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VCV · Invesco California Value Municipal Income Trust

Know the company

Company overview

Invesco California Value Municipal Income Trust invests in California municipal bonds. It seeks income exempt from federal and California income taxes, making the financial health of California companies especially relevant to the income story.

Business: Municipal income funds
Listing: VCV · New York Stock Exchange
Reporting period: 2026-02-28
Dividend schedule: Monthly

How the business works

California public-sector borrowers pay interest to the fund. After financing and operating costs, that interest becomes net investment income for common shareholders. Bond values also respond to rates and company credit, so NAV tells us what happened to the capital behind the payment.

Invesco California Value Municipal Income Trust: financial report supporting reported earnings

Dividend & earnings snapshot

Dividend payments

Per common share

$0.0646Reviewed declaration · Payment Sep 30, 2026

Regular dividend

Announced Sep 1, 2026

Dates and company reports

Announcement: Sep 1, 2026
Declaration: Sep 1, 2026
Ex-dividend: Sep 14, 2026
Record: Sep 14, 2026
Payment: Sep 30, 2026

Dividend declaration for payment Sep 30, 2026 · www.prnewswire.com · Announced Sep 1, 2026

Extras are shown separately and are not assumed to repeat.

Reported earnings

Each measure shown separately, per share

Net investment income$0.44

Mar 1, 2025 to Feb 28, 2026

Distribution yield7.81%Sourced distributions divided by dated market price

Trailing 12-month income yield4.89%Net investment income for Mar 1, 2025 to Feb 28, 2026, divided by market price $9.0000 on Sep 29, 2026. Historical income; not a forecast.

Annual dividend$0.78Current regular payment annualized per share

Dividend payment history

Date or month	Per share
Sep 30, 2026	$0.0646

Reported earnings and sources

Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.

Reporting period	Per share	Source
Mar 1, 2025 to Feb 28, 2026	$0.44	SEC Announced May 8, 2026

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting period	Ending NAV	NAV change	Distributions / share	Reported NAV total return	Source
Mar 1, 2025 to Feb 28, 2026	$10.53	-4.62%	$0.78	+2.81%	VCV financial highlights in the SEC shareholder report for 2026-02-28. Distributions are total cash per share for the stated period, including any capital-gain or return-of-capital component. Partial periods are not annualized.
Mar 1, 2024 to Feb 28, 2025	$11.04	-2.90%	$0.69	+3.63%	VCV financial highlights in the SEC shareholder report for 2026-02-28. Distributions are total cash per share for the stated period, including any capital-gain or return-of-capital component. Partial periods are not annualized.

View older history (up to 7 years)

Reporting period	Ending NAV	NAV change	Distributions / share	Reported NAV total return	Source
Mar 1, 2023 to Feb 29, 2024	$11.37	+4.79%	$0.40	+9.36%	VCV financial highlights in the SEC shareholder report for 2026-02-28. Distributions are total cash per share for the stated period, including any capital-gain or return-of-capital component. Partial periods are not annualized.
Mar 1, 2022 to Feb 28, 2023	$10.85	-15.70%	$0.50	-11.46%	VCV financial highlights in the SEC shareholder report for 2026-02-28. Distributions are total cash per share for the stated period, including any capital-gain or return-of-capital component. Partial periods are not annualized.
Mar 1, 2021 to Feb 28, 2022	$12.87	-4.24%	$0.57	-0.07%	VCV financial highlights in the SEC shareholder report for 2026-02-28. Distributions are total cash per share for the stated period, including any capital-gain or return-of-capital component. Partial periods are not annualized.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

Distribution and NAV evidence

Cash paid, opening and closing NAV, and the fund-reported NAV total return are separate observations. NAV change excludes distributions. These figures show outcomes, not which source funded a payment or whether future distributions are sustainable. Net investment income excludes investment gains and is not a payout-coverage ratio.

Reporting period and filing	Net investment income/share	Cash distributions/share	Opening NAV	Closing NAV	NAV change	Reported NAV total return
2025-03-01 to 2026-02-28	$0.44	$0.78	$11.04	$10.53	-4.62%	2.81%
2024-03-01 to 2025-02-28	$0.41	$0.69	$11.37	$11.04	-2.90%	3.63%

View older history (up to 7 years)

Reporting period and filing	Net investment income/share	Cash distributions/share	Opening NAV	Closing NAV	NAV change	Reported NAV total return
2023-03-01 to 2024-02-29	$0.39	$0.40	$10.85	$11.37	4.79%	9.36%
2022-03-01 to 2023-02-28	$0.47	$0.50	$12.87	$10.85	-15.70%	-11.46%
2021-03-01 to 2022-02-28	$0.56	$0.57	$13.44	$12.87	-4.24%	-0.07%

The assets behind the earnings

How VCV makes money

Financial snapshot: 2026-02-28. Research reviewed 2026-09-18. Compare results for the reporting periods shown. Historical results are not a forecast.

The assets it owns

$456.955 million net assets344 holdings · As of 7/31/2026

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

Municipal99.71%
Cash Equivalents0.29%

Reported broad sector weights from the dated portfolio information checked September 11, 2026. Weights may differ from subsequent holdings.

Invesco California Value Municipal Income Trust: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-03-01 through 2026-02-28 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.4400

For the year ended February 28, 2026, VCV reported $0.44 of net investment income per share and $0.78 of total distributions. Income from the bonds covered part of the cash paid. Distribution sources and NAV help explain the rest.

Invesco California Value Municipal Income Trust: financial report supporting reported earnings

The income-producing business

Bond interest, less expenses and financing costs, is the central recurring income source. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

Invesco California Value Municipal Income Trust: financial report supporting reported earnings

Financing can amplify income and losses

The portfolio information checked September 11, 2026 reports effective leverage of 40.74%.

Financing can increase earning assets, but its cost reduces income available to common shareholders. When borrowing costs rise or portfolio income falls, the distribution can become harder to sustain.

Invesco California Value Municipal Income Trust: net assets and portfolio information, checked 2026-09-11

What the reported earnings support

Invesco California Value Municipal Income Trust reported $0.4400 per share for 2025-03-01 through 2026-02-28, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

Invesco California Value Municipal Income Trust: financial report supporting reported earnings

Portfolio risk

Losses or weaker cash generation in municipal credit can reduce the resources available for future distributions.

Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.

Invesco California Value Municipal Income Trust: financial report supporting reported earnings

Distribution sustainability

A maintained payment can exceed investment results. Review NAV and reported income together rather than treating distribution yield as total return.

Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.

Invesco California Value Municipal Income Trust: financial report supporting reported earnings

What would change the earnings picture?

Look for the next net investment income and distribution totals, then check whether California credit results, financing costs and NAV support the path of the monthly payment.

Net asset value (NAV)

NAV per share$8.74Sep 29, 2026

Market price$9.00Sep 29, 2026

PREMIUM / DISCOUNT TO NAV2.97% premiumCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

CEFConnect current common-share NAV and closing market price, both dated 2026-09-29. The published premium or discount agrees with the calculation within source rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Fly High context

Look for the next net investment income and distribution totals, then check whether California credit results, financing costs and NAV support the path of the monthly payment.

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U.S. federal · Tax year 2025

Dividend tax treatment

The fund's published 2025 breakdown shows mainly federal tax-exempt interest and return of capital. The mix can change from year to year.

This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Ordinary, nonqualified: 0%
Qualified dividends: 0%
Capital-gain distributions: 0%
Return of capital: 44.07%
Federal tax-exempt interest: 55.93%

Tax year: 2025. Total distributions: $0.78 per share.

Tax details and source

Total ordinary dividends (includes qualified): 0%
Section 199A portion (within ordinary dividends): 0%
Exempt-interest distributions: 55.93%
Reporting form: Form 1099-DIV
Source date: Not stated

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

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