Van Kampen Closed-End Funds Receive Shareholder Approval Of New Investment Advisory Agreements With Invesco Advisers, Inc.
On October 19, 2009, Morgan Stanley, the parent company of Van Kampen Investments Inc., announced that it had reached a definitive agreement to sell substantially all of 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, each Fund’s Board of Trustees (together the “Boards”) approved a new investment advisory agreement (which includes a master subadvisory agreement) with Invesco Advisers, Inc., a subsidiary of Invesco. The Board of Van Kampen Dynamic Credit Opportunities Fund also approved a new investment subadvisory agreement between Invesco Advisers, Inc. and Avenue Europe International L.P. The new advisory agreement for each Fund and the subadvisory agreement for Van Kampen Dynamic Credit Opportunities Fund (collectively, the “Agreements”) are subject to shareholder approval.
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