Supplement
dated September 26, 2008
Class A Shares,
Class B Shares and Class C Shares Prospectus
Dated January 31,
2008
VAN KAMPEN TAX FREE
TRUST,
on behalf of its
series,
Van Kampen Strategic Municipal
Income Fund
Dated December 28,
2007
Van Kampen High Yield
Fund,
As previously supplemented on
May 21, 2008
Dated March 31,
2008
VAN KAMPEN TAX-EXEMPT
TRUST,
on behalf of its
series,
Van Kampen High Yield Municipal
Fund,
As previously supplemented on
August 15, 2008 and May 5, 2008
The Prospectus is hereby supplemented as follows:
(1) The fourth sentence of the first paragraph in the
section entitled “Purchase of Shares —
General” is hereby deleted in its entirety and replaced
with the following:
You should discuss with your authorized dealer which share class
is most appropriate for you. As described more fully below, each
class of shares offers a distinct structure of sales charge,
distribution and service fees and other features (for example,
the reduced or no sales charges available for purchases of
Class A Shares over $100,000 of the Fund or your cumulative
ownership of Participating Funds) that are designed to address a
variety of needs.
(2) The following is hereby added after the second
paragraph following the Class A Shares Sales Charge
Schedule in the section entitled “Purchase of
Shares — Class A Shares”:
Conversion feature. Class A Shares
purchased by accounts participating in certain wrap fee programs
may be converted to Class I Shares of the Fund (which are
offered in a separate prospectus) under certain circumstances,
including such wrap fee program’s eligibility to purchase
Class I Shares of the Fund. Such conversion will be on the
basis of the relative net asset values per share, without the
imposition of any sales load, fee or other charge.
(3) The following is hereby added after the last sentence
in the fourth paragraph after the Class B Shares Sales
Charge Schedule in the section entitled “Purchase of
Shares — Class B Shares”:
Pursuant to the terms of the Plans, the Fund may spend less than
the combined annual distribution and service fees of 1.00% per
year of the Fund’s average daily net assets with respect to
Class B Shares of the Fund. See the section entitled
“Financial Highlights” herein and the section entitled
“Distribution and Service” in the Fund’s
Statement of Additional Information.
(4) The following is hereby added after the last sentence
in the fourth paragraph in the section entitled
“Purchase of Shares — Class C
Shares”:
Pursuant to the terms of the Plans, the Fund may spend less than
the combined annual distribution and service fees of 1.00% per
year of the Fund’s average daily net assets with respect to
Class C Shares of the Fund. See the section entitled
“Financial Highlights” herein and the section entitled
“Distribution and Service” in the Fund’s
Statement of Additional Information.
(5) The fifth sentence in the first paragraph after the
Class B Shares Sales Charge Schedule in the section
entitled “Purchase of Shares — Class B
Shares” is hereby deleted in its entirety.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MULTIFNDSPT 9/08