Invesco California Value Municipal Income Trust
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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)

 

 

Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 05/31/14

 

 

 

Item 1. Schedule of Investments.

  

 

  

Invesco California Value Municipal
Income Trust

Quarterly Schedule of Portfolio Holdings

May 31, 2014

 

  

LOGO

 

invesco.com/us

    VK-CE-CAVMI-QTR-1    5/14    Invesco Advisers, Inc.

Schedule of Investments

May 31, 2014

(Unaudited)

 

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

Municipal Obligations–154.85%(a)

           

California–147.84%

           

ABAG Finance Authority for Non-profit Corps. (Sharp Healthcare); Series 2012 A, RB

    5.00%     08/01/27       $       1,000       $       1,122,960   

ABAG Finance Authority For Nonprofit Corps. (Sharp HealthCare); Series 2014 A, RB

    5.00%     08/01/43         2,000         2,189,120   

Adelanto (City of) Public Utility Authority (Utility System); Series 2009 A, Ref. RB

    6.75%     07/01/39         2,500         2,816,525   

Alameda (County of) Joint Powers Authority (Juvenile Justice Refunding); Series 2008 A, Lease RB
(INS-AGM) (b)

    5.00%     12/01/25         750         849,270   

Alhambra (City of) (Atherton Baptist Homes);

           

Series 2010 A, RB

    7.50%     01/01/30         1,670         1,780,771   

Series 2010 A, RB

    7.63%     01/01/40         750         794,505   

Alhambra Unified School District (Election of 2004);

           

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(c)

    0.00%     08/01/35         1,120         410,323   

Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(c)

    0.00%     08/01/36         1,805         625,216   

Anaheim (City of) Redevelopment Agency (Anaheim Merged Redevelopment Area); Series 2007 A, Ref. Tax Allocation RB (INS-AGM) (b)(d)

    5.00%     02/01/31         4,250         4,457,825   

Anaheim City School District (Election of 2002); Series 2007, Unlimited Tax CAB GO Bonds
(INS-NATL) (b)(c)

    0.00%     08/01/24         4,970         3,358,080   

Arcadia Unified School District (Election of 2006); Series 2007 A, Unlimited Tax GO Bonds
(INS-AGM) (b)

    5.00%     08/01/37         1,000         1,093,610   

Bakersfield (City of); Series 2007 A, Wastewater RB (INS-AGM) (b)

    5.00%     09/15/32         2,500         2,766,725   

Bay Area Toll Authority (San Francisco Bay Area);

           

Series 2007 F, Toll Bridge RB (d)(e)(f)

    5.00%     04/01/17         6,000         6,759,420   

Series 2009 F-1, Toll Bridge RB (d)

    5.13%     04/01/39         4,500         5,068,440   

Series 2009 F-1, Toll Bridge RB (d)

    5.25%     04/01/26         4,315         5,107,277   

Series 2009 F-1, Toll Bridge RB (d)

    5.25%     04/01/29         4,795         5,610,630   

Bay Area Water Supply & Conservation Agency; Series 2013 A, RB

    5.00%     10/01/34         3,500         3,974,215   

Beverly Hills Unified School District (Election of 2008);

           

Series 2009, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/26         1,245         836,877   

Series 2009, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/28         3,000         1,839,990   

Series 2009, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/31         2,010         1,023,452   

Series 2009, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/32         430         206,056   

Brea Olinda Unified School District; Series 2002 A, Ref. COP (INS-AGM) (b)

    5.50%     08/01/20         1,510         1,516,538   

California (State of) Department of Veterans Affairs; Series 2007 A, Home Purchase RB (d)(g)

    4.95%     12/01/37         9,000         9,192,060   

California (State of) Department of Water Resources (Central Valley);

           

Series 2008 AE, Water System RB

    5.00%     12/01/29         2,000         2,288,300   

Series 2012 AN, Water System RB

    5.00%     12/01/32         1,600         1,841,824   

California (State of) Department of Water Resources; Subseries 2005 F-5, Power Supply RB

    5.00%     05/01/22         2,000         2,326,400   

California (State of) Educational Facilities Authority (Claremont McKenna College);
Series 2007, RB (d)

    5.00%     01/01/38         7,480         8,278,714   

California (State of) Educational Facilities Authority (OTIS College of Art and Design - Goldsmith Campus); Series 1999 B, RB

    5.25%     04/01/24         335         335,288   

California (State of) Educational Facilities Authority (Pitzer College);

           

Series 2009, RB

    5.38%     04/01/34         2,000         2,270,480   

Series 2009, RB

    6.00%     04/01/40         1,000         1,171,150   

California (State of) Educational Facilities Authority (University of Southern California);
Series 2009 B, RB (d)

    5.25%     10/01/39         10,200         11,634,936   

California (State of) Health Facilities Financing Authority (Adventist Health System West);
Series 2009 A, RB

    5.75%     09/01/39         2,500         2,881,750   

California (State of) Health Facilities Financing Authority (Catholic Healthcare West);

           

Series 2004 G, RB

    5.25%     07/01/23         2,555         2,564,811   

Series 2009 A, RB

    6.00%     07/01/39         2,500         2,798,075   

California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center);
Series 2009, RB

    5.00%     08/15/39         6,000         6,454,380   

California (State of) Health Facilities Financing Authority (Children’s Hospital Los Angeles);
Series 2010, RB (INS-AGM) (b)

    5.25%     07/01/38         5,050         5,359,817   

California (State of) Health Facilities Financing Authority (Kaiser Permanente); Series 2006 A, RB

    5.25%     04/01/39         1,000         1,031,530   

California (State of) Health Facilities Financing Authority (Lucile Packard Children’s Hospital);
Series 2012, RB (d)

    5.00%     08/15/51         12,000         12,993,360   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

California (State of) Health Facilities Financing Authority (Providence Health & Services);
Series 2008 C, RB

    6.50%     10/01/33       $       3,000       $       3,556,920   

California (State of) Health Facilities Financing Authority (Scripps Health); Series 2010 A, RB (d)

    5.00%     11/15/36         6,250         6,827,250   

California (State of) Health Facilities Financing Authority (St. Joseph Health System);
Series 2013 A, RB

    5.00%     07/01/37         5,000         5,556,650   

California (State of) Health Facilities Financing Authority (Stanford Hospital);
Series 2008 A-2, Ref. RB

    5.25%     11/15/40         4,000         4,490,840   

California (State of) Health Facilities Financing Authority (Sutter Health);

           

Series 2011 B, RB

    5.50%     08/15/26         3,500         4,076,695   

Series 2011 D, Ref. RB (d)

    5.25%     08/15/31         10,000         11,368,500   

California (State of) Housing Finance Agency; Series 1997 A, MFH RB (INS-NATL) (b)(g)

    5.85%     08/01/17         2,005         2,010,975   

California (State of) Municipal Finance Authority (Albert Einstein Academies); Series 2013,
Charter School RB

    6.75%     08/01/33         1,555         1,655,904   

California (State of) Municipal Finance Authority (American Heritage Education Foundation);
Series 2006 A, Education RB

    5.25%     06/01/26         500         500,565   

California (State of) Municipal Finance Authority (Caritas Affordable Housing, Inc.); Series 2014 A, Sr. Mobile Home Park RB

    5.25%     08/15/49         3,000         3,109,320   

California (State of) Municipal Finance Authority (Community Hospitals of Central California Obligated Group);

           

Series 2007, COP

    5.00%     02/01/19         1,215         1,301,751   

Series 2007, COP

    5.25%     02/01/37         6,500         6,642,220   

California (State of) Municipal Finance Authority (Eisenhower Medical Center); Series 2010 A, RB

    5.75%     07/01/40         3,850         4,108,835   

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         1,016,560   

California (State of) Pollution Control Finance Authority;

           

Series 2012, Water Furnishing RB (g)(h)

    5.00%     07/01/27         2,500         2,656,975   

Series 2012, Water Furnishing RB (g)(h)

    5.00%     07/01/37         6,000         6,180,720   

California (State of) Pollution Control Financing Authority (San Diego Gas & Electric);
Series 1996 A, Ref. PCR (INS-NATL) (b)

    5.90%     06/01/14         110         110,018   

California (State of) Pollution Control Financing Authority (San Jose Water Co.); Series 2010 A, RB

    5.10%     06/01/40         5,000         5,284,100   

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         2,108,180   

California (State of) Public Works Board (Judicial Council); Series 2013 A, Lease RB

    5.00%     03/01/38         5,450         5,968,894   

California (State of) Public Works Board (Various Capital); Series 2012 G, Lease RB

    5.00%     11/01/32         1,500         1,672,650   

California (State of) Public Works Board (Various State Universities);

           

Series 2013 H, Lease RB

    5.00%     09/01/33         8,345         9,288,319   

Series 2013 H, Lease RB

    5.00%     09/01/38         2,000         2,196,280   

California (State of) School Finance Authority (Alliance for College-Ready Public Schools);
Series 2013 A, School Facility RB

    6.30%     07/01/43         2,000         2,136,100   

California (State of) Statewide Communities Development Authority (Adventist Health System/West);

           

Series 2005 A, Health Facility RB

    5.00%     03/01/19         1,825         1,887,707   

Series 2005 A, Health Facility RB

    5.00%     03/01/35         2,020         2,036,645   

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         2,169,118   

California (State of) Statewide Communities Development Authority (American Baptist Homes of the West); Series 2010, RB

    6.25%     10/01/39         4,000         4,322,600   

California (State of) Statewide Communities Development Authority (California Baptist University);

           

Series 2007 A, RB

    5.50%     11/01/38         1,250         1,265,100   

Series 2014 A, RB

    6.38%     11/01/43         4,035         4,436,402   

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         2,696,125   

California (State of) Statewide Communities Development Authority (Cottage Health System Obligated Group); Series 2010, RB

    5.25%     11/01/30         4,325         4,730,642   

California (State of) Statewide Communities Development Authority (Enloe Medical Center);
Series 2008, RB (INS-Cal Mortgage) (b)

    6.25%     08/15/28         2,750         3,239,830   

California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007 A, RB (h)

    5.13%     04/01/37         1,500         1,523,010   

California (State of) Statewide Communities Development Authority (Henry Mayo Newhall Memorial Hospital); Series 2014 A, RB (INS-AGM) (b)

    5.25%     10/01/43         1,500         1,633,500   

California (State of) Statewide Communities Development Authority (John Muir Health);
Series 2006 A, RB

    5.00%     08/15/28         3,000         3,235,650   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

California (State of) Statewide Communities Development Authority (Kaiser Permanente);
Series 2012 A, RB

    5.00%     04/01/42       $ 5,000       $ 5,417,200   

California (State of) Statewide Communities Development Authority (Methodist Hospital);
Series 2009, RB (CEP-FHA)

    6.75%     02/01/38         1,785         2,152,692   

California (State of) Statewide Communities Development Authority (Southern California Presbyterian Homes); Series 2009, Senior Living RB

    7.25%     11/15/41         2,000         2,313,740   

California (State of) Statewide Communities Development Authority (St. Joseph Health System); Series 2000, RB (INS-NATL) (b)

    5.13%     07/01/24         1,950         2,220,738   

California (State of) Statewide Communities Development Authority (Trinity Health Credit Group); Series 2011, Ref. RB (d)

    5.00%     12/01/41         10,090         10,856,941   

California (State of) Statewide Communities Development Authority; Series 2011, School
Facilities RB

    6.75%     07/01/31         1,425         1,584,301   

California (State of);

           

Series 2002, Unlimited Tax GO Bonds

    6.00%     04/01/19         2,500         3,067,450   

Series 2009, Various Purpose Unlimited Tax GO Bonds

    5.75%     04/01/31         1,150         1,363,267   

Series 2009, Various Purpose Unlimited Tax GO Bonds

    6.00%     11/01/35         2,750         3,328,765   

Series 2009, Various Purpose Unlimited Tax GO Bonds

    6.00%     04/01/38         2,215         2,617,488   

Series 2009 A, Ref. Economic Recovery Unlimited Tax GO Bonds

    5.25%     07/01/21         3,000         3,593,670   

Series 2010, Unlimited Tax GO Bonds

    5.25%     11/01/40         4,340         4,867,180   

Series 2010, Various Purpose Unlimited Tax GO Bonds

    5.50%     03/01/40         5,955         6,877,132   

Series 2011, Various Purpose Unlimited Tax GO Bonds

    5.00%     09/01/32         3,050         3,420,514   

Series 2011, Various Purpose Unlimited Tax GO Bonds

    5.00%     10/01/41         3,500         3,809,750   

Series 2012, Ref. Unlimited Tax GO Bonds

    5.25%     02/01/30         2,210         2,549,147   

Series 2012, Various Purpose Unlimited Tax GO Bonds

    5.00%     04/01/42         4,000         4,369,240   

Series 2013, Ref. Various Purpose Unlimited Tax GO Bonds

    5.25%     09/01/30         5,000         5,905,050   

Series 2013, Various Purpose Unlimited Tax GO Bonds

    5.00%     04/01/37         11,080         12,328,827   

California Infrastructure & Economic Development Bank (Independent System Operator Corp.); Series 2013, Ref. RB

    5.00%     02/01/39         3,000         3,239,460   

California Infrastructure & Economic Development Bank (The Scripps Research Institute); Series 2005 A, RB

    5.00%     07/01/29         2,000         2,083,760   

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         1,934,700   

California State University;

           

Series 2005 A, Systemwide RB (INS-AMBAC) (b)

    5.00%     11/01/35         2,000         2,073,520   

Series 2009 A, Systemwide RB

    5.25%     11/01/38         5,000         5,732,200   

Camarillo (City of) Public Finance Authority; Series 2005, Wastewater RB (INS-AMBAC) (b)

    5.00%     06/01/36         1,000         1,067,590   

Campbell Union High School District;

           

Series 2008, Unlimited Tax GO Bonds (INS-AGC) (b)

    5.00%     08/01/35         1,090         1,204,199   

Series 2008, Unlimited Tax GO Bonds (INS-AGC) (b)

    5.00%     08/01/38         1,620         1,772,620   

Capistrano Unified School District (Community Facilities District); Series 2005, Ref. Special Tax RB (INS-NATL) (b)

    5.00%     09/01/29         1,000         1,016,150   

Chino Basin Regional Financing Authority (Inland Empire Utilities Agency); Series 2008 A, RB (INS-AMBAC) (b)

    5.00%     11/01/33         1,250         1,389,600   

Chula Vista (City of) (San Diego Gas); Series 1996 A, IDR

    5.30%     07/01/21         2,000         2,047,840   

Clovis Unified School District (Election of 2004); Series 2004 A, Unlimited Tax CAB GO Bonds (INS-NATL) (b)(c)

    0.00%     08/01/29         625         330,725   

Colton (City of) Redevelopment Agency (Mount Vernon Corridor); Series 1999, Tax Allocation RB

    6.30%     09/01/36         2,000         2,000,780   

Compton (City of); Series 2009, Water RB

    6.00%     08/01/39         1,750         1,812,930   

Corona-Norco Unified School District (Community Facilities District No. 98-1);

           

Series 2013, Ref. Special Tax RB

    5.00%     09/01/27         1,000         1,117,490   

Series 2013, Ref. Special Tax RB

    5.00%     09/01/29         1,720         1,898,725   

Series 2013, Ref. Special Tax RB

    5.00%     09/01/32         1,000         1,082,680   

Culver City (City of) Redevelopment Agency; Series 2005 A, Ref. Tax Allocation RB
(INS-AMBAC) (b)

    5.00%     11/01/25         2,000         2,031,460   

Daly City (City of) Housing Development Finance Agency (Franciscan Mobile Home Park Acquisition); Series 2007 C, Ref. Third Tier Mobile Home Park RB

    6.50%     12/15/47         1,920         1,943,462   

Desert Community College District (Election of 2004); Series 2007 C, Unlimited Tax GO Bonds (INS-AGM) (b)

    5.00%     08/01/37         2,045         2,268,171   

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         1,314,994   

Series 2009, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/48         2,860         471,843   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

East Bay Municipal Utility District;

           

Series 2005 A, Sub. Water System RB (e)

    5.00%     06/01/35       $ 3,205       $ 3,329,995   

Series 2010 A, Ref. Sub. Water System RB (d)

    5.00%     06/01/36         2,745         3,130,810   

Eastern Municipal Water District; Series 2006 A, Water & Sewer Revenue COP (INS-NATL) (b)

    5.00%     07/01/32         1,000         1,070,110   

Eden (Township of) Healthcare District;

           

Series 2010, COP

    6.00%     06/01/30         1,500         1,610,685   

Series 2010, COP

    6.13%     06/01/34         500         536,890   

El Cerrito (City of) Redevelopment Agency; Series 1998 B, Ref. Tax Allocation RB
(INS-NATL) (b)(g)

    5.25%     07/01/15         215         219,896   

El Segundo Unified School District (Election of 2008);

           

Series 2009 A, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/31         2,735         1,265,348   

Series 2009 A, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/33         615         251,000   

Emeryville (City of) Public Financing Authority (Shellmound Park Redevelopment & Housing); Series 1998 B, RB (INS-NATL) (b)

    5.00%     09/01/19         880         882,130   

Florin Resource Conservation District (Elk Grove Water Service); Series 2003 A, Capital Improvement COP (INS-NATL) (b)

    5.00%     09/01/33         4,580         4,599,328   

Folsom (City of) Public Financing Authority; Series 2007 A, Special Tax RB (INS-AMBAC) (b)

    5.00%     09/01/28         3,000         3,108,690   

Fontana (City of) Community Facilities District No. 22 (Sierra Hills South); Series 2014, Ref. Special Tax RB

    5.00%     09/01/34         1,000         1,075,230   

Foothill-De Anza Community College District; Series 2011 C, Unlimited Tax GO Bonds (d)

    5.00%     08/01/40         13,500         14,967,585   

Foothill-Eastern Transportation Corridor Agency;

           

Series 1995 A, Sr. Lien Toll Road CAB RB (c)(e)

    0.00%     01/01/27         2,950         2,084,057   

Subseries 2014 B-1, Ref. Toll Road RB (f)

    5.00%     01/15/18         3,000         3,306,480   

Garden Grove (City of) Agency for Community Development; Series 2008, Sub. RN (Acquired 05/27/08; Cost $1,463,364) (h)

    6.00%     10/01/27         1,680         1,680,370   

Gilroy Unified School District (Election of 2008);

           

Series 2009 A, Unlimited Tax CAB GO Bonds (c)(e)

    0.00%     08/01/29         85         53,703   

Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(c)

    0.00%     08/01/29         665         351,891   

Golden State Tobacco Securitization Corp.;

           

Series 2005 A, Enhanced Tobacco Settlement Asset-Backed RB (INS-FGIC) (b)

    5.00%     06/01/35         965         999,422   

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

    4.50%     06/01/27         1,715         1,566,121   

Series 2007 A-1, Sr. Tobacco Settlement Asset-Backed RB

    5.00%     06/01/33         5,890         4,900,127   

Series 2013 A, Enhanced Tobacco Settlement Asset-Backed RB

    5.00%     06/01/30         3,000         3,373,290   

Grossmont Union High School District (Election of 2004); Series 2006, Unlimited Tax CAB GO Bonds (INS-NATL) (b)(c)

    0.00%     08/01/24         3,000         2,170,440   

Huntington Beach Union High School District (Election of 2004);

           

Series 2004, Unlimited Tax GO Bonds (e)(f)

    5.00%     08/01/14         1,280         1,290,534   

Series 2004, Unlimited Tax GO Bonds (e)(f)

    5.00%     08/01/14         1,250         1,260,287   

Independent Cities Lease Finance Authority (San Juan Mobile Estates); Series 2006 A, Mobile Home Park RB

    5.00%     05/15/31         1,000         1,016,470   

Independent Cities Lease Finance Authority (Westlake Mobilehome Park); Series 2007 A, Ref. Mobile Home Park RB

    5.00%     04/15/47         1,500         1,532,535   

Inland Valley Development Agency; Series 2014 A, Ref. Tax Allocation RB

    5.00%     09/01/44         1,500         1,605,660   

Irvine (City of) (Reassessment District No. 12-1);

           

Series 2012, Limited Obligation Improvement Bonds

    5.00%     09/02/24         1,145         1,309,307   

Series 2012, Limited Obligation Improvement Bonds

    5.00%     09/02/25         500         564,225   

Irvine (City of) (Reassessment District No. 13-1);

           

Series 2013, Limited Obligation Special Assessment RB

    5.00%     09/02/25         355         407,242   

Series 2013, Limited Obligation Special Assessment RB

    5.00%     09/02/26         400         455,304   

Series 2013, Limited Obligation Special Assessment RB

    5.00%     09/02/27         325         363,321   

Series 2013, Limited Obligation Special Assessment RB

    5.00%     09/02/28         350         388,154   

Series 2013, Limited Obligation Special Assessment RB

    5.00%     09/02/29         705         778,355   

Kern (County of) Board of Education; Series 2006 A, Ref. COP (INS-NATL) (b)

    5.00%     06/01/31         3,110         3,175,590   

Kern (County of) Water Agency Improvement District No. 4; Series 2008 A, COP (INS-AGC) (b)

    5.00%     05/01/28         1,015         1,143,479   

La Quinta (City of) Financing Authority; Series 2004 A, Local Agency Tax Allocation RB
(INS-AMBAC) (b)

    5.25%     09/01/24         4,100         4,146,412   

La Quinta (City of) Successor Agency to the Redevelopment Agency (Areas No. 1 & 2);

           

Series 2013 A, Ref. Sub. Tax Allocation RB

    5.00%     09/01/27         1,000         1,117,490   

Series 2013 A, Ref. Sub. Tax Allocation RB

    5.00%     09/01/28         4,000         4,448,800   

Lancaster (City of) Redevelopment Agency (Combined Redevelopment Areas);

           

Series 2009, Tax Allocation RB (e)(f)

    6.88%     08/01/19         575         739,059   

Series 2009, Tax Allocation RB

    6.88%     08/01/39         425         493,901   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

Lathrop (City of) (Mossdale Village Assessment District No. 03-1); Series 2005, Special Assessment Improvement RB

    5.00%     09/02/25       $ 1,000       $ 1,002,450   

Long Beach (City of) (Long Beach Towne Center); Series 2008, Special Tax RB

    5.75%     10/01/25         2,000         2,165,880   

Long Beach (City of);

           

Series 2005 A, Ref. Harbor RB (INS-NATL) (b)(g)

    5.00%     05/15/24         2,750         2,869,295   

Series 2010 A, Sr. Airport RB

    5.00%     06/01/40         1,590         1,707,883   

Long Beach Unified School District; Series 2012, Ref. Unlimited Tax GO Bonds (d)

    5.00%     08/01/31         11,625         13,293,536   

Los Angeles (City of) (Sonnenblick Del Rio); Series 2000, Sr. COP (INS-AMBAC) (b)

    6.00%     11/01/19         3,000         3,014,400   

Los Angeles (City of) Community Redevelopment Agency (Grand Central Square- Los Angeles County Metropolitan Transportation Authority); Series 2007 B, Ref. MFH RB (INS-AMBAC) (b)(g)

    4.75%     12/01/26         2,215         2,136,035   

Los Angeles (City of) Department of Airports (Los Angeles International Airport);

           

Series 2008 C, Sub. RB

    5.13%     05/15/33         1,230         1,368,621   

Series 2010 A, Sr. RB (d)

    5.00%     05/15/35         6,000         6,664,380   

Series 2010 D, Sr. RB (d)

    5.25%     05/15/33         10,000         11,458,600   

Los Angeles (City of) Department of Water & Power;

           

Series 2009 A, Water System RB

    5.38%     07/01/38         2,000         2,291,040   

Series 2011 A, Power System RB (d)

    5.00%     07/01/22         9,200         11,102,928   

Series 2011 A, Water System RB

    5.25%     07/01/39         2,000         2,229,740   

Series 2012 A, Water System RB (d)

    5.00%     07/01/43         5,250         5,817,840   

Series 2013 B, Waterworks RB

    5.00%     07/01/27         3,000         3,595,410   

Subseries 2006 A-1, Water System RB (INS-AMBAC) (b)

    5.00%     07/01/36         1,000         1,081,290   

Subseries 2007 A-1, Power System RB (INS-AMBAC) (b)

    5.00%     07/01/39         1,500         1,659,900   

Subseries 2008 A-1, Power System RB (d)

    5.25%     07/01/38         8,200         9,271,576   

Los Angeles (City of);

           

Series 2004 A, Unlimited Tax GO Bonds (e)(f)

    5.00%     09/01/14         1,030         1,042,638   

Series 2012 B, Ref. Sub. Wastewater System RB (d)

    5.00%     06/01/32         10,000         11,394,500   

Los Angeles (County of) Metropolitan Transportation Authority; Series 2005 A, Proposition A First Tier Sr. Sales Tax RB (INS-AMBAC) (b)

    5.00%     07/01/35         2,450         2,555,472   

Los Angeles Community College District (Election of 2003); Series 2008 F-1, Unlimited Tax GO Bonds (d)

    5.00%     08/01/33         8,000         9,006,880   

Los Angeles County Schools Regionalized Business Services Corp. (Los Angeles County Schools Pooled Financing Program); Series 1999 A, CAB COP (INS-AMBAC) (b)(c)

    0.00%     08/01/26         1,200         702,660   

Los Angeles Unified School District (Election of 2002); Series 2009 D, Unlimited Tax GO Bonds

    5.00%     01/01/34         2,000         2,257,760   

Los Angeles Unified School District (Election of 2004);

           

Series 2005 E, Unlimited Tax GO Bonds (INS-AMBAC) (b)

    5.00%     07/01/30         620         647,100   

Series 2006 F, Unlimited Tax GO Bonds (INS-FGIC) (b)

    5.00%     07/01/30         2,000         2,159,120   

Series 2009 I, Unlimited Tax GO Bonds (INS-AGC) (b)

    5.00%     01/01/34         5,950         6,716,836   

M-S-R Energy Authority; Series 2009 B, Gas RB

    6.13%     11/01/29         1,500         1,852,350   

Marin (County of) Water District Financing Authority; Series 2012 A, Sub. Lien RB

    5.00%     07/01/44         4,495         4,961,176   

Menifee Union School District (Election of 2008); Series 2009 C, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(c)

    0.00%     08/01/34         850         320,484   

Milpitas (City of) Redevelopment Agency (Redevelopment Area No. 1); Series 2003, Tax Allocation RB (INS-NATL) (b)

    5.00%     09/01/22         5,000         5,017,550   

Modesto (City of) (Community Center Refinancing); Series 1993 A, COP (INS-AMBAC) (b)

    5.00%     11/01/23         5,000         5,083,950   

Montebello Unified School District (Election of 2004); Series 2009 A-1, Unlimited Tax GO Bonds (INS-AGC) (b)

    5.25%     08/01/34         1,000         1,083,280   

Moorpark Unified School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(c)

    0.00%     08/01/31         2,000         929,200   

Moreland School District (Crossover); Series 2006 C, Ref. Unlimited Tax CAB GO Bonds (INS-AMBAC) (b)(c)

    0.00%     08/01/29         1,250         644,012   

Morongo Band of Mission Indians (The) (Enterprise Casino);

           

Series 2008 B, RB (h)

    5.50%     03/01/18         1,180         1,257,337   

Series 2008 B, RB (h)

    6.50%     03/01/28         2,175         2,377,231   

Murrieta (City of) Public Financing Authority;

           

Series 2012, Ref. Special Tax RB

    5.00%     09/01/25         975         1,071,291   

Series 2012, Ref. Special Tax RB

    5.00%     09/01/26         1,000         1,086,600   

Murrieta Valley Unified School District Public Financing Authority (Election of 2006);

           

Series 2008, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     09/01/31         6,670         3,012,772   

Series 2008, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     09/01/33         820         329,009   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

National City (City of) Community Development Commission (National City Redevelopment);

           

Series 2004 A, Tax Allocation RB (INS-AMBAC) (b)

    5.50%     08/01/32       $ 1,730       $ 1,735,605   

Series 2011, Tax Allocation RB

    7.00%     08/01/32         750         940,815   

Needles (City of) Public Utility Authority (Utility System Acquisition); Series 1997 A, RB

    6.50%     02/01/22         1,695               1,694,932   

Northern California Power Agency (Hydroelectric No. 1); Series 2012, Ref. RB

    5.00%     07/01/32         1,700         1,904,238   

Norwalk-La Mirada Unified School District; Series 2005 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     08/01/29               6,000         3,174,960   

Oak Grove School District (Election of 2008); Series 2009 A, Unlimited Tax CAB GO Bonds (c)

    0.00%     08/01/28         670         381,197   

Oakland (City of); Series 2004 A, Sewer RB (e)(f)

    5.00%     06/15/14         2,355         2,359,757   

Oakland (Port of); Series 2012 P, Ref. Sr. Lien RB (g)

    5.00%     05/01/28         3,000         3,347,280   

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         1,100,580   

Series 2014 A, Ref. Special Tax RB

    5.00%     08/15/34         1,000         1,091,900   

Orange (County of) Sanitation District; Series 2007 B, COP (INS-AGM) (b)

    5.00%     02/01/31         1,000         1,093,610   

Orange (County); Series 2009 A, Airport RB

    5.00%     07/01/31         1,000         1,128,910   

Oxnard (City of) Finance Authority (Redwood Trunk Sewer & Headworks); Series 2004 A, Wastewater RB (INS-NATL) (b)

    5.00%     06/01/29         1,000         1,008,580   

Oxnard Union High School District; Series 2001 A, Ref. Unlimited Tax GO Bonds
(INS-NATL) (b)

    6.20%     08/01/30         1,000         1,091,390   

Palm Springs (City of) (Palm Springs International Airport);

           

Series 2006, Ref. Sub. Airport Passenger Facility Charge RB (g)

    5.45%     07/01/20         250         252,708   

Series 2006, Ref. Sub. Airport Passenger Facility Charge RB (g)

    5.55%     07/01/28         440         441,307   

Series 2008, Ref. Sub. Airport Passenger Facility Charge RB (g)

    6.00%     07/01/18         250         255,258   

Series 2008, Ref. Sub. Airport Passenger Facility Charge RB (g)

    6.40%     07/01/23         250         255,253   

Series 2008, Ref. Sub. Airport Passenger Facility Charge RB (g)

    6.50%     07/01/27         465         474,723   

Palomar Pomerado Health; Series 2009, COP

    6.75%     11/01/39         3,000         3,143,490   

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         1,997,803   

Perris (City of) Public Financing Authority;

           

Series 2002 A, Tax Allocation RB (INS-NATL) (b)

    5.00%     10/01/31         1,000         1,013,480   

Series 2006, Tax Allocation RB

    5.35%     10/01/36         4,350         4,363,311   

Pico Rivera (City of) Water Authority (Water System); Series 1999 A, RB (INS-NATL) (b)

    5.50%     05/01/19         1,000         1,104,140   

Planada Elementary School District (Election of 2008); Series 2009 B, Unlimited Tax CAB GO Bonds (INS-AGC) (b)(c)

    0.00%     07/01/49         8,440         1,320,522   

Poway (City of) Redevelopment Agency (Paguay Redevelopment); Series 2003 A, Tax Allocation RB (INS-NATL) (b)

    5.25%     06/15/23         7,390         7,417,491   

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         1,519,420   

Series 2012, Ref. Special Tax RB

    5.00%     09/01/37         1,500         1,580,730   

Rancho Cucamonga (City of) Redevelopment Agency (Rancho Redevelopment); Series 1999, Ref. Tax Allocation RB (INS-AGM) (b)

    5.25%     09/01/20         1,000         1,002,820   

Redding (City of); Series 2008 A, Electric System Revenue COP (INS-AGM) (b)

    5.00%     06/01/27         725         814,559   

Redlands (City of) Redevelopment Agency; Series 1998 A, Ref. Tax Allocation RB
(INS-NATL) (b)

    4.75%     08/01/21         3,800         3,804,788   

Regents of the University of California;

           

Series 2009 E, Medical Center Pooled RB

    5.50%     05/15/27         2,500         2,844,350   

Series 2009 O, General RB

    5.25%     05/15/39         1,500         1,720,650   

Series 2009 O, General RB (d)

    5.25%     05/15/39         7,500         8,603,250   

Series 2009 Q, General RB (d)(i)

    5.00%     05/15/34         9,080         10,068,540   

Series 2013 AI, General RB (d)

    5.00%     05/15/38         6,000         6,733,500   

Richmond (City of) Joint Powers Financing Authority (Point Potrero); Series 2009 A, Lease RB

    6.25%     07/01/24         2,000         2,385,400   

Riverside (City of);

           

Series 2008 B, Water RB (INS-AGM) (b)

    5.00%     10/01/33         1,000         1,075,860   

Series 2008 D, Electric RB (INS-AGM) (b)

    5.00%     10/01/28         2,085         2,361,784   

Riverside (County of) Transportation Commission;

           

Series 2010 A, Limited Sales Tax RB

    5.00%     06/01/32         2,000         2,210,720   

Series 2013 A, Limited Sales Tax RB

    5.25%     06/01/24         4,000         4,981,640   

Riverside Community College District (Election 2004); Series 2007 C, Unlimited Tax GO Bonds (INS-AGM) (b)(d)

    5.00%     08/01/32         5,000         5,545,650   

RNR School Financing Authority (Community Facilities District No. 92-1); Series 2006 A, Special Tax RB (INS-AMBAC) (b)

    5.00%     09/01/36         2,000         2,036,300   

Roseville Joint Union High School District; Series 1995 B, Unlimited Tax CAB GO Bonds (INS-NATL) (b)(c)

    0.00%     06/01/20         1,650         1,399,992   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

Sacramento (City of) Financing Authority (Solid Waste & Redevelopment); Series 1999, Capital Improvement RB (INS-AMBAC) (b)

    5.75%     12/01/22       $ 180       $ 180,241   

Sacramento (City of) Municipal Utility District;

           

Series 2008 U, Electric RB (INS-AGM) (b)(d)

    5.00%     08/15/24         4,960         5,700,379   

Series 2008 U, Electric RB (INS-AGM) (b)

    5.00%     08/15/24         1,000         1,149,270   

Series 2008 U, Electric RB (INS-AGM) (b)(d)

    5.00%     08/15/26               10,000               11,430,900   

Series 2011 X, Ref. Electric RB

    5.00%     08/15/27         2,850         3,262,138   

Sacramento (County of) Sanitation Districts Financing Authority (Sacramento Regional County Sanitation District); Series 2011 A, Ref. RB

    5.00%     12/01/26         1,500         1,771,575   

Sacramento (County of);

           

Series 2008 A, Sr. Airport System RB (INS-AGM) (b)

    5.00%     07/01/32         1,000         1,096,310   

Series 2010, Sr. Airport System RB

    5.00%     07/01/40         5,000         5,375,150   

San Bernardino Community College District (Election of 2002); Series 2006 C, Unlimited Tax GO Bonds (INS-AGM) (b)

    5.00%     08/01/31         2,225         2,392,498   

San Diego (City of) Public Facilities Financing Authority (Capital Improvement); Series 2012 A, Lease RB

    5.00%     04/15/37         3,000         3,222,840   

San Diego (City of) Public Facilities Financing Authority;

           

Series 2009 B, Water RB

    5.38%     08/01/34         5,000         5,806,300   

Subseries 2012 A, Ref. Water RB

    5.00%     08/01/32         5,000         5,709,850   

San Diego (City of) Redevelopment Agency (Centre City Redevelopment); Series 1999 A, RB

    6.40%     09/01/25         2,500         2,503,775   

San Diego (County of) Regional Airport Authority;

           

Series 2010 A, Sub. RB

    5.00%     07/01/34         4,880         5,237,850   

Series 2010 A, Sub. RB

    5.00%     07/01/40         2,500         2,687,575   

San Diego (County of) Water Authority; Series 2008 A, COP (INS-AGM) (b)

    5.00%     05/01/28         2,080         2,350,899   

San Diego Community College District (Election of 2002); Series 2009, Unlimited Tax GO Bonds (d)

    5.25%     08/01/33         5,000         5,783,800   

San Dimas (City of) Redevelopment Agency (Creative Growth); Series 1998 A, Tax Allocation RB (INS-AGM) (b)

    5.00%     09/01/16         350         351,369   

San Francisco (City & County of) Airport Commission (San Francisco International Airport);

           

Series 2010 F, Second Series RB

    5.00%     05/01/40         4,000         4,270,760   

Series 2011 C, Ref. Second Series RB (g)

    5.00%     05/01/23         3,000         3,463,920   

Series 2011 F, Ref. Second Series RB (g)

    5.00%     05/01/25         5,000         5,645,650   

Series 2011 G, Second Series RB

    5.25%     05/01/28         3,000         3,425,910   

San Francisco (City & County of) Airport Commission (San Francisco International Airport-SFO Fuel Co. LLC); Series 2000 A, Special Facilities Lease RB (INS-AGM) (b)(g)

    6.13%     01/01/27         1,660         1,667,487   

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         7,067,844   

San Francisco (City & County of) Redevelopment Financing Authority (Mission Bay North Redevelopment);

           

Series 2011 C, Tax Allocation RB

    6.50%     08/01/27         400         484,036   

Series 2011 C, Tax Allocation RB

    6.75%     08/01/33         500         604,980   

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         246,589   

Series 2014 A, Tax Allocation RB

    5.00%     08/01/28         370         409,941   

Series 2014 A, Tax Allocation RB

    5.00%     08/01/29         450         495,774   

Series 2014 A, Tax Allocation RB

    5.00%     08/01/32         785         846,277   

Series 2014 A, Tax Allocation RB

    5.00%     08/01/33         375         402,330   

Series 2014 A, Tax Allocation RB

    5.00%     08/01/43         1,000         1,062,620   

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         1,774,989   

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         5,750,850   

San Francisco (City of) Bay Area Rapid Transit District;

           

Series 2010, Ref. RB

    5.00%     07/01/28         1,000         1,128,860   

Series 2012 A, RB

    5.00%     07/01/36         9,000         10,101,600   

San Francisco (City of) Utilities Commission; Series 2012, Water RB

    5.00%     11/01/36         5,000         5,564,050   

San Jose (City of) Financing Authority (Civic Center); Series 2013 A, Ref. RB

    5.00%     06/01/39         6,435         7,109,517   

San Jose Evergreen Community College District (Election of 2004); Series 2008 B, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     09/01/32         1,000         457,530   

San Luis Obispo (County of) Financing Authority (Lopez Dam Improvement); Series 2011 A, Ref. RB (INS-AGM) (b)

    5.00%     08/01/30         2,500         2,733,350   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		   Maturity
Date		      Principal
Amount
(000)		      Value  

California–(continued)

           

Sanger Unified School District; Series 1999, Ref. Unlimited Tax GO Bonds (INS-NATL) (b)

    5.60%     08/01/23       $ 2,000       $ 2,311,280   

Santa Ana Unified School District (Financing Project); Series 1999, CAB COP (INS-AGM) (b)(c)

    0.00%     04/01/36         1,000         349,700   

Santa Clara (County of) Financing Authority (Multiple Facilities); Series 2008 L, Ref. Lease RB (d)

    5.25%     05/15/36               10,000               11,192,200   

Santa Clara Valley Transportation Authority (2000-Measure A); Series 2007 A, Ref. Sales Tax RB (INS-AMBAC) (b)

    5.00%     04/01/32         1,680         1,846,102   

Santa Margarita Water District (Community Facilities District No. 2013-1);

           

Series 2013, Special Tax RB

    5.63%     09/01/36         2,000         2,204,140   

Series 2013, Special Tax RB

    5.63%     09/01/43         3,000         3,274,260   

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         1,692,405   

Semitropic Improvement District; Series 2012 A, Ref. Water Storage District RB

    5.00%     12/01/35         2,000         2,176,780   

Sierra View Local Health Care District; Series 2007, RB

    5.25%     07/01/32         2,000         2,069,480   

Simi Valley (City of) (Capital Improvement); Series 2004, COP (INS-AMBAC) (b)

    5.00%     09/01/30         3,000         3,008,700   

Simi Valley Unified School District (Election of 2004);

           

Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     08/01/28         1,520         855,243   

Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     08/01/29         5,000         2,645,800   

Series 2007 C, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     08/01/30         1,210         592,973   

South Orange (County of) Public Financing Authority (Ladera Ranch);

           

Series 2014 A, Ref. Sr. Lien Special Tax RB

    5.00%     08/15/28         750         835,567   

Series 2014 A, Ref. Sr. Lien Special Tax RB

    5.00%     08/15/29         900         996,579   

Series 2014 A, Ref. Sr. Lien Special Tax RB

    5.00%     08/15/30         1,000         1,101,250   

Series 2014 A, Ref. Sr. Lien Special Tax RB

    5.00%     08/15/32         1,680         1,832,158   

Series 2014 A, Ref. Sr. Lien Special Tax RB

    5.00%     08/15/33         1,000         1,084,610   

South Orange (County of) Public Financing Authority; Series 1999, Reassessment RB (INS-AGM) (b)

    5.80%     09/02/18         3,305         3,349,849   

South Tahoe Joint Powers Financing Authority (South Tahoe Redevelopment Project Area No. 1);

           

Series 2004 A, Ref. RB (INS-AGM) (b)

    5.00%     10/01/29         1,640         1,647,774   

Series 2005 A, Ref. RB (INS-AMBAC) (b)

    5.00%     10/01/28         2,250         2,269,665   

Southern California Metropolitan Water District; Series 2009 B, Ref. RB (d)

    5.00%     07/01/27         7,825         9,089,677   

Southern California Public Power Authority (Milford Wind Corridor Phase II);

           

Series 2011 1, RB (d)

    5.25%     07/01/31         2,850         3,292,748   

Series 2011-1, RB (d)

    5.25%     07/01/29         2,850         3,344,076   

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         1,602,180   

Turlock (City of) (Emanuel Medical Center, Inc.);

           

Series 2007 A, Health Facility Revenue COP

    5.13%     10/15/31         1,000         1,075,250   

Series 2007 B, Health Facility Revenue COP

    5.13%     10/15/37         1,000         1,076,920   

Tustin (City of) Public Financing Authority; Series 2011 A, Water RB

    5.00%     04/01/36         3,500         3,842,230   

Twin Rivers Unified School District (Election of 2006); Series 2008, Unlimited Tax GO Bonds (INS-AGM) (b)

    5.00%     08/01/23         1,000         1,145,120   

Vernon (City of); Series 2009 A, Electric System RB

    5.13%     08/01/21         3,000         3,367,440   

Vista Unified School District (Election of 2002); Series 2007 C, Unlimited Tax GO Bonds (INS-AGM) (b)(d)

    5.00%     08/01/28         2,185         2,429,196   

West Basin Municipal Water District; Series 2008 B, Ref. COP (INS-AGC) (b)

    5.00%     08/01/27         1,640         1,855,939   

West Contra Costa Unified School District; Series 2005, Unlimited Tax CAB GO Bonds (INS-NATL) (b)(c)

    0.00%     08/01/25         5,000         3,261,950   

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         3,943,739   

Yosemite Community College District (Election of 2004);

           

Series 2008 C, Unlimited Tax CAB GO Bonds (INS-AGM) (b)(c)

    0.00%     08/01/22         2,655         2,102,627   

Series 2008 C, Unlimited Tax GO Bonds (INS-AGM) (b)(d)

    5.00%     08/01/32         16,000         18,013,760   

Yucaipa Valley Water District; Series 2004 A, COP (INS-NATL) (b)

    5.25%     09/01/24         1,000         1,011,320   
                             951,421,439   

Guam–3.04%

           

Guam (Territory of) (Section 30);

           

Series 2009 A, Limited Obligation RB

    5.38%     12/01/24         3,150         3,421,373   

Series 2009 A, Limited Obligation RB

    5.63%     12/01/29         595         652,638   

Guam (Territory of) International Airport Authority; Series 2013 C, General RB (g)

    6.38%     10/01/43         3,000         3,356,730   

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

      Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Guam–(continued)

           

Guam (Territory of) Power Authority;

           

Series 2012 A, Ref. RB (INS-AGM) (b)

      5.00%        10/01/26       $       2,500       $ 2,846,475   

Series 2012 A, Ref. RB (INS-AGM) (b)

      5.00%        10/01/27         1,500         1,698,465   

Series 2012 A, Ref. RB (INS-AGM) (b)

      5.00 %      10/01/30         4,000         4,444,120   

Guam (Territory of); Series 2011 A, Business Privilege Tax RB

      5.25%        01/01/36         3,000         3,163,830   
                                 19,583,631   

Puerto Rico–2.47%

           

Puerto Rico (Commonwealth of) Public Buildings Authority; Series 2002 D, CAB RB (e)(f)

      5.45%        07/01/17         2,200         2,513,016   

Puerto Rico (Commonwealth of); Series 2014 A, Unlimited Tax GO Bonds

      8.00%        07/01/35         595         532,037   

Puerto Rico Sales Tax Financing Corp.;

           

First Subseries 2010 C, RB

      5.00%        08/01/35         2,000         1,546,940   

First Subseries 2010 C, RB

      5.25%        08/01/41         2,500         1,988,900   

Series 2011 C, RB

      5.00%        08/01/40         3,930         3,414,109   

Series 2011 C, RB (d)

      5.25%        08/01/40         6,555         5,869,806   
                                 15,864,808   

Virgin Islands–1.50%

           

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo);
Series 2009 A, Sub. RB

      6.63%        10/01/29         2,965         3,318,843   

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);

           

Series 2010 A, Sr. Lien RB

      5.00%        10/01/25         1,000         1,094,490   

Series 2010 A, Sr. Lien RB

      5.00%        10/01/29         3,000         3,238,560   

Series 2012 A, RB (h)

      4.00%        10/01/22         1,935         2,009,033   
                                 9,660,926   

TOTAL INVESTMENTS(j)–154.85% (Cost $916,331,126)

                                  996,530,804   

FLOATING RATE NOTE OBLIGATIONS–(27.40)%

           

Notes with interest and fee rates ranging from 0.58% to 0.88% at 05/31/14 and contractual maturities of collateral ranging from 07/01/22 to 08/15/51 (See Note 1D)(k)

                                (176,335,000 ) 

VARIABLE RATE MUNI TERM PREFERRED SHARES –(29.24)%

                                (188,195,605 ) 

OTHER ASSETS LESS LIABILITIES–1.79%

                                11,540,289   

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                              $ 643,540,488   

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
FGIC   —    Financial Guaranty Insurance Co.
FHA   —    Federal Housing Administration
GO   —    General Obligation
IDR   —    Industrial Development Revenue Bonds
INS   —    Insurer
MFH   —    Multi-Family Housing
NATL   —    National Public Finance Guarantee Corp.
PCR   —    Pollution Control Revenue Bonds
RB   —    Revenue Bonds
Ref.   —    Refunding
RN   —    Revenue Notes
Sr.   —    Senior
Sub.   —    Subordinated

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

Notes to Schedule of Investments:

 

(a)  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

 

(b)  Principal and/or interest payments are secured by the bond insurance company listed.

 

(c)  Zero coupon bonds issued at a discount.

 

(d)  Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.

 

(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 May 31, 2014 was $18,701,236, which represented 2.91% of the Trust’s Net Assets.

 

(i)  Security is subject to a shortfall 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 Dealer 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 Dealer 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 issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

 

Entity    Percentage

Assured Guaranty Municipal Corp.

    11.0%

National Public Finance Guarantee Corp.

    5.3

 

(k)  Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2014. At May 31, 2014, the Trust’s investments with a value of $314,180,164 are held by Dealer Trusts and serve as collateral for the $176,335,000 in floating rate note obligations outstanding at that date.

 

See accompanying notes which are an integral part of this schedule.

Invesco California Value Municipal Income Trust

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2014

(Unaudited)

NOTE 1 — Significant Accounting Policies

 

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 Trust’s 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 of the Trust’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general 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 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 Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and 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 issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

 

Invesco California Value Municipal Income Trust

D. Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments 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. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer 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 Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) 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 Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

Recently published 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.” These rules may preclude banking entities from sponsoring and/or providing services for existing TOB trust programs. There can be no assurances that TOB trusts can be restructured substantially similar to their present form, that new sponsors of TOB trusts would begin providing these services, or 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 Trust’s net asset value, distribution rate and ability to achieve its investment objective. The ultimate impact of these rules on the TOBs market and the municipal market generally is not yet certain.

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 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.

The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The 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 Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.

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 the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E. 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 Trust’s 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.

 

Invesco California Value Municipal Income Trust

NOTE 2 — Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 –    Prices are determined using quoted prices in an active market for identical assets.
Level 2 –    Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 –    Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of May 31, 2014, 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 3 — Investment 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 three months ended May 31, 2014 was $15,570,905 and $22,156,340, 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

    $             81,285,497   

Aggregate unrealized (depreciation) of investment securities

      (1,085,819 ) 

Net unrealized appreciation of investment securities

    $ 80,199,678   

Cost of investments is the same for financial reporting and tax purposes.

   

 

Invesco California Value Municipal Income Trust

Item 2. Controls and Procedures.

 

  (a) As of May 23, 2014, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 23, 2014, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) 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/ Colin Meadows

  Colin Meadows
  Principal Executive Officer
Date:   July 29, 2014

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/ Colin Meadows

  Colin Meadows
  Principal Executive Officer
Date:   July 29, 2014

 

By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Financial Officer
Date:   July 29, 2014

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.