Expenses
Basis: Percent of net assets attributable to common shares (SEC N-2 fee table, Inline XBRL) · Form N-2 · source filing. A management fee charged on managed assets (including leverage) is a larger share of common net assets than the headline rate suggests.
Illustrative cost of $10,000
Using the latest total expense ratio of 3.54% on common net assets:
- $10,000 invested at market price ($8.95)
- buys 1,117.3 shares with NAV exposure of $10,011.17 → about $354.40 of annual expenses on that NAV.
- $10,000 of NAV exposure
- about $354.00 per year.
Expenses are charged on fund net assets, so a discount changes how much NAV a market dollar buys. Performance figures on this site already reflect fund expenses; do not deduct them again.
Leverage
| Period | Form | Senior securities | Asset coverage / unit | Common net assets | Leverage (managed) |
|---|---|---|---|---|---|
| Feb 29, 2020 | N-2 | $208M | — | — | — |
| Feb 28, 2019 | N-2 | $208M | — | — | — |
| Feb 28, 2018 | N-2 | $208M | — | — | — |
| Feb 28, 2017 | N-2 | $188M | — | — | — |
| Feb 29, 2016 | N-2 | $188M | — | — | — |
Leverage amplifies both gains and losses and increases the volatility of NAV and market price. Financing costs (interest on borrowings, dividends on preferred shares) reduce distributable income and are included in the total expense ratio when the fund reports them that way. Instruments, fixed-versus-floating terms, reset dates and maturities are described in the notes to the financial statements. “No reported borrowing” does not rule out economic leverage from derivatives or structured instruments.
Where to verify
- Annual shareholder report (Form N-CSR) — N-CSR (Feb 28, 2026)
- Annual shareholder report (Form N-CSR) — N-CSR (Feb 28, 2025)
- Annual shareholder report (Form N-CSR) — N-CSR (Feb 29, 2024)
- Annual shareholder report (Form N-CSR) — N-CSR (May 3, 2023)
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.