Van Kampen Unit Trust Municipal Series 1040 offers Quality Municipals Income Trust units

By Tali David

Minneapolis, Dec. 22 - Van Kampen Unit Trusts, Municipal Series 1040 is offering units of its Quality Municipals Income Trust, 53rd Ltd. Maturity Series, according to an S-6 amendment with the Securities and Exchange Commission.

The depositor is Houston-based Van Kampen Funds Inc.

The trust seeks to provide federal tax-exempt income and to preserve capital by investing in a portfolio of municipal bonds issued by or on behalf of states and territories of the United States, the interest on which is excludable from gross income for federal personal income tax purposes under existing law.

On the trust's inception date, Dec. 22, there is $6,089,171 in contracts to purchase underlying securities. The 6,407 units each have a public offering price of $994.95 and a net asset value of $950.39.

The estimated monthly current return is 4.01%, and the estimated long-term return is 3.17%. The estimated annual net interest income is $39.86.

Each unit will have a sales charge of 3.9%, which may be reduced depending on the amount of investment.

The weighted average maturity of the bonds in the trust is 15 years.

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