<PAGE> 1
VAN KAMPEN MERRITT INSURED TAX FREE INCOME FUND
VAN KAMPEN MERRITT CALIFORNIA INSURED TAX FREE FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of each Fund approved its reorganization
into a separate series of a Delaware business trust. It is anticipated that the
reorganization of each Fund will be completed within the next sixty days.
Also on July 21, 1995, the shareholders of the Van Kampen Merritt Insured
Tax Free Income Fund approved a material change in the terms of the investment
advisory agreement. Effective August 1, 1995, the advisory fee table found in
the section of the Prospectus captioned "INVESTMENT ADVISORY
SERVICES -- Advisory Agreement -- Insured Fund" is hereby amended with the
following:
<TABLE>
<CAPTION>
INSURED FUND
---------------------------------------------------------
AVERAGE DAILY
NET ASSETS % PER ANNUM
------------------------------------------- -----------
<S> <C>
First $500 million......................... 0.525%
Next $500 million.......................... 0.500%
Next $500 million.......................... 0.475%
Over $1,500 million........................ 0.450%
</TABLE>
<PAGE> 2
VAN KAMPEN MERRITT TAX FREE HIGH INCOME FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of the Fund approved the reorganization
into a Delaware business trust (or series thereof). It is anticipated that the
reorganization of the Fund will be completed within the next sixty days.
<PAGE> 3
VAN KAMPEN MERRITT MUNICIPAL INCOME FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of the Fund approved the reorganization
into a Delaware business trust (or series thereof). It is anticipated that the
reorganization of the Fund will be completed within the next sixty days.
<PAGE> 4
VAN KAMPEN MERRITT
LIMITED TERM MUNICIPAL INCOME FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of the Fund approved the reorganization
into a Delaware business trust (or series thereof). It is anticipated that the
reorganization of the Fund will be completed within the next sixty days.
<PAGE> 5
VAN KAMPEN MERRITT
FLORIDA INSURED TAX FREE INCOME FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of the Fund approved the reorganization
into a Delaware business trust (or series thereof). It is anticipated that the
reorganization of the Fund will be completed within the next sixty days.
<PAGE> 6
VAN KAMPEN MERRITT
NEW JERSEY TAX FREE INCOME FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of the Fund approved the reorganization
into a Delaware business trust (or series thereof). It is anticipated that the
reorganization of the Fund will be completed within the next sixty days.
<PAGE> 7
VAN KAMPEN MERRITT
NEW YORK TAX FREE INCOME FUND
SUPPLEMENT DATED JULY 24, 1995, TO PROSPECTUS DATED APRIL 30, 1995,
AS PREVIOUSLY SUPPLEMENTED ON JULY 10, 1995
On July 21, 1995, the shareholders of the Fund approved the reorganization
into a Delaware business trust (or series thereof). It is anticipated that the
reorganization of the Fund will be completed within the next sixty days.
