In plain terms — Invesco California Value Municipal Income Trust
Shares currently trade at about the value of the assets behind them.
Over the past year it has averaged a 5.0% premium, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.7% a year of the share price (8.7% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.00 of assets — a ReinvestCapture™ rate of 8.7%. That is buying power, not a return.
The assets themselves fell 7.7% over the past year including distributions (NAV total return).
Annual costs are 3.54% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +4.40% | 2.29% | -1.77 | 55 |
| 6 months | +4.28% | 1.71% | -2.31 | 108 |
| 1 year | +4.97% | 2.01% | -2.31 | 206 |
| 3 years | -2.65% | — | — | — |
| 5 years | -5.53% | — | — | — |
Current contemporaneous premium/discount +0.33% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -0.90% to +8.72%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -10.54% | -18.77% | -20.66% | -18.01% | +1.32% | -7.95% |
| Market price total return | -9.23% | -16.53% | -15.03% | -10.62% | +8.63% | -2.23% |
| NAV return | -4.68% | -12.41% | -13.35% | -14.42% | -4.10% | -7.88% |
| NAV total return | -4.68% | -11.24% | -8.23% | -7.67% | +2.30% | -2.63% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Invesco California Value Municipal Income Trust is a closed-end investment vehicle established by Invesco Ltd. Its management responsibilities are shared among several Invesco affiliates, specifically Invesco Advisers, Inc., Invesco Asset Management (Japan) Limited, Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Canada Ltd., Invesco Hong Kong Limited, and Invesco Senior Secured Management, Inc. The trust primarily allocates capital to investment-grade municipal debt securities originating from California, operating within the broader U.S. fixed-income market. These holdings encompass a range of instruments such as municipal bonds, notes, commercial paper, and lease obligations. Portfolio construction relies on a methodology that integrates fundamental analysis with a bottom-up security selection process. Originally, it operated under the name Invesco Van Kampen California Value Municipal Income Trust. Established in the United States on April 30, 1993, the fund remains domiciled there.
CEF Explorer research page for Invesco California Value Municipal Income Trust. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.