Van Kampen's Series 1038 offers Investment Grade Municipal Trust units

By Toni Weeks

San Diego, Dec. 9 - Van Kampen Unit Trusts, Series 1038 is offering units of its Investment Grade Municipal Trust, Series 139, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Houston-based Van Kampen Funds Inc.

The trusts seeks to provide federal tax-exempt income and the preservation of capital by investing in a portfolio of tax-exempt municipal bonds.

On Dec. 9, the initial date of deposit, $25,025,941 in contracts to purchase securities comprised the trust, of which $24,425,000 represents the principal amount of bonds in the trust. The 26,513 units have an initial public offering price of $994.98 and a net asset value of $943.91 each.

The estimated net annual interest income is $45.25 unit. The estimated current return is 4.55%, and the estimated long-term return is 4.32%.

The units have a maximum sales charge of 4.9%. The fee may be reduced on a sliding scale depending on the amount of the investment.

The weighted average maturity of bonds in the trust is 27 years.

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