VCV - Invesco California Value Municipal Income Trust

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Feb 11, 2026

   Morgan Stanley now owns 5.5%, as a passive investor.

   Original document →

2. Jan 28, 2026

   The fund said it may sell new shares.

   Original document →

3. Jan 23, 2026

   The fund said it may sell new shares.

   Original document →

4. Sept 12, 2025

   The fund said it may sell new shares.

   Original document →

5. Sept 9, 2025

   Bank of America Corp. now owns 100% of the fund's preferred shares, not the common shares most holders own.

   Original document →

About this fund

• Run by Invesco Advisers, Inc. As of Feb 28, 2026, from the fund's yearly report. Original document →
• Size: about $495 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 38% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 58% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.9% a year in management fees; 3.2% a year in total, including interest on borrowed money. Fiscal year ended Feb 28, 2026. As of Feb 28, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 64 charge a lower management fee and 47 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Feb 28, 2026) the fund paid $0.78 a share. $0.44 of that was income; $0.34 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Feb 28, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Feb 28, 2026): $10.53. The shares traded at $11.32, about 7.5% above that. As of Feb 28, 2026, from the fund's yearly report. Original document →
• How the holdings did: down 2.3% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.78 in the fiscal year ended Feb 28, 2026; $0.69 in the year ended Feb 28, 2025; $0.40 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.34 in the year ended Feb 28, 2026; $0.29 in the year ended Feb 28, 2025; $0.02 in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.35% a year in the fiscal year ended Feb 28, 2026; 3.54% a year in the year ended Feb 28, 2025; 3.84% a year in the year ended Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $510 million at Feb 28, 2026; $529 million at Feb 28, 2025; $544 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• Borrowing: about 38% on top of its own money at Feb 28, 2026; 38% at Feb 28, 2025; 38% at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Feb 28, 2026 →, Feb 28, 2025 →, Feb 29, 2024 →.
• The fund had about 48.5 million shares at Feb 28, 2026, up 1.3% from Feb 29, 2024.As of Feb 28, 2026, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Feb 28, 2026: the shares returned +10%, counting payouts; the holdings +2.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Feb 28, 2026, from the fund's annual report. Original document →
• The year ended Feb 28, 2025: the shares returned +21.8%, counting payouts; the holdings +3.6%. As of Feb 28, 2025, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +6.7%, counting payouts; the holdings +9.4%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -14.7%, counting payouts; the holdings -11.5%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned -5%, counting payouts; the holdings -0.1%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +15.8%. $10,000 of shares bought at the start (March 1, 2021) would have become about $11,600 by Feb 28, 2026, with every payout counted, before tax. As of Feb 28, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +8.2%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 65 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 15 reported a higher share return for that year and 49 a lower one. As of Feb 28, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. California Health Facilities Financing Authority - 10.3%
2. Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018, RB - 4.6%
3. San Francisco (City & County of), CA Airport Commission (San Francisco International Airport) - 4.1%
4. San Diego (County of), CA Regional Airport Authority, Series 2021 B, RB - 4.1%
5. Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) - 3.7%
6. Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB - 3%
7. San Mateo (County of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB - 2.5%
8. California (State of), Series 2024, GO Bonds - 2.1%
9. California Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2025 A, RB - 2.1%
10. University of California (Limited), Series 2018 O, Ref. RB - 2%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →