VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II - SERIES A CUSIP - 920-944-204,
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II - SERIES B CUSIP - 920-944-303,
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II - SERIES C CUSIP - 920-944-402,
VAN KAMPEN VALUE MUNICIPAL INCOME TRUST - SERIES A CUSIP - 921-132-205,
VAN KAMPEN VALUE MUNICIPAL INCOME TRUST - SERIES B CUSIP - 921-132-304,
VAN KAMPEN VALUE MUNICIPAL INCOME TRUST - SERIES C CUSIP - 921-132-403,
VAN KAMPEN VALUE MUNICIPAL INCOME TRUST - SERIES D CUSIP - 921-132-502,
VAN KAMPEN VALUE MUNICIPAL INCOME TRUST - SERIES E CUSIP - 921-132-601
NOTICE OF PROPOSED REORGANIZATION
NOTICE IS HEREBY GIVEN that VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II
("MUNICIPAL OPPORTUNITY TRUST II") and VAN KAMPEN VALUE MUNICIPAL INCOME TRUST
("VALUE MUNICIPAL INCOME TRUST") are scheduled to reorganize into VAN KAMPEN
ADVANTAGE MUNICIPAL INCOME TRUST II (the "Acquiring Fund") after the close of
business on JANUARY 27, 2006.
The Acquiring Fund currently has two series of auction preferred shares
("APS"). After the reorganization is completed, the Acquiring Fund will have ten
series of APS: (i) the Acquiring Fund's existing APS will comprise Series A APS
and Series B APS, (ii) the Acquiring Fund will issue three new series of APS
("Acquiring Fund Series C APS", "Acquiring Fund Series D APS" and "Acquiring
Fund Series E APS") in exchange for Municipal Opportunity Trust II's existing
APS ("Municipal Opportunity Trust II Series A APS", "Municipal Opportunity Trust
II Series B APS" and Municipal Opportunity Trust II Series C APS",
respectively), and (iii) the Acquiring Fund will issue five new series of APS
("Acquiring Fund Series F APS", "Acquiring Fund Series G APS", "Acquiring Fund
Series H APS", "Acquiring Fund Series I APS" and "Acquiring Fund Series J APS")
in exchange for Value Municipal Income Trust's existing APS ("Value Municipal
Income Trust Series A APS", "Value Municipal Income Trust Series B APS", "Value
Municipal Income Trust Series C APS", "Value Municipal Income Trust Series D
APS" and "Value Municipal Income Trust Series E APS"). The number of days in the
regular dividend period for Acquiring Fund Series C APS, Acquiring Fund Series D
APS and Acquiring Fund Series E APS will remain the same as the existing APS for
Municipal Opportunity Trust II Series A APS, Municipal Opportunity Trust II
Series B APS and Municipal Opportunity Trust II Series C APS, respectively
(i.e., an auction for Acquiring Fund Series C APS, Acquiring Fund Series D APS
and Acquiring Fund Series E APS will occur every 7 days, unless the Acquiring
Fund declares a special dividend period). The number of days in the regular
dividend period for Acquiring Fund Series F APS, Acquiring Fund Series G APS,
Acquiring Fund Series H APS, Acquiring Fund Series I APS and Acquiring Fund
Series J APS will remain the same as the existing APS for Value Municipal Income
Trust Series A APS, Value Municipal Income Trust Series B APS, Value Municipal
Income Trust Series C APS, Value Municipal Income Trust Series D APS and Value
Municipal Income Trust Series E APS, respectively (i.e., an auction for
Acquiring Fund Series F APS and Acquiring Fund Series J APS will occur every 7
days and an auction for Acquiring Fund Series G APS, Acquiring Fund Series H APS
and Acquiring Fund Series I APS will occur every 28 days, unless the Acquiring
Fund declares a special dividend period).
The next regularly scheduled auction for Municipal Opportunity Trust II
Series A APS is expected to occur on January 23, 2006. On January 27, 2006,
holders of Municipal Opportunity Trust II Series A APS will receive a dividend
representing the four-day period from January 24, 2006 through January 27, 2006.
The initial dividend rate for the Acquiring Fund Series C APS will be the rate
as determined at the January 23, 2006 auction for Municipal Opportunity Trust II
Series A APS, and this rate will continue until the next regularly scheduled
auction for Acquiring Fund Series C APS, which is expected to be on January 30,
2006 (i.e., 7 days after January 23, 2006).
The next regularly scheduled auction for Municipal Opportunity Trust II
Series B APS is expected to occur on January 20, 2006. On January 27, 2006,
holders of Municipal Opportunity Trust II Series B APS will receive a dividend
representing the five-day period from January 23, 2006 through January 27, 2006.
The initial dividend rate for the Acquiring Fund Series D APS will be the rate
as
determined at the January 20, 2006 auction for Municipal Opportunity Trust II
Series B APS, and this rate will continue until the next regularly scheduled
auction for Acquiring Fund Series D APS, which is expected to be on January 27,
2006 (i.e., 7 days after January 20, 2006).
The next regularly scheduled auction for Municipal Opportunity Trust II
Series C APS is expected to occur on January 24, 2006. On January 27, 2006,
holders of Municipal Opportunity Trust II Series C APS will receive a dividend
representing the three-day period from January 25, 2006 through January 27,
2006. The initial dividend rate for the Acquiring Fund Series E APS will be the
rate as determined at the January 24, 2006 auction for Municipal Opportunity
Trust II Series C APS, and this rate will continue until the next regularly
scheduled auction for Acquiring Fund Series E APS, which is expected to be on
January 31, 2006 (i.e., 7 days after January 24, 2006).
The next regularly scheduled auction for Value Municipal Income Trust
Series A APS is expected to occur on January 26, 2006. On January 27, 2006,
holders of Value Municipal Income Trust Series A APS will receive a dividend
representing one day, January 27, 2006. The initial dividend rate for the
Acquiring Fund Series F APS will be the rate as determined at the January 26,
2006 auction for Value Municipal Income Trust Series A APS, and this rate will
continue until the next regularly scheduled auction for Acquiring Fund Series F
APS, which is expected to be on February 2, 2006 (i.e., 7 days after January 26,
2006).
The previous auction for Value Municipal Income Trust Series B APS occurred
on January 17, 2006. On January 27, 2006, holders of Value Municipal Income
Trust Series B APS will receive a dividend representing the ten-day period from
January 18, 2006 through January 27, 2006. The initial dividend rate for the
Acquiring Fund Series G APS will be the rate as determined at the January 17,
2006 auction for Value Municipal Income Trust Series B APS, and this rate will
continue until the next regularly scheduled auction for Acquiring Fund Series G
APS, which is expected to be on February 14, 2006 (i.e., 28 days after January
17, 2006).
The previous auction for Value Municipal Income Trust Series C APS occurred
on January 11, 2006. On January 27, 2006, holders of Value Municipal Income
Trust Series C APS will receive a dividend representing the sixteen-day period
from January 12, 2006 through January 27, 2006. The initial dividend rate for
the Acquiring Fund Series H APS will be the rate as determined at the January
11, 2006 auction for Value Municipal Income Trust Series C APS, and this rate
will continue until the next regularly scheduled auction for Acquiring Fund
Series H APS, which is expected to be on February 8, 2006 (i.e., 28 days after
January 11, 2006).
The next regularly scheduled auction for Value Municipal Income Trust
Series D APS is expected to occur on January 24, 2006. On January 27, 2006,
holders of Value Municipal Income Trust Series D APS will receive a dividend
representing the three-day period from January 25 through January 27, 2006. The
initial dividend rate for the Acquiring Fund Series I APS will be the rate as
determined at the January 24, 2006 auction for Value Municipal Income Trust
Series D APS, and this rate will continue until the next regularly scheduled
auction for Acquiring Fund Series I APS, which is expected to be on February 21,
2006 (i.e., 28 days after January 24, 2006).
The next regularly scheduled auction for Value Municipal Income Trust
Series E APS is expected to occur on January 25, 2006. On January 27, 2006,
holders of Value Municipal Income Trust Series E APS will receive a dividend
representing the two-day period from January 26, 2006 through January 27, 2006.
The initial dividend rate for the Acquiring Fund Series J APS will be the rate
as determined at the January 25, 2006 auction for Value Municipal Income Trust
Series E APS, and this rate will continue until the next regularly scheduled
auction for Acquiring Fund Series J APS, which is expected to be on February 1,
2006 (i.e., 7 days after January 25, 2006).
The foregoing does not constitute an offer of any securities for sale. The
joint proxy statement/prospectus relating to the proposed reorganization
contains important information and shareholders are urged to read it. Free
copies of the joint proxy statement/prospectus are available by calling Van
Kampen's Client Relations Department at (800) 341-2929 or on the Securities and
Exchange
Commission's web site at www.sec.gov.
VAN KAMPEN MUNICIPAL OPPORTUNITY TRUST II
VAN KAMPEN VALUE MUNICIPAL INCOME TRUST
Dated: January 20, 2006 By: /s/ PHILLIP G. GOFF
-------------------------
Phillip G. Goff
Chief Financial Officer and Treasurer