Van Kampen High Yield Municipal Fund Reopens

We are pleased to announce that Van Kampen High Yield Municipal Fund will re-open to new investors on August 18, 2008. Van Kampen closed the fund to new investors on May 9, 2008.

We believe recent market conditions have created a more favorable investment environment for the fund. The portfolio management team believes the current supply of high-yield municipal bonds presents opportunities to capture value in the market.

Van Kampen High Yield Municipal Fund has been helping investors pursue their goals for more than 20 years. The fund invests primarily in medium- and lower-grade municipal securities and seeks to provide investors with a high level of interest income exempt from federal income tax as is consistent with the investment policies of the fund.

The fund is managed by the Municipal Fixed Income team, whose current members include Wayne D. Godlin, managing director, and James D. Phillips, Bill Black, and Mark Paris, each an executive director.¹ The team believes that its history of managing the fund’s growth rate is one of the fund’s attractive features. Therefore, if market conditions change and the team believes that fund inflows are likely to surpass the supply of securities that meet their rigorous investment criteria, we may again limit asset inflows.

It is important to note: while it is impossible to predict the future, past market conditions have led the team to periodically open and close the fund.

¹ Team members may change at any time without notice.

High Yield Municipal Fund

Share Class	Symbol	Cusip
Class A	ACTHX	92113R101
Class B	ACTGX	92113R200
Class C	ACTFX	92113R309
Class I*	ACTDX	92113R705

Risk Considerations

There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund. Please be aware that this fund may be subject to certain additional risks. Credit quality. Investments in securities rated below investment grade (commonly known as "junk bonds") present greater risk of loss to principal and interest than investments in higher quality securities. Fixed-income securities. Subject to credit and interest-rate risk. Credit risk refers to the ability of an issuer to make timely payments of interest and principal. Interest-rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. In a declining interest-rate environment, the portfolio may generate less income. In a rising interest-rate environment, bond prices fall. Tax treatment. The fund may invest a portion of its total assets in bonds that may subject certain investors to the federal Alternative Minimum Tax (AMT). Future laws could eliminate the tax exemption for municipal income. You should consult your tax advisor for further information on tax implications. Diversification does not insure against market loss.
 

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