Van Kampen Investments will not permit any new investors to buy into its Van Kampen High Yield Municipal Fund, the company announced Monday. Effective Friday, Dec. 5, only existing shareholders will be allowed to invest in the fund.
The company said the strategic move is aimed at reducing inflows that are on the verge of overshadowing sound investment opportunities. The portfolio management team and board of directors both decided to halt new investing in the fund.
"Enhancing shareholder value is a priority at Van Kampen," said COO David Swanson. The company said the closing of the High Yield Municipal Fund will remain "until market conditions become more favorable."