 2020 A, RB
(g)
     5.13%       07/01/2055        2,000        1,762,914  
 
  
California (State of) Public Finance Authority (Enso Village) (Green Bonds);
           
Series 2021, RB
(g)
     5.00%       11/15/2046        960        914,176  
 
  
Series 2021, RB
(g)
     5.00%       11/15/2056        1,735        1,585,168  
 
  
California (State of) Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB
      5.00%       10/15/2047        2,750        2,764,206  
 
  
California (State of) Public Finance Authority (Kendal at Ventura); Series 2023
A-C,
RB
(g)
     10.00%       05/15/2028        1,100        1,282,177  
 
  
California (State of) Public Works Board (May Lee State Office Complex); Series 2024, RB
      5.00%       04/01/2049        2,000        2,222,902  
 
  
California (State of) Public Works Board (Various Capital); Series 2021 B, RB
(h)
     4.00%       05/01/2046        10,000        10,063,407  
 
  
California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
           
Series 2013 A, RB
      6.30%       07/01/2043        2,000        2,002,096  
 
  
Series 2015, RB
(g)
     5.00%       07/01/2030        1,130        1,142,350  
 
  
Series 2015, RB
(g)
     5.00%       07/01/2045        2,635        2,646,476  
 
  
California (State of) School Finance Authority (Aspen Public Sschools Obligated Group);
           
Series 2022 A, RB
(g)
     6.13%       07/01/2052        1,455        1,504,603  
 
  
Series 2022 A, RB
(g)
     6.25%       07/01/2062        1,810        1,869,677  
 
  
California (State of) School Finance Authority (Aspire Public School);
           
Series 2015 A, Ref. RB
(g)
     5.00%       08/01/2045        600        602,569  
 
  
Series 2016, Ref. RB
(f)(g)(i)
     5.00%       08/01/2025        130        132,772  
 
  
Series 2016, Ref. RB
(g)
     5.00%       08/01/2041        1,000        1,005,870  
 
  
Series 2016, Ref. RB
(g)
     5.00%       08/01/2046        1,370        1,375,261  
 
  
California (State of) School Finance Authority (Classical Academies Oceanside);
           
Series 2020 A, RB
(g)
     5.00%       10/01/2050        1,000        1,013,444  
 
  
Series 2022 A, Ref. RB
(g)
     5.00%       10/01/2061        2,100        2,131,555  
 
  
California (State of) School Finance Authority (Granada Hills Charter Obligated Group);
           
Series 2019, RB
(g)
     5.00%       07/01/2054        1,900        1,917,267  
 
  
Series 2024, RB
(g)
     5.00%       07/01/2054        600        625,559  
 
  
California (State of) School Finance Authority (Green Dot Public Schools);
           
Series 2015 A, RB
(g)
     5.00%       08/01/2045        1,000        1,004,370  
 
  
Series 2018 A, RB
(g)
     5.00%       08/01/2048        1,750        1,780,048  
 
  
California (State of) School Finance Authority (Harbor Springs Obligated Group); Series 2024, RB
(g)
     5.63%       07/01/2063        1,180        1,231,135  
 
  
California (State of) School Finance Authority (Hawking Steam Charter School); Series 2022, RB
(g)
     5.50%       07/01/2062        775        798,748  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
6
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
California (State of) School Finance Authority (KIPP LA);
           
Series 2014 A, RB
(g)
     5.00%       07/01/2034      $ 600      $ 600,503  
 
  
Series 2014 A, RB
(g)
     5.13%       07/01/2044        750        750,332  
 
  
Series 2015 A, RB
(g)
     5.00%       07/01/2045            1,150          1,154,730  
 
  
Series 2017 A, RB
(g)
     5.00%       07/01/2047        870        880,040  
 
  
California (State of) School Finance Authority (KIPP SoCal Public Schools); Series 2019 A, RB
(g)
     5.00%       07/01/2039        750        784,758  
 
  
California (State of) School Finance Authority (Orange County Educational Arts Academy); Series 2023, Ref. RB (CEP - Colorado Higher Education Intercept Program)
(g)
     5.63%       06/01/2043        560        575,695  
 
  
California (State of) School Finance Authority (Scholarship Prep Public Schools – Obligated Group); Series 2023 A, RB
(g)
     6.00%       06/01/2063        1,500        1,534,010  
 
  
California (State of) Statewide Communities Development Authority;
           
Series 2017, RB
      5.00%       09/02/2037        650        674,580  
 
  
Series 2017, RB
      5.00%       09/02/2046        715        730,743  
 
  
Series 2020 B, RB
      4.00%       09/02/2050        185        165,872  
 
  
Series 2020, RB
      5.00%       09/02/2050        805        830,929  
 
  
California (State of) Statewide Communities Development Authority (Adventist Health System);
           
Series 2015 A, Ref. RB
      5.00%       03/01/2033        1,730        1,765,894  
 
  
Series 2015 A, Ref. RB
      5.00%       03/01/2045        5,585        5,644,333  
 
  
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools - 47th and Main); Series 2012 A, RB
      6.38%       07/01/2047        2,060        2,062,687  
 
  
California (State of) Statewide Communities Development Authority (Buck Institute for Research on Aging); Series 2021, Ref. RB
      4.00%       04/01/2046        2,000        1,907,918  
 
  
California (State of) Statewide Communities Development Authority (California Baptist University);
           
Series 2014 A, RB
(g)
     6.38%       11/01/2043        4,035        4,040,659  
 
  
Series 2017 A, Ref. RB
(g)
     5.00%       11/01/2041        1,000        1,008,362  
 
  
California (State of) Statewide Communities Development Authority (Community Facilities District
No. 2015-1);
Series 2020, RB
      4.00%       09/01/2050        625        567,293  
 
  
California (State of) Statewide Communities Development Authority (Community Facilities District
No. 2016-02);
Series 2020, RB
      4.00%       09/01/2050        1,035        961,656  
 
  
California (State of) Statewide Communities Development Authority (Community Facilities District
No. 2020-02);
Series 2022, RB
      5.13%       09/01/2042        500        533,514  
 
  
California (State of) Statewide Communities Development Authority (Delta Coves); Series 2022, RB
      5.50%       09/01/2052        2,000        2,083,428  
 
  
California (State of) Statewide Communities Development Authority (Enloe Medical Center); Series 2022 A, RB (INS - AGM)
(c)
     5.38%       08/15/2057        1,680        1,828,426  
 
  
California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB
      5.25%       11/15/2034        1,430        1,430,502  
 
  
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017 A, Ref. RB
      5.00%       04/01/2047        4,580        4,648,572  
 
  
California (State of) Statewide Communities Development Authority (Improvement Area No. 1); Series 2021, RB
      4.00%       09/01/2041        200        198,256  
 
  
California (State of) Statewide Communities Development Authority (John Muir Health);
           
Series 2016 A, Ref. RB
      5.00%       08/15/2051        1,250        1,271,028  
 
  
Series 2018 A, Ref. RB
      5.00%       12/01/2057        1,715        1,760,129  
 
  
Series 2024 A, Ref. RB
      5.25%       12/01/2054        2,500        2,799,896  
 
  
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing);
           
Series 2016, Ref. RB
(g)
     5.00%       06/01/2046        2,000        2,009,792  
 
  
Series 2019, RB
(g)
     5.00%       06/01/2039        375        384,031  
 
  
Series 2019, RB
(g)
     5.00%       06/01/2051        1,145        1,151,634  
 
  
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2016 A, RB
(g)
     5.25%       12/01/2056        3,500        3,540,207  
 
  
California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern California); Series 2018, RB
      5.00%       01/01/2043        1,000        1,047,747  
 
  
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street
LLC-California
College of the Arts);
           
Series 2019, RB
(g)
     5.25%       07/01/2039        910        936,080  
 
  
Series 2019, RB
(g)
     5.25%       07/01/2049        2,500        2,541,333  
 
  
California (State of) Statewide Communities Development Authority (Sheldon Farms); Series 2023, RB
      5.00%       09/01/2053        1,000        1,034,880  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
7
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
California (State of) Statewide Communities Development Authority (Statewide Community Infrastructure Program);
           
Series 2023, RB
      5.25%       09/02/2043      $ 375      $ 392,318  
 
  
Series 2023, RB
      5.25%       09/01/2051            1,000          1,058,523  
 
  
Series 2023, RB
      5.25%       09/02/2053        1,000        1,016,224  
 
  
Series 2023, RB
      5.50%       09/02/2053        625        653,241  
 
  
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        3,039,565  
 
  
California (State of) Statewide Financing Authority (Pooled Tobacco Securitization Program); Series 2006 A, RB
(d)
     0.00%       06/01/2046        17,000        4,459,493  
 
  
California State University;
           
Series 2017 A, Ref. RB
(h)(j)
     5.00%       11/01/2047        10,000        10,416,072  
 
  
Series 2024 A, RB
      5.50%       11/01/2049        5,000        5,856,714  
 
  
Chino (City of), CA Community Facilities District; Series 2020, RB
      4.00%       09/01/2040        75        75,181  
 
  
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)
(c)(d)
     0.00%       08/01/2029        625        546,919  
 
  
Compton (City of), CA; Series 2009, RB
      6.00%       08/01/2039        1,750        1,782,646  
 
  
Daly (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB
      6.50%       12/15/2047        1,695        1,695,215  
 
  
Dry Creek Joint Elementary School District (Election of 2008-Measure E);
           
Series 2009, GO Bonds
(d)
     0.00%       08/01/2039        4,420        2,560,462  
 
  
Series 2009, GO Bonds
(d)
     0.00%       08/01/2048        2,860        1,048,379  
 
  
Dublin (City of), CA Community Facilities District
No. 2015-1
(Improvement Area No. 5); Series 2023, RB
      5.38%       09/01/2051        1,250        1,311,361  
 
  
Eastern Municipal Water District (Community Facilities District
No. 2012-61);
           
Series 2020, RB
      4.00%       09/01/2027        95        96,505  
 
  
Series 2020, RB
      4.00%       09/01/2028        95        96,766  
 
  
Series 2020, RB
      4.00%       09/01/2050        350        315,232  
 
  
El Centro (City of), CA Financing Authority (Police Station); Series 2023 A, RB
      4.25%       10/01/2047        3,000        3,031,594  
 
  
El Segundo Unified School District (Election of 2008);
           
Series 2009 A, GO Bonds
(d)
     0.00%       08/01/2031        2,735        2,233,874  
 
  
Series 2009 A, GO Bonds
(d)
     0.00%       08/01/2033        615        467,666  
 
  
Elsinore Valley Municipal Water District; Series 2021 A, RB
(g)
     4.50%       09/01/2051        990        898,966  
 
  
Etiwanda School District (Election of 2016); Series 2020 A, GO Bonds
      4.00%       08/01/2049        3,000        2,994,612  
 
  
Folsom Ranch Financing Authority Community Facilities District no. 23 (Improvement Area No. 1); Series 2022, RB
      5.00%       09/01/2052        2,860        2,960,188  
 
  
Fontana (City of), CA (Community Facilities District No. 99); Series 2023, RB
      5.00%       09/01/2053        500        518,546  
 
  
Fontana (City of), CA Community Facilities District No. 22 (Sierra Hills South); Series 2014, Ref. RB
      5.00%       09/01/2034        1,000        1,007,162  
 
  
Foothill-Eastern Transportation Corridor Agency;
           
Series 1995 A, RB
(d)(i)
     0.00%       01/01/2027        2,950        2,779,738  
 
  
Series 2015, Ref. RB (INS - AGM)
(c)(d)
     0.00%       01/15/2035        6,245        4,412,583  
 
  
Series 2021 A, Ref. RB (INS - BAM)
(c)
     4.00%       01/15/2046        1,000        1,002,735  
 
  
Series 2021 C, Ref. RB
      4.00%       01/15/2043        3,227        3,186,785  
 
  
Fremont Community Facilities District No. 1 (Pacific Commons);
           
Series 2015, Ref. RB
      5.00%       09/01/2035        1,880        1,906,098  
 
  
Series 2015, Ref. RB
      5.00%       09/01/2045        2,095        2,110,125  
 
  
Fresno (City of), CA; Series 2023 A, Ref. RB (INS - BAM)
(c)(e)
     5.00%       07/01/2053        3,290        3,436,930  
 
  
Garden Grove (City of), CA Agency for Community Development; Series 2008, RN
      6.00%       10/01/2027        625        625,825  
 
  
Gilroy Unified School District (Election of 2008);
           
Series 2009 A, GO Bonds
(d)(i)
     0.00%       08/01/2029        85        74,617  
 
  
Series 2009 A, GO Bonds (INS - AGC)
(c)(d)
     0.00%       08/01/2029        665        579,110  
 
  
Glendale Community College District; Series 2020 B, GO Bonds
(d)
     0.00%       02/01/2045        1,285        534,865  
 
  
Golden State Tobacco Securitization Corp.; Series 2021
B-2,
Ref. RB
(d)
     0.00%       06/01/2066        14,000        1,634,881  
 
  
Golden Valley Unified School District Financing Authority;
           
Series 2021 A, RB
      4.00%       09/01/2046        250        227,758  
 
  
Series 2021 A, RB
      4.00%       09/01/2051        500        439,606  
 
  
Imperial (County of), CA Community college District (Election of 2022); Series 2023 A, GO Bonds (INS - AGM)
(c)
     4.13%       08/01/2055        4,330        4,333,694  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
8
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
Independent Cities Finance Authority;
           
Series 2021, RB (INS - AGM)
(c)(g)
     4.00%       06/01/2046      $     1,825      $   1,827,806  
 
  
Series 2021, RB (INS - AGM)
(c)(g)
     4.00%       06/01/2051        1,250        1,231,593  
 
  
Inland Empire Tobacco Securitization Corp.;
           
Series 2007
C-1,
RB
(d)
     0.00%       06/01/2036        15,000        6,977,410  
 
  
Series 2007
C-2,
RB
(d)
     0.00%       06/01/2047        35,000        7,732,417  
 
  
Irvine (City of), CA (Reassessment District
No. 12-1);
Series 2012, RB
      5.00%       09/02/2025        500        505,392  
 
  
Irvine (City of), CA (Reassessment District
No. 13-1);
           
Series 2013, RB
(f)(i)
     5.00%       09/02/2024        355        355,000  
 
  
Series 2013, RB
(f)(i)
     5.00%       09/02/2024        400        400,000  
 
  
Series 2013, RB
(f)(i)
     5.00%       09/02/2024        325        325,000  
 
  
Series 2013, RB
(f)(i)
     5.00%       09/02/2024        350        350,000  
 
  
Series 2013, RB
(f)(i)
     5.00%       09/02/2024        705        705,000  
 
  
Irvine (City of), CA Community Facilities District
No. 2013-3
(Great Park Improvement Area No. 1);
           
Series 2014, RB
(f)(i)
     5.00%       09/01/2024        1,055        1,055,000  
 
  
Series 2014, RB
(f)(i)
     5.00%       09/01/2024        1,055        1,055,000  
 
  
Irvine Unified School District (Community Facilities District
No. 01-1);
Series 2015, Ref. RB (INS - BAM)
(c)
     5.00%       09/01/2038        1,500        1,511,581  
 
  
Irvine Unified School District (Community Facilities District
No. 09-1);
Series 2019 A, RB (INS - BAM)
(c)
     4.00%       09/01/2054        995        969,015  
 
  
Lake Elsniore (City of), CA Community Facilities District
No. 2006-1;
Series 2021, RB
      4.00%       09/01/2046        400        371,711  
 
  
Lammersville Joint Unified School District; Series 2020, RB
      4.00%       09/01/2049        320        294,917  
 
  
Lincoln (City of), CA Community Facilities District
No. 2019-1;
Series 2022, RB
      5.00%       09/01/2052        2,000        2,070,062  
 
  
Long Beach (City of), CA; Series 2015, RB
      5.00%       05/15/2026        1,000        1,008,305  
 
  
Long Beach (City of), CA (Alamitos Bay Marina); Series 2015, RB
      5.00%       05/15/2045        4,185        4,192,382  
 
  
Long Beach (City of), CA (Long Beach Towne Center); Series 2008, RB
      5.75%       10/01/2025        1,030        1,032,184  
 
  
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB
      5.50%       11/15/2037        1,480        1,735,530  
 
  
Long Beach Unified School District; Series 2012, Ref. GO Bonds
      5.00%       08/01/2031        11,625        11,641,082  
 
  
Los Alamitos Unified School District; Series 2013, GO Bonds
(b)
     6.01%       08/01/2040        3,340        3,475,260  
 
  
Los Angeles (City of), CA Community Facilities District No. 4 (Playa Vista - Phase 1);
           
Series 2014, Ref. RB
      5.00%       09/01/2029        985        986,834  
 
  
Series 2014, Ref. RB
      5.00%       09/01/2030        985        986,771  
 
  
Los Angeles (City of), CA Department of Airports;
           
Series 2017 A, RB
(e)
     5.00%       05/15/2047        2,000        2,034,796  
 
  
Series 2022, RB
(e)(h)
     5.25%       05/15/2047        8,000        8,548,536  
 
  
Series 2023, RB
(e)(h)(j)
     5.25%       05/15/2048        10,000        10,340,124  
 
  
Los Angeles (City of), CA Department of Airports (Green Bonds); Series 2022, RB
(e)
     4.00%       05/15/2042        3,225        3,148,054  
 
  
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport);
           
Series 2018, Ref. RB
(e)
     5.00%       05/15/2048        1,625        1,671,793  
 
  
Series 2020 C, RB
(e)
     5.00%       05/15/2045        5,000        5,210,744  
 
  
Series 2022, Ref. RB
(e)
     5.00%       05/15/2045        1,000        1,058,140  
 
  
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds); Series 2023, Ref. RB
(e)
     5.25%       05/15/2048        3,000        3,233,057  
 
  
Los Angeles (County of), CA Community Facilities District
No. 2021-01
(Valencia Facilities);
           
Series 2022, RB
      5.00%       09/01/2052        1,000        1,045,974  
 
  
Series 2024, RB
      5.00%       09/01/2049        375        395,084  
 
  
Series 2024, RB
      5.00%       09/01/2054        425        446,344  
 
  
Los Angeles (County of), CA Public Works Financing Authority (Green Bonds); Series 2021 F, RB
(h)
     4.00%       12/01/2046        15,880        15,971,335  
 
  
Los Angeles County Facilities 2, Inc.; Series 2024 A, RB
      5.25%       06/01/2054        2,500        2,809,441  
 
  
Los Angeles County Facilities, Inc.; Series 2022, RB
(h)
     4.00%       12/01/2048        25,000        24,808,830  
 
  
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, COP
(d)(i)
     0.00%       08/01/2026        1,200        1,139,057  
 
  
Madera (County of), CA Community Facilities District
No. 2017-1
(Tesoro Viejo);
           
Series 2020, RB
      4.00%       09/01/2045        850        774,785  
 
  
Series 2020, RB
      4.00%       09/01/2051        1,470        1,286,529  
 
  
Marina (City of), CA Redevelopment Agency Successor Agency; Series 2020 B, RB
      4.00%       09/01/2040        300        289,182  
 
  
Martinez Unified School District (Election of 2016); Series 2021, GO Bonds (INS - AGM)
(c)
     4.00%       08/01/2051        8,605        8,517,357  
 
  
Menifee Union School District; Series 2021, RB
      4.00%       09/01/2051        675        625,226  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
9
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
Menifee Union School District (Community Facilities District
No. 2006-2);
Series 2020, Ref. RB
      4.00%       09/01/2045      $ 295      $ 279,690  
 
  
Menifee Union School District (Community Facilities District No.
2011-1
- Improvement Area No. 5); Series 2021, RB
      4.00%       09/01/2045        975        957,244  
 
  
Menifee Union School District (Community Facilities District
No. 2014-3);
Series 2019, RB
      5.00%       09/01/2049            1,600          1,651,836  
 
  
Menifee Union School District (Community Facilities District
No. 2018-2);
Series 2019, RB
      5.00%       09/01/2049        1,035        1,066,185  
 
  
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS - AGC)
(c)(d)
     0.00%       08/01/2034        850        620,963  
 
  
Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS - AGC)
(c)(d)
     0.00%       08/01/2031        2,000        1,598,357  
 
  
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS - AMBAC)
(c)(d)
     0.00%       08/01/2029        1,250        1,085,920  
 
  
Moreno Valley Unified School District (Community Facilities District
No. 2015-2);
           
Series 2019, RB
      5.00%       09/01/2044        435        447,573  
 
  
Series 2019, RB
      5.00%       09/01/2048        485        496,533  
 
  
Mountain House Public Financing Authority (Green Bonds);
           
Series 2020 A, RB (INS - BAM)
(c)
     4.00%       12/01/2050        970        956,619  
 
  
Series 2020 B, RB (INS - BAM)
(c)
     4.00%       12/01/2043        1,165        1,169,460  
 
  
Series 2023, RB (INS - BAM)
(c)
     4.25%       12/01/2052        2,500        2,517,886  
 
  
M-S-R
Energy Authority; Series 2009 B, RB
      6.13%       11/01/2029        830        889,064  
 
  
Murrieta Valley Unified School District (Election of 2006); Series 2008, GO Bonds (INS - AGM)
(c)(d)
     0.00%       09/01/2031        6,670        5,386,993  
 
  
North Orange County Community College District; Series 2022 C, GO Bonds
(h)(j)
     4.00%       08/01/2047        10,000        9,991,129  
 
  
Norwalk-La
Mirada Unified School District; Series 2005 B, GO Bonds (INS - AGM)
(c)(d)
     0.00%       08/01/2029        6,000        5,237,719  
 
  
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds
(d)
     0.00%       08/01/2028        670        598,940  
 
  
Orange (County of), CA Community Facilities District
No. 2015-1
(Esencia Village);
           
Series 2015 A, RB
      5.00%       08/15/2035        270        273,332  
 
  
Series 2015 A, RB
      5.25%       08/15/2045        3,555        3,587,984  
 
  
Orange (County of), CA Community Facilities District
No. 2016-1
(Esencia Village); Series 2016 A, RB
      5.00%       08/15/2046        3,000        3,040,474  
 
  
Orange (County of), CA Community Facilities District
No. 2017-1
(Village of Esencia)); Series 2020, RB
      4.00%       08/15/2045        355        337,530  
 
  
Orange (County of), CA Community Facilities District
No. 2021-1
(Ladera Ranch); Series 2022 A, RB
      5.00%       08/15/2052        2,200        2,285,613  
 
  
Palm Desert (City of), CA (University Park);
           
Series 2021, Ref. RB
      4.00%       09/01/2041        450        422,879  
 
  
Series 2021, Ref. RB
      4.00%       09/01/2051        650        571,488  
 
  
Palomar Community College District (Election of 2006); Series 2010, GO Bonds
(b)
     6.38%       08/01/2045        6,670        6,327,581  
 
  
Palomar Health; Series 2017, COP
      4.00%       11/01/2047        1,240        1,006,664  
 
  
Perris (City of), CA Joint Powers Authority (Green Valley West Elementary);
           
Series 2021, RB
      4.00%       09/01/2044        1,060        999,111  
 
  
Series 2021, RB
      4.00%       09/01/2051        1,225        1,106,203  
 
  
Placer (County of), CA Community Facilities District (Riolo Vineyard Specific Plan); Series 2023, RB
      5.00%       09/01/2053        970        971,034  
 
  
Planada Elementary School District (Election of 2008); Series 2009 B, GO Bonds (INS - AGC)
(c)(d)
     0.00%       07/01/2049        8,440        2,574,322  
 
  
Rancho Cordova (City of), CA (Community Facilities District
No. 2014-1);
Series 2022, RB
      5.00%       09/01/2051        1,200        1,239,063  
 
  
Rancho Cordova (City of), CA (Community Facilities District
No. 2022-1);
Series 2023, RB
      5.13%       09/01/2043        525        556,704  
 
  
Rancho Mirage Community Facilities District (Del Webb);
           
Series 2021, RB
      4.00%       09/01/2046        380        350,628  
 
  
Series 2021, RB
      4.00%       09/01/2051        325        291,636  
 
  
Regents of the University of California Medical Center;
           
Series 2016 L, Ref. RB
(h)(j)
     5.00%       05/15/2047        10,000        10,215,550  
 
  
Series 2022-XX1201, RB
(h)(j)
     4.00%       05/15/2053        20,000        19,918,776  
 
  
River Islands Public Financing Authority; Series 2022
A-1,
Ref. RB (INS - AGM)
(c)
     5.25%       09/01/2052        1,400        1,522,065  
 
  
Riverside (County of), CA Community Facilities District
No. 07-2
(Clinton Keith);
           
Series 2015, RB
      5.00%       09/01/2040        2,760        2,784,375  
 
  
Series 2015, RB
      5.00%       09/01/2044        1,500        1,510,601  
 
  
Riverside (County of), CA Transportation Commission; Series 2021
B-1,
Ref. RB
      4.00%       06/01/2046        2,705        2,673,746  
 
  
Riverside Unified School District (Community Facilities District No. 32);
           
Series 2020, RB
      4.00%       09/01/2045        125        117,693  
 
  
Series 2020, RB
      4.00%       09/01/2050        265        242,408  
 
  
Riverside Unified School District (Community Facilities District No. 33); Series 2021, RB
      4.00%       09/01/2045        425        398,498  
 
  
Romoland School District (Underwood); Series 2023, RB
      5.00%       09/01/2054        510        530,871  
 
  
Romoland School District Community Facilities
No. 2004-1;
Series 2015, Ref. RB
      5.00%       09/01/2038        1,660        1,679,884  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
10
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
Roseville (City of), CA; Series 2023, RB
      5.50%       09/01/2043      $ 505      $ 532,957  
 
  
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          1,564,900  
 
  
Roseville (City of), CA (Villages at Sierra Vista Community Facilities District No. 1 - Public Facilities);
           
Series 2020, RB
      4.00%       09/01/2045        150        135,701  
 
  
Series 2020, RB
      4.00%       09/01/2050        200        177,103  
 
  
Roseville (City of), CA Community Facilities District No. 1 (Improvement Area No. 2); Series 2023, RB
      5.25%       09/01/2053        500        525,164  
 
  
Sacramento (City of), CA (Convention Center Complex); Series 2018, RB
      5.00%       06/01/2048        3,000        3,095,984  
 
  
Sacramento (City of), CA Municipal Utility District (Green Bonds); Series 2024 M, RB
      5.00%       11/15/2054        2,000        2,233,850  
 
  
Salinas (City of), CA Community Facilities District
No. 2016-1
(Improvement Area No. 3);
           
Series 2020, RB
      4.00%       09/01/2040        185        181,261  
 
  
Series 2020, RB
      4.00%       09/01/2045        380        354,828  
 
  
Series 2020, RB
      4.00%       09/01/2050        225        203,593  
 
  
San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment); Series 1999 A, RB
      6.40%       09/01/2025        420        421,208  
 
  
San Diego (County of), CA Regional Airport Authority;
           
Series 2021 A, RB
      5.00%       07/01/2051        3,000        3,234,541  
 
  
Series 2021 B, RB
(e)
     4.00%       07/01/2051        2,960        2,799,822  
 
  
Series 2021 B, RB
(e)
     5.00%       07/01/2051        5,000        5,185,965  
 
  
Series 2021 B, RB
(e)
     5.00%       07/01/2056        2,000        2,067,242  
 
  
Series 2022-XX1215, RB
(e)(h)(j)
     5.00%       07/01/2051        10,000        10,371,929  
 
  
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport);
           
Second Series 2022 A, Ref. RB
(e)
     5.00%       05/01/2052        6,775        7,097,640  
 
  
Second Series 2022 B, Ref. RB
(h)(j)
     4.00%       05/01/2052        10,000        9,812,433  
 
  
Series 2017 A, RB
(e)
     5.00%       05/01/2047        1,630        1,648,579  
 
  
Series 2019 A, RB
(e)
     5.00%       05/01/2049        9,500        9,748,284  
 
  
Series 2019 E, RB
(e)(f)(i)
     4.00%       05/01/2029        175        180,631  
 
  
Series 2019 E, RB
(e)
     4.00%       05/01/2050        1,825        1,742,135  
 
  
Series 2019 E, RB
(e)(h)
     5.00%       05/01/2050        10,000        10,252,592  
 
  
San Francisco (City & County of), CA Community Facilities District
No. 2016-1;
           
Series 2020, RB
      4.00%       09/01/2042        225        217,098  
 
  
Series 2020, RB
      4.00%       09/01/2050        425        388,163  
 
  
San Francisco (City & County of), CA Infrastructure & Revitalization Financing District No. 1; Series 2023 A, RB
(g)
     5.50%       09/01/2053        1,530        1,569,974  
 
  
San Francisco (City & County of), CA Special Tax District
No. 2020-1;
Series 2023, RB
(g)
     5.75%       09/01/2053        1,500        1,625,918  
 
  
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        1,470        1,474,844  
 
  
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment);
           
Series 2014 A, RB
      5.00%       08/01/2026        220        220,250  
 
  
Series 2014 A, RB
      5.00%       08/01/2028        370        370,420  
 
  
Series 2014 A, RB
      5.00%       08/01/2029        450        450,505  
 
  
Series 2014 A, RB
      5.00%       08/01/2032        785        785,604  
 
  
Series 2014 A, RB
      5.00%       08/01/2033        375        375,281  
 
  
Series 2014 A, RB
      5.00%       08/01/2043        1,000        1,000,567  
 
  
San Francisco (City of), CA Bay Area Rapid Transit District; Series 2022-XF1331, GO Bonds
(h)
     4.25%       08/01/2052        10,000        10,106,043  
 
  
San Jose (City of), CA; Series 2017 A, Ref. RB
(e)
     5.00%       03/01/2047        8,395        8,485,482  
 
  
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS - AGM)
(c)(d)
     0.00%       09/01/2032        1,000        785,887  
 
  
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS - AGM)
(c)
     5.00%       08/01/2030        2,500        2,503,650  
 
  
San Mateo Joint Powers Financing Authority; Series 2023, RB
(h)(j)
     4.00%       07/15/2052        13,565        13,381,790  
 
  
San Pablo (County of), CA Joint Powers Financing Authority; Series 2022, Ref. RB (INS - AGM)
(c)
     4.00%       11/01/2052        6,000        5,925,894  
 
  
Santa Ana Unified School District (Financing Project); Series 1999, COP (INS - AGM)
(c)(d)
     0.00%       04/01/2036        1,000        640,693  
 
  
Santa Clarita Community College District; Series 2019, GO Bonds
      3.00%       08/01/2044        2,370        2,015,439  
 
  
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB
(d)
     0.00%       06/01/2036        8,000        4,212,406  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
11
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
California–(continued)
           
Simi Valley Unified School District (Election of 2004);
           
Series 2007 C, GO Bonds (INS - AGM)
(c)(d)
     0.00%       08/01/2028      $     1,520      $   1,362,989  
 
  
Series 2007 C, GO Bonds (INS - AGM)
(c)(d)
     0.00%       08/01/2029        5,000        4,356,318  
 
  
Series 2007 C, GO Bonds (INS - AGM)
(c)(d)
     0.00%       08/01/2030        1,210        1,020,171  
 
  
South San Francisco (City of), CA (Community Facilities District
No. 2021-01);
Series 2022, RB
      4.00%       09/01/2044        1,000        945,096  
 
  
South Tahoe Joint Powers Financing Authority; Series 2023 A, RB
      5.25%       10/01/2053        4,000        4,453,485  
 
  
Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB
      5.00%       06/01/2048        245        248,477  
 
  
Stockton (City of), CA Community Facilities District (Westlake Villages II); Series 2022, RB
      5.13%       09/01/2052        700        730,348  
 
  
Sweetwater Union High School District; Series 2016, Ref. GO Bonds
(INS -BAM)
(c)
     4.00%       08/01/2047        2,505        2,491,318  
 
  
Tejon Ranch Public Facilities Finance Authority (Community Facilities District No.
2008-1
- Tejon Industrial Complex Public Improvements); Series 2012 B, RB
(f)(i)
     5.25%       09/16/2024        1,500        1,501,141  
 
  
Three Rivers Levee Improvement Authority (Community Facilities District
No. 2006-1);
Series 2021, Ref. RB
      4.00%       09/01/2046        3,990        3,604,406  
 
  
Torrance Unified School District (Election of 2008-Measure Z); Series 2009, GO Bonds
(d)
     0.00%       08/01/2034        1,320        816,973  
 
  
Tracy (City of), CA Community Facilities District No.
21-1(Hillview);
Series 2022, RB
      5.00%       09/01/2052        1,645        1,702,626  
 
  
Transbay Joint Powers Authority (Green Bonds);
           
Series 2020 A, RB
      5.00%       10/01/2045        3,500        3,614,885  
 
  
Series 2020 A, RB
      5.00%       10/01/2049        4,590        4,705,870  
 
  
Series 2020 B, RB
      5.00%       10/01/2034        300        316,551  
 
  
Series 2020 B, RB
      5.00%       10/01/2038        300        311,098  
 
  
University of California; Series 2020 BE, Ref. RB
      4.00%       05/15/2047        7,600        7,669,152  
 
  
University of California (Limited); Series 2018 O, Ref. RB
(h)
     5.00%       05/15/2058        10,000        10,447,588  
 
  
Washington Township Health Care District; Series 2023 A, RB
      5.75%       07/01/2048        500        549,864  
 
  
Washington Township Health Care District (Election of 2020); Series 2023 B, GO Bonds (INS - AGM)
(c)
     4.50%       08/01/2053        2,400        2,461,305  
 
  
West Contra Costa Unified School District; Series 2005, GO Bonds (INS - NATL)
(c)(d)
     0.00%       08/01/2025        5,000        4,870,975  
 
  
West Patterson Financing Authority (Community Facilities District
No. 2005-1);
           
Series 2021, RB
      4.00%       09/01/2043        600        569,468  
 
  
Series 2021, RB
      4.00%       09/01/2046        745        689,951  
 
  
Series 2021, RB
      4.00%       09/01/2049        1,775        1,619,087  
 
  
West Patterson Financing Authority (Community Facilities District
No. 2018-1);
           
Series 2021, RB
      4.00%       09/01/2041        375        359,715  
 
  
Series 2021, RB
      4.00%       09/01/2046        550        509,653  
 
  
Series 2021, RB
      4.00%       09/01/2051        760        683,055  
 
  
West Sacramento (City of), CA (Port Towne Infrasctructure); Series 2019, RB
      5.00%       09/01/2049        1,000        1,041,983  
 
  
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds
(d)
     0.00%       08/01/2032        9,370        7,380,287  
 
  
Woodland (City of), CA Community Facilities District
2004-1;
Series 2019, RB
      5.00%       09/01/2048        1,600        1,635,693  
 
  
             843,107,451  
 
  
Puerto Rico–2.54%
           
Children’s Trust Fund;
           
Series 2002, RB
      5.50%       05/15/2039        1,380        1,387,134  
 
  
Series 2002, RB
      5.63%       05/15/2043        675        682,838  
 
  
Series 2005 A, RB
(d)
     0.00%       05/15/2050        4,325        835,651  
 
  
Puerto Rico (Commonwealth of) Electric Power Authority;
           
Series 2007 VV, Ref. RB (Acquired 07/19/2018; Cost $ 1,192,543)
(INS - NATL)
(c)(k)
     5.25%       07/01/2030        1,150        1,130,685  
 
  
Series 2007 VV, Ref. RB (Acquired 04/24/2020; Cost $ 2,012,965)
(INS - NATL)
(c)(k)
     5.25%       07/01/2033        2,000        1,978,230  
 
  
Puerto Rico Sales Tax Financing Corp.;
           
Series 2018
A-1,
RB
(d)
     0.00%       07/01/2031        1,500        1,151,816  
 
  
Series 2018
A-1,
RB
(d)
     0.00%       07/01/2046        10,000        3,371,935  
 
  
Series 2018
A-1,
RB
(d)
     0.00%       07/01/2051        13,280        3,259,075  
 
  
             13,797,364  
 
  
Guam–0.98%
           
Guam (Territory of) Port Authority; Series 2018 A, RB
      5.00%       07/01/2048        3,675        3,734,201  
 
  
Guam (Territory of) Waterworks Authority; Series 2020 A, RB
      5.00%       01/01/2050        1,540        1,592,281  
 
  
             5,326,482  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
12
  
Invesco California Value Municipal Income Trust
                 
Principal
         
    
Interest
    
Maturity
     
Amount
         
    
Rate
    
Date
     
(000)
     
Value
  
 
  
Virgin Islands–0.66%
           
Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB
      5.00%       09/01/2044      $ 1,720      $ 1,576,840  
 
  
Virgin Islands (Government of) Public Finance Authority (Garvee); Series 2015, RB
(g)
     5.00%       09/01/2030        2,000        2,018,264  
 
  
             3,595,104  
 
  
Total Municipal Obligations (Cost $846,776,542)
              865,826,401  
 
  
                 
Shares
         
MuniFund Preferred Shares–1.47%
           
Nuveen California
AMT-Free
Quality Municipal Income Fund
(Cost $8,000,000)
(g)(l)
          8,000,000        8,000,000  
 
  
TOTAL INVESTMENTS IN SECURITIES
(m)
–160.74% (Cost $854,776,542)
              873,826,401  
 
  
FLOATING RATE NOTE OBLIGATIONS–(26.21)%
           
Notes with interest and fee rates ranging from 3.45% to 3.74% at 08/31/2024 and contractual maturities of collateral ranging from 05/01/2046 to 05/15/2058 (See Note 1J)
(n)
             (142,495,000 ) 
 
  
VARIABLE RATE MUNI TERM PREFERRED SHARES–(32.55)%
              (176,936,943 ) 
 
  
OTHER ASSETS LESS LIABILITIES–(1.98)%
              (10,765,982 ) 
 
  
NET ASSETS APPLICABLE TO COMMON SHARES–100.00%
            $ 543,628,476  
 
  
Investment Abbreviations:
 
AGC    – Assured Guaranty Corp.
AGM   – Assured Guaranty Municipal Corp.
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
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)
 
Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g)
 
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, 2024 was $86,294,717, which represented 15.87% of the Trust’s Net Assets.
(h)
 
Underlying security related to TOB Trusts entered into by the Trust. See Note 1J.
(i)
 
Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(j)
 
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 $60,710,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts.
(k)
 
Restricted security. The aggregate value of these securities at August 31, 2024 was $3,108,915, which represented less than 1% of the Trust’s Net Assets.
(l)
 
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, 2024.
(m)
 
This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
Entity
   
Percent
  
 
  
Assured Guaranty Municipal Corp.
      6.49%  
 
  
(n)
 
Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2024. At August 31, 2024, the Trust’s investments with a value of $207,263,448 are held by TOB Trusts and serve as collateral for the $142,495,000 in the floating rate note obligations outstanding at that date.
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
13
  
Invesco California Value Municipal Income Trust
Portfolio Composition
By credit sector, based on total investments
As of August 31, 2024
 
Revenue Bonds
      84.44%  
 
  
General Obligation Bonds
      13.49     
 
  
Pre-Refunded
Bonds
      1.15     
 
  
Other
      0.92     
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
14
  
Invesco California Value Municipal Income Trust
Statement of Assets and Liabilities
August 31, 2024
(Unaudited)
 
Assets:
  
Investments in unaffiliated securities, at value
(Cost $854,776,542)
   $ 873,826,401  
 
  
Receivable for:
  
Investments sold
     1,370,150  
 
  
Interest
     8,350,940  
 
  
Investment for trustee deferred compensation and retirement plans
     50,030  
 
  
Total assets
     883,597,521  
 
  
Liabilities:
  
Floating rate note obligations
     142,495,000  
 
  
Variable rate muni term preferred shares ($0.01 par value, 1,770 shares issued with liquidation preference of $100,000 per share)
     176,936,943  
 
  
Payable for:
  
Investments purchased
     2,753,299  
 
  
Dividends
     181,652  
 
  
Amount due custodian
     16,424,397  
 
  
Accrued fees to affiliates
     47,499  
 
  
Accrued interest expense
     694,472  
 
  
Accrued trustees’ and officers’ fees and benefits
     608  
 
  
Accrued other operating expenses
     307,117  
 
  
Trustee deferred compensation and retirement plans
     128,058  
 
  
Total liabilities
     339,969,045  
 
  
Net assets applicable to common shares
   $ 543,628,476  
 
  
Net assets applicable to common shares consist of:
  
Shares of beneficial interest - common shares
   $ 578,223,555  
 
  
Distributable earnings (loss)
     (34,595,079 ) 
 
  
  $ 543,628,476  
 
  
Common shares outstanding, no par value, with an unlimited number of common shares authorized:
  
Common shares outstanding
     47,890,525  
 
  
Net asset value per common share
   $ 11.35  
 
  
Market value per common share
   $ 10.82  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
15
  
Invesco California Value Municipal Income Trust
Statement of Operations
For the six months ended August 31, 2024
(Unaudited)
 
Investment income:
   
Interest
    $ 19,316,278  
 
  
Expenses:
   
Advisory fees
      2,399,006  
 
  
Administrative services fees
      40,664  
 
  
Custodian fees
      4,033  
 
  
Interest, facilities and maintenance fees
      7,090,454  
 
  
Transfer agent fees
      11,914  
 
  
Trustees’ and officers’ fees and benefits
      16,059  
 
  
Registration and filing fees
      23,460  
 
  
Reports to shareholders
      193,626  
 
  
Professional services fees
      125,877  
 
  
Other
      (5,257 ) 
 
  
Total expenses
      9,899,836  
 
  
Net investment income
      9,416,442  
 
  
Realized and unrealized gain (loss) from:
   
Net realized gain (loss) from unaffiliated investment securities (includes net gains (losses) from securities sold to affiliates of $(2,211,090))
      (6,415,338 ) 
 
  
Change in net unrealized appreciation of unaffiliated investment securities
      10,753,267  
 
  
Net realized and unrealized gain
      4,337,929  
 
  
Net increase in net assets resulting from operations applicable to common shares
    $ 13,754,371  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
16
  
Invesco California Value Municipal Income Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2024 and the year ended February 29, 2024
(Unaudited)
 
    
August 31,
    
February 29,
  
    
2024
    
2024
  
 
  
Operations:
     
Net investment income
    $ 9,416,442     $ 18,724,763  
 
  
Net realized gain (loss)
      (6,415,338 )      (9,323,400 ) 
 
  
Change in net unrealized appreciation
      10,753,267       33,554,723  
 
  
Net increase from payments by affiliates
      –       1,076,573  
 
  
Net increase in net assets resulting from operations applicable to common shares
      13,754,371       44,032,659  
 
  
Distributions to common shareholders from distributable earnings
      (14,539,563 )      (18,460,957 ) 
 
  
Return of capital applicable to common shares
      –       (862,870 ) 
 
  
Total distributions
      (14,539,563 )      (19,323,827 ) 
 
  
Net increase (decrease) in net assets applicable to common shares
      (785,192 )      24,708,832  
 
  
Net assets applicable to common shares:
     
Beginning of period
      544,413,668       519,704,836  
 
  
End of period
    $ 543,628,476     $ 544,413,668  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
17
  
Invesco California Value Municipal Income Trust
Statement of Cash Flows
For the six months ended August 31, 2024
(Unaudited)
 
Cash provided by operating activities:
   
Net increase in net assets resulting from operations applicable to common shares
    $ 13,754,371  
 
  
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities:
   
Purchases of investments
      (52,066,043 ) 
 
  
Proceeds from sales of investments
      59,978,435  
 
  
Purchases of short-term investments, net
      (7,724,329 ) 
 
  
Amortization (accretion) of premiums and discounts, net
      (1,924,763 ) 
 
  
Net realized loss from investment securities
      6,415,338  
 
  
Net change in unrealized appreciation on investment securities
      (10,753,267 ) 
 
  
Change in operating assets and liabilities:
   
 
  
Decrease in receivables and other assets
      168,333  
 
  
Increase in accrued expenses and other payables
      145,477  
 
  
Net cash provided by operating activities
      7,993,552  
 
  
Cash provided by (used in) financing activities:
   
Increase in payable for amount due custodian
      15,208,731  
 
  
Dividends paid to common shareholders from distributable earnings
      (14,392,283 ) 
 
  
Decrease in VMTP Shares, at liquidation value
      (31,300,000 ) 
 
  
Proceeds from TOB Trusts
      22,490,000  
 
  
Net cash provided by (used in) financing activities
      (7,993,552 ) 
 
  
Net increase in cash and cash equivalents
      –  
 
  
Cash and cash equivalents at beginning of period
      –  
 
  
Cash and cash equivalents at end of period
    $ –  
 
  
Supplemental disclosure of cash flow information:
   
 
  
Cash paid during the period for interest, facilities and maintenance fees
    $ 7,119,627  
 
  
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
 
18
  
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
  
Year Ended
  
Years Ended
  
Year Ended
   
August 31,
  
February 29,
  
February 28,
  
February 29,
    
2024
  
2024
  
2023
  
2022
  
2021
  
2020
Net asset value per common share, beginning of period
     $ 11.37     $ 10.85     $ 12.87     $ 13.44     $ 13.90     $ 12.81
Net investment income(a)
       0.20       0.39       0.47       0.56       0.57       0.54
Net gains (losses) on securities (both realized and unrealized)
       0.08       0.53       (1.99 )       (0.56 )       (0.48 )       1.10
Total from investment operations
       0.28       0.92       (1.52 )       –       0.09       1.64
Less:
                        
Dividends paid to common shareholders from net investment income
       (0.30 )       (0.38 )       (0.47 )       (0.57 )       (0.55 )       (0.52 )
Return of capital
       –       (0.02 )       (0.03 )       –       –       (0.03 )
Total distributions
       (0.30 )       (0.40 )       (0.50 )       (0.57 )       (0.55 )       (0.55 )
Net asset value per common share, end of period
     $ 11.35     $ 11.37     $ 10.85     $ 12.87     $ 13.44     $ 13.90
Market value per common share, end of period
     $ 10.82     $ 9.72     $ 9.51     $ 11.71     $ 12.86     $ 12.60
Total return at net asset value(b)
       2.79 %       9.36 %
(c)
       (11.46 )%       (0.07 )%       1.08 %       13.29 %
Total return at market value(d)
       14.62 %       6.66 %       (14.70 )%       (4.98 )%       6.70 %       9.45 %
Net assets applicable to common shares, end of period (000’s omitted)
     $ 543,628     $ 544,414     $ 519,705     $ 616,125     $ 643,116     $ 665,098
Portfolio turnover rate(e)
       6 %       10 %       30 %       10 %       20 %       8 %
Ratios/supplemental data based on average net assets applicable to common shares outstanding:
                        
Ratio of expenses:
                        
With fee waivers and/or expense reimbursements
       3.64 %
(f)
       3.84 %       2.92 %       1.43 %       1.66 %       2.26 %
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees
       1.03 %
(f)
       0.97 %       0.99 %       0.89 %       0.92 %       0.92 %
Without fee waivers and/or expense reimbursements
       3.64 %
(f)
       3.84 %       2.92 %       1.43 %       1.66 %       2.26 %
Ratio of net investment income to average net assets
       3.46 %
(f)
       3.57 %       4.22 %       4.09 %       4.27 %       4.08 %
Senior securities: