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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07404 |
Invesco California Value Municipal Income Trust |
(Exact name of registrant as specified in charter) |
1555 Peachtree Street, N.E., Atlanta, Georgia 30309 |
(Address of principal executive offices) (Zip code) |
Philip A. Taylor 1555 Peachtree Street, N.E., Atlanta, Georgia 30309 |
(Name and address of agent for service) |
Registrants telephone number, including area code: (404) 439-3217 | ||||
Date of fiscal year end: | 2/28 | |||
Date of reporting period: | 8/31/15 |
Item 1. Report to Stockholders.
|
| |||
Semiannual Report to Shareholders
|
August 31, 2015 | |||
Invesco California Value Municipal Income Trust | ||||
NYSE: VCV |
| ||
2 Letters to Shareholders | ||
3 Trust Performance | ||
3 Portfolio Management Update | ||
4 Dividend Reinvestment Plan | ||
5 Schedule of Investments | ||
16 Financial Statements | ||
19 Notes to Financial Statements | ||
25 Financial Highlights | ||
26 Approval of Investment Advisory and Sub-Advisory Contracts | ||
28 Proxy Results | ||
Unless otherwise noted, all data provided by Invesco.
| ||
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Letters to Shareholders
Bruce Crockett |
Dear Fellow Shareholders: As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invescos mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management teams investment performance within the context of the funds investment strategy; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive. |
We believe one of the most important services we provide our fund shareholders is the annual review of the funds advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.
As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Philip Taylor
|
Dear Shareholders: This semiannual report includes information about your Trust, including performance data and a complete list of its investments as of the close of the reporting period. I hope you find this report of interest. Invescos efforts to help investors achieve their financial objectives include providing timely information about the markets, the economy and investing. Our website, invesco.com/us, offers a wide range of market insights and investment perspectives. On the website, youll find detailed information about our funds. You can access information about your account by completing a simple, secure online registration. On our homepage, simply select Closed-End |
Funds in the Product Finder box and then click Account access in the Quick Links box to register.
Invescos mobile apps for iPhone® and iPad® (both available free from the App StoreSM) allow you to obtain the same detailed information, monitor your account and create customizable watch lists. Also, they allow you to access investment insights from our investment leaders, market strategists, economists and retirement experts wherever you may be.
In addition to the resources accessible on our website and through our mobile app, you can obtain timely updates to help you stay informed about the markets, the economy and investing by connecting with Invesco on Twitter, LinkedIn or Facebook. You can access our blog at blog.invesco.us.com. Our goal is to provide you the information you want, when and where you want it.
For questions about your account, feel free to contact an Invesco client services representative at 800 341 2929. For Invesco-related questions or comments, please email me directly at phil@invesco.com.
All of us at Invesco look forward to serving your investment management needs for many years to come. Thank you for investing with us.
Sincerely,
Philip Taylor
Senior Managing Director, Invesco Ltd.
iPhone and iPad are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Invesco Distributors, Inc. is not affiliated with Apple Inc.
2 Invesco California Value Municipal Income Trust
Trust Performance
Portfolio Management Update
3 Invesco California Value Municipal Income Trust |
Dividend Reinvestment Plan
The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Invesco closed-end Trust (the Trust). Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of the Trust, allowing you to potentially increase your investment over time. All shareholders in the Trust are automatically enrolled in the Plan when shares are purchased.
4 Invesco California Value Municipal Income Trust
Schedule of Investments
August 31, 2015
(Unaudited)
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
Municipal Obligations155.52%(a) |
|
|||||||||||||||
California148.99% | ||||||||||||||||
ABAG Finance Authority for Non-profit Corps. (Sharp Healthcare); Series 2012 A, RB |
5.00 | % | 08/01/27 | $ | 1,000 | $ | 1,129,000 | |||||||||
ABAG Finance Authority For Nonprofit Corps. (Sharp HealthCare); Series 2014 A, RB |
5.00 | % | 08/01/43 | 2,000 | 2,217,480 | |||||||||||
Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, |
5.00 | % | 12/01/25 | 750 | 817,628 | |||||||||||
Alhambra (City of) (Atherton Baptist Homes); |
||||||||||||||||
Series 2010 A, RB |
7.50 | % | 01/01/30 | 1,610 | 1,726,725 | |||||||||||
Series 2010 A, RB |
7.63 | % | 01/01/40 | 750 | 800,370 | |||||||||||
Alhambra Unified School District (Election of 2004); |
||||||||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGC)(b)(c) |
0.00 | % | 08/01/35 | 1,120 | 473,939 | |||||||||||
Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGC)(b)(c) |
0.00 | % | 08/01/36 | 1,805 | 728,534 | |||||||||||
Anaheim (City of) Redevelopment Agency (Anaheim Merged Redevelopment Area); |
5.00 | % | 02/01/31 | 4,250 | 4,583,498 | |||||||||||
Anaheim City School District (Election of 2002); Series 2007, Unlimited Tax CAB GO Bonds |
0.00 | % | 08/01/24 | 4,970 | 3,598,528 | |||||||||||
Arcadia Unified School District (Election of 2006); Series 2007 A, Unlimited Tax GO Bonds |
5.00 | % | 08/01/37 | 1,000 | 1,053,530 | |||||||||||
Bakersfield (City of); Series 2007 A, Wastewater RB(e)(f) |
5.00 | % | 09/15/17 | 2,500 | 2,723,925 | |||||||||||
Bay Area Toll Authority (San Francisco Bay Area); |
||||||||||||||||
Series 2007 F, Toll Bridge RB(d)(e)(f) |
5.00 | % | 04/01/17 | 6,000 | 6,428,760 | |||||||||||
Series 2009 F-1, Toll Bridge RB(d)(e)(f) |
5.13 | % | 04/01/19 | 4,500 | 5,161,185 | |||||||||||
Series 2009 F-1, Toll Bridge RB(d)(e)(f) |
5.25 | % | 04/01/19 | 4,315 | 4,967,989 | |||||||||||
Series 2009 F-1, Toll Bridge RB(d)(e)(f) |
5.25 | % | 04/01/19 | 4,795 | 5,520,627 | |||||||||||
Bay Area Water Supply & Conservation Agency; Series 2013 A, RB |
5.00 | % | 10/01/34 | 3,500 | 4,007,290 | |||||||||||
Beverly Hills Unified School District (Election of 2008); |
|
|||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/26 | 1,245 | 910,767 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/28 | 3,000 | 1,999,710 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/31 | 2,010 | 1,165,217 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/32 | 430 | 238,887 | |||||||||||
Brea Olinda Unified School District; Series 2002 A, Ref. COP (INSAGM)(b) |
5.50 | % | 08/01/20 | 1,510 | 1,516,720 | |||||||||||
California (County of) Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corp.); |
0.00 | % | 06/01/46 | 10,000 | 984,100 | |||||||||||
California (State of) (Green Bonds); Series 2014, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 10/01/37 | 1,755 | 1,994,838 | |||||||||||
California (State of) Department of Veterans Affairs; Series 2007 A, Home Purchase RB(d)(g) |
4.95 | % | 12/01/37 | 7,470 | 7,572,563 | |||||||||||
California (State of) Department of Water Resources (Central Valley); |
||||||||||||||||
Series 2008 AE, RB(e)(f) |
5.00 | % | 06/01/18 | 1,930 | 2,151,796 | |||||||||||
Series 2008 AE, RB |
5.00 | % | 12/01/29 | 70 | 77,692 | |||||||||||
Series 2012 AN, Water System RB |
5.00 | % | 12/01/32 | 1,600 | 1,870,608 | |||||||||||
California (State of) Department of Water Resources; Subseries 2005 F-5, Power Supply RB |
5.00 | % | 05/01/22 | 2,000 | 2,220,500 | |||||||||||
California (State of) Educational Facilities Authority (Chapman University); Series 2015, RB |
5.00 | % | 04/01/45 | 2,180 | 2,397,608 | |||||||||||
California (State of) Educational Facilities Authority (Claremont McKenna College); Series 2007, RB(d) |
5.00 | % | 01/01/38 | 7,480 | 8,058,279 | |||||||||||
California (State of) Educational Facilities Authority (Pitzer College); |
||||||||||||||||
Series 2009, RB |
5.38 | % | 04/01/34 | 2,000 | 2,270,000 | |||||||||||
Series 2009, RB |
6.00 | % | 04/01/40 | 1,000 | 1,182,640 | |||||||||||
California (State of) Educational Facilities Authority (University of Southern California); |
5.25 | % | 10/01/39 | 10,200 | 11,339,238 | |||||||||||
California (State of) Health Facilities Financing Authority (Adventist Health System West); |
5.75 | % | 09/01/39 | 2,500 | 2,849,375 | |||||||||||
California (State of) Health Facilities Financing Authority (Catholic Healthcare West); |
6.00 | % | 07/01/39 | 2,500 | 2,858,200 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
California (State of) Health Facilities Financing Authority (CedarsSinai Medical Center); |
5.00 | % | 08/15/39 | $ | 6,000 | $ | 6,654,660 | |||||||||
California (State of) Health Facilities Financing Authority (Childrens Hospital Los Angeles); |
5.25 | % | 07/01/38 | 5,050 | 5,612,721 | |||||||||||
California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB |
5.25 | % | 04/01/39 | 1,000 | 1,018,270 | |||||||||||
California (State of) Health Facilities Financing Authority (Lucile Packard Childrens Hospital); |
5.00 | % | 08/15/51 | 12,000 | 13,180,200 | |||||||||||
California (State of) Health Facilities Financing Authority (Providence Health & Services); |
6.50 | % | 10/01/18 | 3,000 | 3,516,720 | |||||||||||
California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB(d) |
5.00 | % | 11/15/36 | 6,250 | 7,018,625 | |||||||||||
California (State of) Health Facilities Financing Authority (St. Joseph Health System); |
5.00 | % | 07/01/37 | 5,000 | 5,593,300 | |||||||||||
California (State of) Health Facilities Financing Authority (Stanford Hospital); |
5.25 | % | 11/15/40 | 4,000 | 4,658,520 | |||||||||||
California (State of) Health Facilities Financing Authority (Sutter Health); |
||||||||||||||||
Series 2011 B, RB |
5.50 | % | 08/15/26 | 3,500 | 4,075,155 | |||||||||||
Series 2011 D, Ref. RB(d) |
5.25 | % | 08/15/31 | 10,000 | 11,693,700 | |||||||||||
California (State of) Municipal Finance Authority (Albert Einstein Academies); |
6.75 | % | 08/01/33 | 1,555 | 1,769,683 | |||||||||||
California (State of) Municipal Finance Authority (American Heritage Education Foundation); |
5.25 | % | 06/01/26 | 500 | 504,025 | |||||||||||
California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); |
5.25 | % | 08/15/49 | 3,000 | 3,241,770 | |||||||||||
California (State of) Municipal Finance Authority (Community Hospitals of Central California Obligated Group); |
||||||||||||||||
Series 2007, COP |
5.00 | % | 02/01/19 | 1,215 | 1,277,585 | |||||||||||
Series 2007, COP |
5.25 | % | 02/01/37 | 6,500 | 6,724,120 | |||||||||||
California (State of) Municipal Finance Authority (Eisenhower Medical Center); Series 2010 A, RB |
5.75 | % | 07/01/40 | 3,850 | 4,205,971 | |||||||||||
California (State of) Municipal Finance Authority (High Tech High-Chula Vista); Series 2008 B, Educational Facility RB(h) |
6.00 | % | 07/01/28 | 1,000 | 1,043,740 | |||||||||||
California (State of) Municipal Finance Authority (Touro College and University System); |
5.25 | % | 01/01/40 | 1,000 | 1,069,410 | |||||||||||
California (State of) Pollution Control Finance Authority; |
||||||||||||||||
Series 2012, Water Furnishing RB(g)(h) |
5.00 | % | 07/01/27 | 2,500 | 2,742,775 | |||||||||||
Series 2012, Water Furnishing RB(g)(h) |
5.00 | % | 07/01/37 | 6,000 | 6,386,700 | |||||||||||
California (State of) Pollution Control Financing Authority (San Jose Water Co.); Series 2010 A, RB |
5.10 | % | 06/01/40 | 5,000 | 5,543,400 | |||||||||||
California (State of) Pollution Control Financing Authority (Waste Management Inc.); Series 2005 C, Solid Waste Disposal RB(g) |
5.13 | % | 11/01/23 | 2,000 | 2,035,020 | |||||||||||
California (State of) Public Works Board (Judicial Council); Series 2013 A, Lease RB |
5.00 | % | 03/01/38 | 5,450 | 6,099,531 | |||||||||||
California (State of) Public Works Board (Various Capital); Series 2012 G, Lease RB |
5.00 | % | 11/01/32 | 1,500 | 1,707,660 | |||||||||||
California (State of) Public Works Board (Various State Universities); |
||||||||||||||||
Series 2013 H, Lease RB |
5.00 | % | 09/01/33 | 8,345 | 9,537,000 | |||||||||||
Series 2013 H, Lease RB |
5.00 | % | 09/01/38 | 2,000 | 2,246,320 | |||||||||||
California (State of) School Finance Authority (Alliance for College-Ready Public Schools); |
6.30 | % | 07/01/43 | 2,000 | 2,260,160 | |||||||||||
California (State of) School Finance Authority (Alliance For College-Ready Public Schools); |
5.00 | % | 07/01/45 | 1,385 | 1,418,420 | |||||||||||
California (State of) School Finance Authority (KIPP LA); |
||||||||||||||||
Series 2014 A, Facilities RB |
5.00 | % | 07/01/34 | 600 | 635,700 | |||||||||||
Series 2014 A, Facilities RB |
5.13 | % | 07/01/44 | 750 | 792,405 | |||||||||||
Series 2015 A, Facilities RB(h) |
5.00 | % | 07/01/45 | 1,150 | 1,208,282 | |||||||||||
California (State of) Statewide Communities Development Authority (Adventist Health System); |
||||||||||||||||
Series 2015, Ref. RB |
5.00 | % | 03/01/33 | 1,730 | 1,939,417 | |||||||||||
Series 2015, Ref. RB |
5.00 | % | 03/01/45 | 5,185 | 5,712,522 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
California (State of) Statewide Communities Development Authority (Alliance for College-Ready Public Schools); Series 2012 A, School Facility RB |
6.38 | % | 07/01/47 | $ | 2,060 | $ | 2,243,546 | |||||||||
California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB |
6.25 | % | 10/01/39 | 4,000 | 4,411,040 | |||||||||||
California (State of) Statewide Communities Development Authority (California Baptist University); |
||||||||||||||||
Series 2007 A, RB |
5.50 | % | 11/01/38 | 1,250 | 1,259,600 | |||||||||||
Series 2014 A, RB |
6.38 | % | 11/01/43 | 4,035 | 4,410,013 | |||||||||||
California (State of) Statewide Communities Development Authority (Collegiate Housing Foundation Irvine, L.L.C. University of California-Irvine East Campus Apartments, Phase II); Series 2008, Student Housing RB |
5.75 | % | 05/15/32 | 2,500 | 2,720,925 | |||||||||||
California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB |
5.25 | % | 11/01/30 | 4,325 | 4,895,727 | |||||||||||
California (State of) Statewide Communities Development Authority (Enloe Medical Center); Series 2008, RB (INSCal Mortgage)(b) |
6.25 | % | 08/15/28 | 2,750 | 3,154,195 | |||||||||||
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007 A, RB(h) |
5.13 | % | 04/01/37 | 1,500 | 1,541,040 | |||||||||||
California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INSAGM)(b) |
5.25 | % | 10/01/43 | 1,500 | 1,674,870 | |||||||||||
California (State of) Statewide Communities Development Authority (John Muir Health); Series 2006 A, RB |
5.00 | % | 08/15/28 | 2,000 | 2,077,240 | |||||||||||
California (State of) Statewide Communities Development Authority (Kaiser Permanente); Series 2012 A, RB |
5.00 | % | 04/01/42 | 5,000 | 5,488,300 | |||||||||||
California (State of) Statewide Communities Development Authority (Loma Linda University Medical Center); Series 2014, RB |
5.50 | % | 12/01/54 | 3,500 | 3,698,415 | |||||||||||
California (State of) Statewide Communities Development Authority (Methodist Hospital); Series 2009, RB (CEPFHA) |
6.75 | % | 02/01/38 | 1,785 | 2,108,156 | |||||||||||
California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes); Series 2009, Senior Living RB(h) |
7.25 | % | 11/15/41 | 2,000 | 2,329,500 | |||||||||||
California (State of) Statewide Communities Development Authority (St. Joseph Health System); Series 2000, RB (INSNATL)(b) |
5.13 | % | 07/01/24 | 1,950 | 2,168,420 | |||||||||||
California (State of) Statewide Communities Development Authority (Trinity Health Credit Group); Series 2011, Ref. RB(d) |
5.00 | % | 12/01/41 | 10,090 | 11,183,252 | |||||||||||
California (State of) Statewide Communities Development Authority; Series 2011, School Facilities RB |
6.75 | % | 07/01/31 | 1,425 | 1,606,844 | |||||||||||
California (State of) Statewide Finance Authority (Pooled Tobacco Securitization); Series 2006 A, Tobacco Settlement CAB Turbo RB(c) |
0.00 | % | 06/01/46 | 17,000 | 1,680,450 | |||||||||||
California (State of); |
||||||||||||||||
Series 2002, Unlimited Tax GO Bonds |
6.00 | % | 04/01/19 | 2,500 | 2,928,300 | |||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
5.75 | % | 04/01/31 | 1,150 | 1,332,540 | |||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
6.00 | % | 11/01/35 | 2,750 | 3,278,687 | |||||||||||
Series 2009, Various Purpose Unlimited Tax GO Bonds |
6.00 | % | 04/01/38 | 2,215 | 2,581,693 | |||||||||||
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds(e)(f) |
5.25 | % | 07/01/19 | 1,905 | 2,211,438 | |||||||||||
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds(e)(f) |
5.25 | % | 07/01/19 | 1,095 | 1,271,142 | |||||||||||
Series 2010, Unlimited Tax GO Bonds |
5.25 | % | 11/01/40 | 4,340 | 5,059,138 | |||||||||||
Series 2010, Various Purpose Unlimited Tax GO Bonds |
5.50 | % | 03/01/40 | 5,955 | 6,920,127 | |||||||||||
Series 2011, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 09/01/32 | 3,050 | 3,461,475 | |||||||||||
Series 2011, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 10/01/41 | 3,500 | 3,909,185 | |||||||||||
Series 2012, Ref. Unlimited Tax GO Bonds |
5.25 | % | 02/01/30 | 2,210 | 2,556,837 | |||||||||||
Series 2012, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 04/01/42 | 4,000 | 4,451,880 | |||||||||||
Series 2013, Ref. Various Purpose Unlimited Tax GO Bonds |
5.25 | % | 09/01/30 | 5,000 | 5,923,700 | |||||||||||
Series 2013, Various Purpose Unlimited Tax GO Bonds |
5.00 | % | 04/01/37 | 11,080 | 12,500,678 | |||||||||||
California Infrastructure & Economic Development Bank (Independent System Operator Corp.); Series 2013, Ref. RB |
5.00 | % | 02/01/39 | 3,000 | 3,316,380 | |||||||||||
California Infrastructure & Economic Development Bank (The Scripps Research Institute); Series 2005 A, RB |
5.00 | % | 07/01/29 | 2,000 | 2,006,920 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
California Infrastructure & Economic Development Bank; Series 2003 A, First Lien Bay Area Toll Bridges Seismic Retrofit RB(e)(f) |
5.00 | % | 01/01/28 | $ | 1,500 | $ | 1,907,730 | |||||||||
California State University; |
||||||||||||||||
Series 2009 A, Systemwide RB |
5.25 | % | 11/01/38 | 5,000 | 5,652,450 | |||||||||||
Series 2012 A, Systemwide RB(d) |
5.00 | % | 11/01/37 | 2,010 | 2,261,913 | |||||||||||
Series 2015 A, Ref. RB |
5.00 | % | 11/01/43 | 6,000 | 6,874,620 | |||||||||||
Camarillo (City of) Public Finance Authority; Series 2005, Wastewater RB(e)(f) |
5.00 | % | 06/01/16 | 1,000 | 1,036,020 | |||||||||||
Campbell Union High School District; |
||||||||||||||||
Series 2008, Unlimited Tax GO Bonds(e)(f) |
5.00 | % | 08/01/17 | 1,090 | 1,193,234 | |||||||||||
Series 2008, Unlimited Tax GO Bonds(e)(f) |
5.00 | % | 08/01/17 | 1,620 | 1,773,430 | |||||||||||
Chino Basin Regional Financing Authority (Inland Empire Utilities Agency); Series 2008 A, RB |
5.00 | % | 11/01/33 | 1,250 | 1,344,425 | |||||||||||
Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds |
0.00 | % | 08/01/29 | 625 | 395,519 | |||||||||||
Compton (City of); Series 2009, Water RB |
6.00 | % | 08/01/39 | 1,750 | 1,858,973 | |||||||||||
Corona-Norco Unified School District (Community Facilities District No. 98-1); |
||||||||||||||||
Series 2013, Ref. Special Tax RB |
5.00 | % | 09/01/27 | 1,000 | 1,131,680 | |||||||||||
Series 2013, Ref. Special Tax RB |
5.00 | % | 09/01/29 | 1,720 | 1,921,567 | |||||||||||
Series 2013, Ref. Special Tax RB |
5.00 | % | 09/01/32 | 1,000 | 1,100,950 | |||||||||||
Culver City (City of) Redevelopment Agency; Series 2005 A, Ref. Tax Allocation RB (INSAMBAC)(b) |
5.00 | % | 11/01/25 | 2,000 | 2,006,880 | |||||||||||
Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); |
6.50 | % | 12/15/47 | 1,900 | 1,954,340 | |||||||||||
Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax GO Bonds |
5.00 | % | 08/01/37 | 2,045 | 2,181,217 | |||||||||||
Dry Creek Joint Elementary School District (Election of 2008-Measure E); |
||||||||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/39 | 4,420 | 1,624,217 | |||||||||||
Series 2009, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/48 | 2,860 | 698,326 | |||||||||||
East Bay Municipal Utility District; Series 2010 A, Ref. Sub. Water System RB(d) |
5.00 | % | 06/01/36 | 2,745 | 3,141,872 | |||||||||||
Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INSNATL)(b) |
5.00 | % | 07/01/32 | 1,000 | 1,032,210 | |||||||||||
Eden (Township of) Healthcare District; |
||||||||||||||||
Series 2010, COP |
6.00 | % | 06/01/30 | 1,500 | 1,599,435 | |||||||||||
Series 2010, COP |
6.13 | % | 06/01/34 | 500 | 534,030 | |||||||||||
El Segundo Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/31 | 2,735 | 1,412,463 | |||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/33 | 615 | 284,714 | |||||||||||
Florin Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement COP (INSNATL)(b) |
5.00 | % | 09/01/33 | 1,725 | 1,734,729 | |||||||||||
Folsom (City of) Public Financing Authority; Series 2007 A, Special Tax RB (INSAMBAC)(b) |
5.00 | % | 09/01/28 | 3,000 | 3,094,590 | |||||||||||
Fontana (City of) Community Facilities District No. 22 (Sierra Hills South); Series 2014, Ref. Special Tax RB |
5.00 | % | 09/01/34 | 1,000 | 1,100,350 | |||||||||||
Foothill-De Anza Community College District; Series 2011 C, Unlimited Tax GO Bonds(d) |
5.00 | % | 08/01/40 | 13,500 | 15,046,425 | |||||||||||
Foothill-Eastern Transportation Corridor Agency; |
||||||||||||||||
Series 1995 A, Sr. Lien Toll Road CAB RB(c)(e) |
0.00 | % | 01/01/27 | 2,950 | 2,185,330 | |||||||||||
Series 2015, Ref. CAB Toll Road RB (INSAGM)(b)(c) |
0.00 | % | 01/15/35 | 6,245 | 2,679,979 | |||||||||||
Subseries 2014 B-1, Ref. Toll Road RB(f) |
5.00 | % | 01/15/18 | 3,000 | 3,183,690 | |||||||||||
Fremont Community Facilities District No. 1 (Pacific Commons); |
||||||||||||||||
Series 2015, Ref. Special Tax RB |
5.00 | % | 09/01/35 | 1,880 | 2,015,003 | |||||||||||
Series 2015, Ref. Special Tax RB |
5.00 | % | 09/01/45 | 2,095 | 2,223,675 | |||||||||||
Garden Grove (City of) Agency for Community Development; Series 2008, Sub. RN (Acquired 05/27/08;Cost 1,393,680)(h) |
6.00 | % | 10/01/27 | 1,600 | 1,600,640 | |||||||||||
Gilroy Unified School District (Election of 2008); |
||||||||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds(c)(e) |
0.00 | % | 08/01/29 | 85 | 57,134 | |||||||||||
Series 2009 A, Unlimited Tax CAB GO Bonds (INSAGC)(b)(c) |
0.00 | % | 08/01/29 | 665 | 394,638 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
Golden State Tobacco Securitization Corp.; |
||||||||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
4.50 | % | 06/01/27 | $ | 6,290 | $ | 6,003,490 | |||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/33 | 8,115 | 6,898,643 | |||||||||||
Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/47 | 3,000 | 2,352,330 | |||||||||||
Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/30 | 3,000 | 3,398,730 | |||||||||||
Series 2015 A, Ref. Tobacco Settlement Asset-Backed RB |
5.00 | % | 06/01/40 | 2,830 | 3,136,008 | |||||||||||
Grossmont Union High School District (Election of 2004); Series 2006, Unlimited Tax CAB GO Bonds (INSNATL)(b)(c) |
0.00 | % | 08/01/24 | 3,000 | 2,307,690 | |||||||||||
Independent Cities Lease Finance Authority (San Juan Mobile Estates); Series 2006 A, Mobile Home Park RB(e)(f) |
5.00 | % | 05/15/16 | 1,000 | 1,033,300 | |||||||||||
Independent Cities Lease Finance Authority (Westlake Mobilehome Park); Series 2007 A, Ref. Mobile Home Park RB |
5.00 | % | 04/15/47 | 1,500 | 1,533,255 | |||||||||||
Irvine (City of) (Reassessment District No. 12-1); |
||||||||||||||||
Series 2012, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/24 | 1,145 | 1,313,555 | |||||||||||
Series 2012, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/25 | 500 | 570,180 | |||||||||||
Irvine (City of) (Reassessment District No. 13-1); |
||||||||||||||||
Series 2013, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/25 | 355 | 408,715 | |||||||||||
Series 2013, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/26 | 400 | 455,312 | |||||||||||
Series 2013, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/27 | 325 | 368,134 | |||||||||||
Series 2013, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/28 | 350 | 392,676 | |||||||||||
Series 2013, Limited Obligation Special Assessment Improvement Bonds |
5.00 | % | 09/02/29 | 705 | 786,583 | |||||||||||
Irvine (City of) Community Facilities District No. 2013-3 (Great Park Improvement Area No. 1); |
||||||||||||||||
Series 2014, Special Tax RB |
5.00 | % | 09/01/44 | 1,055 | 1,130,791 | |||||||||||
Series 2014, Special Tax RB |
5.00 | % | 09/01/49 | 1,055 | 1,130,791 | |||||||||||
Irvine Unified School District; Series 2015, Ref. Special Tax RB |
5.00 | % | 09/01/38 | 1,500 | 1,693,455 | |||||||||||
Kern (County of) Board of Education; Series 2006 A, Ref. COP (INSNATL)(b) |
5.00 | % | 06/01/31 | 3,110 | 3,188,527 | |||||||||||
Kern (County of) Water Agency Improvement District No. 4; Series 2008 A, Water Revenue COP (INSAGC)(b) |
5.00 | % | 05/01/28 | 1,015 | 1,112,207 | |||||||||||
La Quinta (City of) Successor Agency to the Redevelopment Agency (Areas No. 1 and 2); |
||||||||||||||||
Series 2013 A, Ref. Sub. Tax Allocation RB |
5.00 | % | 09/01/27 | 1,000 | 1,124,150 | |||||||||||
Series 2013 A, Ref. Sub. Tax Allocation RB |
5.00 | % | 09/01/28 | 4,000 | 4,464,720 | |||||||||||
Lancaster (City of) Redevelopment Agency (Combined Redevelopment Areas); |
||||||||||||||||
Series 2009, Tax Allocation RB(e)(f) |
6.88 | % | 08/01/19 | 575 | 702,972 | |||||||||||
Series 2009, Tax Allocation RB |
6.88 | % | 08/01/39 | 425 | 489,179 | |||||||||||
Long Beach (City of) (Long Beach Towne Center); Series 2008, Special Tax RB |
5.75 | % | 10/01/25 | 2,000 | 2,137,780 | |||||||||||
Long Beach (City of); |
||||||||||||||||
Series 2010 A, Sr. Airport RB |
5.00 | % | 06/01/40 | 1,590 | 1,744,500 | |||||||||||
Series 2015, Marina System RB |
5.00 | % | 05/15/26 | 1,000 | 1,146,890 | |||||||||||
Series 2015, Marina System RB |
5.00 | % | 05/15/45 | 2,635 | 2,820,978 | |||||||||||
Long Beach Unified School District; Series 2012, Ref. Unlimited Tax GO Bonds(d) |
5.00 | % | 08/01/31 | 11,625 | 13,301,441 | |||||||||||
Los Angeles (City of) (Sonnenblick Del Rio); Series 2000, Sr. COP (INSAMBAC)(b) |
6.00 | % | 11/01/19 | 3,000 | 3,014,760 | |||||||||||
Los Angeles (City of) Community Facilities District No. 4 (Playa Vista Phase 1); |
||||||||||||||||
Series 2014, Special Tax Ref. RB |
5.00 | % | 09/01/29 | 1,000 | 1,129,780 | |||||||||||
Series 2014, Special Tax Ref. RB |
5.00 | % | 09/01/30 | 1,000 | 1,123,160 | |||||||||||
Los Angeles (City of) Community Redevelopment Agency (Grand Central Square-Los Angeles County Metropolitan Transportation Authority); Series 2007 B, Ref. MFH RB (INSAMBAC)(b)(g) |
4.75 | % | 12/01/26 | 2,215 | 2,306,546 | |||||||||||
Los Angeles (City of) Department of Airports (Los Angeles International Airport); |
||||||||||||||||
Series 2008 C, Sub. RB(e)(f) |
5.13 | % | 05/15/18 | 1,230 | 1,373,529 | |||||||||||
Series 2010 A, Sr. RB(d) |
5.00 | % | 05/15/35 | 6,000 | 6,795,600 | |||||||||||
Series 2010 D, Sr. RB(d) |
5.25 | % | 05/15/33 | 10,000 | 11,539,700 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
Los Angeles (City of) Department of Water & Power; |
||||||||||||||||
Series 2009 A, Water System RB |
5.38 | % | 07/01/38 | $ | 2,000 | $ | 2,242,700 | |||||||||
Series 2011 A, Power System RB(d) |
5.00 | % | 07/01/22 | 9,200 | 11,000,440 | |||||||||||
Series 2011 A, Water System RB |
5.25 | % | 07/01/39 | 2,000 | 2,280,360 | |||||||||||
Series 2012 A, Water System RB(d) |
5.00 | % | 07/01/43 | 5,250 | 5,951,400 | |||||||||||
Series 2013 B, Waterworks RB |
5.00 | % | 07/01/27 | 3,000 | 3,526,980 | |||||||||||
Subseries 2006 A-1, Water System RB (INSAMBAC)(b) |
5.00 | % | 07/01/36 | 1,000 | 1,034,890 | |||||||||||
Subseries 2007 A-1, Power System RB (INSAMBAC)(b) |
5.00 | % | 07/01/39 | 1,500 | 1,605,450 | |||||||||||
Subseries 2008 A-1, Power System RB(d) |
5.25 | % | 07/01/38 | 8,200 | 9,031,726 | |||||||||||
Los Angeles (City of); Series 2012 B, Ref. Sub. Wastewater System RB(d) |
5.00 | % | 06/01/32 | 10,000 | 11,530,100 | |||||||||||
Los Angeles Community College District (Election of 2003); Series 2008 F-1, Unlimited Tax GO Bonds(d)(e)(f) |
5.00 | % | 08/01/18 | 8,000 | 8,964,160 | |||||||||||
Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, CAB COP (INSAMBAC)(b)(c) |
0.00 | % | 08/01/26 | 1,200 | 810,768 | |||||||||||
Los Angeles Unified School District (Election of 2002); Series 2009 D, Unlimited Tax GO Bonds |
5.00 | % | 01/01/34 | 2,000 | 2,245,480 | |||||||||||
Los Angeles Unified School District (Election of 2004); |
||||||||||||||||
Series 2006 F, Unlimited Tax GO Bonds(e)(f) |
5.00 | % | 07/01/16 | 2,000 | 2,078,260 | |||||||||||
Series 2009 I, Unlimited Tax GO Bonds (INSAGC)(b) |
5.00 | % | 01/01/34 | 5,950 | 6,703,924 | |||||||||||
M-S-R Energy Authority; Series 2009 B, Gas RB |
6.13 | % | 11/01/29 | 1,500 | 1,853,130 | |||||||||||
Marin (County of) Water District Financing Authority; Series 2012 A, Sub. Lien RB |
5.00 | % | 07/01/44 | 4,000 | 4,438,600 | |||||||||||
Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds |
0.00 | % | 08/01/34 | 850 | 372,436 | |||||||||||
Modesto (City of) (Community Center Refinancing); Series 1993 A, COP (INSAMBAC)(b) |
5.00 | % | 11/01/23 | 5,000 | 5,184,550 | |||||||||||
Montebello Unified School District (Election of 2004); Series 2009 A-1, Unlimited Tax GO Bonds (INSAGC)(b) |
5.25 | % | 08/01/34 | 1,000 | 1,118,700 | |||||||||||
Moorpark Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (INSAGC)(b)(c) |
0.00 | % | 08/01/31 | 2,000 | 1,020,880 | |||||||||||
Moreland School District (Crossover); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds |
0.00 | % | 08/01/29 | 1,250 | 707,200 | |||||||||||
Morongo Band of Mission Indians (The) (Enterprise Casino); |
||||||||||||||||
Series 2008 B, RB(h) |
5.50 | % | 03/01/18 | 860 | 923,554 | |||||||||||
Series 2008 B, RB(h) |
6.50 | % | 03/01/28 | 2,175 | 2,417,251 | |||||||||||
Murrieta (City of) Public Financing Authority; |
||||||||||||||||
Series 2012, Ref. Special Tax RB |
5.00 | % | 09/01/25 | 975 | 1,103,213 | |||||||||||
Series 2012, Ref. Special Tax RB |
5.00 | % | 09/01/26 | 1,000 | 1,123,860 | |||||||||||
Murrieta Valley Unified School District Public Financing Authority (Election of 2006); Series 2008, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 09/01/31 | 6,670 | 3,368,817 | |||||||||||
National City (City of) Community Development Commission (National City Redevelopment); Series 2011, Tax Allocation RB |
7.00 | % | 08/01/32 | 750 | 936,518 | |||||||||||
Needles (City of) Public Utility Authority (Utility System Acquisition); Series 1997 A, RB |
6.50 | % | 02/01/22 | 1,525 | 1,525,397 | |||||||||||
Northern California Power Agency (Hydroelectric No. 1); Series 2012, Ref. RB |
5.00 | % | 07/01/32 | 1,700 | 1,918,671 | |||||||||||
Norwalk-La Mirada Unified School District; Series 2005 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 08/01/29 | 6,000 | 3,589,920 | |||||||||||
Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/28 | 670 | 432,090 | |||||||||||
Oakland (Port of); Series 2012 P, Ref. Sr. Lien RB(g) |
5.00 | % | 05/01/28 | 3,000 | 3,375,450 | |||||||||||
Oakland Unified School District (County of Alameda, California); |
||||||||||||||||
Series 2015 A, Unlimited Tax GO Bonds |
5.00 | % | 08/01/30 | 1,175 | 1,309,056 | |||||||||||
Series 2015 A, Unlimited Tax GO Bonds |
5.00 | % | 08/01/40 | 2,430 | 2,652,199 | |||||||||||
Orange (County of) Community Facilities District (No. 2004-1 Ladera Ranch); |
||||||||||||||||
Series 2014 A, Ref. Special Tax RB |
5.00 | % | 08/15/33 | 1,000 | 1,114,020 | |||||||||||
Series 2014 A, Ref. Special Tax RB |
5.00 | % | 08/15/34 | 1,000 | 1,112,290 | |||||||||||
Orange (County of) Sanitation District; Series 2007 B, COP(e)(f) |
5.00 | % | 02/01/17 | 1,000 | 1,060,080 | |||||||||||
Orange (County); Series 2009 A, Airport RB |
5.00 | % | 07/01/31 | 1,000 | 1,118,000 | |||||||||||
Oxnard Union High School District; Series 2001 A, Ref. Unlimited Tax GO Bonds (INSNATL)(b) |
6.20 | % | 08/01/30 | 1,000 | 1,077,680 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
Palm Springs (City of) (Palm Springs International Airport); |
||||||||||||||||
Series 2006, Ref. Sub. Airport Passenger Facility Charge RB(g) |
5.45 | % | 07/01/20 | $ | 250 | $ | 252,018 | |||||||||
Series 2006, Ref. Sub. Airport Passenger Facility Charge RB(g) |
5.55 | % | 07/01/28 | 410 | 413,604 | |||||||||||
Series 2008, Ref. Sub. Airport Passenger Facility Charge RB(g) |
6.00 | % | 07/01/18 | 160 | 162,277 | |||||||||||
Series 2008, Ref. Sub. Airport Passenger Facility Charge RB(g) |
6.40 | % | 07/01/23 | 250 | 253,935 | |||||||||||
Series 2008, Ref. Sub. Airport Passenger Facility Charge RB(g) |
6.50 | % | 07/01/27 | 410 | 416,745 | |||||||||||
Palomar Pomerado Health; Series 2009, COP |
6.75 | % | 11/01/39 | 3,000 | 3,284,010 | |||||||||||
Perris (City of) Public Financing Authority (Perris Valley Vistas IA 3); Series 2008 B, Local Agency Special Tax RB |
6.63 | % | 09/01/38 | 1,925 | 1,969,140 | |||||||||||
Pico Rivera (City of) Water Authority (Water System); Series 1999 A, RB (INSNATL)(b) |
5.50 | % | 05/01/19 | 820 | 882,607 | |||||||||||
Planada Elementary School District (Election of 2008); Series 2009 B, Unlimited Tax CAB GO Bonds (INSAGC)(b)(c) |
0.00 | % | 07/01/49 | 8,440 | 1,856,462 | |||||||||||
Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Anatolia); |
||||||||||||||||
Series 2012, Ref. Special Tax RB |
5.00 | % | 09/01/32 | 1,425 | 1,563,482 | |||||||||||
Series 2012, Ref. Special Tax RB |
5.00 | % | 09/01/37 | 1,500 | 1,631,820 | |||||||||||
Redding (City of); Series 2008 A, Electric System Revenue COP (INSAGM)(b) |
5.00 | % | 06/01/27 | 725 | 799,494 | |||||||||||
Redlands (City of) Redevelopment Agency; Series 1998 A, Ref. Tax Allocation RB |
4.75 | % | 08/01/21 | 2,980 | 2,984,619 | |||||||||||
Regents of the University of California; |
||||||||||||||||
Series 2009 E, Medical Center Pooled RB |
5.50 | % | 05/15/27 | 2,500 | 2,717,700 | |||||||||||
Series 2009 O, General RB(d) |
5.25 | % | 05/15/39 | 7,500 | 8,441,475 | |||||||||||
Series 2009 Q, General RB(d) (i) |
5.00 | % | 05/15/34 | 9,080 | 9,726,587 | |||||||||||
Series 2013 AI, General RB(d) |
5.00 | % | 05/15/38 | 6,000 | 6,797,760 | |||||||||||
Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB |
6.25 | % | 07/01/24 | 2,000 | 2,325,580 | |||||||||||
Riverside (City of); |
||||||||||||||||
Series 2008 B, Water RB (INSAGM)(b) |
5.00 | % | 10/01/33 | 1,000 | 1,104,190 | |||||||||||
Series 2008 D, Electric RB (INSAGM)(b) |
5.00 | % | 10/01/28 | 2,085 | 2,315,830 | |||||||||||
Riverside (County of) Community Facilities District No. 07-2 (Clinton Keith); |
||||||||||||||||
Series 2015, Special Tax Bonds |
5.00 | % | 09/01/40 | 2,760 | 2,867,888 | |||||||||||
Series 2015, Special Tax Bonds |
5.00 | % | 09/01/44 | 1,500 | 1,550,100 | |||||||||||
Riverside (County of) Transportation Commission; Series 2010 A, Limited Sales Tax RB |
5.00 | % | 06/01/32 | 2,000 | 2,285,240 | |||||||||||
Riverside Community College District (Election 2004); Series 2007 C, Unlimited Tax
GO |
5.00 | % | 08/01/17 | 5,000 | 5,424,100 | |||||||||||
RNR School Financing Authority (Community Facilities District No. 92-1); Series 2006 A, Special Tax RB(e)(f) |
5.00 | % | 09/01/16 | 2,000 | 2,094,500 | |||||||||||
Romoland School District Community Facilities No. 2004-1; Series 2015, Ref. Special Tax Bonds |
5.00 | % | 09/01/38 | 1,660 | 1,769,859 | |||||||||||
Roseville Joint Union High School District; Series 1995 B, Unlimited Tax CAB GO Bonds |
0.00 | % | 06/01/20 | 1,650 | 1,433,916 | |||||||||||
Sacramento (City of) Financing Authority (Solid Waste & Redevelopment); Series 1999, Capital Improvement RB (INSAMBAC) (b) |
5.75 | % | 12/01/22 | 180 | 180,299 | |||||||||||
Sacramento (City of) Municipal Utility District; |
||||||||||||||||
Series 2008 U, Electric RB (INSAGM)(b)(d) |
5.00 | % | 08/15/24 | 4,960 | 5,543,246 | |||||||||||
Series 2008 U, Electric RB (INSAGM)(b) |
5.00 | % | 08/15/24 | 1,000 | 1,117,590 | |||||||||||
Series 2008 U, Electric RB (INSAGM)(b)(d) |
5.00 | % | 08/15/26 | 10,000 | 11,147,900 | |||||||||||
Series 2011 X, Ref. Electric RB |
5.00 | % | 08/15/27 | 2,850 | 3,346,641 | |||||||||||
Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2011 A, Ref. RB |
5.00 | % | 12/01/26 | 1,500 | 1,789,095 | |||||||||||
Sacramento (County of); |
||||||||||||||||
Series 2008 A, Sr. Airport System RB (INSAGM)(b) |
5.00 | % | 07/01/32 | 1,000 | 1,087,270 | |||||||||||
Series 2010, Sr. Airport System RB |
5.00 | % | 07/01/40 | 5,000 | 5,576,450 | |||||||||||
San Bernardino Community College District (Election of 2002); Series 2006 C, Unlimited Tax GO Bonds (INSAGM)(b) |
5.00 | % | 08/01/31 | 2,225 | 2,313,221 | |||||||||||
San Diego (City of) Public Facilities Financing Authority (Capital Improvement); Series 2012 A, Lease RB |
5.00 | % | 04/15/37 | 3,000 | 3,293,550 | |||||||||||
San Diego (City of) Public Facilities Financing Authority; |
||||||||||||||||
Series 2009 B, Water RB |
5.38 | % | 08/01/34 | 5,000 | 5,716,150 | |||||||||||
Subseries 2012 A, Ref. Water RB |
5.00 | % | 08/01/32 | 5,000 | 5,710,850 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
California(continued) | ||||||||||||||||
San Diego (City of) Redevelopment Agency (Centre City Redevelopment); Series 1999 A, RB |
6.40 | % | 09/01/25 | $ | 2,175 | $ | 2,185,375 | |||||||||
San Diego (County of) Regional Airport Authority; |
||||||||||||||||
Series 2010 A, Sub. RB |
5.00 | % | 07/01/34 | 4,880 | 5,475,799 | |||||||||||
Series 2010 A, Sub. RB |
5.00 | % | 07/01/40 | 2,500 | 2,780,025 | |||||||||||
San Diego (County of) Regional Transportation Commission; Series 2014 A, Sales & Use Tax RB(d) |
5.00 | % | 04/01/48 | 7,020 | 7,939,129 | |||||||||||
San Diego (County of) Water Authority; Series 2008 A, COP (INSAGM)(b) |
5.00 | % | 05/01/28 | 2,080 | 2,284,963 | |||||||||||
San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds(d) |
5.25 | % | 08/01/33 | 5,000 | 5,715,050 | |||||||||||
San Dimas (City of) Redevelopment Agency (Creative Growth); Series 1998 A, Tax Allocation RB (INSAGM)(b) |
5.00 | % | 09/01/16 | 120 | 120,484 | |||||||||||
San Francisco (City & County of) Airport Commission (San Francisco International Airport); |
||||||||||||||||
Series 2010 F, Second Series RB |
5.00 | % | 05/01/40 | 4,000 | 4,368,760 | |||||||||||
Series 2011 C, Ref. Second Series RB(g) |
5.00 | % | 05/01/23 | 3,000 | 3,420,600 | |||||||||||
Series 2011 F, Ref. Second Series RB(g) |
5.00 | % | 05/01/25 | 5,000 | 5,651,850 | |||||||||||
Series 2011 G, Second Series RB |
5.25 | % | 05/01/28 | 3,000 | 3,524,580 | |||||||||||
San Francisco (City & County of) Airport Commission (San Francisco International Airport-SFO Fuel Co. LLC); Series 2000 A, Special Facilities Lease RB (INSAGM)(b)(g) |
6.13 | % | 01/01/27 | 1,660 | 1,667,719 | |||||||||||
San Francisco (City & County of) Public Utilities Commission (Water System Improvement Program); Subseries 2011 A, Water RB(d) |
5.00 | % | 11/01/36 | 6,300 | 7,270,200 | |||||||||||
San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay North Redevelopment); |
||||||||||||||||
Series 2011 C, Tax Allocation RB |
6.50 | % | 08/01/27 | 400 | 483,460 | |||||||||||
Series 2011 C, Tax Allocation RB |
6.75 | % | 08/01/33 | 500 | 601,880 | |||||||||||
San Francisco (City & County of) Successor Agency to the Redevelopment Agency (Mission Bay South Redevelopment); |
||||||||||||||||
Series 2014 A, Tax Allocation RB |
5.00 | % | 08/01/26 | 220 | 251,988 | |||||||||||
Series 2014 A, Tax Allocation RB |
5.00 | % | 08/01/28 | 370 | 417,423 | |||||||||||
Series 2014 A, Tax Allocation RB |
5.00 | % | 08/01/29 | 450 | 504,603 | |||||||||||
Series 2014 A, Tax Allocation RB |
5.00 | % | 08/01/32 | 785 | 871,962 | |||||||||||
Series 2014 A, Tax Allocation RB |
5.00 | % | 08/01/33 | 375 | 415,331 | |||||||||||
Series 2014 A, Tax Allocation RB |
5.00 | % | 08/01/43 | 1,000 | 1,087,640 | |||||||||||
San Francisco (City & County of) Successor Agency to the Redevelopment Agency Community Facilities District No. 6 (Mission Bay South Public Improvements); Series 2013 A, Ref. Special Tax RB |
5.00 | % | 08/01/33 | 1,635 | 1,779,485 | |||||||||||
San Francisco (City of) Bay Area Rapid Transit District (Election of 2004); Series 2013 C, Unlimited Tax GO Bonds(d) |
5.00 | % | 08/01/37 | 5,000 | 5,818,550 | |||||||||||
San Francisco (City of) Bay Area Rapid Transit District; |
|
|||||||||||||||
Series 2010, Ref. RB |
5.00 | % | 07/01/28 | 1,000 | 1,142,750 | |||||||||||
Series 2012 A, RB |
5.00 | % | 07/01/36 | 9,000 | 10,086,570 | |||||||||||
San Francisco (City of) Utilities Commission; Series 2012, Water RB |
5.00 | % | 11/01/36 | 5,000 | 5,641,850 | |||||||||||
San Jose (City of) Financing Authority (Civic Center); Series 2013 A, Ref. RB |
5.00 | % | 06/01/39 | 5,000 | 5,616,850 | |||||||||||
San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 09/01/32 | 1,000 | 501,180 | |||||||||||
San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INSAGM)(b) |
5.00 | % | 08/01/30 | 2,500 | 2,759,175 | |||||||||||
San Pablo (City of) Successor Agency to the Redevelopment Agency; Series 2014 A, Ref. Tax Allocation RB (INSAGM)(b) |
5.00 | % | 06/15/31 | 1,460 | 1,646,763 | |||||||||||
Sanger Unified School District; Series 1999, Ref. Unlimited Tax GO Bonds (INSNATL)(b) |
5.60 | % | 08/01/23 | 2,000 | 2,218,240 | |||||||||||
Santa Ana Unified School District (Financing Project); Series 1999, CAB COP (INSAGM)(b)(c) |
0.00 | % | 04/01/36 | 1,000 | 405,390 | |||||||||||
Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease RB(d) |
5.25 | % | 05/15/36 | 10,000 | 10,912,900 | |||||||||||
Santa Clara Valley Transportation Authority (2000-Measure A); Series 2007 A, Ref. Sales Tax RB(e)(f) |
5.00 | % | 04/01/17 | 1,680 | 1,800,338 | |||||||||||
Santa Margarita Water District (Community Facilities District No. 2013-1); |
|
|||||||||||||||
Series 2013, Special Tax RB |
5.63 | % | 09/01/36 | 2,000 | 2,228,840 | |||||||||||
Series 2013, Special Tax RB |
5.63 | % | 09/01/43 | 3,000 | 3,325,170 | |||||||||||
Santa Margarita/Dana Point Authority (Santa Margarita Water District Improvement Districts No. 2, 3 & 4); Series 2009 A, RB |
5.13 | % | 08/01/38 | 1,500 | 1,652,520 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Invesco California Value Municipal Income Trust
Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
California(continued) | ||||||||||||||||
Sierra View Local Health Care District; Series 2007, RB(e)(f) |
5.25 | % | 07/01/17 | $ | 2,000 | $ | 2,088,360 | |||||||||
Silicon Valley Tobacco Securitization Authority (Santa Clara); Series 2007 A, CAB Turbo RB(c) |
0.00 | % | 06/01/36 | 7,000 | 1,611,540 | |||||||||||
Simi Valley Unified School District (Election of 2004); |
|
|||||||||||||||
Series 2007 C, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 08/01/28 | 1,520 | 946,033 | |||||||||||
Series 2007 C, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 08/01/29 | 5,000 | 2,967,200 | |||||||||||
Series 2007 C, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 08/01/30 | 1,210 | 655,203 | |||||||||||
South Orange (County of) Public Financing Authority (Ladera Ranch); |
|
|||||||||||||||
Series 2014 A, Ref. Sr. Lien Special Tax RB |
5.00 | % | 08/15/28 | 750 | 853,583 | |||||||||||
Series 2014 A, Ref. Sr. Lien Special Tax RB |
5.00 | % | 08/15/29 | 900 | 1,019,439 | |||||||||||
Series 2014 A, Ref. Sr. Lien Special Tax RB |
5.00 | % | 08/15/30 | 1,000 | 1,128,590 | |||||||||||
Series 2014 A, Ref. Sr. Lien Special Tax RB |
5.00 | % | 08/15/32 | 1,680 | 1,883,246 | |||||||||||
Series 2014 A, Ref. Sr. Lien Special Tax RB |
5.00 | % | 08/15/33 | 1,000 | 1,118,080 | |||||||||||
South Orange (County of) Public Financing Authority; Series 1999, Special Assessment RB (INSAGM)(b) |
5.80 | % | 09/02/18 | 2,545 | 2,614,199 | |||||||||||
South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1); Series 2005 A, Ref. RB (INSAMBAC)(b) |
5.00 | % | 10/01/28 | 2,250 | 2,252,002 | |||||||||||
Southern California Metropolitan Water District; Series 2009 B, Ref. RB(d) |
5.00 | % | 07/01/27 | 7,825 | 8,857,744 | |||||||||||
Southern California Public Power Authority (Milford Wind Corridor Phase II); |
|
|||||||||||||||
Series 2011 1, RB(d) |
5.25 | % | 07/01/31 | 2,850 | 3,278,754 | |||||||||||
Series 2011-1, RB(d) |
5.25 | % | 07/01/29 | 2,850 | 3,320,820 | |||||||||||
Southern California Tobacco Securitization Authority (San Diego County Tobacco Asset Securitization Corp.); Series 2006 A-1, Sr. Tobacco Settlement Asset-Backed RB |
5.13 | % | 06/01/46 | 6,150 | 5,157,451 | |||||||||||
Tejon Ranch Public Facilities Financing Authority Community Facilities District No. 2008-1 (Tejon Industrial Complex Public Improvements East); Series 2012 B, Special Tax RB |
5.25 | % | 09/01/42 | 1,500 | 1,582,005 | |||||||||||
Turlock (City of) (Emanuel Medical Center, Inc.); |
|
|||||||||||||||
Series 2007 A, Health Facility Revenue COP(e)(f) |
5.13 | % | 10/15/17 | 1,000 | 1,094,950 | |||||||||||
Series 2007 B, Health Facility Revenue COP(e)(f) |
5.13 | % | 10/15/17 | 1,000 | 1,094,950 | |||||||||||
Tustin (City of) Public Financing Authority; Series 2011 A, Water RB |
5.00 | % | 04/01/36 | 3,500 | 3,868,690 | |||||||||||
Tustin Unified School District (Community Facilities District No. 97-1); Series 2015, Ref. Special Tax RB |
5.00 | % | 09/01/38 | 7,000 | 7,748,720 | |||||||||||
Twin Rivers Unified School District (Election of 2006); Series 2008, Unlimited Tax GO Bonds (INSAGM)(b) |
5.00 | % | 08/01/23 | 1,000 | 1,109,290 | |||||||||||
University of California; |
|
|||||||||||||||
Series 2009 O, General RB(e)(f) |
5.25 | % | 05/15/19 | 245 | 282,546 | |||||||||||
Series 2009 O, General RB |
5.25 | % | 05/15/39 | 1,255 | 1,412,540 | |||||||||||
Vernon (City of); |
|
|||||||||||||||
Series 2009 A, Electric System RB(e)(f) |
5.13 | % | 08/01/19 | 920 | 1,023,399 | |||||||||||
Series 2009 A, Electric System RB |
5.13 | % | 08/01/21 | 2,080 | 2,293,242 | |||||||||||
Vista Unified School District (Election of 2002); Series 2007 C, Unlimited Tax GO Bonds |
5.00 | % | 08/01/28 | 2,185 | 2,346,515 | |||||||||||
West Basin Municipal Water District; Series 2008 B, Ref. COP (INSAGC) (b) |
5.00 | % | 08/01/27 | 1,640 | 1,822,237 | |||||||||||
West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds |
0.00 | % | 08/01/25 | 5,000 | 3,553,900 | |||||||||||
William S. Hart Union High School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds(c) |
0.00 | % | 08/01/32 | 9,370 | 4,468,740 | |||||||||||
Yosemite Community College District (Election of 2004); |
||||||||||||||||
Series 2008 C, Unlimited Tax CAB GO Bonds (INSAGM)(b)(c) |
0.00 | % | 08/01/22 | 2,655 | 2,194,092 | |||||||||||
Series 2008 C, Unlimited Tax GO Bonds(d)(e)(f) |
5.00 | % | 08/01/18 | 16,000 | 17,928,320 | |||||||||||
965,910,513 | ||||||||||||||||
Guam3.43% | ||||||||||||||||
Guam (Territory of) (Section 30); |
||||||||||||||||
Series 2009 A, Limited Obligation RB |
5.38 | % | 12/01/24 | 3,150 | 3,483,050 | |||||||||||
Series 2009 A, Limited Obligation RB |
5.63 | % | 12/01/29 | 595 | 657,356 | |||||||||||
Guam (Territory of) International Airport Authority; Series 2013 C, General RB(g) |
6.38 | % | 10/01/43 | 3,000 | 3,510,450 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 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 (INSAGM)(b) |
5.00 | % | 10/01/26 | $ | 2,500 | $ | 2,927,700 | |||||||||
Series 2012 A, Ref. RB (INSAGM)(b) |
5.00 | % | 10/01/27 | 1,500 | 1,743,870 | |||||||||||
Series 2012 A, Ref. RB (INSAGM)(b) |
5.00 | % | 10/01/30 | 4,000 | 4,637,800 | |||||||||||
Guam (Territory of) Waterworks Authority; Series 2014 A, Ref. Water & Wastewater System RB |
5.00 | % | 07/01/35 | 1,800 | 1,952,262 | |||||||||||
Guam (Territory of); Series 2011 A, Business Privilege Tax RB |
5.25 | % | 01/01/36 | 3,000 | 3,290,400 | |||||||||||
22,202,888 | ||||||||||||||||
Virgin Islands1.76% | ||||||||||||||||
Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. Marine RB |
5.00 | % | 09/01/44 | 1,720 | 1,846,248 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note Diageo); Series 2009 A, Sub. RB |
6.63 | % | 10/01/29 | 2,965 | 3,323,587 | |||||||||||
Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); |
||||||||||||||||
Series 2010 A, Sr. Lien RB |
5.00 | % | 10/01/25 | 1,000 | 1,116,090 | |||||||||||
Series 2010 A, Sr. Lien RB |
5.00 | % | 10/01/29 | 3,000 | 3,247,020 | |||||||||||
Series 2012 A, RB (h) |
4.00 | % | 10/01/22 | 1,760 | 1,860,003 | |||||||||||
11,392,948 | ||||||||||||||||
Puerto Rico1.34% | ||||||||||||||||
Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2002 D, RB(e)(f) |
5.45 | % | 07/01/17 | 2,200 | 2,394,018 | |||||||||||
Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds |
8.00 | % | 07/01/35 | 4,770 | 3,471,415 | |||||||||||
Puerto Rico Sales Tax Financing Corp.; Series 2011 C, RB |
5.25 | % | 08/01/40 | 4,445 | 2,813,819 | |||||||||||
8,679,252 | ||||||||||||||||
TOTAL INVESTMENTS(j)155.52% (Cost $922,963,320) |
1,008,185,601 | |||||||||||||||
FLOATING RATE NOTE OBLIGATIONS(27.63)% |
||||||||||||||||
Notes with interest and fee rates ranging from 0.55% to 0.88% at 08/31/15 and contractual maturities of collateral ranging from 07/01/22 to 08/15/51 (See Note 1J)(k) |
(179,090,000 | ) | ||||||||||||||
VARIABLE RATE MUNI TERM PREFERRED SHARES(29.05)% |
(188,300,000 | ) | ||||||||||||||
OTHER ASSETS LESS LIABILITIES1.16% |
7,493,813 | |||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES100.00% |
$ | 648,289,414 |
Investment Abbreviations:
AGC | Assured Guaranty Corp. | |
AGM | Assured Guaranty Municipal Corp. | |
AMBAC | American Municipal Bond Assurance Corp. | |
CAB | Capital Appreciation Bonds | |
CEP | Credit Enhancement Provider | |
COP | Certificates of Participation | |
FHA | Federal Housing Administration | |
GO | General Obligation | |
INS | Insurer | |
MFH | Multi-Family Housing | |
NATL | National Public Finance Guarantee Corp. | |
RB | Revenue Bonds | |
Ref. | Refunding | |
RN | Revenue Notes | |
Sr. | Senior | |
Sub. | Subordinated |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 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 Trusts use of leverage. |
(b) | Principal and/or interest payments are secured by the bond insurance company listed. |
(c) | Zero coupon bond issued at a discount. |
(d) | Underlying security related to TOB Trusts entered into by the Trust. See Note 1J. |
(e) | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
(f) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(g) | Security subject to the alternative minimum tax. |
(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, 2015 was $23,471,905, which represented 3.62% of the Trusts Net Assets. |
(i) | Security is subject to a reimbursement agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the TOB Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $6,050,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the TOB Trusts. |
(j) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuers obligations but may be called upon to satisfy the issuers obligations. |
Entity | Percentage | |||
Assured Guaranty Municipal Corp. |
8.3 | % |
(k) | Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at August 31, 2015. At August 31, 2015, the Trusts investments with a value of $315,741,743 are held by TOB Trusts and serve as collateral for the $179,090,000 in the floating rate note obligations outstanding at that date. |
Portfolio Composition
By credit sector, based on total investments
As of August 31,2015
Revenue Bonds |
73.9 | % | ||
General Obligation Bonds |
16.9 | |||
Pre-Refunded Bonds |
9.2 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Invesco California Value Municipal Income Trust
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 Invesco California Value Municipal Income Trust
Statement of Operations
For the six months ended August 31, 2015
(Unaudited)
Investment income: |
| |||
Interest |
$ | 22,569,713 | ||
Expenses: |
||||
Advisory fees |
2,809,379 | |||
Administrative services fees |
77,667 | |||
Custodian fees |
11,316 | |||
Interest, facilities and maintenance fees |
1,442,449 | |||
Transfer agent fees |
30,008 | |||
Trustees and officers fees and benefits |
25,095 | |||
Other |
133,241 | |||
Total expenses |
4,529,155 | |||
Less: Fees waived |
(1,133,633 | ) | ||
Net expenses |
3,395,522 | |||
Net investment income |
19,174,191 | |||
Realized and unrealized gain (loss) from: |
||||
Net realized gain (loss) from investment securities |
(1,882,829 | ) | ||
Change in net unrealized appreciation (depreciation) of investment securities |
(12,136,291 | ) | ||
Net realized and unrealized gain (loss) |
(14,019,120 | ) | ||
Net increase in net assets from operations applicable to common shares |
$ | 5,155,071 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Invesco California Value Municipal Income Trust
Statement of Changes in Net Assets
For the six months ended August 31, 2015 and the year ended February 28, 2015
(Unaudited)
August 31, 2015 |
February 28, 2015 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 19,174,191 | $ | 37,848,647 | ||||
Net realized gain (loss) |
(1,882,829 | ) | (118,584 | ) | ||||
Change in net unrealized appreciation (depreciation) |
(12,136,291 | ) | 45,886,434 | |||||
Net increase in net assets resulting from operations |
5,155,071 | 83,616,497 | ||||||
Distributions to shareholders from net investment income |
(18,951,341 | ) | (37,902,682 | ) | ||||
Net increase (decrease) in net assets applicable to common shares |
(13,796,270 | ) | 45,713,815 | |||||
Net assets applicable to common shares: |
||||||||
Beginning of period |
662,085,684 | 616,371,869 | ||||||
End of period (includes undistributed net investment income of $2,564,692 and $2,341,842, respectively) |
$ | 648,289,414 | $ | 662,085,684 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Invesco California Value Municipal Income Trust
Statement of Cash Flows
For the six months ended August 31, 2015
(Unaudited)
Cash provided by operating activities: |
| |||
Net increase in net assets resulting from operations applicable to common shares |
$ | 5,155,071 | ||
Adjustments to reconcile the change in net assets applicable to common shares from operations to net cash provided by operating activities: |
| |||
Purchases of investments |
(76,039,197 | ) | ||
Proceeds from sales of investments |
70,650,605 | |||
Amortization of premium and deferred offering costs |
1,373,084 | |||
Accretion of discount |
(1,420,042 | ) | ||
Decrease in interest receivables and other assets |
367,970 | |||
Increase in accrued expenses and other payables |
184,035 | |||
Net realized loss from investment securities |
1,882,829 | |||
Net change in unrealized depreciation on investment securities |
12,136,291 | |||
Net cash provided by operating activities |
14,290,646 | |||
Cash provided by (used in) financing activities: |
||||
Dividends paid to common shareholders from net investment income |
(18,944,154 | ) | ||
Increase in payable for amount due custodian |
613,508 | |||
Proceeds from TOB Trusts |
4,715,000 | |||
Repayments of TOB Trusts |
(675,000 | ) | ||
Net cash provided by (used in) financing activities |
(14,290,646 | ) | ||
Cash and cash equivalents at beginning of period |
| |||
Cash and cash equivalents at end of period |
$ | | ||
Supplemental disclosure of cash flow information: |
||||
Cash paid during the period for interest, facilities and maintenance fees |
$ | 1,419,511 |
Notes to Financial Statements
August 31, 2015
(Unaudited)
NOTE 1Significant Accounting Policies
Invesco California Value Municipal Income Trust (the Trust) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company.
The Trusts investment objective is to seek to provide common shareholders with a high level of current income exempt from federal and California income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in California municipal securities rated investment grade at the time of investment.
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.
A. | Security Valuations Securities, including restricted securities, are valued according to the following policy. |
Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trusts officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
The Trust may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Trust investments.
19 Invesco California Value Municipal Income Trust
Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuers assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trusts net asset value and, accordingly, they reduce the Trusts total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.
C. | Country Determination For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuers 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. | 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 Trusts taxable earnings to shareholders. As such, the Trust will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
The Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Trusts uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
In addition, the Trust intends to invest in such municipal securities to allow it to qualify to pay shareholders exempt dividends, as defined in the Internal Revenue Code.
The Trust files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the Trust is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F. | Interest, Facilities and Maintenance Fees Interest, Facilities and Maintenance Fees include interest and related borrowing costs such as commitment fees, rating and bank agent fees 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. |
G. | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Trust monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications Under the Trusts 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 Trusts servicing agreements, that contain a variety of indemnification clauses. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | 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. |
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 |
20 Invesco California Value Municipal Income Trust
interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. |
The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and decreases in the value of such securities in response to changes in interest rates to a greater extent than fixed rate securities having similar credit quality, redemption provisions and maturity, which may cause the Trusts net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate notes created by the TOB Trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such notes for repayment of principal, may not be able to be remarketed to third parties. In such cases, the TOB Trust holding the fixed rate bonds may be collapsed with the entity that contributed the fixed rate bonds to the TOB Trust. In the case where a TOB Trust is collapsed with the Trust, the Trust will be required to repay the principal amount of the tendered securities, which may require the Trust to sell other portfolio holdings to raise cash to meet that obligation. The Trust could therefore be required to sell other portfolio holdings at a disadvantageous time or price to raise cash to meet this obligation, which risk will be heightened during times of market volatility, illiquidity or uncertainty. The embedded leverage in the TOB Trust could cause the Trust to lose more money than the value of the asset it has contributed to the TOB Trust and greater levels of leverage create the potential for greater losses. In addition, a Trust may enter into reimbursement agreements with the liquidity provider of certain TOB transactions in connection with certain residuals held by the Trust. These agreements commit a Trust to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a TOB Trust, including following the termination of a TOB Trust resulting from a mandatory tender event (liquidity shortfall). The reimbursement agreement will effectively make the Trust liable for the amount of the negative difference, if any, between the liquidation value of the underlying security and the purchase price of the floating rate notes issued by the TOB Trust.
The Trust accounts for the transfer of fixed rate bonds to the TOB Trusts as secured borrowings, with the securities transferred remaining in the Trusts investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the TOB Trusts as a component of Interest, facilities and maintenance fees on the Statement of Operations.
Final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker Rule) prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities investments in, and relationships with, covered funds, as defined in the rules. These rules preclude banking entities and their affiliates from sponsoring and/or providing services for existing TOB Trusts. A new TOB structure is being utilized by the Trust wherein the Trust, as holder of the residuals, will perform certain duties previously performed by banking entities as sponsors of TOB Trusts. These duties may be performed by a third-party service provider. The Trusts expanded role under the new TOB structure may increase its operational and regulatory risk. The new structure is substantially similar to the previous structure; however, pursuant to the Volcker Rule, the remarketing agent would not be able to repurchase tendered floaters for its own account upon a failed remarketing. In the event of a failed remarketing, a banking entity serving as liquidity provider may loan the necessary funds to the TOB Trust to purchase the tendered floaters. The TOB Trust, not the Trust, would be the borrower and the loan from the liquidity provider will be secured by the purchased floaters now held by the TOB Trust. However, as previously described, the Trust would bear the risk of loss with respect to any liquidity shortfall to the extent it entered into a reimbursement agreement with the liquidity provider.
There can be no assurances that the new TOB structure will continue to be a viable form of leverage. Further, there can be no assurances that alternative forms of leverage will be available to the Trust in order to maintain current levels of leverage. Any alternative forms of leverage may be less advantageous to the Trust, and may adversely affect the Trusts net asset value, distribution rate and ability to achieve its investment objective.
TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended (the 1933 Act), or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although atypical, these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.
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. |
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trusts investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
NOTE 2Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the Adviser or Invesco). Under the terms of the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate of 0.55% of the Trusts average daily managed assets. Managed assets for this purpose means the Trusts net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Trusts financial statements for purposes of GAAP).
Under the terms of a master sub-advisory agreement between the Adviser and each of 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 Affiliated Sub-Advisers) the Adviser, not the Trust, may pay 40% of the fees paid to the Adviser to any such
21 Invesco California Value Municipal Income Trust
Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Affiliated Sub-Adviser(s).
Effective July 1, 2015, the Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trusts expenses (excluding certain items discussed below) to 0.73%. Prior to July 1, 2015, the Adviser had voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trusts expenses (excluding certain items discussed below) to 0.52%. In determining the Advisers obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Trusts expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. To the extent that the annualized expenses ratio does not exceed the expense limitation, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year. This agreement may be discontinued at any time without notice to shareholders.
For the six months ended August 31, 2015, the Adviser waived advisory fees of $1,133,633.
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2015, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees.
Certain officers and trustees of the Trust are officers and directors of Invesco.
NOTE 3Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available 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 investments 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 Trusts 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 August 31, 2015, 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.
NOTE 4Trustees and Officers Fees and Benefits
Trustees and Officers Fees and Benefits include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust. Trustees have the option to defer compensation payable by the Trust, and Trustees and Officers Fees and Benefits includes amounts accrued by the Trust to fund such deferred compensation amounts.
NOTE 5Cash Balances and Borrowings
The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.
Inverse floating rate obligations resulting from the transfer of bonds to TOB Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fee rate related to inverse floating rate note obligations during the six months ended August 31, 2015 were $178,101,429 and 0.44%, respectively.
NOTE 6Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Trusts capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trusts fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss
22 Invesco California Value Municipal Income Trust
carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Trust had a capital loss carryforward as of February 28, 2015 which expires as follows:
Capital Loss Carryforward* | ||||||||||||
Expiration | Short-Term | Long-Term | Total | |||||||||
February 29, 2016 |
$ | 28,598,088 | $ | | $ | 28,598,088 | ||||||
February 28, 2017 |
33,297,240 | | 33,297,240 | |||||||||
February 28, 2018 |
6,860,536 | | 6,860,536 | |||||||||
February 28, 2019 |
3,798,339 | | 3,798,339 | |||||||||
Not subject to expiration |
4,635,445 | 10,902,827 | 15,538,272 | |||||||||
$ | 77,189,648 | $ | 10,902,827 | $ | 88,092,475 |
* | 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. |
NOTE 7Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2015 was $75,491,553 and $70,804,029, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis | ||||
Aggregate unrealized appreciation of investment securities |
$ | 87,730,578 | ||
Aggregate unrealized (depreciation) of investment securities |
(4,941,646 | ) | ||
Net unrealized appreciation of investment securities |
$ | 82,788,932 |
Cost of investments for tax purposes is $925,396,669.
NOTE 8Common Shares of Beneficial Interest
Transactions in common shares of beneficial interest were as follows:
August 31, 2015 |
February 28, 2015 |
|||||||
Beginning shares |
47,856,921 | 47,856,921 | ||||||
Shares issued through dividend reinvestment |
| | ||||||
Ending shares |
47,856,921 | 47,856,921 |
The Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.
NOTE 9Variable Rate Muni Term Preferred Shares
On May 15, 2012, the Trust issued 1,160 Series 2015/6-VCV VMTP Shares, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. Proceeds from the issuance of VMTP Shares on May 15, 2012 were used to redeem all of the Trusts outstanding Auction Rate Preferred Shares (ARPS). In addition, the Trust issued 723 Series 2015/6-VCV VMTP Shares in connection with reorganization of the Invesco California Quality Municipal Securities into the Trust with a liquidation preference of $100,000 per share. VMTP Shares are a floating-rate form of preferred shares with a mandatory redemption date. On December 31, 2014, the Trust extended the term of the VMTP Shares and is required to redeem all outstanding VMTP Shares on December 31, 2017, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any. On or prior to the redemption date, the Trust will be required to segregate assets having a value equal to 110% of the redemption amount.
The Trust incurred costs in connection with the issuance of the VMTP Shares. These costs were recorded as a deferred charge and were amortized over the original 3 year life of the VMTP Shares. In addition, the Trust incurred costs in connection with the extension of the VMTP Shares that are recorded as a deferred charge and are being amortized over the extended term. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations, and the unamortized balance is included in Deferred offering costs on the Statement of Assets and Liabilities.
Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends was equal to the sum of 1.10% per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index (the SIFMA Index). Effective December 31, 2014, subsequent rates are determined based upon changes in the SIFMA Index and take into account a ratings spread of 1% to 4% which is based on the long term preferred share ratings assigned to the VMTP Shares by a ratings agency. The average aggregate liquidation preference outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2015 were $188,300,000 and 1.05%, respectively.
The Trust utilizes the VMTP Shares as leverage in order to enhance the yield of its common shareholders. The primary risk associated with VMTP Shares is exposing the net asset value of the common shares and total return to increased volatility if the value of the Trust decreases while the value
23 Invesco California Value Municipal Income Trust
of the VMTP Shares remain unchanged. Fluctuations in the dividend rates on the VMTP Shares can also impact the Trusts yield or its distributions to common shareholders. The Trust is subject to certain restrictions relating to the VMTP Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of VMTP Shares at liquidation preference.
The liquidation preference of VMTP Shares, which are considered debt of the Trust for financial reporting purposes, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.
NOTE 10Dividends
The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2015:
Declaration Date | Amount per Share | Record Date | Payable Date | |||||||||
September 1, 2015 |
$ | 0.066 | September 14, 2015 | September 30, 2015 | ||||||||
October 1, 2015 |
$ | 0.066 | October 15, 2015 | October 30, 2015 |
24 Invesco California Value Municipal Income Trust
NOTE 11Financial Highlights
The following schedule presents financial highlights for a common share of the Fund outstanding throughout the periods indicated.
Six months ended August 31, |
Years ended February 28, | Year ended February 29, |
Four months ended February 28, |
Year ended October 31, |
||||||||||||||||||||||||
2015 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Net asset value per common share, beginning of period |
$ | 13.83 | $ | 12.88 | $ | 13.84 | $ | 13.23 | $ | 10.96 | $ | 12.72 | $ | 11.78 | ||||||||||||||
Net investment income(a) |
0.40 | 0.79 | 0.80 | 0.80 | 0.91 | 0.32 | 0.98 | |||||||||||||||||||||
Net gains (losses) on securities (both realized and unrealized) |
(0.28 | ) | 0.95 | (0.97 | ) | 0.67 | 2.28 | (1.77 | ) | 0.89 | ||||||||||||||||||
Distributions paid to preferred shareholders from: |
||||||||||||||||||||||||||||
Dividends from net investment income |
N/A | N/A | N/A | (0.00 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||||||
Total from investment operations |
0.12 | 1.74 | (0.17 | ) | 1.47 | 3.18 | (1.46 | ) | 1.85 | |||||||||||||||||||
Less dividends paid to common shareholders from net investment income |
(0.40 | ) | (0.79 | ) | (0.79 | ) | (0.86 | ) | (0.91 | ) | (0.30 | ) | (0.91 | ) | ||||||||||||||
Net asset value per common share, end of period |
$ | 13.55 | $ | 13.83 | $ | 12.88 | $ | 13.84 | $ | 13.23 | $ | 10.96 | $ | 12.72 | ||||||||||||||
Market value per common share, end of period |
$ | 12.36 | $ | 13.20 | $ | 11.80 | $ | 13.88 | $ | 14.01 | $ | 11.21 | $ | 13.02 | ||||||||||||||
Total return at net
asset |
1.05 | % | 14.37 | % | (0.42 | )% | 11.43 | % | 30.26 | % | (11.47 | )% | 16.33 | % | ||||||||||||||
Total return at market value(c) |
(3.43 | )% | 19.16 | % | (9.04 | )% | 5.53 | % | 34.87 | % | (11.54 | )% | 16.70 | % | ||||||||||||||
Net assets applicable to common shares, end of period (000s omitted) |
$ | 648,289 | $ | 662,086 | $ | 616,372 | $ | 662,397 | $ | 293,012 | $ | 242,336 | $ | 280,950 | ||||||||||||||
Portfolio turnover rate(d) |
7 | % | 8 | % | 18 | % | 9 | % | 20 | % | 4 | % | 12 | % | ||||||||||||||
Ratios/supplemental data based on average net assets applicable to common shares: |
|
|||||||||||||||||||||||||||
Ratio of expenses: |
||||||||||||||||||||||||||||
With fee waivers and/or expense reimbursements |
1.04 | %(e) | 1.05 | % | 1.07 | % | 1.32 | % | 1.35 | %(f) | 1.40 | %(f)(g)(k) | 1.36 | %(f) | ||||||||||||||
With fee waivers and/or expense reimbursements excluding interest, facilities and maintenance fees(h) |
0.60 | %(e) | 0.53 | % | 0.53 | % | 0.70 | % | 1.05 | %(f) | 1.05 | %(f)(g)(k) | 1.12 | %(f) | ||||||||||||||
Without fee waivers and/or expense reimbursements |
1.39 | %(e) | 1.48 | % | 1.55 | % | 1.65 | % | 1.41 | %(f) | 1.43 | %(f)(g)(k) | 1.46 | %(f) | ||||||||||||||
Ratio of net investment income before preferred share dividends |
5.87 | %(e) | 5.86 | % | 6.31 | % | 5.88 | % | 7.60 | % | 8.66 | %(g)(k) | 8.03 | % | ||||||||||||||
Preferred share dividends |
N/A | N/A | N/A | 0.02 | % | 0.12 | % | 0.22 | %(k) | |||||||||||||||||||
Ratio of net investment income after preferred share dividends |
5.87 | %(e) | 5.86 | % | 6.31 | % | 5.86 | % | 7.48 | % | 8.44 | %(g)(k) | 7.83 | % | ||||||||||||||
Senior securities: |
||||||||||||||||||||||||||||
Total amount of preferred shares outstanding (000s omitted)(i) |
$ | 188,300 | $ | 188,300 | $ | 188,300 | $ | 188,300 | $ | 116,000 | $ | 130,000 | $ | 130,000 | ||||||||||||||
Asset coverage per preferred share(i)(j) |
$ | 444,285 | $ | 451,602 | $ | 427,264 | $ | 451,646 | $ | 88,149 | $ | 71,603 | $ | 79,032 | ||||||||||||||
Liquidating preference per preferred share(i) |
$ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 |
(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 Trusts 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 calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended February 28, 2013, the portfolio turnover calculation excludes the value of securities purchased and sold of $366,840,986 and $13,626,947, respectively, in the effort to realign the Trusts portfolio holdings after the reorganization of the Invesco California Municipal Income Trust, Invesco California Municipal Securities and Invesco California Quality Municipal Securities into the Trust. |
Portfolio turnover is calculated at the fund level and 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 (000s omitted) of $649,952. |
(f) | Ratios do not reflect the effect of dividend payments to preferred shareholders. |
(g) | Ratio includes an adjustment for a change in accounting estimate for professional fees during the period. Ratios excluding this adjustment would have been higher by 0.05%. |
(h) | For the year ended October 31, 2010, ratio does not exclude facilities and maintenance fees. |
(i) | For the year ended February 29, 2012 and prior, amounts are based on ARPS outstanding. |
(j) | Calculated by subtracting the Trusts total liabilities (not including preferred shares) from the Trusts total assets and dividing this by preferred shares outstanding. |
(k) | Annualized. |
25 Invesco California Value Municipal Income Trust
Approval of Investment Advisory and Sub-Advisory Contracts
26 Invesco California Value Municipal Income Trust
27 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 26, 2015. 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) | James T. Bunch | 41,536,379 | 1,378,762 | |||||||
Bruce L. Crockett | 41,526,089 | 1,389,052 | ||||||||
Rodney F. Dammeyer | 41,533,538 | 1,381,603 | ||||||||
Jack M. Fields | 41,599,066 | 1,316,075 | ||||||||
Martin L. Flanagan | 41,568,270 | 1,346,871 | ||||||||
(2) | David C. Arch | 1,883 | 0 |
28 Invesco California Value Municipal Income Trust
Correspondence information
Send general correspondence to Computershare Trust Company, N.A., P.O. Box 30170, College Station, TX 77842-3170.
Trust holdings and proxy voting information
The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter ends. For the second and fourth quarters, the lists appear in the Trusts semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Trusts Forms N-Q on the SEC website at sec.gov. Copies of the Trusts Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Trust is shown below.
A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov. Information regarding how the Trust voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov. |
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SEC file number: 811-07404 VK-CE-CAVMI-SAR-1 |
ITEM 2. | CODE OF ETHICS. | |
There were no amendments to the Code of Ethics (the Code) that applies to the Registrants Principal Executive Officer (PEO) and Principal Financial Officer (PFO) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. | |
Not applicable. | ||
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. | |
Not applicable. | ||
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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. | ||
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. | ||
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-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 August 13, 2015, 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 Registrants disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the Act), as amended. Based on that evaluation, the Registrants officers, including the PEO and PFO, concluded that, as of August 13, 2015, the Registrants disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is |
recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. | ||
(b) | There have been no changes in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting. | |
ITEM 12. | EXHIBITS. | |
12(a) (1) | Not applicable. | |
12(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3) | Not applicable. | |
12(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-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/ Philip A. Taylor |
|||
Philip A. Taylor | ||||
Principal Executive Officer | ||||
Date: | November 9, 2015 | |||
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/ Philip A. Taylor |
|||
Philip A. Taylor | ||||
Principal Executive Officer | ||||
Date: | November 9, 2015 | |||
By: | /s/ Sheri Morris |
|||
Sheri Morris | ||||
Principal Financial Officer | ||||
Date: | November 9, 2015 |
EXHIBIT INDEX
12(a) (1) | Not applicable. | |
12(a) (2) | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
12(a) (3) | Not applicable. | |
12(b) | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
I, Philip A. Taylor, Principal Executive Officer, certify that:
1. I have reviewed this report on Form N-CSR of Invesco California Value Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in this registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: November 9, 2015 | /s/ Philip A. Taylor | |||||
Philip A. Taylor, Principal Executive Officer |
I, Sheri Morris, Principal Financial Officer, certify that:
1. I have reviewed this report on Form N-CSR of Invesco California Value Municipal Income Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in this registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: November 9, 2015 | /s/ Sheri Morris | |||||
Sheri Morris, Principal Financial Officer |
CERTIFICATION OF SHAREHOLDER REPORT
In connection with the Certified Shareholder Report of Invesco California Value Municipal Income Trust (the Company) on Form N-CSR for the period ended August 31, 2015, as filed with the Securities and Exchange Commission (the Report), I, Philip A. Taylor, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 9, 2015 | /s/ Philip A. Taylor | |||||
Philip A. Taylor, Principal Executive Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
CERTIFICATION OF SHAREHOLDER REPORT
In connection with the Certified Shareholder Report of Invesco California Value Municipal Income Trust (the Company) on Form N-CSR for the period ended August 31, 2015, as filed with the Securities and Exchange Commission (the Report), I, Sheri Morris, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 9, 2015 | /s/ Sheri Morris | |||||
Sheri Morris, Principal Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
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