Ex-dividend Date and Record Date: December 28
(Also includes distribution information for 12/13 and 12/15)

December 28, 2006

Below is a listing of Van Kampen open-end funds that will pay income dividends and/or special income dividends and capital gain distributions to shareholders of record on the date shown. Regular net investment income dividend will vary between classes because of differing expenses. Special income dividends and capital gains distributions are the same for all classes.

Information on qualified dividend income, taxable at a maximum of 15 percent, will be available on your tax form.

Van Kampen Open-End Funds

¹ This represents a special income dividend.

² This includes a special income dividend of $0.0224.

Van Kampen does not offer tax advice. The tax information contained herein is general and is not exhaustive by nature. It was not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Federal and state tax laws are complex and constantly changing. You should always consult your own legal or tax advisor for information concerning your individual situation.

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 a fund. Please be aware that funds are subject to certain additional risks, including those associated with the following:

American Value Fund
Small- and mid-cap stocks. Stocks of small- and medium-sized companies entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance. REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk.

Comstock Fund
Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Equity and Income Fund
Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. Credit quality. The fund generally invests only in investment grade-quality debt securities. However, investments in securities rated below investment grade (commonly known as “junk bonds”) present greater risk of loss to principal and interest than investment in higher-quality securities. Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Growth and Income Fund
Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. Convertible securities. In addition to the risks associated with common stocks, investments in convertible securities are subject to the risks associated with fixed-income securities, namely credit, price and interest-rate risks. Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic and market risks. REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Real Estate Securities Fund
Real estate and REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk. Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund’s overall value to decline to a greater degree than a less concentrated portfolio. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

American Franchise Fund
Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund’s overall value to decline to a greater degree than a less concentrated portfolio. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Emerging Markets Fund
Credit quality. Investments in securities rated below investment grade (commonly known as “junk bonds”) present greater risk of loss to principal and interest than investment in higher-quality securities. Foreign and emerging markets. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging-market countries are greater than the risks generally associated with foreign investments. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund’s overall value to decline to a greater degree than a less concentrated portfolio. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Global Franchise Fund
Foreign and emerging markets. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging-market countries are greater than the risks generally associated with foreign investments. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund’s overall value to decline to a greater degree than a less concentrated portfolio. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Global Value Equity Fund
Foreign and emerging markets. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging-market countries are greater than the risks generally associated with foreign investments. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

International Advantage Fund
Small- and mid-cap stocks. Stocks of small- and medium-sized companies entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies. Foreign and emerging markets. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging market countries are greater than the risks generally associated with foreign investments. REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Leaders Fund
Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. Credit quality. Equity and Income Fund generally invests only in investment grade-quality debt securities. However, investments in securities rated below investment grade (commonly known as “junk bonds”) present greater risk of loss to principal and interest than investment in higher-quality securities. Foreign securities. International Growth Fund does invest and the other funds may invest in foreign securities; the portfolios may be subject to additional currency, political, economic, and market risks. REITs. Equity and Income Fund and International Growth Fund may invest in REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk. Nondiversification. Because the fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the funds’ overall value to decline to a greater degree than a less concentrated portfolio. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance. Fund of funds. The fund’s ability to achieve its investment objective depends on the ability of the underlying funds to achieve their investment objectives. There can be no assurance that the underlying funds or the fund will achieve their investment objectives.

Mid Cap Growth Fund
Mid-cap stocks. Stocks of medium-sized companies entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies. Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Small Cap Value Fund
Small-cap stocks. Stocks of small-sized companies carry special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies. Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. REITs. In addition to the general risks associated with real-estate investment, REIT investing entails other risks, such as credit and interest-rate risk. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Value Opportunities Fund
Small- and mid-cap stocks. Stocks of small- and medium-sized companies entail special risks, such as limited product lines, markets, and financial resources, and greater market volatility than securities of larger, more-established companies. Foreign securities. The fund may invest in foreign securities; should it do so, the portfolio may be subject to additional currency, political, economic, and market risks. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

California Insured Tax Free Fund
Insured bonds. Insurance relates only to the timely payment of principal and interest on the bonds in the portfolio. Insurance does not apply to shares of the fund, and does not remove market risk. Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. 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. Geographic concentration. The fund is more susceptible to political, economic, regulatory, or other factors affecting issuers of California securities than a fund that does not limit its investments to such issuers. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

Insured Tax Free Income Fund
Insured bonds. Insurance relates only to the timely payment of principal and interest on the bonds in the portfolio. Insurance does not apply to shares of the fund, and does not remove market risk. Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. 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. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

New York Tax Free Income Fund
Credit quality. Investments in securities rated below investment grade (commonly known as “junk bonds”) present greater risk of loss to principal and interest than investment in higher-quality securities. Illiquidity. The fund may invest in illiquid securities, which may be difficult for the fund to sell at a reasonable price. Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. 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. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund's overall value to decline to a greater degree than a less concentrated portfolio. Geographic concentration. The fund is more susceptible to political, economic, regulatory, or other factors affecting issuers of New York securities than a fund that does not limit its investments to such issuers. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund's performance.

Pennsylvania Tax Free Income Fund
Credit quality. Investments in securities rated below investment grade (commonly known as "junk bonds") present greater risk of loss to principal and interest than investment in higher-quality securities. Interest rates. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio. 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. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund’s overall value to decline to a greater degree than a less concentrated portfolio. Geographic concentration. The fund is more susceptible to political, economic, regulatory, or other factors affecting issuers of Pennsylvania securities than a fund that does not limit its investments to such issuers. Derivative instruments. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund’s performance.

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