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Van Kampen's Series 1196 offers Master Municipal Income units
By Tali David
Minneapolis, March 2 - Van Kampen Unit Trusts, Series 1196 is offering units of its Closed-End Strategy: Master Municipal Income Portfolio - California Series 17 and Closed-End Strategy: Master Municipal Income Portfolio - New York Series 17, according to an S-6 amendment filed with the Securities and Exchange Commission.
The depositor is Houston-based Van Kampen Funds Inc.
The California series portfolio seeks to provide income exempt from federal and California income tax by investing in a portfolio consisting of common stock of closed-end investment companies selected by Cohen & Steers Capital Management, Inc. These closed-end funds generally seek to invest in tax-exempt municipal bonds issued primarily by California issuers.
On the initial date of deposit, March 2, $148,660 in contracts to purchase securities comprises the trust. The 15,017 units each have a public offering price of $10 and a net asset value of $9.673. The estimated net annual income is $0.52673 per unit.
The New York series portfolio seeks to provide income exempt from federal and New York income tax by investing in a portfolio consisting of common stock of closed-end investment companies selected by Cohen & Steers Capital Management, Inc. These closed-end funds generally seek to invest in tax-exempt municipal bonds issued primarily by New York issuers.
On the initial date of deposit, March 2, $148,692 in contracts to purchase securities comprises the trust. The 15,020 units each have a public offering price of $10 and a net asset value of $9.66. The estimated net annual income is $0.48642 per unit.
The units each carry 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 sales charge may be reduced on a sliding scale to 1.2% depending on the amount of the investment.
The trusts have a mandatory termination date of June 3, 2013.
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