UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment
Company Act file number 811-4718
Van
Kampen Tax Free Money Fund
(Exact name of registrant as specified in charter)
522 Fifth Avenue, New York, New York 10036
(Address of principal executive offices) (Zip code)
Edward C. Wood III
522 Fifth Avenue, New York, New York 10036
(Name and address of agent for service)
Registrants telephone number, including area code: 212-762-4000
Date of fiscal year end: 6/30
Date of reporting period: 12/31/08
Item 1. Report to Shareholders.
The
Funds semi-annual report transmitted to shareholders
pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, youll learn about how your investment in
Van Kampen Tax Free Money Fund performed during the
semiannual period. The portfolio management team will provide an
overview of the market conditions and discuss some of the
factors that affected investment performance during the
reporting period. In addition, this report includes the
funds financial statements and a list of fund investments
as of December 31, 2008.
This material must be preceded or accompanied by a prospectus
for the fund being offered. The prospectus contains information
about the fund, including the investment objectives, risks,
charges and expenses. Please read the prospectus carefully
before investing.
Market forecasts provided in this report may not necessarily
come to pass. There is no assurance that the fund will achieve
its investment objective. The fund is 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 the fund
shares may therefore be less than what you paid for them.
Accordingly, you can lose money investing in this fund.
An investment in a money market fund is neither insured nor
guaranteed by the Federal Deposit Insurance Corporation nor any
other government agency. Although money market funds seek to
preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the fund.
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NOT FDIC INSURED
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OFFER NO BANK GUARANTEE
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MAY LOSE VALUE
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
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NOT A DEPOSIT
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Fund Report
For the six-month
period ended December 31, 2008
Market
Conditions
Unprecedented capital markets volatility roiled the municipal
bond and money markets for much of the six-month reporting
period. In response to mounting liquidity and credit problems,
the government undertook a series of measures through the
Federal Reserve and the Treasury. These measures incorporated a
range of traditional and innovative steps taken to restore the
orderly functioning of credit markets, including a reduction of
the federal funds target rate to a range of 0.0 percent to
0.25 percent in mid-December. As of the end of the period,
however, these efforts had met with limited success.
Against the backdrop of a slowing economy, municipal budgetary
pressures began to become a more prominent concern, with
governments seeking tax hikes and tightening belts in the face
of significant taxpayer resistance. The pace of new issuance in
the overall municipal market slowed, particularly after the
credit meltdown in September, with new-issue volume falling
nearly 26 percent in December and nine percent for the
year. The slope of the municipal yield curve steepened during
the fourth quarter with yields on short maturities hovering near
historic lows and yields on
30-year
high-grade issues reaching record high levels. The shift in
yields was due in part to the ongoing flight to quality that
pulled Treasury yields and short-term municipal bond yields
sharply lower. In the tax-free money market, variable-rate
yields fluctuated widely in the final months of the period.
While the broader market remained volatile and investor
confidence remained low at the end of the reporting period, in
our judgment, the short-term municipal market appeared to be
headed in a more positive direction.
1
Performance
Analysis
For the six-month period ended December 31, 2008, the Fund
provided a total return of 0.44 percent. For the
seven-day
period ended December 31, 2008, the Fund provided an
annualized yield of 0.28 percent. The yield reflects the
current earnings of the Fund more closely than does the total
return calculation. Total return assumes reinvestment of all
distributions. Past performance is no guarantee of future
results.
Protecting the safety and liquidity of the Funds assets
remained our first priority. In the recent turbulent markets,
our emphasis has been on managing exposure to institutions under
stress. To that end, we remained focused on tax-exempt
securities, including Variable Rate Demand Obligations (VRDOs),
where our credit and risk teams have confidence in the quality
of the issuer, the structure of the program, and the financial
strength of the supporting institutions. We also identified and
eliminated securities insured by the troubled monoline insurers
that do not have the benefit of additional guarantees or
protection, such as the presence of an irrevocable Letter of
Credit.
There is no guarantee that any sectors mentioned will
continue to perform as discussed herein or that securities in
such sectors will be held by the Fund in the future.
2
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Portfolio
composition as of 12/31/08 (Unaudited)
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7 Day Floaters
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67.5
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%
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Daily Variable Rate Securities
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32.5
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Subject to change daily. Provided for informational purposes
only and should not be deemed as a recommendation to buy or sell
the securities mentioned or securities in the sectors shown
above. All percentages are as a percentage of total investments.
Securities are classified by sectors that represent broad
groupings of related industries. Van Kampen is a wholly owned
subsidiary of a global securities firm which is engaged in a
wide range of financial services including, for example,
securities trading and brokerage activities, investment banking,
research and analysis, financing and financial advisory services.
3
For More
Information About Portfolio Holdings
Each Van Kampen fund provides a complete schedule of portfolio
holdings in its semiannual and annual reports within
60 days of the end of the funds second and fourth
fiscal quarters. The semiannual reports and the annual reports
are filed electronically with the Securities and Exchange
Commission (SEC) on
Form N-CSRS
and
Form N-CSR,
respectively. Van Kampen also delivers the semiannual and annual
reports to fund shareholders, and makes these reports available
on its public Web site, www.vankampen.com. In addition to the
semiannual and annual reports that Van Kampen delivers to
shareholders and makes available through the Van Kampen public
Web site, each fund files a complete schedule of portfolio
holdings with the SEC for the funds first and third fiscal
quarters on
Form N-Q.
Van Kampen does not deliver the reports for the first and third
fiscal quarters to shareholders, nor are the reports posted to
the Van Kampen public Web site. You may, however, obtain the
Form N-Q
filings (as well as the
Form N-CSR
and N-CSRS filings) by accessing the SECs Web site,
http://www.sec.gov.
You may also review and copy them at the SECs Public
Reference Room in Washington, DC. Information on the operation
of the SECs Public Reference Room may be obtained by
calling the SEC at (800) SEC-0330. You can also request
copies of these materials, upon payment of a duplicating fee, by
electronic request at the SECs email address
(publicinfo@sec.gov) or by writing the Public Reference section
of the SEC, Washington, DC
20549-0102.
You may obtain copies of a funds fiscal quarter filings by
contacting Van Kampen Client Relations at
(800) 847-2424.
4
Householding
Notice
To reduce Fund expenses, the Fund attempts to eliminate
duplicate mailings to the same address. The Fund delivers a
single copy of certain shareholder documents to investors who
share an address, even if the accounts are registered under
different names. The Funds prospectuses and shareholder
reports (including annual privacy notices) will be delivered to
you in this manner indefinitely unless you instruct us
otherwise. You can request multiple copies of these documents by
either calling
(800) 341-2911
or writing to Van Kampen Investor Services at
P.O. Box 219286, Kansas City, MO
64121-9286.
Once Investor Services has received your instructions, we will
begin sending individual copies for each account within
30 days.
Proxy Voting
Policy and Procedures and Proxy Voting Record
You may obtain a copy of the Funds Proxy Voting Policy and
Procedures without charge, upon request, by calling toll free
(800) 847-2424
or by visiting our Web site at www.vankampen.com. It is also
available on the Securities and Exchange Commissions Web
site at
http://www.sec.gov.
You may obtain information regarding how the Fund voted proxies
relating to portfolio securities during the most recent
twelve-month period ended June 30 without charge by visiting our
Web site at www.vankampen.com. This information is also
available on the Securities and Exchange Commissions Web
site at
http://www.sec.gov.
5
Expense Example
As a shareholder of the Fund, you incur ongoing costs, including
management fees; distribution and service
(12b-1)
fees; and other Fund expenses. This example is intended to help
you understand your ongoing costs (in dollars) of investing in
the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The example is based on an investment of $1,000 invested at the
beginning of the period and held for the entire period
7/1/08 - 12/31/08.
Actual
Expense
The first line of the table below provides information about
actual account values and actual expenses. You may use the
information in this line, together with the amount you invested,
to estimate the expenses that you paid over the period. Simply
divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result
by the number in the first line under the heading entitled
Expenses Paid During Period to estimate the expenses
you paid on your account during this period.
Hypothetical
Example for Comparison Purposes
The second line of the table below provides information about
hypothetical account values and hypothetical expenses based on
the Funds actual expense ratio and an assumed rate of
return of 5% per year before expenses, which is not the
Funds actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this
information to compare the ongoing cost of investing in the Fund
and other funds. To do so, compare this 5% hypothetical example
with the 5% hypothetical examples that appear in the shareholder
reports of the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only. Therefore, the second line of
the table is useful in comparing ongoing costs only, and will
not help you determine the relative total costs of owning
different funds that have transactional costs, such as sales
charges (loads) or contingent deferred sales charges.
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Beginning
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Ending
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Expenses Paid
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Account
Value
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Account
Value
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During
Period
*
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7/1/08
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12/31/08
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7/1/08-12/31/08
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Actual
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$
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1,000
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$
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1,004.38
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$
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5.00
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Hypothetical
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1,000
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1,020.22
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5.04
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(5% annual return before expenses)
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*
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Expenses are equal to the
Funds annualized expense ratio of 0.99% multiplied by the
average account value over the period, multiplied by 184/365 (to
reflect the one-half year period). This expense ratio reflects
an expense waiver.
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Assumes all dividends and distributions were reinvested.
6
Van Kampen
Tax Free Money Fund
Portfolio of
Investments
n
December 31,
2008 (Unaudited)
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Par
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Current
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Amount
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Maturity
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Yield at
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Amortized
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(000)
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Description
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Date
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12-31-08
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Cost
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Municipal Bonds 96.8%
7 Day Floaters 65.3%
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$
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600
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Broward Cnty, FL Ed Fac Auth City Coll Proj (LOC: Citibank)
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01/02/09
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1.100
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%
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$
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600,000
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1,335
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California Statewide Cmnty Dev Auth Rev Kaiser Permanente
Ser B
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01/07/09
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0.350
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1,335,000
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955
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Cary, NC Pub Impt
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01/07/09
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0.700
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955,000
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800
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Clarksville, TN Pub Bldg Auth Rev Pooled Fin TN Muni Bd Fd (LOC:
Bank of America) (Acquired 10/10/08, Cost $800,000) (a)
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01/02/09
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1.200
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800,000
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675
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Colorado Hlth Fac Auth Rev Catholic Hlth
Ser B-4
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01/07/09
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0.650
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675,000
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500
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Colorado Hsg & Fin Auth Single Fam Mtg
Ser B-3
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01/07/09
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0.750
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500,000
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1,500
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Dekalb Private Hosp Auth Egleston Childrens Hosp
Ser A (LOC: SunTrust Bank)
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01/07/09
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0.750
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1,500,000
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1,100
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Delaware Vly, PA Regl Fin Auth Loc Govt Rev Ser A (LOC:
Bayerische Landesbank)
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01/07/09
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0.850
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1,100,000
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685
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Derry Twp, PA Indl & Coml Dev Auth Hotel Tax Rev Arena
Proj (LOC: PNC Bank)
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01/07/09
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1.080
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685,000
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1,000
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Eastern Muni Wtr Dist CA Wtr & Swr Rev Ctf Partner
Ser B
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01/02/09
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0.900
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1,000,000
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500
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Franklin Cnty, TN Hlth & Ed Fac Univ of the South
(LOC: SunTrust Bank)
(Acquired 02/03/00, Cost $500,000) (a)
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01/07/09
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1.270
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500,000
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500
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Grand Valley, MI St Univ Rev Gen Rfdg Ser B (LOC: RBS
Citizens NA)
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01/02/09
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1.110
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500,000
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900
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Gwinnett Cnty, GA Wtr & Sew Auth Rev Ser A
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01/07/09
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0.850
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900,000
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700
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Kent Hosp Fin Auth MI Rev Metro Hosp Proj Rfdg Ser B (LOC:
Bank of America)
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01/07/09
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1.050
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700,000
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750
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Maryland St Trans Auth Baltimore/Washington DC Arpt, Ser A
(LOC: State Street Bank & Trust Co)
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01/02/09
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1.250
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750,000
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800
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Massachusetts St Hlth & Ed Fac Auth Rev Partners
Hlthcare Sys
Ser D-3
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01/02/09
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0.950
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800,000
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295
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Metropolitan Govt Nashville & Davidson Cnty, TN
H&E Fac Brd Rev Vanderbilt Univ Ser A
|
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01/02/09
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0.650
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295,000
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|
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850
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Metropolitan Wtr Dist Southn CA Wtrwks Rev
Ser B-1
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01/02/09
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0.850
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850,000
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|
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500
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Michigan St Hosp Fin Auth Rev McLaren Hlthcare Rfdg Ser B
(LOC: JP Morgan Chase Bank)
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01/07/09
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0.700
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500,000
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1,390
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Minneapolis, MN Rev Univ Gateway Proj
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01/02/09
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1.130
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|
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|
1,390,000
|
|
|
1,650
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Minnesota St Higher Ed Fac Auth Rev Macalester College
Ser 5-Q
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01/02/09
|
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1.150
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1,650,000
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|
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500
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New Hampshire Higher Ed & Hlth Fac Auth Rev Saint
Pauls Sch Issue
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01/02/09
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1.320
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500,000
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400
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New York St Dorm Auth Rev Mental Hlth Svc Subser D-2H
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01/02/09
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1.000
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400,000
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7
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Portfolio of
Investments
n
December 31,
2008
(Unaudited)
continued
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Par
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Current
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Amount
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Maturity
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Yield at
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Amortized
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(000)
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Description
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Date
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12-31-08
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Cost
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7 Day Floaters (Continued)
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$
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500
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New York St Loc Gov Assistance Corp Ser D
(LOC: Societe Generale)
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01/07/09
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0.600
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%
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$
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500,000
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900
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North Carolina Ed Fac Fin Agy Rev Duke Univ Proj Ser B
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01/02/09
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0.800
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900,000
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625
|
|
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North Carolina Med Care Comm Hlth Sys Rev Mission Saint
Josephs Rfdg
|
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01/02/09
|
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1.200
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625,000
|
|
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1,630
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North Miami, FL Ed Fac Rev Miami Ctry Day Sch Proj (LOC: Bank
of America)
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01/02/09
|
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1.220
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1,630,000
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675
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Palm Beach Cnty, FL Rev Henry Morrison Flagler Proj (LOC:
Northern Trust)
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01/02/09
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1.300
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675,000
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|
|
700
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Pennsylvania St Tpk Comm Rev
Ser A-2
|
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01/07/09
|
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|
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0.750
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700,000
|
|
|
615
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|
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Portland, OR Hsg Auth Rev New Mkt West Proj (LOC: Wells
Fargo Bank)
|
|
|
01/02/09
|
|
|
|
1.130
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|
|
|
615,000
|
|
|
600
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|
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Private Colleges & Univ Auth GA Rev Emory Univ
Ser B
|
|
|
01/07/09
|
|
|
|
0.400
|
|
|
|
600,000
|
|
|
600
|
|
|
Private Colleges & Univ Auth GA Rev Emory Univ
Ser B-2
|
|
|
01/02/09
|
|
|
|
0.800
|
|
|
|
600,000
|
|
|
900
|
|
|
San Bernadino Cnty, CA Ctf Partner Cap Impt Refing Proj (LOC:
BNP Paribas)
|
|
|
01/02/09
|
|
|
|
0.750
|
|
|
|
900,000
|
|
|
1,800
|
|
|
San Rafael, CA Redev Agy Multi-Family Rev Hsg Fairfax Str Apts
Ser A (LOC: Citibank)
|
|
|
01/07/09
|
|
|
|
0.700
|
|
|
|
1,800,000
|
|
|
600
|
|
|
Santa Clara Cnty El Camino, CA Hosp Dist Hosp Fac Auth Rev Aces
Lease VY Med Ctr Proj, Ser B (LOC: State Street
Bank & Trust Co)
|
|
|
01/06/09
|
|
|
|
0.600
|
|
|
|
600,000
|
|
|
900
|
|
|
Triunfo, CA Cnty Santn Dist Rev Rfdg (LOC: BNP Paribas)
|
|
|
01/07/09
|
|
|
|
0.550
|
|
|
|
900,000
|
|
|
500
|
|
|
Utah Cnty, UT Hosp Rev IHC Hlth Svc Inc Ser B
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
500,000
|
|
|
200
|
|
|
University of Texas Univ Rev Fin Sys Rfdg Ser A
|
|
|
01/07/09
|
|
|
|
0.400
|
|
|
|
200,000
|
|
|
600
|
|
|
Washington St Hsg Fin Comm Multi-Family Mtg Rev (LOC: Harris
Trust & Savings Bank)
|
|
|
01/06/09
|
|
|
|
0.970
|
|
|
|
600,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 7 Day Floaters 65.3%
|
|
|
31,230,000
|
|
|
|
|
|
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|
|
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|
|
|
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|
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Daily Variable Rate Securities 31.5%
|
|
1,050
|
|
|
California St Kindergarten Univ
Ser B-1
(LOC: Citibank)
|
|
|
01/02/09
|
|
|
|
0.980
|
|
|
|
1,050,000
|
|
|
1,000
|
|
|
Chicago, IL Rfdg Ser F
|
|
|
01/02/09
|
|
|
|
1.100
|
|
|
|
1,000,000
|
|
|
500
|
|
|
Chicago, IL Sales Tax Rev Rfdg
|
|
|
01/02/09
|
|
|
|
1.150
|
|
|
|
500,000
|
|
|
290
|
|
|
Colorado Hlth Fac Auth Rev The Visiting Nurse Corp (LOC: Wells
Fargo Bank)
|
|
|
01/02/09
|
|
|
|
1.750
|
|
|
|
290,000
|
|
|
300
|
|
|
Cuyahoga Cnty, OH Rev Cleveland Clinic Subser B1
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
300,000
|
|
|
900
|
|
|
Dade Cnty, FL Indl Dev Auth Exempt Fac Rev FL Pwr & Lt
Co Rfdg
|
|
|
01/02/09
|
|
|
|
1.250
|
|
|
|
900,000
|
|
|
800
|
|
|
Geisinger Auth PA Hlth Sys Ser B
|
|
|
01/02/09
|
|
|
|
0.850
|
|
|
|
800,000
|
|
|
700
|
|
|
Irvine, CA Impt Bd Act of 1915 Assmt
00-18
Ser A (LOC: Bank Of New York)
|
|
|
01/02/09
|
|
|
|
0.850
|
|
|
|
700,000
|
|
8
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Portfolio of
Investments
n
December 31,
2008
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
|
|
|
|
|
|
Current
|
|
|
Amount
|
|
|
|
Maturity
|
|
Yield at
|
|
Amortized
|
(000)
|
|
Description
|
|
Date
|
|
12-31-08
|
|
Cost
|
|
|
|
|
|
|
Daily Variable Rate Securities (Continued)
|
$
|
800
|
|
|
Irvine, CA Impt Bd Act of 1915 Assmt
94-13
(LOC: State Street Bank & Trust Co)
|
|
|
01/02/09
|
|
|
|
0.850
|
%
|
|
$
|
800,000
|
|
|
500
|
|
|
Jacksonville, FL Pollutn Ctl Rev FL Pwr & Lt Co
Proj Rfdg
|
|
|
01/02/09
|
|
|
|
1.750
|
|
|
|
500,000
|
|
|
1,000
|
|
|
Kentucky Inc KY Pub Energy Auth Gas Supply Rev Ser A
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
1,000,000
|
|
|
500
|
|
|
Las Vegas, NV Purp Ser C (LOC: Lloyds TSB Bank PLC)
|
|
|
01/02/09
|
|
|
|
0.890
|
|
|
|
500,000
|
|
|
800
|
|
|
Long Island Pwr Auth NY Elec Sys Rev Ser 2B
(LOC: Bayerische Landesbank)
|
|
|
01/02/09
|
|
|
|
1.100
|
|
|
|
800,000
|
|
|
400
|
|
|
Los Angeles, CA Dept Wtr & Pwr Wtrwks Rev Subser
B2
|
|
|
01/02/09
|
|
|
|
0.900
|
|
|
|
400,000
|
|
|
200
|
|
|
Metropolitan Wtr Dist Southn CA Wtrwks Rev
Ser B-1
|
|
|
01/02/09
|
|
|
|
0.850
|
|
|
|
200,000
|
|
|
500
|
|
|
New York City Fiscal 2008 Subser J-8 (LOC: Landesbank
Baden-Wurttm)
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
500,000
|
|
|
1,510
|
|
|
New York City Transitional Fin Auth Ser 2F
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
1,510,000
|
|
|
800
|
|
|
Philadelphia, PA Hosp & Higher Ed Fac Auth Rev Hosp
Childrens Hosp Proj Ser B
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
800,000
|
|
|
1,800
|
|
|
Southeast AL Gas Dist Rev Supply Proj Ser A
|
|
|
01/02/09
|
|
|
|
1.050
|
|
|
|
1,800,000
|
|
|
300
|
|
|
Southern CA Pub Pwr Auth Pwr Proj Rev Mead Adelanto Ser A
|
|
|
01/02/09
|
|
|
|
0.750
|
|
|
|
300,000
|
|
|
390
|
|
|
Turlock, CA Irr Dist Ctf Partn Cap Impt & Rfdg Proj
(LOC: Societe Generale)
|
|
|
01/02/09
|
|
|
|
0.750
|
|
|
|
390,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Daily Variable Rate Securities 31.5%
|
|
|
15,040,000
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments 96.8% (b) (c)
|
|
|
46,270,000
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities 3.2%
|
|
|
1,551,295
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets 100.0%
|
|
$
|
47,821,295
|
|
|
|
|
|
|
Percentages are calculated as a percentage of net assets.
|
|
|
(a)
|
|
Security is restricted and may be
resold only in transactions exempt from registration which are
normally those transactions with qualified institutional buyers.
Restricted securities comprise 2.7% of net assets.
|
|
(b)
|
|
Securities include a put feature
allowing the Fund to periodically put the security back to the
issuer at amortized cost on specified dates. The yield shown
represents the current yield earned by the Fund based on the
most recent reset date. The maturity date shown represents the
next put date.
|
|
(c)
|
|
At December 31, 2008, cost is
identical for both book and federal income tax purposes.
|
LOCLetter of Credit
9
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Financial Statements
Statement
of Assets and Liabilities
December 31, 2008
(Unaudited)
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Total Investments, at amortized cost which approximates
market value
|
|
$
|
46,270,000
|
|
|
|
Receivables:
|
|
|
|
|
|
|
Fund Shares Sold
|
|
|
1,488,675
|
|
|
|
Investments Sold
|
|
|
530,558
|
|
|
|
Interest
|
|
|
38,017
|
|
|
|
Expense Reimbursement from Adviser
|
|
|
3,706
|
|
|
|
Other
|
|
|
106,401
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
48,437,357
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
Custodian Bank
|
|
|
339,124
|
|
|
|
Distributor and Affiliates
|
|
|
50,004
|
|
|
|
Fund Shares Repurchased
|
|
|
4,937
|
|
|
|
Trustees Deferred Compensation and Retirement Plans
|
|
|
176,360
|
|
|
|
Accrued Expenses
|
|
|
45,637
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
616,062
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
47,821,295
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
Capital (Par value of $.01 per share with an unlimited number of
shares authorized)
|
|
$
|
47,826,048
|
|
|
|
Accumulated Net Realized Loss
|
|
|
(4,753
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets
(Equivalent to $1.00 per share for
47,844,300 shares outstanding)
|
|
$
|
47,821,295
|
|
|
|
|
|
|
|
|
|
|
10
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Financial
Statements
continued
Statement
of Operations
For the Six Months Ended
December 31, 2008 (Unaudited)
|
|
|
|
|
|
|
Investment Income:
|
|
|
|
|
|
|
Interest
|
|
$
|
283,354
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Investment Advisory Fee
|
|
|
71,345
|
|
|
|
Distribution
(12b-1)
and
Service Fees
|
|
|
39,636
|
|
|
|
Professional Fees
|
|
|
36,518
|
|
|
|
Registration Fees
|
|
|
25,137
|
|
|
|
Reports to Shareholders
|
|
|
17,633
|
|
|
|
Transfer Agent Fees
|
|
|
14,554
|
|
|
|
Trustees Fees and Related Expenses
|
|
|
9,432
|
|
|
|
Accounting and Administrative Expenses
|
|
|
6,089
|
|
|
|
Custody
|
|
|
2,904
|
|
|
|
Other
|
|
|
10,068
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
233,316
|
|
|
|
Expense Reduction ($71,345 Investment Advisory Fee and
$5,195 Other)
|
|
|
76,540
|
|
|
|
Less Credits Earned on Cash Balances
|
|
|
593
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
156,183
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
127,171
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets From Operations
|
|
$
|
127,171
|
|
|
|
|
|
|
|
|
|
|
11
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Financial
Statements
continued
Statements
of Changes in Net Assets (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For The
|
|
For The
|
|
|
Six Months
Ended
|
|
Year Ended
|
|
|
December 31,
2008
|
|
June 30,
2008
|
|
|
|
|
From Investment Activities:
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
127,171
|
|
|
$
|
310,909
|
|
Net Realized Loss
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
Change in Net Assets from Operations
|
|
|
127,171
|
|
|
|
310,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from Net Investment Income
|
|
|
(122,625
|
)
|
|
|
(305,599
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets from Investment Activities
|
|
|
4,546
|
|
|
|
5,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Capital Transactions:
|
|
|
|
|
|
|
|
|
Proceeds from Shares Sold
|
|
|
61,963,106
|
|
|
|
38,791,122
|
|
Net Asset Value of Shares Issued Through
Dividend Reinvestment
|
|
|
122,625
|
|
|
|
305,599
|
|
Cost of Shares Repurchased
|
|
|
(34,611,056
|
)
|
|
|
(33,415,758
|
)
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets from Capital Transactions
|
|
|
27,474,675
|
|
|
|
5,680,963
|
|
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets
|
|
|
27,479,221
|
|
|
|
5,686,273
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
20,342,074
|
|
|
|
14,655,801
|
|
|
|
|
|
|
|
|
|
|
End of the Period (Including accumulated undistributed net
investment income of $0 and $(4,546), respectively)
|
|
$
|
47,821,295
|
|
|
$
|
20,342,074
|
|
|
|
|
|
|
|
|
|
|
12
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Financial
Highlights (Unaudited)
The
following schedule presents financial highlights for one share
of the Fund outstanding throughout the periods
indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
Year Ended June
30,
|
|
|
2008
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
2004
|
|
|
|
|
|
|
Net Asset Value, Beginning of the Period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
|
0.00
|
(a)(b)
|
|
|
0.02
|
(a)
|
|
|
0.02
|
(a)
|
|
|
0.02
|
(a)
|
|
|
0.01
|
|
|
|
0.00
|
(b)
|
|
|
Net Realized and Unrealized Gain
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
(b)
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from Investment Operations
|
|
|
0.00
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from Net Investment Income
|
|
|
0.00
|
(b)
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.00
|
(b)
|
|
|
Distributions from Net Realized Gain
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributions
|
|
|
0.00
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of the Period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return* (c)
|
|
|
0.44%
|
**
|
|
|
1.51%
|
|
|
|
2.07%
|
|
|
|
1.53%
|
|
|
|
0.73%
|
|
|
|
0.14%
|
|
|
|
Net Assets at End of the Period (In millions)
|
|
$
|
47.8
|
|
|
$
|
20.3
|
|
|
$
|
14.7
|
|
|
$
|
16.1
|
|
|
$
|
17.5
|
|
|
$
|
24.6
|
|
|
|
Ratio of Expenses to Average
Net Assets
* (d)
|
|
|
0.99%
|
|
|
|
1.26%
|
|
|
|
1.57%
|
|
|
|
1.43%
|
|
|
|
1.18%
|
|
|
|
0.88%
|
|
|
|
Ratio of Net Investment Income to Average
Net Assets
*
|
|
|
0.80%
|
|
|
|
1.51%
|
|
|
|
2.09%
|
|
|
|
1.54%
|
|
|
|
0.58%
|
|
|
|
0.13%
|
|
|
|
* If
certain expenses had not been voluntarily assumed by
Van Kampen, total return would have been lower and the
ratios would have been as follows:
|
Ratio of
Expenses to Average Net Assets (d)
|
|
|
1.47%
|
|
|
|
2.22%
|
|
|
|
2.22%
|
|
|
|
1.92%
|
|
|
|
1.73%
|
|
|
|
1.39%
|
|
|
|
Ratio of Net
Investment Income/Loss to Average Net Assets
|
|
|
0.32%
|
|
|
|
0.55%
|
|
|
|
1.44%
|
|
|
|
1.05%
|
|
|
|
0.03%
|
|
|
|
(0.38%
|
)
|
|
|
|
|
|
**
|
|
Non-Annualized
|
|
(a)
|
|
Based on average shares outstanding.
|
|
(b)
|
|
Amount is less than $0.01 per share.
|
|
(c)
|
|
Assumes reinvestment of all
distributions for the period and includes combined
Rule 12b-1
fees and service fees of up to .25%.
|
|
(d)
|
|
The Ratio of Expenses to Average
Net Assets does not reflect credits earned on cash balances. If
these credits were reflected as a reduction of expenses, the
ratio would decrease by 0.02% for the year ended June 30,
2007.
|
13
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Notes to Financial
Statements
n
December 31,
2008 (Unaudited)
1. Significant
Accounting Policies
Van Kampen Tax Free Money Fund (the Fund) is
organized as a Delaware statutory trust. The Fund is an
open-end, diversified management investment company registered
under the Investment Company Act of 1940, as amended (the
1940 Act). The Funds investment objective is
to seek to provide investors with a high level of current income
exempt from federal income taxes consistent with the
preservation of capital and liquidity through investments in a
diversified portfolio of municipal securities that will mature
within twelve months of the date of purchase. The Fund commenced
investment operations on November 5, 1986.
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its
financial statements. The preparation of financial statements in
conformity with U.S. generally accepted accounting
principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could
differ from those estimates.
A. Security Valuation
Investments are
valued at amortized cost, which approximates market value. Under
this valuation method, a portfolio investment is valued at cost,
any discount is accreted and any premium is amortized on a
straight-line basis to the maturity of the instrument.
The Fund adopted Financial Accounting Standards Board Statement
of Financial Accounting Standards No. 157,
Fair Value
Measurements
(FAS 157), effective July 1, 2008. In
accordance with FAS 157, fair value is defined as the price
that the Fund would receive to sell an investment or pay to
transfer a liability in an orderly transaction with an
independent buyer in the principal market, or in the absence of
a principal market the most advantageous market for the
investment or liability. FAS 157 establishes a three-tier
hierarchy to distinguish between (1) inputs that reflect
the assumptions market participants would use in pricing an
asset or liability developed based on market data obtained from
sources independent of the reporting entity (observable inputs)
and (2) inputs that reflect the reporting entitys own
assumptions about the assumptions market participants would use
in pricing an asset or liability developed based on the best
information available in the circumstances (unobservable inputs)
and to establish classification of fair value measurements for
disclosure purposes. Various inputs are used in determining the
value of the Funds investments. The inputs are summarized
in the three broad levels listed below.
|
|
Level 1
|
quoted prices in active markets for identical investments
|
Level 2
|
other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit
risk, etc.)
|
Level 3
|
significant unobservable inputs (including the Funds own
assumptions in determining the fair value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
14
Van Kampen
Tax Free Money Fund
Notes to Financial
Statements
n
December 31,
2008 (Unaudited)
continued
The following is a summary of the inputs used as of
December 31, 2008 in valuing the Funds investments
carried at value:
|
|
|
|
|
|
|
Investments in
|
Valuation
Inputs
|
|
Securities
|
|
Level 1Quoted Prices
|
|
$
|
-0-
|
|
Level 2Other Significant Observable Inputs
|
|
|
46,270,000
|
|
Level 3Significant Unobservable Inputs
|
|
|
-0-
|
|
|
|
|
|
|
Total
|
|
$
|
46,270,000
|
|
|
|
|
|
|
B. Security Transactions
Security
transactions are recorded on a trade date basis. Realized gains
and losses are determined on an identified cost basis. Interest
income is recorded on an accrual basis.
C. Federal Income Taxes
It is the
Funds policy to comply with the requirements of Subchapter
M of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income, if any, to its shareholders. Therefore, no
provision for federal income taxes is required. Financial
Accounting Standards Board Interpretation No. 48
Accounting for Uncertainty in Income Taxes
(FIN 48
)
sets forth a minimum threshold for
financial statement recognition of the benefit of a tax position
taken or expected to be taken in a tax return. Management has
concluded there are no significant uncertain tax positions that
would require recognition in the financial statements. If
applicable, the Fund recognizes interest accrued related to
unrecognized tax benefits in Interest Expense and
penalties in Other expenses on the Statement of
Operations. The Fund files tax returns with the
U.S. Internal Revenue Service and various states.
Generally, each of the tax years in the four year period ended
June 30, 2008, remains subject to examination by taxing
authorities.
The Fund intends to utilize provisions of the federal income tax
laws, which allow it to carry a realized capital loss forward
for eight years following the year of the loss and offset such
losses against any future realized capital gains. During the
prior fiscal year, the Fund utilized capital losses carried
forward of $4,546. At June 30, 2008, the Fund had an
accumulated capital loss carry forward for tax purposes of
$4,753, which will expire according to the following schedule:
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
Expiration
|
|
$
|
4,652
|
|
|
|
|
|
June 30, 2012
|
|
|
101
|
|
|
|
|
|
June 30, 2013
|
|
D. Distribution of Income and Gains
The
Fund declares dividends from net investment income daily and
automatically reinvests such dividends daily. Net realized
gains, if any, are distributed at least annually. Shareholders
can elect to receive the cash equivalent of their daily
dividends at each month end.
15
Van Kampen
Tax Free Money Fund
Notes to Financial
Statements
n
December 31,
2008 (Unaudited)
continued
The tax character of distributions paid during the year ended
June 30, 2008 was as follows:
|
|
|
|
|
Distributions paid from:
|
|
|
|
|
Ordinary income
|
|
$
|
1,754
|
|
Tax-exempt income
|
|
|
309,348
|
|
Long-term capital gain
|
|
|
-0-
|
|
|
|
|
|
|
|
|
$
|
311,102
|
|
|
|
|
|
|
As of June 30, 2008, the components of distributable
earnings on a tax basis were as follows:
|
|
|
|
|
Undistributed ordinary income
|
|
$
|
655
|
|
Undistributed tax-exempt income
|
|
|
210,602
|
|
E. Credits Earned on Cash
Balances
During the six months ended
December 31, 2008, the Funds custody fee was reduced
by $593 as a result of credits earned on cash balances.
2. Investment
Advisory Agreement and Other Transactions with
Affiliates
Under the terms of the Funds Investment Advisory
Agreement, Van Kampen Asset Management (the
Adviser) will provide investment advice and
facilities to the Fund for an annual fee payable monthly as
follows:
|
|
|
|
|
Average Daily Net
Assets
|
|
% Per
Annum
|
|
First $500 million
|
|
|
.450%
|
|
Next $250 million
|
|
|
.375%
|
|
Next $250 million
|
|
|
.325%
|
|
Next $500 million
|
|
|
.300%
|
|
Next $500 million
|
|
|
.275%
|
|
Next $500 million
|
|
|
.250%
|
|
Next $500 million
|
|
|
.225%
|
|
Next $12 billion
|
|
|
.200%
|
|
Over $15 billion
|
|
|
.199%
|
|
For the six months ended December 31, 2008, the Adviser
voluntarily waived $71,345 of its advisory fees and assumed
$5,195 of the Funds other expenses. This represents .48%
of its average daily net assets for the period. This waiver is
voluntary and can be discontinued at any time.
For the six months ended December 31, 2008, the Fund
recognized expenses of approximately $10,100 representing legal
services provided by Skadden, Arps, Slate, Meagher &
Flom LLP, of which a trustee of the Fund is a partner of such
firm and he and his law firm provide legal services as legal
counsel to the Fund.
Under separate Legal Services, Accounting Services and Chief
Compliance Officer (CCO) Employment agreements, the Adviser
provides accounting and legal services and the CCO provides
compliance services to the Fund. The costs of these services are
allocated to each fund. For the six months ended
December 31, 2008, the Fund recognized expenses of
approximately $22,900 representing Van Kampen Investments
Inc.s or its affiliates (collectively
16
Van Kampen
Tax Free Money Fund
Notes to Financial
Statements
n
December 31,
2008 (Unaudited)
continued
Van Kampen) cost
of providing accounting and legal services to the Fund, as well
as the salary, benefits and related costs of the CCO and related
support staff paid by Van Kampen. Services provided
pursuant to the Legal Services agreement are reported as part of
Professional Fees on the Statement of Operations.
Services provided pursuant to the Accounting Services and CCO
Employment agreement are reported as part of Accounting
and Administrative Expenses on the Statement of Operations.
Van Kampen Investor Services Inc. (VKIS), an affiliate of
the Adviser, serves as the shareholder servicing agent for the
Fund. For the six months ended December 31, 2008, the Fund
recognized expenses of approximately $7,700 representing
transfer agency fees paid to VKIS and its affiliates. Transfer
agency fees are determined through negotiations with the
Funds Board of Trustees.
Certain officers and trustees of the Fund are also officers and
directors of Van Kampen. The Fund does not compensate its
officers or trustees who are also officers of Van Kampen.
The Fund provides deferred compensation and retirement plans for
its trustees who are not officers of Van Kampen. Under the
deferred compensation plan, trustees may elect to defer all or a
portion of their compensation. Amounts deferred are retained by
the Fund and, to the extent permitted by the 1940 Act, may be
invested in the common shares of those funds selected by the
trustees. Investments in such funds of approximately $87,100 are
included in Other assets on the Statement of Assets
and Liabilities at December 31, 2008.
Appreciation/depreciation and distributions received from these
investments are recorded with an offsetting increase/decrease in
the deferred compensation obligation and do not affect the net
asset value of the Fund. Benefits under the retirement plan are
payable upon retirement for a ten-year period and are based upon
each trustees years of service to the Fund. The maximum
annual benefit per trustee under the plan is $2,500.
3. Capital
Transactions
For the six months ended December 31, 2008 and the year
ended June 30, 2008, transactions were as follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Year Ended
|
|
|
December 31,
2008
|
|
June 30,
2008
|
|
Beginning Shares
|
|
|
20,369,625
|
|
|
|
14,688,662
|
|
|
|
|
|
|
|
|
|
|
Shares Sold
|
|
|
61,963,106
|
|
|
|
38,791,122
|
|
Shares Issued Through Dividend Reinvestment
|
|
|
122,625
|
|
|
|
305,599
|
|
Shares Repurchased
|
|
|
(34,611,056
|
)
|
|
|
(33,415,758
|
)
|
|
|
|
|
|
|
|
|
|
Net Change in Shares Outstanding
|
|
|
27,474,675
|
|
|
|
5,680,963
|
|
|
|
|
|
|
|
|
|
|
Ending Shares
|
|
|
47,844,300
|
|
|
|
20,369,625
|
|
|
|
|
|
|
|
|
|
|
4. Distribution
and Service Plans
Shares of the Fund are distributed by Van Kampen Funds Inc.
(the Distributor), an affiliate of the Adviser. The
Fund has adopted a distribution plan pursuant to
Rule 12b-1
under the 1940 Act, and a service plan (collectively, the
Plans) to compensate the Distributor for the sale,
distribution, shareholder servicing and maintenance of
shareholder accounts. Under the Plans, the Fund will incur
annual fees of up to .25% of average daily net assets. These
fees are accrued daily and paid to the Distributor monthly.
17
Van Kampen
Tax Free Money Fund
Notes to Financial
Statements
n
December 31,
2008 (Unaudited)
continued
5. Indemnifications
The Fund enters into contracts that contain a variety of
indemnifications. The Funds maximum exposure under these
arrangements is unknown. However, the Fund has not had prior
claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
6. Accounting
Pronouncement
On March 19, 2008, Financial Accounting Standards Board
released Statement of Financial Accounting Standards
No. 161,
Disclosures about Derivative Instruments and
Hedging Activities
(FAS 161). FAS 161 requires
qualitative disclosures about objectives and strategies for
using derivatives, quantitative disclosures about fair value
amounts of and gains and losses on derivative instruments, and
disclosures about credit-risk-related contingent features in
derivative agreements. The application of FAS 161 is
required for fiscal years and interim periods beginning after
November 15, 2008. At this time, management does not
believe the adoption of FAS 161 will impact the financial
statement amounts; however, additional footnote disclosures may
be required about the use of derivative instruments and hedging
items.
7.
U.S. Treasury Temporary Guaranty Program
The Board of Trustees approved the participation by the Fund in
the U.S. Department of the Treasurys Temporary
Guaranty Program (Program) for money market funds.
Although the Fund has continued to maintain a net asset value of
$1.00 per share, the Fund believes that participation in the
Program will provide an added level of assurance for its
shareholders. The Program provides a guarantee to participating
money market mutual fund shareholders based on the number of
shares invested in the Fund at the close of business on
September 19, 2008. Any increase in the number of shares an
investor holds after the close of business on September 19,
2008, will not be guaranteed. If a customer closes
his/her
account with the Fund or broker-dealer, any future investment in
the Fund will not be guaranteed. If the number of shares an
investor holds fluctuates over the period, the investor will be
covered for either the number of shares held as of the close of
business on September 19, 2008, or the current amount,
whichever is less. The Program had originally been set to expire
on December 18, 2008, but was recently extended by the
Treasury Department until April 30, 2009. The expense of
the Program, amounting to $5,396, is borne by the Fund and
amortized on a straight line basis over the term of the
Programs coverage.
18
Van Kampen
Tax Free Money Fund
Board of Trustees, Officers and Important Addresses
|
|
|
Board
of Trustees
David C. Arch
Jerry D. Choate
Rod Dammeyer
Linda Hutton Heagy
R. Craig Kennedy
Howard J Kerr
Jack E. Nelson
Hugo F. Sonnenschein
Wayne W. Whalen*
Chairman
Suzanne H. Woolsey
Officers
Edward C. Wood III
President and Principal Executive Officer
Kevin Klingert
Vice President
Amy R. Doberman
Vice President
Stefanie V. Chang Yu
Vice President and Secretary
John L. Sullivan
Chief Compliance Officer
Stuart N. Schuldt
Chief Financial Officer and Treasurer
|
|
Investment
Adviser
Van Kampen Asset Management
522 Fifth Avenue
New York, New York 10036
Distributor
Van Kampen Funds Inc.
522 Fifth Avenue
New York, New York 10036
Shareholder
Servicing Agent
Van Kampen Investor Services Inc.
P.O. Box 219286
Kansas City, Missouri 64121-9286
Custodian
State Street Bank
and Trust Company
One Lincoln Street
Boston, Massachusetts 02111
Legal
Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
333 West Wacker Drive
Chicago, Illinois 60606
Independent
Registered
Public Accounting Firm
Ernst & Young LLP
233 South Wacker Drive
Chicago, Illinois 60606
|
|
|
|
*
|
|
Interested persons of
the Fund, as defined in the Investment Company Act of 1940, as
amended.
|
19
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S.
Privacy Policy
We are required by
federal law to provide you with a copy of our Privacy Policy
annually.
This Policy applies
to current and former individual clients of Van Kampen
Investments Inc., Van Kampen Asset Management,
Van Kampen Advisors Inc., Van Kampen Funds Inc.,
Van Kampen Investor Services Inc. and Van Kampen
Exchange Corp., as well as current and former individual
investors in Van Kampen mutual funds, unit investment
trusts, and related companies.
This Policy is not
applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy
applicable to individuals who are either beneficiaries of a
trust for which we serve as trustee or participants in an
employee benefit plan administered or advised by us. This Policy
is, however, applicable to individuals who select us to be a
custodian of securities or assets in individual retirement
accounts, 401(k) accounts, 529 Educational Savings Accounts,
accounts subject to the Uniform Gifts to Minors Act, or similar
accounts. Please note that we may amend this Policy at any time,
and will inform you of any changes to this Policy as required by
law.
We Respect Your
Privacy
We appreciate that
you have provided us with your personal financial information
and understand your concerns about safeguarding such
information. We strive to maintain the privacy of such
information while we help you achieve your financial objectives.
This Policy describes what nonpublic personal information we
collect about you, how we collect it, when we may share it with
others, and how others may use it. It discusses the steps you
may take to limit our sharing of information about you with
affiliated Van Kampen companies (affiliated
companies). It also discloses how you may limit our
affiliates use of shared information for marketing
purposes. Throughout this Policy, we refer to the nonpublic
information that personally identifies you or your accounts as
personal information.
1. What
Personal Information Do We Collect About
You?
To better serve you
and manage our business, it is important that we collect and
maintain accurate information about you. We obtain this
information from applications and other forms you submit to us,
from your dealings with us, from consumer reporting agencies and
from third parties and other sources. For example:
|
|
|
|
|
|
We collect
information such as your name, address,
e-mail
address, phone number and account title.
|
|
(continued
on next page)
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S. Privacy Policy
continued
|
|
|
|
|
|
We may obtain
information about account balances, your use of account(s) and
the types of products and services you prefer to receive from us
through your dealings and transactions with us and other sources.
|
|
|
|
|
We may obtain
information about your creditworthiness and credit history from
consumer reporting agencies.
|
|
|
|
|
We may collect
background information from and through third-party vendors to
verify representations you have made and to comply with various
regulatory requirements.
|
|
|
|
|
If you interact with
us through our public and private Web sites, we may collect
information that you provide directly through online
communications (such as an
e-mail
address). We may also collect information about your Internet
service provider, your domain name, your computers
operating system and Web browser, your use of our Web sites and
your product and service preferences, through the use of
cookies. Cookies recognize your computer
each time you return to one of our sites, and help to improve
our sites content and personalize your experience on our
sites by, for example, suggesting offerings that may interest
you. Please consult the Terms of Use of these sites for more
details on our use of cookies.
|
|
2. When Do
We Disclose Personal Information We Collect About
You?
To provide you with
the products and services you request, to better serve you, to
manage our business and as otherwise required or permitted by
law, we may disclose personal information we collect about you
to other affiliated companies and to nonaffiliated third
parties.
A. Information
We Disclose to Our Affiliated
Companies.
In
order to manage your account(s) effectively, including servicing
and processing your transactions, to let you know about products
and services offered by us and affiliated companies, to manage
our business, and as otherwise required or permitted by law, we
may disclose personal information to other affiliated companies.
Offers for products and services from affiliated companies are
developed under conditions designed to safeguard your personal
information.
B. Information
We Disclose to Third
Parties.
We
do not disclose personal information that we collect about you
to nonaffiliated third parties except to enable them to provide
marketing services on our behalf, to perform joint marketing
agreements with other financial institutions, and as otherwise
required or permitted by law. For example, some instances where
we may disclose information about you to third
(continued
on next page)
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S. Privacy Policy
continued
parties
include: for servicing and processing transactions, to offer our
own products and services, to protect against fraud, for
institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal
information with a nonaffiliated third party, they are required
to limit their use of personal information to the particular
purpose for which it was shared and they are not allowed to
share personal information with others except to fulfill that
limited purpose.
3. How Do We
Protect the Security and Confidentiality of Personal Information
We Collect About
You?
We maintain
physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have
internal policies governing the proper handling of client
information. Third parties that provide support or marketing
services on our behalf may also receive personal information,
and we require them to adhere to confidentiality standards with
respect to such information.
4. How Can
You Limit the Sharing of Certain Types of Personal Information
With Affiliated
Companies?
We respect your
privacy and offer you choices as to whether we share with
affiliated companies personal information that was collected to
determine your eligibility for products and services you request
(eligibility information). Please note that, even if
you direct us not to share eligibility information with
affiliated companies (opt-out), we may still share
personal information, including eligibility information, with
those companies in circumstances excluded from the opt-out under
applicable law, such as to process transactions or to service
your account. We may also share certain other types of personal
information with affiliated companiessuch as your name,
address, telephone number,
e-mail
address and account number(s), and information about your
transactions and experiences with us.
5. How Can
You Limit the Use of Certain Types of Personal Information by
Affiliated Companies for
Marketing?
You may limit
affiliated companies from marketing their products or services
to you based on your personal information that they receive from
affiliated companies. This information includes your income,
assets and account history. Your choice to limit marketing
offers from affiliated companies will apply until you tell us to
change your choice.
(continued
on next page)
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S. Privacy Policy
continued
If you wish to
opt-out of sharing and to limit marketing offers, you may do so
by:
|
|
|
|
|
|
Calling us at
(800) 847-2424
Monday-Friday between 8 a.m. and 8 p.m. (ET)
|
|
|
|
|
Writing to us at the
following address:
Van Kampen Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
|
|
If you choose to
write to us, your written request should include your name,
address, telephone number and account number(s) to which the
opt-out applies and should not be sent with any other
correspondence. In order to process your request, we require
that the request be provided by you directly and not through a
third party.
If you have
previously notified us about your privacy preferences, it is not
necessary to do so again unless you decide to change your
preferences. Your opt-out preference will remain in effect with
respect to this Policy (as it may be amended) until you notify
us otherwise in writing. If you have a joint account, your
direction for us not to share this information with other
affiliated companies and for those affiliated companies not to
use your personal information for marketing will be applied to
all account holders on that account.
Please understand
that if you opt-out, you and any joint account holders may not
receive information about affiliated company products and
services that could help you manage your financial resources and
achieve your investment objectives.
If you hold more
than one account with Van Kampen, you may receive multiple
privacy policies from us, and would need to follow the
directions stated in each particular policy for each account you
have with us.
SPECIAL NOTICE TO
RESIDENTS OF
VERMONT
This section
supplements our Policy with respect to our individual clients
who have a Vermont address and supersedes anything to the
contrary in the above Policy with respect to those clients
only.
The State of Vermont
requires financial institutions to obtain your consent prior to
sharing personal information that they collect about you with
affiliated companies and nonaffiliated third parties other than
in certain limited circumstances. Except as permitted by law, we
will not share personal information we collect about you with
nonaffiliated third parties or other affiliated companies unless
you provide us with your written consent to share such
information (opt-in).
(continued
on back)
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S. Privacy Policy
continued
If you wish to
receive offers for investment products and services offered by
or through other affiliated companies, please notify us in
writing at the following address:
|
|
|
|
|
|
Van Kampen
Privacy Department
Harborside Financial Center, Plaza Two, 3rd Floor
Jersey City, NJ 07311
|
|
Your authorization
should include your name, address, telephone number and account
number(s) to which the opt-in applies and should not be sent
with any other correspondence. In order to process your
authorization, we require that the authorization be provided by
you directly and not through a third-party.
522
Fifth Avenue
New
York, New York 10036
www.vankampen.com
Copyright
©
2009
Van Kampen Funds Inc.
All
rights reserved. Member FINRA/SIPC
188
TFMMSAN
2/09
IU09-00571P-Y12/08
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
(a) Please refer to Item #1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Funds principal executive officer and principal financial officer have concluded that the
Funds disclosure controls and procedures are sufficient to ensure that information required to be
disclosed by the Fund in this Form N-CSRS was recorded, processed, summarized and reported within
the time periods specified in the Securities and Exchange Commissions rules and forms, based upon
such officers evaluation of these controls and procedures as of a date within 90 days of the
filing date of the report.
(b) There were no changes in the registrants internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 12. Exhibits.
(1) Code of Ethics Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is attached hereto as
part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is attached hereto as
part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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(Registrant) Van Kampen Tax Free Money Fund
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By:
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/s/ Edward C. Wood III
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Name:
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Edward C. Wood III
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Title:
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Principal Executive Officer
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Date:
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February 19, 2009
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, this report has been signed by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
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By:
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/s/ Edward C. Wood III
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Name:
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Edward C. Wood III
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Title:
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Principal Executive Officer
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Date:
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February 19, 2009
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By:
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/s/ Stuart N. Schuldt
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Name:
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Stuart N. Schuldt
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Title:
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Principal Financial Officer
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Date:
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February 19, 2009
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Van Kampen Tax Free Money (NASDAQ:VTFXX)
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