Van Kampen Municipal Closed-End Funds Announce At Par Redemptions of Preferred Shares
Thu Sep 24, 5:58 PMCHICAGO--(BUSINESS WIRE)--The Van Kampen Municipal Closed-End Funds (“Funds”) listed below hereby announce the dates for the partial redemptions of their respective preferred shares. The announced partial redemptions total approximately $99 million of the total outstanding preferred shares issued by the Funds.
This is the third redemption announcement since the August 18, 2008 press release in which Van Kampen provided information regarding additional refinancing of a portion of the Funds’ preferred shares with the use of tender option bonds (TOBs). In light of the continued failed auctions, each Fund’s Board of Trustees approved the use of TOBs as a replacement source of leverage. In the previous announcements dated May 1, 2009 and June 9, 2009, Van Kampen announced the redemption of approximately $120 million and $24 million, respectively, of the total outstanding preferred shares issued by the Funds.
The amount of preferred shares being redeemed at this time equates to approximately 5 percent of the original shares issued for each Fund. This partial redemption affects seven of the Firms’ closed-end municipal funds.
With respect to this partial redemption, The Depository Trust Company (DTC), the securities’ holder of record, will determine how the partial series redemptions will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn will determine how redeemed shares are to be allocated among its underlying beneficial owners. The procedures used by various broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.
Redemption Schedule
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Van Kampen Advantage Municipal Income Trust II (NYSE: VKI) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | |||||
| A | 921-12K-206 | 80 | $ 2,000,000 | October 23, 2009 | |||||
| B | 921-12K-305 | 80 | $ 2,000,000 | October 19, 2009 | |||||
| C | 921-12K-404 | 80 | $ 2,000,000 | October 23, 2009 | |||||
| D | 921-12K-503 | 80 | $ 2,000,000 | October 22, 2009 | |||||
| E | 921-12K-602 | 70 | $ 1,750,000 | October 19, 2009 | |||||
| F | 921-12K-701 | 100 | $ 2,500,000 | October 21, 2009 | |||||
| G | 921-12K-800 | 100 | $ 2,500,000 | November 16, 2009 | |||||
| H | 921-12K-883 | 100 | $ 2,500,000 | November 9, 2009 | |||||
| I | 921-12K-875 | 100 | $ 2,500,000 | November 23, 2009 | |||||
| J | 921-12K-867 | 50 | $ 1,250,000 | October 20, 2009 | |||||
|
Van Kampen Municipal Opportunity Trust (NYSE: VMO) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | |||||
| A | 920-935-202 | 150 | $ 3,750,000 | November 6, 2009 | |||||
| B | 920-935-301 | 150 | $ 3,750,000 | November 4, 2009 | |||||
| C | 920-935-400 | 100 | $ 2,500,000 | November 18, 2009 | |||||
| D | 920-935-509 | 100 | $ 2,500,000 | November 4, 2009 | |||||
| E | 920-935-608 | 100 | $ 2,500,000 | November 13, 2009 | |||||
| F | 920-935-707 | 80 | $ 2,000,000 | November 18, 2009 | |||||
|
Van Kampen Municipal Trust (NYSE: VKQ) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | |||||
| A | 920-919-206 | 150 | $ 3,750,000 | October 23, 2009 | |||||
| B | 920-919-305 | 150 | $ 3,750,000 | November 23, 2009 | |||||
| C | 920-919-404 | 150 | $ 3,750,000 | October 20, 2009 | |||||
| D | 920-919-503 | 150 | $ 3,750,000 | November 18, 2009 | |||||
| E | 920-919-602 | 50 | $ 1,250,000 | November 16, 2009 | |||||
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Van Kampen Select Sector Municipal Trust (NYSE: VKL) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | ||||
| A | 921-12M-202 | 34 | $ 850,000 | October 16, 2009 | ||||
| B | 921-12M-301 | 34 | $ 850,000 | November 27, 2009 | ||||
| C | 921-12M-400 | 100 | $ 2,500,000 | November 10, 2009 | ||||
| D | 921-12M-509 | 90 | $ 2,250,000 | November 12, 2009 | ||||
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Van Kampen Trust for Insured Municipals (NYSE: VIM) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | ||||
| A | 920-928-207 | 90 | $ 2,250,000 | November 24, 2009 | ||||
| B | 920-928-306 | 90 | $ 2,250,000 | November 23, 2009 | ||||
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Van Kampen Trust for Investment Grade Municipals (NYSE: VGM) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | ||||
| A | 920-929-205 | 150 | $ 3,750,000 | November 19, 2009 | ||||
| B | 920-929-304 | 150 | $ 3,750,000 | November 25, 2009 | ||||
| C | 920-929-403 | 150 | $ 3,750,000 | November 3, 2009 | ||||
| D | 920-929-502 | 80 | $ 2,000,000 | November 6, 2009 | ||||
| E | 920-929-601 | 110 | $ 2,750,000 | November 19, 2009 | ||||
| F | 920-929-700 | 110 | $ 2,750,000 | November 25, 2009 | ||||
| G | 920-929-809 | 110 | $ 2,750,000 | November 5, 2009 | ||||
| H | 920-929-882 | 112 | $ 2,800,000 | November 3, 2009 | ||||
| I | 920-929-874 | 100 | $ 2,500,000 | November 23, 2009 | ||||
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Van Kampen Trust for Investment Grade New York Municipals (NYSE: VTN) |
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| Series | CUSIP Number |
# of Shares Redeemed |
Amount Redeemed |
Redemption Date | ||||
| A | 920-931-201 | 120 | $ 3,000,000 | November 17, 2009 | ||||
| B | 920-931-300 | 90 | $ 2,250,000 | November 20, 2009 | ||||
| C | 920-931-409 | 80 | $ 2,000,000 | October 20, 2009 | ||||
Van Kampen Asset Management, the Funds' investment adviser, is a wholly owned subsidiary of Van Kampen Investments Inc. (“Van Kampen”). Van Kampen is one of the nation’s largest investment management companies, with approximately $86 billion in assets under management or supervision, as of June 30, 2009. With roots in money management dating back to 1927, Van Kampen has helped nearly four generations of investors achieve their financial goals. For more information, visit Van Kampen’s website at www.vankampen.com.
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Van Kampen Funds Inc.
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