Van Kampen's Municipal Series 1027 aims for federal tax-exempt income

By Toni Weeks

San Diego, Nov. 17 - Van Kampen Unit Trusts, Municipal Series 1027 has registered units of its Investment-Grade Municipal Trust, Series 138, 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 federal tax-exempt income and the preservation of capital by investing in a portfolio of tax-exempt municipal bonds.

On Nov. 17, the initial date of deposit, $17,788,379 of contracts to purchase bonds comprised the fund, of which $17.51 million represents the principal amount of bonds in the trust. Each of the 18,857 units has a public offering price of $994.97 and a net asset value of $943.33.

The estimated current return is 4.6% per month, and the estimated long-term return is 4.46% per month.

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 bonds in the trust is 27 years.

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