UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-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) | ||||||
Sheri Morris 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: 02/28
Date of reporting period: 08/31/19
Item 1. Reports to Stockholders.
Semiannual Report to Shareholders | August 31, 2019 |
Bruce Crockett |
Andrew Schlossberg |
2 | Invesco California Value Municipal Income Trust |
Trust at NAV | 8.43% |
Trust at Market Value | 14.71 |
S&P Municipal Bond Index▼ (Broad Market Index) | 5.92 |
S&P Municipal Bond California 5+ Year Investment Grade Index▼ (Style-Specific Index) | 7.55 |
Lipper Closed-End California Municipal Debt Funds Index■ (Peer Group Index) | 10.10 |
Market Price Discount to NAV as of 8/31/19 | -0.74 |
Source(s):▼RIMES Technologies Corp.;■ Lipper Inc. | |
3 | Invesco California Value Municipal Income Trust |
■ | 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. |
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. |
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 a $2.50 service fee and per share fees. Per share fees include any applicable brokerage commissions the Agent is required to pay. |
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. |
4 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Municipal Obligations–154.00%(a) | |||||
California–147.32% | |||||
ABAG Finance Authority for Non-profit Corps. (Sharp Healthcare); | |||||
Series 2012 A, RB | 5.00% | 08/01/2027 | $1,000 | $1,090,080 | |
Series 2014 A, RB | 5.00% | 08/01/2043 | 2,000 | 2,251,620 | |
Alhambra (City of), CA (Atherton Baptist Homes); | |||||
Series 2010 A, RB(b)(c) | 7.50% | 01/01/2020 | 1,335 | 1,363,142 | |
Series 2010 A, RB(b)(c) | 7.62% | 01/01/2020 | 750 | 766,118 | |
Alhambra Unified School District (Election of 2004); | |||||
Series 2009 B, GO Bonds (INS - AGC)(d)(e) | 0.00% | 08/01/2035 | 1,120 | 770,090 | |
Series 2009 B, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2036 | 1,805 | 1,200,704 | |
Anaheim City School District (Election of 2002); Series 2007, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2024 | 4,970 | 4,608,681 | |
Bay Area Toll Authority (San Francisco Bay Area); | |||||
Series 2017 F-1, RB(f) | 5.00% | 04/01/2056 | 6,600 | 7,993,986 | |
Series 2017, Ref. RB | 4.00% | 04/01/2037 | 3,365 | 3,839,768 | |
Series 2017, Ref. RB | 4.00% | 04/01/2049 | 1,240 | 1,383,952 | |
Bay Area Water Supply & Conservation Agency; Series 2013 A, RB | 5.00% | 10/01/2034 | 3,500 | 3,956,785 | |
Beverly Hills Unified School District (Election of 2008); | |||||
Series 2009, GO Bonds(e) | 0.00% | 08/01/2026 | 1,245 | 1,130,983 | |
Series 2009, GO Bonds(e) | 0.00% | 08/01/2028 | 3,000 | 2,603,730 | |
Series 2009, GO Bonds(e) | 0.00% | 08/01/2031 | 2,010 | 1,602,010 | |
Series 2009, GO Bonds(e) | 0.00% | 08/01/2032 | 430 | 332,859 | |
Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS -AGM)(d) | 5.50% | 08/01/2020 | 1,405 | 1,409,960 | |
California (County of), CA Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corp.); Series 2006 C, RB(e) | 0.00% | 06/01/2055 | 22,950 | 1,400,179 | |
California (County of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, RB(g) | 5.70% | 06/01/2046 | 1,970 | 1,981,899 | |
California (County of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(e) | 0.00% | 06/01/2046 | 10,000 | 2,128,600 | |
California (State of); | |||||
Series 2009, GO Bonds | 6.00% | 11/01/2035 | 2,750 | 2,772,000 | |
Series 2010, GO Bonds | 5.50% | 03/01/2040 | 5,955 | 6,084,879 | |
Series 2010, GO Bonds | 5.25% | 11/01/2040 | 4,340 | 4,542,461 | |
Series 2011, GO Bonds | 5.00% | 09/01/2032 | 3,050 | 3,283,599 | |
Series 2011, GO Bonds | 5.00% | 10/01/2041 | 3,500 | 3,772,335 | |
Series 2012, GO Bonds | 5.00% | 04/01/2042 | 4,000 | 4,374,080 | |
Series 2012, Ref. GO Bonds | 5.25% | 02/01/2030 | 2,210 | 2,427,132 | |
Series 2013, GO Bonds | 5.00% | 04/01/2037 | 11,080 | 12,528,156 | |
Series 2013, Ref. GO Bonds | 5.25% | 09/01/2030 | 5,000 | 5,812,000 | |
Series 2016, GO Bonds(f) | 5.00% | 09/01/2045 | 6,600 | 8,013,324 | |
Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 2,630 | 3,249,681 | |
California (State of) (Green Bonds); Series 2014, GO Bonds | 5.00% | 10/01/2037 | 1,755 | 2,057,264 | |
California (State of) Community College Financing Authority (Orange Coast Properties LLC- Orange Coast College); Series 2018, RB | 5.25% | 05/01/2048 | 1,335 | 1,595,846 | |
California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(h) | 5.00% | 04/01/2049 | 4,145 | 4,661,343 | |
California (State of) Department of Water Resources (Central Valley); Series 2012 AN, RB(b)(c) | 5.00% | 12/01/2022 | 1,600 | 1,815,152 | |
California (State of) Educational Facilities Authority (Art Center College of Design); Series 2018 A, Ref. RB | 5.00% | 12/01/2044 | 2,500 | 3,047,025 | |
California (State of) Educational Facilities Authority (Chapman University); Series 2015, RB | 5.00% | 04/01/2045 | 2,180 | 2,550,033 | |
California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 3,285 | 3,924,195 |
5 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
California (State of) Educational Facilities Authority (Pitzer College); | |||||
Series 2009, RB(b)(c) | 5.38% | 04/01/2020 | $2,000 | $2,051,440 | |
Series 2009, RB(b)(c) | 6.00% | 04/01/2020 | 1,000 | 1,029,290 | |
California (State of) Educational Facilities Authority (Stanford University); Series 2010, RB(f) | 5.25% | 04/01/2040 | 8,940 | 13,806,042 | |
California (State of) Health Facilities Financing Authority; Series 2019, RB | 5.00% | 11/15/2049 | 3,310 | 3,962,798 | |
California (State of) Health Facilities Financing Authority (Adventist Health System West); Series 2009 A, RB(b)(c) | 5.75% | 09/01/2019 | 2,500 | 2,500,000 | |
California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); | |||||
Series 2010, RB(b)(c) | 5.25% | 07/01/2020 | 5,050 | 5,228,820 | |
Series 2017 A, Ref. RB | 5.00% | 08/15/2047 | 3,285 | 3,933,623 | |
California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children’s Hospital at Stanford); | |||||
Series 2012, RB(f) | 5.00% | 08/15/2051 | 12,000 | 13,011,720 | |
Series 2017, RB | 4.00% | 11/15/2047 | 1,090 | 1,206,652 | |
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB(f) | 5.00% | 11/15/2036 | 6,250 | 6,299,250 | |
California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB | 5.00% | 07/01/2037 | 5,000 | 5,651,800 | |
California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB(b)(c) | 5.25% | 11/15/2021 | 4,000 | 4,378,600 | |
California (State of) Health Facilities Financing Authority (Sutter Health); | |||||
Series 2011 B, RB(b)(c) | 5.50% | 08/15/2020 | 3,500 | 3,650,465 | |
Series 2012-XM0481, RB(f) | 5.25% | 08/15/2031 | 10,000 | 10,791,000 | |
California (State of) Housing Finance Agency; Series 2019 A-1, RB | 4.25% | 01/15/2035 | 3,305 | 3,958,465 | |
California (State of) Housing Finance Agency (Verdant at Green Valley); Series 2019 A, RB(h) | 5.00% | 08/01/2049 | 2,640 | 2,997,482 | |
California (State of) Municipal Finance Authority (Albert Einstein Academies); Series 2013, RB | 6.75% | 08/01/2033 | 1,555 | 1,744,088 | |
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 5.00% | 06/01/2046 | 2,250 | 2,590,762 | |
California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); | |||||
Series 2018 A, RB(h) | 5.00% | 06/01/2038 | 560 | 661,584 | |
Series 2018 A, RB(h) | 5.00% | 06/01/2048 | 1,340 | 1,556,410 | |
California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(h) | 5.00% | 11/01/2046 | 1,200 | 1,375,992 | |
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 A, RB | 5.25% | 08/15/2049 | 3,700 | 4,163,351 | |
California (State of) Municipal Finance Authority (Caritas Projects); Series 2017 A, Ref. RB | 4.00% | 08/15/2042 | 2,055 | 2,188,842 | |
California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing Project); Series 2018, RB | 5.00% | 05/15/2043 | 3,350 | 4,057,386 | |
California (State of) Municipal Finance Authority (Community Medical Centers); | |||||
Series 2017 A, Ref. RB | 5.00% | 02/01/2042 | 375 | 447,728 | |
Series 2017 A, Ref. RB | 5.00% | 02/01/2047 | 3,620 | 4,295,094 | |
California (State of) Municipal Finance Authority (Eisenhower Medical Center); | |||||
Series 2010 A, RB(b)(c) | 5.75% | 07/01/2020 | 3,850 | 4,000,458 | |
Series 2017 A, Ref. RB | 5.00% | 07/01/2047 | 1,500 | 1,759,320 | |
California (State of) Municipal Finance Authority (Humangood Obligation Group); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 3,305 | 3,920,424 | |
California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(i) | 5.00% | 12/31/2038 | 3,995 | 4,888,482 | |
California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB | 5.00% | 11/15/2039 | 1,200 | 1,441,116 | |
California (State of) Municipal Finance Authority (Orange County Civic Center); Series 2017 A, RB(f) | 5.00% | 06/01/2042 | 10,380 | 12,610,143 | |
California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB(h) | 5.00% | 07/01/2049 | 1,200 | 1,354,056 | |
California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB | 5.25% | 01/01/2040 | 1,150 | 1,295,682 | |
California (State of) Municipal Finance Authority (Town and Country Manor); Series 2019, Ref. RB (INS -Cal-Mortgage)(d) | 5.00% | 07/01/2049 | 1,250 | 1,563,425 |
6 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); | |||||
Series 2019, RB | 5.00% | 05/15/2049 | $2,840 | $3,477,779 | |
Series 2019, RB | 5.00% | 05/15/2052 | 2,375 | 2,903,034 | |
California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 1,150 | 1,383,887 | |
California (State of) Municipal Finance Authority (William Jessup University); | |||||
Series 2019, Ref. RB | 5.00% | 08/01/2039 | 500 | 579,575 | |
Series 2019, Ref. RB | 5.00% | 08/01/2048 | 2,700 | 3,082,698 | |
California (State of) Pollution Control Finance Authority; | |||||
Series 2012, RB(h)(i) | 5.00% | 07/01/2027 | 2,500 | 2,744,000 | |
Series 2012, RB(h)(i) | 5.00% | 07/01/2037 | 6,000 | 6,474,900 | |
California (State of) Pollution Control Financing Authority (San Jose Water Co.); Series 2010 A, RB | 5.10% | 06/01/2040 | 5,000 | 5,152,900 | |
California (State of) Public Works Board (Judicial Council); Series 2013 A, RB | 5.00% | 03/01/2038 | 5,450 | 6,122,312 | |
California (State of) Public Works Board (Various Capital); Series 2012 G, Ref. RB | 5.00% | 11/01/2032 | 1,500 | 1,671,240 | |
California (State of) Public Works Board (Various State Universities); | |||||
Series 2013 H, RB(b)(c) | 5.00% | 09/01/2023 | 8,345 | 9,722,843 | |
Series 2013 H, RB(b)(c) | 5.00% | 09/01/2023 | 2,000 | 2,330,220 | |
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); | |||||
Series 2013 A, RB | 6.30% | 07/01/2043 | 2,000 | 2,302,540 | |
Series 2015, RB(h) | 5.00% | 07/01/2045 | 2,635 | 2,975,969 | |
California (State of) School Finance Authority (Aspire Public Schools); Series 2016, Ref. RB(h) | 5.00% | 08/01/2046 | 1,500 | 1,690,305 | |
California (State of) School Finance Authority (Green Dot Public Schools); Series 2018 A, RB(h) | 5.00% | 08/01/2048 | 1,750 | 2,080,820 | |
California (State of) School Finance Authority (KIPP LA); | |||||
Series 2014 A, RB | 5.00% | 07/01/2034 | 600 | 678,714 | |
Series 2014 A, RB | 5.13% | 07/01/2044 | 750 | 839,858 | |
Series 2015 A, RB(h) | 5.00% | 07/01/2045 | 1,150 | 1,305,468 | |
California (State of) School Finance Authority (Kipp Socal Public Schools); Series 2019 A, RB(h) | 5.00% | 07/01/2039 | 750 | 926,160 | |
California (State of) School Finance Authority (New Designs Charter School); | |||||
Series 2012 A, RB | 5.25% | 06/01/2032 | 3,080 | 3,308,906 | |
Series 2012, RB | 5.50% | 06/01/2042 | 450 | 481,707 | |
California (State of) Statewide Communities Development Authority; Series 2011, RB | 6.75% | 07/01/2031 | 1,425 | 1,524,394 | |
California (State of) Statewide Communities Development Authority (Adventist Health System); | |||||
Series 2015, Ref. RB | 5.00% | 03/01/2033 | 1,730 | 2,082,799 | |
Series 2015, Ref. RB | 5.00% | 03/01/2045 | 5,585 | 6,579,465 | |
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012 A, RB | 6.37% | 07/01/2047 | 2,060 | 2,218,393 | |
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB | 6.25% | 10/01/2039 | 4,000 | 4,015,800 | |
California (State of) Statewide Communities Development Authority (California Baptist University); | |||||
Series 2014 A, RB | 6.37% | 11/01/2043 | 4,035 | 4,706,020 | |
Series 2017 A, Ref. RB(h) | 5.00% | 11/01/2041 | 1,000 | 1,171,360 | |
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB | 5.25% | 11/01/2030 | 4,325 | 4,524,685 | |
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017, Ref. RB | 5.00% | 04/01/2047 | 4,580 | 5,436,872 | |
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS -AGM)(d) | 5.25% | 10/01/2043 | 1,500 | 1,711,350 | |
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2016 A, Ref. RB | 5.00% | 08/15/2051 | 1,250 | 1,479,025 | |
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012 A, RB | 5.00% | 04/01/2042 | 5,000 | 5,451,600 | |
California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); | |||||
Series 2016, Ref. RB(h) | 5.00% | 06/01/2046 | 2,000 | 2,243,720 | |
Series 2019, RB(h) | 5.00% | 06/01/2039 | 375 | 442,796 | |
Series 2019, RB(h) | 5.00% | 06/01/2051 | 1,145 | 1,332,940 |
7 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB | 5.50% | 12/01/2054 | $ 3,500 | $ 3,953,985 | |
California (State of) Statewide Communities Development Authority (Methodist Hospital of Sothern California); Series 2018; RB | 5.00% | 01/01/2048 | 1,005 | 1,193,819 | |
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 | 1,072,044 | |
California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); Series 2019, RB(h) | 5.25% | 07/01/2049 | 2,500 | 2,901,575 | |
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes); Series 2009, RB(h) | 7.25% | 11/15/2041 | 2,000 | 2,024,480 | |
California (State of) Statewide Communities Development Authority (Trinity Health Credit Group); Series 2011, Ref. RB(f) | 5.00% | 12/01/2041 | 10,090 | 10,855,427 | |
California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments); Series 2017, RB | 5.00% | 05/15/2050 | 3,500 | 4,161,885 | |
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2006 A, RB(e) | 0.00% | 06/01/2046 | 17,000 | 3,278,790 | |
California Infrastructure & Economic Development Bank; Series 2003 A, RB(b)(c) | 5.00% | 01/01/2028 | 1,500 | 1,978,200 | |
California Infrastructure & Economic Development Bank (Independent System Operator Corp.); Series 2013, Ref. RB | 5.00% | 02/01/2039 | 3,000 | 3,340,170 | |
California Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2047 | 2,750 | 3,148,530 | |
California State University; | |||||
Series 2012 A, RB(f) | 5.00% | 11/01/2037 | 2,010 | 2,242,778 | |
Series 2015 A, Ref. RB | 5.00% | 11/01/2043 | 3,000 | 3,579,540 | |
Cerritos Community College District (Election of 2012); Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 3,665 | 4,155,780 | |
Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS - NATL)(d)(e) | 0.00% | 08/01/2029 | 625 | 520,306 | |
Compton (City of), CA; Series 2009, RB | 6.00% | 08/01/2039 | 1,750 | 1,754,865 | |
Compton Unified School District; Series 2019 B, GO Bonds (INS -BAM)(d) | 4.00% | 06/01/2049 | 2,705 | 3,028,761 | |
Corona-Norco Unified School District (Community Facilities District No. 98-1); | |||||
Series 2013, Ref. RB | 5.00% | 09/01/2027 | 1,000 | 1,148,440 | |
Series 2013, Ref. RB | 5.00% | 09/01/2029 | 1,720 | 1,967,353 | |
Series 2013, Ref. RB | 5.00% | 09/01/2032 | 1,000 | 1,141,300 | |
Daly City (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB | 6.50% | 12/15/2047 | 1,825 | 1,828,321 | |
Dry Creek Joint Elementary School District (Election of 2008-Measure E); | |||||
Series 2009, GO Bonds(e) | 0.00% | 08/01/2039 | 4,420 | 2,588,396 | |
Series 2009, GO Bonds(e) | 0.00% | 08/01/2048 | 2,860 | 1,216,901 | |
East Bay Municipal Utility District; Series 2010 A, Ref. RB(f) | 5.00% | 06/01/2036 | 2,745 | 2,829,436 | |
Eden (Township of), CA Healthcare District; | |||||
Series 2010, Ref. COP(b)(c) | 6.00% | 06/01/2020 | 1,500 | 1,555,485 | |
Series 2010, Ref. COP(b)(c) | 6.12% | 06/01/2020 | 500 | 518,955 | |
El Segundo Unified School District (Election of 2008); | |||||
Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2031 | 2,735 | 2,129,033 | |
Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2033 | 615 | 450,248 | |
Escondido Union School District (Election of 2014); Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 3,310 | 3,717,295 | |
Fontana (City of), CA Community Facilities District No. 22 (Sierra Hills South); Series 2014, Ref. RB | 5.00% | 09/01/2034 | 1,000 | 1,130,160 | |
Foothill-De Anza Community College District; Series 2011 C, GO Bonds(f) | 5.00% | 08/01/2040 | 13,500 | 14,574,330 | |
Foothill-Eastern Transportation Corridor Agency; | |||||
Series 1995 A, RB(b)(c)(e) | 0.00% | 01/01/2027 | 2,950 | 2,688,748 | |
Series 2015, Ref. RB (INS -AGM)(d)(e) | 0.00% | 01/15/2035 | 6,245 | 4,220,433 | |
Fremont Community Facilities District No. 1 (Pacific Commons); | |||||
Series 2015, Ref. RB | 5.00% | 09/01/2035 | 1,880 | 2,164,858 | |
Series 2015, Ref. RB | 5.00% | 09/01/2045 | 2,095 | 2,378,181 | |
Garden Grove (City of), CA Agency for Community Development; Series 2008, RN | 6.00% | 10/01/2027 | 1,230 | 1,230,640 |
8 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
Gilroy Unified School District (Election of 2008); | |||||
Series 2009 A, GO Bonds(b)(c)(e) | 0.00% | 08/01/2029 | $85 | $73,590 | |
Series 2009 A, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2029 | 665 | 548,738 | |
Golden State Tobacco Securitization Corp.; | |||||
Series 2013 A, RB | 5.00% | 06/01/2030 | 3,000 | 3,432,300 | |
Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 1,805 | 2,130,243 | |
Series 2015 A, Ref. RB | 5.00% | 06/01/2045 | 2,200 | 2,582,316 | |
Series 2017 A-1, Ref. RB | 5.00% | 06/01/2029 | 1,500 | 1,813,995 | |
Series 2018 A-1, Ref. RB | 5.00% | 06/01/2047 | 7,370 | 7,559,114 | |
Series 2018 A-2, Ref. RB | 5.00% | 06/01/2047 | 10,920 | 11,200,207 | |
Grossmont Union High School District (Election of 2004); Series 2006, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2024 | 3,000 | 2,803,680 | |
Inland Empire Tobacco Securitization Authority; | |||||
Series 2007 C-1, RB(e) | 0.00% | 06/01/2036 | 15,000 | 5,037,600 | |
Series 2007 C-2, RB(e) | 0.00% | 06/01/2047 | 35,000 | 5,549,600 | |
Irvine (City of), CA (Reassessment District No. 12-1); | |||||
Series 2012, RB | 5.00% | 09/02/2024 | 1,145 | 1,278,198 | |
Series 2012, RB | 5.00% | 09/02/2025 | 500 | 557,655 | |
Irvine (City of), CA (Reassessment District No. 13-1); | |||||
Series 2012, RB | 5.00% | 09/02/2025 | 355 | 409,315 | |
Series 2012, RB | 5.00% | 09/02/2026 | 400 | 460,508 | |
Series 2012, RB | 5.00% | 09/02/2027 | 325 | 372,509 | |
Series 2012, RB | 5.00% | 09/02/2028 | 350 | 399,655 | |
Series 2012, RB | 5.00% | 09/02/2029 | 705 | 803,714 | |
Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1); | |||||
Series 2014, RB | 5.00% | 09/01/2044 | 1,055 | 1,176,441 | |
Series 2014, RB | 5.00% | 09/01/2049 | 1,055 | 1,172,147 | |
Irvine Ranch Water District; Series 2016, RB(f) | 5.25% | 02/01/2046 | 8,175 | 10,056,803 | |
Irvine Unified School District (Community Facilities District No. 01-1); Series 2015, Ref. RB (INS -BAM)(d) | 5.00% | 09/01/2038 | 1,500 | 1,740,870 | |
Irvine Unified School District (Community Facilities District No. 09-1); | |||||
Series 2017 B, RB | 5.00% | 09/01/2047 | 500 | 586,485 | |
Series 2018 A, Ref. RB | 5.00% | 09/01/2049 | 1,575 | 1,843,254 | |
La Quinta (City of), CA Successor Agency to the Redevelopment Agency (Areas No. 1 and 2); | |||||
Series 2013 A, Ref. RB | 5.00% | 09/01/2027 | 1,000 | 1,145,070 | |
Series 2013 A, Ref. RB | 5.00% | 09/01/2028 | 4,000 | 4,575,240 | |
Long Beach (City of), CA; | |||||
Series 2010 A, RB | 5.00% | 06/01/2040 | 1,590 | 1,632,771 | |
Series 2015, RB | 5.00% | 05/15/2026 | 1,000 | 1,154,920 | |
Series 2015, RB | 5.00% | 05/15/2045 | 4,185 | 4,756,252 | |
Long Beach (City of), CA (Long Beach Towne Center); Series 2008, RB | 5.75% | 10/01/2025 | 2,000 | 2,005,960 | |
Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB | 5.50% | 11/15/2037 | 1,480 | 2,144,964 | |
Long Beach Unified School District; Series 2012, Ref. GO Bonds(f) | 5.00% | 08/01/2031 | 11,625 | 12,920,025 | |
Los Alamitos Unified School District; Series 2013, GO Bonds(g) | 6.01% | 08/01/2040 | 3,340 | 3,330,848 | |
Los Angeles (City of), CA (Sonnenblick Del Rio); Series 2000, COP (INS -AMBAC)(d) | 6.00% | 11/01/2019 | 815 | 818,056 | |
Los Angeles (City of), CA Community Facilities District No. 4 (Playa Vista - Phase 1); | |||||
Series 2014, Ref. RB | 5.00% | 09/01/2029 | 1,000 | 1,175,920 | |
Series 2014, Ref. RB | 5.00% | 09/01/2030 | 1,000 | 1,171,920 | |
Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | |||||
Series 2010 A, RB(f) | 5.00% | 05/15/2035 | 6,000 | 6,167,520 | |
Series 2010 D, RB(f) | 5.25% | 05/15/2033 | 10,000 | 10,300,100 | |
Series 2017 A, RB(i) | 5.00% | 05/15/2037 | 1,500 | 1,820,700 | |
Series 2017 A, RB(i) | 5.00% | 05/15/2042 | 1,000 | 1,201,930 |
9 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
Los Angeles (City of), CA Department of Water & Power; | |||||
Series 2002 A, Ref. VRD RB(j) | 1.03% | 07/01/2035 | $8,150 | $8,150,000 | |
Series 2011 A, RB(b)(c) | 5.00% | 07/01/2021 | 130 | 139,772 | |
Series 2011 A, RB(f) | 5.00% | 07/01/2022 | 9,200 | 9,888,160 | |
Series 2011 A, RB | 5.25% | 07/01/2039 | 2,000 | 2,108,460 | |
Series 2012 A, RB(f) | 5.00% | 07/01/2043 | 5,250 | 5,807,550 | |
Series 2012-XM0482, RB(f) | 5.00% | 06/01/2032 | 10,000 | 11,045,600 | |
Series 2013 B, RB | 5.00% | 07/01/2027 | 3,000 | 3,461,250 | |
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, COP (INS -AMBAC)(d)(e) | 0.00% | 08/01/2026 | 1,200 | 1,058,448 | |
Marin (County of), CA Water District Financing Authority; | |||||
Series 2012 A, RB | 5.00% | 07/01/2044 | 4,000 | 4,419,160 | |
Series 2017, RB(f) | 5.00% | 07/01/2047 | 6,035 | 7,385,030 | |
Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2034 | 850 | 593,139 | |
Modesto (City of), CA (Community Center Refinancing); Series 1993 A, COP (INS -AMBAC)(d) | 5.00% | 11/01/2023 | 2,990 | 3,124,819 | |
Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2031 | 2,000 | 1,529,620 | |
Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS -AMBAC)(d)(e) | 0.00% | 08/01/2029 | 1,250 | 1,043,675 | |
M-S-R Energy Authority; Series 2009 B, RB | 6.12% | 11/01/2029 | 1,000 | 1,296,100 | |
Mt. San Antonio Community College District (Election 2008); Series 2013 A, GO Bonds(g) | 6.25% | 08/01/2043 | 4,000 | 4,080,000 | |
Murrieta (City of), CA Public Financing Authority; | |||||
Series 2012, Ref. RB | 5.00% | 09/01/2025 | 975 | 1,077,902 | |
Series 2012, Ref. RB | 5.00% | 09/01/2026 | 1,000 | 1,105,210 | |
Murrieta Valley Unified School District Public Financing Authority (Election of 2006); Series 2008, GO Bonds (INS -AGM)(d)(e) | 0.00% | 09/01/2031 | 6,670 | 5,173,452 | |
National City (City of), CA Community Development Commission (National City Redevelopment); Series 2011, RB(b)(c) | 7.00% | 08/01/2021 | 750 | 836,640 | |
North Orange County Community College District (Election of 2014); Series 2019 B, GO Bonds | 4.00% | 08/01/2044 | 2,500 | 2,914,150 | |
Northern California Power Agency (Hydroelectric No. 1); Series 2012, Ref. RB | 5.00% | 07/01/2032 | 1,700 | 1,877,548 | |
Northern California Transmission Agency (California-Oregon Transmission); Series 2016, Ref. RB | 5.00% | 05/01/2039 | 1,500 | 1,801,155 | |
Norwalk-La Mirada Unified School District; Series 2005 B, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2029 | 6,000 | 4,994,940 | |
Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2028 | 670 | 570,311 | |
Oakland (Port of), CA; Series 2012 P, Ref. RB(i) | 5.00% | 05/01/2028 | 3,000 | 3,286,920 | |
Oakland Unified School District (County of Alameda); Series 2015 A, GO Bonds | 5.00% | 08/01/2040 | 2,430 | 2,850,827 | |
Orange (County of), CA Community Facilities District No. 2004-1 (Ladera Ranch); | |||||
Series 2014 A, Ref. RB | 5.00% | 08/15/2033 | 1,000 | 1,086,630 | |
Series 2014 A, Ref. RB | 5.00% | 08/15/2034 | 1,000 | 1,085,330 | |
Orange (County of), CA Community Facilities District No. 2015-1 (Esencia Village); | |||||
Series 2015 A, RB | 5.00% | 08/15/2035 | 270 | 310,624 | |
Series 2015 A, RB | 5.25% | 08/15/2045 | 3,555 | 4,089,992 | |
Orange (County of), CA Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, RB | 5.00% | 08/15/2046 | 3,000 | 3,460,800 | |
Oroville (City of), CA (Oroville Hospital); | |||||
Series 2019, RB | 5.25% | 04/01/2039 | 1,175 | 1,435,709 | |
Series 2019, RB | 5.25% | 04/01/2049 | 5,835 | 7,006,668 | |
Palomar Community College District; Series 2010, GO Bonds(g) | 6.37% | 08/01/2045 | 6,670 | 6,691,544 | |
Palomar Pomerado Health; Series 2009, COP(b)(c) | 6.75% | 11/01/2019 | 3,000 | 3,027,060 | |
Planada Elementary School District (Election of 2008); Series 2009 B, GO Bonds (INS -AGC)(d)(e) | 0.00% | 07/01/2049 | 8,440 | 3,158,501 | |
Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia); | |||||
Series 2012, Ref. RB | 5.00% | 09/01/2032 | 1,425 | 1,542,491 | |
Series 2012, Ref. RB | 5.00% | 09/01/2037 | 1,495 | 1,609,696 | |
Regents of the University of California; | |||||
Series 2013 AI, RB(f) | 5.00% | 05/15/2038 | 6,000 | 6,780,000 | |
Series 2016 L, Ref. RB(f) | 5.00% | 05/15/2041 | 6,580 | 7,830,924 | |
Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 10,000 | 12,380,100 |
10 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
Riverside (County of), CA Community Facilities District No. 07-2 (Clinton Keith); | |||||
Series 2015, RB | 5.00% | 09/01/2040 | $2,760 | $3,145,020 | |
Series 2015, RB | 5.00% | 09/01/2044 | 1,500 | 1,703,895 | |
Riverside (County of), CA Public Financing Authority (Desert Communities and Interstate 215 Corridor); Series 2017 A, Ref. RB (INS -BAM)(d) | 5.00% | 10/01/2035 | 1,370 | 1,684,812 | |
Riverside (County of), CA Transportation Commission; Series 2010 A, RB(b)(c) | 5.00% | 06/01/2020 | 2,000 | 2,060,000 | |
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. RB | 5.00% | 09/01/2038 | 1,660 | 1,900,003 | |
Roseville Joint Union High School District; Series 1995 B, GO Bonds (INS -NATL)(d)(e) | 0.00% | 06/01/2020 | 320 | 316,941 | |
Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB | 5.00% | 06/01/2048 | 3,000 | 3,660,660 | |
Sacramento (City of), CA Municipal Utility District; | |||||
Series 2011 X, Ref. RB(b)(c) | 5.00% | 08/15/2021 | 730 | 787,787 | |
Series 2011 X, Ref. RB | 5.00% | 08/15/2027 | 2,120 | 2,286,484 | |
Sacramento (County of), CA; | |||||
Series 2010, RB | 5.00% | 07/01/2040 | 5,000 | 5,149,550 | |
Series 2018 C, Ref. RB(i) | 5.00% | 07/01/2039 | 3,315 | 4,072,676 | |
Sacramento (County of), CA Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2011 A, Ref. RB | 5.00% | 12/01/2026 | 1,500 | 1,636,050 | |
San Diego (City of), CA Public Facilities Financing Authority; Subseries 2012 A, Ref. RB | 5.00% | 08/01/2032 | 5,000 | 5,549,400 | |
San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement); Series 2012 A, RB | 5.00% | 04/15/2037 | 3,000 | 3,303,360 | |
San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment); Series 1999 A, RB | 6.40% | 09/01/2025 | 2,175 | 2,184,026 | |
San Diego (City of), CA Regional Building Authority (County Operations Center); Series 2016 A, Ref. RB | 5.00% | 10/15/2035 | 1,500 | 1,821,570 | |
San Diego (County of), CA Regional Airport Authority; | |||||
Series 2010 A, RB | 5.00% | 07/01/2034 | 4,880 | 5,035,818 | |
Series 2010 A, RB | 5.00% | 07/01/2040 | 2,500 | 2,574,775 | |
San Diego (County of), CA Regional Transportation Commission; Series 2014 A, RB(f) | 5.00% | 04/01/2048 | 7,020 | 8,064,927 | |
San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | |||||
Series 2010 F, RB | 5.00% | 05/01/2040 | 4,000 | 4,096,640 | |
Series 2011 C, Ref. RB(i) | 5.00% | 05/01/2023 | 3,000 | 3,187,200 | |
Series 2011 F, Ref. RB(i) | 5.00% | 05/01/2025 | 5,000 | 5,309,450 | |
Series 2011 G, Ref. RB(b)(c) | 5.25% | 05/03/2021 | 2,170 | 2,325,893 | |
Series 2011 G, Ref. RB | 5.25% | 05/01/2028 | 830 | 887,320 | |
Series 2018 D, RB(f)(i) | 5.25% | 05/01/2048 | 10,500 | 12,980,835 | |
San Francisco (City & County of), CA Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, RB(f) | 5.00% | 11/01/2036 | 6,300 | 6,844,761 | |
San Francisco (City & County of), CA Redevelopment Financing Authority (Mission Bay North Redevelopment); | |||||
Series 2011 C, RB(b)(c) | 6.50% | 02/01/2021 | 400 | 431,568 | |
Series 2011 C, RB(b)(c) | 6.75% | 02/01/2021 | 500 | 541,205 | |
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 | 260,495 | |
Series 2014 A, RB | 5.00% | 08/01/2028 | 370 | 437,466 | |
Series 2014 A, RB | 5.00% | 08/01/2029 | 450 | 531,527 | |
Series 2014 A, RB | 5.00% | 08/01/2032 | 785 | 921,700 | |
Series 2014 A, RB | 5.00% | 08/01/2033 | 375 | 439,699 | |
Series 2014 A, RB | 5.00% | 08/01/2043 | 1,000 | 1,147,160 | |
San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 A, Ref. RB | 5.00% | 08/01/2033 | 1,635 | 1,774,858 | |
San Francisco (City of), CA Bay Area Rapid Transit District; | |||||
Series 2010, Ref. RB(b)(c) | 5.00% | 07/01/2020 | 1,000 | 1,033,780 | |
Series 2012 A, RB | 5.00% | 07/01/2036 | 6,565 | 7,275,793 | |
San Francisco (City of), CA Bay Area Rapid Transit District (Election of 2004); Series 2013 C, GO Bonds(f) | 5.00% | 08/01/2037 | 5,000 | 5,779,250 |
11 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
California–(continued) | |||||
San Francisco (City of), CA Bay Area Rapid Transit District (Election of 2016 Green Bond); Series 2017 A-1, GO Bonds(f) | 5.00% | 08/01/2047 | $ 6,575 | $ 8,114,010 | |
San Francisco (City of), CA Utilities Commission; Series 2012, RB | 5.00% | 11/01/2036 | 5,000 | 5,493,400 | |
San Joaquin Hills Transportation Corridor Agency; Series 2014 A, Ref. RB | 5.00% | 01/15/2044 | 3,275 | 3,763,761 | |
San Jose (City of), CA Financing Authority (Civic Center); Series 2013 A, Ref. RB | 5.00% | 06/01/2039 | 5,000 | 5,669,300 | |
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, GO Bonds (INS -AGM)(d)(e) | 0.00% | 09/01/2032 | 1,000 | 765,580 | |
San Luis Obispo (County of), CA Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS -AGM)(d) | 5.00% | 08/01/2030 | 2,500 | 2,673,250 | |
San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program); Series 2019, RB | 5.00% | 08/01/2049 | 3,330 | 4,256,273 | |
Sanger Unified School District; Series 1999, Ref. GO Bonds (INS -NATL)(d) | 5.60% | 08/01/2023 | 620 | 655,272 | |
Santa Ana Unified School District (Financing Project); Series 1999, COP (INS -AGM)(d)(e) | 0.00% | 04/01/2036 | 1,000 | 625,710 | |
Santa Margarita Water District (Community Facilities District No. 2013-1); | |||||
Series 2013, RB | 5.63% | 09/01/2036 | 1,915 | 2,134,440 | |
Series 2013, RB | 5.63% | 09/01/2043 | 2,880 | 3,210,307 | |
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(e) | 0.00% | 06/01/2036 | 7,000 | 2,765,630 | |
Simi Valley Unified School District (Election of 2004); | |||||
Series 2007 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2028 | 1,520 | 1,303,005 | |
Series 2007 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2029 | 5,000 | 4,162,450 | |
Series 2007 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2030 | 1,210 | 975,599 | |
South Orange (County of), CA Public Financing Authority (Ladera Ranch); | |||||
Series 2014 A, Ref. RB | 5.00% | 08/15/2028 | 750 | 822,750 | |
Series 2014 A, Ref. RB | 5.00% | 08/15/2029 | 900 | 984,654 | |
Series 2014 A, Ref. RB | 5.00% | 08/15/2030 | 1,000 | 1,091,500 | |
Series 2014 A, Ref. RB | 5.00% | 08/15/2032 | 1,680 | 1,826,580 | |
Series 2014 A, Ref. RB | 5.00% | 08/15/2033 | 1,000 | 1,086,220 | |
Southern California Public Power Authority (Milford Wind Corridor Phase II); | |||||
Series 2011 1, RB(f) | 5.25% | 07/01/2031 | 2,850 | 3,062,012 | |
Series 2011-1, RB(f) | 5.25% | 07/01/2029 | 2,850 | 3,063,095 | |
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); | |||||
Series 2006 A-1, RB | 5.00% | 06/01/2037 | 1,640 | 1,646,970 | |
Series 2006 A-1, RB | 5.13% | 06/01/2046 | 8,730 | 8,748,246 | |
Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2008-1 (Tejon Industrial Complex Public Improments -East); Series 2012 B, RB | 5.25% | 09/01/2042 | 1,500 | 1,635,600 | |
Tustin (City of), CA Public Financing Authority; Series 2011 A, RB(b)(c) | 5.00% | 04/01/2021 | 3,500 | 3,730,160 | |
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. RB (INS -BAM)(d) | 5.00% | 09/01/2038 | 7,000 | 8,225,070 | |
University of California; Series 2013 AL-2, Ref. VRD RB(j) | 1.00% | 05/15/2048 | 3,700 | 3,700,000 | |
Vernon (City of), CA; Series 2009 A, RB | 5.13% | 08/01/2021 | 730 | 732,475 | |
West Contra Costa Unified School District; Series 2005, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2025 | 5,000 | 4,559,750 | |
William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2032 | 9,370 | 7,142,845 | |
Woodland (City of), CA Community Facilities District 1; Series 2019, RB | 5.00% | 09/01/2048 | 1,750 | 2,021,285 | |
Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2022 | 2,655 | 2,558,491 | |
957,901,027 | |||||
Guam–4.68% | |||||
Guam (Territory of); Series 2011 A, RB | 5.25% | 01/01/2036 | 3,000 | 3,182,730 | |
Guam (Territory of) (Section 30); | |||||
Series 2009 A, RB(b)(c) | 5.38% | 12/01/2019 | 3,150 | 3,183,264 | |
Series 2009 A, RB(b)(c) | 5.62% | 12/01/2019 | 595 | 601,640 | |
Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 4,000 | 4,635,760 | |
Guam (Territory of) International Airport Authority; Series 2013 C, RB(i) | 6.37% | 10/01/2043 | 3,000 | 3,517,170 |
12 | Invesco California Value Municipal Income Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Guam–(continued) | |||||
Guam (Territory of) Power Authority; | |||||
Series 2012 A, Ref. RB (INS -AGM)(d) | 5.00% | 10/01/2026 | $2,500 | $2,778,550 | |
Series 2012 A, Ref. RB (INS -AGM)(d) | 5.00% | 10/01/2027 | 1,500 | 1,664,775 | |
Series 2012 A, Ref. RB (INS -AGM)(d) | 5.00% | 10/01/2030 | 4,000 | 4,424,760 | |
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB | 5.00% | 07/01/2035 | 1,800 | 2,002,842 | |
Port Authority of Guam; Series 2018 A, RB | 5.00% | 07/01/2048 | 3,675 | 4,406,031 | |
30,397,522 | |||||
Virgin Islands–1.22% | |||||
Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB | 5.00% | 09/01/2044 | 1,720 | 1,642,601 | |
Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(h) | 5.00% | 09/01/2030 | 2,000 | 2,252,899 | |
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, RB | 6.63% | 10/01/2029 | 2,280 | 2,285,882 | |
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); | |||||
Series 2009 B, Ref. RB | 5.00% | 10/01/2025 | 1,665 | 1,660,838 | |
Series 2010 A, RB | 5.00% | 10/01/2029 | 85 | 84,788 | |
7,927,008 | |||||
Puerto Rico–0.78% | |||||
Children’s Trust Fund; Series 2002, RB | 5.50% | 05/15/2039 | 1,860 | 1,891,806 | |
Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS -NATL)(d) | 5.25% | 07/01/2030 | 1,150 | 1,247,796 | |
Puerto Rico Sales Tax Financing Corp.; | |||||
Series 2018 A-1, RB(e) | 0.00% | 07/01/2029 | 1,280 | 941,555 | |
Series 2018 A-1, RB(e) | 0.00% | 07/01/2031 | 1,500 | 1,016,910 | |
5,098,067 | |||||
TOTAL INVESTMENTS IN SECURITIES(k)–154.00% (Cost $907,519,650) | 1,001,323,624 | ||||
FLOATING RATE NOTE OBLIGATIONS–(23.43)% | |||||
Notes with interest and fee rates ranging from 1.83% to 2.12% at 08/31/2019 and contractual maturities of collateral ranging from 07/01/2022 to 04/01/2056 (See Note 1J)(l) | (152,375,000) | ||||
VARIABLE RATE MUNI TERM PREFERRED SHARES–(32.03)% | (208,283,107) | ||||
OTHER ASSETS LESS LIABILITIES–1.46% | 9,553,834 | ||||
NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | $650,219,351 |
AGC | – Assured Guaranty Corp. |
AGM | – Assured Guaranty Municipal Corp. |
AMBAC | – American Municipal Bond Assurance Corp. |
BAM | – Build America Mutual Assurance Co. |
COP | – Certificates of Participation |
GO | – General Obligation |
INS | – Insurer |
NATL | – National Public Finance Guarantee Corp. |
RB | – Revenue Bonds |
Ref. | – Refunding |
RN | – Revenue Notes |
VRD | – Variable Rate Demand |
13 | Invesco California Value Municipal Income Trust |
(a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
(b) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(c) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(d) | Principal and/or interest payments are secured by the bond insurance company listed. |
(e) | Zero coupon bond issued at a discount. |
(f) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(g) | Convertible capital appreciation bond. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date. |
(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, 2019 was $44,246,303, which represented 6.80% of the Trust’s Net Assets. |
(i) | Security subject to the alternative minimum tax. |
(j) | 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, 2019. |
(k) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(l) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2019. At August 31, 2019, the Trust’s investments with a value of $239,118,038 are held by TOB Trusts and serve as collateral for the $152,375,000 in the floating rate note obligations outstanding at that date. |
As of August 31, 2019
Revenue Bonds | 72.5% |
General Obligation Bonds | 19.3 |
Pre-Refunded Bonds | 7.5 |
Other | 0.7 |
14 | Invesco California Value Municipal Income Trust |
Assets: | |
Investments in securities, at value (Cost $907,519,650) | $1,001,323,624 |
Cash | 11,181 |
Receivable for: | |
Investments sold | 316,631 |
Interest | 9,976,479 |
Investment for trustee deferred compensation and retirement plans | 49,742 |
Other assets | 17,259 |
Total assets | 1,011,694,916 |
Liabilities: | |
Floating rate note obligations | 152,375,000 |
Variable rate muni term preferred shares ($0.01 par value, 2,083 shares issued with liquidation preference of $100,000 per share) | 208,283,107 |
Payable for: | |
Dividends | 50,807 |
Accrued fees to affiliates | 7,847 |
Accrued interest expense | 416,942 |
Accrued trustees’ and officers’ fees and benefits | 3,546 |
Accrued other operating expenses | 190,978 |
Trustee deferred compensation and retirement plans | 147,338 |
Total liabilities | 361,475,565 |
Net assets applicable to common shares | $650,219,351 |
Net assets applicable to common shares consist of: | |
Shares of beneficial interest — common shares | $581,493,304 |
Distributable earnings | 68,726,047 |
$650,219,351 | |
Common shares outstanding, no par value, with an unlimited number of common shares authorized: | |
Common shares outstanding | 47,865,334 |
Net asset value per common share | $13.58 |
Market value per common share | $13.48 |
15 | Invesco California Value Municipal Income Trust |
Investment income: | |
Interest | $20,661,362 |
Expenses: | |
Advisory fees | 2,739,792 |
Administrative services fees | 44,509 |
Custodian fees | 6,957 |
Interest, facilities and maintenance fees | 4,831,546 |
Transfer agent fees | 50,511 |
Trustees’ and officers’ fees and benefits | 15,781 |
Registration and filing fees | 21,231 |
Reports to shareholders | 26,859 |
Professional services fees | 81,107 |
Other | 19,311 |
Total expenses | 7,837,604 |
Net investment income | 12,823,758 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from Investment securities | (414,693) |
Change in net unrealized appreciation of Investment securities | 38,486,589 |
Net realized and unrealized gain | 38,071,896 |
Net increase in net assets resulting from operations applicable to common shares | $50,895,654 |
16 | Invesco California Value Municipal Income Trust |
August 31, 2019 | February 28, 2019 | |
Operations: | ||
Net investment income | $12,823,758 | $27,831,185 |
Net realized gain (loss) | (414,693) | (1,336,642) |
Change in net unrealized appreciation (depreciation) | 38,486,589 | (6,526,617) |
Net increase in net assets resulting from operations applicable to common shares | 50,895,654 | 19,967,926 |
Distributions to common shareholders from distributable earnings | (13,813,935) | (28,366,475) |
Return of capital applicable to common shares | — | (927,111) |
Total distributions | (13,813,935) | (29,293,586) |
Net increase (decrease) in net assets applicable to common shares | 37,081,719 | (9,325,660) |
Net assets applicable to common shares: | ||
Beginning of period | 613,137,632 | 622,463,292 |
End of period | $650,219,351 | $613,137,632 |
17 | Invesco California Value Municipal Income Trust |
Cash provided by operating activities: | |
Net increase in net assets resulting from operations applicable to common shares | $50,895,654 |
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: | |
Purchases of investments | (36,265,130) |
Proceeds from sales of investments | 60,249,478 |
Purchases of short-term investments, net | (11,850,000) |
Amortization of premium on investment securities | 2,456,520 |
Accretion of discount on investment securities | (2,274,349) |
Decrease in receivables and other assets | 384,570 |
Increase in accrued expenses and other payables | 93,133 |
Net realized loss from investment securities | 414,693 |
Net change in unrealized appreciation on investment securities | (38,486,589) |
Net cash provided by operating activities | 25,617,980 |
Cash provided by (used in) financing activities: | |
Dividends paid to common shareholders from distributable earnings | (13,821,550) |
Decrease in payable for amount due custodian | (1,540,249) |
Proceeds of TOB Trusts | 9,390,000 |
Repayments of TOB Trusts | (19,635,000) |
Net cash provided by (used in) financing activities | (25,606,799) |
Net increase in cash and cash equivalents | 11,181 |
Cash and cash equivalents at beginning of period | — |
Cash and cash equivalents at end of period | $11,181 |
Supplemental disclosure of cash flow information: | |
Cash paid during the period for interest, facilities and maintenance fees | $4,832,231 |
18 | Invesco California Value Municipal Income Trust |
Six Months Ended August 31, 2019 | Years Ended February 28, | Year Ended February 29, 2016 | Year Ended February 28, 2015 | |||
2019 | 2018 | 2017 | ||||
Net asset value per common share, beginning of period | $12.81 | $13.00 | $13.28 | $13.95 | $13.83 | $12.88 |
Net investment income(a) | 0.27 | 0.58 | 0.64 | 0.70 | 0.78 | 0.79 |
Net gains (losses) on securities (both realized and unrealized) | 0.79 | (0.16) | (0.28) | (0.68) | 0.13 | 0.95 |
Total from investment operations | 1.06 | 0.42 | 0.36 | 0.02 | 0.91 | 1.74 |
Less: | ||||||
Dividends paid to common shareholders from net investment income | (0.29) | (0.59) | (0.64) | (0.69) | (0.79) | (0.79) |
Return of capital | — | (0.02) | — | — | — | — |
Total distributions | (0.29) | (0.61) | (0.64) | (0.69) | (0.79) | (0.79) |
Net asset value per common share, end of period | $13.58 | $12.81 | $13.00 | $13.28 | $13.95 | $13.83 |
Market value per common share, end of period | $13.48 | $12.02 | $11.86 | $12.40 | $13.49 | $13.20 |
Total return at net asset value(b) | 8.43% | 3.81% | 3.00% | 0.20% | 7.20% | 14.37% |
Total return at market value(c) | 14.71% | 6.77% | 0.63% | (3.25)% | 8.62% | 19.16% |
Net assets applicable to common shares, end of period (000’s omitted) | $650,219 | $613,138 | $622,463 | $635,426 | $667,385 | $662,086 |
Portfolio turnover rate(d) | 3% | 14% | 13% | 8% | 11% | 8% |
Ratios/supplemental data based on average net assets applicable to common shares outstanding: | ||||||
Ratio of expenses: | ||||||
With fee waivers and/or expense reimbursements | 2.47%(e) | 2.16% | 2.16% | 1.64% | 1.12% | 1.05% |
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees | 0.95%(e) | 0.98% | 0.99% | 0.82% | 0.68% | 0.53% |
Without fee waivers and/or expense reimbursements | 2.47%(e) | 2.16% | 2.16% | 1.76% | 1.40% | 1.48% |
Ratio of net investment income to average net assets | 4.04%(e) | 4.53% | 4.82% | 5.03% | 5.72% | 5.86% |
Senior securities: | ||||||
Total amount of preferred shares outstanding (000’s omitted) | $208,300 | $208,300 | $208,300 | $188,300 | $188,300 | $188,300 |
Asset coverage per preferred share(f) | $412,155 | $394,353 | $398,830 | $437,454 | $454,427 | $451,602 |
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. Not annualized for periods less than one year, if applicable. |
(c) | 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. |
(d) | Portfolio turnover is not annualized for periods less than one year, if applicable. |
(e) | Ratios are annualized and based on average daily net assets applicable to common shares (000’s omitted) of $631,793. |
(f) | 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. |
19 | Invesco California Value Municipal Income Trust |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. 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. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | 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. | 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), money market funds and other investments held in lieu of cash and excludes investments made with cash collateral received. |
20 | Invesco California Value Municipal Income Trust |
F. | 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. |
G. | 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 and other expenses associated with lines of credit and Variable Rate Muni Term Preferred Shares ("VMTP Shares"), and interest and administrative expenses related to establishing and maintaining floating rate note obligations, if any. |
H. | 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. |
I. | 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. |
J. | 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. |
21 | Invesco California Value Municipal Income Trust |
K. | Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located. |
22 | Invesco California Value Municipal Income Trust |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $8,556,210 | $12,282,478 | $20,838,688 |
* | Capital loss carryforward as of the date listed above 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. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $96,590,868 |
Aggregate unrealized (depreciation) of investments | (5,482,844) |
Net unrealized appreciation of investments | $91,108,024 |
23 | Invesco California Value Municipal Income Trust |
Six Months Ended August 31, 2019 | Year Ended February 28, 2019 | |
Beginning shares | 47,865,334 | 47,865,334 |
Shares issued through dividend reinvestment | — | — |
Ending shares | 47,865,334 | 47,865,334 |
Declaration Date | Amount per Share | Record Date | Payable Date |
September 3, 2019 | $0.0481 | September 18, 2019 | September 30, 2019 |
October 1, 2019 | $0.0430 | October 16, 2019 | October 31, 2019 |
24 | Invesco California Value Municipal Income Trust |
Approval of Investment Advisory andSub-Advisory Contracts
At meetings held on June 10, 2019, 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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of the Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by the Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. 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 contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement, 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 andsub-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 in prior years 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. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-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 oversight and structure, credit analysis and investment risk management. The Board also considerednon-advisory services that Invesco Advisers and its affiliates provide to the Invesco Funds such as various back office support functions, third party oversight, internal audit, valuation, portfolio trading and legal and compliance. The Board also reviewed and considered the benefits to shareholders of investing in a fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. The Board concluded that the
nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory.
The Board reviewed the services that may be provided by the AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which the Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing the Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board considered Fund investment performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund investment performance as a relevant factor in considering whether to approve thesub-advisory contracts for the Fund, as no AffiliatedSub-Adviser currently manages assets of the Fund.
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperClosed-End California Municipal Funds Index. The Board noted that the Fund’s performance was in the second quintile for the one and five year periods and the third quintile for the three year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above 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 Trustees also reviewed more recent Fund performance and this review did not change their 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 andSub-Advisory Fees and Fund Expenses |
The Board compared the Fund’s contractual management fee rate to the contractual
25 Invesco California Value Municipal Income Trust
management fee rates of funds in the Fund’s Broadridge expense group. The Board noted that the contractual management fee rate for shares of the Fund was below the median contractual management fee rate of funds in its expense group. The Board noted that the term “contractual management fee” for funds in the expense group may include both advisory and certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing 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 Board noted that Invesco Advisers and the AffiliatedSub-Advisers do not manage other similarly managed mutual funds or client accounts.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
The Board noted that mostclosed-end funds do not have fund level breakpoints becauseclosed-end funds generally do not experience substantial asset growth after the initial public offering. The Board noted that the Fund does not benefit from economies of scale through contractual breakpoints, but does share in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. 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 and the Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund to be excessive given the nature, extent and quality of the services provided. The Board received
information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
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 money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board considered information regarding the returns of the affiliated money market funds relative to comparable overnight investments, as well as the costs to the Fund of such investments. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Invesco Funds with respect to investments in the affiliated money market funds. The waiver is in 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.
26 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 9, 2019. The Meeting was held for the following purposes:
(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). | Cynthia Hostetler | 44,397,290.51 | 940,405.78 | |||||||
Eli Jones | 44,351,365.51 | 986,330.78 | ||||||||
Ann Barnett Stern | 44,353,399.51 | 984,296.78 | ||||||||
Raymond Stickel, Jr. | 44,084,170.51 | 1,253,525.78 | ||||||||
(2). | Prema Mathai-Davis | 2,083.00 | 0.00 |
27 Invesco California Value Municipal Income Trust
SEC file number: 811-07404 | VK-CE-CAVMI-SAR-1 |
ITEM 2. | CODE OF ETHICS. |
Not applicable for a semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
During the reporting period, PricewaterhouseCoopers LLC (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of October 16, 2019, 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 Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 16, 2019, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on FormN-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 Rule30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS. |
13(a) (1) | Not applicable. |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940. |
13(a) (3) | Not applicable. |
13(a) (4) | Not applicable |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Invesco California Value Municipal Income Trust
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | November 7, 2019 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | November 7, 2019 |
By: | /s/ Kelli Gallegos | |
Kelli Gallegos | ||
Principal Financial Officer | ||
Date: | November 7, 2019 |