Invesco California Value Municipal Income Trust - 895531

Invesco California Value Municipal Income Trust - 895531 - 2026

As filed with the Securities and Exchange Commission on January 23, 2026

Securities Act File No. 333-290221

Investment Company Act File No. 811-07404

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM N-2

☒ Registration Statement under the Securities Act of 1933

☒ Pre-Effective Amendment No. 1

☐ Post-Effective Amendment No.

and/or

☒ Registration Statement under the Investment Company Act of 1940

☒ Amendment No. 7

INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST

(Exact Name of Registrant as Specified in Charter)

1331 Spring Street N.W., Suite 2500, Atlanta, GA 30309

(Address of Principal Executive Offices)

Registrant’s Telephone Number, Including Area Code: (404) 892-0896

Melanie Ringold, Esq.

11 Greenway Plaza, Houston, Texas 77046

(Name and Address of Agent for Service)

Copies to:

Taylor V. Edwards, Esquire	Matthew R. DiClemente, Esquire
Invesco Advisers, Inc.	Mena M. Larmour, Esquire
225 Liberty Street, 15th FL	Stradley Ronon Stevens and Young, LLP
New York, NY 10281-1087	2005 Market Street, Suite 2600
	Philadelphia. Pennsylvania 19103-7018

Approximate Date of Commencement of Proposed Public Offering:

From time to time after the effective date of this Registration Statement.

☐	Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒	Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan.

☒	Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐	Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐	Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):

☐	when declared effective pursuant to Section 8(c) of the Securities Act.

If appropriate, check the following box:

☐	This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐	This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐	This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

☐	This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: .

Check each box that appropriately characterizes the Registrant:

☒	Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)).

☐	Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐	Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☒	A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐	Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐	Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”)).

☐	If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☐	New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.

BASE PROSPECTUS

20,000,000 Shares

Invesco California Value Municipal Income Trust

Common Shares

Rights to Purchase Common Shares

January 23, 2026

The Fund. Invesco California Value Municipal Income Trust (the “Fund”) is a diversified, closed-end management investment company. The Fund’s investment objective is to seek to provide common shareholders with a high level of current income exempt from federal and California income taxes, consistent with preservation of capital. The investment objective is fundamental and may not be changed without approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”).

Common Shares are listed on the New York Stock Exchange (the “NYSE”). The trading or “ticker” symbol of the Common Shares is “VCV.” The closing price of the Common Shares, as reported by the NYSE on January 20, 2026, was $11.12 per Common Share. The net asset value of the Common Shares at the close of business on that same date was $10.28 per Common Share. Rights issued by the Fund may also be listed on a securities exchange.

Offerings. The Fund may offer, from time to time, up to 20,000,000 of common shares of beneficial interest, no par value (“Common Shares”) and/or subscription rights to purchase Common Shares (“Rights,” and collectively with Common Shares, “Securities”), in any combination, in one or more offerings in amounts, at prices and on terms set forth in one or more supplements to this Prospectus (each a “Prospectus Supplement”). The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The Prospectus Supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated. The Prospectus Supplement relating to any Rights offering will set forth the number of Common Shares issuable upon the exercise of each Right (or number of Rights) and the other terms of such Rights offering. For more information about the manners in which the Fund may offer Securities, see “Plan of Distribution.”

You should read this Prospectus and any related Prospectus Supplement carefully before you decide to invest in these Securities. This Prospectus, together with any related prospectus supplements sets forth concisely the information about the Fund that a prospective investor should know before investing, and should be retained for future reference. Investing in Securities involves risks, including the risks associated with the Fund’s use of leverage. See “Use of Leverage” beginning on page 13. You could lose some or all of your investment. You should consider carefully these risks, together with all of the other information in this Prospectus and any related prospectus supplement before making a decision to purchase any of the Securities. See “Risks” beginning on page 15.

A Statement of Additional Information, dated January 23, 2026 (the “SAI”), containing additional information about the Fund has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, annual and semi-annual reports to shareholders and other information about the Fund and make shareholder inquiries by calling 800-959-4246, by writing to the Fund at Invesco Distributors Inc., 11 Greenway Plaza, Houston, Texas, 77046-1173 or from the Fund’s website www.invesco.com/reports. The information contained in, or that can be accessed through, the Fund’s website is not part of this Prospectus, except to the extent specifically incorporated by reference herein. You also may obtain a copy of the SAI (and other information regarding the Fund) from the SEC’s web site (http://www.sec.gov).

The Securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency.

Neither the SEC nor any state securities commission has approved or disapproved of these Securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

TABLE OF CONTENTS

PROSPECTUS SUMMARY	4
SUMMARY OF FUND EXPENSES	8
FINANCIAL HIGHLIGHTS	9
SENIOR SECURITIES	11
THE FUND	11
USE OF PROCEEDS	11
MARKET AND NET ASSET VALUE INFORMATION	11
INVESTMENT OBJECTIVE AND POLICIES	12
USE OF LEVERAGE	13
RISKS	15
MANAGEMENT OF THE FUND	15
NET ASSET VALUE	18
DISTRIBUTIONS	19
DIVIDEND REINVESTMENT PLAN	20
DESCRIPTION OF CAPITAL STRUCTURE	20
ANTI-TAKEOVER AND OTHER PROVISIONS IN THE FUND’S GOVERNING DOCUMENTS	24
CONVERSION TO OPEN-END FUND	26
TAX MATTERS	27
PLAN OF DISTRIBUTION	30
CUSTODIAN, DIVIDEND DISBURSING AGENT AND TRANSFER AGENT	32
LEGAL MATTERS	32
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	32
ADDITIONAL INFORMATION	33
PRIVACY POLICY	33

You should rely only on the information contained or incorporated by reference in this Prospectus. The Fund has not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this Prospectus is accurate only as of the date of this Prospectus. The Fund’s business, financial condition and prospects may have changed since that date.

Forward-Looking Statements

Any projections, forecasts and estimates contained or incorporated by reference herein are forward looking statements and are based upon certain assumptions. Projections, forecasts and estimates are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any projections, forecasts or estimates will not materialize or will vary significantly from actual results. Actual results may vary from any projections, forecasts and estimates and the variations may be material. Some important factors that could cause actual results to differ materially from those in any forward looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections, forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated events, even if the underlying assumptions do not come to fruition. The Fund acknowledges that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as the Fund.

PROSPECTUS SUMMARY

This is only a summary. You should review the more detailed information contained elsewhere in this Prospectus and any related prospectus supplement and in the Statement of Additional Information (the “SAI”).

The Fund	Invesco California Value Municipal Income Trust is a diversified, closed-end management investment company registered under the 1940 Act. See “The Fund” below for more information. The Fund’s common shares of beneficial interest, no par value (“Common Shares”), are traded on the New York Stock Exchange under the symbol “VCV.”
The Offering	The Fund may offer, from time to time, in one or more offerings, up to 20,000,000 of Common Shares, and/or subscription rights to purchase Common Shares (“Rights” and with the Common Shares, “Securities”) on terms to be determined at the time of the offering. The Fund will offer Securities at prices and on terms to be set forth in one or more supplements to this Prospectus (each a “Prospectus Supplement”). The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The Prospectus Supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated. The Fund may not sell any Securities through agents, underwriters or dealers without delivery of this Prospectus and a Prospectus Supplement, describing the method and terms of the particular offering of such Securities. You should read this Prospectus and the applicable prospectus supplement carefully before you invest. See “Plan of Distribution.” The Prospectus Supplement relating to any Rights offering will set forth the number of Common Shares issuable upon the exercise of each Right (or number of Rights) and the other terms of such Rights offering. The minimum price on any day at which the Common Shares may be sold will not be less than the net asset value per Common Share at the time of the offering plus the per share amount of any underwriting commission or discount; provided that Rights offerings that meet certain conditions may be offered at a price below the then current net asset value. See “Rights Offerings.”
Use Of Proceeds	Unless otherwise specified in a Prospectus Supplement, the Fund intends to invest the net proceeds of an offering of Securities in accordance with its investment objective and policies as stated herein. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of an offering of Securities in accordance with its investment objective and policies within three to six months after the completion of any such offering or the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with the Fund’s investment objective and market conditions. Pending such investment, it is anticipated that the proceeds will be invested in cash, cash equivalents or other securities, including U.S. government securities, affiliated money market funds or high quality, short-term debt securities. The Fund may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no intent to issue Securities primarily for these purposes.
Investment Objective and Policies	Please refer to the section of the Fund’s most recent annual report on Form N-CSR entitled “Additional Information-Investment Objective, Policies and Principal Risks of the Trust,” as such investment objective and investment policies may be supplemented from time to time, which are incorporated by reference herein, for a discussion of the Fund’s investment objective and policies. There can be no assurance that such strategies will be successful. For a more complete discussion of the Fund’s portfolio composition and its corresponding risks, see “Investment Objective and Policies” and “Risks.”

Use of Leverage

The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund’s holdings.

Leverage involves special risks. See “Use of Leverage” below.

Management of the Fund

Invesco Advisers, Inc. (“Invesco” or the “Adviser”) is the Fund’s investment adviser. The Adviser is an indirect wholly owned subsidiary of Invesco Ltd. The Adviser is located at 1331 Spring Street NW, Suite 2500, Atlanta, Georgia 30309. The Adviser, a successor in interest to multiple investment advisers, has been an investment adviser since 1976. Invesco has entered into sub-advisory agreements (“Sub-Advisory Agreements”) with certain affiliates to serve as sub-advisers to the Fund (each a “Sub-Adviser” and collectively, the “Sub-Advisers”), pursuant to which these affiliated sub-advisers may be appointed by Invesco from time to time to provide discretionary investment management services, investment advice, and/or order execution services to the Fund.

Under an investment advisory agreement between the Adviser and the Fund, the Fund pays the Adviser a monthly advisory fee based on the annual rate of 0.55% of the Fund’s average daily Managed Assets. “Managed Assets,” for purposes of the advisory fee, means the Fund’s net assets, plus assets attributable to outstanding preferred shares and the amount of any borrowings incurred for the purpose of leverage (whether or not such borrowed amounts are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles (“GAAP”)). This means that during periods in which the Fund is using leverage, the fee paid to the Adviser will be higher than if the Fund did not use leverage because the fee is calculated as a percentage of the Fund’s managed assets, which include those assets purchased with leverage.

Distributions

The Fund intends to make monthly distributions of all or a portion of its net investment income to its common shareholders (the “Common Shareholders”). The Fund expects to pay its Common Shareholders annually all or substantially all of its investment company taxable income, if applicable, and net tax-exempt income to meet the requirements for qualification as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Various factors will affect the level of the Fund’s net investment company taxable income. The Fund may from time to time distribute less than the entire amount of income earned in a particular period. The undistributed income would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular month may be more or less than the amount of income actually earned by the Fund during that period. Undistributed income will add to the Fund’s net asset value and, correspondingly, distributions from undistributed income, if any, will reduce the Fund’s net asset value.

	In addition, the Fund intends to distribute, on an annual basis, all or substantially all of any net capital gains to its Common Shareholders. The Fund may also declare and pay capital gains distributions more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. If, for any calendar year, the total distributions made exceed the Fund’s current and accumulated earnings and profit, the excess will, for U.S. federal income tax purposes, be treated as a tax-free return of capital to each Common Shareholder up to the amount of the Common Shareholder’s basis in his or her Common Shares, and thereafter as gain from the sale of Common Shares. The amount treated as a tax-free return of capital will reduce the Common Shareholder’s adjusted basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his or her Common Shares. To the extent the Fund’s distribution policy results in distributions in excess of its net investment income and net capital gain, such distributions will decrease its total assets and increase its expense ratio to a greater extent than would have been the case if distributions were limited to these amounts. Distributions in any year may or may not include a substantial return of capital component. The Fund reserves the right to change its distribution policy and may do so without prior notice to Common Shareholders. Shareholders will automatically have all dividends and distributions reinvested in Common Shares issued by the Fund or Common Shares of the Fund purchased in the open market in accordance with the Fund’s dividend reinvestment plan unless an election is made to receive cash. See “Distributions” and “Dividend reinvestment plan.”
Listing and Symbol	The Fund’s currently outstanding Common Shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “VCV” and the Common Shares offered by this Prospectus, subject to notice of issuance, will also be listed on the NYSE. The net asset value per Common Share at the close of business on January 20, 2026 was $10.28, and the last reported sale price of the Common Shares on the NYSE on such date was $11.12, representing a premium to net asset value of 8.17%. See “Market and Net Asset Value Information.”
Special Risk Considerations	Investment in the Fund involves special risk considerations, which are summarized below. The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. The Fund’s performance and the value of its investments will vary in response to changes in interest rates, inflation and other market factors. Please refer to the section of the Fund’s most recent annual report on Form N-CSR entitled “Additional Information, Investment Objective, Policies and Principal Risks of the Trust.”
Summary of Taxation	The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that is currently distributed as dividends for U.S. federal income tax purposes to Common Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements, and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to Shareholders as applicable. The Fund’s distributions primarily are exempt from regular federal income tax and California state income tax. All or a portion of these distributions, however, may be subject to the federal alternative minimum tax and state and local taxes. The Fund also may make distributions that are taxable to you as ordinary income or capital gains. See “Tax Matters.”

Reports to Common Shareholders	As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to Internal Revenue Service (“IRS”) reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or otherwise required by the 1940 Act.
Anti-Takeover Provisions in the Fund’s Governing Documents	The Fund’s Certificate of Trust, as amended, the Fund’s Fourth Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) and the Fund’s By-Laws (collectively, the “Governing Documents”) include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to an open-end fund. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. See “Anti-Takeover and Other Provisions in the Fund’s Governing Documents.”
Administrator	The Fund has entered into a master administrative services agreement with the Adviser, pursuant to which the Adviser performs or arranges for the provision of accounting and other administrative services to the Fund that are not required to be performed by the Adviser under the Advisory Agreement.
Custodian, Dividend Disbursing Agent and Transfer Agent	The custodian for the Fund is State Street Bank and Trust Company, 225 Franklin Street, Boston, Massachusetts 02110-2801. The transfer agent and dividend paying agent for the Fund is Computershare Trust Company, N.A 250 Royall Street Canton, MA 02021.

SUMMARY OF FUND EXPENSES

The following table contains information about the costs and expenses that Common Shareholders will bear directly or indirectly. The table is based on the capital structure of the Fund as of August 31, 2025.

Common Shareholder Transaction Expenses
Maximum Sales Charge (as a percentage of offering price)	None	⁽¹⁾
Offering expenses borne by Common Shareholders (as a percentage of offering price)	--	⁽²⁾
Dividend Reinvestment Plan fees⁽²⁾	None

	As a Percentage of Net Assets Attributable to Common Shares⁽³⁾
Annual Expenses
Management fees⁽⁴⁾		0.92	%
Interest payments on borrowed funds⁽⁵⁾		2.58	%
Other expenses		0.07	%
Total annual expenses		3.57	%

⁽¹⁾	If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales charge and the estimated offering expenses borne by the Fund.

⁽²⁾	Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See “Dividend Reinvestment Plan.”

⁽³⁾	Based upon average net assets applicable to Common Shares for the semi-annual period ended August 31, 2025 (unaudited).

⁽⁴⁾

The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund’s average daily Managed Assets. The fee shown above is based upon outstanding leverage of 40.06% of the Fund’s total assets. If leverage of more than 40.06% of the Fund’s total assets is used, the management fees shown would be higher.

⁽⁵⁾

Based upon the Fund’s outstanding borrowings as of August 31, 2025 (unaudited) of approximately $138,895,000, and outstanding preferred shares as of August 31, 2025 (unaudited) of approximately 177,000,000, and the average daily weighted interest rate for the period ended August 31, 2025 (unaudited) of 3.88%, and dividends on preferred shares at an annual rate of 3.90%.

The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.

Example

The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1) “Total annual expenses” of 3.57% of net assets attributable to Common Shares and (2) a 5% annual return*:

		1 Year				3 Years				5 Years				10 Years
Total Expenses paid by Common Shareholders⁽¹⁾		$		36		$	109			$	185			$	384

* The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund’s actual rate of return may be higher or lower than the hypothetical 5% return shown in the example. The example assumes that all dividends and distributions are reinvested at net asset value.

⁽¹⁾	The example above does not include sales charges or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales charge and estimated offering costs.

FINANCIAL HIGHLIGHTS

The Fund’s financial highlights for the fiscal years ended February 28, 2025, February 29, 2024, February 28, 2023, February 29, 2022, and February 28, 2021 are incorporated by reference from the Fund’s Annual Report for the fiscal year ended February 28, 2025 (File No. 811-07404), as filed with the SEC on Form N-CSR on May 2, 2025. The financial highlights for each of these fiscal periods have been derived from financial statements audited by PricewaterhouseCoopers LLP (“PwC”), the Fund’s independent registered public accounting firm, for the last five fiscal periods. PwC has not reviewed or examined any records, transactions or events after the date of such reports. The Fund’s unaudited financial highlights for the period ended August 31, 2025 are incorporated by reference to the Fund’s Semi-Annual Report for the fiscal period ended August 31, 2025 (File No. 811-07404), as filed with the SEC on Form N-CSRS on October 30, 2025. The Fund’s financial highlights for the fiscal years ended February 29, 2020, February 28, 2019, February 28, 2018, February 28, 2017, and February 29, 2016, are set forth in the table below. A copy of the Fund’s most recent Annual Report and Semi-Annual Report may be obtained from www.sec.gov or by visiting www.invesco.com.

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

	Year Ended												Year Ended
	February 29,			Years ended February 28,									February 29,
	2020			2019			2018			2017			2016
Net asset value per common share, beginning of period	$	12.81		$	13.00		$	13.28		$	13.95		$	13.83

Net investment income^(a)		0.54			0.58			0.64			0.70			0.78
Net gains (losses) on securities (both realized and unrealized)		1.10			(0.16	)		(0.28	)		(0.68	)		0.13

Total from investment operations		1.64			0.42			0.36			0.02			0.91
Less:
Dividends paid to common shareholders from net investment income		(0.52	)		(0.59	)		(0.64	)		(0.69	)		(0.79	)
Return of capital		(0.03	)		(0.02	)		—			—			—
Total distributions		(0.55	)		(0.61	)		(0.64	)		(0.69	)		(0.79	)

Net asset value per common share, end of period	$	13.90		$	12.81		$	13.00		$	13.28		$	13.95

Market value per common share, end of period	$	12.60		$	12.02		$	11.86		$	12.40		$	13.49

Total return at net asset value^(b)		13.29	%		3.81	%		3.00	%		0.20	%		7.20	%
Total return at market value^(c)		9.45	%		6.77	%		0.63	%		(3.25	)%		8.62	%
Net assets applicable to common shares, end of period (000's omitted)	$	665,098		$	613,138		$	622,463		$	635,426		$	667,385

Amendment: SEC Form N-2/A filed by Invesco California Value Municipal Income Trust