VAN KAMPEN TAX EXEMPT TRUST, 497, 1999-09-30

VAN KAMPEN TAX EXEMPT TRUST
497, 1999-09-30

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                      VAN KAMPEN HIGH YIELD MUNICIPAL FUND

                                A SERIES OF THE
                          VAN KAMPEN TAX EXEMPT TRUST

                   SUPPLEMENT DATED SEPTEMBER 30, 1999 TO THE
                        PROSPECTUS DATED MARCH 30, 1999
        AS PREVIOUSLY SUPPLEMENTED ON MAY 3, 1999 AND SEPTEMBER 7, 1999

    The section of the Prospectus entitled "PURCHASE OF SHARES" is supplemented
with the following:

    In order to facilitate the management of the Fund's portfolio, effective the
close of business on September 30, 1999, Van Kampen High Yield Municipal Fund is
suspending the continuous offering of its shares to new investors. As market
conditions permit, the Fund may reopen sales of the Fund's shares to new
investors. Any such offerings of the Fund may be limited in amount and may
commence and terminate without any prior notice.