Van Kampen Closed-End Municipal Funds Announce Board Approval to Redeem Additional Preferred Shares Through the Use of Alternative Sources of Leverage

CHICAGO--(BUSINESS WIRE)--The Boards of Trustees for 12 Van Kampen Closed-End Municipal Funds, each a registered closed-end investment company (the “Funds”), have approved an additional round of refinancing through the use of Tender Option Bonds (TOBs) that would enable each Fund to redeem a portion of one or more series of its outstanding auction preferred shares (“Preferred Shares”). Specifically, the Board of each Fund approved the use of TOBs to refinance up to an additional 30 percent of each Fund’s Preferred Shares leverage, on top of the 20 percent that was previously announced in May, subject to acceptable terms, market conditions and the availability of municipal bonds and liquidity providers as set forth below. The Board of each Fund believes that in light of the continued failed auctions, it is appropriate for the Funds to continue to seek other sources of leverage.

The specific Funds are as follows: Van Kampen Advantage Municipal Income Trust II (NYSE: VKI), 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 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 Trust (NYSE: VPV), Van Kampen Trust For Investment Grade New York Municipals (NYSE: VTN), and Van Kampen Trust For Investment Grade New Jersey Municipals (NYSE: VTJ).

This additional approval follows the Company’s June 13, 2008 press release in which Van Kampen provided initial information regarding approximately $506.5 million in refinancing of its outstanding tax-exempt preferred shares with TOBs.

Kevin Klingert, Managing Director and Chief Operating Officer of Fixed Income for Van Kampen stated, "As we continue to focus on restoring liquidity to the auction preferred share market and our clients, we are pleased to take another step towards a resolution that will best serve both our common and preferred shareholders."

TOBs are derivative securities created by placing high quality municipal bonds into a trust arrangement and, in exchange, each respective Fund receives cash and a residual interest security (sometimes referred to as an “inverse floater”) issued by the trust. The trust then issues securities (sometimes referred to as “floaters”), which are purchased by third parties and which pay interest rates that reset weekly based on a short-term index rate. These floater securities, once purchased, can be tendered back by the holder to a liquidity provider at par. The Funds would continue to earn the interest from the bonds that comprise the trust, less the interest paid to the holders of the floaters and any fees associated with the transaction. Additionally, the Funds would use the cash received from the municipal bonds placed in the trust and from the issuance of the floaters for investment purposes. In connection with the authorized increase in the use of TOBs, each Fund’s limit on investment in inverse floaters has been increased from 15 percent of net assets to 25 percent of net assets.

The successful implementation and use of TOBs depends on a number of factors, including the availability of high quality municipal bonds at certain yield levels to be transferred to the trust structure, the ability to secure liquidity providers for the put feature, and the general market demand for the floaters issued by the trust. TOBs are subject to leverage risk and interest rate risk. A rise in short-term interest rates would result in an increase in the interest payable on the floaters but a decrease in the income generated by the inverse floaters, thereby resulting in a decline in the income to the common shareholders, and possibly a decline in the overall yield and market value of each respective Fund’s common shares.

There is no specific timetable for the redemption of the Preferred Shares. The Funds anticipate that the redemption and refinancing of the Preferred Shares will take place over a period of time, and the amount of such redemptions for each Fund will be determined by acceptable terms on the TOBs, market conditions and the factors set forth above. If a Fund decides to redeem a portion of a series of Preferred Shares, such redemption will be pro rata and a notice of redemption containing specific details with respect to a particular redemption will be issued.

Van Kampen Asset Management, the Funds' investment adviser, is a wholly owned subsidiary of Van Kampen Investments Inc. (“Van Kampen”). Van Kampen is one of the nation’s largest investment management companies, with approximately $138 billion in assets under management or supervision, including approximately $30 billion in assets branded Van Kampen but advised by an affiliate of Van Kampen's, as of May 31, 2008. With roots in money management dating back to 1927, Van Kampen has helped nearly four generations of investors achieve their financial goals. For more information, visit Van Kampen’s website at www.vankampen.com.

Copyright ©2008 Van Kampen Funds Inc. All Rights Reserved. Member FINRA/SIPC.

Van Kampen Funds Inc.
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