Van Kampen's Taxable Income Series 342 registers units

By Toni Weeks

San Diego, Nov. 16 - Van Kampen Unit Trusts, Taxable Income Series 342 has registered units of its Investment-Grade Income Trust, 7+ Year Series 11 portfolio, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Houston-based Van Kampen Funds Inc.

The trust seeks a high level of current income and the preservation of capital by investing in a portfolio of intermediate-term corporate bonds and taxable municipal bonds, including Build America Bonds, Qualified School Construction Bonds, Qualified Energy Conservation Bonds and Clean Renewable Energy Bonds.

On Nov. 16, the initial date of deposit, $12,492,872 of contracts to purchase bonds comprised the fund, of which $11,935,000 represents the principal amount of bonds in the trust. Each of the 12,987 units has a public offering price of $994.98 and a net asset value of $961.95.

The estimated current return is 4.27% per month, and the estimated long-term return is 3.67% per month.

Each unit will have a sales charge of 3%, which may be reduced depending on the amount of investment.

The weighted average maturity of bonds in the trust is 10 years.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.