Van Kampen municipal closed-end funds call some preferreds

By Angela McDaniels

Tacoma, Wash., June 9 - Van Kampen Funds Inc. said five of the Van Kampen municipal closed-end funds will each redeem 5% of their preferred shares, or $24.25 million in total.

Each fund's board of trustees approved the use of tender option bonds as a replacement source of leverage in light of the continued failed auctions, according to a company news release.

The Van Kampen Trust for Investment Grade New York Municipals will redeem $2 million of its series C preferreds on June 30, $3 million of its series A preferreds on July 28 and $2.25 million of its series B preferreds on July 31.

The Van Kampen California Value Municipal Income Trust will redeem $3 million of its series A preferreds on June 30, $2.25 million of its series C preferreds on July 21, $3.75 million of its series B preferreds on July 27 and $1 million of its series D preferreds on Aug. 10.

The Van Kampen Ohio Quality Municipal Trust will redeem $750,000 of its series B preferreds on July 1 and $1.75 million of its series A preferreds on Aug. 12.

The Van Kampen Trust for Investment Grade New Jersey Municipals will redeem $3.25 million of its preferreds on July 30, and the Van Kampen Massachusetts Value Municipal Income Trust will redeem $1.25 million of its preferreds on July 1.

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