Schedule of Investments
November 30, 2019
(Unaudited)
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| Municipal Obligations–155.40%(a) | |||||
| California–148.66% | |||||
| ABAG Finance Authority for Non-profit Corps. (Sharp Healthcare); | |||||
| Series 2012 A, RB | 5.00% | 08/01/2027 | $ 1,000 | $ 1,079,460 | |
| Series 2014 A, RB | 5.00% | 08/01/2043 | 2,000 | 2,229,060 | |
| Alhambra (City of), CA (Atherton Baptist Homes); | |||||
| Series 2010 A, RB(b)(c) | 7.50% | 01/01/2020 | 1,335 | 1,341,715 | |
| Series 2010 A, RB(b)(c) | 7.62% | 01/01/2020 | 750 | 753,840 | |
| Alhambra Unified School District (Election of 2004); | |||||
| Series 2009 B, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2035 | 1,120 | 760,648 | |
| Series 2009 B, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2036 | 1,805 | 1,186,914 | |
| Anaheim City School District (Election of 2002); Series 2007, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2024 | 4,970 | 4,600,977 | |
| Bay Area Toll Authority (San Francisco Bay Area); | |||||
| Series 2017 F-1, RB(f) | 5.00% | 04/01/2056 | 6,600 | 7,852,614 | |
| Series 2017, Ref. RB | 4.00% | 04/01/2037 | 3,365 | 3,803,998 | |
| Series 2017, Ref. RB | 4.00% | 04/01/2049 | 1,240 | 1,362,053 | |
| Bay Area Water Supply & Conservation Agency; Series 2013 A, RB | 5.00% | 10/01/2034 | 3,500 | 3,902,780 | |
| Beverly Hills Unified School District (Election of 2008); | |||||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2026 | 1,245 | 1,120,786 | |
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2028 | 3,000 | 2,567,340 | |
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2031 | 2,010 | 1,565,509 | |
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2032 | 430 | 324,087 | |
| Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS -AGM)(d) | 5.50% | 08/01/2020 | 1,405 | 1,410,086 | |
| 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 | 1,384,344 | |
| California (County of), CA Tobacco Securitization Agency (Los Angeles County Securitization Corp.); Series 2006, RB(g) | 5.70% | 06/01/2046 | 1,970 | 1,982,923 | |
| California (County of), CA Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); Series 2006 A, RB(e) | 0.00% | 06/01/2046 | 10,000 | 2,109,800 | |
| California (State of); | |||||
| Series 2004 A1, VRD GO Bonds (LOC - Citibank N.A.)(h)(i) | 0.41% | 05/01/2034 | 10,025 | 10,025,000 | |
| Series 2004 B1, VRD GO Bonds (LOC - Bank Of Montreal)(h)(i) | 0.42% | 05/01/2033 | 1,900 | 1,900,000 | |
| Series 2004 B1, VRD GO Bonds (LOC - U.S. Bank N.A.)(h)(i) | 0.60% | 05/01/2033 | 1,500 | 1,500,000 | |
| Series 2004 B1, VRD GO Bonds (LOC - Citibank N.A.)(h)(i) | 0.41% | 05/01/2034 | 9,220 | 9,220,000 | |
| Series 2010, GO Bonds | 5.50% | 03/01/2040 | 5,955 | 6,018,063 | |
| Series 2010, GO Bonds | 5.25% | 11/01/2040 | 4,340 | 4,503,184 | |
| Series 2011, GO Bonds | 5.00% | 09/01/2032 | 3,050 | 3,255,143 | |
| Series 2011, GO Bonds | 5.00% | 10/01/2041 | 3,500 | 3,746,505 | |
| Series 2012, GO Bonds | 5.00% | 04/01/2042 | 4,000 | 4,343,680 | |
| Series 2012, Ref. GO Bonds | 5.25% | 02/01/2030 | 2,210 | 2,404,789 | |
| Series 2013, GO Bonds | 5.00% | 04/01/2037 | 11,080 | 12,401,290 | |
| Series 2013, Ref. GO Bonds | 5.25% | 09/01/2030 | 5,000 | 5,741,450 | |
| Series 2016, GO Bonds(f) | 5.00% | 09/01/2045 | 6,600 | 7,844,034 | |
| Series 2017, Ref. GO Bonds | 5.00% | 08/01/2035 | 2,630 | 3,173,279 | |
| California (State of) (Green Bonds); Series 2014, GO Bonds | 5.00% | 10/01/2037 | 1,755 | 2,051,068 | |
| California (State of) Community College Financing Authority (Orange Coast Properties LLC- Orange Coast College); Series 2018, RB | 5.25% | 05/01/2048 | 1,335 | 1,565,862 | |
| California (State of) Community Housing Agency (Annadel Apartments); Series 2019 A, RB(j) | 5.00% | 04/01/2049 | 4,145 | 4,608,162 | |
| California (State of) Department of Water Resources (Central Valley); Series 2012 AN, RB(b)(c) | 5.00% | 12/01/2022 | 1,600 | 1,794,896 | |
| California (State of) Educational Facilities Authority (Art Center College of Design); Series 2018 A, Ref. RB | 5.00% | 12/01/2044 | 2,500 | 3,013,200 | |
See accompanying notes which are an integral part of this schedule.
Invesco California Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| California–(continued) | |||||
| California (State of) Educational Facilities Authority (Chapman University); Series 2015, RB | 5.00% | 04/01/2045 | $ 2,180 | $ 2,508,875 | |
| California (State of) Educational Facilities Authority (Loma Linda University); Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 3,285 | 3,861,747 | |
| California (State of) Educational Facilities Authority (Pitzer College); | |||||
| Series 2009, RB(b)(c) | 5.38% | 04/01/2020 | 2,000 | 2,029,260 | |
| Series 2009, RB(b)(c) | 6.00% | 04/01/2020 | 1,000 | 1,016,640 | |
| California (State of) Educational Facilities Authority (Stanford University); Series 2010, RB(f) | 5.25% | 04/01/2040 | 8,940 | 13,347,778 | |
| California (State of) Health Facilities Financing Authority; Series 2019, RB | 5.00% | 11/15/2049 | 3,310 | 3,913,876 | |
| California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles); | |||||
| Series 2010, RB(b)(c) | 5.25% | 07/01/2020 | 5,050 | 5,173,573 | |
| Series 2017 A, Ref. RB | 5.00% | 08/15/2047 | 3,285 | 3,844,698 | |
| 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 | 12,905,520 | |
| Series 2017, RB | 4.00% | 11/15/2047 | 1,090 | 1,186,716 | |
| California (State of) Health Facilities Financing Authority (St. Joseph Health System); Series 2013 A, RB | 5.00% | 07/01/2037 | 5,000 | 5,593,800 | |
| California (State of) Health Facilities Financing Authority (Stanford Hospital); Series 2008 A-2, Ref. RB(b)(c) | 5.25% | 11/15/2021 | 4,000 | 4,330,680 | |
| California (State of) Health Facilities Financing Authority (Sutter Health); | |||||
| Series 2011 B, RB(b)(c) | 5.50% | 08/15/2020 | 3,500 | 3,610,775 | |
| Series 2012-XM0481, RB(f) | 5.25% | 08/15/2031 | 10,000 | 10,692,400 | |
| California (State of) Housing Finance Agency; Series 2019 A-1, RB | 4.25% | 01/15/2035 | 3,294 | 3,845,576 | |
| California (State of) Housing Finance Agency (Verdant at Green Valley); Series 2019 A, RB(j) | 5.00% | 08/01/2049 | 2,640 | 2,987,556 | |
| California (State of) Municipal Finance Authority (Albert Einstein Academies); Series 2013, RB | 6.75% | 08/01/2033 | 1,555 | 1,726,019 | |
| California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2016 A, Ref. RB | 5.00% | 06/01/2046 | 2,250 | 2,547,180 | |
| California (State of) Municipal Finance Authority (Bella Mente Montessori Academy); | |||||
| Series 2018 A, RB(j) | 5.00% | 06/01/2038 | 560 | 653,946 | |
| Series 2018 A, RB(j) | 5.00% | 06/01/2048 | 1,340 | 1,539,097 | |
| California (State of) Municipal Finance Authority (California Baptist University); Series 2016 A, RB(j) | 5.00% | 11/01/2046 | 1,200 | 1,355,160 | |
| California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 A, RB | 5.25% | 08/15/2049 | 3,700 | 4,113,697 | |
| California (State of) Municipal Finance Authority (Caritas Projects); Series 2017 A, Ref. RB | 4.00% | 08/15/2042 | 2,055 | 2,162,024 | |
| 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 | 3,984,523 | |
| California (State of) Municipal Finance Authority (Community Medical Centers); | |||||
| Series 2017 A, Ref. RB | 5.00% | 02/01/2042 | 375 | 436,354 | |
| Series 2017 A, Ref. RB | 5.00% | 02/01/2047 | 3,620 | 4,185,263 | |
| California (State of) Municipal Finance Authority (Eisenhower Medical Center); | |||||
| Series 2010 A, RB(b)(c) | 5.75% | 07/01/2020 | 3,850 | 3,955,297 | |
| Series 2017 A, Ref. RB | 5.00% | 07/01/2047 | 1,500 | 1,728,540 | |
| California (State of) Municipal Finance Authority (Humangood Obligation Group); Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 3,305 | 3,858,720 | |
| California (State of) Municipal Finance Authority (Linxs APM); Series 2018 A, RB(k) | 5.00% | 12/31/2038 | 3,995 | 4,733,715 | |
| California (State of) Municipal Finance Authority (Mt. San Antonio Gardens); Series 2019, Ref. RB | 5.00% | 11/15/2039 | 1,200 | 1,417,176 | |
| California (State of) Municipal Finance Authority (Orange County Civic Center); Series 2017 A, RB(f) | 5.00% | 06/01/2042 | 10,380 | 12,386,765 | |
| California (State of) Municipal Finance Authority (Palmdale Aerospace Academy (The)); Series 2018 A, RB(j) | 5.00% | 07/01/2049 | 1,200 | 1,347,480 | |
| California (State of) Municipal Finance Authority (Touro College and University System); Series 2014 A, RB | 5.25% | 01/01/2040 | 1,150 | 1,271,590 | |
| 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 | 1,529,763 | |
| California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing); | |||||
| Series 2019, RB | 5.00% | 05/15/2049 | 2,840 | 3,406,097 | |
| Series 2019, RB | 5.00% | 05/15/2052 | 2,375 | 2,838,742 | |
See accompanying notes which are an integral part of this schedule.
Invesco California Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| California–(continued) | |||||
| California (State of) Municipal Finance Authority (United Airlines, Inc.); Series 2019, Ref. RB(k) | 4.00% | 07/15/2029 | $ 2,625 | $ 2,980,714 | |
| California (State of) Municipal Finance Authority (University of La Verne); Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 1,150 | 1,351,066 | |
| California (State of) Municipal Finance Authority (William Jessup University); | |||||
| Series 2019, Ref. RB | 5.00% | 08/01/2039 | 500 | 572,925 | |
| Series 2019, Ref. RB | 5.00% | 08/01/2048 | 2,700 | 3,048,327 | |
| California (State of) Pollution Control Finance Authority; | |||||
| Series 2012, RB(j)(k) | 5.00% | 07/01/2027 | 2,500 | 2,715,775 | |
| Series 2012, RB(j)(k) | 5.00% | 07/01/2037 | 6,000 | 6,417,360 | |
| California (State of) Pollution Control Financing Authority (San Jose Water Co.); Series 2010 A, RB | 5.10% | 06/01/2040 | 5,000 | 5,100,350 | |
| California (State of) Public Finance Authority (Sharp HealthCare); Series 2017 B, VRD RB (LOC - Barclays Bank PLC)(h)(i) | 0.45% | 08/01/2052 | 1,500 | 1,500,000 | |
| California (State of) Public Works Board (Judicial Council); Series 2013 A, RB | 5.00% | 03/01/2038 | 5,450 | 6,030,697 | |
| California (State of) Public Works Board (Various Capital); Series 2012 G, Ref. RB | 5.00% | 11/01/2032 | 1,500 | 1,656,570 | |
| California (State of) Public Works Board (Various State Universities); | |||||
| Series 2013 H, RB(b)(c) | 5.00% | 09/01/2023 | 8,345 | 9,608,600 | |
| Series 2013 H, RB(b)(c) | 5.00% | 09/01/2023 | 2,000 | 2,302,840 | |
| California (State of) School Finance Authority (Alliance for College-Ready Public Schools); | |||||
| Series 2013 A, RB | 6.30% | 07/01/2043 | 2,000 | 2,267,620 | |
| Series 2015, RB(j) | 5.00% | 07/01/2045 | 2,635 | 2,930,225 | |
| California (State of) School Finance Authority (Aspire Public Schools); | |||||
| Series 2015 A, Ref. RB(j) | 5.00% | 08/01/2045 | 600 | 666,096 | |
| Series 2016, Ref. RB(j) | 5.00% | 08/01/2046 | 1,500 | 1,664,310 | |
| California (State of) School Finance Authority (Granada Hills Charter Obligated Group); Series 2019, RB(j) | 5.00% | 07/01/2049 | 1,900 | 2,160,053 | |
| California (State of) School Finance Authority (Green Dot Public Schools); Series 2018 A, RB(j) | 5.00% | 08/01/2048 | 1,750 | 2,041,252 | |
| California (State of) School Finance Authority (KIPP LA); | |||||
| Series 2014 A, RB | 5.00% | 07/01/2034 | 600 | 669,252 | |
| Series 2014 A, RB | 5.13% | 07/01/2044 | 750 | 827,925 | |
| Series 2015 A, RB(j) | 5.00% | 07/01/2045 | 1,150 | 1,285,137 | |
| California (State of) School Finance Authority (Kipp Socal Public Schools); Series 2019 A, RB(j) | 5.00% | 07/01/2039 | 750 | 907,523 | |
| California (State of) School Finance Authority (New Designs Charter School); | ��� | ||||
| Series 2012 A, RB | 5.25% | 06/01/2032 | 3,080 | 3,279,738 | |
| Series 2012, RB | 5.50% | 06/01/2042 | 450 | 477,734 | |
| California (State of) Statewide Communities Development Authority; Series 2011, RB | 6.75% | 07/01/2031 | 1,425 | 1,508,519 | |
| California (State of) Statewide Communities Development Authority (Adventist Health System); | |||||
| Series 2015, Ref. RB | 5.00% | 03/01/2033 | 1,730 | 2,046,867 | |
| Series 2015, Ref. RB | 5.00% | 03/01/2045 | 5,585 | 6,468,324 | |
| California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012 A, RB | 6.37% | 07/01/2047 | 2,060 | 2,190,027 | |
| California (State of) Statewide Communities Development Authority (California Baptist University); | |||||
| Series 2014 A, RB | 6.37% | 11/01/2043 | 4,035 | 4,638,394 | |
| Series 2017 A, Ref. RB(j) | 5.00% | 11/01/2041 | 1,000 | 1,152,820 | |
| California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB | 5.25% | 11/01/2030 | 4,325 | 4,479,575 | |
| California (State of) Statewide Communities Development Authority (Eskaton Properties, Inc.); Series 2012, RB | 5.25% | 11/15/2034 | 1,500 | 1,628,220 | |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2017, Ref. RB | 5.00% | 04/01/2047 | 4,580 | 5,339,914 | |
| 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 | 1,691,370 | |
| California (State of) Statewide Communities Development Authority (John Muir Health); Series 2016 A, Ref. RB | 5.00% | 08/15/2051 | 1,250 | 1,454,500 | |
| California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012 A, RB | 5.00% | 04/01/2042 | 5,000 | 5,432,000 | |
See accompanying notes which are an integral part of this schedule.
Invesco California Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| California–(continued) | |||||
| California (State of) Statewide Communities Development Authority (Lancer Educational Student Housing); | |||||
| Series 2016, Ref. RB(j) | 5.00% | 06/01/2046 | $ 2,000 | $ 2,221,980 | |
| Series 2019, RB(j) | 5.00% | 06/01/2039 | 375 | 437,576 | |
| Series 2019, RB(j) | 5.00% | 06/01/2051 | 1,145 | 1,317,666 | |
| California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB | 5.50% | 12/01/2054 | 3,500 | 3,892,840 | |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Sothern California); Series 2018; RB | 5.00% | 01/01/2048 | 1,005 | 1,172,433 | |
| California (State of) Statewide Communities Development Authority (NCCD-Hooper Street LLC-California College of the Arts); | |||||
| Series 2019, RB(j) | 5.25% | 07/01/2039 | 910 | 1,064,454 | |
| Series 2019, RB(j) | 5.25% | 07/01/2049 | 2,500 | 2,881,950 | |
| California (State of) Statewide Communities Development Authority (Trinity Health Credit Group); Series 2011, Ref. RB(f) | 5.00% | 12/01/2041 | 10,090 | 10,759,169 | |
| California (State of) Statewide Communities Development Authority (University of California - Irvine East Campus Apartments); Series 2017, RB | 5.00% | 05/15/2050 | 3,500 | 4,064,515 | |
| California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2006 A, RB(e) | 0.00% | 06/01/2046 | 17,000 | 3,307,010 | |
| California Infrastructure & Economic Development Bank; Series 2003 A, RB(b)(c) | 5.00% | 01/01/2028 | 1,500 | 1,935,135 | |
| California Infrastructure & Economic Development Bank (Independent System Operator Corp.); Series 2013, Ref. RB | 5.00% | 02/01/2039 | 3,000 | 3,297,060 | |
| California Public Finance Authority (Henry Mayo Newhall Hospital); Series 2017, Ref. RB | 5.00% | 10/15/2047 | 2,750 | 3,098,150 | |
| California State University; | |||||
| Series 2012 A, RB(f) | 5.00% | 11/01/2037 | 2,010 | 2,220,407 | |
| Series 2015 A, Ref. RB | 5.00% | 11/01/2043 | 3,000 | 3,518,640 | |
| Cerritos Community College District (Election of 2012); Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 3,665 | 4,084,423 | |
| Clovis Unified School District (Election of 2004); Series 2004 A, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2029 | 625 | 508,563 | |
| Compton (City of), CA; Series 2009, RB | 6.00% | 08/01/2039 | 1,750 | 1,754,918 | |
| Compton Unified School District; Series 2019 B, GO Bonds (INS -BAM)(d) | 4.00% | 06/01/2049 | 2,705 | 2,989,999 | |
| Corona-Norco Unified School District (Community Facilities District No. 98-1); | |||||
| Series 2013, Ref. RB | 5.00% | 09/01/2027 | 1,000 | 1,135,620 | |
| Series 2013, Ref. RB | 5.00% | 09/01/2029 | 1,720 | 1,948,536 | |
| Series 2013, Ref. RB | 5.00% | 09/01/2032 | 1,000 | 1,128,960 | |
| Daly City (City of), CA Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. RB | 6.50% | 12/15/2047 | 1,800 | 1,803,186 | |
| Dry Creek Joint Elementary School District (Election of 2008-Measure E); | |||||
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2039 | 4,420 | 2,509,101 | |
| Series 2009, GO Bonds(e) | 0.00% | 08/01/2048 | 2,860 | 1,157,785 | |
| East Bay Municipal Utility District; Series 2010 A, Ref. RB(f) | 5.00% | 06/01/2036 | 2,745 | 2,801,218 | |
| Eden (Township of), CA Healthcare District; | |||||
| Series 2010, Ref. COP(b)(c) | 6.00% | 06/01/2020 | 1,500 | 1,536,900 | |
| Series 2010, Ref. COP(b)(c) | 6.12% | 06/01/2020 | 500 | 512,605 | |
| El Segundo Unified School District (Election of 2008); | |||||
| Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2031 | 2,735 | 2,105,759 | |
| Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2033 | 615 | 444,614 | |
| Escondido Union School District (Election of 2014); Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 3,310 | 3,666,719 | |
| Fontana (City of), CA Community Facilities District No. 22 (Sierra Hills South); Series 2014, Ref. RB | 5.00% | 09/01/2034 | 1,000 | 1,121,140 | |
| Foothill-De Anza Community College District; Series 2011 C, GO Bonds(f) | 5.00% | 08/01/2040 | 13,500 | 14,419,620 | |
| Foothill-Eastern Transportation Corridor Agency; | |||||
| Series 1995 A, RB(b)(e) | 0.00% | 01/01/2027 | 2,950 | 2,655,767 | |
| Series 2015, Ref. RB (INS -AGM)(d)(e) | 0.00% | 01/15/2035 | 6,245 | 4,147,929 | |
| Fremont Community Facilities District No. 1 (Pacific Commons); | |||||
| Series 2015, Ref. RB | 5.00% | 09/01/2035 | 1,880 | 2,147,280 | |
| Series 2015, Ref. RB | 5.00% | 09/01/2045 | 2,095 | 2,361,274 | |
See accompanying notes which are an integral part of this schedule.
Invesco California Value Municipal Income Trust
| Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
| California–(continued) | |||||
| Garden Grove (City of), CA Agency for Community Development; Series 2008, RN | 6.00% | 10/01/2027 | $ 1,125 | $ 1,125,551 | |
| Gilroy Unified School District (Election of 2008); | |||||
| Series 2009 A, GO Bonds(b)(e) | 0.00% | 08/01/2029 | 85 | 71,693 | |
| Series 2009 A, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2029 | 665 | 546,830 | |
| Golden State Tobacco Securitization Corp.; | |||||
| Series 2013 A, RB | 5.00% | 06/01/2030 | 3,000 | 3,366,570 | |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2040 | 1,805 | 2,089,757 | |
| Series 2015 A, Ref. RB | 5.00% | 06/01/2045 | 2,200 | 2,532,728 | |
| Series 2017 A-1, Ref. RB | 5.00% | 06/01/2029 | 1,500 | 1,785,330 | |
| Series 2018 A-1, Ref. RB | 5.00% | 06/01/2047 | 7,370 | 7,583,066 | |
| Series 2018 A-2, Ref. RB | 5.00% | 06/01/2047 | 10,920 | 11,235,697 | |
| Grossmont Union High School District (Election of 2004); Series 2006, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2024 | 3,000 | 2,790,120 | |
| Inland Empire Tobacco Securitization Authority; | |||||
| Series 2007 C-1, RB(e) | 0.00% | 06/01/2036 | 15,000 | 5,119,350 | |
| Series 2007 C-2, RB(e) | 0.00% | 06/01/2047 | 35,000 | 5,641,300 | |
| Irvine (City of), CA (Reassessment District No. 12-1); | |||||
| Series 2012, RB | 5.00% | 09/02/2024 | 1,145 | 1,263,393 | |
| Series 2012, RB | 5.00% | 09/02/2025 | 500 | 550,770 | |
| Irvine (City of), CA (Reassessment District No. 13-1); | |||||
| Series 2012, RB | 5.00% | 09/02/2025 | 355 | 403,312 | |
| Series 2012, RB | 5.00% | 09/02/2026 | 400 | 453,476 | |
| Series 2012, RB | 5.00% | 09/02/2027 | 325 | 367,110 | |
| Series 2012, RB | 5.00% | 09/02/2028 | 350 | 393,617 | |
| Series 2012, RB | 5.00% | 09/02/2029 | 705 | 791,511 | |
| 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 | 1,168,244 | |
| Series 2014, RB | 5.00% | 09/01/2049 | 1,055 | 1,164,171 | |
| Irvine Ranch Water District; Series 2016, RB(f) | 5.25% | 02/01/2046 | 8,175 | 9,871,149 | |
| Irvine Unified School District (Community Facilities District No. 01-1); Series 2015, Ref. RB (INS -BAM)(d) | 5.00% | 09/01/2038 | 1,500 | 1,714,800 | |
| Irvine Unified School District (Community Facilities District No. 09-1); | |||||
| Series 2017 B, RB | 5.00% | 09/01/2047 | 500 | 582,900 | |
| Series 2018 A, Ref. RB | 5.00% | 09/01/2049 | 1,575 | 1,833,316 | |
| 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 | 1,138,770 | |
| Series 2013 A, Ref. RB | 5.00% | 09/01/2028 | 4,000 | 4,544,040 | |
| Long Beach (City of), CA; | |||||
| Series 2010 A, RB | 5.00% | 06/01/2040 | 1,590 | 1,618,827 | |
| Series 2015, RB | 5.00% | 05/15/2026 | 1,000 | 1,144,170 | |
| Series 2015, RB | 5.00% | 05/15/2045 | 4,185 | 4,728,004 | |
| Long Beach (City of), CA (Long Beach Towne Center); Series 2008, RB | 5.75% | 10/01/2025 | 2,000 | 2,025,540 | |
| Long Beach (City of), CA Bond Finance Authority; Series 2007 A, RB | 5.50% | 11/15/2037 | 1,480 | 2,088,591 | |
| Long Beach Unified School District; Series 2012, Ref. GO Bonds(f) | 5.00% | 08/01/2031 | 11,625 | 12,788,663 | |
| Los Alamitos Unified School District; Series 2013, GO Bonds(g) | 6.01% | 08/01/2040 | 3,340 | 3,279,312 | |
| 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 | 1,156,150 | |
| Series 2014, Ref. RB | 5.00% | 09/01/2030 | 1,000 | 1,152,620 | |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport); | |||||
| Series 2010 A, RB(f) | 5.00% | 05/15/2035 | 6,000 | 6,105,000 | |
| Series 2010 D, RB(f) | 5.25% | 05/15/2033 | 10,000 | 10,189,400 | |
| Series 2017 A, RB(k) | 5.00% | 05/15/2037 | 1,500 | 1,793,025 | |
| Series 2017 A, RB(k) | 5.00% | 05/15/2042 | 1,000 | 1,182,540 | |
See accompanying notes which are an integral part of this schedule.
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(h) | 0.51% | 07/01/2035 | $ 7,750 | $ 7,750,000 | |
| Series 2011 A, RB(b)(c) | 5.00% | 07/01/2021 | 130 | 138,310 | |
| Series 2011 A, RB(f) | 5.00% | 07/01/2022 | 9,200 | 9,785,856 | |
| Series 2011 A, RB | 5.25% | 07/01/2039 | 2,000 | 2,087,320 | |
| Series 2012 A, RB(f) | 5.00% | 07/01/2043 | 5,250 | 5,753,895 | |
| Series 2012-XM0482, RB(f) | 5.00% | 06/01/2032 | 10,000 | 10,934,800 | |
| Series 2013 B, RB | 5.00% | 07/01/2027 | 3,000 | 3,419,220 | |
| 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 | 1,036,980 | |
| Marin (County of), CA Water District Financing Authority; | |||||
| Series 2012 A, RB | 5.00% | 07/01/2044 | 4,000 | 4,360,440 | |
| Series 2017, RB(f) | 5.00% | 07/01/2047 | 6,035 | 7,246,707 | |
| Menifee Union School District (Election of 2008); Series 2009 C, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2034 | 850 | 587,979 | |
| Modesto (City of), CA (Community Center Refinancing); Series 1993 A, COP (INS -AMBAC)(d) | 5.00% | 11/01/2023 | 2,450 | 2,563,631 | |
| Moorpark Unified School District (Election of 2008); Series 2009 A, GO Bonds (INS -AGC)(d)(e) | 0.00% | 08/01/2031 | 2,000 | 1,534,540 | |
| Moreland School District (Crossover Series 14); Series 2006 C, Ref. GO Bonds (INS -AMBAC)(d)(e) | 0.00% | 08/01/2029 | 1,250 | 1,025,913 | |
| M-S-R Energy Authority; Series 2009 B, RB | 6.12% | 11/01/2029 | 995 | 1,265,829 | |
| Mt. San Antonio Community College District (Election 2008); Series 2013 A, GO Bonds(g) | 6.25% | 08/01/2043 | 4,000 | 3,981,800 | |
| Murrieta (City of), CA Public Financing Authority; | |||||
| Series 2012, Ref. RB | 5.00% | 09/01/2025 | 975 | 1,065,324 | |
| Series 2012, Ref. RB | 5.00% | 09/01/2026 | 1,000 | 1,091,200 | |
| 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 | 5,035,583 | |
| National City (City of), CA Community Development Commission (National City Redevelopment); Series 2011, RB(b)(c) | 7.00% | 08/01/2021 | 750 | 824,453 | |
| North Orange County Community College District (Election of 2014); Series 2019 B, GO Bonds | 4.00% | 08/01/2044 | 2,500 | 2,855,050 | |
| Northern California Power Agency (Hydroelectric No. 1); Series 2012, Ref. RB | 5.00% | 07/01/2032 | 1,700 | 1,859,970 | |
| Northern California Transmission Agency (California-Oregon Transmission); Series 2016, Ref. RB | 5.00% | 05/01/2039 | 1,500 | 1,785,120 | |
| Norwalk-La Mirada Unified School District; Series 2005 B, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2029 | 6,000 | 4,910,280 | |
| Oak Grove School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2028 | 670 | 562,170 | |
| Oakland (Port of), CA; Series 2012 P, Ref. RB(k) | 5.00% | 05/01/2028 | 3,000 | 3,254,070 | |
| Oakland Unified School District (County of Alameda); Series 2015 A, GO Bonds | 5.00% | 08/01/2040 | 2,430 | 2,817,877 | |
| Orange (County of), CA Community Facilities District No. 2004-1 (Ladera Ranch); | |||||
| Series 2014 A, Ref. RB | 5.00% | 08/15/2033 | 1,000 | 1,074,650 | |
| Series 2014 A, Ref. RB | 5.00% | 08/15/2034 | 1,000 | 1,073,750 | |
| Orange (County of), CA Community Facilities District No. 2015-1 (Esencia Village); | |||||
| Series 2015 A, RB | 5.00% | 08/15/2035 | 270 | 308,108 | |
| Series 2015 A, RB | 5.25% | 08/15/2045 | 3,555 | 4,059,063 | |
| Orange (County of), CA Community Facilities District No. 2016-1 (Esencia Village); Series 2016 A, RB | 5.00% | 08/15/2046 | 3,000 | 3,435,750 | |
| Oroville (City of), CA (Oroville Hospital); | |||||
| Series 2019, RB | 5.25% | 04/01/2039 | 1,175 | 1,408,766 | |
| Series 2019, RB | 5.25% | 04/01/2049 | 5,835 | 6,844,163 | |
| Palomar Community College District; Series 2010, GO Bonds(g) | 6.37% | 08/01/2045 | 6,670 | 6,717,690 | |
| Planada Elementary School District (Election of 2008); Series 2009 B, GO Bonds (INS -AGC)(d)(e) | 0.00% | 07/01/2049 | 8,440 | 3,131,915 | |
| Rancho Cordova (City of), CA Community Facilities District No. 2003-1 (Sunridge Anatolia); | |||||
| Series 2012, Ref. RB | 5.00% | 09/01/2032 | 1,425 | 1,530,650 | |
| Series 2012, Ref. RB | 5.00% | 09/01/2037 | 1,495 | 1,598,006 | |
| Regents of the University of California; | |||||
| Series 2013 AI, RB(f) | 5.00% | 05/15/2038 | 6,000 | 6,712,320 | |
| Series 2016 L, Ref. RB(f) | 5.00% | 05/15/2041 | 6,580 | 7,699,916 | |
| Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 10,000 | 12,176,700 | |
See accompanying notes which are an integral part of this schedule.
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 | $ 3,122,250 | |
| Series 2015, RB | 5.00% | 09/01/2044 | 1,500 | 1,691,745 | |
| 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 | 1,655,124 | |
| Riverside (County of), CA Transportation Commission; Series 2010 A, RB(b)(c) | 5.00% | 06/01/2020 | 2,000 | 2,040,460 | |
| Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. RB | 5.00% | 09/01/2038 | 1,660 | 1,885,926 | |
| Roseville Joint Union High School District; Series 1995 B, GO Bonds (INS -NATL)(d)(e) | 0.00% | 06/01/2020 | 320 | 318,176 | |
| Sacramento (City of), CA (Convention Center Complex); Series 2018 A, RB | 5.00% | 06/01/2048 | 3,000 | 3,591,660 | |
| Sacramento (City of), CA Municipal Utility District; Series 2011 X, Ref. RB(b)(c) | 5.00% | 08/15/2021 | 730 | 779,604 | |
| Sacramento (County of), CA; | |||||
| Series 2010, RB | 5.00% | 07/01/2040 | 5,000 | 5,104,900 | |
| Series 2018 C, Ref. RB(k) | 5.00% | 07/01/2039 | 3,315 | 3,997,194 | |
| 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 | 1,619,175 | |
| Sacramento Municipal Utility District; Series 2011 X, Ref. RB | 5.00% | 08/15/2027 | 2,120 | 2,262,337 | |
| San Diego (City of), CA Public Facilities Financing Authority; Subseries 2012 A, Ref. RB | 5.00% | 08/01/2032 | 5,000 | 5,493,550 | |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement); Series 2012 A, RB | 5.00% | 04/15/2037 | 3,000 | 3,261,210 | |
| San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment); Series 1999 A, RB | 6.40% | 09/01/2025 | 2,175 | ��� 2,184,244 | |
| San Diego (City of), CA Regional Building Authority (County Operations Center); Series 2016 A, Ref. RB | 5.00% | 10/15/2035 | 1,500 | 1,791,555 | |
| San Diego (County of), CA Regional Airport Authority; | |||||
| Series 2010 A, RB(b) | 5.00% | 07/01/2034 | 4,880 | 4,995,314 | |
| Series 2010 A, RB(b) | 5.00% | 07/01/2040 | 2,500 | 2,559,075 | |
| Series 2019 A, Ref. RB | 5.00% | 07/01/2049 | 2,740 | 3,378,338 | |
| San Diego (County of), CA Regional Transportation Commission; Series 2014 A, RB(f) | 5.00% | 04/01/2048 | 7,020 | 7,952,607 | |
| San Francisco (City & County of), CA Airport Commission; | |||||
| Series 2010 F, RB(b)(c) | 5.00% | 05/01/2020 | 10 | 10,166 | |
| Series 2010 F, RB | 5.00% | 05/01/2040 | 3,990 | 4,051,765 | |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport); | |||||
| Series 2011 C, Ref. RB(k) | 5.00% | 05/01/2023 | 3,000 | 3,165,390 | |
| Series 2011 F, Ref. RB(k) | 5.00% | 05/01/2025 | 5,000 | 5,274,200 | |
| Series 2011 G, Ref. RB(b)(c) | 5.25% | 05/03/2021 | 2,170 | 2,300,655 | |
| Series 2011 G, Ref. RB | 5.25% | 05/01/2028 | 830 | 879,012 | |
| Series 2018 D, RB(f)(k) | 5.25% | 05/01/2048 | 10,500 | 12,725,475 | |
| 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 | 6,769,917 | |
| 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 | 425,664 | |
| Series 2011 C, RB(b)(c) | 6.75% | 02/01/2021 | 500 | 533,520 | |
| 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 | 257,215 | |
| Series 2014 A, RB | 5.00% | 08/01/2028 | 370 | 430,144 | |
| Series 2014 A, RB | 5.00% | 08/01/2029 | 450 | 522,504 | |
| Series 2014 A, RB | 5.00% | 08/01/2032 | 785 | 907,232 | |
| Series 2014 A, RB | 5.00% | 08/01/2033 | 375 | 432,791 | |
| Series 2014 A, RB | 5.00% | 08/01/2043 | 1,000 | 1,130,090 | |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvement); Series 2013 A, Ref. RB | 5.00% | 08/01/2033 | 1,635 | 1,760,617 | |
| San Francisco (City of), CA Bay Area Rapid Transit District; | |||||
| Series 2010, Ref. RB(b)(c) | 5.00% | 07/01/2020 | 1,000 | 1,023,630 | |
| Series 2012 A, RB(b)(c) | 5.00% | 07/01/2022 | 6,565 | 7,245,725 | |
See accompanying notes which are an integral part of this schedule.
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 2004); Series 2013 C, GO Bonds(f) | 5.00% | 08/01/2037 | $ 5,000 | $ 5,730,750 | ||
| 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 | 7,996,384 | ||
| San Francisco (City of), CA Utilities Commission; Series 2012, RB | 5.00% | 11/01/2036 | 5,000 | 5,440,850 | ||
| San Joaquin Hills Transportation Corridor Agency; Series 2014 A, Ref. RB | 5.00% | 01/15/2044 | 3,275 | 3,709,822 | ||
| San Jose (City of), CA Financing Authority (Civic Center); Series 2013 A, Ref. RB | 5.00% | 06/01/2039 | 5,000 | 5,620,850 | ||
| 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 | 750,050 | ||
| 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 | 2,648,275 | ||
| San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program); Series 2019, RB | 5.00% | 08/01/2049 | 3,330 | 4,168,794 | ||
| Sanger Unified School District; Series 1999, Ref. GO Bonds (INS -NATL)(d) | 5.60% | 08/01/2023 | 620 | 648,129 | ||
| Santa Ana Unified School District (Financing Project); Series 1999, COP (INS -AGM)(d)(e) | 0.00% | 04/01/2036 | 1,000 | 608,410 | ||
| Santa Margarita Water District (Community Facilities District No. 2013-1); | ||||||
| Series 2013, RB | 5.63% | 09/01/2036 | 1,915 | 2,117,090 | ||
| Series 2013, RB | 5.63% | 09/01/2043 | 2,880 | 3,185,280 | ||
| Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, RB(e) | 0.00% | 06/01/2036 | 7,000 | 2,803,780 | ||
| Simi Valley Unified School District (Election of 2004); | ||||||
| Series 2007 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2028 | 1,520 | 1,278,654 | ||
| Series 2007 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2029 | 5,000 | 4,076,300 | ||
| Series 2007 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2030 | 1,210 | 956,578 | ||
| South Orange (County of), CA Public Financing Authority (Ladera Ranch); | ||||||
| Series 2014 A, Ref. RB | 5.00% | 08/15/2028 | 750 | 812,513 | ||
| Series 2014 A, Ref. RB | 5.00% | 08/15/2029 | 900 | 972,630 | ||
| Series 2014 A, Ref. RB | 5.00% | 08/15/2030 | 1,000 | 1,078,550 | ||
| Series 2014 A, Ref. RB | 5.00% | 08/15/2032 | 1,680 | 1,806,370 | ||
| Series 2014 A, Ref. RB | 5.00% | 08/15/2033 | 1,000 | 1,074,300 | ||
| Southern California Public Power Authority (Milford Wind Corridor Phase II); | ||||||
| Series 2011 1, RB(f) | 5.25% | 07/01/2031 | 2,850 | 3,034,709 | ||
| Series 2011-1, RB(f) | 5.25% | 07/01/2029 | 2,850 | 3,038,442 | ||
| Southern California Tobacco Securitization Authority (San Diego County Asset Securitization Corp.); Series 2019, Ref. RB | 5.00% | 06/01/2048 | 2,500 | 2,957,450 | ||
| 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 | 1,623,885 | ||
| Tustin (City of), CA Public Financing Authority; Series 2011 A, RB(b)(c) | 5.00% | 04/01/2021 | 3,500 | 3,690,855 | ||
| Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. RB (INS -BAM)(d) | 5.00% | 09/01/2038 | 7,000 | 8,096,480 | ||
| University of California; Series 2013 AL-2, Ref. VRD RB(h) | 0.48% | 05/15/2048 | 2,100 | 2,100,000 | ||
| Vernon (City of), CA; Series 2009 A, RB | 5.13% | 08/01/2021 | 730 | 740,957 | ||
| West Contra Costa Unified School District; Series 2005, GO Bonds (INS -NATL)(d)(e) | 0.00% | 08/01/2025 | 5,000 | 4,551,850 | ||
| William S. Hart Union High School District (Election of 2008); Series 2009 A, GO Bonds(e) | 0.00% | 08/01/2032 | 9,370 | 7,000,421 | ||
| Woodland (City of), CA Community Facilities District 1; Series 2019, RB | 5.00% | 09/01/2048 | 1,750 | 2,007,775 | ||
| Yosemite Community College District (Election of 2004); Series 2008 C, GO Bonds (INS -AGM)(d)(e) | 0.00% | 08/01/2022 | 2,655 | 2,563,774 | ||
| 950,205,967 | ||||||
| Guam–4.70% | ||||||
| Guam (Territory of); Series 2011 A, RB | 5.25% | 01/01/2036 | 3,000 | 3,155,280 | ||
| Guam (Territory of) (Section 30); | ||||||
| Series 2009 A, RB(b)(c) | 5.38% | 12/01/2019 | 3,150 | 3,150,000 | ||
| Series 2009 A, RB(b)(c) | 5.63% | 12/01/2019 | 595 | 595,000 | ||
| Series 2016 A, Ref. RB | 5.00% | 12/01/2031 | 4,000 | 4,591,880 | ||
| Guam (Territory of) International Airport Authority; Series 2013 C, RB(k) | 6.37% | 10/01/2043 | 3,000 | 3,461,760 | ||
See accompanying notes which are an integral part of this schedule.
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 | $ 2,742,375 | ||
| Series 2012 A, Ref. RB (INS -AGM)(d) | 5.00% | 10/01/2027 | 1,500 | 1,643,460 | ||
| Series 2012 A, Ref. RB (INS -AGM)(d) | 5.00% | 10/01/2030 | 4,000 | 4,365,320 | ||
| Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. RB | 5.00% | 07/01/2035 | 1,800 | 1,989,972 | ||
| Port Authority of Guam; Series 2018 A, RB | 5.00% | 07/01/2048 | 3,675 | 4,324,740 | ||
| 30,019,787 | ||||||
| Virgin Islands–1.24% | ||||||
| Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. RB | 5.00% | 09/01/2044 | 1,720 | 1,642,600 | ||
| Virgin Islands (Government of) Public Finance Authority; Series 2015, RB(j) | 5.00% | 09/01/2030 | 2,000 | 2,218,160 | ||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, RB | 6.63% | 10/01/2029 | 2,280 | 2,285,791 | ||
| Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); | ||||||
| Series 2009 B, Ref. RB | 5.00% | 10/01/2025 | 1,665 | 1,668,130 | ||
| Series 2010 A, RB | 5.00% | 10/01/2029 | 85 | 85,373 | ||
| 7,900,054 | ||||||
| Puerto Rico–0.80% | ||||||
| Children’s Trust Fund; Series 2002, RB | 5.50% | 05/15/2039 | 1,860 | 1,892,922 | ||
| Puerto Rico (Commonwealth of) Electric Power Authority; Series 2007 VV, Ref. RB (INS -NATL)(d) | 5.25% | 07/01/2030 | 1,150 | 1,238,826 | ||
| Puerto Rico Sales Tax Financing Corp.; | ||||||
| Series 2018 A-1, RB(e) | 0.00% | 07/01/2029 | 1,280 | 948,185 | ||
| Series 2018 A-1, RB(e) | 0.00% | 07/01/2031 | 1,500 | 1,026,945 | ||
| 5,106,878 | ||||||
| TOTAL INVESTMENTS IN SECURITIES(l)–155.40% (Cost $912,422,825) | 993,232,686 | |||||
| FLOATING RATE NOTE OBLIGATIONS–(23.14)% | ||||||
| Notes with interest and fee rates ranging from 1.58% to 1.87% at 11/30/2019 and contractual maturities of collateral ranging from 07/01/2022 to 04/01/2056(m) | (147,875,000) | |||||
| VARIABLE RATE MUNI TERM PREFERRED SHARES–(32.59)% | (208,283,107) | |||||
| OTHER ASSETS LESS LIABILITIES–0.33% | 2,084,789 | |||||
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | $639,159,368 | |||||
Investment Abbreviations:
| 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 |
| LOC | – Letter of Credit |
| NATL | – National Public Finance Guarantee Corp. |
| RB | – Revenue Bonds |
| Ref. | – Refunding |
| RN | – Revenue Notes |
| VRD | – Variable Rate Demand |
See accompanying notes which are an integral part of this schedule.
Invesco California Value Municipal Income Trust
Notes to Schedule of Investments:
| (a) | Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage. |
| (b) | 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. |
| (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) | 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 November 30, 2019. |
| (i) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (j) | 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 November 30, 2019 was $44,573,738, which represented 6.97% of the Trust’s Net Assets. |
| (k) | Security subject to the alternative minimum tax. |
| (l) | 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. |
| (m) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at November 30, 2019. At November 30, 2019, the Trust’s investments with a value of $229,565,515 are held by TOB Trusts and serve as collateral for the $147,875,000 in the floating rate note obligations outstanding at that date. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco California Value Municipal Income Trust
Notes to Quarterly Schedule of Portfolio Holdings
November 30, 2019
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of November 30, 2019, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Invesco California Value Municipal Income Trust