MWD Morgan Stanley

The adjourned joint special meeting of shareholders of Van Kampen California Municipal Trust (AMEX/CHX: VKC) and Van Kampen California Value Municipal Income Trust (NYSE/CHX: VCV) was held on August 12, 2005 and has been further adjourned to September 23, 2005 at 11:30 a.m. with respect to VKC to allow additional time to solicit the additional votes needed for shareholders of VKC to approve the proposed reorganization as outlined in the Notice of Joint Special Meeting of Shareholders previously mailed to shareholders. Van Kampen Asset Management is a subsidiary of Van Kampen Investments Inc. ("Van Kampen"). Van Kampen is one of the nation's largest investment management companies, with more than $103 billion in assets under management or supervision, as of July 31, 2005. With roots in money management dating back to 1927, Van Kampen has helped more than four generations of investors work toward their financial goals. Van Kampen is a wholly owned subsidiary of Morgan Stanley (NYSE:MWD). For more information, visit Van Kampen's web site at www.vankampen.com. 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 SEC's web site at www.sec.gov. Copyright (C)2005 Van Kampen Funds Inc. All rights reserved. Member NASD/SIPC.