Van Kampen's Municipal Series 1028 invests in insured municipal bonds

By Toni Weeks

San Diego, Nov. 30 - Van Kampen Unit Trusts, Municipal Series 1028 has registered units of its Insured Municipals Income Trust, Series 638, 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 insured tax-exempt municipal bonds.

On Nov. 30, the initial date of deposit, $8,657,649 of contracts to purchase bonds comprised the trust, of which $8,290,000 represents the principal amount of bonds in the trust. Each of the 9,191 units has a public offering price of $994.91 and a net asset value of $941.97.

The estimated current return is 4.42% per month, and the estimated long-term return is 3.82% per month. The estimated annual net interest income is $43.96.

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

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