Van Kampen Unit Trust Taxable Income 359 offers investment-grade units

By Tali David

Minneapolis, Dec. 22 - Van Kampen Unit Trusts, Taxable Income Series 359 is offering units of its Investment Grade Income Trust, 7+ Year Series 13, 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 to provide a high level of current income and to preserve capital by investing in a portfolio of intermediate-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 inception date, Dec. 22, there is $9,648,764 in contracts to purchase underlying securities. The 10,039 units each have a public offering price of $994.95 and a net asset value of $961.13.

The estimated monthly current return is 4.24% and the estimated long-term return is 3.55%. The estimated annual net interest income is $42.16.

Each unit will have a sales charge of 3%, which may be reduced depending on the amount of investment.

The weighted average maturity of the bonds in the trust is 10 years.

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