Invesco California Value Municipal Income Trust

Regulatory Filings • Nov 8, 2012

N-CSRS 1 h87091nvcsrs.htm FORM N-CSRS nvcsrs PAGEBREAK

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07404

Invesco Van Kampen California Value Municipal Income Trust

(Exact name of registrant as specified in charter)

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 8/31/12

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link2 "Item 1. Reports to Stockholders."

Item 1. Reports to Stockholders.

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Invesco Van Kampen California Value Municipal Income Trust

Semiannual Report to Shareholders n August 31, 2012 NYSE: VCV

2	Trust Performance
2	Trust Updates
3	Dividend Reinvestment Plan
4	Schedule of Investments
15	Financial Statements
18	Notes to Financial Statements
24	Financial Highlights
25	Approval of Investment Advisory and Sub-Advisory Agreements
27	Results of Proxy

Unless otherwise noted, all data provided by Invesco.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

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Trust Performance

Performance summary

Cumulative total returns, 2/29/12 to 8/31/12

Trust at NAV	6.73
Trust at Market Value	1.60
Barclays California Municipal Index ▼	3.24
Market Price
Premium to NAV as of 8/31/12	0.81

Source(s): ▼ Barclays via FactSet Research Systems Inc.

The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return, net asset value and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Please visit invesco. com/us for the most recent month-end performance. Performance figures reflect Trust expenses, the reinvestment of distributions (if any) and changes in net asset value (NAV) for performance based on NAV and changes in market price for performance based on market price.

Since the Trust is a closed-end management investment company, shares of the Trust may trade at a discount or premium from the NAV. This characteristic is separate and distinct from the risk that NAV could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Trust cannot predict whether shares will trade at, above or below NAV. The Trust should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

The Barclays California Municipal Index is an unmanaged index considered representative of California investment-grade municipal bonds. The Trust is not managed to track the performance of any particular index, including the index(es) defined here, and consequently, the performance of the Trust may deviate significantly from the performance of the index(es). A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges.

Trust Updates

Preferred Shares

On May 15, 2012, the Trust successfully priced and placed a private offering of Variable Rate Muni Term Preferred Shares (“VMTP”) in the amount of $116,000,000 pursuant to an offering exempt from registration under the Securities Act of 1933. VMTP is a variable rate form of preferred stock with a mandatory redemption date. The proceeds of the VMTP were used to redeem all of the Trust’s outstanding auction rate preferred shares (“ARPS”) at their liquidation preference (sometimes referred to as “at par”), together with accrued and unpaid dividends, if any, to the redemption date. As of June 11, 2012, all of the Trust’s ARPS were redeemed in full.

Mergers, Redomestication and Upcoming Name Change

At a shareholder meeting held on August 14, 2012, shareholders of the Trust approved the merger of each of Invesco California Municipal Income Trust, Invesco California Municipal Securities and Invesco California Quality Municipal Securities (the “Target Funds”) into the Trust. Shareholders also approved the redomestication of the Trust to a Delaware statutory trust. The redomestication and mergers were completed on August 27, 2012, and common shares of the Target Funds were converted into newly issued common shares of the Trust. VMTP shares of the Target Funds, if applicable, were converted into newly issued VMTP shares of the Trust. In addition, the Trust will change its name to Invesco California Value Municipal Income Trust effective December 3, 2012.

NYSE Symbol VCV

2 Invesco Van Kampen California Value Municipal Income Trust

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Dividend Reinvestment Plan

The dividend reinvestment plan (the Plan) offers you a prompt and simple way to reinvest your dividends and capital gains distributions (Distributions) into additional shares of your Trust. Under the Plan, the money you earn from Distributions will be reinvested automatically in more shares of your Trust, allowing you to potentially increase your investment over time.

Plan benefits

| n | Add to your account: You may increase the amount of shares
in your Trust easily and automatically with
the Plan. |
| --- | --- |
| n | Low transaction costs: Shareholders who participate in the Plan
are able to buy shares at below-market
prices when the Trust is trading at a
premium to its net asset value (NAV). In
addition, transaction costs are low because
when new shares are issued by a Trust,
there is no fee, and when shares are bought
in blocks on the open market, the per share
fee is shared among all Participants. |

| n | Convenience: You will receive a detailed account statement
from Computershare Trust Company,
N.A. (the Agent) which administers the
Plan. The statement shows your total
Distributions, date of investment, shares
acquired, and price per share, as well as the
total number of shares in your reinvestment
account. You can also access your account
via the Internet. To do this, please go to
invesco.com/us. |
| --- | --- |
| n | Safekeeping: The Agent will hold the shares it has
acquired for you in safekeeping. |

How to participate in the Plan

If you own shares in your own name, you can participate directly in the Plan. If your shares are held in “street name” – in the name of your brokerage firm, bank, or other financial institution – you must instruct that entity to participate on your behalf. If they are unable to participate on your behalf, you may request that they reregister your shares in your own name so that you may enroll in the Plan.

How to enroll

To enroll in the Plan, please read the Terms and Conditions in the Plan Brochure. You can enroll in the Plan by visiting invesco.com/us, calling toll-free 800 341 2929 or notifying us in writing at Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Please include your Trust name and account number and ensure that all shareholders listed on the account sign these written instructions. Your participation in the Plan will begin with the next Distribution payable after the Agent receives your authorization, as long as they receive it before the “record date,” which is generally 10 business days before such Distributions are paid. If your authorization arrives after such record date, your participation in the Plan will begin with the following Distributions.

How the Plan works

If you choose to participate in the Plan, your Distributions will be promptly reinvested for you, automatically increasing your reinvestment shares. If the Trust is trading at a share price that is equal to its NAV, you’ll pay that amount for your reinvested shares. However, if the Trust is trading above or below NAV, the price is determined by one of two ways:

| 1. | Premium: If the Trust is trading at a
premium – a market price that is higher
than its NAV – you’ll pay either the NAV
or 95 percent of the market price,
whichever is greater. When the Trust
trades at a premium, you’ll pay less for
your reinvested shares than an investor
purchasing shares on the stock exchange.
Keep in mind, a portion of your
price reduction may be taxable because
you are receiving shares at less than
market price. |
| --- | --- |
| 2. | Discount: If the Trust is trading at a
discount – a market price that is lower
than NAV – you’ll pay the market price
for your reinvested shares. |

Costs of the Plan

There is no direct charge to you for reinvesting Distributions because the Plan’s fees are paid by your Trust. If your Trust is trading at or above its NAV, your new shares are issued directly by the Trust and there are no brokerage charges or fees. However, if your Trust is trading at a discount, the shares are purchased on the open market, and you will pay your portion of per share fees. These per share fees are typically less than the standard brokerage charges for individual transactions because shares are purchased for all Participants in blocks, resulting in lower fees for each individual Participant. Any service or per share fees are added to the purchase price. Per share fees include any applicable brokerage commissions the Agent is required to pay.

Tax implications

The automatic reinvestment of Distributions does not relieve you of any income tax that may be due on Distributions. You will receive tax information annually to help you prepare your federal income tax return.

Invesco does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used, by any taxpayer for avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. Shareholders should always consult a legal or tax adviser for information concerning their individual situation.

How to withdraw from the Plan

You may withdraw from the Plan at any time by calling 800 341 2929, visiting invesco.com/us or by writing to Invesco Closed-End Funds, Computershare Trust Company, N.A., P.O. Box 43078, Providence, RI 02940-3078. Simply indicate that you would like to withdraw from the Plan, and be sure to include your Trust name and account number. Also, ensure that all shareholders listed on the account have signed these written instructions. If you withdraw, you have three options with regard to the shares held in the Plan:

| 1. | If you opt to continue to hold your
non-certificated whole shares (Investment
Plan Book Shares), they will be held
by the Agent electronically as Direct
Registration Book-Shares (Book-Entry
Shares) and fractional shares will be sold
at the then-current market price.
Proceeds will be sent via check to your
address of record after deducting
applicable fees. |
| --- | --- |
| 2. | If you opt to sell your shares through the
Agent, we will sell all full and fractional
shares and send the proceeds via check
to your address of record after deducting
a $2.50 service fee and applicable per
share fees. Per share fees include any
applicable brokerage commissions the
Agent is required to pay. |
| 3. | You may sell your shares through your
financial adviser through the Direct
Registration System (DRS). DRS is a
service within the securities industry that
allows Trust shares to be held in your
name in electronic format. You retain full
ownership of your shares, without having
to hold a share certificate. You should
contact your financial adviser to learn
more about any restrictions or fees that
may apply. |

To obtain a complete copy of the Dividend Reinvestment Plan, please call our Client Services department at 800 341 2929 or visit invesco.com/us.

3 Invesco Van Kampen California Value Municipal Income Trust

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Schedule of Investments

August 31, 2012

(Unaudited)

Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
Municipal Obligations–152.65%
California–145.06%
ABAG Finance Authority for Non-profit Corps. (Jewish Home of San
Francisco); Series 2005, VRD RB (LOC–Wells Fargo
Bank N.A.) (a)(b)	0.15 %	11/15/35	$ 2,500	$ 2,500,000
Adelanto (City of) Public Utility Authority (Utility System);
Series 2009 A, Ref. RB	6.75 %	07/01/39	3,000	3,298,650
Alameda (County of) Joint Powers Authority (Juvenile Justice
Refunding);
Series 2008 A, Lease RB
(INS–AGM) (c)	5.00 %	12/01/24	235	261,745
Series 2008 A, Lease RB
(INS–AGM) (c)	5.00 %	12/01/25	750	831,090
Alhambra (City of) (Atherton Baptist Homes);
Series 2010 A, RB	7.50 %	01/01/30	1,725	1,923,013
Series 2010 A, RB	7.63 %	01/01/40	750	833,333
Alhambra Unified School District (Election of 2004);
Series 2009 B, Unlimited Tax CAB GO Bonds
(INS–AGC) (c)(d)	0.00 %	08/01/35	1,120	355,163
Series 2009 B, Unlimited Tax CAB GO Bonds
(INS–AGC) (c)(d)	0.00 %	08/01/36	1,805	513,577
Anaheim (City of) Public Financing Authority (Electric System
Distribution Facilities); Series 2007 A, RB
(INS–NATL) (c)(e)	4.50 %	10/01/37	4,000	4,170,520
Anaheim (City of) Redevelopment Agency (Anaheim Merged
Redevelopment Area); Series 2007 A, Ref. Tax
Allocation RB
(INS–AGM) (c)(e)	5.00 %	02/01/31	4,250	4,435,003
Anaheim City School District (Election of 2002);
Series 2007, Unlimited Tax CAB GO Bonds
(INS–NATL) (c)(d)	0.00 %	08/01/24	4,970	2,932,002
Arcadia Unified School District (Election of 2006);
Series 2007 A, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.00 %	08/01/37	1,000	1,074,630
Bakersfield (City of); Series 2007 A, Wastewater RB
(INS–AGM) (c)	5.00 %	09/15/32	2,500	2,721,800
Bay Area Toll Authority (San Francisco Bay Area);
Series 2007 F, Toll
Bridge RB (e)	5.00 %	04/01/31	6,000	6,921,840
Series 2009 F-1, Toll
Bridge RB (e)	5.25 %	04/01/26	4,315	5,232,240
Series 2009 F-1, Toll
Bridge RB (e)	5.25 %	04/01/29	4,795	5,784,544
Series 2009 F-1, Toll
Bridge RB (e)	5.13 %	04/01/39	4,500	5,044,455
Beverly Hills Unified School District (Election of 2008);
Series 2009, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/26	1,245	735,807
Series 2009, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/28	3,000	1,603,410
Series 2009, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/31	2,010	925,022
Series 2009, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/32	430	188,826
Brea (City of) Redevelopment Agency (Redevelopment Project AB);
Series 2001 A, Ref. Tax Allocation RB
(INS–AMBAC) (c)	5.50 %	08/01/20	3,535	3,538,358
Brea Olinda Unified School District; Series 2002 A,
Ref. COP
(INS–AGM) (c)	5.50 %	08/01/20	1,510	1,515,980
California (State of) Department of Veterans Affairs;
Series 2007 A, Home
Purchase RB (e)(f)	4.95 %	12/01/37	9,000	9,236,790
California (State of) Department of Water Resources (Central
Valley);
Series 2003 Y, Water System RB
(INS–NATL) (c)	5.00 %	12/01/25	2,000	2,065,020
Series 2008 AE, Water System RB	5.00 %	12/01/29	2,000	2,338,880
California (State of) Department of Water Resources; Subseries
2005 F-5, Power Supply RB	5.00 %	05/01/22	2,000	2,340,800
California (State of) Educational Facilities Authority (Chapman
University); Series 2011, RB	5.00 %	04/01/31	1,750	1,961,715
California (State of) Educational Facilities Authority
(Claremont McKenna College);
Series 2007, RB (e)	5.00 %	01/01/38	7,480	8,167,636
California (State of) Educational Facilities Authority (OTIS
College of Art and Design–Goldsmith Campus);
Series 1999 B, RB	5.25 %	04/01/24	580	580,209
California (State of) Educational Facilities Authority (Pitzer
College);
Series 2009, RB	5.38 %	04/01/34	2,000	2,214,820
Series 2009, RB	6.00 %	04/01/40	1,000	1,180,910

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4 Invesco Van Kampen California Value Municipal Income Trust

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
California (State of) Educational Facilities Authority
(University of Southern California);
Series 2009 B, RB (e)	5.25 %	10/01/39	$ 10,200	$ 11,963,376
California (State of) Health Facilities Financing Authority
(Adventist Health System West); Series 2009 A, RB	5.75 %	09/01/39	2,500	2,857,400
California (State of) Health Facilities Financing Authority
(Catholic Healthcare West);
Series 2004 G, RB	5.25 %	07/01/23	2,555	2,715,352
Series 2009 A, RB	6.00 %	07/01/39	2,500	2,952,525
California (State of) Health Facilities Financing Authority
(Cedars-Sinai Medical Center); Series 2009, RB	5.00 %	08/15/39	4,000	4,350,800
California (State of) Health Facilities Financing Authority
(Children’s Hospital Los Angeles); Series 2010, RB
(INS–AGM) (c)	5.25 %	07/01/38	5,050	5,409,257
California (State of) Health Facilities Financing Authority
(Kaiser Permanente); Series 2006 A, RB	5.25 %	04/01/39	1,000	1,065,190
California (State of) Health Facilities Financing Authority
(Lucile Packard Children’s Hospital); Series 2012, RB	5.00 %	08/15/51	12,000	13,023,480
California (State of) Health Facilities Financing Authority
(Providence Health & Services);
Series 2008 C, RB	6.50 %	10/01/33	3,000	3,619,620
California (State of) Health Facilities Financing Authority
(Scripps Health);
Series 2010 A, RB	5.00 %	11/15/36	6,250	6,856,812
Series 2012 A, RB	5.00 %	11/15/40	2,000	2,200,360
California (State of) Health Facilities Financing Authority
(Stanford Hospital); Series 2008 A-2, Ref. RB	5.25 %	11/15/40	4,000	4,565,200
California (State of) Health Facilities Financing Authority
(Sutter Health);
Series 2011 B, RB	5.50 %	08/15/26	3,500	4,128,425
Series 2011 D, Ref. RB	5.25 %	08/15/31	10,000	11,480,200
California (State of) Housing Finance Agency;
Series 1997 A, MFH RB
(INS–NATL) (c)(f)	5.85 %	08/01/17	2,005	2,072,629
California (State of) Municipal Finance Authority (American
Heritage Education Foundation); Series 2006 A,
Education RB	5.25 %	06/01/26	500	487,535
California (State of) Municipal Finance Authority (Community
Hospitals of Central California Obligated Group);
Series 2007, COP	5.00 %	02/01/19	1,215	1,308,579
Series 2007, COP	5.25 %	02/01/37	6,500	6,710,145
California (State of) Municipal Finance Authority (Eisenhower
Medical Center); Series 2010 A, RB	5.75 %	07/01/40	3,850	4,144,756
California (State of) Municipal Finance Authority (High Tech
High-Chula Vista); Series 2008 B, Educational
Facility RB (g)	6.00 %	07/01/28	1,000	1,028,090
California (State of) Pollution Control Financing Authority
(Pacific Gas & Electric); Series 1996 E,
Ref. VRD PCR (LOC–JPMorgan Chase
Bank, N.A.) (a)(b)	0.15 %	11/01/26	5,400	5,400,000
California (State of) Pollution Control Financing Authority (San
Diego Gas & Electric); Series 1996 A, Ref.
PCR
(INS–NATL) (c)	5.90 %	06/01/14	1,000	1,093,200
California (State of) Pollution Control Financing Authority (San
Jose Water Co.); Series 2010 A, RB	5.10 %	06/01/40	5,000	5,430,750
California (State of) Pollution Control Financing Authority
(Waste Management Inc.); Series 2005 C, Solid Waste
Disposal RB (f)(h)	5.13 %	11/01/23	2,000	2,173,460
California (State of) Public Works Board (Department of Mental
Health–Coalinga State Hospital); Series 2004 A,
Lease RB	5.00 %	06/01/24	2,000	2,078,560
California (State of) Rural Home Mortgage Finance Authority
(Mortgage-Backed Securities Program); Series 1998 A,
Single Family Mortgage RB
(CEP–GNMA) (f)	6.35 %	12/01/29	10	10,284
California (State of) Statewide Communities Development
Authority (Adventist Health System/West);
Series 2005 A, Health Facility RB	5.00 %	03/01/19	1,825	1,965,689
Series 2005 A, Health Facility RB	5.00 %	03/01/35	2,020	2,090,215
California (State of) Statewide Communities Development
Authority (Alliance for College-Ready Public Schools);
Series 2012 A, School Facility RB	6.38 %	07/01/47	2,060	2,200,183
California (State of) Statewide Communities Development
Authority (American Baptist Homes of the West);
Series 2010, RB	6.25 %	10/01/39	4,000	4,350,880
California (State of) Statewide Communities Development
Authority (California Baptist University);
Series 2007 A, RB	5.50 %	11/01/38	1,250	1,299,375
California (State of) Statewide Communities Development
Authority (Collegiate Housing
Foundation–Irvine, L.L.C.–University of
California-Irvine East Campus Apartments, Phase II);
Series 2008, Student Housing RB	5.75 %	05/15/32	2,500	2,686,750
California (State of) Statewide Communities Development
Authority (Cottage Health System Obligated Group);
Series 2010, RB	5.25 %	11/01/30	4,325	4,925,915

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5 Invesco Van Kampen California Value Municipal Income Trust

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
California (State of) Statewide Communities Development
Authority (Enloe Medical Center); Series 2008, RB
(INS–CA
MTG) (c)	6.25 %	08/15/28	$ 2,750	$ 3,175,700
California (State of) Statewide Communities Development
Authority (Front Porch Communities & Services);
Series 2007 A, RB (g)	5.13 %	04/01/37	1,500	1,544,010
California (State of) Statewide Communities Development
Authority (John Muir Health); Series 2006 A, RB	5.00 %	08/15/28	3,000	3,248,400
California (State of) Statewide Communities Development
Authority (Kaiser Permanente); Series 2012 A, RB	5.00 %	04/01/42	5,000	5,463,300
California (State of) Statewide Communities Development
Authority (Methodist Hospital); Series 2009, RB
(INS–FHA) (c)	6.75 %	02/01/38	2,000	2,444,980
California (State of) Statewide Communities Development
Authority (Southern California Presbyterian Homes);
Series 2009, Senior Living RB	7.25 %	11/15/41	2,000	2,281,600
California (State of) Statewide Communities Development
Authority (St. Joseph Health System); Series 2000, RB
(INS–NATL) (c)	5.13 %	07/01/24	1,950	2,195,719
California (State of) Statewide Communities Development
Authority (Trinity Health Credit Group); Series 2011,
Ref. RB (e)	5.00 %	12/01/41	10,090	11,263,972
California (State of);
Series 2002, Unlimited Tax GO Bonds	6.00 %	04/01/19	2,500	3,175,750
Series 2009, Various Purpose Unlimited Tax GO Bonds	5.75 %	04/01/31	1,150	1,358,323
Series 2009, Various Purpose Unlimited Tax GO Bonds	6.00 %	11/01/35	2,750	3,332,615
Series 2009, Various Purpose Unlimited Tax GO Bonds	6.00 %	04/01/38	2,215	2,612,858
Series 2009 A, Ref. Economic Recovery Unlimited Tax GO
Bonds	5.25 %	07/01/21	3,000	3,652,920
Series 2010, Unlimited Tax GO Bonds	5.25 %	11/01/40	3,500	3,964,835
Series 2010, Various Purpose Unlimited Tax GO Bonds	5.50 %	03/01/40	5,955	6,834,077
Series 2011, Various Purpose Unlimited Tax GO Bonds	5.00 %	09/01/32	3,050	3,436,984
Series 2011, Various Purpose Unlimited Tax GO Bonds	5.00 %	10/01/41	3,500	3,846,780
Series 2012, Ref. Unlimited Tax GO Bonds	5.25 %	02/01/30	2,210	2,576,749
Series 2012, Ref. Unlimited Tax GO Bonds	5.00 %	02/01/38	5,000	5,519,000
Series 2012, Various Purpose Unlimited Tax GO Bonds	5.00 %	04/01/42	5,355	5,900,889
California Infrastructure & Economic Development Bank
(Pacific Gas & Electric Co.); Series 2009 B,
Ref. VRD RB (LOC–Mizuho Corporate
Bank) (a)(b)	0.17 %	11/01/26	1,200	1,200,000
California Infrastructure & Economic Development Bank
(The Scripps Research Institute); Series 2005 A, RB	5.00 %	07/01/29	2,000	2,182,640
California Infrastructure & Economic Development Bank;
Series 2003 A, First Lien Bay Area Toll Bridges
Seismic
Retrofit RB (i)(j)	5.00 %	01/01/28	1,500	2,057,025
California State University;
Series 2005 A, Systemwide RB
(INS–AMBAC) (c)	5.00 %	11/01/35	2,000	2,172,140
Series 2009 A, Systemwide RB	5.25 %	11/01/38	5,000	5,647,600
Camarillo (City of) Public Finance Authority; Series 2005,
Wastewater RB (INS–AMBAC) (c)	5.00 %	06/01/36	1,000	1,053,490
Campbell Union High School District;
Series 2008, Unlimited Tax GO Bonds
(INS–AGC) (c)	5.00 %	08/01/35	1,090	1,195,468
Series 2008, Unlimited Tax GO Bonds
(INS–AGC) (c)	5.00 %	08/01/38	1,620	1,768,991
Capistrano Unified School District (Community Facilities
District); Series 2005, Ref. Special Tax RB
(INS–NATL) (c)	5.00 %	09/01/29	1,000	1,020,350
Carson (City of) Redevelopment Agency; Series 2003 A,
Ref. Tax Allocation RB
(INS–NATL) (c)	5.00 %	10/01/23	2,000	2,065,660
Cathedral City (City of) Public Financing Authority;
Series 2000 A, Tax Allocation CAB RB
(INS–NATL) (c)(d)	0.00 %	08/01/27	1,085	459,747
Series 2000 A, Tax Allocation CAB RB
(INS–NATL) (c)(d)	0.00 %	08/01/28	1,085	428,694
Series 2000 A, Tax Allocation CAB RB
(INS–NATL) (c)(d)	0.00 %	08/01/30	1,085	369,084
Series 2000 A, Tax Allocation CAB RB
(INS–NATL) (c)(d)	0.00 %	08/01/31	1,085	334,386
Series 2000 A, Tax Allocation CAB RB
(INS–NATL) (c)(d)	0.00 %	08/01/32	1,085	300,578
Series 2000 A, Tax Allocation CAB RB
(INS–NATL) (c)(d)	0.00 %	08/01/33	1,085	277,283

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
Chino Basin Regional Financing Authority (Inland Empire
Utilities Agency); Series 2008 A, RB
(INS–AMBAC) (c)	5.00 %	11/01/33	$ 1,250	$ 1,351,050
Chula Vista (City of) (San Diego Gas); Series 1996 A,
IDR	5.30 %	07/01/21	2,000	2,122,240
Clovis Unified School District (Election of 2004);
Series 2004 A, Unlimited Tax CAB GO Bonds
(INS–NATL) (c)(d)	0.00 %	08/01/29	625	283,181
Colton (City of) Redevelopment Agency (Mount Vernon Corridor);
Series 1999, Tax Allocation RB	6.30 %	09/01/36	2,000	2,000,600
Compton (City of); Series 2009, Water RB	6.00 %	08/01/39	1,750	1,776,565
Contra Costa (County of) Water District;
Series 2002 L,
Ref. RB (i)(j)	5.00 %	10/01/12	2,135	2,143,583
Culver City (City of) Redevelopment Agency;
Series 2005 A, Ref. Tax Allocation RB
(INS–AMBAC) (c)	5.00 %	11/01/25	2,000	2,039,420
Daly City (City of) Housing Development Finance Agency
(Franciscan Mobile Home Park Acquisition);
Series 2007 C, Ref. Third Tier Mobile Home Park RB	6.50 %	12/15/47	1,950	1,954,933
Desert Community College District (Election of 2004);
Series 2007 C, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.00 %	08/01/37	2,045	2,213,610
Dry Creek Joint Elementary School District (Election of
2008-Measure E);
Series 2009, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/39	4,420	1,077,021
Series 2009, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/48	2,860	413,871
East Bay Municipal Utility District;
Series 2005 A, Sub. Water System RB
(INS–NATL) (c)	5.00 %	06/01/35	3,205	3,524,731
Series 2010 A, Ref. Sub. Water
System RB (e)	5.00 %	06/01/36	2,745	3,199,380
Eastern Municipal Water District; Series 2006 A,
Water & Sewer Revenue COP
(INS–NATL) (c)	5.00 %	07/01/32	1,000	1,077,700
Eden (Township of) Healthcare District;
Series 2010, COP	6.00 %	06/01/30	1,500	1,647,270
Series 2010, COP	6.13 %	06/01/34	500	551,765
El Cerrito (City of) Redevelopment Agency;
Series 1998 B, Ref. Tax Allocation RB
(INS–NATL) (c)(f)	5.25 %	07/01/15	610	635,327
El Segundo Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/31	2,735	1,085,549
Series 2009 A, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/33	615	218,239
Emeryville (City of) Public Financing Authority (Shellmound Park
Redevelopment & Housing); Series 1998 B, RB
(INS–NATL) (c)	5.00 %	09/01/19	1,000	1,001,220
Florin Resource Conservation District (Elk Grove Water Service);
Series 2003 A, Capital Improvement COP
(INS–NATL) (c)	5.00 %	09/01/33	4,580	4,601,343
Folsom (City of) Public Financing Authority;
Series 2007 A, Special Tax RB
(INS–AMBAC) (c)	5.00 %	09/01/28	3,000	3,094,950
Fontana Unified School District (Election of 2006);
Series 2008 B, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	08/01/29	2,560	1,135,258
Foothill-De Anza Community College District;
Series 2011 C, Unlimited Tax GO
Bonds (e)	5.00 %	08/01/40	13,500	15,592,635
Foothill-Eastern Transportation Corridor Agency;
Series 1995 A, Sr. Lien Toll Road
CAB RB (d)(i)	0.00 %	01/01/27	2,950	2,044,350
Garden Grove (City of) Agency for Community Development;
Series 2008, Sub. RN (Acquired 05/27/08; Cost $1,589,666) (g)	6.00 %	10/01/27	1,825	1,714,642
Gilroy Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds
(INS–AGC) (c)(d)	0.00 %	08/01/29	750	332,595
Golden State Tobacco Securitization Corp.;
Series 2005 A, Enhanced Tobacco Settlement
Asset-Backed RB
(INS–FGIC) (c)	5.00 %	06/01/35	965	989,453
Grant Joint Union High School District (Election of 2006);
Series 2008, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.00 %	08/01/23	1,000	1,156,810
Grossmont Union High School District (Election of 2004);
Series 2006, Unlimited Tax CAB GO Bonds
(INS–NATL) (c)(d)	0.00 %	08/01/24	3,250	1,997,190
Huntington Beach Union High School District (Election of 2004);
Series 2004, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.00 %	08/01/26	1,280	1,373,773
Series 2004, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.00 %	08/01/27	1,250	1,335,238
Independent Cities Lease Finance Authority (San Juan Mobile
Estates); Series 2006 A, Mobile Home Park RB	5.00 %	05/15/31	1,000	1,026,090
Independent Cities Lease Finance Authority (Westlake Mobilehome
Park); Series 2007 A, Ref. Mobile Home Park RB	5.00 %	04/15/47	1,500	1,538,520
Irvine (City of) (Reassessment District No. 12-1);
Series 2012, Limited Obligation Improvement Bonds	5.00 %	09/02/24	1,145	1,315,055
Series 2012, Limited Obligation Improvement Bonds	5.00 %	09/02/25	500	573,200

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
Kern (County of) Board of Education; Series 2006 A,
Ref. COP
(INS–NATL) (c)	5.00 %	06/01/31	$ 3,110	$ 3,190,425
Kern (County of) Water Agency Improvement District No. 4;
Series 2008 A, COP
(INS–AGC) (c)	5.00 %	05/01/28	1,015	1,134,323
La Quinta (City of) Financing Authority;
Series 2004 A, Local Agency Tax Allocation RB
(INS–AMBAC) (c)	5.25 %	09/01/24	4,100	4,282,819
La Quinta (City of) Redevelopment Agency (Redevelopment Area
No. 1);
Series 2002, Tax Allocation RB
(INS–AMBAC) (c)	5.00 %	09/01/22	3,420	3,494,898
Series 2002, Tax Allocation RB
(INS–AMBAC) (c)	5.13 %	09/01/32	1,500	1,531,305
Lancaster (City of) Redevelopment Agency (Combined Redevelopment
Areas); Series 2009, Tax Allocation RB	6.88 %	08/01/39	1,000	1,138,760
Lathrop (City of) Mossdale Village Assessment District No. 03-1; Series 2005, Special Assessment Improvement RB	5.00 %	09/02/25	1,000	1,001,870
Long Beach (City of) (Long Beach Towne Center);
Series 2008, Special Tax RB	5.75 %	10/01/25	2,000	2,163,700
Long Beach (City of);
Series 2005 A, Ref. Harbor RB
(INS–NATL) (c)(f)	5.00 %	05/15/24	2,750	3,036,632
Series 2010 A, Sr. Airport RB	5.00 %	06/01/40	1,590	1,728,632
Long Beach Unified School District; Series 2012, Ref.
Unlimited Tax GO Bonds	5.00 %	08/01/31	11,625	13,589,974
Los Angeles (City of) (Sonnenblick Del Rio); Series 2000,
Sr. COP
(INS–AMBAC) (c)	6.00 %	11/01/19	3,000	3,009,180
Los Angeles (City of) Community Redevelopment Agency (Grand
Central Square- Los Angeles County Metropolitan Transportation
Authority); Series 2007 B, Ref. MFH RB
(INS–AMBAC) (c)(f)	4.75 %	12/01/26	2,215	2,104,671
Los Angeles (City of) Department of Airports (Los Angeles
International Airport);
Series 2008 C, Sub. RB	5.13 %	05/15/33	1,230	1,355,558
Series 2010 A,
Sr. RB (e)	5.00 %	05/15/35	6,000	6,791,160
Series 2010 D,
Sr. RB (e)	5.25 %	05/15/33	10,000	11,615,600
Los Angeles (City of) Department of Water & Power;
Series 2009 A, Water System RB	5.38 %	07/01/38	2,000	2,283,820
Series 2011 A, Power
System RB (e)	5.00 %	07/01/22	9,200	11,466,512
Series 2011 A, Water System RB	5.25 %	07/01/39	2,000	2,336,760
Series 2012 A, Water
System RB (e)	5.00 %	07/01/43	5,250	6,082,440
Series 2012 B, Waterworks RB	5.00 %	07/01/37	3,000	3,497,820
Subseries 2003 A-2, Power
System RB
(INS–NATL) (c)	5.00 %	07/01/27	5,000	5,161,450
Subseries 2006 A-1, Water
System RB
(INS–AMBAC) (c)	5.00 %	07/01/36	1,000	1,134,290
Subseries 2007 A-1, Power
System RB
(INS–AMBAC) (c)	5.00 %	07/01/39	1,500	1,691,175
Subseries 2008 A-1, Power
System RB (e)	5.25 %	07/01/38	8,200	9,581,454
Los Angeles (City of);
Series 2003 B, Ref. Wastewater System RB
(INS–AGM) (c)	5.00 %	06/01/22	3,825	3,954,361
Series 2004 A, Unlimited Tax GO
Bonds (i)(j)	5.00 %	09/01/14	1,030	1,127,067
Series 2012 B, Ref. Sub. Wastewater System RB	5.00 %	06/01/32	10,000	11,776,600
Los Angeles (County of) Metropolitan Transportation Authority;
Series 2005 A, Proposition A First
Tier Sr. Sales Tax RB
(INS–AMBAC) (c)	5.00 %	07/01/35	2,450	2,696,641
Los Angeles Community College District (Election of 2003);
Series 2008 F-1, Unlimited Tax GO
Bonds (e)	5.00 %	08/01/33	8,000	9,150,240
Los Angeles County Schools Regionalized Business Services Corp.
(Los Angeles County Schools Pooled Financing Program);
Series 1999 A, CAB COP
(INS–AMBAC) (c)(d)	0.00 %	08/01/26	1,200	576,324
Series 2003 A,
COP (i)(j)	5.00 %	09/01/13	1,250	1,308,075
Los Angeles Unified School District (Election of 2002);
Series 2009 D, Unlimited Tax GO Bonds	5.00 %	01/01/34	2,000	2,259,240
Los Angeles Unified School District (Election of 2004);
Series 2005 E, Unlimited Tax GO Bonds
(INS–AMBAC) (c)	5.00 %	07/01/30	620	676,618
Series 2006 F, Unlimited Tax GO Bonds
(INS–FGIC) (c)	5.00 %	07/01/30	2,000	2,191,220
Series 2009-I, Unlimited Tax GO Bonds
(INS–AGC) (c)	5.00 %	01/01/34	5,950	6,721,239
Marin (County of) Water District Financing Authority;
Series 2012 A, Sub. Lien RB	5.00 %	07/01/44	4,495	5,178,959
Menifee Union School District (Election of 2008);
Series 2009 C, Unlimited Tax CAB GO Bonds
(INS–AGC) (c)(d)	0.00 %	08/01/34	850	275,630

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
Milpitas (City of) Redevelopment Agency (Redevelopment Area
No. 1); Series 2003, Tax Allocation RB
(INS–NATL) (c)	5.00 %	09/01/22	$ 5,000	$ 5,177,200
Modesto (City of) (Community Center Refinancing);
Series 1993 A, COP
(INS–AMBAC) (c)	5.00 %	11/01/23	5,000	5,081,000
Montclair (City of) Redevelopment Agency (Hacienda Mobile Home
Park); Series 2002, Mobile Home
Park RB (i)(j)	6.00 %	11/15/12	2,000	2,062,380
Montebello Unified School District (Election of 2004);
Series 2009 A-1, Unlimited Tax GO Bonds
(INS–AGC) (c)	5.25 %	08/01/34	1,000	1,114,120
Moorpark Unified School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds
(INS–AGC) (c)(d)	0.00 %	08/01/31	2,000	769,300
Moreland School District (Crossover); Series 2006 C,
Ref. Unlimited Tax CAB GO Bonds
(INS–AMBAC) (c)(d)	0.00 %	08/01/29	1,250	555,700
Morongo Band of Mission Indians (The) (Enterprise Casino);
Series 2008 B, RB (g)	5.50 %	03/01/18	1,650	1,707,272
Series 2008 B, RB (g)	6.50 %	03/01/28	2,175	2,325,358
Murrieta (City of) Public Financing Authority;
Series 2012, Ref. Special Tax RB	5.00 %	09/01/25	975	1,086,014
Series 2012, Ref. Special Tax RB	5.00 %	09/01/26	1,000	1,104,140
Series 2012, Ref. Special Tax RB	5.00 %	09/01/31	3,470	3,764,117
Murrieta Valley Unified School District Public Financing
Authority (Election of 2006);
Series 2008, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	09/01/31	6,670	2,578,622
Series 2008, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	09/01/33	820	282,752
National City (City of) Community Development Commission
(National City Redevelopment);
Series 2004 A, Tax Allocation RB
(INS–AMBAC) (c)	5.50 %	08/01/32	1,730	1,768,856
Series 2011, Tax Allocation RB	7.00 %	08/01/32	750	936,818
Needles (City of) Public Utility Authority (Utility System
Acquisition); Series 1997 A, RB	6.50 %	02/01/22	2,000	2,000,880
Northern California Power Agency (Hydroelectric No. 1);
Series 2012, Ref. RB	5.00 %	07/01/32	1,700	1,971,116
Norwalk-La Mirada Unified School District;
Series 2005 B, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	08/01/29	6,000	2,660,760
Oak Grove School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO Bonds (d)	0.00 %	08/01/28	670	325,118
Oakland (City of) (Measure DD); Series 2003 A,
Unlimited Tax GO
Bonds (i)(j)	5.00 %	01/15/13	3,000	3,052,920
Oakland (City of) Joint Powers Financing Authority (Fruitvale
Transit Village); Series 2001 B, VRD RB
(LOC–Citibank N.A.) (a)(b)	0.28 %	07/01/33	2,530	2,530,000
Oakland (City of); Series 2004 A, Sewer RB
(INS–AGM) (c)	5.00 %	06/15/25	2,355	2,517,613
Oakland (Port of);
Series 2002 L, RB (f)(i)(j)	5.00 %	11/01/12	195	196,542
Series 2002 L, RB
(INS–NATL) (c)(f)	5.00 %	11/01/21	1,555	1,563,521
Series 2002 N,
Ref. RB (f)(i)(j)	5.00 %	11/01/12	380	383,006
Series 2002 N, Ref. RB
(INS–NATL) (c)(f)	5.00 %	11/01/22	5,120	5,146,880
Orange (County of) Sanitation District; Series 2007 B,
COP
(INS–AGM) (c)	5.00 %	02/01/31	1,000	1,127,600
Orange (County of) Water District; Series 2003 B, COP
(INS–NATL) (c)	5.00 %	08/15/34	1,000	1,035,160
Orange (County); Series 2009 A, Airport RB	5.00 %	07/01/31	1,000	1,128,960
Oxnard (City of) Finance Authority (Redwood Trunk
Sewer & Headworks); Series 2004 A,
Wastewater RB
(INS–NATL) (c)	5.00 %	06/01/29	1,000	1,031,640
Oxnard Union High School District; Series 2001 A, Ref.
Unlimited Tax GO Bonds
(INS–NATL) (c)	6.20 %	08/01/30	1,000	1,116,520
Palm Springs (City of) (Palm Springs International Airport);
Series 2006, Ref. Sub. Airport Passenger Facility
Charge RB (f)	5.45 %	07/01/20	250	251,265
Series 2006, Ref. Sub. Airport Passenger Facility
Charge RB (f)	5.55 %	07/01/28	475	462,764
Series 2008, Ref. Sub. Airport Passenger Facility
Charge RB (f)	6.00 %	07/01/18	250	257,988
Series 2008, Ref. Sub. Airport Passenger Facility
Charge RB (f)	6.40 %	07/01/23	250	254,465
Series 2008, Ref. Sub. Airport Passenger Facility
Charge RB (f)	6.50 %	07/01/27	530	537,632
Palomar Pomerado Health; Series 2009, COP	6.75 %	11/01/39	3,000	3,375,150
Patterson Joint Unified School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	03/01/49	3,920	548,957
Perris (City of) Public Financing Authority (Perris Valley
Vistas IA 3); Series 2008 B, Local Agency Special Tax
RB	6.63 %	09/01/38	2,000	2,100,260

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
Perris (City of) Public Financing Authority;
Series 2002 A, Tax Allocation RB
(INS–NATL) (c)	5.00 %	10/01/31	$ 1,000	$ 1,020,820
Series 2006, Tax Allocation RB	5.35 %	10/01/36	4,350	4,351,305
Pico Rivera (City of) Water Authority (Water System);
Series 1999 A, RB
(INS–NATL) (c)	5.50 %	05/01/19	1,000	1,083,430
Planada Elementary School District (Election of 2008);
Series 2009 B, Unlimited Tax CAB GO Bonds
(INS–AGC) (c)(d)	0.00 %	07/01/49	8,440	1,115,262
Poway (City of) Redevelopment Agency (Paguay Redevelopment);
Series 2003 A, Tax Allocation RB
(INS–NATL) (c)	5.25 %	06/15/23	7,390	7,469,886
Rancho Cordova (City of) Community Facilities District No. 2003-1 (Sunridge Anatolia); Series 2003, Special Tax RB	6.00 %	09/01/24	2,000	2,033,440
Rancho Cucamonga (City of) Redevelopment Agency (Rancho
Redevelopment); Series 1999, Ref. Tax Allocation RB
(INS–AGM) (c)	5.25 %	09/01/20	1,000	1,002,640
Rancho Mirage (City of) Redevelopment Agency (Redevelopment
Plan–1984);
Series 2001 A-1, Tax
Allocation RB
(INS–NATL) (c)	5.00 %	04/01/26	1,220	1,221,488
Series 2001 A-E, Tax Allocation RB
(INS–NATL) (c)	5.25 %	04/01/33	2,540	2,542,591
Rancho Mirage (City of) Redevelopment Agency;
Series 2003 A, Housing Tax Allocation RB
(INS–NATL) (c)	5.00 %	04/01/33	1,000	1,003,120
Redding (City of); Series 2008 A, Electric System
Revenue COP
(INS–AGM) (c)	5.00 %	06/01/27	725	811,384
Redlands (City of) Redevelopment Agency;
Series 1998 A, Ref. Tax Allocation RB
(INS–NATL) (c)	4.75 %	08/01/21	3,800	3,801,368
Regents of the University of California (UCLA Medical Center);
Series 2004 A, RB
(INS–AMBAC) (c)	5.25 %	05/15/30	1,225	1,266,809
Regents of the University of California;
Series 2003 A, General RB
(INS–AMBAC) (c)	5.00 %	05/15/33	5,000	5,149,800
Series 2003 B, General RB
(INS–AMBAC) (c)	5.00 %	05/15/22	2,000	2,063,680
Series 2005 B, Limited
Project RB (i)(j)	5.00 %	05/15/13	1,000	1,043,880
Series 2007 J, General RB
(INS–AGM) (c)(e)	4.50 %	05/15/31	4,415	4,654,205
Series 2007 J, General RB
(INS–AGM) (c)(e)	4.50 %	05/15/35	3,585	3,750,484
Series 2009 E, Medical Center Pooled RB	5.50 %	05/15/27	2,500	2,908,875
Series 2009 O,
General RB (e)	5.25 %	05/15/39	7,500	8,579,025
Series 2009 O, General RB	5.25 %	05/15/39	1,500	1,715,805
Series 2009 Q,
General RB (e)(k)	5.00 %	05/15/34	9,080	10,446,722
Series 2012 G, Limited Project RB	5.00 %	05/15/37	1,000	1,156,790
Richmond (City of) Joint Powers Financing Authority (Point
Potrero); Series 2009 A, Lease RB	6.25 %	07/01/24	2,000	2,276,860
Riverside (City of);
Series 2008 B, Water RB
(INS–AGM) (c)	5.00 %	10/01/33	1,000	1,114,850
Series 2008 D, Electric RB
(INS–AGM) (c)	5.00 %	10/01/28	2,085	2,342,998
Riverside (County of) Transportation Commission;
Series 2010 A, Limited Sales Tax RB	5.00 %	06/01/32	2,000	2,262,120
Riverside Community College District (Election 2004);
Series 2007 C, Unlimited Tax GO Bond
(INS–AGM) (c)(e)	5.00 %	08/01/32	5,000	5,713,100
RNR School Financing Authority (Community Facilities District No. 92-1); Series 2006 A, Special Tax RB
(INS–AMBAC) (c)	5.00 %	09/01/36	2,000	2,043,940
Roseville Joint Union High School District;
Series 1995 B, Unlimited Tax CAB GO Bonds
(INS–NATL) (c)(d)	0.00 %	06/01/20	1,650	1,246,922
Sacramento (City of) Financing Authority (Solid
Waste & Redevelopment); Series 1999, Capital
Improvement RB (i)	5.75 %	12/01/22	180	180,144
Sacramento (City of) Municipal Utility District;
Series 2008 U, Electric RB
(INS–AGM) (c)(e)	5.00 %	08/15/24	4,960	5,741,101
Series 2008 U, Electric RB
(INS–AGM) (c)	5.00 %	08/15/24	1,000	1,157,480
Series 2008 U, Electric RB
(INS–AGM) (c)(e)	5.00 %	08/15/26	10,000	11,440,100
Series 2011 X, Ref. Electric RB	5.00 %	08/15/27	2,850	3,389,533
Sacramento (County of) Sanitation Districts Financing Authority
(Sacramento Regional County Sanitation District);
Series 2008 A, Ref. VRD Sub. Lien RB
(LOC–JPMorgan Chase
Bank, N.A.) (a)(b)	0.17 %	12/01/36	1,500	1,500,000
Series 2011 A, Ref. RB	5.00 %	12/01/26	1,500	1,818,405

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
Sacramento (County of);
Series 2008 A, Sr. Airport System RB
(INS–AGM) (c)	5.00 %	07/01/32	$ 1,000	$ 1,102,040
Series 2010, Sr. Airport System RB	5.00 %	07/01/40	3,800	4,166,928
Salinas Valley Solid Waste Authority;
Series 2002, RB
(INS–AMBAC) (c)(f)	5.25 %	08/01/27	1,000	1,002,020
Series 2002, RB
(INS–AMBAC) (c)(f)	5.25 %	08/01/31	2,000	2,003,560
San Bernardino Community College District (Election of 2002);
Series 2006 C, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.00 %	08/01/31	2,225	2,464,054
San Diego (City of) Public Facilities Financing Authority
(Capital Improvement); Series 2012 A, Lease RB	5.00 %	04/15/37	3,000	3,226,350
San Diego (City of) Public Facilities Financing Authority;
Series 2009 B, Water RB	5.38 %	08/01/34	5,000	5,871,350
Subseries 2012 A, Ref. Water RB	5.00 %	08/01/32	5,000	5,859,200
San Diego (City of) Redevelopment Agency (Centre City
Redevelopment); Series 1999 A, RB	6.40 %	09/01/25	2,500	2,502,975
San Diego (County of) Regional Airport Authority;
Series 2010 A, Sub. RB	5.00 %	07/01/34	3,000	3,317,760
Series 2010 A, Sub. RB	5.00 %	07/01/40	2,500	2,730,700
San Diego (County of) Water Authority;
Series 2004 A, COP
(INS–AGM) (c)(e)	5.00 %	05/01/29	6,000	6,362,880
Series 2004 A, COP
(INS–AGM) (c)	5.00 %	05/01/29	700	742,336
Series 2008 A, COP
(INS–AGM) (c)	5.00 %	05/01/28	2,080	2,356,016
San Diego Community College District (Election of 2002);
Series 2009, Unlimited Tax GO
Bonds (e)	5.25 %	08/01/33	5,000	5,983,700
San Dimas (City of) Redevelopment Agency (Creative Growth);
Series 1998 A, Tax Allocation RB
(INS–AGM) (c)	5.00 %	09/01/16	455	456,611
San Francisco (City & County of) (Laguna Honda
Hospital);
Series 2008 R3, Ref. Unlimited Tax GO Bonds
(INS–AGC) (c)(e)	5.00 %	06/15/28	9,500	10,427,865
Series 2008 R3, Ref. Unlimited Tax GO Bonds
(INS–AGC) (c)	5.00 %	06/15/28	355	389,673
San Francisco (City & County of) Airport Commission
(San Francisco International Airport);
Series 2010 F, Second Series RB	5.00 %	05/01/40	4,000	4,412,960
Series 2011 C, Ref. Second
Series RB (f)	5.00 %	05/01/23	3,000	3,474,390
Series 2011 F, Ref. Second
Series RB (f)	5.00 %	05/01/25	5,000	5,696,150
Series 2011 G, Second Series RB	5.25 %	05/01/28	3,000	3,548,070
San Francisco (City & County of) Airport Commission
(San Francisco International Airport-SFO Fuel Co. LLC);
Series 2000 A, Special Facilities Lease RB
(INS–AGM) (c)(f)	6.13 %	01/01/27	1,660	1,663,768
San Francisco (City & County of) Public Utilities
Commission (Water System Improvement Program);
Subseries 2011 A,
Water RB (e)	5.00 %	11/01/36	6,300	7,262,073
San Francisco (City & County of) Redevelopment
Financing Authority (Mission Bay North Redevelopment);
Series 2011 C, Tax Allocation RB	6.50 %	08/01/27	400	471,884
Series 2011 C, Tax Allocation RB	6.75 %	08/01/33	500	594,470
San Francisco (City of) Bay Area Rapid Transit District;
Series 2010, Ref. RB	5.00 %	07/01/28	1,000	1,175,650
San Francisco (City of) Municipal Transportation Agency;
Series 2012 A, RB	5.00 %	03/01/32	1,140	1,314,523
Series 2012 B, RB	5.00 %	03/01/42	3,355	3,774,643
San Jose (City of) Financing Authority (Civic Center);
Series 2002 B, Lease RB
(INS–AMBAC) (c)	5.00 %	06/01/37	10,000	10,032,000
San Jose Evergreen Community College District (Election of
2004); Series 2008 B, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	09/01/32	1,000	388,400
San Luis Obispo (County of) Financing Authority (Lopez Dam
Improvement); Series 2011 A, Ref. RB
(INS–AGM) (c)	5.00 %	08/01/30	2,500	2,839,350
Sanger Unified School District; Series 1999, Ref. Unlimited
Tax GO Bonds
(INS–NATL) (c)	5.60 %	08/01/23	2,000	2,262,760
Santa Ana Unified School District (Financing Project);
Series 1999, CAB COP
(INS–AGM) (c)(d)	0.00 %	04/01/36	1,000	275,300

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
Santa Clara (City of);
Series 2003 A, Sub. Electric RB
(INS–NATL) (c)	5.00 %	07/01/23	$ 2,610	$ 2,702,838
Series 2003 A, Sub. Electric RB
(INS–NATL) (c)	5.00 %	07/01/24	2,735	2,830,643
Santa Clara (County of) Financing Authority (Multiple
Facilities); Series 2008 L, Ref.
Lease RB (e)	5.25 %	05/15/36	10,000	11,151,900
Santa Clara Valley Transportation Authority (2000-Measure A);
Series 2007 A, Ref. Sales Tax RB
(INS–AMBAC) (c)	5.00 %	04/01/32	1,680	1,906,985
Santa Margarita/Dana Point Authority (Santa Margarita Water
District Improvement Districts No. 2, 3 & 4);
Series 2009 A, RB	5.13 %	08/01/38	1,500	1,660,020
School Facilities Financing Authority (Grant Joint Union High
School District); Series 2008 A, CAB RB
(INS–AGM) (c)(d)	0.00 %	08/01/26	1,295	689,108
Semitropic Improvement District; Series 2012 A, Ref.
Water Storage District RB	5.00 %	12/01/35	2,000	2,213,700
Sierra View Local Health Care District; Series 2007, RB	5.25 %	07/01/32	2,000	2,080,680
Simi Valley (City of) (Capital Improvement); Series 2004,
COP
(INS–AMBAC) (c)	5.00 %	09/01/30	3,000	3,070,740
Simi Valley Unified School District (Election of 2004);
Series 2007 C, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	08/01/28	1,520	732,777
Series 2007 C, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	08/01/29	5,000	2,275,950
Series 2007 C, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	08/01/30	1,210	521,437
South Orange (County of) Public Financing Authority;
Series 1999, Reassessment RB
(INS–AGM) (c)	5.80 %	09/02/18	3,305	3,383,956
South Tahoe Joint Powers Financing Authority (South Tahoe
Redevelopment Project Area No. 1);
Series 2004 A, Ref. RB
(INS–AGM) (c)	5.00 %	10/01/29	1,640	1,690,463
Series 2005 A, Ref. RB
(INS–AMBAC) (c)	5.00 %	10/01/28	2,250	2,271,330
Southern California Metropolitan Water District;
Series 2003
B-1, RB (i)(j)	5.00 %	10/01/13	3,825	4,023,785
Series 2003
B-1, RB (i)(j)	5.00 %	10/01/13	175	184,095
Series 2003
B-1, RB (i)(j)	5.00 %	10/01/13	1,790	1,883,026
Series 2003
B-1, RB (i)(j)	5.00 %	10/01/13	210	220,914
Series 2003
B-2, RB (i)(j)	5.00 %	10/01/13	1,900	1,998,743
Series 2009 B,
Ref. RB (e)	5.00 %	07/01/27	7,825	9,262,296
Southern California Public Power Authority (Mead-Adelanto);
Series 2008 A,
VRD RB (a)	0.15 %	07/01/20	2,000	2,000,000
Southern California Public Power Authority (Milford Wind
Corridor Phase II);
Series 2011-1, RB (e)	5.25 %	07/01/29	2,850	3,423,848
Series 2011-1, RB (e)	5.25 %	07/01/31	2,850	3,384,375
Turlock (City of) (Emanuel Medical Center, Inc.);
Series 2007 A, Health Facility Revenue COP	5.13 %	10/15/31	1,000	1,014,320
Series 2007 B, Health Facility Revenue COP	5.13 %	10/15/37	1,000	1,006,650
Tustin (City of) Public Financing Authority;
Series 2011 A, Water RB	5.00 %	04/01/36	3,500	3,970,890
Tustin Unified School District (School Facilities Improvement
District No. 2002-1- Election of 2002); Series 2008 C, Unlimited Tax GO
Bonds
(INS–AGM) (c)	5.00 %	06/01/28	250	282,058
Twin Rivers Unified School District (School Facility Bridge
Funding Program); Series 2007, COP
(INS–AGM) (c)(h)(j)	3.50 %	05/31/13	5,300	5,306,519
Twin Rivers Unified School District; Series 2009, Unlimited
Tax CAB GO
BAN (d)	0.00 %	04/01/14	3,000	2,936,070
Upland Unified School District (Election of 2000);
Series 2001 B, Unlimited Tax GO Bonds
(INS–AGM) (c)	5.13 %	08/01/25	1,000	1,038,060
Val Verde Unified School District (Refunding & School
Construction);
Series 2005 B, COP
(INS–NATL) (c)	5.00 %	01/01/30	675	676,573
Series 2005 B, COP
(INS–NATL) (c)	5.00 %	01/01/35	1,330	1,310,555
Vernon (City of); Series 2009 A, Electric System RB	5.13 %	08/01/21	3,000	3,336,030
Vista Unified School District (Election of 2002);
Series 2007 C, Unlimited Tax GO Bonds
(INS–AGM) (c)(e)	5.00 %	08/01/28	2,185	2,417,550
Washington Unified School District (Election of 2004);
Series 2004 A, Unlimited Tax GO Bonds
(INS–NATL) (c)	5.00 %	08/01/22	1,375	1,424,486
West Basin Municipal Water District; Series 2008 B,
Ref. COP
(INS–AGC) (c)	5.00 %	08/01/27	1,640	1,808,625
West Contra Costa Unified School District; Series 2005,
Unlimited Tax CAB GO Bonds
(INS–NATL) (c)(d)	0.00 %	08/01/25	5,000	2,719,100

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Interest	Maturity		Principal — Amount
Rate	Date		(000)	Value
California–(continued)
William S. Hart Union High School District (Election of 2008);
Series 2009 A, Unlimited Tax CAB GO
Bonds (d)	0.00 %	08/01/32	$ 9,370	$ 3,360,738
Yosemite Community College District (Election of 2004);
Series 2008 C, Unlimited Tax CAB GO Bonds
(INS–AGM) (c)(d)	0.00 %	08/01/22	2,655	1,844,482
Series 2008 C, Unlimited Tax GO Bonds
(INS–AGM) (c)(e)	5.00 %	08/01/32	16,000	18,087,360
Yucaipa Valley Water District; Series 2004 A, COP
(INS–NATL) (c)	5.25 %	09/01/24	1,000	1,044,590
				946,482,578
Puerto Rico–4.80%
Puerto Rico (Commonwealth of) Aqueduct & Sewer
Authority; Series 2012 A, Sr. Lien RB	6.00 %	07/01/47	5,000	5,475,800
Puerto Rico (Commonwealth of) Electric Power Authority;
Series 2010 AAA, RB	5.25 %	07/01/29	2,000	2,154,740
Series 2010 XX, RB	5.25 %	07/01/40	2,450	2,549,495
Series 2012 A, RB	5.00 %	07/01/29	2,000	2,140,180
Puerto Rico (Commonwealth of) Public Buildings Authority;
Series 2002 D, RB (i)(j)	5.45 %	07/01/17	2,200	2,665,982
Puerto Rico Sales Tax Financing Corp.;
First Subseries 2010 A, RB	5.38 %	08/01/39	500	535,280
First Subseries 2010 C, RB	5.00 %	08/01/35	2,000	2,122,660
First Subseries 2010 C, RB	5.25 %	08/01/41	2,000	2,126,960
Series 2011 C, RB (e)	5.00 %	08/01/40	3,930	4,260,513
Series 2011 C, RB (e)	5.25 %	08/01/40	6,555	7,302,073
				31,333,683
Virgin Islands–1.63%
Virgin Islands (Government of) Public Finance Authority (Gross
Receipts Taxes Loan Note); Series 1999 A, RB	6.38 %	10/01/19	2,740	2,749,206
Virgin Islands (Government of) Public Finance Authority
(Matching Fund Loan Note–Diageo);
Series 2009 A, Sub. RB	6.63 %	10/01/29	2,965	3,492,859
Virgin Islands (Government of) Public Finance Authority
(Matching Fund Loan Note);
Series 2010 A, Sr. Lien RB	5.00 %	10/01/25	1,000	1,107,900
Series 2010 A, Sr. Lien RB	5.00 %	10/01/29	3,000	3,277,920
				10,627,885
Guam–1.16%
Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB	5.38 %	12/01/24	3,150	3,498,516
Series 2009 A, Limited Obligation RB	5.63 %	12/01/29	595	669,024
Guam (Territory of); Series 2011 A, Business Privilege
Tax RB	5.25 %	01/01/36	3,000	3,388,020
				7,555,560
TOTAL
INVESTMENTS (l) –152.65%

(Cost $913,362,655) | | | | 995,999,706 | |
| FLOATING RATE NOTE OBLIGATIONS–(23.91%) | | | | | |
| Notes with interest rates ranging from 0.15% to 0.34% at 08/31/2012 and contractual maturities of collateral ranging from 07/01/22 to 07/01/43 (See
Note 1I) (m) | | | | (156,015,000 | ) |
| VARIABLE RATE MUNI TERM PREFERRED SHARES–(28.81)% | | | | (187,985,043 | ) |
| OTHER ASSETS LESS LIABILITIES–0.07% | | | | 459,269 | |
| NET ASSETS APPLICABLE TO COMMON SHARES–100.00% | | | | $ 652,458,932 | |

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Investment Abbreviations:

AGC	– Assured Guaranty Corp.
AGM	– Assured Guaranty Municipal Corp.
AMBAC	– American Municipal Bond Assurance Corp.
BAN	– Bond Anticipation Notes
CAB	– Capital Appreciation Bonds
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
FGIC	– Financial Guaranty Insurance Co.
FHA	– Federal Housing Administration
GNMA	– Government National Mortgage Association
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi-Family Housing
NATL	– National Public Finance Guarantee Corp.
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
RN	– Revenue Notes
Sr.	– Senior
Sub.	– Subordinated
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

| (a) | Demand security payable upon demand
by the Trust at specified time intervals no greater than
thirteen months. Interest rate is redetermined periodically.
Rate shown is the rate in effect on August 31, 2012. |
| --- | --- |
| (b) | Principal and interest payments are
fully enhanced by a letter of credit from the bank listed or a
predecessor bank, branch or subsidiary. |
| (c) | Principal and/or interest payments are secured by the bond insurance company
listed. |
| (d) | Zero coupon bond issued at a
discount. |
| (e) | Underlying security related to
Dealer Trusts entered into by the Trust. See Note 1I. |
| (f) | Security subject to the alternative
minimum tax. |
| (g) | Security purchased or received in a
transaction exempt from registration under the Securities Act of
1933, as amended. The security may be resold pursuant to an
exemption from registration under the 1933 Act, typically to
qualified institutional buyers. The aggregate value of these
securities at August 31, 2012 was $8,319,372, which
represented 1.28% of the Trust’s Net Assets. |
| (h) | Interest or dividend rate is
redetermined periodically. Rate shown is the rate in effect on
August 31, 2012. |
| (i) | Advance refunded; secured by an
escrow fund of U.S. Government obligations or other highly
rated collateral. |
| (j) | Security has an irrevocable call by
the issuer or mandatory put by the holder. Maturity date
reflects such call or put. |
| (k) | Security is subject to a shortfall
agreement which may require the Trust to pay amounts to a
counterparty in the event of a significant decline in the market
value of the security underlying the Dealer Trusts. In case of a
shortfall, the maximum potential amount of payments the Fund
could ultimately be required to make under the agreement is
$6,050,000. However, such shortfall payment would be reduced by
the proceeds from the sale of the security underlying the Dealer
Trusts. |
| (l) | This table provides a listing of
those entities that have either issued, guaranteed, backed or
otherwise enhanced the credit quality of more than 5% of the
securities held in the portfolio. In instances where the entity
has guaranteed, backed or otherwise enhanced the credit quality
of a security, it is not primarily responsible for the
issuer’s obligations but may be called upon to satisfy the
issuer’s obligations. |

Entities
Assured Guaranty Municipal Corp.	13.2 %
National Public Finance Guarantee Corp.	9.4
American Municipal Bond Assurance Corp.	7.3

(m) Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at August 31, 2012. At August 31, 2012, the Trust’s investments with a value of $285,350,967 are held by Dealer Trusts and serve as collateral for the $156,015,000 in the floating rate note obligations outstanding at that date.

Portfolio Composition

By credit sector, based on Total Investments

as of August 31, 2012

Revenue Bonds	75.9
General Obligation Bonds	19.9
Pre-refunded Bonds	2.7
Other	1.5

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14 Invesco Van Kampen California Value Municipal Income Trust

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Statement of Assets and Liabilities

August 31, 2012

(Unaudited)

Assets: — Investments, at value (Cost $913,362,655)	$ 995,999,706
Receivable for:
Investments sold	2,995,699
Interest	10,581,227
Fund expenses absorbed	60,818
Investment for trustee deferred compensation and retirement plans	22,358
Deferred offering costs	186,074
Other assets	26,948
Total assets	1,009,872,830
Liabilities:
Floating rate note obligations	156,015,000
Variable rate muni term preferred shares at liquidation value
($0.01 par value, 1,883 shares issued with liquidation
preference of $100,000 per share)	187,985,043
Payable for:
Investments purchased	2,580,269
Amount due custodian	10,560,910
Accrued fees to affiliates	75
Accrued interest expense	30,921
Accrued other operating expenses	85,849
Trustee deferred compensation and retirement plans	155,831
Total liabilities	357,413,898
Net assets applicable to common shares	$ 652,458,932
Net assets applicable to common shares consist of:
Shares of beneficial interest — common shares	$ 643,653,657
Undistributed net investment income	2,048,483
Undistributed net realized gain (loss)	(75,880,259	)
Unrealized appreciation	82,637,051
	$ 652,458,932
Shares outstanding, no par value, with an unlimited number of
shares authorized:
Common shares	47,830,548
Net asset value per common share	$ 13.64
Market value per common share	$ 13.76

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Statement of Operations

For the six months ended August 31, 2012

(Unaudited)

Investment income: — Interest	$ 12,188,262
Expenses:
Advisory fees	1,417,701
Administrative services fees	45,698
Custodian fees	5,856
Interest, facilities and maintenance fees	1,006,305
Transfer agent fees	17,926
Trustees’ and officers’ fees and benefits	20,713
Other	192,399
Total expenses	2,706,598
Less: Fees waived	(88,550	)
Net expenses	2,618,048
Net investment income	9,570,214
Realized and unrealized gain (loss):
Net realized gain (loss) from investment securities	(3,159,979	)
Change in net unrealized appreciation of investment securities	13,630,440
Net realized and unrealized gain	10,470,461
Net increase in net assets resulting from operations	20,040,675
Distributions to preferred shareholders from net investment
income	(77,315	)
Net increase in net assets from operations applicable to common
shares	$ 19,963,360

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Statement of Changes in Net Assets

For the six months ended August 31, 2012 and the year ended February 29, 2012

(Unaudited)

| | Six Months
ended — August 31, | February 29, | | |
| --- | --- | --- | --- | --- |
| | 2012 | 2012 | | |
| Operations: | | | | |
| Net investment income | $ 9,570,214 | $ | 20,035,341 | |
| Net realized gain (loss) | (3,159,979 | ) | (11,112,713 | ) |
| Change in net unrealized appreciation | 13,630,440 | | 61,814,171 | |
| Net increase in net assets resulting from operations | 20,040,675 | | 70,736,799 | |
| Distributions to preferred shareholders from net investment
income | (77,315 | ) | (319,160 | ) |
| Net increase in net assets from operations applicable to common
shares | 19,963,360 | | 70,417,639 | |
| Distributions to shareholders from net investment income | (10,100,398 | ) | (20,176,124 | ) |
| Net increase in net assets resulting from share transactions | 349,583,944 | | 434,858 | |
| Net increase in net assets applicable to common shares | 359,446,906 | | 50,676,373 | |
| Net assets applicable to common shares: | | | | |
| Beginning of period | 293,012,026 | | 242,335,653 | |
| End of period (includes undistributed net investment income of
$2,048,483 and $2,655,982, respectively) | $ 652,458,932 | $ | 293,012,026 | |

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Statement of Cash Flows

For the six months ended August 31, 2012

(Unaudited)

| Cash provided by operating activities: — Net increase in net assets resulting from operations applicable
to common shares | $ 19,963,360 | |
| --- | --- | --- |
| Adjustments to reconcile the change in net assets applicable to
common shares from operations to net cash provided by operating
activities: | | |
| Purchases of investments | (28,816,860 | ) |
| Proceeds from sales of investments | 27,157,551 | |
| Amortization of premium | (1,894,172 | ) |
| Accretion of discount | 4,993,269 | |
| Increase in receivables and other assets | (5,291,647 | ) |
| Increase in accrued expenses and other payables | 75,715 | |
| Net realized loss from investment securities | 3,159,979 | |
| Net change in unrealized appreciation on investment securities | (13,630,440 | ) |
| Net cash provided by operating activities | 5,715,728 | |
| Cash provided by (used in) financing activities: | | |
| Dividends paid to common shareholders from net investment income | (9,870,079 | ) |
| Increase in payable for amount due custodian | 4,154,351 | |
| Increase in VMTP shares, at liquidation value | 116,000,000 | |
| Net proceeds from the redemption of preferred shares | (116,000,000 | ) |
| Net cash provided by (used in) financing activities | (5,715,728 | ) |
| Cash at beginning of period | — | |
| Cash at end of period | $ — | |
| Supplemental disclosure of cash flow information: | | |
| Cash paid during the period for interest, facilities and
maintenance fees | $ 1,045,572 | |

Notes to Financial Statements

August 31, 2012

(Unaudited)

NOTE 1—Significant Accounting Policies

Invesco Van Kampen California Value Municipal Income Trust (the “Trust”), a Delaware business trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, closed-end management investment company. Prior to August 27, 2012, the Trust was organized as a Massachusetts business trust.

The Trust’s investment objective is to seek to provide a high level of current income exempt from federal and California income taxes, consistent with preservation of capital. The Trust will invest substantially all of its assets in California municipal securities rated investment grade at the time of investment.

The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements.

| A. |
| --- |
| Securities are fair valued using an
evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by
the pricing service may be determined without exclusive reliance
on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Securities with a
demand feature exercisable within one to seven days are valued
at par. Debt securities are subject to interest rate and credit
risks. In addition, all debt securities involve some risk of
default with respect to interest and principal payments. |
| Securities for which market quotations
either are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the
supervision of the Trust’s officers following procedures
approved by the Board of Trustees. Some of the factors which may
be considered in determining fair value are fundamental
analytical data relating to the investment; the nature and
duration of any restrictions on transferability or disposition;
trading in similar securities by the same issuer or comparable
companies; relevant political, economic or issuer specific news;
and other relevant factors under the circumstances. |
| Valuations change in response to many
factors including the historical and prospective earnings of the
issuer, the value of the issuer’s assets, general economic
conditions, interest rates, investor perceptions and market
liquidity. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially
differ from the value received upon actual sale of those
investments. |

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| B. | Securities
Transactions and Investment Income —
Securities transactions are accounted for on a trade date basis.
Realized gains or losses on sales are computed on the basis of
specific identification of the securities sold. Interest income
is recorded on the accrual basis from settlement date. Dividend
income (net of withholding tax, if any) is recorded on the
ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. |
| --- | --- |
| | The Trust may periodically participate
in litigation related to Trust investments. As such, the Trust
may receive proceeds from litigation settlements. Any proceeds
received are included in the Statement of Operations as realized
gain (loss) for investments no longer held and as unrealized
gain (loss) for investments still held. |
| | Brokerage commissions and mark ups are
considered transaction costs and are recorded as an increase to
the cost basis of securities purchased and/or a
reduction of proceeds on a sale of securities. Such transaction
costs are included in the determination of net realized and
unrealized gain (loss) from investment securities reported in
the Statement of Operations and the Statement of Changes in Net
Assets and the net realized and unrealized gains (losses) on
securities per share in the Financial Highlights. Transaction
costs are included in the calculation of the Trust’s net
asset value and, accordingly, they reduce the Trust’s total
returns. These transaction costs are not considered operating
expenses and are not reflected in net investment income reported
in the Statement of Operations and Statement of Changes in Net
Assets, or the net investment income per share and ratios of
expenses and net investment income reported in the Financial
Highlights, nor are they limited by any expense limitation
arrangements between the Trust and the investment adviser. |
| C. | Country
Determination — For the purposes of making
investment selection decisions and presentation in the Schedule
of Investments, the investment adviser may determine the country
in which an issuer is located and/or credit risk exposure based on various factors. These factors
include the laws of the country under which the issuer is
organized, where the issuer maintains a principal office, the
country in which the issuer derives 50% or more of its total
revenues and the country that has the primary market for the
issuer’s securities, as well as other criteria. Among the
other criteria that may be evaluated for making this
determination are the country in which the issuer maintains 50%
or more of its assets, the type of security, financial
guarantees and enhancements, the nature of the collateral and
the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States
of America, unless otherwise noted. |
| D. | Distributions —
The Trust declares and pays monthly dividends from net
investment income to common shareholders. Distributions from net
realized capital gain, if any, are generally paid annually and
are distributed on a pro rata basis to common and preferred
shareholders. The Trust may elect to treat a portion of the
proceeds from redemptions as distributions for federal income
tax purposes. |
| E. | Federal Income
Taxes — The Trust intends to comply with
the requirements of Subchapter M of the Internal Revenue
Code necessary to qualify as a regulated investment company and
to distribute substantially all of the Trust’s taxable
earnings to shareholders. As such, the Trust will not be subject
to federal income taxes on otherwise taxable income (including
net realized capital gain) that is distributed to shareholders.
Therefore, no provision for federal income taxes is recorded in
the financial statements. |
| | In addition, the Trust intends to invest
in such municipal securities to allow it to qualify to pay
shareholders “exempt dividends”, as defined in the
Internal Revenue Code. |
| | The Trust files tax returns in the
U.S. Federal jurisdiction and certain other jurisdictions.
Generally, the Trust is subject to examinations by such taxing
authorities for up to three years after the filing of the return
for the tax period. |
| F. | Accounting
Estimates — The preparation of financial
statements in conformity with accounting principles generally
accepted in the United States of America (“GAAP”)
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of
revenues and expenses during the reporting period including
estimates and assumptions related to taxation. Actual results
could differ from those estimates by a significant amount. In
addition, the Trust monitors for material events or transactions
that may occur or become known after the period-end date and
before the date the financial statements are released to print. |
| G. | Indemnifications —
Under the Trust’s organizational documents, each Trustee,
officer, employee or other agent of the Trust is indemnified
against certain liabilities that may arise out of the
performance of their duties to the Trust. Additionally, in the
normal course of business, the Trust enters into contracts,
including the Trust’s servicing agreements, that contain a
variety of indemnification clauses. The Trust’s maximum
exposure under these arrangements is unknown as this would
involve future claims that may be made against the Trust that
have not yet occurred. The risk of material loss as a result of
such indemnification claims is considered remote. |
| H. | Cash and Cash
Equivalents — For the purposes of the
Statement of Cash Flows the Trust defines Cash and Cash
Equivalents as cash (including foreign currency), money market
funds and other investments held in lieu of cash and excludes
investments made with cash collateral received. |
| I. | Floating Rate
Note Obligations — The Trust invests
in inverse floating rate securities, such as Residual Interest
Bonds (“RIBs”) or Tender Option Bonds
(“TOBs”) for investment purposes and to enhance the
yield of the Trust. Inverse floating rate investments tend to
underperform the market for fixed rate bonds in a rising
interest rate environment, but tend to outperform the market for
fixed rate bonds when interest rates decline or remain
relatively stable. Such transactions may be purchased in the
secondary market without first owning the underlying bond or by
the sale of fixed rate bonds by the Trust to special purpose
trusts established by a broker dealer (“Dealer
Trusts”) in exchange for cash and residual interests in the
Dealer Trusts’ assets and cash flows, which are in the form
of inverse floating rate securities. The Dealer Trusts finance
the purchases of the fixed rate bonds by issuing floating rate
notes to third parties and allowing the Trust to retain residual
interests in the bonds. The floating rate notes issued by the
Dealer Trusts have interest rates that reset weekly and the
floating rate note holders have the option to tender their notes
to the Dealer Trusts for redemption at par at each reset date.
The residual interests held by the Trust (inverse floating rate
investments) include the right of the Trust (1) to cause
the holders of the floating rate notes to tender their notes at
par at the next interest rate reset date, and (2) to
transfer the municipal bond from the Dealer Trusts to the Trust,
thereby collapsing the Dealer Trusts. |
| | TOBs are presently classified as private
placement securities. Private placement securities are subject
to restrictions on resale because they have not been registered
under the Securities Act of 1933, as amended or are otherwise
not readily marketable. As a result of the absence of a public
trading market for these securities, they may be less liquid
than publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices
realized from these sales could be less than those originally
paid by the Trust or less than what may be considered the fair
value of such securities. |

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| | The Trust accounts for the transfer of
bonds to the Dealer Trusts as secured borrowings, with the
securities transferred remaining in the Trust’s investment
assets, and the related floating rate notes reflected as Trust
liabilities under the caption Floating rate note
obligations on the Statement of Assets and Liabilities. The
Trust records the interest income from the fixed rate bonds
under the caption Interest and records the expenses
related to floating rate obligations and any administrative
expenses of the Dealer Trusts as a component of Interest,
facilities and maintenance fees on the Statement of
Operations. |
| --- | --- |
| | The Trust generally invests in inverse
floating rate securities that include embedded leverage, thus
exposing the Trust to greater risks and increased costs. The
primary risks associated with inverse floating rate securities
are varying degrees of liquidity and the changes in the value of
such securities in response to changes in market rates of
interest to a greater extent than the value of an equal
principal amount of a fixed rate security having similar credit
quality, redemption provisions and maturity which may cause the
Trust’s net asset value to be more volatile than if it had
not invested in inverse floating rate securities. In certain
instances, the short-term floating rate interests created by the
special purpose trust may not be able to be sold to third
parties or, in the case of holders tendering (or putting) such
interests for repayment of principal, may not be able to be
remarketed to third parties. In such cases, the special purpose
trust holding the long-term fixed rate bonds may be collapsed.
In the case of RIBs or TOBs created by the contribution of
long-term fixed income bonds by the Trust, the Trust will then
be required to repay the principal amount of the tendered
securities. During times of market volatility, illiquidity or
uncertainty, the Trust could be required to sell other portfolio
holdings at a disadvantageous time to raise cash to meet that
obligation. |
| J. | Interest,
Facilities and Maintenance Fees — Interest,
Facilities and Maintenance Fees include interest and related
borrowing costs such as commitment fees, rating and bank agent
fees and other expenses associated with lines of credit and
Variable Rate Muni Term Preferred Shares (“VMTP
Shares”), and interest and administrative expenses related
to establishing and maintaining Auction Rate Preferred Shares
and floating rate note obligations, if any. |
| K. | Other
Risks — The value of, payment of interest
on, repayment of principal for and the ability to sell a
municipal security may be affected by constitutional amendments,
legislative enactments, executive orders, administrative
regulations, voter initiatives and the economics of the regions
in which the issuers are located. |
| | Since many municipal securities are
issued to finance similar projects, especially those relating to
education, health care, transportation and utilities, conditions
in those sectors can affect the overall municipal securities
market and a Trust’s investments in municipal securities. |
| | There is some risk that a portion or all
of the interest received from certain tax-free municipal
securities could become taxable as a result of determinations by
the Internal Revenue Service. |

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, the Trust pays an advisory fee to the Adviser based on the annual rate of 0.55% of the Trust’s average daily managed assets. Managed assets for this purpose means the Trust’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 Trust’s financial statements for purposes of GAAP).

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Trust, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to the Trust based on the percentage of assets allocated to such Sub-Adviser(s).

Effective August 27, 2012, the Adviser has contractually agreed, through at least August 27, 2014, to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 0.52%. Through June 30, 2012, the Adviser had contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Trust’s expenses (excluding certain items discussed below) to 1.05%. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Trust’s expenses to exceed the limit reflected above: (1) interest, facilities and maintenance fees; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses; and (5) expenses that the Trust has incurred but did not actually pay because of an expense offset arrangement. Unless the Board of Trustees and Invesco mutually agree to amend or continue the fee waiver agreement, it will terminate on August 27, 2014.

For the six months ended August 31, 2012, the Adviser waived advisory fees of $88,550.

The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Trust has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Trust. For the six months ended August 31, 2012, expenses incurred under this agreement are shown in the Statement of Operations as Administrative services fees .

Certain officers and trustees of the Trust are officers and directors of Invesco.

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

| Level 1 — | Prices are determined using quoted prices in an active market
for identical assets. |
| --- | --- |
| Level 2 — | Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may
use in pricing a security. These may include quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, yield curves, loss severities, default rates, discount
rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are
unavailable (for example, when there is little or no market
activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the
Trust’s own assumptions about the factors market
participants would use in determining fair value of the
securities or instruments and would be based on the best
available information. |

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The following is a summary of the tiered valuation input levels, as of August 31, 2012. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

During the six months ended August 31, 2012, there were no significant transfers between investment levels.

	Level 1	Level 2	Level 3	Total
Municipal Obligations	$ —	$ 995,999,706	$ —	$ 995,999,706

NOTE 4—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Trust to pay remuneration to certain Trustees and Officers of the Trust.

During the six months ended August 31, 2012, the Trust paid legal fees of $101,788 for services rendered by Skadden, Arps, Slate, Meagher & Flom LLP as counsel to the Trust. A trustee of the Trust is of counsel with the firm.

NOTE 5—Cash Balances and Borrowings

The Trust is permitted to temporarily carry a negative or overdrawn balance in its account with State Street Bank and Trust Company, the custodian bank. Such balances, if any at period end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian . To compensate the custodian bank for such overdrafts, the overdrawn Trust may either (1) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (2) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco, not to exceed the contractually agreed upon rate.

Inverse floating rate obligations resulting from the transfer of bonds to Dealer Trusts are accounted for as secured borrowings. The average floating rate notes outstanding and average annual interest and fees related to inverse floating rate note obligations during the six months ended August 31, 2012 were $101,914,286 and 0.98%, respectively.

NOTE 6—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Trust’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Trust’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. The Regulated Investment Company Modernization Act of 2010 (the “Act”) eliminated the eight-year carryover period for capital losses that arise in taxable years beginning after its enactment date of December 22, 2010. Consequently, these capital losses can be carried forward for an unlimited period. However, capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Additionally, post-enactment capital loss carryovers will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Trust had a capital loss carryforward as of February 29, 2012 which expires as follows:

| Capital
Loss Carryforward* — Expiration | Short-Term | Long-Term | Total |
| --- | --- | --- | --- |
| February 28, 2015 | $ 1,441,133 | $ — | $ 1,441,133 |
| February 29, 2016 | 20,393,535 | — | 20,393,535 |
| February 28, 2017 | 31,471,695 | — | 31,471,695 |
| February 28, 2018 | 5,165,565 | — | 5,165,565 |
| February 28, 2019 | 3,798,339 | — | 3,798,339 |
| Not subject to expiration | — | 9,527,961 | 9,527,961 |
| | $ 62,270,267 | $ 9,527,961 | $ 71,798,228 |

• Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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NOTE 7—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the six months ended August 31, 2012 was $44,739,222 and $29,953,250, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

| Unrealized
Appreciation (Depreciation) of Investment Securities on a Tax
Basis — Aggregate unrealized appreciation of investment securities | $ 82,263,796 | |
| --- | --- | --- |
| Aggregate unrealized (depreciation) of investment securities | (217,208 | ) |
| Net unrealized appreciation of investment securities | $ 82,046,588 | |
| Cost of investments for tax purposes is $913,953,118. | | |

NOTE 8—Common Shares of Beneficial Interest

Transactions in common shares of beneficial interest were as follows:

2012	2012
Beginning shares	22,142,812	22,106,471
Issued in connection with
acquisitions (a)	25,670,636	—
Shares issued through dividend reinvestment	17,100	36,341
Ending shares	47,830,548	22,142,812

| (a) |
| --- |
| The pro forma results
of operations for the six months ended August 31, 2012
assuming the reorganization had been completed on March 1,
2012, the beginning of the annual reporting period are as
follows: |

Net investment income	$
Net realized/unrealized gains	16,665,737
Change in net assets resulting from operations	$ 35,477,724

The combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Trust that have been included in the Trust’s Statement of Operations since August 27, 2012.

The Board of Trustees have approved share repurchases whereby the Trust may, when appropriate, purchase shares in the open market or in privately negotiated transactions at a price not above market value or net asset value, whichever is lower at the time of purchase.

NOTE 9—Auction Rate Preferred Shares

The Trust is authorized to issue Auction Rate Preferred Shares (“ARPS”). From May 22, 2012 through June 21, 2012, the Trust redeemed all of its outstanding ARPS at their respective liquidation preference, including accrued and unpaid dividends, if any, through the redemption date. The redemptions were funded with proceeds received from the issuance of VMTP Shares.

Historically, the Trust paid annual fees equivalent to 0.25% of the ARPS liquidation value for the remarketing efforts associated with the auction. Effective March 16, 2009, the Trust decreased this amount to 0.15% due to auction failures. These fees are included as a component of Interest, facilities and maintenance fees expense on the Statement of Operations.

Dividends, which are cumulative, are reset through auction procedures.

	Range of
Series	Dividend
Rates†
A	0.198-0.396 %
B	0.198-0.350
C	0.213-0.381
D	0.244-0.381

† For the period March 1, 2012 through June 21, 2012.

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The Trust was subject to certain restrictions relating to the ARPS. Failure to comply with these restrictions could have precluded the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of ARPS at liquidation value.

Beginning February 13, 2008 and continuing through June 21, 2012, all series of ARPS of the Trust were not successfully remarketed. As a result, the dividend rates of these ARPS were reset to the maximum applicable rate.

Transactions in ARPS were as follows:

Shares		Value		Shares		Value		Shares		Value		Shares		Value
Outstanding at February 29, 2012	1,392	$	34,800,000		1,740	$	43,500,000		1,044	$	26,100,000		464	$	11,600,000
Shares redeemed	(1,392	)	(34,800,000	)	(1,740	)	(43,500,000	)	(1,044	)	(26,100,000	)	(464	)	(11,600,000	)
Outstanding at August 31, 2012	—	$	—		—	$	—		—	$	—		—	$	—

NOTE 10—Variable Rate Muni Term Preferred Shares

On May 15, 2012, the Trust issued 1,160 Series 2015/6-VCV VMTP Shares, with liquidation preference of $100,000 per share pursuant to an offering exempt from registration under the Securities Act of 1933. In addition, the Trust issued 723 Series 2015/6-VCV VMTP Shares in connection with the reorganization of Invesco California Municipal Income Trust and Invesco California Quality Municipal Securities into the Trust with a liquidation preference of $100,000 and a discount value of $72,168,127. Proceeds from the issuance of VMTP Shares were used to redeem all of the Trust’s outstanding ARPS. VMTP Shares are a floating-rate form of preferred shares with a mandatory redemption date. The Trust is required to redeem all outstanding VMTP Shares on June 1, 2015, unless earlier redeemed, repurchased or extended. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends and a redemption premium, if any.

The Trust incurred costs in connection with the issuance of VMTP Shares. These costs were recorded as a deferred charge and will be amortized over the 3 year life of the VMTP Shares. Amortization of these costs is included in Interest, facilities and maintenance fees on the Statement of Operations and the unamortized balance is included in Deferred offering costs on the Statement of Assets and Liabilities.

Dividends paid on the VMTP Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The initial rate for dividends is equal to the sum of 1.05% Per annum plus the Securities Industry and Financial Markets Association Municipal Swap Index. Subsequent rates take into account a ratings spread which is based on the long term preferred share ratings assigned to the VMTP Shares by Moody’s and Fitch. The average liquidation value outstanding and the average annualized dividend rate of the VMTP Shares during the six months ended August 31, 2012 were $123,230,000 and 1.22%, respectively.

The Trust is subject to certain restrictions, such as maintaining certain asset coverage and leverage ratio requirements relating to the VMTP Shares. Failure to comply with these restrictions could preclude the Trust from declaring any distributions to common shareholders or purchasing common shares and/or could trigger the mandatory redemption of VMTP Shares at liquidation value.

For financial reporting purposes, the liquidation value of VMTP Shares, which is considered debt of the issuer, is recorded as a liability under the caption Variable rate muni term preferred shares on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as Accrued interest expense on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of Interest, facilities and maintenance fees on the Statement of Operations.

NOTE 11—Dividends

The Trust declared the following dividends to common shareholders from net investment income subsequent to August 31, 2012:

| Declaration
Date — September 4, 2012 | Amount Per
Share — $ 0.076 | September 18, 2012 | September 28, 2012 |
| --- | --- | --- | --- |
| October 1,2012 | $ 0.066 | October 12, 2012 | October 31, 2012 |

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NOTE 12—Financial Highlights

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

	Six months
	ended	Year ended		ended
	August 31,	February 29,		February 28,		Years ended
October 31,
	2012	2012		2011		2010		2009		2008		2007
Net asset value per common share, beginning of period	$ 13.23	$	10.96	$	12.72	$	11.78	$	10.11	$	15.38	$	16.69
Net investment
income (a)	0.42		0.91		0.32		0.98		1.04		1.18		1.13
Net gains (losses) on securities (both realized and unrealized)	0.45		2.28		(1.77	)	0.89		1.58		(5.28	)	(1.25	)
Distributions paid to preferred shareholders:
Dividends from net investment income	(0.00	)	(0.01	)	(0.01	)	(0.02	)	(0.06	)	(0.32	)	(0.30	)
Distributions from net realized gain	—		—		—		—		—		—		(0.02	)
Total from investment operations	0.87		3.18		(1.46	)	1.85		2.56		(4.42	)	(0.44	)
Less distributions paid to common shareholders:
Dividends from net investment income	(0.46	)	(0.91	)	(0.30	)	(0.91	)	(0.89	)	(0.85	)	(0.81	)
Distributions from net realized gains	—		—		—		—		—		—		(0.06	)
Total distributions to common shareholders	(0.46	)	(0.91	)	(0.30	)	(0.91	)	(0.89	)	(0.85	)	(0.87	)
Net asset value per common share, end of period	$ 13.64	$	13.23	$	10.96	$	12.72	$	11.78	$	10.11	$	15.38
Market value per common share, end of period	$ 13.76	$	14.01	$	11.21	$	13.02	$	12.02	$	10.34	$	15.44
Total return at net asset
value (b)	6.63	%	30.26	%	(11.47	)%	16.33	%
Total return at market
value (c)	1.60	%	34.87	%	(11.54	)%	16.70	%	26.67	%	(28.65	)%	2.80	%
Net assets applicable to common shares, end of period
(000’s omitted)	$ 652,459	$	293,012	$	242,336	$	280,950	$	259,740	$	222,299	$	337,272
Portfolio turnover
rate (d)	6	%	20	%	4	%	12	%	30	%	33	%	38	%
Ratios/supplemental data based on average net assets applicable
to common shares:
Ratio of expenses:
With fee waivers and/or expense
reimbursements (e)	1.70	% (f)	1.35	%	1.40	% (g)(h)	1.36	%	1.53	%	2.03	%	1.91	%
With fee waivers and/or expense reimbursements excluding interest, facilities and
maintenance fees (e)(i)	1.05	% (f)	1.05	%	1.05	% (g)(h)	1.12	%	1.19	%	0.97	%	1.03	%
Without fee waivers and/or expense
reimbursements (e)	1.76	% (f)	1.41	%	1.43	% (g)(h)	1.46	%	1.72	%	2.19	%	2.05	%
Ratio of net investment income before preferred share dividends	6.23	% (f)	7.60	%	8.66	% (g)(h)	8.03	%	9.97	%	8.52	%	7.04	%
Preferred share dividends	0.05	% (f)	0.12	%	0.22	% (h)
Ratio of net investment income after preferred share dividends	6.18	% (f)	7.48	%	8.44	% (g)(h)	7.83	%	9.37	%	6.23	%	5.18	%
Senior securities:
Total amount of preferred shares outstanding (000’s
omitted) (j)	$ 187,985	$	116,000	$	130,000	$	130,000	$	140,000	$	160,000	$	200,000
Asset coverage per preferred
share (j)(k)	$ 446,332	$	88,149	$	71,603	$	79,032	$	71,385	$	59,769	$	67,182
Liquidating preference per preferred
share (j)	$ 100,000	$	25,000	$	25,000	$	25,000	$	25,000	$	25,000	$	25,000

| (a) | Calculated using average shares
outstanding. |
| --- | --- |
| (b) | Includes adjustments in accordance
with accounting principles generally accepted in the United
States of America and as such, the net asset value for financial
reporting purposes and the returns based upon those net asset
values may differ from the net asset value and returns for
shareholder transactions. Not annualized for periods less than
one year, if applicable. |
| (c) | Total return assumes an investment
at the common share market price at the beginning of the period
indicated, reinvestment of all distributions for the period in
accordance with the Trust’s dividend reinvestment plan, and
sale of all shares at the closing common share market price at
the end of the period indicated. Not annualized for periods less
than one year, if applicable. |
| (d) | Portfolio turnover is calculated at
the fund level and is not annualized for periods less than one
year, if applicable. For the period ended August 31, 2012,
the portfolio turnover calculation excludes the value of
securities purchased of $368,033,304 and sold of $1,073,575 in
the effort to realign the Trust’s portfolio holdings after
the reorganization of Invesco California Municipal Income Trust,
Invesco California Municipal Securities and Invesco California
Quality Municipal Securities into the Trust. |
| (e) | Ratios do not reflect the effect of
dividend payments to preferred shareholders. |
| (f) | Ratios are annualized and based on
average daily net assets applicable to common shares (000’s
omitted) of $304,814. |
| (g) | Ratio includes an adjustment for a
change in accounting estimate for professional fees during the
period. Ratios excluding this adjustment would have been higher
by 0.05%. |
| (h) | Annualized. |
| (i) | For the years ended
October 31, 2010 and prior, ratio does not exclude
facilities and maintenance fees. |
| (j) | For the years ended February 29,
2012 and prior, amounts are based on ARPS outstanding. |
| (k) | Calculated by subtracting the
Trust’s total liabilities (not including preferred shares)
from the Trust’s total assets and dividing this by
preferred shares outstanding. |

NOTE 13—Subsequent Event

Effective December 3, 2012, the Trust will change its name to Invesco California Value Municipal Income Trust.

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Approval of Investment Advisory and Sub-Advisory Contracts

The Board of Trustees (the Board) of Invesco Van Kampen California Value Municipal Income Trust (the Fund) is required under the Investment Company Act of 1940, as amended, to approve annually the renewal of the investment advisory agreement with Invesco Advisers, Inc. (Invesco Advisers) and the Master Intergroup Sub-Advisory Contract (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Ltd., Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on May 15, 2012, the Board as a whole, and the disinterested or “independent” Trustees, who comprise more than 75% of the Board, voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year. In doing so, the Board considered the process that it follows in reviewing and approving the Fund’s investment advisory agreement and sub-advisory contracts and the information that it is provided. The Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and the compensation to Invesco Advisers and the Affiliated Sub-Advisers under the agreements is fair and reasonable.

The Board’s Fund Evaluation Process

The Board, acting directly and through its committees, meets throughout the year to review the performance of the Invesco Van Kampen funds. Over the course of each year, the Board, acting directly and through its committees, meets with portfolio managers for the funds and other members of management to review the performance, investment objective(s), policies, strategies and limitations and investment risks of the funds. The Board meets regularly and at designated contract renewal meetings each year to conduct a review of the performance, fees, expenses and other matters related to the funds. The Board also considered materials it had received in approving the proposed reorganizations of other closed-end funds advised by Invesco Advisers into the Fund.

During the contract renewal process, the Trustees receive comparative performance and fee data regarding the funds prepared by Invesco Advisers and an independent company, Lipper, Inc. (Lipper). The independent Trustees are assisted in their annual evaluation of the funds’ investment advisory agreements by fund counsel.

In evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts, the Board considered, among other things, the factors discussed below. The Trustees recognized that the advisory fees for the Invesco Van Kampen funds, including the Fund, reflect the results of years of review and negotiation between the Trustees and Invesco Advisers and previously Van Kampen Asset Management, the funds’ predecessor investment adviser. The Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years. The Board noted the willingness of Invesco Advisers personnel to engage in open and candid discussions with the Board. One Trustee may have weighed a particular piece of information differently than another Trustee.

The discussion below is a summary of the Board’s evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of May 15, 2012, and may not reflect consideration of factors that became known to the Board after that date, including, for example, changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions

A. Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers

The Board reviewed the advisory services provided to the Fund by Invesco Advisers under the Fund’s investment advisory agreement, the performance of Invesco Advisers in providing these services, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services. Based on their meetings throughout the year with the Fund’s portfolio managers, the Board concluded that these individuals are competent and able to continue to carry out their responsibilities under the Fund’s investment advisory agreement or sub-advisory contracts, as applicable. The Board’s review of the qualifications of Invesco Advisers to provide advisory services included the Board’s consideration of Invesco Advisers’ performance and investment process oversight, independent credit analysis and investment risk management.

In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Advisers (and previously Van Kampen Asset Management) and the Fund, as well as the Board’s knowledge of Invesco Advisers’ operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered services that Invesco Advisers and its affiliates provide to the Invesco Van Kampen funds, including the Fund, such as various back office support functions, equity and fixed income trading operations, internal audit and legal and compliance. The Board concluded that the nature, extent and quality of the services provided to the Fund by Invesco Advisers are appropriate and satisfactory and the advisory services are provided in accordance with the terms of the Fund’s investment advisory agreement.

The Board reviewed the services capable of being provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who would provide such services. The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the Affiliated Sub-Advisers, from time to time as necessary and appropriate, in managing the Fund. The Board concluded that the nature, extent and quality of the services capable of being provided by the Affiliated Sub-Advisers are appropriate and satisfactory and in accordance with the terms of the Fund’s sub-advisory contracts.

B. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement. The Board did not view Fund performance as a relevant factor in considering whether to approve the sub-advisory contracts for the Fund, as no Affiliated Sub-Adviser currently manages assets of the Fund.

The Board compared the Fund’s performance during the past one, two, three, five and ten calendar years to the performance of funds in the Fund’s Lipper performance universe and against the applicable Lipper index. The Board noted that the Fund’s performance was in the first quintile of its performance universe for the one, two and three year periods, the fourth quintile for the five year period and the fifth quintile for the ten year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the applicable Lipper index for the one, two and three year periods and below the performance of the index for the five and ten year periods. When considering a fund’s performance, the Board places emphasis on trends and longer term returns.

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C. Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was below the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in providing expense group information, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year and including only one fund per investment adviser. The Board noted that comparative data is as of varying dates, which may affect the comparability of data during times of market volatility.

The Board also considered the Fund’s effective fee rate (the advisory fee after advisory fee waivers and before expense limitations/waivers), including comparisons, as applicable, to advisory fee rates of other funds advised by Invesco Advisers and its affiliates with investment strategies similar to those of the Fund. The Board reviewed not only the advisory fees but other fees and expenses (whether paid to Invesco Advisers, its affiliates or others) and the Fund’s overall expense ratio.

The Board compared the strategy of the Fund to that of other client accounts of Invesco Advisers and the Affiliated Sub-Advisers and considered, as applicable, the fees charged to other client accounts with investment strategies similar to those of the Fund. The Board noted that Invesco Advisers or the Affiliated Sub-Advisers may charge lower fees to large institutional clients solely for investment management services than to registered fund clients, such as the Fund. Invesco Advisers reviewed with the Board the significantly greater scope of services it provides to registered fund clients, including the Fund, relative to other client accounts. These additional services include provision of administrative services, officers and office space, oversight of service providers, preparation of shareholder reports, efforts to support secondary market trading of the Fund’s shares, preparation of financial information and regulatory compliance under the Investment Company Act of 1940, as amended, and stock exchange listing standards, including preparation for, coordinating the solicitation of proxies for, and conducting annual shareholder meetings. The Board noted that sub-advisory fees charged by the Affiliated Sub-Advisers to manage registered fund clients and to manage other client accounts were often more comparable. The Board concluded that the aggregate services provided to the Fund were sufficiently different from those provided to institutional clients, and the Board did not place significant weight on these fee comparisons.

The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund through June 30, 2012 in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board also considered the effect this fee waiver, and the discontinuation of this fee waiver on June 30, 2012, would have on the Fund’s total estimated expenses. The Board also considered that in the event the proposed reorganizations are consummated, Invesco Advisers has contractually agreed, for at least two years from the closing date of the reorganizations, to waive advisory fees and/or reimburse expenses in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets of the Fund.

The Board also considered the services capable of being provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts, as well as the allocation of fees between Invesco Advisers and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that to the extent the Fund were to utilize the Affiliated Sub-Advisers, Invesco Advisers would provide services related to oversight of the Affiliated Sub-Advisers as well as the additional services described above other than day-to-day portfolio management. The Board also noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Advisers to the Affiliated Sub-Advisers.

Based upon the information and considerations described above, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

D. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board noted that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial asset growth after the initial public offering. The Board noted that although the Fund does not benefit from economies of scale through contractual breakpoints, the Fund does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the registered fund clients advised by Invesco Advisers.

E. Profitability and Financial Resources

The Board reviewed information from Invesco Advisers concerning the costs of the advisory and other services that Invesco Advisers and its affiliates provide to the Fund and the profitability of Invesco Advisers and its affiliates in providing these services. The Board reviewed with Invesco Advisers the methodology used to prepare the profitability information. The Board considered the profitability of Invesco Advisers in connection with managing the Fund and the Invesco Van Kampen funds. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its subsidiaries provide to the Fund and the Invesco Van Kampen funds. The Board concluded that the level of profits realized by Invesco Advisers and its affiliates from providing services to the Fund is not excessive given the nature, quality and extent of the services provided to the Fund. The Board considered whether Invesco Advisers and each Affiliated Sub-Adviser are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement and sub-advisory contracts. The Board concluded that Invesco Advisers and each Affiliated Sub-Adviser have the financial resources necessary to fulfill these obligations.

F. Collateral Benefits to Invesco Advisers and its Affiliates

The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with the Fund, including the fees received for their provision of administrative services to the Fund. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that the services are required for the operation of the Fund; that Invesco Advisers and its affiliates can provide services, the nature and quality of which are at least equal to those provided by others offering the same or similar services; and that the fees for such services are fair and reasonable in light of the usual and customary charges by others for services of the same nature and quality.

The Board considered that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Advisers pursuant to procedures approved by the Board. The Board noted that Invesco Advisers receives advisory fees from these affiliated money market funds attributable to such investments, although Invesco Advisers has contractually agreed to waive through varying periods the advisory fees payable by the Fund. The waiver is in an amount equal to 100% of the net advisory fee Invesco Advisers receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

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Proxy Results

An Annual Meeting (“Meeting”) of Shareholders of Invesco Van Kampen California Value Municipal Income Trust (the “Fund”) was held on July 17, 2012. The Meeting was held for the following purpose:

(1) Elect three Class I Trustees, by the holders of Common Shares and Preferred Shares voting together as a single class, each of whom will serve for a three-year term or until a successor shall have been duly elected and qualified.

The results of the voting on the above matter were as follows:

| | Matter | Votes
For | Votes — Against |
| --- | --- | --- | --- |
| (1) | David C. Arch | 19,692,481 | 936,917 |
| | Jerry D. Choate | 19,716,619 | 912,779 |
| | Suzanne H. Woolsey | 19,704,355 | 925,043 |

The Meeting was adjourned until August 14, 2012, with respect to the following proposals:

(1) Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust by the holders of Common Shares and Preferred Shares voting separately.

(2b.i) Approval of an Agreement and Plan of Merger that provides for Invesco California Municipal Income Trust to merge with and into the Fund by holders of Common Shares and Preferred Shares voting separately.

| (2b.ii) | Approval of an Agreement and Plan of Merger that provides for
Invesco California Quality Municipal Securities to merge with
and into the Fund by holders of Common Shares and Preferred
Shares voting separately. |
| --- | --- |
| (2b.iii) | Approval of an Agreement and Plan of Merger that provides for
Invesco California Municipal Securities to merge with and into
the Fund. |

The results of the voting on the above matters were as follows:

| | Matters | Votes
For | Votes — Against | Votes — Abstain | Broker — Non-Votes |
| --- | --- | --- | --- | --- | --- |
| (1) | Common Shares | 11,967,569 | 893,583 | 599,864 | 7,475,413 |
| | Preferred Shares | 1,160 | 0 | 0 | 0 |
| (2b.i) | Common Shares | 11,898,660 | 936,406 | 625,950 | 7,475,413 |
| | Preferred Shares | 1,160 | 0 | 0 | 0 |
| (2b.ii) | Common Shares | 11,889,901 | 929,438 | 641,677 | 7,475,413 |
| | Preferred Shares | 1,160 | 0 | 0 | 0 |
| (2b.iii) | Common Shares | 11,868,629 | 939,137 | 653,250 | 7,475,413 |
| | Preferred Shares | 1,160 | 0 | 0 | 0 |

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Correspondence information

Send general correspondence to Computershare, P.O. Box 43078, Providence, RI 02940-3078.

Invesco privacy policy

You share personal and financial information with us that is necessary for your transactions and your account records. We take very seriously the obligation to keep that information confidential and private.

Invesco collects nonpublic personal information about you from account applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you or our former customers to service providers or other third parties except to the extent necessary to service your account and in other limited circumstances as permitted by law. For example, we use this information to facilitate the delivery of transaction confirmations, financial reports, prospectuses and tax forms.

Even within Invesco, only people involved in the servicing of your accounts and compliance monitoring have access to your information. To ensure the highest level of confidentiality and security, Invesco maintains physical, electronic and procedural safeguards that meet or exceed federal standards. Special measures, such as data encryption and authentication, apply to your communications with us on our website. More detail is available to you at invesco.com/privacy.

Trust holdings and proxy voting information

The Trust provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Trust's semiannual and annual reports to shareholders. For the first and third quarters, the Trust files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. Shareholders can also look up the Trust's Forms N-Q on the SEC website at sec.gov. Copies of the Trust’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file number for the Trust is shown below.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 341 2929 or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

Information regarding how the Trust voted proxies related to its portfolio securities during the 12 months ended June 30, 2012, is available at invesco.com/proxysearch. In addition, this information is available on the SEC website at sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

SEC file number: 811-07404 VK-CE-CAVMI-SAR-1 Invesco Distributors, Inc.

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ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of August 13, 2012, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of August 13, 2012, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

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recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a) (1)	Not applicable.
12(a) (2)	Certifications of principal executive officer and principal financial officer as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a)(3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by
Rule 30a-2(b) under the Investment Company Act of 1940.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Van Kampen California Value Municipal Income Trust

By:	/s/ Colin Meadows
	Colin Meadows
	Principal Executive Officer
Date:	November 8, 2012

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Colin Meadows
	Colin Meadows
	Principal Executive Officer
Date:	November 8, 2012
By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer
Date:	November 8, 2012

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EXHIBIT INDEX

12(a) (1)	Not applicable.
12(a) (2)	Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
12(a) (3)	Not applicable.
12(b)	Certifications of principal executive officer and
Principal financial officer as required by Rule 30a-2(b)
under the Investment Company Act of 1940.

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