Van Kampen's Series 1177 offers units of its four portfolios

By Toni Weeks

San Diego, Jan. 4 - Van Kampen Unit Trusts, Series 1177 is offering units of its four portfolios, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Houston-based Van Kampen Funds Inc.

The unit investment trust is comprised of four closed-end strategies: the Master Income Portfolio, Series 30, the Master Municipal Income Portfolio - National Series 26, the Value Equity and Income Portfolio 2012-1 and the Covered Call Income Portfolio 2012-1.

The stocks in each portfolio have been selected by Cohen & Steers Capital Management, Inc. based on each portfolio's investment objective.

The trust's initial date of deposit is Jan. 4, and its mandatory termination date is April 3, 2013.

The Master Income Portfolio seeks high current income and invests in a portfolio of closed-end investment companies. At inception, $149,147 of contracts to purchase securities represents the portfolio. The 15,066 units each have a public offering price of $10.00 and a net asset value of $9.655. The estimated net annual income is $0.75584 per unit.

The Master Municipal Income Portfolio - National Series intends to provide income exempt from federal tax and will invest in a portfolio of closed-end funds that seek to invest in tax-exempt municipal bonds. At inception, $148,672 in contracts to purchase securities represents the portfolio. The 15,018 units each have a public offering price of $10.00 and a net asset value of $9.663. The estimated net annual income is $0.57226 per unit.

The Value Equity and Income Portfolio seeks total return, consisting of high current income and potential capital appreciation, and invests in a portfolio of common stock of closed-end funds. At inception, $148,633 in contracts to purchase securities represents the portfolio. The 15,014 units each have a public offering price of $10.00 and a net asset value of $9.682. The estimated net annual income is $0.81132 per unit.

The Covered Call Income Portfolio seeks total return, consisting of high current income and potential capital appreciation, and invests in a portfolio of common stock of closed-end funds. At inception, $148,494 in contracts to purchase securities represents the portfolio. The 15,000 units each have a public offering price of $10.00 and a net asset value of $9.667. The estimated net annual income is $1.00078 per unit.

All of the units will have a maximum sales charge of 2.95%, consisting of a 1% initial sales charge, a 1.45% deferred sales charge and a 0.5% creation and development fee. The fee may be reduced on a sliding scale to 1.2% depending on the amount of the investment.

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