3rd Mailing to Non-Voted Accounts to follow on next page
IMPORTANT NOTICE
Dear Shareholder:
Recently, we sent you proxy voting material relating to your Fund's
shareholder meeting scheduled for December 4, 1997. The meeting has
been adjourned to December 18, 1997 to allow your Fund to solicit
additional votes for passage of the reorganization of your Fund to the
Van Kampen American Capital Municipal Income Fund.
The purpose of the proposed Reorganization is to permit the shareholders
of the New Jersey Fund to:
(a) achieve certain economies of scale from the Municipal Fund's larger
net asset size and the potentially lower operating expenses associated
with a larger asset
(b) eliminate the duplication of services and expenses that
currently exists as a result of the separate operations of the funds
(c) obtain potentially greater portfolio diversity
and potentially lower portfolio transactions cost
The primary difference between the investment objectives of the two
Funds is that the New Jersey Fund seeks income exempt from New Jersey
gross income tax, but the Municipal Fund does not. The Board of
Trustees has carefully reviewed and approved the proposal to reorganize.
Further, your Board believes benefits from Reorganization to the
Municipal Fund may over time offset the loss of exemption from the
New Jersey gross income tax.
This issue is of utmost importance to your Fund. Your vote is
important and your participation in the affairs of your Fund does make
a difference. Please mark your vote, sign, date and return
the proxy card in the enclosed postage-paid envelope. If you
have any questions or would like an additional proxy statement,
please call us between 7am and 7pm Central time at 1-800-421-5666.
We appreciate your time and careful consideration of this matter.
Sincerely,
Dennis J. McDonnel
President
Letter to abstaining shareholders to follow on next page
IMPORTANT NOTICE
Dear Shareholder:
Recently, we sent you proxy voting material relating to your Fund's
shareholder meeting scheduled for December 4, 1997. The meeting has
been adjourned to December 18, 1997 to allow your Fund to solicit
additional votes for passage of the reorganization of your Fund to
the Van Kampen American Capital Municipal Income Fund.
Thank you for the timely return of your proxy card. Our records
reflect your preference to abstain on the proposed reorganization
of your Fund. This issue is of utmost importance to your Fund and
we are contacting you again to urge you to reconsider your previous
vote.
The purpose of the proposed Reorganization is to
permit the shareholders of the New Jersey Fund to:
(a) achieve certain economies of scale from the Municipal Fund's
larger net asset size and the potentially lower operating expenses
associated with a larger asset base
(b) eliminate the duplication of services and expenses that
currently exists as a result of the separate operations of the funds
(c) obtain potentially greater portfolio diversity
and potentially lower portfolio transactions costs
The primary difference between the investment objectives of the
two Funds is that the New Jersey Fund seeks income exempt from New
Jersey gross income tax, but the Municipal Fund does not. The Board
of Trustees has carefully reviewed and approved the proposal to
reorganize. Further, your Board believes benefits from
Reorganization to the Municipal Fund may over time offset
the loss of exemption from the New Jersey gross income tax.
Your vote is important and your participation in the affairs of
your Fund does make a difference. If you decide to change your
vote, you can do so by completing the enclosed proxy card.
Receipt of an executed proxy card with a later date will completely
revoke your previous ballot. Please mark your vote, sign, date and
return the proxy card in the enclosed postage-paid envelope. If you
do not wish to change your vote, no action is required on your part
and your vote will remain unchanged from what you requested on your
previous ballot.
If you have any questions or would like an additional proxy
statement, please call us between 7am and 7pm Central time
at 1-800-421-5666.
We appreciate your time and careful consideration of this matter.
Sincerely,
Dennis J. McDonnell
President
Letter to shareholders who previously voted against to follow on next page
IMPORTANT NOTICE
Dear Shareholder:
Recently, we sent you proxy voting material relating to your
Fund's shareholder meeting scheduled for December 4, 1997.
The meeting has been adjourned to December 18, 1997 to
allow your Fund to solicit additional votes for passage of
the reorganization of your Fund to the Van Kampen American
Capital Municipal Income Fund.
Thank you for the timely return of your proxy card.
Our records reflect your preference to vote against the
proposed reorganization of your Fund. This issue is of
utmost importance to your Fund and we are contacting you a
gain to urge you to reconsider your previous vote.
The purpose of the proposed Reorganization is to
permit the shareholders of the New Jersey Fund to:
(a) achieve certain economies of scale from the Municipal
Fund's larger net asset size and the potentially lower operating
expenses associated with a larger asset base
(b) eliminate the duplication of services and expenses that
currently exists as a result of the separate operations of
the funds
(c) obtain potentially greater portfolio diversity
and potentially lower portfolio transactions costs
The primary difference between the investment objectives of the
two Funds is that the New Jersey Fund seeks income exempt from
New Jersey gross income tax, but the Municipal Fund does not.
The Board of Trustees has carefully reviewed and approved the proposal
to reorganize. Further, your Board believes benefits from
Reorganization to the Municipal Fund may over time offset the
loss of exemption from the New Jersey gross income tax.
Your vote is important and your participation in the affairs of
your Fund does make a difference. If you decide to change your
vote, you can do so by completing the enclosed proxy card.
Receipt of an executed proxy card with a later date will completely
revoke your previous ballot. Please mark your vote, sign, date and
return the proxy card in the enclosed postage-paid envelope. If you
do not wish to change your vote, no action is required on your part
and your vote will remain unchanged from what you requested on your
previous ballot.
If you have any questions or would like an additional proxy
statement, please call us between 7am and 7pm Central time
at 1-800-421-5666.
We appreciate your time and careful consideration of this matter.
Sincerely,
Dennis J. McDonnell
President
