Invesco announces auction-rate preferred redemptions by four funds

By Tali David

Minneapolis, May 15 - Invesco Advisers, Inc. announced that four of its closed-end funds plan to redeem $419.3 million of auction-rate preferreds.

According to a press release, the Invesco California Municipal Income Trust will redeem the following:

• $6.4 million of series 1 preferreds on June 18;

• $12.7 million of series 2 preferreds on June 18;

• $15.9 million of series 3 preferreds on June 18; and

• $6.4 million of series 4 preferreds on June 18.

The Invesco California Quality Municipal Securities will redeem the following:

• $7.3 million of series 1 preferreds on June 19;

• $6.75 million of series 2 preferreds on June 21; and

• $16.85 million of series 3 preferreds on June 19.

The Invesco Van Kampen Advantage Municipal Income Trust II will redeem the following:

• $22 million of series A preferreds on May 24;

• $22 million of series B preferreds on May 25;

• $22 million of series C preferreds on May 24;

• $22 million of series D preferreds on May 24;

• $19.25 million of series E preferreds on May 25;

• $27.5 million of series F preferreds on May 23;

• $27.5 million of series G preferreds on May 25;

• $27.5 million of series H preferreds on May 22;

• $27.5 million of series I preferreds on June 4; and

• $13.75 million of series J preferreds on May 22.

The Invesco Van Kampen California Value Municipal Income Trust will redeem the following:

• $34.8 million of series A preferreds on May 22;

• $43.5 million of series B preferreds on May 25;

• $26.1 million of series C preferreds on May 22; and

• $11.6 million of series D preferreds on June 11.

Invesco said it anticipates that the redemptions will be funded with cash and proceeds from the funds' variable-rate muni-term preferred shares offerings.

Invesco Advisers is an Atlanta-based investment adviser.

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