<SEC-DOCUMENT>0001752724-23-100549.txt : 20230515
<SEC-HEADER>0001752724-23-100549.hdr.sgml : 20230515
<ACCEPTANCE-DATETIME>20230515151556
ACCESSION NUMBER:		0001752724-23-100549
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20230228
FILED AS OF DATE:		20230515
DATE AS OF CHANGE:		20230515
EFFECTIVENESS DATE:		20230515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000895531
		IRS NUMBER:				367017425
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07404
		FILM NUMBER:		23921297

	BUSINESS ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen California Value Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL CALIFORNIA VALUE MUNIC INC TRUST
		DATE OF NAME CHANGE:	19960102
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <investmentCompFileNo>811-07404</investmentCompFileNo>
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      <registrantstreet1>1331 Spring Street NW</registrantstreet1>
      <registrantstreet2>Suite 2500</registrantstreet2>
      <registrantcity>Atlanta</registrantcity>
      <registrantzipCode>30309</registrantzipCode>
      <registrantstate>US-GA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>14048920896</registrantphoneNumber>
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        <website webpage="www.invesco.com"/>
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          <officeName>Invesco Advisers, Inc.</officeName>
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          <directorName>Teresa M. Ressel</directorName>
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          <directorName>Prema Mathai-Davis</directorName>
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          <directorName>Daniel S. Vandivort</directorName>
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          <directorName>Eli Jones</directorName>
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          <ccoName>Todd F. Kuehl</ccoName>
          <crdNumber>003028989</crdNumber>
          <ccoStreet1>1331 Spring Street NW</ccoStreet1>
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          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
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      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-19568"/>
        <releaseNumberInfo releaseNumber="IC-21817"/>
        <releaseNumberInfo releaseNumber="IC-24212"/>
        <releaseNumberInfo releaseNumber="IC-22697"/>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>PricewaterhouseCoopers LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
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      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
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      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
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    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Invesco California Value Municipal Income Trust</mgmtInvFundName>
        <mgmtInvLei>0O4FOPVOK8KA2I2US555</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(f)(17 CFR 270.18f-4(f))</relyOnRuleType>
          <relyOnRuleType>Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
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          <investmentAdviser>
            <investmentAdviserName>Invesco Advisers, Inc.</investmentAdviserName>
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            <subAdviserFileNo>801-50197</subAdviserFileNo>
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            <subAdviserName>Invesco Hong Kong Ltd.</subAdviserName>
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            <subAdviserName>Invesco Senior Secured Management, Inc.</subAdviserName>
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            <transferAgentName>Computershare Trust Company, N.A.</transferAgentName>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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            <pricingServiceName>Pricing Direct, Inc.</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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            <custodianName>STANDARD CHARTERED BANK (THAI) PUBLIC COMPANY LIMITED</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
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            <custodianName>Citibank Kazakhstan JSC</custodianName>
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            <custodianName>Standard Chartered Bank Botswana Limited</custodianName>
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            <custodianCountry>BW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank International GmbH</custodianName>
            <custodianLei>ZMHGNT7ZPKZ3UFZ8EO46</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Citibank (Panama) S.A.</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>PA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Anonim Sirketi</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank</custodianName>
            <custodianLei>RILFO74KP1CM8P6PCT96</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Saudi British Bank</custodianName>
            <custodianLei>558600TQS0WENZUC5190</custodianLei>
            <custodianCountry>SA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Serbia JSC</custodianName>
            <custodianLei>52990001O0THU00TYK59</custodianLei>
            <custodianCountry>RS</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC BANK (CHINA) CO., LTD.</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>FirstRand Bank</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Bank Plc</custodianName>
            <custodianLei>254900QSNQ05XHAZ7R36</custodianLei>
            <custodianCountry>MW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>First Abu Dhabi Bank P.J.S.C.</custodianName>
            <custodianLei>2138002Y3WMK6RZS8H90</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bulbank AD</custodianName>
            <custodianLei>549300Z7V2WOFIMUEK50</custodianLei>
            <custodianCountry>BG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd.</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC SAUDI ARABIA LIMITED</custodianName>
            <custodianLei>2138009S6SHV5GLS7987</custodianLei>
            <custodianCountry>SA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank AG, Manila</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>PH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Jordan</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>JO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Joint Stock Company Bank of Georgia</custodianName>
            <custodianLei>549300RPLD8RXL49Z691</custodianLei>
            <custodianCountry>GE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Malaysia Berhad</custodianName>
            <custodianLei>549300JTJBG2QBI8KD48</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Morgan Stanley &amp; Co. International PLC</custodianName>
            <custodianLei>4PQUHN3JPFGFNF3BB653</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Privredna Banka Zagreb d.d.</custodianName>
            <custodianLei>549300ZHFZ4CSK7VS460</custodianLei>
            <custodianCountry>HR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco BCT S.A.</custodianName>
            <custodianLei>25490061PVFNGN0YMO97</custodianLei>
            <custodianCountry>CR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Singapore Limited</custodianName>
            <custodianLei>VGB4JDQHF6JTNV02DJ20</custodianLei>
            <custodianCountry>SG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Public Limited Company</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>DEUTSCHE BANK AG</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>IT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Hong Kong) Limited</custodianName>
            <custodianLei>X5AV1MBDXGRPX5UGMX13</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico S.A.</custodianName>
            <custodianLei>213800V7KA7C1X52FI40</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Stanbic Bank Zimbabwe Limited</custodianName>
            <custodianLei>2549005HENFMYGRM9S10</custodianLei>
            <custodianCountry>ZW</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co.</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco de Chile</custodianName>
            <custodianLei>8B4EZFY8IHJC44TT2K84</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>AB SEB bankas</custodianName>
            <custodianLei>549300SBPFE9JX7N8J82</custodianLei>
            <custodianCountry>LT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>AO Citibank, Moscow</custodianName>
            <custodianLei>CHSQDSVI1UI96Y2SW097</custodianLei>
            <custodianCountry>RU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w Warszawie S.A.</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
            <custodianLei>549300WOIFUSNYH0FL22</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (HSBC)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank Tanzania Limited</custodianName>
            <custodianLei>549300RLNUU3GJS6MK84</custodianLei>
            <custodianCountry>TZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Hungary Zrt.</custodianName>
            <custodianLei>Y28RT6GGYJ696PMW8T44</custodianLei>
            <custodianCountry>HU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Cititrust Colombia S.A. Sociedad Fiduciaria</custodianName>
            <custodianLei>549300242J3IJCOSGI49</custodianLei>
            <custodianCountry>CO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Credit Suisse (Switzerland) Ltd.</custodianName>
            <custodianLei>549300CWR0W0BCS9Q144</custodianLei>
            <custodianCountry>CH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, N.A.</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>IN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>STATE STREET TRUST COMPANY CANADA</custodianName>
            <custodianLei>549300L71XG2CTQ2V827</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>AS SEB Pank</custodianName>
            <custodianLei>549300ND1MQ8SNNYMJ22</custodianLei>
            <custodianCountry>EE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Zagrebacka Banka d.d.</custodianName>
            <custodianLei>PRNXTNXHBI0TSY1V8P17</custodianLei>
            <custodianCountry>HR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>CITIBANK N A</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank A.S.</custodianName>
            <custodianLei>789000N5SE3LWDK7OI11</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BANCO CITIBANK S A</custodianName>
            <custodianLei>1P0UUG7LC1S92QTNHG39</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
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          <custodian>
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<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>2
<FILENAME>VCV.1_G.b.ii_1.htm
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO THE REGISTRATION
RIGHTS AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment (the &#147;Amendment&#148;), dated as of April&nbsp;14, 2022, by and between Invesco California Value
Municipal Income Trust, a Delaware statutory trust (the &#147;Fund&#148;), and Banc of America Preferred Funding Corporation, a Delaware corporation, including its successors by merger or operation of law (&#147;BofA PFC&#148; or the
&#147;Shareholder&#148;) is made with respect to that Registration Rights Agreement by and between the Fund and the Shareholder dated as of November&nbsp;19, 2019, as such agreement may have been amended from time to time (the &#147;Registration
Rights Agreement&#148;). Capitalized terms used herein and not otherwise defined herein shall have the meanings given them in the Registration Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Fund and the Shareholder have entered into an agreement to amend the terms of the VMTP Shares in order to, among other things,
extend the Term Redemption Date (as defined in the Statement). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, it is hereby agreed as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section</U><U></U><U>&nbsp;1.</U> The Registration Rights Agreement is hereby amended by deleting the language of Section&nbsp;5.2 in its
entirety and replacing it with the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;<I>5.2 Termination of Registration Rights</I>. The rights to cause the Fund to
register Registrable Securities granted under Section&nbsp;3 and to receive notices pursuant to Section&nbsp;3, shall terminate on the earliest of (i)&nbsp;the day that is 9 months prior to the Term Redemption Date (as such term is defined in the
Statement), unless extended, (ii)&nbsp;a notice of redemption having been issued by the Fund under the Statement for the redemption of all of the Registrable Securities unless a Redemption Default (as defined in the Statement) has occurred, or the
repurchase by the Fund (including by exchange of securities) of and cancellation of all of the Registrable Securities or (iii)&nbsp;the date a Demand Registration has been effected and the Registrable Securities have been sold or otherwise disposed
of in accordance with the plan of distribution set forth in the Registration Statement and Prospectus relating thereto or, subject to Section&nbsp;3.3(d), all Holders have withdrawn from the Demand Registration.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section</U><U></U><U>&nbsp;2.</U> The effective date of this Amendment shall be the date first above written and, except as amended by this
Amendment, the terms of the Registration Rights Agreement shall remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section</U><U></U><U>&nbsp;3.</U>
This Amendment may be executed in any number of separate counterparts, each of which shall be deemed to be an original, and all sets of counterparts signed by all Parties shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Section</U><U></U><U>&nbsp;4.</U> THIS AMENDMENT WILL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION <FONT STYLE="white-space:nowrap">5-1401</FONT> OF THE GENERAL OBLIGATIONS LAW). </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their
respective duly authorized officers as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">BANC OF AMERICA PREFERRED FUNDING CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael Jentis</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Jentis</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Managing Director</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Amanda Roberts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amanda Roberts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Assistant Secretary</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[VCV Amendment to Registration Rights Agreement] </I></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>VCV.htm
<TEXT>
<HTML><HEAD>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g487481g0428052344865.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Report of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Board of Trustees and Shareholders of Invesco California Value Municipal Income Trust </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In planning and performing our audit of the financial statements of Invesco California Value Municipal Income Trust (the &#147;Trust&#148;) as of and for the
year ended February&nbsp;28, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust&#146;s internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form <FONT STYLE="white-space:nowrap">N-CEN,</FONT> but not for
the purpose of expressing an opinion on the effectiveness of the Trust&#146;s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Trust&#146;s internal control over financial reporting.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those
policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company&#146;s assets that could have a material effect on the
financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the company&#146;s annual or interim financial statements will not be prevented or detected on a timely basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our consideration of the Trust&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Trust&#146;s internal control over financial
reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of February&nbsp;28, 2023. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PricewaterhouseCoopers LLP, 1000
Louisiana St., Suite 5800, Houston, TX 77002 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T: (713) 356 4000, www.pwc.com/us </P>


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 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g487481g0428052344865.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report is intended solely for the information and use of the Board of Trustees of Invesco California
Value Municipal Income Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;21, 2023 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>5
<FILENAME>VCV.2_G.B.II_2.htm
<TEXT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT NO. 1 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO THE
AMENDED AND RESTATED STATEMENT OF PREFERENCES OF </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VARIABLE RATE MUNI TERM PREFERRED SHARES (&#147;VMTP SHARES&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DATED NOVEMBER&nbsp;19, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(THE &#147;STATEMENT OF PREFERENCES&#148;) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, pursuant to authority expressly vested in the Board of Trustees of Invesco California Value Municipal Income Trust (the
&#147;Fund&#148;) by Section&nbsp;2.1 of the Third Amended and Restated Agreement and Declaration of Trust of the Fund, dated as of August&nbsp;13, 2020, the Board of Trustees of the Fund may transact the Fund&#146;s affairs with respect to the
shares of beneficial interest of the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Board of Trustees has determined that it is the best interest of the Fund
to (i)&nbsp;extend the Term Redemption Date of the Series <FONT STYLE="white-space:nowrap">2015/6-VCV</FONT> VMTP Shares to December&nbsp;2, 2024 and (ii)&nbsp;to revise the applicable spread used to calculate the dividend rate on such shares and to
revise other items that derive therefrom, and has approved each such change; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, each of these changes has been consented to
in writing by the sole shareholder of the Fund&#146;s Outstanding Series <FONT STYLE="white-space:nowrap">2015/6-VCV</FONT> VMTP Shares; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, the undersigned officer of the Fund hereby certifies as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">1. The Board of Trustees of the Fund has adopted resolutions to extend the Term Redemption Date of the Series
<FONT STYLE="white-space:nowrap">2015/6-VCV</FONT> VMTP Shares to December&nbsp;2, 2024 and to revise the Applicable Spread, as described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">2. Section 5 of Appendix A to the Statement of Preferences specifically relating to the Series
<FONT STYLE="white-space:nowrap">2015/6-VCV</FONT> VMTP Shares is deleted in its entirety and replaced with the following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Term
Redemption Date Applicable to Series</U>. The Term Redemption Date is December&nbsp;2, 2024, subject to extension pursuant to Section&nbsp;2.5(a)(ii) of the VMTP Statement.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">3. Section 7 of Appendix A to the Statement of Preferences specifically relating to the Series
<FONT STYLE="white-space:nowrap">2015/6-VCV</FONT> VMTP Shares is deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Liquidity Account Initial Date Applicable to Series</U>. The Liquidity Account Initial Date is the date that is six (6)&nbsp;months
prior to the Term Redemption Date as it may be extended pursuant to Section&nbsp;2.5(a)(ii) of the VMTP Statement.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">4. The
definition of &#147;Applicable Spread&#148; in the Statement of Preferences is deleted in its entirety and replaced with the following: </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Spread</U>&#148; means, with respect to any Rate Period for any Series of
VMTP Shares, the percentage <I>per annum</I> set forth opposite the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination Date for such Rate Period: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="76%"></TD>

<TD VALIGN="bottom" WIDTH="23%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" COLSPAN="4" ALIGN="center"><FONT STYLE="font-size:10pt"><B><U>Long-Term Ratings*</U></B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Fitch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Applicable&nbsp;Percentage**</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>AAA to A-</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>0.95</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BBB+ to BBB-</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>2.45</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>below BBB-</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><B>3.95</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%***&nbsp;</B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">And/or the equivalent ratings of an Other Rating Agency then rating the VMTP Shares utilizing the highest of
the ratings of the Rating Agencies then rating the VMTP Shares. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unless an Increased Rate Period is in effect and is continuing, in which case the Applicable Spread shall be
5.95%. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent a Rating Event has occurred and is continuing with respect to any Series, as provided in
<U>Section&nbsp;2.5(b)(iii)</U>, the Fund shall be required to redeem the VMTP Shares of such Series. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">5. The definition
of &#147;Increased Rate&#148; in the Statement of Preferences is deleted in its entirety and replaced with the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">&#147;<U>Increased Rate</U>&#148; means, with respect to any Increased Rate Period for a Series of VMTP Shares, the Index Rate for such Rate
Period <U>plus</U> an Applicable Spread of 5.95%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">6. Any capitalized terms used herein but not defined herein shall have the meanings
given to such capitalized terms in the Statement of Preferences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">7. Except as amended hereby, the Statement of Preferences remains in
full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">8. An original copy of this amendment shall be lodged with the records of the Fund and filed in such places as the
Board of Trustees deems appropriate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dated this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of April, 2022 </P>
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<TD VALIGN="top" COLSPAN="5">INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amanda Roberts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Assistant Secretary</TD></TR>
</TABLE></DIV>
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