Van Kampen Taxable 370 offers Investment Grade Income, Series 14 units

By Tali David

Minneapolis, Feb. 2 - Van Kampen Unit Trusts, Taxable Income Series 370 is offering units of its Investment Grade Income Trust, 20+ Year Series 14, according to an S-6 filed with the Securities and Exchange Commission.

The depositor is Houston-based Van Kampen Funds Inc.

The trust seeks to provide a high level of current income and to preserve capital by investing in a portfolio of long-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 the trust's initial date of deposit, Feb. 2, there is $14,989,342 in contracts to purchase underlying securities, of which $12,805,000 represents the principal amount of bonds in the trust. The 15,900 units each have a public offering price of $994.95 and a net asset value of $942.73.

The estimated monthly current return is 5.02%, and the estimated long-term return is 4.58%. The estimated annual net interest income is $49.98 per unit.

Each unit will have a sales charge of 4.9%, which may be reduced depending on the amount of investment.

The weighted average maturity of the bonds in the trust is 26 years.

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