UPDATE: Stifel Nicolaus Initaites Invesco Van Kampen California Value Municipal Income Trust at Hold

Stifel Nicolaus initiated coverage on Invesco Van Kampen California Value Municipal Income Trust (NYSE:

) with a Hold rating. Stifel Nicolaus noted, "As of February 15, 2013, shares of VCV traded at only a 0.58% discount to net asset value. This compares to one-year and three-year average premium of 2.67% and 2.82%, respectively. … Under normal circumstances, municipal closed-end funds pay dividends exempt from federal taxes. Additionally, for California residences, a portion of VCV's income will likely be exempt from state and local income taxes as well." Invesco Van Kampen California Value Municipal Income Trust closed at $13.70 on Friday.