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: 12/31/09
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:
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MUTUAL FUNDS
Van Kampen
Tax Free Money Fund
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Privacy Notice information on the
back.
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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, 2009.
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, 2009
Market
Conditions
Over the course of the reporting period, reset rates on variable
rate demand notes (or VRDNs, which represent the majority of
short-term tax-exempt instruments) were driven lower by
refinancing, the replacement of liquidity providers that had
contributed to higher reset rates by those perceived as stronger
credit providers, and a scarcity of high quality, low beta
names. At the same time, continually declining short-term rates
in the broader taxable market led to an influx of
non-traditional (crossover) buyers into the
tax-exempt market, further pressuring reset rates. As of
December 31, 2009, the Securities Industry and Financial
Markets Association (SIFMA) Index of weekly variable rate
securities stood at 0.25 percent and the Bond Buyer
One-Year Note Index finished the year at 0.49 percent.
Other factors beyond the aforementioned also served to keep
money market fund yields low during the period. The Federal
Reserves campaign to keep short-term rates pinned to the
floor had a major impact. A shortage of municipal paper eligible
to be purchased by money market funds was another factor.
Municipal VRDNs typically require a credit guarantee from a
bank. As the banks spent much of 2009 nursing their balance
sheets, credit guarantees became more expensive and difficult to
obtain. Furthermore, taxable money market funds began purchasing
tax-exempt municipal paper because yields on taxable paper have
been even lower. This has exacerbated the scarcity of tax-free
money market-eligible paper. Low money market fund yields during
the period contributed to a migration of assets to the long end
of the yield curve or to other asset classes and as a result,
the tax-free money fund industrys assets declined by
23 percent from their peak in August 2008.
Most states across the nation began 2010 facing grim budget
shortfalls that could mean a repeat of the service cuts, layoffs
and higher fees imposed in 2009. According to a recent study by
the National Association of State Budget Officers and the
National Governors Association, states general fund
budgets passed for fiscal 2010 totaled $627.9 billion,
5.4 percent lower than the total for the 2009 fiscal year.
Performance
Analysis
For the six-month period ended December 31, 2009, the Fund
provided a total return of 0.01 percent. For the
seven-day
period ended December 31, 2010, the Fund provided an
annualized yield of 0.01 percent (subsidized) and 0.38
percent (non-subsidized). The yield reflects the current
earnings of the Fund more closely than does the total return
calculation. The non-subsidized yield reflects what the yield
would have been had a fee and/or expense waiver not been in
place during the period shown. 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 throughout the reporting period. Our
emphasis continued to be on managing
1
exposure to institutions under stress. To that end, we have
focused on tax-exempt securities 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. Additionally, our general strategy has been to
maintain a relatively shorter average maturity as compared to
our peer group.
Market
Outlook
While risk appetite appears to be returning for 2010, many
investors are likely to tread cautiously. Barring any unexpected
shocks to the market, we believe rates are likely to remain low
until mid-2010 with the strong likelihood of rates beginning to
rise in the latter half of the year. During this period of
ongoing uncertainty, we continue to maintain a watchful eye on
state and local economies.
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 12/31/09 (Unaudited)
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7 Day Floaters
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70.2
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%
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Daily Variable Rate Securities
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29.8
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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.
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
20549-1520.
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
7/1/09 - 12/31/09.
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 $1,000 = 8.6), then multiply
the result by the number in the first line under the heading
entitled Expenses Paid During Period to estimate the
expenses you paid on your account during this period.
Hypothetical
Example for Comparison Purposes
The second line of the table below provides information about
hypothetical account values and hypothetical expenses based on
the Funds actual expense ratio and an assumed rate of
return of 5% per year before expenses, which is not the
Funds actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this
information to compare the ongoing cost of investing in the Fund
and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to
highlight your ongoing costs only. Therefore, the second line of
the table is useful in comparing ongoing costs only, and will
not help you determine the relative total costs of owning
different funds that have transactional costs, such as sales
charges (loads) or contingent deferred sales charges.
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Beginning
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Ending
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Expenses Paid
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Account
Value
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Account
Value
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During
Period*
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7/1/09
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12/31/09
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7/1/09-12/31/09
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Actual
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$
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1,000.00
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$
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1,000.05
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$
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1.16
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Hypothetical
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1,000.00
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1,024.05
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1.17
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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 0.23%
multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the one-half year period).
This expense ratio reflects voluntary advisory,
12b-1
and
other expense waivers.
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Assumes all
dividends and distributions were reinvested.
6
Van Kampen
Tax Free Money Fund
Portfolio of
Investments
n
December 31,
2009 (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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12-31-09
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Cost
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Municipal Bonds 99.3%
7 Day Floaters 69.7%
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$
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1,000
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Arizona Brd Regt AZ St Univ Sys Rev Rfdg Ser A (LOC:
Lloyds TSB Bank)
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01/06/10
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0.180%
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$
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1,000,000
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600
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Broward Cnty, FL Ed Fac Auth City Coll Proj (LOC: Citibank)
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01/07/10
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0.230
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600,000
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1,000
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California Statewide Cmnty Dev Auth Rev Kaiser Permanente
Ser B
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01/06/10
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0.200
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1,000,000
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1,000
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Cary, NC Pub Impt
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01/06/10
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0.200
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1,000,000
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700
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Clarksville, TN Muni Pub Bldg Auth Rev Pooled Fin TN Bd Fd
(LOC: Bank of America) (Acquired 10/10/08, Cost
$700,000) (a)
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01/04/10
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0.250
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700,000
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600
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Colorado Hsg & Fin Auth Single Fam Mtg
Ser B-3
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01/06/10
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0.220
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600,000
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675
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Derry Twp, PA Indl & Coml Dev Auth Hotel Tax Rev Arena
Proj (LOC: PNC Bank)
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01/07/10
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0.210
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675,000
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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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01/06/10
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0.180
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1,000,000
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1,000
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Glynn Brunswick Mem Hosp Auth GA Rev Antic Ctf Southeast
Ser B (LOC: Branch Banking & Trust)
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01/07/10
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0.220
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1,000,000
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675
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Metropolitan Govt Nashville & Davidson Cnty, TN
H&E Fac Brd Rev Vanderbilt Univ Ser A
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01/07/10
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0.200
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675,000
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490
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Michigan St Hosp Fin Auth Rev McLaren Hlthcare Rfdg Ser B
(LOC: JP Morgan Chase Bank)
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01/06/10
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0.210
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490,000
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1,000
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Minnesota St Higher Ed Fac Auth Rev Macalester College
Ser 5-Q
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01/07/10
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0.230
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1,000,000
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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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01/07/10
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0.250
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500,000
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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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01/06/10
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0.220
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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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01/07/10
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0.150
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900,000
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855
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North Carolina Med Care Comm Hlth Sys Rev Mission Saint Josephs
Rfdg
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01/07/10
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0.250
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855,000
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970
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Oregon St Hlth Hsg Ed & Cultural Fac Auth Sacred Heart
Med Ctr Ser A (LOC: US Bank)
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01/07/10
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0.200
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970,000
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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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01/07/10
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0.380
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675,000
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615
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Portland, OR Hsg Auth Rev New Mkt West Proj (LOC: Wells Fargo
Bank)
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01/07/10
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0.320
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615,000
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600
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Private Colleges & Univ Auth GA Rev Emory Univ
Ser B-2
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01/07/10
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0.170
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600,000
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1,000
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San Bernardino Cnty, CA Ctf Partner Cap Impt Refing Proj (LOC:
BNP Paribas)
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01/07/10
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0.150
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1,000,000
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900
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University of Texas Univ Rev Fin Sys Rfdg Ser A
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01/06/10
|
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0.150
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900,000
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500
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Utah Cnty, UT Hosp Rev IHC Hlth Svc Inc Ser B
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01/07/10
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0.170
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500,000
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7
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Portfolio
of
Investments
n
December 31,
2009 (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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12-31-09
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Cost
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7 Day Floaters (Continued)
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$
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600
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Washington St Hsg Fin Comm Multi-Family Mtg Rev
(LOC: Harris Trust & Savings Bank)
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01/05/10
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0.330%
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$
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600,000
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Total 7 Day Floaters 69.7%
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18,355,000
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Daily Variable Rate Securities 29.6%
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600
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Chicago, IL Rfdg Ser F
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01/04/10
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0.200
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600,000
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700
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Colorado Ed & Cultural Fac Natl Jewish Fedn
Ser F-1
(LOC: Northern Trust)
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01/04/10
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0.230
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700,000
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400
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Cuyahoga Cnty, OH Rev Cleveland Clinic Sub
Ser B-1
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01/04/10
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0.200
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400,000
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1,000
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Geisinger Auth PA Hlth Sys Ser C
|
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01/04/10
|
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0.200
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|
|
1,000,000
|
|
|
400
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Illinois Hlth Fac Auth Rev Northwestern Mem Hosp Ser C
|
|
01/04/10
|
|
0.200
|
|
|
400,000
|
|
|
600
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Jacksonville, FL Pollutn Rev Ctl FL Pwr & Lt Co Proj
Rfdg
|
|
01/04/10
|
|
0.250
|
|
|
600,000
|
|
|
431
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Kentucky Inc KY Pub Energy Auth Gas Supply Rev Ser A
|
|
01/04/10
|
|
0.200
|
|
|
431,000
|
|
|
300
|
|
|
Long Island Pwr Auth NY Elec Sys Rev Ser 2B (LOC:
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Bayerische Landesbank)
|
|
01/04/10
|
|
0.250
|
|
|
300,000
|
|
|
1,100
|
|
|
Pitkin Cnty, CO Indl Dev Rev Aspen Skiing Co Proj Rfdg
Ser A (LOC: JP Morgan Chase Bank)
|
|
01/04/10
|
|
0.230
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|
|
1,100,000
|
|
|
250
|
|
|
Southeast, AL Gas Dist Rev Supply Proj Ser A
|
|
01/04/10
|
|
0.200
|
|
|
250,000
|
|
|
1,000
|
|
|
Vermont Ed & Hlth Bldg Northeastern VT Hosp Ser A
(LOC: TD Banknorth)
|
|
01/04/10
|
|
0.210
|
|
|
1,000,000
|
|
|
1,000
|
|
|
West Vly City, UT Indl Dev Rev Johnson Matthey Inc Proj (LOC:
HSBC Bank USA) (Acquired 12/21/09, Cost $1,000,000) (a)
|
|
01/04/10
|
|
0.250
|
|
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Daily Variable Rate Securities 29.6%
|
|
|
7,781,000
|
|
|
|
|
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Total Investments 99.3% (b) (c)
|
|
|
26,136,000
|
|
|
|
|
|
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Other Assets in Excess of Liabilities 0.7%
|
|
|
184,186
|
|
|
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|
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Net Assets 100.0%
|
|
$
|
26,320,186
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Percentages are
calculated as a percentage of net assets.
|
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*
|
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Date
of next interest rate reset.
|
|
(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
6.5% 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.
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(c)
|
|
At
December 31, 2009, cost is identical for both book and
federal income tax purposes.
|
LOCLetter
of Credit
8
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Portfolio
of
Investments
n
December 31,
2009 (Unaudited)
continued
Fair Value
Measurements
Various inputs are
used in determining the value of the Funds investments.
These inputs are summarized in the three broad levels listed
below. (See Note 1(B) in the Notes to Financial Statements
for further information regarding fair value measurements.)
The following is a
summary of the inputs used as of December 31, 2009 in
valuing the Funds investments carried at amortized cost,
which approximates fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
|
|
|
|
|
|
Significant
|
|
|
|
|
|
|
Other
Significant
|
|
Unobservable
|
|
|
Investments
|
|
Quoted
Prices
|
|
Observable
Inputs
|
|
Inputs
|
|
Total
|
|
|
Investments in an Asset Position:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Municipal Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued by States of the United States and Political Subdivisions
of the United States
|
|
$
|
|
|
|
$
|
26,136,000
|
|
|
$
|
|
|
|
$
|
26,136,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
See Notes to Financial
Statements
Van Kampen
Tax Free Money Fund
Financial Statements
Statement
of Assets and Liabilities
December 31, 2009
(Unaudited)
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Total Investments, at amortized cost which approximates market
value
|
|
$
|
26,136,000
|
|
|
|
Cash
|
|
|
100,566
|
|
|
|
Receivables:
|
|
|
|
|
|
|
Fund Shares Sold
|
|
|
220,321
|
|
|
|
Expense Reimbursement from Adviser
|
|
|
13,716
|
|
|
|
Interest
|
|
|
5,806
|
|
|
|
Other
|
|
|
123,503
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
26,599,912
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Payables:
|
|
|
|
|
|
|
Fund Shares Repurchased
|
|
|
28,559
|
|
|
|
Distributor and Affiliates
|
|
|
5,654
|
|
|
|
Trustees Deferred Compensation and Retirement Plans
|
|
|
205,260
|
|
|
|
Accrued Expenses
|
|
|
40,253
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
279,726
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
26,320,186
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consist of:
|
|
|
|
|
|
|
Capital (Par value of $0.01 per share with an unlimited number
of shares authorized)
|
|
$
|
26,465,651
|
|
|
|
Accumulated Net Realized Loss
|
|
|
(18,652
|
)
|
|
|
Accumulated Undistributed Net Investment Income
|
|
|
(126,813
|
)
|
|
|
|
|
|
|
|
|
|
Net Assets
(Equivalent to $1.00 per share for
26,343,191 shares outstanding)
|
|
$
|
26,320,186
|
|
|
|
|
|
|
|
|
|
|
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, 2009 (Unaudited)
|
|
|
|
|
|
|
Investment Income:
|
|
|
|
|
|
|
Interest
|
|
$
|
30,951
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
Investment Advisory Fee
|
|
|
57,101
|
|
|
|
Professional Fees
|
|
|
32,332
|
|
|
|
Distribution (12b-1) and Service Fees
|
|
|
31,723
|
|
|
|
Registration Fees
|
|
|
19,527
|
|
|
|
Transfer Agent Fees
|
|
|
17,896
|
|
|
|
Reports to Shareholders
|
|
|
12,699
|
|
|
|
Trustees Fees and Related Expenses
|
|
|
9,283
|
|
|
|
Accounting and Administrative Expenses
|
|
|
4,768
|
|
|
|
Custody
|
|
|
2,506
|
|
|
|
Other
|
|
|
10,073
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
197,908
|
|
|
|
Expense Reduction
|
|
|
168,195
|
|
|
|
|
|
|
|
|
|
|
Net Expenses
|
|
|
29,713
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
1,238
|
|
|
|
|
|
|
|
|
|
|
Net Increase in Net Assets From Operations
|
|
$
|
1,238
|
|
|
|
|
|
|
|
|
|
|
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,
2009
|
|
June 30,
2009
|
|
|
|
|
From Investment Activities:
|
|
|
|
|
|
|
|
|
Operations:
|
|
|
|
|
|
|
|
|
Net Investment Income
|
|
$
|
1,238
|
|
|
$
|
129,617
|
|
|
|
|
|
|
|
|
|
|
Change in Net Assets from Operations
|
|
|
1,238
|
|
|
|
129,617
|
|
|
|
|
|
|
|
|
|
|
Distributions from Net Investment Income
|
|
|
(1,238
|
)
|
|
|
(125,071
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets from Investment Activities
|
|
|
-0-
|
|
|
|
4,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Capital Transactions:
|
|
|
|
|
|
|
|
|
Proceeds from Shares Sold
|
|
|
9,007,134
|
|
|
|
68,242,780
|
|
Net Asset Value of Shares Issued Through Dividend
Reinvestment
|
|
|
1,238
|
|
|
|
125,071
|
|
Cost of Shares Repurchased
|
|
|
(12,675,441
|
)
|
|
|
(58,727,216
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Net Assets from Capital Transactions
|
|
|
(3,667,069
|
)
|
|
|
9,640,635
|
|
|
|
|
|
|
|
|
|
|
Total Increase/Decrease in Net Assets
|
|
|
(3,667,069
|
)
|
|
|
9,645,181
|
|
Net Assets:
|
|
|
|
|
|
|
|
|
Beginning of the Period
|
|
|
29,987,255
|
|
|
|
20,342,074
|
|
|
|
|
|
|
|
|
|
|
End of the Period (Including accumulated undistributed net
investment income of $(126,813) and $(126,813), respectively)
|
|
$
|
26,320,186
|
|
|
$
|
29,987,255
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2009
|
|
2009
|
|
2008
|
|
2007
|
|
2006
|
|
2005
|
|
|
|
|
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)
|
|
|
0.00
|
(a)(b)
|
|
|
0.02
|
(a)
|
|
|
0.02
|
(a)
|
|
|
0.02
|
(a)
|
|
|
0.01
|
|
Net Realized and Unrealized Gain
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
0.00
|
(b)
|
|
|
0.00
|
|
|
|
0.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from Investment Operations
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.01
|
|
Less Distributions from Net Investment Income
|
|
|
0.00
|
(b)
|
|
|
0.00
|
(b)
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of the Period
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Return* (c)
|
|
|
0.01%
|
(d)**
|
|
|
0.44%
|
(d)
|
|
|
1.51%
|
|
|
|
2.07%
|
|
|
|
1.53%
|
|
|
|
0.73%
|
|
Net Assets at End of the Period (In millions)
|
|
$
|
26.3
|
|
|
$
|
30.0
|
|
|
$
|
20.3
|
|
|
$
|
14.7
|
|
|
$
|
16.1
|
|
|
$
|
17.5
|
|
Ratio of Expenses to Average Net Assets* (e)
|
|
|
0.23%
|
(d)
|
|
|
0.66%
|
(d)
|
|
|
1.26%
|
|
|
|
1.57%
|
|
|
|
1.43%
|
|
|
|
1.18%
|
|
Ratio of Net Investment Income to Average Net Assets*
|
|
|
0.01%
|
(d)
|
|
|
0.38%
|
(d)
|
|
|
1.51%
|
|
|
|
2.09%
|
|
|
|
1.54%
|
|
|
|
0.58%
|
|
* 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 (e)
|
|
|
1.56%
|
|
|
|
1.39%
|
|
|
|
2.22%
|
|
|
|
2.22%
|
|
|
|
1.92%
|
|
|
|
1.73%
|
|
Ratio of Net Investment Income/Loss to Average Net Assets
|
|
|
(1.32%
|
)
|
|
|
(0.35%
|
)
|
|
|
0.55%
|
|
|
|
1.44%
|
|
|
|
1.05%
|
|
|
|
0.03%
|
|
|
|
|
**
|
|
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 0.25%.
|
|
(d)
|
|
The
Total Return, Ratio of Expenses to Average Net Assets and Ratio
of Net Investment Income/Loss to Average Net Assets reflect
actual 12b-1 fees of less than 0.25% (See footnote 4).
|
|
(e)
|
|
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,
2009 (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 (GAAP) 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.
In June 2009, the Financial Accounting Standards Board (FASB)
established the FASB Accounting Standards
Codification
tm
(ASC) as the single source of authoritative accounting
principles recognized by the FASB in the preparation of
financial statements in conformity with GAAP. The ASC supersedes
existing non-grandfathered, non-SEC accounting and reporting
standards. The ASC did not change GAAP but rather organized it
into a hierarchy where all guidance within the ASC carries an
equal level of authority. The ASC became effective for financial
statements issued for interim and annual periods ending after
September 15, 2009. The Fund appropriately updated relevant
GAAP references to reflect the new ASC.
A. Security Valuation
Investments are
valued at amortized cost, which approximates fair value. Under
this valuation method, a portfolio instrument is valued at cost,
any discount is accreted and any premium is amortized on a
straight-line basis to the maturity of the instrument.
B. Fair Value Measurements
FASB ASC 820,
Fair Value Measurements and Disclosures
(ASC 820)
(formerly known as FAS 157), defines fair value 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. ASC 820 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.)
|
14
Van Kampen
Tax Free Money Fund
Notes
to Financial
Statements
n
December 31,
2009 (Unaudited)
continued
|
|
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.
C. 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.
D. 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. 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. Generally, each of the tax
years in the four year period ended June 30, 2009, 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. At
June 30, 2009, the Fund had an accumulated capital loss
carry forward for tax purposes of $14,956, which will expire
according to the following schedule:
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
Expiration
|
|
$
|
4,652
|
|
|
|
|
|
June 30, 2012
|
|
|
101
|
|
|
|
|
|
June 30, 2013
|
|
|
10,203
|
|
|
|
|
|
June 30, 2017
|
|
E. 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.
The tax character of distributions paid during the year ended
June 30, 2009 was as follows:
|
|
|
|
|
Distributions paid from:
|
|
|
|
|
Ordinary income
|
|
$
|
1,524
|
|
Tax-exempt income
|
|
|
264,817
|
|
|
|
|
|
|
|
|
$
|
266,341
|
|
|
|
|
|
|
15
Van Kampen
Tax Free Money Fund
Notes
to Financial
Statements
n
December 31,
2009 (Unaudited)
continued
As of June 30, 2009, the components of distributable
earnings on a tax basis were as follows:
|
|
|
|
|
Undistributed tax-exempt income
|
|
$
|
82,277
|
|
F. Reporting Subsequent
Events
Management has evaluated the impact of any
subsequent events through February 19, 2010, the date the
financial statements were effectively issued. Management has
determined that there are no material events or transactions
that would affect the Funds financial statements or
require disclosure in the Funds financial statements
through this date.
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
|
|
|
0.450%
|
|
Next $250 million
|
|
|
0.375%
|
|
Next $250 million
|
|
|
0.325%
|
|
Next $500 million
|
|
|
0.300%
|
|
Next $500 million
|
|
|
0.275%
|
|
Next $500 million
|
|
|
0.250%
|
|
Next $500 million
|
|
|
0.225%
|
|
Next $12 billion
|
|
|
0.200%
|
|
Over $15 billion
|
|
|
0.199%
|
|
The Funds Adviser is currently waiving or reimbursing all
or a portion of the Funds advisory fees or other expenses.
This resulted in a net expense ratio of 0.23%. The fee waivers
or expense reimbursements are voluntary and can be discontinued
at any time. For the six months ended December 31, 2009,
the Adviser waived or reimbursed approximately $136,500 of
advisory fees or other expenses.
For the six months ended December 31, 2009, the Fund
recognized expenses of approximately $3,700 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, 2009, the Fund recognized expenses of
approximately $14,400 representing Van Kampen Investments
Inc.s or its affiliates (collectively
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.
16
Van Kampen
Tax Free Money Fund
Notes
to Financial
Statements
n
December 31,
2009 (Unaudited)
continued
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, 2009, the Fund
recognized expenses of approximately $6,400 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 $123,100
are included in Other assets on the Statement of
Assets and Liabilities at December 31, 2009.
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, 2009 and the year
ended June 30, 2009, transactions were as follows:
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
Year Ended
|
|
|
December 31,
2009
|
|
June 30,
2009
|
|
Beginning Shares
|
|
|
30,010,260
|
|
|
|
20,369,625
|
|
|
|
|
|
|
|
|
|
|
Shares Sold
|
|
|
9,007,134
|
|
|
|
68,242,780
|
|
Shares Issued Through Dividend Reinvestment
|
|
|
1,238
|
|
|
|
125,071
|
|
Shares Repurchased
|
|
|
(12,675,441
|
)
|
|
|
(58,727,216
|
)
|
|
|
|
|
|
|
|
|
|
Net Change in Shares Outstanding
|
|
|
(3,667,069
|
)
|
|
|
9,640,635
|
|
|
|
|
|
|
|
|
|
|
Ending Shares
|
|
|
26,343,191
|
|
|
|
30,010,260
|
|
|
|
|
|
|
|
|
|
|
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 0.25% of average daily net assets. These
fees are accrued daily and paid to the Distributor monthly. The
Distributor is currently waiving a portion of the distribution
and service fees. For the six months ended December 31,
2009, the Distributor waived $31,650 of distribution and service
fees. Due to the voluntary waiver, the aggregate distribution
and service fees are less than 0.01%. This waiver is voluntary
in nature and can be discontinued at any time.
17
Van Kampen
Tax Free Money Fund
Notes
to Financial
Statements
n
December 31,
2009 (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.
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 believed that participation in the
Program would provide an added level of assurance for its
shareholders. The Program provided 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
held by an investor after the close of business on
September 19, 2008, would not have been guaranteed. If a
customer closed
his/her
account with the Fund or broker-dealer, any future investment in
the Fund would not have been guaranteed. If the number of shares
an investor held fluctuated over the period, the investor would
have been covered for either the number of shares held as of the
close of business on September 19, 2008, or the current
amount, whichever was less. The Program had originally been set
to expire on December 18, 2008, but was extended by the
Treasury Department and officially expired on September 18,
2009. For the six months ended December 31, 2009, the
expense of the Program, amounting to $1,837, was borne by the
Fund and amortized on a straight line basis over the term of the
Programs coverage.
7. Significant
Events
On October 19, 2009, Morgan Stanley, the parent company of
Van Kampen Investments Inc., announced that it has reached
a definitive agreement to sell substantially all of its retail
asset management business to Invesco Ltd. (the
Transaction). The Transaction includes a sale of the
part of the asset management business that advises funds,
including the Van Kampen family of funds. The Transaction
is subject to certain approvals and other conditions, and is
currently expected to close in mid-2010.
On December 8, 2009, management of the Fund and management
of Invesco Ltd. proposed a reorganization (the
Reorganization) of the Fund into the AIM Tax-Exempt
Cash Fund (the Acquiring Fund), a fund advised by
affiliates of Invesco Ltd. with substantially the same
investment objective and principal investment strategy as the
Fund. The Board of Trustees of the Fund has approved the
proposed Reorganization and the proposed Reorganization will be
presented to shareholders of the Fund for approval at a special
meeting of shareholders. If the proposed Reorganization is
approved, shareholders of the Fund will receive shares of the
Acquiring Fund in exchange for their shares of the Fund. Upon
completion of the Reorganization, the Fund will dissolve
pursuant to a plan of dissolution adopted by the Board of
Trustees.
8. Accounting
Pronouncement
On January 21, 2010, the FASB issued an Accounting
Standards Update,
Fair Value Measurements and Disclosures
(Topic 820): Improving Disclosures about Fair Value
Measurements,
which provides guidance on how investment
assets and liabilities are to be valued and disclosed.
Specifically, the amendment requires reporting entities to
disclose i) the input and valuation techniques used to
measure fair value for both recurring and nonrecurring fair
value
18
Van Kampen
Tax Free Money Fund
Notes
to Financial
Statements
n
December 31,
2009 (Unaudited)
continued
measurements, for Level 2 or
Level 3 positions ii) transfers between all levels
(including Level 1 and Level 2) will be required to be
disclosed on a gross basis (i.e. transfers out must be disclosed
separately from transfers in) as well as the reason(s) for the
transfer and iii) purchases, sales, issuances and
settlements must be shown on a gross basis in the Level 3
rollforward rather than as one net number. The effective date of
the amendment is for interim and annual periods beginning after
December 15, 2009. However, the requirement to provide the
Level 3 activity for purchases, sales, issuances and
settlements on a gross basis will be effective for interim and
annual periods beginning after December 15, 2010. At this
time, management is evaluating the implications of the amendment
to ASC 820 and the impact it will have on financial
statement disclosures.
19
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
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
155 North 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.
|
20
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
(Policy) annually.
This Policy applies
to current and former individual clients of Van Kampen
Funds Inc., and Van Kampen Investor Services Inc., as well
as current and former individual investors in Van Kampen
mutual funds 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. 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,
from our websites and from third parties and other sources. For
example:
|
|
|
|
|
|
We collect
information such as your name, address,
e-mail
address, telephone/fax numbers, assets, income and investment
objectives through application forms you submit to us.
|
|
(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 about you 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 about you to the particular purpose for
which it was shared and they are not allowed to share personal
information about you with others except to fulfill that limited
purpose or as may be required by law.
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
about you, and we require them to adhere to confidentiality
standards with respect to such information.
4. How Can
You Limit Our Sharing Of Certain Personal Information About You
With Our Affiliated Companies For Eligibility
Determination?
We respect your
privacy and offer you choices as to whether we share with our
affiliated companies personal information that was collected to
determine your eligibility for products and services such as
credit reports and other information that you have provided to
us or that we may obtain from third parties (eligibility
information). Please note that, even if you direct us not
to share certain eligibility information with our affiliated
companies, we may still share your personal information,
including eligibility information, with those companies under
circumstances that are permitted 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 Personal Information About You by
our Affiliated Companies for
Marketing?
You may limit our
affiliated companies from using certain personal information
about you that we may share with them for marketing their
products or services to you. This information includes our
transactions and other experiences with you such as your
(continued
on next page)
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S. Privacy Policy
continued
assets and account
history. Please note that, even if you choose to limit our
affiliated companies from using certain personal information
about you that we may share with them for marketing their
products and services to you, we may still share such personal
information about you with them, including our transactions and
experiences with you, for other purposes as permitted under
applicable law.
6. How Can
You Send Us an Opt-Out
Instruction?
If you wish to limit
our sharing of certain personal information about you with our
affiliated companies for eligibility purposes and
for our affiliated companies use in marketing products and
services to you as described in this notice, you may do so by:
|
|
|
|
|
|
Calling us at
(800) 847-2424
Monday-Friday between 8 a.m. and 8 p.m. (EST)
|
|
|
|
|
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. Once you have informed us about your privacy
preferences, your opt-out preference will remain in effect with
respect to this Policy (as it may be amended) until you notify
us otherwise. If you are a joint account owner, we will accept
instructions from any one of you and apply those instructions to
the entire account. Please allow approximately 30 days from
our receipt of your opt-out for your instructions to become
effective.
Please understand
that if you opt-out, you and any joint account holders may not
receive certain Van Kampen or our affiliated
companies products and services that could help you manage
your financial resources and achieve your investment objectives.
If you have more
than one account with us or our affiliates, 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.
(continued
on back)
Van
Kampen Tax Free Money Fund
An Important Notice Concerning Our
U.S. Privacy Policy
continued
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).
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
©
2010
Van Kampen Funds Inc.
All
rights reserved. Member FINRA/SIPC
188
TFMMSAN
02/10
IU10-00750P-Y12/09
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.
(Registrant) Van Kampen Tax Free Money Fund
|
|
|
|
|
By:
Name:
|
|
/s/ Edward C. Wood III
Edward C. Wood III
|
|
|
Title:
|
|
Principal Executive Officer
|
|
|
Date:
|
|
February 18, 2010
|
|
|
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.
|
|
|
|
|
By:
Name:
|
|
/s/ Edward C. Wood III
Edward C. Wood III
|
|
|
Title:
|
|
Principal Executive Officer
|
|
|
Date:
|
|
February 18, 2010
|
|
|
|
|
|
|
|
By:
Name:
|
|
/s/ Stuart N. Schuldt
Stuart N. Schuldt
|
|
|
Title:
|
|
Principal Financial Officer
|
|
|
Date:
|
|
February 18, 2010
|
|
|
Van Kampen Tax Free Money (NASDAQ:VTFXX)
Graphique Historique de l'Action
De Août 2024 à Sept 2024
Van Kampen Tax Free Money (NASDAQ:VTFXX)
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De Sept 2023 à Sept 2024