Van Kampen Closed End Funds Announce Morgan Stanley's Expected Sale of Its Retail Asset Management Business to Invesco, Ltd.
October 21 2009 - 4:55PM
Business Wire
On October 19, 2009, Morgan Stanley & Co. Incorporated
("Morgan Stanley"), the parent company of Van Kampen Investments
Inc., announced that it has reached a definitive agreement to sell
its retail asset management business to Invesco Ltd. ("Invesco").
The transaction (“Transaction”) includes a sale of the part of the
asset management business that advises funds, including the Van
Kampen family of funds. The Transaction is subject to certain
approvals and other conditions to closing, and is currently
expected to close in mid-2010.
The affected closed-end funds, each a "Fund," are Van Kampen
Advantage Municipal Income Trust II (NYSE: VKI), Van Kampen Bond
Fund (NYSE: VBF), Van Kampen Dynamic Credit Opportunities Fund
(NYSE: VTA), Van Kampen Municipal Opportunity Trust (NYSE: VMO),
Van Kampen Municipal Trust (NYSE: VKQ), Van Kampen Select Sector
Municipal Trust (NYSE: VKL), Van Kampen Trust for Insured
Municipals (NYSE: VIM), Van Kampen High Income Trust II (NYSE:
VLT), Van Kampen Trust for Investment Grade Municipals (NYSE: VGM),
Van Kampen California Value Municipal Income Trust (NYSE: VCV), Van
Kampen Massachusetts Value Municipal Income Trust (NYSE: VMV), Van
Kampen Ohio Quality Municipal Trust (NYSE: VOQ), Van Kampen
Pennsylvania Value Municipal Income Trust (NYSE: VPV), Van Kampen
Senior Income Trust (NYSE: VVR), Van Kampen Trust for Investment
Grade New Jersey Municipals (NYSE: VTJ) and Van Kampen Trust for
Investment Grade New York Municipals (NYSE: VTN).
Under the Investment Company Act of 1940, the closing of the
Transaction will cause each Fund’s current investment advisory
agreement with Van Kampen Asset Management, a subsidiary of Van
Kampen Investments Inc., to terminate. In connection with the
Transaction, it is expected that each Fund’s Board of Trustees
(together the “Boards”) will be asked to consider and approve
changes to each Fund, such as approval of a new investment advisory
agreement with affiliate(s) of Invesco. In addition, the Boards may
be asked to consider and approve changes related to each Fund's
current service providers, governing documents and agreements that
conform each Fund to Invesco's service model for investment
management. If approved by the Boards, matters will be submitted to
the shareholders of such Fund for their approval.
Van Kampen Investments Inc. is one of the nation’s largest
investment management companies, with more than $98 billion in
assets under management or supervision, as of September 30, 2009.
With roots in money management dating back to 1927, Van Kampen has
helped more than four generations of investors work toward their
financial goals. For more information, visit Van Kampen’s web site
at www.vankampen.com.
Copyright ©2009 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
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