VAN KAMPEN FOCUS PORTFOLIOS SERIES 230, 497, 2000-06-07

VAN KAMPEN FOCUS PORTFOLIOS SERIES 230
497, 2000-06-07

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Van Kampen
Focus Portfolios(SM)
A Division of Van Kampen Funds Inc.

The Dow 30SM Index Trust
Series 10

Morgan Stanley Euro-Technology
20 IndexSM Trust
Series 4A
Series 4B

Morgan Stanley U.S. Multinational
IndexSM Trust
Series 4A
Series 4B

Software Trust
Series 4A
Series 4B

--------------------------------------------------------------------------------

Van Kampen Focus Portfolios, Series 230 includes the unit investment trusts
described above (the "Trusts"). Each Trust seeks to increase the value of your
investment by investing in a diversified portfolio of stocks. With the exception
of the Dow 30SM Index Trust, we offer each portfolio in two separate Trusts with
different maturity options. Series A Trusts terminate in 15 months for investors
with shorter investment horizons. Series B Trusts terminate in five years for
investors with longer investment horizons. Of course, we cannot guarantee that a
Trust will achieve its objective.

June 6, 2000

You should read this prospectus
and retain it for future reference.

--------------------------------------------------------------------------------

The Securities and Exchange Commission has not approved or disapproved of the
Units or passed upon the adequacy or accuracy of this prospectus. Any contrary
representation is a criminal offense.

Summary of Essential Financial Information
June 6, 2000

The Dow 30SM
Series A Series B Index
Public Offering Price Trusts Trusts Trust
------------ ------------ ------------
<S> <C> <C> <C>
Aggregate value of Securities per Unit (1) $ 9.900 $ 9.900 $ 9.900
Sales charge 0.295 0.450 0.450
Less deferred sales charge 0.195 0.350 0.350
Public offering price per Unit (2) $ 10.000 $ 10.000 $ 10.000
</TABLE>

General Information
Initial Date of Deposit June 6, 2000
Series A Mandatory Termination Date September 4, 2001
Series B Mandatory Termination Date June 7, 2005
Record Date - Series A Trusts March 10, 2001
Distribution Date - Series A Trusts March 25, 2001
Record Dates - Series B Trusts (4) June 10 and December 10
Distribution Dates - Series B Trusts (4) June 25 and December 25
Record Dates - Dow 30SM Index Trust (4) Tenth day of March
June, September and December
Distribution Dates - Dow 30SM Index Trust (4) Twenty-fifth day of March
June, September and December
<TABLE>
<CAPTION>

Trust Information
Estimated Estimated Estimated
Aggregate Initial Annual Redemption Organizational
Initial Value of Distribution Dividends Price per Costs per
Trust Units (3) Securities (1) per Unit (4)(5) per Unit (4) Unit (6) Unit (1)
------------ -------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Dow 30SM Index Trust 14,950 $ 148,004 $ .11 $ .15200 $ 9.55 $ .02699
Euro-Technology Series A 14,945 $ 147,952 $ .01 $ .03075 $ 9.69 $ .02111
Euro-Technology Series B 14,945 $ 147,952 $ .01 $ .03075 $ 9.54 $ .01967
Multinational Series A 15,023 $ 148,719 $ .07 $ .10455 $ 9.70 $ .02406
Multinational Series B 15,023 $ 148,719 $ .07 $ .10455 $ 9.55 $ .02390
Software Series A 14,981 $ 148,310 N/A N/A $ 9.70 $ .00654
Software Series B 14,981 $ 148,310 N/A N/A $ 9.55 $ .00652
</TABLE>

--------------------------------------------------------------------------------

(1) Each Security is valued at the most recent closing sale price as of the
close of the New York Stock Exchange on the last business day before the
Initial Date of Deposit. You will bear all or a portion of the expenses
incurred in organizing and offering your Trust. The public offering price
includes the estimated amount of these costs. The Trustee will deduct these
expenses from your Trust at the end of the initial offering period
(approximately three months). The estimated amount for each Trust is
described above and is included in the "Estimated Costs Over Time" on the
next page.

(2) The public offering price will include any accumulated dividends or cash in
the Income or Capital Accounts of a Trust.

(3) At the close of the New York Stock Exchange on the Initial Date of Deposit,
the number of Units may be adjusted so that the public offering price per
Unit equals $10. The number of Units and fractional interest of each Unit
in a Trust will increase or decrease to the extent of any adjustment.

(4) The initial Record Date for the Series B Trusts and the Dow 30SM Index
Trust is March 10, 2001 and the initial Distribution Date for such Trusts
is March 25, 2001. Thereafter the record and distribution dates for the
Trusts will occur on the dates shown above.

(5) This estimate is based on the most recently declared quarterly dividends or
interim and final dividends accounting for any foreign withholding taxes.
Actual dividends may vary due to a variety of factors. See "Risk Factors".

(6) The redemption price is reduced by any remaining deferred sales charge. See
"Rights of Unitholders--Redemption of Units". The redemption price includes
the estimated organizational and offering costs. The redemption price will
not include these costs after the initial offering period.

Fee Table

Dow 30SM
Series A Series B Index
Trusts Trusts Trust
-----------------------------------------------
Transaction Fees (as % of offering price)
<S> <C> <C> <C>
Initial sales charge (1)......................................... 1.00% 1.00% 1.00%
Deferred sales charge (2)........................................ 1.95% 3.50% 3.50%
-----------------------------------------------

Maximum sales charge............................................. 2.95% 4.50% 4.50%
===============================================

Maximum sales charge on reinvested dividends..................... 0.00% 0.00% 0.00%
===============================================

</TABLE>
<TABLE>
<CAPTION>

Trustee's Fee Supervisory Estimated
and Operating and Evaluation Annual Expenses
Estimated Annual Expenses per Unit Expenses Fees per Unit
-------------- ------------- ------------
<S> <C> <C> <C>
Dow 30SM Index Trust.............................. $ 0.01801 $ 0.00500 $ 0.02301
Euro-Technology Series A.......................... $ 0.04389 $ 0.00500 $ 0.04889
Euro-Technology Series B.......................... $ 0.04533 $ 0.00500 $ 0.05033
Multinational Series A............................ $ 0.01095 $ 0.00500 $ 0.01595
Multinational Series B............................ $ 0.01239 $ 0.00500 $ 0.01739
Software Series A................................. $ 0.00906 $ 0.00500 $ 0.01406
Software Series B................................. $ 0.00933 $ 0.00500 $ 0.01433
</TABLE>
<TABLE>
<CAPTION>

Estimated Costs Over Time (3) One Year Three Years Five Years Ten Years
-------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Dow 30SM Index Trust.............................. $ 50 $ 54 $ 60 N/A
Euro-Technology Series A.......................... $ 37 $ 91 N/A N/A
Euro-Technology Series B.......................... $ 52 $ 62 $ 74 N/A
Multinational Series A............................ $ 34 $ 82 N/A N/A
Multinational Series B............................ $ 49 $ 53 $ 57 N/A
Software Series A................................. $ 32 $ 77 N/A N/A
Software Series B................................. $ 47 $ 50 $ 54 N/A
</TABLE>

This fee table is intended to assist you in understanding the costs that you
will bear and to present a comparison of fees. The "Estimated Costs Over Time"
example illustrates the expenses you would pay on a $1,000 investment assuming a
5% annual return and redemption at the end of each period. This example assumes
that you reinvest all distributions at the end of each year. The Series A Trust
examples assume that you reinvest your investment in a new trust at the end of
each 15-month period. Of course, you should not consider this example a
representation of actual past or future expenses or annual rate of return which
may differ from those assumed for this example. The sales charge and expenses
are described under "Public Offering" and "Trust Operating Expenses".

--------------------------------------------------------------------------------

(1) The initial sales charge is the difference between the maximum sales charge
and the deferred sales charge.

(2) The deferred sales charge for Series A Trusts is actually equal to $0.195
per Unit. The deferred sales charge for Series B Trusts and The Dow 30SM
Index Trust is actually equal to $0.35 per Unit. These amounts will exceed
the percentages above if the public offering price per Unit falls below $10
and will be less than the percentage above if the public offering price per
Unit exceeds $10. The deferred sales charge accrues daily from September
10, 2000 through February 9, 2001. Your Trust pays a proportionate amount
of this charge on the 10th day of each month beginning in the accrual
period until paid in full.

(3) These examples include the estimated expenses incurred in establishing and
offering your Trust. The amount of these expenses is described on the
preceding page.

The Dow 30SM Index Trust

The Trust seeks to increase the value of your Units over time and provide
dividend income by investing in a portfolio of common stocks of the companies in
the Dow Jones Industrial AverageSM. These stocks are some of the most
widely-held and well-capitalized companies in the world. We believe that The Dow
30SM stocks have historically provided a consistent and more conservative source
of dividend income and capital appreciation than many other types of equity
securities.

o Portfolio of "blue chip" stocks

o Cross section of American industrial companies

o May help outpace inflation

The Trust initially includes a portfolio that replicates the Dow Jones
Industrial AverageSM except to the extent necessary to comply with applicable
regulatory requirements. During the Trust's life, we will change the portfolio
to reflect any change in the component stocks in The DowSM. We will not change
the portfolio to reflect any change in the weightings of the components within
The DowSM during the Trust's life. However, the Dow Jones Industrial AverageSM
has always been based on one share of each component stock. Due to regulatory
restrictions, the Trust may not be permitted to replicate the index weighting of
certain issuers in the securities industry.

As with any investment, we cannot guarantee that the Trust will achieve its
objective. The value of your Units may fall below the price you paid for the
Units. The performance of the Trust will differ from the performance of The
DowSM because the Trust includes expenses and a sales charge. You should read
the "Risk Factors" section before you invest.

The Dow Jones Industrial AverageSM. Charles H. Dow first unveiled his
industrial stock average on May 26, 1896. Dow Jones & Company, Inc. first
published the Dow Jones Industrial AverageSM in The Wall Street Journal on
October 7, 1896. Initially consisting of just 12 stocks, The DowSM expanded to
20 stocks in 1916 and its present size of 30 stocks on October 1, 1928. The most
recent change to The DowSM occurred November 1, 1999, when Dow Jones replaced
four companies in the index. The companies included in The DowSM have remained
relatively constant over time.

The DowSM stocks are all major factors in their industries and are widely
held by individuals and institutions. The stocks represent about one-fifth of
the market value of all U.S. stocks. The DowSM stocks currently trade on the New
York Stock Exchange and the Nasdaq Stock Market, Inc. The value of The DowSM at
the beginning of 1930 was 248.48.

The editors of The Wall Street Journal select the components of The DowSM.
The editors have traditionally considered all companies that are not in the
transportation or utilities sectors for inclusion in the index. In choosing a
new component, the editors look among substantial industrial companies with a
history of successful growth and wide interest among investors. They believe
that stability of composition enhances the index. Whenever the editors change
one stock, they typically review the other stocks. Of course, we cannot
guarantee that they will follow this process or consider these factors in the
future.

"Dow JonesSM", "Dow Jones Industrial AverageSM", "The Dow 30SM", "The DowSM"
and "DJIASM" are proprietary to and service marks of Dow Jones & Company, Inc.
and have been licensed for use for certain purposes by the Trust. The Trust is
not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes no
representation regarding the advisability of investing in the Trust.

Portfolio
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- -------------
<S> <C> <C> <C> <C>
78 Alcoa, Inc. $ 61.063 1.64% $ 4,762.88
78 American Express Company 55.625 0.58 4,338.75
78 AT&T Corporation 36.125 2.44 2,817.75
78 Boeing Company 38.938 1.44 3,037.13
78 Caterpillar, Inc. 40.000 3.25 3,120.00
78 Citigroup, Inc. 66.438 0.96 5,182.13
78 Coca-Cola Company 52.188 1.30 4,070.63
78 DuPont (E.I.) de Nemours and Company 49.688 2.82 3,875.63
78 Eastman Kodak Company 59.500 2.96 4,641.00
78 Exxon Mobil Corporation 79.313 2.22 6,186.38
78 General Electric Company 51.438 1.06 4,012.13
78 General Motors Corporation 70.313 2.84 5,484.38
78 Hewlett-Packard Company 120.313 0.53 9,384.38
78 Home Depot, Inc. 52.375 0.31 4,085.25
78 Honeywell International, Inc. 56.750 1.32 4,426.50
78 Intel Corporation 132.563 0.06 10,339.88
78 International Business Machines Corporation 112.438 0.46 8,770.13
78 International Paper Company 35.063 2.85 2,734.88
53 J.P. Morgan & Company, Inc. 137.125 2.92 7,267.63
78 Johnson & Johnson 84.000 1.52 6,552.00
78 McDonald's Corporation 35.500 0.55 2,769.00
78 Merck & Company, Inc. 69.188 1.68 5,396.63
78 Microsoft Corporation 66.875 0.00 5,216.25
78 Minnesota Mining and Manufacturing Company 85.063 2.73 6,634.88
78 Philip Morris Companies, Inc. 25.500 7.53 1,989.00
78 Procter & Gamble Company 62.938 2.03 4,909.13
78 SBC Communications, Inc. 44.438 2.28 3,466.13
78 United Technologies Corporation 60.750 1.32 4,738.50
78 Wal-Mart Stores, Inc. 59.313 0.40 4,626.38
78 Walt Disney Company 40.625 0.52 3,168.75
---------- ------------
2,315 $ 148,004.09
========== ============

</TABLE>

See "Notes to Portfolios".

Morgan Stanley Euro-Technology 20 Indexsm Trusts

Each Trust seeks to provide capital appreciation through an investment in a
fixed portfolio of the stocks included in the Morgan Stanley EuroTec Indexsm on
the Initial Date of Deposit. In creating the index, Morgan Stanley sought to
design a European benchmark that provides broad industry representation of
equally-weighted, highly liquid, pure technology companies that is rebalanced
annually. The index is the exclusive property and is a service mark of Morgan
Stanley. We believe that the Trusts offer a unique opportunity to increase your
exposure to a strong foreign sector. The technological revolution has been under
way in America for some time, but Europe is just beginning to benefit from many
of these technological trends. Wireless phones, Internet usage, and computers
are beginning to change the way Europeans live and work in much the same was as
they appear to be changing the way Americans live and work. Consider these
factors:

o The European Information Observatory (EITO) estimates that half of the
European Union's population will be Internet users by 2003 compared to
20% as of December 31, 1999. EITO also believes that web firms could
contribute up to 80% of the European Union's gross domestic product.

o The European personal computer market sold 30 million units last year
and is expanding at an annual rate of more than 20%. In Germany, 45%
of adults have access to a personal computer at home, but fewer than
40% do in Britain, and barely 30% in Italy and France. (Source:
Fortune Magazine 2/21/2000).

o The three largest European mobile communications developers (Nokia,
Siemens, and Ericsson) are now cooperating on the third generation of
mobile phones. Current mobile communications are generally limited to
a data transmission speed of 28.8 kilobits per second. Third
generation phones will generally be able to send and receive data at
broadband speed. (Source: Fortune Magazine 1/24/2000).

o One quarter of Western Europeans now have access to the Internet and
5% of those have made online purchases, according to a new report
called "European Internet and eCommerce: Ready for 2000?" (Source: IDC
Research).

Morgan Stanley set the beginning index value to 200 as of the close of
trading on June 21, 1996. The index includes 20 European electronics-based
technology companies representing a wide range of technology industry segments.
These segments include Computer Services, Computer Software, Enterprise
Software, Technical Software, Electronics, Telecommunications Equipment,
Semiconductors, Semiconductor Capital Equipment, and Diversied Technology
Conglomerates. The index attempts to include bellwether stocks that provide a
balanced representation of these sub-industries within the European market. The
index includes only electronics-based technology companies and excludes
biotechnology, medical, test and instrumentation companies. The index currently
includes five United Kingdom, five French, four Dutch, two German, two Swedish
and two Finnish companies.

There is no assurance that the trends discussed above will continue or that
expectations will actually occur. Your investment could be negatively impacted
if these trends do not continue or if current expectations are not realized.
Stocks of technology companies often experience above-average price volatility
and speculative trading. No one can guarantee that a Trust will achieve its
objective. The value of your Units may fall below the price you paid for the
Units. You should read the "Risk Factors" section before you invest.

Two Maturity Options. Because different investors have different investment
horizons, we offer two portfolios with different maturities that invest in the
same companies. You should consider Series A if you intend to hold your
investment for 15 months or less. You should consider Series B if you intend to
hold your investment for approximately five years. In either case, you should
consider the impact of price volatility when selecting the appropriate Series.
While Series A and Series B invest in the same companies, they are separate
portfolios and have different sales charges and expenses. As a result, the
performance and exact composition of each Trust may differ.

</TABLE>

See "Notes to Portfolios".

</TABLE>

See "Notes to Portfolios".

Morgan Stanley U.S. Multinational IndexSM Trusts

Each Trust seeks to provide capital appreciation through an investment in a
portfolio of the stocks included in the Morgan Stanley Multinational IndexSM on
the Initial Date of Deposit. The Morgan Stanley Multinational IndexSM consists
of 50 of the largest U.S.-based companies often referred to as the "New Nifty
Fifty". These multinational "blue-chip" companies are some of the most highly
respected and recognized companies in the world. The Morgan Stanley Research
Group designed the index to measure the performance of companies that derive a
significant portion of their activity from foreign operations. The companies in
the index have historically shared characteristics such as:

o Market leaders

o Strong financial strength

o Diversified businesses

o Strong cash flow

o Steady earnings growth

o Potential to take advantage of worldwide growth

The stocks in the index made up over 43% of the weighting of the Standard and
Poor's 500 Index as of December 31, 1999. On December 31, 1999, the combined
market capitalization of the companies in the index was approximately $5.1
trillion while the average market capitalization of the companies was
approximately $102.3 billion. Morgan Stanley developed this
capitalization-weighted index with a base value of 200 as of December 31, 1991.
Options on the index trade on the Chicago Board Options Exchange under the
symbol "NFT". The index includes 15 of the 20 largest U.S.-based companies.

The index is the exclusive property and is a service mark of Morgan Stanley.
We will not rebalance the Trust portfolios annually. Changes in the index will
not necessarily result in changes in the portfolios. However, we may offer
additional portfolios each year that include the current index components and
weightings. As with any investment, we cannot guarantee that your Trust will
achieve its objective. The value of your Units may fall below the price you paid
for the Units. You should read the "Risk Factors" Section before you invest.

Series A Portfolio
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Basic Materials
28 Du Pont (E.I.) de Nemours and Company $ 49.688 2.82% $ 1,391.25
Capital Goods
23 Boeing Company 38.938 1.44 895.56
268 General Electric Company 51.438 1.06 13,785.25
11 Minnesota Mining and Manufacturing
Company 85.063 2.73 935.69
3 46 Tyco International, Limited 47.250 0.11 2,173.50
Communciation Services
86 AT&T Corporation 36.125 2.44 3,106.75
Consumer Cyclicals
8 NIKE, Inc. 44.188 1.09 353.50
Consumer Staples
8 Bestfoods 62.750 1.69 502.00
12 Campbell Soup Company 31.125 2.89 373.50
67 Coca-Cola Company 52.188 1.30 3,496.56
17 ConAgra, Inc. 21.938 3.71 372.94
10 General Mills, Inc. 38.750 2.84 387.50
29 Gillette Company 34.813 1.87 1,009.56
10 H.J. Heinz Company 36.938 3.98 369.38
12 Kellog Company 29.438 3.33 353.25
37 McDonald's Corporation 35.500 0.55 1,313.50
39 PepsiCo, Inc. 39.500 1.42 1,540.50
64 Philip Morris Companies, Inc. 25.500 7.53 1,632.00
36 Procter & Gamble Company 62.938 2.03 2,265.75
24 Sara Lee Corporation 17.063 3.16 409.50
56 Walt Disney Company 40.625 0.52 2,275.00
Energy
+ 102 BP Amoco Plc 56.250 2.13 5,737.50
94 Exxon Mobil Corporation 79.313 2.22 7,455.38
Financials
36 American Express Company 55.625 0.58 2,002.50
46 Bank of America Corporation 59.313 3.37 2,728.38
91 Citigroup, Inc. 66.438 0.96 6,045.81
Health Care
42 Abbott Laboratories 39.750 1.91 1,669.50
36 American Home Products Corporation 52.500 1.75 1,890.00
10 Becton, Dickinson and Company 29.000 1.28 290.00
54 Bristol-Myers Squibb Company 51.375 1.91 2,774.25
30 Eli Lilly and Company 72.438 1.44 2,173.13
38 Johnson & Johnson 84.000 1.52 3,192.00
33 Medtronic, Inc. 49.625 0.32 1,637.63
64 Merck & Company, Inc. 69.188 1.68 4,428.00
105 Pfizer, Inc. 42.875 0.84 4,501.88
40 Schering-Plough Corporation 44.375 1.26 1,775.00

</TABLE>
<TABLE>
<CAPTION>

Series A Portfolio (continued)
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Technology
62 America Online, Inc. $ 55.250 0.00% $ 3,425.50
17 Automatic Data Processing, Inc. 57.125 0.61 971.13
183 Cisco Systems, Inc. 63.313 0.00 11,586.19
9 Eastman Kodak Company 59.500 2.96 535.50
13 Electronic Data Systems Corporation 66.063 0.91 858.81
27 Hewlett-Packard Company 120.313 0.53 3,248.44
91 Intel Corporation 132.625 0.06 12,068.88
49 International Business Machines
Corporation 112.438 0.46 5,509.44
141 Microsoft Corporation 66.875 0.00 9,429.38
57 Motorola, Inc. 37.875 0.42 2,158.88
77 Oracle Corporation 80.938 0.00 6,232.19
44 Texas Instruments, Inc. 84.125 0.10 3,701.50
18 Xerox Corporation 27.563 2.90 496.13
Utilities
19 Enron Corporation 66.000 0.76 1,254.00
---------- ------------
2,519 $ 148,719.37
========== ============

</TABLE>

See "Notes to Portfolios".

Series B Portfolio
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Basic Materials
28 Du Pont (E.I.) de Nemours and Company $ 49.688 2.82% $ 1,391.25
Capital Goods
23 Boeing Company 38.938 1.44 895.56
268 General Electric Company 51.438 1.06 13,785.25
11 Minnesota Mining and Manufacturing
Company 85.063 2.73 935.69
3 46 Tyco International, Limited 47.250 0.11 2,173.50
Communciation Services
86 AT&T Corporation 36.125 2.44 3,106.75
Consumer Cyclicals
8 NIKE, Inc. 44.188 1.09 353.50
Consumer Staples
8 Bestfoods 62.750 1.69 502.00
12 Campbell Soup Company 31.125 2.89 373.50
67 Coca-Cola Company 52.188 1.30 3,496.56
17 ConAgra, Inc. 21.938 3.71 372.94
10 General Mills, Inc. 38.750 2.84 387.50
29 Gillette Company 34.813 1.87 1,009.56
10 H.J. Heinz Company 36.938 3.98 369.38
12 Kellog Company 29.438 3.33 353.25
37 McDonald's Corporation 35.500 0.55 1,313.50
39 PepsiCo, Inc. 39.500 1.42 1,540.50
64 Philip Morris Companies, Inc. 25.500 7.53 1,632.00
36 Procter & Gamble Company 62.938 2.03 2,265.75
24 Sara Lee Corporation 17.063 3.16 409.50
56 Walt Disney Company 40.625 0.52 2,275.00
Energy
+ 102 BP Amoco Plc 56.250 2.13 5,737.50
94 Exxon Mobil Corporation 79.313 2.22 7,455.38
Financials
36 American Express Company 55.625 0.58 2,002.50
46 Bank of America Corporation 59.313 3.37 2,728.38
91 Citigroup, Inc. 66.438 0.96 6,045.81
Health Care
42 Abbott Laboratories 39.750 1.91 1,669.50
36 American Home Products Corporation 52.500 1.75 1,890.00
10 Becton, Dickinson and Company 29.000 1.28 290.00
54 Bristol-Myers Squibb Company 51.375 1.91 2,774.25
30 Eli Lilly and Company 72.438 1.44 2,173.13
38 Johnson & Johnson 84.000 1.52 3,192.00
33 Medtronic, Inc. 49.625 0.32 1,637.63
64 Merck & Company, Inc. 69.188 1.68 4,428.00
105 Pfizer, Inc. 42.875 0.84 4,501.88
40 Schering-Plough Corporation 44.375 1.26 1,775.00

</TABLE>
<TABLE>
<CAPTION>

Series B Portfolio (continued)
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Technology
62 America Online, Inc. $ 55.250 0.00% $ 3,425.50
17 Automatic Data Processing, Inc. 57.125 0.61 971.13
183 Cisco Systems, Inc. 63.313 0.00 11,586.19
9 Eastman Kodak Company 59.500 2.96 535.50
13 Electronic Data Systems Corporation 66.063 0.91 858.81
27 Hewlett-Packard Company 120.313 0.53 3,248.44
91 Intel Corporation 132.625 0.06 12,068.88
49 International Business Machines
Corporation 112.438 0.46 5,509.44
141 Microsoft Corporation 66.875 0.00 9,429.38
57 Motorola, Inc. 37.875 0.42 2,158.88
77 Oracle Corporation 80.938 0.00 6,232.19
44 Texas Instruments, Inc. 84.125 0.10 3,701.50
18 Xerox Corporation 27.563 2.90 496.13
Utilities
19 Enron Corporation 66.000 0.76 1,254.00
---------- ------------
2,519 $ 148,719.37
========== ============

</TABLE>

See "Notes to Portfolios".

Software Trusts

Each Trust seeks to provide capital appreciation through an investment in a
portfolio of common stocks of companies that provide software products and
services, such as networking, e-commerce, supply-chain, data storage, security
management and financial reporting. Computer software consists of the programs,
routines and symbolic languages that control the functioning of computer
hardware and direct its operations. In essence, software is the invisible coding
that creates what becomes visible in the form of the Internet, word processing,
databases, games and other computer programs. Software is used every time you
turn a computer on, when you browse the Internet or even when a plane takes off.
Software allows us to make our lives easier and more productive. As the Internet
and electronic commerce are devoloping, the need for software by consumers and
businesses is increasing rapidly.

Technology is changing the way people live. The new millennium may foster a
significant opportunity for software companies. Many businesses may be
restructuring their technology budgets to focus on investing in new technologies
such as productivity enhancing software applications following resolution of
Year 2000 issues. International Data Corporation expects software company
revenues to grow at a compounded annual rate of approximately 12% for the next
several years, surpassing $220 billion by 2002.

In addition, future growth could benefit software companies that enable or
make use of electronic commerce. According to Standard & Poor's Industry Survey,
with Internet use growing at a rate of 500,000 users per month, Forrester
Research, Inc. predicts that business transacted over the Internet could reach
more than $3.2 trillion by 2003, up from $43 billion in 1998. In 1997, the
fourth largest discretionary spending item per household was the category
including software according to The Statistical Abstract of the United States
1998. In addition, in his book Business @ the Speed of Thought, Bill Gates
stated that he believes that hardware has tended to become obsolete more quickly
than many software applications in the past.

Of course, no one can guarantee that the expectations discussed above will be
realized and they do not predict the performance of your investment. As with any
investment, we cannot guarantee that your Trust will achieve its objective. The
value of your Units may fall below the price you paid for the Units. You should
read the "Risk Factors" section before you invest.

Series A Portfolio
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Application Software
89 America Online, Inc. $ 55.250 0.00% $ 4,917.25
96 Gemstar International Group Ltd. 53.000 0.00 5,088.00
53 Macromedia, Inc. 97.188 0.00 5,150.94
73 Microsoft Corporation 66.875 0.00 4,881.88
55 Phone.com, Inc. 89.375 0.00 4,915.63
113 RealNetworks, Inc. 44.063 0.00 4,979.06
43 Redback Networks, Inc. 113.625 0.00 4,885.88
E-Commerce
62 Ariba, Inc. 80.625 0.00 4,998.75
70 Art Technology Group, Inc. 68.500 0.00 4,795.00
115 BEA Systems, Inc. 42.875 0.00 4,930.63
95 BroadVision, Inc. 51.875 0.00 4,928.13
38 i2 Technologies, Inc. 134.875 0.00 5,125.25
127 Vignette Corporation 41.000 0.00 5,207.00
38 Adobe Systems, Inc. 128.813 0.08 4,894.88
3 22 Check Point Software Technologies Ltd. 216.063 0.00 4,753.38
53 Comverse Technology, Inc. 94.000 0.00 4,982.00
74 EMC Coporation 67.813 0.00 5,018.13
38 Inktomi Corporation 128.250 0.00 4,873.50
51 Mercury Interactive Corporation 92.875 0.00 4,736.63
Enterprise Software
40 Micromuse, Inc. 126.250 0.00 5,050.00
61 Oracle Corporation 80.938 0.00 4,937.19
56 Rational Software Corporation 84.125 0.00 4,711.00
36 Siebel Systems, Inc. 131.813 0.00 4,745.25
57 Sun Microsystems, Inc. 88.188 0.00 5,026.69
28 VeriSign, Inc. 177.688 0.00 4,975.25
37 VERITAS Software Corporation 132.938 0.00 4,918.69
Special Situations
24 Juniper Networks, Inc. 214.875 0.00 5,157.00
+ 87 Nokia Oyj 57.063 0.29 4,964.44
77 Scientific-Atlanta, Inc. 64.250 0.06 4,947.25
50 Teradyne, Inc. 96.313 0.00 4,815.63
---------- ------------
1,858 $ 148,310.31
========== ============

</TABLE>

See "Notes to Portfolios".

Series B Portfolio
--------------------------------------------------------------------------------------------------------------
Current Cost of
Number Market Value Dividend Securities
of Shares Name of Issuer (1) per Share (2) Yield (3) to Trust (2)
---------- ----------------------------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
Application Software
89 America Online, Inc. $ 55.250 0.00% $ 4,917.25
96 Gemstar International Group Ltd. 53.000 0.00 5,088.00
53 Macromedia, Inc. 97.188 0.00 5,150.94
73 Microsoft Corporation 66.875 0.00 4,881.88
55 Phone.com, Inc. 89.375 0.00 4,915.63
113 RealNetworks, Inc. 44.063 0.00 4,979.06
43 Redback Networks, Inc. 113.625 0.00 4,885.88
E-Commerce
62 Ariba, Inc. 80.625 0.00 4,998.75
70 Art Technology Group, Inc. 68.500 0.00 4,795.00
115 BEA Systems, Inc. 42.875 0.00 4,930.63
95 BroadVision, Inc. 51.875 0.00 4,928.13
38 i2 Technologies, Inc. 134.875 0.00 5,125.25
127 Vignette Corporation 41.000 0.00 5,207.00
38 Adobe Systems, Inc. 128.813 0.08 4,894.88
3 22 Check Point Software Technologies Ltd. 216.063 0.00 4,753.38
53 Comverse Technology, Inc. 94.000 0.00 4,982.00
74 EMC Coporation 67.813 0.00 5,018.13
38 Inktomi Corporation 128.250 0.00 4,873.50
51 Mercury Interactive Corporation 92.875 0.00 4,736.63
Enterprise Software
40 Micromuse, Inc. 126.250 0.00 5,050.00
61 Oracle Corporation 80.938 0.00 4,937.19
56 Rational Software Corporation 84.125 0.00 4,711.00
36 Siebel Systems, Inc. 131.813 0.00 4,745.25
57 Sun Microsystems, Inc. 88.188 0.00 5,026.69
28 VeriSign, Inc. 177.688 0.00 4,975.25
37 VERITAS Software Corporation 132.938 0.00 4,918.69
Special Situations
24 Juniper Networks, Inc. 214.875 0.00 5,157.00
+ 87 Nokia Oyj 57.063 0.29 4,964.44
77 Scientific-Atlanta, Inc. 64.250 0.06 4,947.25
50 Teradyne, Inc. 96.313 0.00 4,815.63
---------- ------------
1,858 $ 148,310.31
========== ============

</TABLE>

See "Notes to Portfolios".

Notes to Portfolios

(1) The Securities are initially represented by "regular way" contracts for the
performance of which an irrevocable letter of credit has been deposited
with the Trustee. Contracts to acquire Securities were entered into on June
5, 2000 and have a settlement dates ranging from June 7, 2000 to June 30,
2000 (see "The Trusts").

(2) The market value of each Security is based on the most recent closing sale
price as of the close of the New York Stock Exchange on the day prior to
the Initial Date of Deposit. Other information regarding the Securities, as
of the Initial Date of Deposit, is as follows:

Profit
Cost to (Loss) To
Sponsor Sponsor
-------------- --------------
Dow 30SM Index Trust $148,009 $ (5)
Euro-Technology Series A $147,953 $ (1)
Euro-Technology Series B $147,953 $ (1)
Multinational Series A $148,719 $ --
Multinational Series B $148,719 $ --
Software Series A $148,306 $ 4
Software Series B $148,306 $ 4

"+" indicates that the stock is held in the form American Depositary Receipts or
similar receipts.

"3" indicates that the stock is a foreign stock traded on a U.S. securities
exchange.

(3) Current Dividend Yield for each Security is based on the estimated annual
dividends per share and the Security's market value as of the close of the
New York Stock Exchange on the business day prior to the Initial Date of
Deposit. Estimated annual dividends per share are calculated by annualizing
the most recently declared dividends or by adding the most recent interim
and final dividends declared and reflect any foreign withholding taxes.

The Securities. A brief description of each of the issuers of the Securities
is listed below.

The Dow 30 Index Trust

Alcoa, Inc. Alcoa, Inc. produces primary aluminum, fabricated aluminum, and
alumina, and participates in mining, refining, smelting, fabricating, and
recycling. The company serves customers worldwide primarily in the
transportation, packaging, building, and industrial markets with a wide variety
of fabricated and finished products.

American Express Company. American Express Company, through its
subsidiaries, provides travel related, financial advisory, and international
banking services around the world. The company's products include the American
Express Card, the Optima Card, and American Express Travelers Cheque.

AT&T Corporation. AT&T Corporation offers communication services and
products. The company provides voice, data, and video telecommunications
services to consumers, large and small businesses, and government entities. AT&T
and its subsidiaries furnish regional, domestic, international, and local
telecommunication services. The company also provides cellular telephone and
wireless services, as well as other services.

The Boeing Company. The Boeing Company, together with its subsidiaries,
develops, produces, and markets commercial jet aircraft, as well as provides
related support services to the commercial airline industry worldwide. The
company also researches, develops, produces, modifies, and supports information,
space, and defense systems, including military aircraft, helicopters, and space
and missile systems.

Caterpillar, Inc. Caterpillar, Inc. designs, manufactures, and markets
construction, mining, agricultural, and forestry machinery. The company also
manufactures engines and other related parts for its equipment. Caterpillar
distributes its products through a worldwide organization of dealers.

Citigroup, Inc. Citigroup, Inc. is a diversified financial services holding
company that provides a broad range of financial services to consumer and
corporate customers around the world. The company's services include investment
banking, retail brokerage, corporate banking, and cash management products and
services.

The Coca-Cola Company. The Coca-Cola Company manufactures, markets, and
distributes soft drink concentrates and syrups. The company also distributes and
markets juice and juice-drink products. Coca-Cola distributes its products under
brand names such as Coca-Cola, Minute Maid, and Sprite to retailers and
wholesalers in the United States and internationally.

Du Pont (E. I.) de Nemours and Company. Du Pont (E. I.) de Nemours and
Company is a global chemical and life sciences company, with businesses in
high-performance materials, specialty chemicals, pharmaceuticals, and
biotechnology. The company sells its products to the transportation, textile,
construction, automotive, agricultural, hybrid seeds, nutrition and health,
pharmaceuticals, packaging, and electronics markets.

Eastman Kodak Company. Eastman Kodak Company develops manufactures, and
markets consumer, professional, health, and other imaging products and services.
The company's imaging systems include films, photographic papers, processing
services, photographic chemicals, cameras, and projectors. Kodak also develops
digital camera systems which do not use silver halide film technology.

Exxon Mobil Corporation. Exxon Mobil Corporation operates petroleum and
petrochemicals businesses on a worldwide basis. The company's operations include
exploration and production of oil and gas, electric power generation, and coal
and minerals operations. Exxon Mobil also manufactures and markets fuels, lubes,
and chemicals.

General Electric Company. General Electric Company develops, manufactures,
and markets products for the generation, distribution, and utilization of
electricity. The company, through General Electric Capital Services, Inc. offers
a variety of financial services including mutual fund management, financing,
asset management, and insurance. General Electric also owns the National
Broadcasting Company.

General Motors Corporation. General Motors Corporation manufactures and
sells vehicles worldwide under the Chevrolet, Buick, Cadillac, Oldsmobile,
Pontiac, Saturn, and GMC names. The company also has financing and insurance
operations. In addition, General Motors produces products and provides services
in other industries such as satellite and wireless communications.

Hewlett-Packard Company. Hewlett-Packard Company provides imaging and
printing systems, computing systems, and information technology services for
business and home. The company's products include laser and inkjet printers,
scanners, copiers and faxes, personal computers, workstations, storage
solutions, and other computing and printing systems. Hewlett-Packard sells its
products worldwide.

Home Depot, Inc. Home Depot, Inc. sells building materials and home
improvement products. The company's stores sell plumbing, heating and electrical
supplies, lumber, floor and wall coverings, hardware, tools, paint, and lawn and
garden products. Home Depot operates in North and South America.

Honeywell International, Inc. Honeywell International, Inc. is a diversified
technology and manufacturing company with operations around the world. The
company provides aerospace products and services, control technologies,
automotive products, and power generation systems. Honeywell also provides
specialty chemicals, fibers, plastics, and electronic and advanced materials.

Intel Corporation. Intel Corporation designs, manufactures, and sells
computer components and related products. The company's major products include
microprocessors, chipsets, embedded processors and microcontrollers, flash
memory products, graphics products, network and communications products, systems
management software, conferencing products, and digital imaging products.

International Business Machines Corporation (IBM). International Business
Machines Corporation (IBM) provides customer solutions through the use of
advanced information technology. The company's solutions include technologies,
systems, products, services, software, and financing. IBM offers its products
through its global sales and distribution organization, as well as through a
variety of third party distributors and resellers.

International Paper Company. International Paper Company produces and
distributes printing paper, packaging, forest products, and chemical products.
The company operates specialty businesses in global markets as well as a broadly
based distribution network. International Paper exports its products worldwide.

J.P. Morgan & Company, Inc. J.P. Morgan & Company, Inc. is a leading global
financial services firm that serves the financial needs of business enterprises,
governments, and individuals. The company advises on corporate strategy and
structure, raises capital, makes markets in financial instruments, and manages
investment assets while also committing its own capital in a variety of
investments.

Johnson & Johnson. Johnson & Johnson manufactures health care products and
provides related services. The company sells its products to the consumer,
pharmaceutical, and professional markets in countries around the world. Johnson
& Johnson's principal consumer products include BAND-AID adhesive bandages,
TYLENOL acetaminophen products, JOHNSON'S baby products, and STAYFREE sanitary
products, among others.

McDonald's Corporation. McDonald's Corporation develops, operates,
franchises and services a worldwide system of restaurants. These restaurants
prepare, assemble, package and sell a limited menu of quickly prepared,
moderately priced foods. The company operates restaurants in the United States
and worldwide. Food items include hamburgers, chicken, salads, breakfast foods,
and beverages.

Merck & Company, Inc. Merck & Company, Inc. is a global pharmaceutical
company that discovers, develops, manufactures, and markets a broad range of
human and animal health products. The company also provides pharmaceutical
benefit services. Merck's products include Zocor, a treatment for elevated
cholesterol, Pepcid anti-ulcerant, Primaxin antibiotic, and Propecia, a
treatment for male pattern hair loss.

Microsoft Corporation. Microsoft Corporation develops, manufactures,
licenses, sells, and supports software products. The company offers operating
system software, server application software, business and consumer applications
software, software development tools, and Internet and intranet software.
Microsoft also develops the MSN network of Internet products and services.

Minnesota Mining and Manufacturing Company (3M). Minnesota Mining and
Manufacturing Company (3M) is a diversified manufacturer of industrial,
commercial, and health care products. The company produces and markets more than
50,000 products worldwide. 3M's products include Post-it Notes, Flex circuits,
Scotchgard fabric, film, and photo protectors, Thinsulate insulation products
and Nexcare bandages.

Philip Morris Companies, Inc. Philip Morris Companies, Inc. through its
subsidiaries, manufactures and sells a variety of consumer products. The company
provides tobacco products, as well as packaged foods such as cheese, processed
meat products, coffee, and grocery products. Philip Morris also provides a
variety of beer and brewed non-alcoholic beverages. The company's products are
sold worldwide.

Procter & Gamble Company. Procter & Gamble Company manufactures and markets
consumer products in countries throughout the world. The company provides
products in the laundry and cleaning, paper, beauty care, food and beverage, and
health care segments. Procter & Gamble's products include Pampers diapers, Tide
laundry detergent, PUR drinking water systems, Crest toothpaste, and Vicks
cough/cold products.

SBC Communications, Inc. SBC Communications, Inc. provides communications
services in the United States and in other countries. The company provides local
and long-distance phone service, wireless and data communications, paging,
Internet access and messaging, cable and satellite television, security
services, and telecommunications equipment. SBC also provides directory
advertising and publishing.

United Technologies Corporation. United Technologies Corporation provides
high-technology products and support services to customers in the aerospace and
building industries worldwide. The company's products include Pratt & Whitney
aircraft engines, Otis elevators and escalators, Carrier heating and air
conditioning, Sikorsky helicopters, Hamilton Sundstrand aerospace systems, and
International Fuel Cell systems.

Wal-Mart Stores, Inc. Wal-Mart Stores, Inc. operates discount stores and
Supercenters, as well as Sam's Clubs. The company's Wal-Mart discount stores and
Supercenters offer merchandise such as apparel, housewares, small appliances,
electronics, and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico, and Puerto Rico, as well as joint ventures
in China and Korea.

Walt Disney Company. Walt Disney Company, an entertainment company, conducts
operations in media networks, studio entertainment, theme parks and resorts,
consumer products, and Internet and direct marketing. The company produces
motion pictures, television programs, and musical recordings, as well as
publishes books and magazines. Disney also operates ABC radio and television and
theme parks.

Morgan Stanley Euro-Technology 20 Index Trust

Alcatel. Alcatel develops, produces and distributes telecommunications
equipment and cables and offers telecommunications services. The company
manufactures and markets mobile telephones, microwave radio systems, switching
equipment and underwater networks, printed circuit boards, inductive components,
converters and optronics and solutions for utilities, cable TV operators and the
Internet.

ASM Lithography Holding NV. ASM Lithography Holding NV develops,
manufactures, markets and services photolithography projection systems, known as
wafer steppers and step and scan. The company supplies its products to
integrated circuit manufacturers that use them to produce semiconductors. ASM's
customers are located in the United States, Asia and Western Europe.

Atos SA. Atos SA offers computer data services. The company processes,
transmits and stores data, verifies credit, offers software solutions, installs
computer networks and manages and markets mailing lists.

Baan Company, NV. Baan Company, NV provides business management software. The
company's software integrates sales forecasting, component procurement,
inventory management, manufacturing control, project management, distribution,
transportation and finance. Baan's software is an open system which can be
reconfigured in response to changes in production and operational processes.

Cap Gemini SA. Cap Gemini SA offers computer-consulting services. The
company offers software products and information systems management, project
management and education and training services. Cap Gemini serves customers in
the petroleum, financial services, automotive, aerospace and telecommunications
industries in Europe and the United States.

CMG Plc. CMG Plc is an information technology (IT) company, which provides
consultancy systems and services to clients worldwide. The company's system
development/IT consultancy area provides services for systems development,
integration, and project management. Their processing services/facilities
management operations include payroll processing, personnel administration and
share registration processing.

Dassault Systemes SA. Dassault Systemes SA develops computer-aided design,
manufacturing and engineering software products. The company markets and sells
through a relationship with International Business Machines, Inc. Dassault's
product, "Catia," provides designers and engineers with a fully integrated
three-dimensional computer modeling system.

Getronics NV. Getronics NV offers computer consulting, and solution design
and implementation services. The company designs and builds Internet, intranet,
and extranet portals, offers payroll outsourcing services, integrates voice and
data, and offers mobile and fixed-line data communications solutions, and
network integration services.

Koninklijke (Royal) Philips Electronics NV. Koninklijke (Royal) Philips
Electronics NV manufactures lighting, consumer electronics, multimedia devices,
domestic appliances and personal care items, semiconductors, medical devices,
communication systems, and industrial electronics. The company sells its
products worldwide.

Logica Plc. Logica Plc is a computer software and service company. Through
its subsidiaries, the group designs, produces, markets, integrates, supplies and
maintains custom-built software and hardware systems. Logica also offers
consulting and project management services in the information technology
markets. The group supplies its services to the financial, government,
transportation and utilities markets.

Misys Plc. Misys Plc develops and licenses a variety of application software
products to customers in the Financial Services, Telecommunication, Healthcare
and Insurance sectors. The group also provides transaction processing, in
addition to data and support services.

Nokia Oyj. Nokia Oyj is an international telecommunications company. The
company develops and manufactures mobile phones, networks and systems for
cellular and fixed networks. Nokia also develops and supplies access networks,
multimedia equipment and other telecom related products. The company provides
its products and services worldwide.

Sage Group Plc. Sage Group Plc is a software publishing company. The group
develops, publishes and distributes accounting and payroll software for personal
computer systems. Via its subsidiaries, Sage also maintains a registered user
database which provides a market for their related products and services,
including computer forms, software support contracts, program upgrades and
customer training.

SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung). SAP AG
(Systeme, Anwendungen, Produkte in der Datenverarbeitung) is a multinational
software company headquartered in Walldorf, Germany. SAP develops business
software, consults on organizational usage of its applications software and
provides training services. SAP markets its products and services through
subsidiaries, distributors and other business partners worldwide.

SEMA Group Plc. SEMA Group Plc is an information technology company. The
company provides facilities management, standard software products and systems
integration products, including consulting and outsourcing. SEMA provides
products and services to customers in the defense, energy, banking, transport,
telecommunications, industrial and government sectors. Sema supplies its
products internationally.

Siemens AG. Siemens AG manufactures a wide range of industrial and consumer
products. The company builds locomotives, traffic control systems, and
automotive electronics and engineers electrical power plants. Siemens also
provides public and private communications networks, computers, building control
systems, medical equipment, household appliances and electrical components. The
company operates worldwide.

STMicroelectronics NV. STMicroelectronics NV designs, develops,
manufactures, and markets semiconductor integrated circuits and discrete
devices. The company's products are used in the telecommunications, consumer
electronics, automotive, computer, and industrial sectors. Geographically,
customers are located in North America, Europe, and the Asia/Pacific region.

Telefonaktiebolaget LM Ericsson AB. Telefonaktiebolaget LM Ericsson AB
develops and produces advanced systems and products for wired and mobile
communications in public and private networks. The product line includes digital
and analog systems for telephones and networks, microwave radio links, radar
surveillance systems, and business systems. The company produces and markets
worldwide.

Tietoenator Oyj. Tietoenator Oyj is an information technology service
company. The company specializes in the developing, integration, maintenance and
operation of advanced information systems. Tietoenator provides its services to
banking and insurance companies, as well as to companies within the
telecommunications, media, energy, trade, forest and manufacturing industries in
Europe.

WM-Data AB. WM-Data AB is a computer consulting company. The company provides
solutions involving studies and analysis, project management, development,
maintenance and software, as well as training and data processing services for
administrative systems. WM-Data sells its services to major companies,
organizations and public sector agencies in the Nordic Countries.

Morgan Stanley U.S. Multinational Index Trusts

Abbott Laboratories. Abbott Laboratories discovers, develops, manufactures,
and sells a broad and diversified line of health care products and services. The
company's products include pharmaceuticals, diagnostic products, hospital
products, chemical and agricultural products, and nutritionals. Abbott markets
its products worldwide through affiliates and distributors.

American Express Company. American Express Company, through its
subsidiaries, provides travel-related, financial advisory, and international
banking services around the world. The company's products include the American
Express Card, the Optima Card, and American Express Travelers Cheque.

American Home Products Corporation. American Home Products Corporation
discovers, develops, manufactures, distributes, and sells pharmaceuticals,
consumer health care products, and agricultural products. The company's products
include branded and generic ethical pharmaceuticals, biologicals, nutritionals,
animal biologicals and pharmaceuticals, and crop protection and pest control
products.

America Online, Inc. America Online, Inc. provides interactive
communications and services through its America Online and CompuServe worldwide
Internet online services. The company's Web sites offer such features as a
personalized news service, electronic mail via the Web, an online community
center, public and private meeting rooms and interactive conversations, and
guest interviews.

Automatic Data Processing, Inc. Automatic Data Processing, Inc. provides
computerized transaction processing, data communications, software, and
information services. The company also provides payroll services and human
resource information systems, as well as offers securities transaction
processing and investor communications services.

Bank of America Corporation. Bank of America Corporation is the holding
company for Bank of America and NationsBank. The company provides retail banking
services, asset management, financial products, corporate finance, specialized
finance, capital markets, and financial services. Bank of America operates
throughout the United States as well as throughout the world.

Becton, Dickinson and Company. Becton, Dickinson and Company manufactures
and sells a variety of medical supplies and devices and diagnostic systems. The
company's products are used by health care professionals, medical research
institutions, and the general public. Becton's products are marketed worldwide.

Bestfoods. Bestfoods is an international food company with products marketed
around the world. The company's products include Hellmann's mayonnaise and
dressings, Skippy peanut butter, Mazola corn oil, Knorr soups and sauces,
Entenmann's sweet baked products, Thomas'English muffins, Arnold and Brownberry
breads, and Karo syrup, among others.

BP Amoco Plc. BP Amoco Plc is an oil and petrochemicals company. The company
explores for and produces oil and natural gas, refines, markets, and supplies
petroleum products, and manufactures and markets chemicals. BP Amoco's chemicals
include acetic acid, acrylonitrile, ethylene and polyethylene. The company has
operations in more than 70 countries.

Bristol-Myers Squibb Company. Bristol-Myers Squibb Company is a diversified
worldwide health and personal care company that manufactures medicines and other
products. The company's products include therapies for various diseases and
disorders, consumer medicines, orthopedic devices, ostomy care, wound
management, nutritional supplements, infant formulas, and hair and skin care
products.

Campbell Soup Company. Campbell Soup Company, with its subsidiaries,
manufactures and markets branded convenience food products. The company's three
core divisions include soups and sauces, biscuits and confectionery, and
foodservice. Campbell's brand names include Prego, Pace, Campbells, V8, and many
other names. The company distributes its products worldwide.

Cisco Systems, Inc. Cisco Systems, Inc. supplies data networking products to
the corporate enterprise and public wide area service provider markets. The
company offers a variety of products including routers, LAN switches, frame
relay/ATM, and remote access concentrators. Cisco's clients include utilities,
corporations, universities, governments, and small to medium-size businesses
worldwide.

ConAgra, Inc. ConAgra, Inc. is a diversified food company with operations
ranging from basic agricultural inputs to production and sale of branded
consumer products. The company provides agricultural products and services,
processes and trades commodities and other products, and provides various
branded consumer products such as food products and food ingredients. ConAgra
operates worldwide.

Eastman Kodak Company. Eastman Kodak Company develops, manufactures, and
markets consumer, professional, health, and other imaging products and services.
The company's imaging systems include films, photographic papers, processing
services, photographic chemicals, cameras, and projectors. Kodak also develops
digital camera systems which do not use silver halide film technology.

Electronic Data Systems Corporation. Electronic Data Systems Corporation
offers systems and technology services, business process management, management
consulting, and electronic business. The company's services include the
management of computers, networks, information systems, information processing
facilities, business operations, and related personnel.

Enron Corporation. Enron Corporation produces electricity and natural gas,
develops, constructs, and operates energy facilities worldwide, and delivers
both physical commodities and financial and risk management services to
customers. The company is also developing an intelligent network platform to
facilitate online business.

General Mills, Inc. General Mills, Inc. manufactures and markets consumer
food products. The company's products include Cheerios cereal, Betty Crocker
dessert mixes, Pop Secret microwave popcorn, Gold Medal flour, and Yoplait
yogurt. General Mills also has joint venture operations focused on ready-to-eat
cereals worldwide, snack foods in Europe and in China, and baking and dessert
mixes in Latin America.

The Gillette Company. The Gillette Company manufactures male and female
grooming products, writing instruments and correction products, toothbrushes and
oral care appliances, and alkaline batteries. The company's products include
blades, razors, shaving preparations, and hair epilation devices. Gillette's
products are sold worldwide.

H.J. Heinz Company. H.J. Heinz Company manufactures and markets processed
food products throughout the world. The company's products include ketchup,
sauces, pet food, tuna, baby food, soup, frozen dinners, meats, edible oils,
pickles, vinegar, juices, and other food products. Heinz also operates and
franchises weight control classes.

Kellogg Company. Kellogg Company manufactures and markets ready-to-eat cereal
and other grain-based convenience food products, as well as soy protein-based
meat alternatives. The company's products are marketed under trademarks such as
Kellogg's, Rice Krispies, Pop-Tarts, Eggo, Nutra-Grain, and Worthington. Kellogg
markets its products in the United States, Canada, and other countries
throughout the world.

Eli Lilly and Company. Eli Lilly and Company discovers, develops,
manufactures, and sells pharmaceutical products for humans and animals. The
company's products are sold in countries around the world. Eli Lilly's products
include neuroscience products such as Prozac and Darvon, endocrine products such
as Humulin, anti-infectives such as Ceclor, cardiovascular agents, oncology
products, and animal health products.

Medtronic, Inc. Medtronic, Inc. provides device-based therapies that restore
health, extend life, and alleviate pain. The company's principal products
include those for bradycardia pacing, tachyarrhythmia management, atrial
fibrillation management, heart failure management, heart valve replacement,
malignant and non-malignant pain, and movement disorders. Medtronic's products
are sold worldwide.

Motorola, Inc. Motorola, Inc. provides integrated communications solutions
and embedded electronic solutions. The company offers software-enhanced wireless
telephones, two-way radios, messaging and satellite communications products and
systems, as well as networking and Internet-access products. Customers include
consumers, network operators, and commercial, government, and industrial
customers.

NIKE, Inc. NIKE, Inc. creates authentic athletic footwear, apparel,
equipment, and accessories for sports and fitness enthusiasts. The company,
through its subsidiaries, designs and sells a line of men's and women's dress
and casual shoes and accessories. NIKE also markets licensed headwear, and
designs, markets, and sells hockey equipment.

Oracle Corporation. Oracle Corporation supplies software for enterprise
information management. The company offers databases and relational servers,
application development and decision support tools, and enterprise business
applications. Oracle's software runs on network computers, personal digital
assistants, set-top devices, workstations, PCs, minicomputers, mainframes, and
massively parallel computers.

PepsiCo, Inc. PepsiCo, Inc. operates worldwide soft drink, juice, and snack
food businesses. The company manufactures, sells, and distributes beverages such
as Pepsi-Cola, Slice, and Tropicana Pure Premium, as well as snack foods such as
LAY'S potato chips, DORITOS tortilla chips, and Rold Gold pretzels.

Pfizer, Inc. Pfizer, Inc. is a research-based, global pharmaceutical company
that discovers, develops, manufactures, and markets medicines for humans and
animals. The company's products include prescription pharmaceuticals,
non-prescription self-medications, and animal health products such as
anti-infective medicines and vaccines.

Philip Morris Companies, Inc. Philip Morris Companies, Inc., through its
subsidiaries, manufactures and sells a variety of consumer products. The company
provides tobacco products, as well as packaged foods such as cheese, processed
meat products, coffee, and grocery products. Philip Morris also provides a
variety of beer and brewed non-alcohol beverages. The company's products are
sold worldwide.

The Procter & Gamble Company. The Procter & Gamble Company manufactures and
markets consumer products in countries throughout the world. The company
provides products in the laundry and cleaning, paper, beauty care, food and
beverage, and health care segments. Procter & Gamble's products include Pampers
diapers, Tide laundry detergent, PUR drinking water systems, Crest toothpaste,
and Vicks cough/cold products.

Sara Lee Corporation. Sara Lee Corporation manufactures and markets
brand-name products for consumers throughout the world. The company has
operations and markets branded products in many countries. Sara Lee's products
include Sara Lee food items, Jimmy Dean packaged meats, Coach leatherware, Hanes
clothing and hosiery, L'eggs hosiery and Champion activewear, among others.

Schering-Plough Corporation. Schering-Plough Corporation is a worldwide
pharmaceutical company that discovers and markets new therapies and treatment
programs. The company's core product groups include allergy/respiratory,
anti-infective/anticancer, dermatologicals, and cardiovasculars, as well as an
animal health business. Schering-Plough also conducts health management programs
and sells other consumer products.

Texas Instruments, Inc. Texas Instruments, Inc. provides semiconductor
products, as well as designs and supplies digital signal processing and analog
technologies. The company also conducts businesses in materials and controls,
educational and productivity solutions, and digital imaging. Texas Instruments
has manufacturing or sales operations in countries around the world.

Tyco International, Limited. Tyco International, Limited is a diversified
manufacturing and service company with operations around the world. The company
manufactures and installs fire protection systems and provides electronic
security services. Tyco also manufactures flow control valves, disposable
medical products, prewired armor cable, flexible conduit, and printed circuit
boards.

The Walt Disney Company. The Walt Disney Company, an entertainment company,
conducts operations in media networks, studio entertainment, theme parks and
resorts, consumer products, and Internet and direct marketing. The company
produces motion pictures, television programs, and musical recordings, as well
as publishes books and magazines. Disney also operates ABC radio and television
and theme parks.

Xerox Corporation. Xerox Corporation develops, manufactures, markets,
services, and finances a range of document processing products and services for
use in offices around the world. The company also, through subsidiaries,
provides network management, consulting, design, and integration services for
medium and large companies.

Software Trusts

Adobe Systems, Inc. Adobe Systems, Inc. develops, markets, and supports
computer software products and technologies. The company's products allow users
to express and use information across all print and electronic media. Adobe
offers a line of application software products, type products, and content for
creating, distributing, and managing information.

Ariba, Inc. Ariba, Inc. provides intranet- and Internet-based
business-to-business electronic commerce solutions for operating resources.
Operating resources include information technology and telecommunications
equipment, professional services, facilities and office equipment, and expense
items.

Art Technology Group, Inc. Art Technology Group, Inc. offers an integrated
suite of Internet customer relationship management and electronic commerce
software applications. The company also offers related application development,
integration, and support services. Art Technology's Dynamo product suite
includes a Web page generation engine and application server, and e-commerce
management applications.

BEA Systems, Inc. BEA Systems, Inc. provides e-commerce infrastructure
software. The company, along with its e-commerce transaction platform, provides
consulting, education, and support services that help companies launch
e-commerce initiatives. BEA's systems are used in the commercial and investment
banking, securities trading, telecommunications, airlines, retail, and
manufacturing industries.

BroadVision, Inc. BroadVision, Inc. develops, markets, and supports
application software solutions that personalizes e-business. The company's
solutions enable e-businesses to use the Web and a variety of wireless devices
as platforms to conduct electronic commerce, offer online customer self-service
and support, deliver information, and provide financial services.

Check Point Software Technologies, Limited. Check Point Software
Technologies, Limited provides Internet security. The company's integrated
architecture includes network security, traffic control, and Internet Protocal
address management. Check Point Software solutions enable customers to implement
centralized policy-based management with enterprise-wide distributed deployment.

Comverse Technology, Inc. Comverse Technology, Inc. designs, manufactures,
markets, and supports computer and telecommunications systems and software for
multimedia communications and information processing applications. The company's
products are used in a variety of applications by fixed and wireless telephone
network operators, government agencies, call centers, financial institutions,
and other organizations.

EMC Corporation. EMC Corporation provides enterprise storage systems,
software, networks, and services. The company's products store, retrieve,
manage, protect, and share information from all major computing environments,
including UNIX, Windows NT, and mainframe platforms. EMC operates offices around
the world.

Gemstar International Group, Limited. Gemstar International Group, Limited
develops, markets, and licenses proprietary technologies aimed at making
technology user-friendly for consumers. The company provides electronic program
guide services all through the television electronic remote control. Gemstar's
product is built into televisions, VCRs, and TV/VCR combination units, and is
licensed to cable and other service providers.

i2 Technologies, Inc. i2 Technologies, Inc. provides e-business solutions.
The company's TradeMatrix product, a platform of business-to-business solutions,
services, and marketplaces, offers planning, procurement, commerce, fulfillment,
customer care, retail, strategic sourcing, and product development services. i2
Technologies also offers its RHYTHM software applications product.

Inktomi Corporation. Inktomi Corporation develops and markets scalable
software applications designed to enhance the performance and intelligence of
large-scale networks. The company's systems use parallel-processing technology
across clusters of workstations to deliver the speed and performance while
utilizing smaller workstations.

Juniper Networks, Inc. Juniper Networks, Inc. provides Internet
infrastructure solutions for Internet service providers and other
telecommunications service providers. The company delivers next generation
Internet backbone routers that are designed for service provider networks.

Macromedia, Inc. Macromedia, Inc. develops, markets, and supports software
products and technologies for the Web. The company's Web publishing products
enable designers and developers to create interactive Web experiences for
e-commerce, entertainment, news, and information.

Mercury Interactive Corporation. Mercury Interactive Corporation and its
subsidiaries develop, market, and support a suite of automated software testing
solutions. The company's products provide functional testing, load testing, and
test process management. Mercury's tools address the range of quality needs for
testing client/server, e-business, Year 2000, Euro, and packaged applications.

Micromuse, Inc. Micromuse, Inc. provides service-level management software.
The company's Netcool suite of applications is used by managed network service
providers, Internet service providers, telecommunications firms, and corporate
enterprises worldwide.

Phone.com, Inc. Phone.com, Inc. provides software that enables the delivery
of Internet-based services to mass-market wireless telephones. The company's
software provides access to Internet- and corporate intranet-based services,
including news, stocks, weather, e-mail, travel, and sports to wireless
subscribers. Subscribers also have access via wireless telephones to
intranet-based telephony services.

Rational Software Corporation. Rational Software Corporation develops and
markets a variety of software development tools, services, and software
engineering best practices. The company's products and services help
organizations develop and deploy Web, e-business, enterprise-wide, technical,
and embedded software. Rational has offices throughout the world.

RealNetworks, Inc. RealNetworks, Inc. develops and markets software products
and services. The company's software and services enable the creation and
real-time delivery and playback of audio, video, text, animation, and other
media content over the Internet and intranets on both a live and on-demand
basis. Products and services include RealSystem G2, Real Broadcast Network, and
RealJukebox.

Redback Networks, Inc. Redback Networks, Inc. provides advanced networking
solutions. The company's solutions enable carriers, cable multiple system
operators, and service providers to rapidly deploy high-speed broadband access
to the Internet and corporate networks. Redback's subscriber management system
connects and manages subscribers using digital subscriber line, cable, and
wireless technologies.

Scientific-Atlanta, Inc. Scientific-Atlanta, Inc. provides products and
services for advanced communications networks which deliver voice, data, and
video. The company's products connect information generators with information
users via broadband terrestrial and satellite networks, and include applications
for the converging of cable, telephone, and data networks.

Siebel Systems, Inc. Siebel Systems, Inc. provides eBusiness applications.
The company's applications enable organizations to sell to, market to, and
service its customers across multiple channels, including the Web, call centers,
field, resellers, retail, and dealer networks.

Sun Microsystems, Inc. Sun Microsystems, Inc. provides products, services,
and support solutions for building and maintaining network computing
environments. The company sells scalable computer systems, high-speed
microprocessors, and a complete line of high-performance software for operating
network computing equipment and storage products. Sun also provides support,
education, and professional services.

Teradyne, Inc. Teradyne, Inc. manufactures automatic test systems and related
software for the electronics and communications industries. The company's
products include systems to test semiconductors, circuit boards, telephone lines
and networks, and software. Teradyne also manufactures backplanes and associated
connectors used in electronic systems.

VeriSign, Inc. VeriSign, Inc. provides Internet-based trust services needed
by websites, enterprises, and individuals to conduct secure electronic commerce
and communications over the Internet, intranets, and extranets. The company
markets its services worldwide through the Internet, direct sales, telesales,
value-added resellers, systems integrators, and affiliates.

VERITAS Software Corporation. VERITAS Software Corporation designs, develops,
and markets enterprise storage management and high availability products that
manage both on-line and off-line data for business-critical computing systems.
The company's products are marketed to original equipment manufacturers and
end-user customers through resellers, value-added resellers, hardware
distributors, and systems integrators.

Vignette Corporation. Vignette Corporation supplies e-business applications
for building online businesses. The company's products enable Internet
businesses to create and extend relationships with prospects and customers and
ease high-volume transaction exchanges with suppliers and partners.

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Board of Directors of Van Kampen Funds Inc. and the Unitholders of Van
Kampen Focus Portfolios, Series 230:

We have audited the accompanying statements of condition and the related
portfolios of Van Kampen Focus Portfolios, Series 230 as of June 6, 2000. The
statements of condition and portfolios are the responsibility of the Sponsor.
Our responsibility is to express an opinion on such financial statements based
on our audit.

We conducted our audit in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of an irrevocable letter of credit deposited to
purchase securities by correspondence with the Trustee. An audit also includes
assessing the accounting principles used and significant estimates made by the
Sponsor, as well as evaluating the overall financial statement presentation.

We believe our audit provides a reasonable basis for our opinion. In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Van Kampen Focus Portfolios, Series
230 as of June 6, 2000, in conformity with accounting principles generally
accepted in the United States.

GRANT THORNTON LLP
Chicago, Illinois
June 6, 2000

STATEMENTS OF CONDITION
As of June 6, 2000

Euro- Euro-
The Dow Technology Technology
30SM Index 20 IndexSM 20 IndexSM
Trust Series A Series B
-------------- -------------- --------------
INVESTMENT IN SECURITIES
<S> <C> <C> <C>
Contracts to purchase Securities (1) $ 148,004 $ 147,952 $ 147,952
-------------- -------------- --------------
Total $ 148,004 $ 147,952 $ 147,952
============== ============== ==============

LIABILITIES AND INTEREST OF UNITHOLDERS
Liabilities--
Organizational costs (2) $ 404 $ 316 $ 294
Deferred sales charge liability (3) 5,233 2,914 5,231
Interest of Unitholders--
Cost to investors (4) 149,500 149,450 149,450
Less: Gross underwriting commission and
organizational costs (2)(4)(5) 7,133 4,728 7,023
-------------- -------------- --------------
Net interest to Unitholders (4) 142,367 144,722 142,427
-------------- -------------- --------------
Total $ 148,004 $ 147,952 $ 147,952
============== ============== ==============

</TABLE>

(1) The value of the Securities is determined by Interactive Data Corporation
on the bases set forth under "Public Offering--Offering Price". The
contracts to purchase Securities are collateralized by separate irrevocable
letters of credit which have been deposited with the Trustee.

(2) A portion of the Public Offering Price represents an amount sufficient to
pay for all or a portion of the costs incurred in establishing a Trust. The
amount of these costs are set forth in the "Fee Table." A distribution will
be made as of the close of the initial offering period to an account
maintained by the Trustee from which this obligation of the investors will
be satisfied.

(3) Represents the amount of mandatory distributions from a Trust on the bases
set forth under "Public Offering".

(4) The aggregate public offering price and the aggregate sales charge are
computed on the bases set forth under "Public Offering-- Offering Price".

(5) Assumes the maximum sales charge.

STATEMENTS OF CONDITION
As of June 6, 2000

Multi- Multi-
national national Software Software
Series A Series B Series A Series B
-------------- -------------- -------------- --------------
INVESTMENT IN SECURITIES
<S> <C> <C> <C> <C>
Contracts to purchase Securities (1) $ 148,719 $ 148,719 $ 148,310 $ 148,310
-------------- -------------- -------------- --------------
Total $ 148,719 $ 148,719 $ 148,310 $ 148,310
============== ============== ============== ==============

LIABILITIES AND INTEREST OF UNITHOLDERS
Liabilities--
Organizational costs (2) $ 362 $ 359 $ 98 $ 98
Deferred sales charge liability (3) 2,929 5,258 2,921 5,243
Interest of Unitholders--
Cost to investors (4) 150,230 150,230 149,810 149,810
Less: Gross underwriting commission and
organizational costs (2)(4)(5) 4,802 7,128 4,519 6,841
-------------- -------------- -------------- --------------
Net interest to Unitholders (4) 145,428 143,102 145,291 142,969
-------------- -------------- -------------- --------------
Total $ 148,719 $ 148,719 $ 148,310 $ 148,310
============== ============== ============== ==============

</TABLE>

(3) Represents the amount of mandatory distributions from a Trust on the bases
set forth under "Public Offering".

(4) The aggregate public offering price and the aggregate sales charge are
computed on the bases set forth under "Public Offering-- Offering Price".

(5) Assumes the maximum sales charge.

THE TRUSTS
--------------------------------------------------------------------------------

The Trusts were created under the laws of the State of New York pursuant to a
Trust Indenture and Trust Agreement (the "Trust Agreement"), dated the date of
this Prospectus (the "Initial Date of Deposit"), among Van Kampen Funds Inc., as
Sponsor, Van Kampen Investment Advisory Corp., as Supervisor, The Bank of New
York, as Trustee, and American Portfolio Evaluation Services, a division of Van
Kampen Investment Advisory Corp., as Evaluator.
The Trusts offer investors the opportunity to purchase Units representing
proportionate interests in portfolios of actively traded equity securities. A
Trust may be an appropriate medium for investors who desire to participate in a
portfolio of common stocks with greater diversification than they might be able
to acquire individually.
On the Initial Date of Deposit, the Sponsor deposited delivery statements
relating to contracts for the purchase of the Securities and an irrevocable
letter of credit in the amount required for these purchases with the Trustee. In
exchange for these contracts the Trustee delivered to the Sponsor documentation
evidencing the ownership of Units of the Trusts. Unless otherwise terminated as
provided in the Trust Agreement, the Trusts will terminate on the Mandatory
Termination Date and any remaining Securities will be liquidated or distributed
by the Trustee within a reasonable time. As used in this Prospectus the term
"Securities" means the securities (including contracts to purchase these
securities) listed in "Portfolio" for each Trust and any additional securities
deposited into each Trust.
Additional Units of a Trust may be issued at any time by depositing in the
Trust (i) additional Securities, (ii) contracts to purchase Securities together
with cash or irrevocable letters of credit or (iii) cash (or a letter of credit)
with instructions to purchase additional Securities. As additional Units are
issued by a Trust, the aggregate value of the Securities will be increased and
the fractional undivided interest represented by each Unit will be decreased.
The Sponsor may continue to make additional deposits into a Trust following the
Initial Date of Deposit provided that the additional deposits will be in amounts
which will maintain, as nearly as practicable, the same percentage relationship
among the number of shares of each Security in the Trustportfolio that existed
immediately prior to the subsequent deposit. Investors may experience a dilution
of their investments and a reduction in their anticipated income because of
fluctuations in the prices of the Securities between the time of the deposit and
the purchase of the Securities and because the Trusts will pay the associated
brokerage or acquisition fees.
Each Unit of a Trust initially offered represents an undivided interest in
that Trust. To the extent that any Units are redeemed by the Trustee or
additional Units are issued as a result of additional Securities being deposited
by the Sponsor, the fractional undivided interest in that Trust represented by
each unredeemed Unit will increase or decrease accordingly, although the actual
interest in the Trust will remain unchanged. Units will remain outstanding until
redeemed upon tender to the Trustee by Unitholders, which may include the
Sponsor, or until the termination of the Trust Agreement.
Each Trust consists of (a) the Securities (including contracts for the
purchase thereof) listed under the applicable "Portfolio" as may continue to be
held from time to time in the Trust, (b) any additional Securities acquired and
held by the Trust pursuant to the provisions of the Trust Agreement and (c) any
cash held in the related Income and Capital Accounts. Neither the Sponsor nor
the Trustee shall be liable in any way for any failure in any of the Securities.

OBJECTIVES AND SECURITIES SELECTION
--------------------------------------------------------------------------------

Each Trust seeks to increase the value of your investment by investing in a
portfolio of common stocks. We cannot guarantee that a Trust will achieve its
objective.
You should note that we applied the selection criteria to the Securities for
inclusion in the Trusts as of the Initial Date of Deposit. After this date, the
Securities may no longer meet the selection criteria. Should a Security no
longer meet the selection criteria, we will generally not remove the Security
from its Trust portfolio.
A balanced investment portfolio incorporates various style and capitalization
characteristics. We offer unit trusts with a variety of styles and
capitalizations to meet your needs. We determine style characteristics (growth
or value) based on the criteria used in selecting the Trust portfolio.
Generally, a growth portfolio includes companies in a growth phase of their
business with increasing earnings. A value portfolio generally includes
companies with low relative price-earnings ratios that we believe are
undervalued. We determine market capitalizations as follows based on the
weighted median market capitalization of a portfolio: Small-Cap -- less than
$1.7 billion; Mid-Cap -- $1.7 billion to $10.8 billion; and Large-Cap -- over
$10.8 billion. We determine all style and capitalization characteristics as of
the Initial Date of Deposit and the characteristics may vary thereafter. We will
not remove a Security from a Trust as a result of any change in characteristics.

RISK FACTORS
--------------------------------------------------------------------------------

Price Volatility. The Trusts invest in stocks of U.S. and foreign companies.
The value of Units will fluctuate with the value of these stocks and may be more
or less than the price you originally paid for your Units. The market value of
common stocks sometimes moves up or down rapidly and unpredictably. Because the
Trusts are unmanaged, the Trustee will not sell stocks in response to market
fluctuations as is common in managed investments. In addition, because some
Trusts hold a relatively small number of stocks, you may encounter greater
market risk than in a more diversified investment. As with any investment, we
cannot guarantee that the performance of a Trust will be positive over any
period of time.
Dividends. Common stocks represent ownership interests in the issuers and are
not obligations of the issuers. Accordingly, common stockholders have a right to
receive dividends only after the company has provided for payment of its
creditors, bondholders and preferred stockholders. Common stocks do not assure
dividend payments. Dividends are paid only when declared by an issuer's board of
directors and the amount of any dividend may vary over time.
Technology Issuers. The Trusts invest significantly in technology companies.
Any negative impact on this industry will have a greater impact on the value of
Units than on a more diversified portfolio. You should understand the risks of
these industries before you invest. These companies face risks related to
rapidly changing technology, rapid product obsolescence, cyclical market
patterns, evolving industry standards and frequent new product introductions. An
unexpected change in technology can have a significant negative impact on a
company. The failure of a company to introduce new products or technologies or
keep pace with rapidly changing technology, can have a negative impact on the
company's results. Technology stocks tend to experience substantial price
volatility and speculative trading. Announcements about new products,
technologies, operating results or marketing alliances can cause stock prices to
fluctuate dramatically. At times, however, extreme price and volume fluctuations
are unrelated to the operating performance of a company. This can impact your
ability to redeem your Units at a price equal to or greater than what you paid.
The market for certain products may have only recently begun to develop, is
rapidly evolving or is characterized by increasing suppliers. Key components of
some technology products are available only from limited sources. This can
impact the cost of and ability to acquire these components. Some technology
companies serve highly concentrated customer bases with a limited number of
large customers. Any failure to meet the standard of these customers can result
in a significant loss or reduction in sales. Many products and technologies are
incorporated into other products. As a result, some companies are highly
dependent on the performance of other technology companies. We cannot guarantee
that these customers will continue to place additional orders or will place
orders in similar quantities as in the past.
Europe.The Euro-Technology 20 Index Trusts invest in stocks principally
traded in Europe. These Trusts involve additional risks that differ from an
investment in United States companies. In recent years, many European countries
have participated in the European Economic and Monetary Union (EMU) seeking to
develop a unified European economy. For this reason and others, many European
countries have experienced significant political, social and economic change in
recent years. Any negative consequences resulting from these changes could
affect the value of your Trust.
On January 1, 1999, eleven EMU member countries introduced a new European
currency called the Euro. This may result in uncertainties for European
securities markets and operation of your Trust. This introduction requires the
redenomination of European debt and equity securities over a period of time.
This could result in various accounting differences and/or tax treatments that
otherwise would not likely occur. As part of the Euro conversion, participating
countries will no longer control their own monetary policies by directing
independent interest rates or currency transactions. Instead, a new European
Central Bank has authority to direct monetary policy, including money supply of
the national currencies of the participating countries to the Euro. Certain EMU
members, including the United Kingdom, are not implementing the Euro at this
time. This could raise additional questions and complications within European
markets. European markets could face significant difficulties if the Euro
introduction does not take place as planned. These difficulties could include
such things as severe currency fluctuations and market disruptions. No one can
predict whether all phases of the conversion will take place as scheduled or
whether future difficulties will occur. No one can predict the impact of the
conversion. All of these issues could have a negative impact on the value of
your Units.
Legislation/Litigation. From time to time, various legislative initiatives
are proposed in the United States and abroad which may have a negative impact on
certain of the companies represented in the Trusts. In addition, litigation
regarding any of the issuers of the Securities, such as that concerning
Microsoft Corporation or Philip Morris Companies, Inc. or of the industries
represented by these issuers may negatively impact the share prices of these
Securities. No one can predict what impact any pending or threatened litigation
will have on the share prices of the Securities.
No FDIC Guarantee. An investment in your Trust is not a deposit of any bank
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.

PUBLIC OFFERING
--------------------------------------------------------------------------------

General. Units are offered at the Public Offering Price which includes the
underlying value of the Securities, the initial sales charge, and cash, if any,
in the Income and Capital Accounts. The "Fee Table" describes the sales charges
in detail. If any deferred sales charge payment date is not a business day, we
will charge the payment on the next business day. If you purchase Units after
the initial deferred sales charge payment, you will only pay that portion of the
payments not yet collected. A portion of the Public Offering Price includes an
amount of Securities to pay for all or a portion of the costs incurred in
establishing your Trust, including the cost of preparing documents relating to
the Trust (such as the prospectus, trust agreement and closing documents,
federal and state registration fees, the initial fees and expenses of the
Trustee and legal and audit expenses). Beginning on February 10, 2001, the
secondary market sales charge for Series B Trusts and The Dow 30SM Index Trust
will be 4.00% and will not include deferred payments. The sales charge for
Series B Trusts and The Dow 30SM Index Trust will reduce by 0.5% on each
subsequent June 6 to a minimum of 3.00%. The initial offering period sales
charge is reduced as follows:

The Dow 30SM
Index Trust
Transaction Series A and Series B
Amount* Sales Charge Sales Charge
-------------- -------------- --------------
$50,000 - $99,999 2.70% 4.25%
$100,000 - $249,999 2.50 4.00
$250,000 - $499,999 2.25 3.50
$500,000 - $999,999 2.00 2.50
$1,000,000 or more 1.50 1.50

---------------
*The breakpoint sales charges are also applied on a Unit basis utilizing a
breakpoint equivalent in the above table of $10 per Unit and will be applied on
whichever basis is more favorable to the investor.

Any sales charge reduction is the responsibility of the selling broker,
dealer or agent. An investor may aggregate purchases of Units of the Trusts for
purposes of qualifying for volume purchase discounts listed above. The reduced
sales charge structure will also apply on all purchases by the same person from
any one dealer of units of Van Kampen-sponsored unit investment trusts which are
being offered in the initial offering period (a) on any one day (the "Initial
Purchase Date") or (b) on any day subsequent to the Initial Purchase Date if the
units purchased are of a unit investment trust purchased on the Initial Purchase
Date. In the event units of more than one trust are purchased on the Initial
Purchase Date, the aggregate dollar amount of such purchases will be used to
determine whether purchasers are eligible for a reduced sales charge. Such
aggregate dollar amount will be divided by the public offering price per unit of
each respective trust purchased to determine the total number of units which
such amount could have purchased of each individual trust. Purchasers must then
consult the applicable trust's prospectus to determine whether the total number
of units which could have been purchased of a specific trust would have
qualified for a reduced sales charge and the amount of such reduction. To
determine the applicable sales charge reduction it is necessary to accumulate
all purchases made on the Initial Purchase Date and all purchases made in
accordance with (b) above. Units purchased in the name of the spouse of a
purchaser or in the name of a child of such purchaser ("immediate family
members") will be deemed to be additional purchases by the purchaser for the
purposes of calculating the applicable sales charge. The reduced sales charges
will also be applicable to a trustee or other fiduciary purchasing securities
for one or more trust estate or fiduciary accounts. If you purchase Units on
more than one day to achieve the discounts described in this paragraph, the
discount allowed on any single day will apply only to Units purchased on that
day (a retroactive discount is not given on all prior purchases).

A portion of the sales charge is waived for certain accounts described in
this paragraph. Purchases by these accounts are subject only to the portion of
the deferred sales charge that is retained by the Sponsor. Please refer to the
section called "Wrap Fee and Advisory Accounts" for additional information on
these purchases. Units may be purchased in the primary or secondary market at
the Public Offering Price less the concession the Sponsor typically allows to
brokers and dealers for purchases by (1) investors who purchase Units through
registered investment advisers, certified financial planners and registered
broker-dealers who in each case either charge periodic fees for financial
planning, investment advisory or asset management service, or provide such
services in connection with the establishment of an investment account for which
a comprehensive "wrap fee" charge is imposed, (2) bank trust departments
investing funds over which they exercise exclusive discretionary investment
authority and that are held in a fiduciary, agency, custodial or similar
capacity, (3) any person who for at least 90 days, has been an officer, director
or bona fide employee of any firm offering Units for sale to investors or their
immediate family members (as described above) and (4) officers and directors of
bank holding companies that make Units available directly or through
subsidiaries or bank affiliates. Notwithstanding anything to the contrary in
this Prospectus, such investors, bank trust departments, firm employees and bank
holding company officers and directors who purchase Units through this program
will not receive sales charge reductions for quantity purchases.
During the initial offering period of the Trusts offered in this prospectus,
unitholders of any other Van Kampen-sponsored unit investment trusts may utilize
their redemption or termination proceeds to purchase Units of the Trusts offered
in this prospectus at the Public Offering Price per Unit less 1%.
Employees, officers and directors (including their spouses, children,
grandchildren, parents, grandparents, siblings, mothers-in-law, fathers-in-law,
sons-in-law, daughters-in-law, and trustees, custodians or fiduciaries for the
benefit of such persons) of the Van Kampen Funds Inc. and its affiliates,
dealers and their affiliates and vendors providing services to the Sponsor may
purchase Units at the Public Offering Price less the applicable dealer
concession.
The minimum purchase is 100 Units (25 Units for retirement accounts) but may
vary by selling firm. However, in connection with fully disclosed transactions
with the Sponsor, the minimum purchase requirement will be that number of Units
set forth in the contract between the Sponsor and the related broker or agent.
Offering Price. The Public Offering Price of Units will vary from the amounts
stated under "Summary of Essential Financial Information" in accordance with
fluctuations in the prices of the underlying Securities in the Trusts. The
initial price of the Securities was determined by Interactive Data Corporation,
a firm regularly engaged in the business of evaluating, quoting or appraising
comparable securities. The Evaluator will generally determine the value of the
Securities as of the Evaluation Time on each business day and will adjust the
Public Offering Price of Units accordingly. This Public Offering Price will be
effective for all orders received prior to the Evaluation Time on each business
day. The Evaluation Time is the close of the New York Stock Exchange on each
Trust business day. Orders received by the Trustee or Sponsor for purchases,
sales or redemptions after that time, or on a day which is not a business day,
will be held until the next determination of price. The term "business day", as
used herein and under "Rights of Unitholders--Redemption of Units", excludes
Saturdays, Sundays and holidays observed by the New York Stock Exchange. The
term "business day" also excludes any day on which more than 33% of the
Securities are not traded on their principal trading exchange due to a customary
business holiday on that exchange.
The aggregate underlying value of the Securities during the initial offering
period is determined on each business day by the Evaluator in the following
manner: If the Securities are listed on a national or foreign securities
exchange or the Nasdaq Stock Market, Inc., this evaluation is generally based on
the closing sale prices on that exchange or market (unless it is determined that
these prices are inappropriate as a basis for valuation) or, if there is no
closing sale price on that exchange or market, at the closing asked prices. If
the Securities are not listed on a national or foreign securities exchange or
the Nasdaq Stock Market, Inc. or, if so listed and the principal market therefor
is other than on the exchange or market, the evaluation shall generally be based
on the current asked price on the over-the-counter market (unless it is
determined that these prices are inappropriate as a basis for evaluation). If
current asked prices are unavailable, the evaluation is generally determined (a)
on the basis of current asked prices for comparable securities, (b) by
appraising the value of the Securities on the asked side of the market or (c) by
any combination of the above. The value of any foreign securities is based on
the applicable currency exchange rate as of the Evaluation Time. The value of
the Securities for purposes of secondary market transactions and redemptions is
described under "Rights of Unitholders--Redemption of Units".
In offering the Units to the public, neither the Sponsor nor any
broker-dealers are recommending any of the individual Securities but rather the
entire pool of Securities in a Trust, taken as a whole, which are represented by
the Units.
Unit Distribution. Units will be distributed to the public by the Sponsor,
broker-dealers and others at the Public Offering Price. Units repurchased in the
secondary market, if any, may be offered by this Prospectus at the secondary
market Public Offering Price in the manner described above.

The Sponsor intends to qualify Units for sale in a number of states. Brokers,
dealers and others will be allowed a concession or agency commission in
connection with the distribution of Units during the initial offering period as
described below.

The Dow 30SM
Index Trust
Transaction Series A and Series B
Amount* Concession Concession
-------------- -------------- --------------
Less than $50,000 2.25% 3.50%
$50,000 - $99,999 2.00 3.25
$100,000 - $249,999 1.75 3.00
$250,000 - $499,999 1.50 2.50
$500,000 - $999,999 1.25 1.50
$1,000,000 or more 0.75 0.75

---------------
*The breakpoint concessions or agency commissions are also applied on a Unit
basis using a breakpoint equivalent of $10 per Unit and are applied on whichever
basis is more favorable to the distributor.

In addition to the amounts set forth above, during the initial offering
period any firm that distributes 500,000 - 999,999 Units will receive additional
compensation of $.005 per Unit; any firm that distributes 1,000,000 - 1,999,999
Units will receive $.01 per Unit; any firm that distributes 2,000,000 -
2,999,999 Units will receive $.015 per Unit; any firm that distributes 3,000,000
Units or more will receive $.02 per Unit. A firm may aggregate Units of a Series
A Trust and a Series B Trust of the same industry sector type to qualify for
these compensation levels but may not aggregate among different sectors. For
example, Units of Software Trust, Series 4A and Series 4B may be aggregated but
Units of Software Trust, Series 4A may not be aggregated with Units of Morgan
Stanley U.S. Multinational Index Trust, Series 4B. This additional compensation
will be will be paid by the Sponsor out of its own assets at the end of the
initial offering period.
Any discount provided to investors will be borne by the selling dealer or
agent as indicated under "General" above. For transactions involving unitholders
of other Van Kampen unit investment trusts who use their redemption or
termination proceeds to purchase Units of the Trusts offered in this prospectus,
the total concession or agency commission will amount to 1.30% per Unit for
Series A Trusts and 2.50% per Unit for Series B Trusts. For all secondary market
transactions the total concession or agency commission will amount to 70% of the
sales charge. Notwithstanding anything to the contrary herein, in no case shall
the total of any concessions, agency commissions and any additional compensation
allowed or paid to any broker, dealer or other distributor of Units with respect
to any individual transaction exceed the total sales charge applicable to such
transaction. The Sponsor reserves the right to reject, in whole or in part, any
order for the purchase of Units and to change the amount of the concession or
agency commission to dealers and others from time to time.

Broker-dealers of the Trusts, banks and/or others may be eligible to
participate in a program in which such firms receive from the Sponsor a nominal
award for each of their representatives who have sold a minimum number of units
of unit investment trusts created by the Sponsor during a specified time period.
In addition, at various times the Sponsor may implement other programs under
which the sales forces of brokers, dealers, banks and/or others may be eligible
to win other nominal awards for certain sales efforts, or under which the
Sponsor will reallow to such brokers, dealers, banks and/or others that sponsor
sales contests or recognition programs conforming to criteria established by the
Sponsor, or participate in sales programs sponsored by the Sponsor, an amount
not exceeding the total applicable sales charges on the sales generated by such
persons at the public offering price during such programs. Also, the Sponsor in
its discretion may from time to time pursuant to objective criteria established
by the Sponsor pay fees to qualifying entities for certain services or
activities which are primarily intended to result in sales of Units of the
Trusts. Such payments are made by the Sponsor out of its own assets, and not out
of the assets of any Trust. These programs will not change the price Unitholders
pay for their Units or the amount that a Trust will receive from the Units sold.

Sponsor Compensation. The Sponsor will receive a gross sales commission equal
to the total sales charge applicable to each transaction. Any sales charge
discount provided to investors will be borne by the selling dealer or agent. In
addition, the Sponsor will realize a profit or loss as a result of the
difference between the price paid for the Securities by the Sponsor and the cost
of the Securities to each Trust on the Initial Date of Deposit as well as on
subsequent deposits. See "Notes to Portfolios". The Sponsor has not participated
as sole underwriter or as manager or as a member of the underwriting syndicates
or as an agent in a private placement for any of the Securities. The Sponsor may
realize profit or loss as a result of the possible fluctuations in the market
value of the Securities, since all proceeds received from purchasers of Units
are retained by the Sponsor. In maintaining a secondary market, the Sponsor will
realize profits or losses in the amount of any difference between the price at
which Units are purchased and the price at which Units are resold (which price
includes the applicable sales charge) or from a redemption of repurchased Units
at a price above or below the purchase price. Cash, if any, made available to
the Sponsor prior to the date of settlement for the purchase of Units may be
used in the Sponsor's business and may be deemed to be a benefit to the Sponsor,
subject to the limitations of the Securities Exchange Act of 1934.
The Sponsor or an affiliate may have participated in a public offering of one
or more of the Securities. The Sponsor, an affiliate or their employees may have
a long or short position in these Securities or related securities. An affiliate
may act as a specialist or market maker for these Securities. An officer,
director or employee of the Sponsor or an affiliate may be an officer or
director for issuers of the Securities.
Purchases and sales of Securities by your Trust may impact the value of the
Securities. This may especially be the case during the initial offering of
Units, upon Trust termination and in the course of satisfying large Unit
redemptions. Any publication of a list of Securities, or a list of anticipated
Securities, to be included in a Trust may also cause increased buying activity
in certain Securities. Once this information becomes public, investors may
purchase individual Securities appearing in such a publication and may do so
during or prior to the initial offering of Units. It is possible that these
investors could include investment advisory and brokerage firms of the Sponsor
or its affiliates or firms that are distributing Units. This activity may cause
your Trust to purchase stocks at a higher price than those buyers who effect
purchases prior to purchases by your Trust.
Market for Units. Although it is not obligated to do so, the Sponsor
currently intends to maintain a market for Units and to purchase Units at the
secondary market repurchase price (which is described under "Right of
Unitholders--Redemption of Units"). The Sponsor may discontinue purchases of
Units or discontinue purchases at this price at any time. In the event that a
secondary market is not maintained, a Unitholder will be able to dispose of
Units by tendering them to the Trustee for redemption at the Redemption Price.
See "Rights of Unitholders--Redemption of Units". Unitholders should contact
their broker to determine the best price for Units in the secondary market.
Units sold prior to the time the entire deferred sales charge has been collected
will be assessed the amount of any remaining deferred sales charge at the time
of sale. The Trustee will notify the Sponsor of any tendered of Units for
redemption. If the Sponsor's bid in the secondary market equals or exceeds the
Redemption Price per Unit, it may purchase the Units not later than the day on
which Units would have been redeemed by the Trustee. The Sponsor may sell
repurchased Units at the secondary market Public Offering Price per Unit.

RETIREMENT ACCOUNTS
--------------------------------------------------------------------------------

Units are available for purchase in connection with certain types of
tax-sheltered retirement plans, including Individual Retirement Accounts for the
individuals, Simplified Employee Pension Plans for employees, qualified plans
for self-employed individuals, and qualified corporate pension and profit
sharing plans for employees. The minimum purchase for these accounts is reduced
to 25 Units but may vary by selling firm. The purchase of Units may be limited
by the plans' provisions and does not itself establish such plans.

WRAP FEE AND ADVISORY ACCOUNTS
--------------------------------------------------------------------------------

Units may be available for purchase by investors who purchase Units through
registered investment advisers, certified financial planners and registered
broker-dealers who in each case either charge periodic fees for brokerage
services, financial planning, investment advisory or asset management service,
or provide such services in connection with the establishment of an investment
account for which a comprehensive "wrap fee" charge is imposed. You should
consult your financial professional to determine whether you can benefit from
these accounts. For these purchases you generally only pay the portion of the
sales charge that is retained by your Trust's Sponsor, Van Kampen Funds Inc.
This table illustrates the transaction fees you will pay as a percentage of the
public offering price per Unit.

The Dow 30SM
Index Trust
Series A and Series B
Trusts Trusts
--------- ---------
Fee paid on purchase 0.00% 0.00%
Sponsor retention 0.70 1.00
--------- ---------
Total 0.70% 1.00%
========= =========

You should consult the "Public Offering--General" section for specific
information on this and other sales charge discounts.

RIGHTS OF UNITHOLDERS
--------------------------------------------------------------------------------

Distributions. Dividends and any net proceeds from the sale of Securities
received by a Trust will generally be distributed to Unitholders on each
Distribution Date to Unitholders of record on the preceding Record Date. These
dates are listed under "Summary of Essential Financial Information". A person
becomes a Unitholder of record on the date of settlement (generally three
business days after Units are ordered). Unitholders may elect to receive
distributions in cash or to have distributions reinvested into additional Units.
Distributions may also be reinvested into Van Kampen mutual funds. See "Rights
of Unitholders--Reinvestment Option".
Dividends received by a Trust are credited to the Income Account of the
Trust. Other receipts (e.g., capital gains, proceeds from the sale of
Securities, etc.) are credited to the Capital Account. Proceeds received on the
sale of any Securities, to the extent not used to meet redemptions of Units or
pay deferred sales charges, fees or expenses, will be distributed to
Unitholders. Proceeds received from the disposition of any Securities after a
record date and prior to the following distribution date will be held in the
Capital Account and not distributed until the next distribution date. Any
distribution to Unitholders consists of each Unitholder's pro rate share of the
available cash in the Income and Capital Accounts as of the related Record Date.
Reinvestment Option. Unitholders may have distributions automatically
reinvested in additional Units under the Automatic Reinvestment Option without a
sales charge (to the extent Units may be lawfully offered for sale in the state
in which the Unitholder resides) through two options, if available. Brokers and
dealers can use the Dividend Reinvestment Service through Depository Trust
Company or purchase the Automatic Reinvestment Option CUSIP, if available. To
participate in this reinvestment option, a Unitholder must file with the Trustee
a written notice of election, together with any certificate representing Units
and other documentation that the Trustee may then require, at least five days
prior to the related Record Date. A Unitholder's election will apply to all
Units owned by the Unitholder and will remain in effect until changed by the
Unitholder. If Units are unavailable for reinvestment, distributions will be
paid in cash. Purchases of additional Units made pursuant to the reinvestment
plan will be made at the net asset value for Units as of the Evaluation Time on
the Distribution Date.
In addition, under the Guaranteed Reinvestment Option Unitholders may elect
to have distributions automatically reinvested in certain Van Kampen mutual
funds (the "Reinvestment Funds"). Each Reinvestment Fund has investment
objectives which differ from those of the Trusts. The prospectus relating to
each Reinvestment Fund describes its investment policies and how to begin
reinvestment. A Unitholder may obtain a prospectus for the Reinvestment Funds
from the Sponsor. Purchases of shares of a Reinvestment Fund will be made at a
net asset value computed on the Distribution Date. Unitholders with an existing
Guaranteed Reinvestment Option account (whereby a sales charge is imposed on
distribution reinvestments) may transfer their existing account into a new
account which allows purchases of Reinvestment Fund shares at net asset value.
A participant may elect to terminate his or her reinvestment plan and receive
future distributions in cash by notifying the Trustee in writing no later than
five days before a distribution date. The Sponsor, each Reinvestment Fund, and
its investment adviser shall have the right to suspend or terminate these
reinvestment plans at any time.
Redemption of Units. A Unitholder may redeem all or a portion of his Units by
tender to the Trustee at its Unit Investment Trust Division, 101 Barclay Street,
20th Floor, New York, New York 10286. Certificates must be tendered to the
Trustee, duly endorsed or accompanied by proper instruments of transfer with
signature guaranteed (or by providing satisfactory indemnity in connection with
lost, stolen or destroyed certificates) and by payment of applicable
governmental charges, if any. On the seventh day following the tender, the
Unitholder will be entitled to receive in cash an amount for each Unit equal to
the Redemption Price per Unit next computed on the date of tender. The "date of
tender" is deemed to be the date on which Units are received by the Trustee,
except that with respect to Units received by the Trustee after the Evaluation
Time or on a day which is not a Trust business day, the date of tender is deemed
to be the next business day.
Unitholders tendering 1,000 or more Units of a Trust for redemption may
request an in kind distribution of Securities equal to the Redemption Price per
Unit on the date of tender. Trusts generally do not offer in kind distributions
of portfolio securities that are held in foreign markets. An in kind
distribution will be made by the Trustee through the distribution of each of the
Securities in book-entry form to the account of the Unitholder's broker-dealer
at Depository Trust Company. Amounts representing fractional shares will be
distributed in cash. The Trustee may adjust the number of shares of any Security
included in a Unitholder's in kind distribution to facilitate the distribution
of whole shares.
The Trustee may sell Securities to satisfy Unit redemptions. To the extent
that Securities are redeemed in kind or sold, the size of a Trust will be, and
the diversity of a Trust may be, reduced. Sales may be required at a time when
Securities would not otherwise be sold and may result in lower prices than might
otherwise be realized. The price received upon redemption may be more or less
than the amount paid by the Unitholder depending on the value of the Securities
at the time of redemption. Special federal income tax consequences will result
if a Unitholder requests an in kind distribution. See "Taxation".
The Redemption Price per Unit and the secondary market repurchase price per
Unit are equal to the pro rata share of each Unit in each Trust determined on
the basis of (i) the cash on hand in the Trust, (ii) the value of the Securities
in the Trust and (iii) dividends receivable on the Securities in the Trust
trading ex-dividend as of the date of computation, less (a) amounts representing
taxes or other governmental charges payable out of the Trust, (b) the accrued
expenses of the Trust and (c) any unpaid deferred sales charge payments. During
the initial offering period, the redemption price and the secondary market
repurchase price will include estimated organizational and offering costs. For
these purposes, the Evaluator may determine the value of the Securities in the
following manner: If the Securities are listed on a national or foreign
securities exchange or the Nasdaq Stock Market, Inc., this evaluation is
generally based on the closing sale prices on that exchange or market (unless it
is determined that these prices are inappropriate as a basis for valuation) or,
if there is no closing sale price on that exchange or market, at the closing bid
prices. If the Securities are not so listed or, if so listed and the principal
market therefor is other than on the exchange or market, the evaluation may be
based on the current bid price on the over-the-counter market. If current bid
prices are unavailable or inappropriate, the evaluation may be determined (a) on
the basis of current bid prices for comparable securities, (b) by appraising the
Securities on the bid side of the market or (c) by any combination of the above.
The value of any foreign securities is based on the applicable currency exchange
rate as of the Evaluation Time.
The right of redemption may be suspended and payment postponed for any period
during which the New York Stock Exchange is closed, other than for customary
weekend and holiday closings, or any period during which the SEC determines that
trading on that Exchange is restricted or an emergency exists, as a result of
which disposal or evaluation of the Securities is not reasonably practicable, or
for other periods as the SEC may permit.
Certificates. Ownership of Units is evidenced in book entry form unless a
Unitholder makes a written request to the Trustee that ownership be in
certificate form. Units are transferable by making a written request to the
Trustee and, in the case of Units in certificate form, by presentation of the
certificate to the Trustee properly endorsed or accompanied by a written
instrument or instruments of transfer. A Unitholder must sign the written
request, and certificate or transfer instrument, exactly as his name appears on
the records of the Trustee and on the face of any certificate with the signature
guaranteed by a participant in the Securities Transfer Agents Medallion Program
("STAMP") or a signature guarantee program accepted by the Trustee. In certain
instances the Trustee may require additional documents such as, but not limited
to, trust instruments, certificates of death, appointments as executor or
administrator or certificates of corporate authority. Fractional certificates
will not be issued. The Trustee may require a Unitholder to pay a reasonable fee
for each certificate reissued or transferred and to pay any governmental charge
that may be imposed in connection with each transfer or interchange. Destroyed,
stolen, mutilated or lost certificates will be replaced upon delivery to the
Trustee of satisfactory indemnity, evidence of ownership and payment of expenses
incurred. Mutilated certificates must be surrendered to the Trustee for
replacement.
Reports Provided. Unitholders will receive a statement of dividends and other
amounts received by a Trust for each distribution. Within a reasonable time
after the end of each year, each person who was a Unitholder during that year
will receive a statement describing dividends and capital received, actual Trust
distributions, Trust expenses, a list of the Securities and other Trust
information. Unitholders may obtain the Evaluator's evaluations of the
Securities upon request.

TRUST ADMINISTRATION
--------------------------------------------------------------------------------

Portfolio Administration. The Trusts are not managed funds and, except as
provided in the Trust Agreement, Securities generally will not be sold or
replaced. The Sponsor may, however, direct that Securities be sold in certain
limited circumstances to protect the Trusts based on advice from the Supervisor.
These situations may include events such as the issuer having defaulted on
payment of any of its outstanding obligations or the price of a Security has
declined to such an extent or other credit factors exist so that in the opinion
of the Sponsor retention of the Security would be detrimental to a Trust. If a
public tender offer has been made for a Security or a merger or acquisition has
been announced affecting a Security, the Trustee may either sell the Security or
accept a tender offer for cash if the Supervisor determines that the sale or
tender is in the best interest of Unitholders. The Trustee will distribute any
cash proceeds to Unitholders. In addition, the Trustee may sell Securities to
redeem Units or pay Trust expenses or deferred sales charges. The Trustee must
reject any offer for securities or property other than cash in exchange for the
Securities. If securities or property are nonetheless acquired by a Trust, the
Sponsor may direct the Trustee to sell the securities or property and distribute
the proceeds to Unitholders or to accept the securities or property for deposit
in the Trust. Should any contract for the purchase of any of the Securities
fail, the Sponsor will (unless substantially all of the moneys held in the Trust
to cover the purchase are reinvested in substitute Securities in accordance with
the Trust Agreement) refund the cash and sales charge attributable to the failed
contract to all Unitholders on or before the next distribution date.
With respect to The Dow 30SM Index Trust, purchases and sales of Securities
will generally be made in an effort to maintain, to the extent practical, a
portfolio that reflects the current components of the Dow Jones Industrial
AverageSM. If this Trust receives any securities or other property relating to
the Securities in the Trust (such as those acquired in a merger or spin-off),
the Trustee will sell the securities or other property and reinvest the proceeds
in shares of the remaining Securities. If a Security is removed from the Dow
Jones Industrial AverageSM, the Trustee will sell the Security and may reinvest
the proceeds into any new securities added as components of the Dow Jones
Industrial AverageSM or into the other Securities if a new component is not
added.
With respect to The Dow 30SM Index Trust, the Sponsor may direct the
reinvestment of proceeds of the sale of Securities if the sale is the direct
result of serious adverse credit factors which, in the opinion of the Sponsor,
would make retention of the Securities detrimental to the Trust. In such as
case, the Sponsor may, but is not obligated to, direct the reinvestment of sale
proceeds in any other securities that meet the criteria for inclusion in this
Trust on the Initial Date of Deposit. The Sponsor may also instruct the Trustee
to take action necessary to ensure that this Trust continue to satisfy the
qualifications of a regulated investment company and to avoid imposition of tax
on undistributed income of this Trust.
When your Trust sells Securities, the composition and diversity of the
Securities in the Trust may be altered. In order to obtain the best price for a
Trust, it may be necessary for the Supervisor to specify minimum amounts
(generally 100 shares) in which blocks of Securities are to be sold. In
effecting purchases and sales of a Trust's portfolio securities, the Sponsor may
direct that orders be placed with and brokerage commissions be paid to brokers,
including brokers which may be affiliated with the Trusts, the Sponsor or
dealers participating in the offering of Units. In addition, in selecting among
firms to handle a particular transaction, the Sponsor may take into account
whether the firm has sold or is selling units of unit investment trusts which it
sponsors.

Amendment of the Trust Agreement. The Trustee and the Sponsor may amend the
Trust Agreement without the consent of Unitholders to correct any provision
which may be defective or to make other provisions that will not adversely
affect Unitholders (as determined in good faith by the Sponsor and the Trustee).
The Trust Agreement may not be amended to increase the number of Units or permit
acquisition of securities in addition to or substitution for the Securities
(except as provided in the Trust Agreement). The Trustee will notify Unitholders
of any amendment.
Termination. Each Trust will terminate on the Mandatory Termination Date or
upon the sale or other disposition of the last Security held in the Trust. A
Trust may be terminated at any time with consent of Unitholders representing
two-thirds of the outstanding Units or by the Trustee when the value of the
Trust is less than $500,000 ($3,000,000 if the value of the Trust has exceeded
$15,000,000) (the "Minimum Termination Value"). Unitholders will be notified of
any termination. The Trustee may begin to sell Securities in connection with a
Trust termination nine business days before, and no later than, the Mandatory
Termination Date. Approximately thirty days before this date, the Trustee will
notify Unitholders of the termination and provide a form enabling qualified
Unitholders to elect an in kind distribution of Securities. See "Rights of
Unitholders--Redemption of Units". This form must be returned at least five
business days prior to the Mandatory Termination Date. Unitholders will receive
a final cash distribution within a reasonable time after the Mandatory
Termination Date. All distributions will be net of Trust expenses and costs.
Unitholders will receive a final distribution statement following termination.
The Information Supplement contains further information regarding termination of
the Trusts. See "Additional Information".
Limitations on Liabilities. The Sponsor, Evaluator, Supervisor and Trustee
are under no liability for taking any action or for refraining from taking any
action in good faith pursuant to the Trust Agreement, or for errors in judgment,
but shall be liable only for their own willful misfeasance, bad faith or gross
negligence (negligence in the case of the Trustee) in the performance of their
duties or by reason of their reckless disregard of their obligations and duties
hereunder. The Trustee is not be liable for depreciation or loss incurred by
reason of the sale by the Trustee of any of the Securities. In the event of the
failure of the Sponsor to act under the Trust Agreement, the Trustee may act
thereunder and is not be liable for any action taken by it in good faith under
the Trust Agreement. The Trustee is not liable for any taxes or other
governmental charges imposed on the Securities, on it as Trustee under the Trust
Agreement or on a Trust which the Trustee may be required to pay under any
present or future law of the United States of America or of any other taxing
authority having jurisdiction. In addition, the Trust Agreement contains other
customary provisions limiting the liability of the Trustee. The Trustee, Sponsor
and Supervisor may rely on any evaluation furnished by the Evaluator and have no
responsibility for the accuracy thereof. Determinations by the Evaluator shall
be made in good faith upon the basis of the best information available to it.

Sponsor. Van Kampen Funds Inc., a Delaware corporation, is the Sponsor of the
Trust. The Sponsor is an indirect subsidiary of Morgan Stanley Dean Witter & Co.
Van Kampen Funds Inc. specializes in the underwriting and distribution of unit
investment trusts and mutual funds with roots in money management dating back to
1926. The Sponsor is a member of the National Association of Securities Dealers,
Inc. and has its principal office at 1 Parkview Plaza, P.O. Box 5555, Oakbrook
Terrace, Illinois 60181-5555. As of November 30, 1999, the total stockholders'
equity of Van Kampen Funds Inc. was $141,554,861 (audited). The Information
Supplement contains additional information about the Sponsor.

If the Sponsor shall fail to perform any of its duties under the Trust
Agreement or become incapable of acting or shall become bankrupt or its affairs
are taken over by public authorities, then the Trustee may (i) appoint a
successor Sponsor at rates of compensation deemed by the Trustee to be
reasonable and not exceeding amounts prescribed by the Securities and Exchange
Commission, (ii) terminate the Trust Agreement and liquidate the Trusts as
provided therein or (iii) continue to act as Trustee without terminating the
Trust Agreement.
Trustee. The Trustee is The Bank of New York, a trust company organized under
the laws of New York. The Bank of New York has its unit investment trust
division offices at 101 Barclay Street, New York, New York 10286 (800) 221-7668.
The Bank of New York is subject to supervision and examination by the
Superintendent of Banks of the State of New York and the Board of Governors of
the Federal Reserve System, and its deposits are insured by the Federal Deposit
Insurance Corporation to the extent permitted by law. Additional information
regarding the Trustee is set forth in the Information Supplement, including the
Trustee's qualifications and duties, its ability to resign, the effect of a
merger involving the Trustee and the Sponsor's ability to remove and replace the
Trustee. See "Additional Information".
Performance Information. The Sponsor may from time to time in its advertising
and sales materials compare the then current estimated returns on the Trusts and
returns over specified time periods on other similar Van Kampen trusts (which
may show performance net of expenses and charges which the Trusts would have
charged) with returns on other taxable investments such as the common stocks
comprising the Dow Jones Industrial Average, the S&P 500, other investment
indices, corporate or U.S. government bonds, bank CDs, money market accounts or
money market funds, or with performance data from Lipper Analytical Services,
Inc., Morningstar Publications, Inc. or various publications, each of which has
characteristics that may differ from those of the Trusts. Information on
percentage changes in the dollar value of Units may be included from time to
time in advertisements, sales literature, reports and other information
furnished to current or prospective Unitholders. Total return figures may not be
averaged and may not reflect deduction of the sales charge, which would decrease
return. No provision is made for any income taxes payable. Past performance may
not be indicative of future results. The Trust portfolios are not managed and
Unit price and return fluctuate with the value of common stocks in the
portfolios, so there may be a gain or loss when Units are sold. As with other
performance data, performance comparisons should not be considered
representative of the Trust's relative performance for any future period.

TAXATION
--------------------------------------------------------------------------------

The Dow 30SM Index Trust
The Dow 30SM Index Trust intends to elect and qualify on a continuing basis
for special federal income tax treatment as a "regulated investment company"
under the Internal Revenue Code of 1986, as amended (the "Code"). If the Trust
so qualifies and timely distributes to Unitholders 90% or more of its taxable
income (without regard to its net capital gain, i.e., the excess of its net
long-term capital gain over its net short-term capital loss), it will not be
subject to federal income tax on the portion of its taxable income (including
any net capital gain) that it distributes to Unitholders. In addition, to the
extent the Trust timely distributes to Unitholders at least 98% of its taxable
income (including any net capital gain), it will not be subject to the 4% excise
tax on certain undistributed income of "regulated investment companies." Because
the Trust intends to timely distribute its taxable income (including any net
capital gain), it is anticipated that the Trust will not be subject to federal
income tax or the excise tax.
Distributions to Unitholders of the Trust's taxable income, other than
distributions which are designated as capital gain dividends, will be taxable as
ordinary income to Unitholders, except that to the extent that distributions to
a Unitholder in any year exceed the Trust's current and accumulated earnings and
profits, they will be treated as a return of capital and will reduce the
Unitholder's basis in his Units and, to the extent that they exceed his basis,
will be treated as a gain from the sale of his Units as discussed below.
Although distributions generally will be treated as distributed when paid,
distributions declared in October, November or December payable to Unitholders
of record on a specified date in one of those months and paid during January of
the following year will be treated as having been distributed by the Trust (and
received by the Unitholder) on December 31 of the year such distributions are
declared.
Distributions of the Trust's net capital gain which are properly designated
as capital gain dividends by the Trust will be taxable to Unitholders as
long-term capital gain, regardless of the length of time the Units have been
held by a Unitholder. A Unitholder may recognize a taxable gain or loss if the
Unitholder sells or redeems his Units. Any gain or loss arising from (or treated
as arising from) the sale or redemption of Units will generally be a capital
gain or loss, except in the case of a dealer or a financial institution. The
Internal Revenue Service Restructuring and Reform Act of 1998 (the "1998 Tax
Act") provides that for taxpayers other than corporations, net capital gain
(which is defined as net long-term capital gain over net short-term capital loss
for the taxable year) is generally subject to a maximum marginal stated tax rate
of 20% (10% in the case of certain taxpayers in the lowest tax bracket). Capital
gain or loss is long-term if the holding period for the asset is more than one
year, and is short-term if the holding period for the asset is one year or less.
The date on which a Unit is acquired (i.e., the "trade date") is excluded for
purposes of determining the holding period of the Unit. Capital gains realized
from assets held for one year or less are taxed at the same rates as ordinary
income. Note that if a Unitholder holds Units for six months or less and
subsequently sells such Units at a loss, the loss will be treated as a long-term
capital loss to the extent that any long-term capital gain distribution is made
with respect to such Units during the six-month period or less that the
Unitholder owns the Units.
In addition, please note that capital gains may be recharacterized as
ordinary income in the case of certain financial transactions that are
considered "conversion transactions" effective for transactions entered into
after April 30, 1993. Unitholders and prospective investors should consult with
their tax advisers regarding the potential effect of this provision on their
investment in Units. The Taxpayer Relief Act of 1997 (the "1997 Tax Act")
includes provisions that treat certain transactions designed to reduce or
eliminate risk of loss and opportunities for gain (e.g. short sales, offsetting
notional principal contracts, futures or forward contracts or similar
transactions) as constructive sales for purposes of recognition of gain (but not
loss) and for purposes of determining the holding period.
Generally, the tax basis of a Unitholder includes sales charges, and such
charges are not deductible. A portion of the sales charge for the Trust is
deferred. The income (or proceeds from redemption) a Unitholder must take into
account for federal income tax purposes is not reduced by amounts deducted to
pay the deferred sales charge.
Distributions which are taxable as ordinary income to Unitholders will
constitute dividends for federal income tax purposes. When Units are held by
corporate Unitholders, Trust distributions may qualify for the 70% dividends
received deduction, subject to limitations otherwise applicable to the
availability of the deduction, to the extent the distribution is attributable to
dividends received by the Trust from United States corporations (other than Real
Estate Investment Trusts) and is designated by the Trust as being eligible for
such deduction. The Trust will provide each Unitholder with information annually
concerning what part of the Trust distributions are eligible for the dividends
received deduction.
Under the Code, certain miscellaneous itemized deductions, such as investment
expenses, tax return preparation fees and employee business expenses, will be
deductible by individuals only to the extent they exceed 2% of adjusted gross
income. Miscellaneous itemized deductions subject to this limitation under
present law do not include expenses incurred by the Trust so long as the Units
are held by or for 500 or more persons at all times during the taxable year or
another exception is met. In the event the Units are held by fewer than 500
persons, additional taxable income may be realized by the individual (and other
noncorporate) Unitholders in excess of the distributions received from the
Trust.
Distributions reinvested into additional Units of the Trust will be taxed to
a Unitholder in the manner described above (i.e., as ordinary income, long-term
capital gain or as a return of capital).
Under certain circumstances a Unitholder may be able to request an in kind
distribution upon redemption of Units or termination of the Trust. Unitholders
electing an in kind distribution of shares of Securities should be aware that
the exchange is subject to taxation and Unitholders will recognize gain or loss
(subject to various nonrecognition provisions of the Code) based on the value of
the Securities received. Investors electing an in kind distribution should
consult their own tax advisors with regard to such transaction.
The federal tax status of each year's distributions will be reported to
Unitholders and to the Internal Revenue Service. Each Unitholder will be
requested to provide the Unitholder's taxpayer identification number to the
Trustee and to certify that the Unitholder has not been notified that payments
to the Unitholder are subject to back-up withholding. If the proper taxpayer
identification number and appropriate certification are not provided when
requested, distributions by the Trust to such Unitholder (including amounts
received upon the redemption of Units) will be subject to back-up withholding.
The foregoing discussion relates only to the federal income tax status of the
Trust and to the tax treatment of distributions by the Trust to United States
Unitholders.

A Unitholder who is a foreign investor (i.e., an investor other than a United
States citizen or resident or a United States corporation, partnership, estate
or trust) should be aware that, generally, subject to applicable tax treaties,
distributions from the Trust which constitute dividends for Federal income tax
purposes (other than dividends which the Trust designates as capital gain
dividends) will be subject to United States income taxes, including withholding
taxes. However, distributions received by a foreign investor from the Trust that
are designated by the Trust as capital gain dividends should not be subject to
United States Federal income taxes, including withholding taxes, if all of the
following conditions are met (i) the capital gain dividend is not effectively
connected with the conduct by the foreign investor of a trade or business within
the United States, (ii) the foreign investor (if an individual) is not present
in the United States for 183 days or more during his or her taxable year, and
(iii) the foreign investor provides all certification which may be required of
his status (foreign investors may contact the Sponsor to obtain a Form W-8 BEN
which must be filed with the Trustee and refiled every three calendar years
thereafter). Foreign investors should consult their tax advisers with respect to
United States tax consequences of ownership of Units. Units in the Trust and
Trust distributions may also be subject to state and local taxation and
Unitholders should consult their tax advisers in this regard.

All Other Trusts
The following is a general discussion of certain of the federal income tax
consequences of the purchase, ownership and disposition of the Units of Trusts
other than The Dow 30SM Index Trust. The summary is limited to investors who
hold the Units as "capital assets" (generally, property held for investment
within the meaning of Section 1221 of the Internal Revenue Code of 1986 (the
"Code")). Unitholders should consult their tax advisers in determining the
federal, state, local and any other tax consequences of the purchase, ownership
and disposition of Units in the Trust. For purposes of the following discussion
and opinion, it is assumed that each Security in the Trust is equity for federal
income tax purposes.
In the opinion of Chapman and Cutler, special counsel for the Sponsor, under
existing law:
1. The Trust is not an association taxable as a corporation for federal
income tax purposes; each Unitholder will be treated as the owner of a pro rata
portion of each of the assets of the Trust under the Code; and the income of the
Trust will be treated as income of the Unitholders thereof under the Code. Each
Unitholder will be considered to have received his pro rata share of income
derived from each Security when such income is considered to be received by the
Trust.
2. Each Unitholder will have a taxable event when the Trust disposes of a
Security (whether by sale, exchange, liquidation, redemption, or otherwise) or
upon the sale or redemption of Units by such Unitholder (except to the extent an
in kind distribution of stock is received by such Unitholder as described
below). The price a Unitholder pays for his Units, generally including sales
charges, is allocated among his pro rata portion of each Security held by the
Trust (in proportion to the fair market values thereof on the valuation date
nearest the date the Unitholder purchase his Units) in order to determine his
initial tax basis for his pro rata portion of each Security held by the Trust.
Unitholders should consult their own tax advisers with regard to calculation of
basis. For federal income tax purposes, a Unitholder's pro rata portion of
dividends as defined by Section 316 of the Code paid by a corporation with
respect to a Security held by the Trust are taxable as ordinary income to the
extent of such corporation's current and accumulated "earnings and profits". A
Unitholder's pro rata portion of dividends paid on such Security which exceeds
such current and accumulated earnings and profits will first reduce a
Unitholder's tax basis in such Security, and to the extent that such dividends
exceed a Unitholder's tax basis in such Equity Security shall generally be
treated as capital gain. In general, the holding period for such capital gain
will be determined by the period of time a Unitholder has held his Units.
3. A Unitholder's portion of gain, if any, upon the sale or redemption of
Units or the disposition of Securities held by the Trust will generally be
considered a capital gain, except in the case of a dealer or a financial
institution. A Unitholder's portion of loss, if any, upon the sale or redemption
of Units or the disposition of Securities held by the Trust will generally be
considered a capital loss (except in the case of a dealer or a financial
institution). Unitholders should consult their tax advisers regarding the
recognition of gains and losses for federal income tax purposes.
Deferred Sales Charge. Generally, the tax basis of a Unitholder includes
sales charges, and such charges are not deductible. A portion of the sales
charge for the Trust is deferred. The income (or proceeds from redemption) a
Unitholder must take into account for federal income tax purposes is not reduced
by amounts deducted to pay the deferred sales charge. Unitholders should consult
their own tax advisers as to the income tax consequences of the deferred sales
charge.
Dividends Received Deduction. A Unitholder will be considered to have
received all of the dividends paid on his pro rata portion of each Security when
such dividends are received by the Trust regardless of whether such dividends
are used to pay a portion of a deferred sales charge. Unitholders will be taxed
in this manner regardless of whether distributions from the Trust are actually
received by the Unitholder or are automatically reinvested. A corporation that
owns Units will generally be entitled to a 70% dividends received deduction with
respect to such Unitholder's pro rata portion of dividends received by the Trust
(to the extent such dividends are taxable as ordinary income, as discussed
above, and are attributable to domestic corporations) in the same manner as if
such corporation directly owned the Securities paying such dividends (other than
corporate Unitholders, such as "S" corporations, which are not eligible for the
deduction because of their special characteristics and other than for purposes
of special taxes such as the accumulated earnings tax and the personal holding
corporation tax). However, a corporation owning Units should be aware that
Sections 246 and 246A of the Code impose additional limitations on the
eligibility of dividends for the 70% dividends received deduction. These
limitations include a requirement that stock (and therefore Units) must
generally be held at least 46 days (as determined under Section 246(c) of the
Code). Final regulations have been issued which address special rules that must
be considered in determining whether the 46 day holding requirement is met.
Moreover, the allowable percentage of the deduction will be reduced from 70% if
a corporate Unitholder owns certain stock (or Units) the financing of which is
directly attributable to indebtedness incurred by such corporation.
To the extent dividends received by the Trust are attributable to foreign
corporations, a corporation that owns Units will not be entitled to the
dividends received deduction with respect to its pro rata portion of such
dividends, since the dividends received deduction is generally available only
with respect to dividends paid by domestic corporations. Unitholders should
consult with their tax advisers with respect to the limitations on and possible
modifications to the dividends received deduction.

Limitations on Deductibility of Trust Expenses by Unitholders. Each
Unitholder's pro rata share of each expense paid by the Trust is deductible by
the Unitholder to the same extent as though the expense had been paid directly
by him. As a result of the Tax Reform Act of 1986, certain miscellaneous
itemized deductions, such as investment expenses, tax return preparation fees
and employee business expenses will be deductible by an individual only to the
extent they exceed 2% of such individual's adjusted gross income. Unitholders
may be required to treat some or all of the expenses of the Trust as
miscellaneous itemized deductions subject to this limitation. Unitholders should
consult with their own tax advisers regarding the deductibility of Trust
expenses.
Recognition of Taxable Gain or Loss Upon Disposition of Securities by the
Trust or Disposition of Units. As discussed above, a Unitholder may recognize
taxable gain (or loss) when a Security is disposed of by the Trust or if the
Unitholder disposes of a Unit. The Internal Revenue Service Restructing and
Reform Act of 1998 (the "1998 Tax Act") provides that for taxpayers other than
corporations, net capital gain (which is defined as net long-term capital gain
over net short-term capital loss for the taxable year) realized from property
(with certain exclusions) is subject to a maximum marginal stated tax rate of
20% (10% in the case of certain taxpayers in the lowest tax bracket). Capital
gain or loss is long-term if the holding period for the asset is more than one
year, and is short-term if the holding period for the asset is one year or less.
The date on which a Unit is acquired (i.e., the "trade date") is excluded for
purposes of determining the holding period of the Unit. Capital gains realized
from assets held for one year or less are taxed at the same rates as ordinary
income.
In addition, please note that capital gains may be recharacterized as
ordinary income in the case of certain financial transactions that are
considered "conversion transactions" effective for transactions entered into
after April 30, 1993. Unitholders and prospective investors should consult with
their tax advisers regarding the potential effect of this provision on their
investment in Units.
If a Unitholder disposes of a Unit he is deemed thereby to have disposed of
his entire pro rata interest in all assets of the Trust including his pro rata
portion of all Securities represented by a Unit.
The Taxpayer Relief Act of 1997 (the "1997 Tax Act") includes provisions that
treat certain transactions designed to reduce or eliminate risk of loss and
opportunities for gain (e.g., short sales, offsetting notional principal
contracts, futures or forward contracts or similar transactions) as constructive
sales for purposes of recognition of gain (but not of loss) and for purposes of
determining the holding period. Unitholders should consult their own tax
advisers with regard to any such constructive sales rules.
Special Tax Consequences of In Kind Distributions Upon Redemption of Units or
Termination of the Trust. As discussed in "Rights of Unitholders--Redemption of
Units", under certain circumstances a Unitholder tendering Units for redemption
may request an in kind distribution. A Unitholder may also under certain
circumstances request an in kind distribution upon the termination of the Trust.
See "Rights of Unitholders--Redemption of Units. As previously discussed, prior
to the redemption of Units or the termination of the Trust, a Unitholder is
considered as owning a pro rata portion of each of the Trust's assets for
federal income tax purposes. The receipt of an in kind distribution will result
in a Unitholder receiving an undivided interest in whole shares of stock plus,
possibly, cash.
The potential tax consequences that may occur under an in kind distribution
with respect to each Security held by the Trust will depend on whether or not a
Unitholder receives cash in addition to Securities. A "Security" for this
purpose is a particular class of stock issued by a particular corporation. A
Unitholder will not recognize gain or loss if a Unitholder only receives
Securities in exchange for his or her pro rata portion in the Securities held by
the Trust. However, if a Unitholder also receives cash in exchange for a
fractional share of such Security held by the Trust, such Unitholder will
generally recognize gain or loss based upon the difference between the amount of
cash received by the Unitholder and his tax basis in such fractional share of a
Security held by the Trust.

Because the Trust will own many Securities, a Unitholder who requests an in
kind distribution will have to analyze the tax consequences with respect to each
Security owned by the Trust. The amount of taxable gain (or loss) recognized
upon such exchange will generally equal the sum of the gain (or loss) recognized
under the rules described above by such Unitholder with respect to each Security
owned by the Trust. Unitholders who request an in kind distribution are advised
to consult their tax advisers in this regard.
Computation of the Unitholder's Tax Basis. Initially, a Unitholder's tax
basis in his Units will generally equal the price paid by such Unitholder of his
Units. The cost of the Units is allocated among the Securities held in the Trust
in accordance with the proportion of the fair market values of such Securities
on the valuation date nearest the date the Units are purchased in order to
determine such Unitholder's tax basis for his pro rata portion of each Security.
A Unitholder's tax basis in his Units and his pro rata portion of a Security
held by the Trust will be reduced to the extent dividends paid with respect to
such Security are received by the Trust which are not taxable as ordinary income
as described above.
Other Matters. Each Unitholder will be requested to provide the Unitholder's
taxpayer identification number to the Trustee and to certify that the Unitholder
has not been notified that payments to the Unitholder are subject to back-up
withholding. If the proper taxpayer identification number and appropriate
certification are not provided when requested, distributions by the Trust to
such Unitholder (including amounts received upon the redemption of Units) will
be subject to back-up withholding. Distributions by the Trust (other than those
that are not treated as United States source income, if any) will generally be
subject to United States income taxation and withholding in the case of Units
held by non-resident alien individuals, foreign corporations or other non-United
States persons. Such persons should consult their tax advisers.
In general, income that is not effectively connected to the conduct of a
trade or business within the United States that is earned by non-U.S.
Unitholders and derived from dividends of foreign corporations will not be
subject to U.S. withholding tax provided that less than 25 percent of the gross
income of the foreign corporations for a three-year period ending with the close
of its taxable year preceding payment was effectively connected to the conduct
of a trade or business within the United States. In addition, such earnings may
be exempt from U.S. withholding pursuant to a specific treaty between the United
States and a foreign country. Non-U.S. Unitholders should consult their own tax
advisers regarding the imposition of U.S. withholding on distributions from the
Trust.
It should be noted that payments to the Trust of dividends on Securities that
are attributable to foreign corporations may be subject to foreign withholding
taxes and Unitholders should consult their tax advisers regarding the potential
tax consequences relating to the payment of any such withholding taxes by the
Trust. Any dividends withheld as a result thereof will nevertheless be treated
as income to the Unitholders. Because, under the grantor trust rules, an
investor is deemed to have paid directly his share of foreign taxes that have
been paid or accrued, if any, an investor may be entitled to a foreign tax
credit or deduction for United States tax purposes with respect to such taxes.
The 1997 Tax Act imposes a required holding period for such credits. Investors
should consult their tax advisers with respect to foreign withholding taxes and
foreign tax credits.
At the termination of the Trust, the Trustee will furnish to each Unitholder
of the Trust a statement containing information relating to the dividends
received by the Trust on the Securities, the gross proceeds received by the
Trust from the disposition of any Security (resulting from redemption or the
sale of any Security), and the fees and expenses paid by the Trust. The Trustee
will also furnish annual information returns to Unitholders and to the Internal
Revenue Service.
In the opinion of special counsel to the Trust for
New York tax matters, the Trust is not an association taxable as a corporation
and the income of the Trust will be treated as the income of the Unitholders
under the existing income tax laws of the State and City of New York.
The foregoing discussion relates only to the tax treatment of U.S.
Unitholders ("U.S. Unitholders") with regard to federal and certain aspects of
New York State and City income taxes. Unitholders may be subject to taxation in
New York or in other jurisdictions and should consult their own tax advisers in
this regard. As used herein, the term "U.S. Unitholder" means an owner of a Unit
of the Trust that (a) is (i) for United States federal income tax purposes a
citizen or resident of the United States, (ii) a corporation, partnership or
other entity created or organized in or under the laws of the United States or
of any political subdivision thereof, or (iii) an estate or trust the income of
which is subject to United States federal income taxation regardless of its
source or (b) does not qualify as a U.S. Unitholder in paragraph (a) but whose
income from a Unit is effectively connected with such Unitholder's conduct of a
United States trade or business. The term also includes certain former citizens
of the United States whose income and gain on the Units will be taxable.
Unitholders should consult their tax advisers regarding potential foreign, state
or local taxation with respect to the Units.

TRUST OPERATING EXPENSES
--------------------------------------------------------------------------------

Compensation of Sponsor, Supervisor and Evaluator. The Sponsor will not
receive any fees in connection with its activities relating to the Trusts.
However, the Supervisor and Evaluator, which are affiliates of the Sponsor, will
receive the annual fee for portfolio supervisory and evaluation services set
forth in the "Fee Table". These fees may exceed the actual costs of providing
these services to the Trusts but at no time will the total amount received for
supervisory and evaluation services rendered to all Van Kampen unit investment
trusts in any calendar year exceed the aggregate cost of providing these
services in that year.
Trustee's Fee. For its services the Trustee will receive the fee from each
Trust set forth in the "Fee Table" (which includes the estimated amount of
miscellaneous Trust expenses). The Trustee benefits to the extent there are
funds in the Capital and Income Accounts since these Accounts are non-interest
bearing to Unitholders and the amounts earned by the Trustee are retained by the
Trustee. Part of the Trustee's compensation for its services to each Trust is
expected to result from the use of these funds.
Miscellaneous Expenses. The following additional charges are or may be
incurred by a Trust: (a) normal expenses (including the cost of mailing reports
to Unitholders) incurred in connection with the operation of such Trust, (b)
fees of the Trustee for extraordinary services, (c) expenses of the Trustee
(including legal and auditing expenses) and of counsel designated by the
Sponsor, (d) various governmental charges, (e) expenses and costs of any action
taken by the Trustee to protect a Trust and the rights and interests of
Unitholders, (f) indemnification of the Trustee for any loss, liability or
expenses incurred in the administration of a Trust without negligence, bad faith
or wilful misconduct on its part, (g) foreign custodial and transaction fees,
(h) costs associated with liquidating the securities held in a Trust portfolio,
(i) any offering costs incurred after the end of the initial offering period and
(j) expenditures incurred in contacting Unitholders upon termination of a Trust.
Each Trust may pay the expenses of updating its registration statement each
year. Unit investment trust sponsors have historically paid these expenses. The
Dow 30SM Index Trust will allso pay a license fee to Dow Jones & Company, Inc.
for use of certain service marks.
General. The fees and expenses of a Trust will accrue on a daily basis. The
deferred sales charge, fees and expenses are generally paid out of the Capital
Account of the related Trust. When these amounts are paid by or owing to the
Trustee, they are secured by a lien on the related Trust's portfolio. It is
expected that Securities will be sold to pay these amounts which will result in
capital gains or losses to Unitholders. See "Taxation". The Supervisor's,
Evaluator's and Trustee's fees may be increased without approval of the
Unitholders by amounts not exceeding proportionate increases under the category
"All Services Less Rent of Shelter" in the Consumer Price Index or, if this
category is not published, in a comparable category.

OTHER MATTERS
--------------------------------------------------------------------------------

Legal Opinions. The legality of the Units offered hereby has been passed upon
by Chapman and Cutler, 111 West Monroe Street, Chicago, Illinois 60603, as
counsel for the Sponsor. Winston & Strawn has acted as counsel to the Trustee
and as special counsel for New York tax matters.
Independent Certified Public Accountants. The statements of condition and the
related portfolios included in this Prospectus have been audited by Grant
Thornton LLP, independent certified public accountants, as set forth in their
report in this Prospectus, and are included herein in reliance upon the
authority of said firm as experts in accounting and auditing.

ADDITIONAL INFORMATION
--------------------------------------------------------------------------------

This Prospectus does not contain all the information set forth in the
Registration Statement filed by the Trusts with the SEC. The Information
Supplement, which has been filed with the SEC, includes more detailed
information concerning the Securities, investment risks and general information
about the Trusts. Information about your Trust (including the Information
Supplement) can be reviewed and copied at the SEC's Public Reference Room in
Washington, D.C. You may obtain information about the Public Reference Room by
calling 1-202-942-8090. Reports and other information about your Trust are
available on the EDGAR Database on the SEC's Internet site at
http://www.sec.gov. Copies of this information may be obtained, after paying a
duplication fee, by electronic request at the following e-mail address:
[email protected] or by writing the SEC's Public Reference Section, Washington,
D.C. 20549-0102.

TABLE OF CONTENTS
--------------------------------------------------------------------------------

Title Page
----- ----
Summary of Essential Financial Information.. 2
Fee Table................................... 3
The Dow 30SM Index Trust.................... 4
Morgan Stanley Euro-Technology 20
IndexSM Trusts........................... 6
Morgan Stanley U.S. Multinational
IndexSM Trusts........................... 9
Software Trusts............................. 14
Notes to Portfolios......................... 17
The Securities.............................. 18
Report of Independent Certified
Public Accountants....................... 31
Statements of Condition .................... 32
The Trusts.................................. A-1
Objectives and Securities Selection......... A-1
Risk Factors................................ A-2
Public Offering............................. A-3
Retirement Accounts......................... A-7
Wrap Fee and Advisory Accounts.............. A-7
Rights of Unitholders....................... A-8
Trust Administration........................ A-10
Taxation.................................... A-12
Trust Operating Expenses.................... A-18
Other Matters............................... A-18
Additional Information...................... A-19

--------------
When Units of the Trusts are no longer available this prospectus may be used as
a preliminary prospectus for a future Trust. If this prospectus is used for
future Trusts you should note the following:

The information in this prospectus is not complete with respect to future Trust
series and may be changed. No person may sell Units of future Trusts until a
registration statement is filed with the Securities and Exchange Commission and
is effective. This prospectus is not an offer to sell Units and is not
soliciting an offer to buy Units in any state where the offer or sale is not
permitted.

EMSPRO230
#36670
#37719

PROSPECTUS

--------------------------------------------------------------------------------

JUNE 6, 2000

Van Kampen
Focus Portfolios(SM)

The Dow 30SM Index Trust, Series 10

Morgan Stanley Euro-Technology 20
IndexSM Trust, Series 4A
Morgan Stanley Euro-Technology 20
IndexSM Trust, Series 4B

Morgan Stanley U.S. Multinational
IndexSM Trust, Series 4A
Morgan Stanley U.S. Multinational
IndexSM Trust, Series 4B

Software Trust, Series 4A
Software Trust, Series 4B

Van Kampen Funds Inc.

1 Parkview Plaza
P.O. Box 5555
Oakbrook Terrace, Illinois 60181-5555

Please retain this prospectus for future reference.

Van Kampen
Information Supplement
Van Kampen Focus Portfolios, Series 230

--------------------------------------------------------------------------------

This Information Supplement provides additional information concerning the
risks and operations of the Trust which is not described in the Prospectus. This
Information Supplement should be read in conjunction with the Prospectus. This
Information Supplement is not a prospectus, does not include all of the
information that an investor should consider before investing in a Trust and may
not be used to offer or sell Units without the Prospectus. Copies of the
Prospectus can be obtained by contacting the Sponsor at 1 Parkview Plaza, P.O.
Box 5555, Oakbrook Terrace, Illinois 60181-5555 or by contacting your broker.
This Information Supplement is dated as of the date of the Prospectus and all
capitalized terms have been defined in the Prospectus.

Table of Contents

Page
Risk Factors 2
The Trusts 5
Sponsor Information 9
Trustee Information 9
Trust Termination 9

RISK FACTORS
Price Volatility. Because the Trusts invest in common stocks of U.S. and
foreign companies, you should understand the risks of investing in common stocks
before purchasing Units. These risks include the risk that the financial
condition of the company or the general condition of the stock market may worsen
and the value of the stocks (and therefore Units) will fall. Common stocks are
especially susceptible to general stock market movements. The value of common
stocks often rises or falls rapidly and unpredictably as market confidence and
perceptions of companies change. These perceptions are based on factors
including expectations regarding government economic policies, inflation,
interest rates, economic expansion or contraction, political climates and
economic or banking crises. The value of Units will fluctuate with the value of
the stocks in a Trust and may be more or less than the price you originally paid
for your Units. As with any investment, we cannot guarantee that the performance
of a Trust will be positive over any period of time. Because the Trusts are
unmanaged, the Trustee will not sell stocks in response to market fluctuations
as is common in managed investments. In addition, because some Trusts hold a
relatively small number of stocks, you may encounter greater market risk than in
a more diversified investment.
Dividends. Common stocks represent ownership interests in a company and are
not obligations of the company. Accordingly, common stockholders have a right to
receive payments from the company that is subordinate to the rights of
creditors, bondholders or preferred stockholders of the company. This means that
common stockholders have a right to receive dividends only if a company's board
of directors declares a dividend and the company has provided for payment of all
of its creditors, bondholders and preferred stockholders. If a company issues
additional debt securities or preferred stock, the owners of these securities
will have a claim against the company's assets before common stockholders if the
company declares bankruptcy or liquidates its assets even though the common
stock was issued first. As a result, the company may be less willing or able to
declare or pay dividends on its common stock.
Foreign Stocks. Because certain Trusts invest in foreign common stocks,
they involve additional risks that differ from an investment in domestic stocks.
Investments in foreign securities may involve a greater degree of risk than
those in domestic securities. There is generally less publicly available
information about foreign companies in the form of reports and ratings similar
to those that are published about issuers in the United States. Also, foreign
issuers are generally not subject to uniform accounting, auditing and financial
reporting requirements comparable to those applicable to United States issuers.
With respect to certain foreign countries, there is the possibility of adverse
changes in investment or exchange control regulations, expropriation,
nationalization or confiscatory taxation, limitations on the removal of funds or
other assets of a Trust, political or social instability, or diplomatic
developments which could affect United States investments in those countries.
Moreover, industrial foreign economies may differ favorably or unfavorably from
the United States' economy in terms of growth of gross national product, rate of
inflation, capital reinvestment, resource self-sufficiency and balance of
payments position. Foreign securities markets are generally not as developed or
efficient as those in the United States. While growing in volume, they usually
have substantially less volume than the New York Stock Exchange, and securities
of some foreign issuers are less liquid and more volatile than securities of
comparable United States issuers. Fixed commissions on foreign exchanges are
generally higher than negotiated commissions on United States exchanges. There
is generally less government supervision and regulation of securities exchanges,
brokers and listed issuers than in the United States.
Foreign Currencies. Certain Trusts also involve the risk that fluctuations
in exchange rates between the U.S. dollar and foreign currencies may negatively
affect the value of the stocks. For example, if a foreign stock rose 10% in
price but the U.S. dollar gained 5% against the related foreign currency, a U.S.
investor's return would be reduced to about 5%. This is because the foreign
currency would "buy" fewer dollars or, conversely, a dollar would buy more of
the foreign currency. Many foreign currencies have fluctuated widely against the
U.S. dollar for a variety of reasons such as supply and demand of the currency,
investor perceptions of world or country economies, political instability,
currency speculation by institutional investors, changes in government policies,
buying and selling of currencies by central banks of countries, trade balances
and changes in interest rates. A Trust's foreign currency transactions will be
conducted with foreign exchange dealers acting as principals on a spot (i.e.,
cash) buying basis. These dealers realize a profit based on the difference
between the price at which they buy the currency (bid price) and the price at
which they sell the currency (offer price). The Evaluator will estimate the
currency exchange rates based on current activity in the related currency
exchange markets, however, due to the volatility of the markets and other
factors, the estimated rates may not be indicative of the rate a Trust might
obtain had the Trustee sold the currency in the market at that time.
Liquidity. Whether or not the stocks in a Trust are listed on a stock
exchange, the stocks may delist from the exchange or principally trade in an
over-the-counter market. As a result, the existence of a liquid trading market
could depend on whether dealers will make a market in the stocks. We cannot
guarantee that dealers will maintain a market or that any market will be liquid.
The value of the stocks could fall if trading markets are limited or absent.
Additional Units. The Sponsor may create additional Units of a Trust by
depositing into the Trust additional stocks or cash with instructions to
purchase additional stocks. A cash deposit could result in a dilution of your
investment and anticipated income because of fluctuations in the price of the
stocks between the time of the deposit and the purchase of the stocks and
because the Trust will pay brokerage fees.
Voting. Only the Trustee may sell or vote the stocks in a Trust. While you
may sell or redeem your Units, you may not sell or vote the stocks in your
Trust. The Sponsor will instruct the Trustee how to vote the stocks. The Trustee
will vote the stocks in the same general proportion as shares held by other
shareholders if the Sponsor fails to provide instructions.
Technology Issuers. Certain Trusts are concentrated in issuers within the
technology industry. A portfolio concentrated in a single industry may present
more risk than a portfolio broadly diversified over several industries. These
Trusts, and therefore Unitholders, may be particularly susceptible to a negative
impact resulting from adverse market conditions or other factors affecting
technology issuers because any negative impact on the technology industry will
not be diversified among issuers within other unrelated industries. Accordingly,
an investment in Units should be made with an understanding of the
characteristics of the technology industry and the risks which such an
investment may entail.
Technology companies generally include companies involved in the development,
design, manufacture and sale of computers, computer related equipment, computer
networks, communications systems, telecommunications products, electronic
products, and other related products, systems and services. The market for
technology products and services, especially those specifically related to the
Internet, is characterized by rapidly changing technology, rapid product
obsolescence, cyclical market patterns, evolving industry standards and frequent
new product introductions. The success of the issuers of the Securities depends
in substantial part on the timely and successful introduction of new products.
An unexpected change in one or more of the technologies affecting an issuer's
products or in the market for products based on a particular technology could
have a material adverse affect on an issuer's operating results. Furthermore,
there can be no assurance that the issuers of the Securities will be able to
respond timely to compete in the rapidly developing marketplace.

The market for certain technology products and services may have only
recently begun to develop, is rapidly evolving and is characterized by an
increasing number of market entrants. Additionally, certain technology companies
may have only recently commenced operations or offered equity securities to the
public. Such companies are in the early stage of development and have a limited
operating history on which to analyze future operating results. It is important
to note that following its initial public offering a security is likely to
experience substantial stock price volatility and speculative trading.
Accordingly, there can be no assurance that upon redemption of Units or
termination of a Trust a Unitholder will receive an amount greater than or equal
to the Unitholder's initial investment.

Based on trading history, factors such as announcements of new products or
development of new technologies and general conditions of the industry have
caused and are likely to cause the market price of technology common stocks to
fluctuate substantially. In addition, technology company stocks have experienced
extreme price and volume fluctuations that often have been unrelated to the
operating performance of such companies. This market volatility may adversely
affect the market price of the Securities and therefore the ability of a
Unitholder to redeem units, or roll over Units into a new trust, at a price
equal to or greater than the original price paid for such Units.
Some key components of certain products of technology issuers are currently
available only from single sources. There can be no assurance that in the future
suppliers will be able to meet the demand for components in a timely and cost
effective manner. Accordingly, an issuer's operating results and customer
relationships could be adversely affected by either an increase in price for, or
and interruption or reduction in supply of, any key components. Additionally,
many technology issuers are characterized by a highly concentrated customer base
consisting of a limited number of large customers who may require product
vendors to comply with rigorous and constantly developing industry standards.
Any failure to comply with such standards may result in a significant loss or
reduction of sales. Because many products and technologies are incorporated into
other related products, certain companies are often highly dependent on the
performance of other computer, electronics and communications companies. There
can be no assurance that these customers will place additional orders, or that
an issuer of Securities will obtain orders of similar magnitude as past orders
form other customers. Similarly, the success of certain companies is tied to a
relatively small concentration of products or technologies with intense
competition between companies. Accordingly, a decline in demand of such
products, technologies or from such customers could have a material adverse
impact on issuers of the Securities.
Telecommunications Issuers. Because certain Trusts are concentrated in the
telecommunications industry, the value of the Units of these Trusts may be
susceptible to factors affecting the telecommunications industry. The
telecommunications industry is subject to governmental regulation and the
products and services of telecommunications companies may be subject to rapid
obsolescence. These factors could affect the value of Units. Telephone companies
in the United States, for example, are subject to both state and federal
regulations affecting permitted rates of returns and the kinds of services that
may be offered. Certain types of companies represented in a Trust portfolio are
engaged in fierce competition for a share of the market of their products. As a
result, competitive pressures are intense and the stocks are subject to rapid
price volatility. While a Trust portfolio concentrates on the securities of
established suppliers of traditional telecommunication products and services, a
Trust may also invest in smaller telecommunications companies which may benefit
from the development of new products and services. These smaller companies may
present greater opportunities for capital appreciation, and may also involve
greater risk than large, established issuers. Such smaller companies may have
limited product lines, market or financial resources, and their securities may
trade less frequently and in limited volume than the securities of larger, more
established companies. As a result, the prices of the securities of such smaller
companies may fluctuate to a greater degree than the prices of securities of
other issuers.
Litigation. Pending or threatened legal proceedings against Philip Morris
cover a wide range of matters including product liability and consumer
protection. Damages claimed in many of the smoking and health cases alleging
personal injury (both individual and class actions), and in health cost recovery
cases brought by governments, unions and similar entities (the most recent suit
was filed by the Justice Department on September 22, 1999) seeking reimbursement
for healthcare expenditures, aggregate many billions of dollars.
On November 23, 1998, Philip Morris entered into a Master Settlement
Agreement with 46 state governments to settle the asserted and unasserted
healthcare cost recovery and certain other claims against them. The Agreement is
subject to final judicial approval in each of the settling states. As part of
the Agreement, Philip Morris and the three other major domestic tobacco
manufacturers have agreed to participate in the establishment of a $5.15 billion
trust fund. The trust is to be funded over 12 years beginning in 1999. PM Inc.
has agreed to pay $300 million into the trust in 1999. Philip Morris charged
approximately $3.1 billion as a pretax expense in 1998 as a result of the
settlement, and as of December 31, 1998, had accrued costs of its obligations
under the settlement and to tobacco growers aggregating $1.4 billion, payable
principally before the end of the year 2000. Philip Morris believes the
agreement will likely materially adversely affect the business, volume, cash
flows and/or operating income and financial position of the company in future
years. The degree of the adverse impact will depend, among other things, on the
rates of decline in United States cigarette sales in the premium and discount
segments, the company's share of the domestic premium and discount cigarette
segments, and the effect of any resulting cost advantage of manufacturers not
subject to the agreement.
Microsoft Corporation is currently engaged in litigation with Sun
Microsystems, Inc., the U.S. Department of Justice, several state Attorneys
General. The complaints against Microsoft include, copyright infringement,
unfair competition, and antitrust violations. The claims seek injunctive relief
and monetary damages. In the action brought against Microsoft by the U.S.
Department of Justice, the United States District Court for the District of
Columbia issued findings of fact that included a finding that Microsoft
possesses and exercised monopoly power. The court also recently entered an order
finding that Microsoft exercised this power in violation of the Sherman
Antitrust Act and various state antitrust laws. The next step in the litigation
will be for the court to determine the penalties against Microsoft. The possible
remedies that could potentially be considered by the court, according to
industry experts, range from a possible breakup of Microsoft to remedies such as
ordering the company to surrender its blueprint, or "source code," for its
Windows operating software. Microsoft has stated that it will appeal this ruling
following the penalties phase and final decree. It is possible that any remedy
could have a material adverse impact on Microsoft, however, it is impossible to
predict the impact that any penalty may have on Microsoft's business in the
future.
No one can predict the outcome of the litigation pending against this company
or how the current uncertainty concerning regulatory and legislative measures
will ultimately be resolved. No one can predict the impact that these and other
possible developments will have on the price of this stock or any Trust.

THE TRUSTS
In seeking the Trusts' objectives, the Sponsor considered the ability of
the Securities to outpace inflation. While inflation is currently relatively
low, the United States has historically experienced periods of double-digit
inflation. While the prices of securities will fluctuate, over time securities
have outperformed the rate of inflation, and other less risky investments, such
as government bonds and U.S. Treasury bills. Past performance is, however, no
guarantee of future results.
Investors should note that the above criteria were applied to the
Securities for inclusion in the Trusts as of the Initial Date of Deposit. Should
a Security no longer meet the criteria used for selection for a Trust, such
Security will not as a result thereof be removed from a Trust portfolio.
Hypothetical annual price appreciation for the Morgan Stanley Multinational
Index, Standard & Poor's 500 Index and the Morgan Stanley Capital International
World Index is shown in the following table.

Morgan
Stanley
Multi- MSCI
national S&P 500 World
Index Index Index
--------- --------- ---------
1992 (3.18%) 4.46% (7.14%)
1993 0.78 7.06 20.39
1994 6.16 (1.54) 3.15
1995 37.57 34.11 18.70
1996 26.16 20.26 11.72
1997 30.60 31.01 14.18
1998 31.51 26.67 22.77
1999 19.81 19.52 23.56
12/31/99 Thru 5/31/00 (0.54) (3.31) (6.11)

This is not the past performance of any Trust or a previous series of any
Trust and does not indicate the future performance of any Trust. The performance
figure for the Morgan Stanley Multinational IndexSM reflects hypothetical Trust
sales charges and expenses. The performance of any Trust will differ from the
index because a Trust includes a sales charge and expenses. In addition, a Trust
may not be able to exactly replicate the index and will not necessarily change
if the index changes.
The table below shows the sales revenue of the largest companies in the world
in 1990 compared to 1999. The companies in bold are based in the United States.

1990 1999
Company Sales Company Sales
----------------------- ------------------------
Mitsui 128.0 General Motors 158.51
Manberi 123.2 Daimier Chrysler 154.62
Mitsubishi 121.5 Ford Motor 144.42
General Motors 110.0 Wal-Mar Stores 137.63
C. Itoh 104.7 Mitsubishi Corp. 129.94
Sumitomo 97.3 Exxon 115.42
Exxon 95.2 Mitsui & Co. 114.78
Royal Dutch/Shell 85.4 Toyota Motor 104.68
Ford 82.9 General Electric 100.47
Missino iwai 75.1 Royal Dutch/Shell 93.69

*Sales in Billions of Dollars
Source: Business Week, July 1990, Business Week, July 1999
Not intended to indicate performance of the Trusts.

The Dow Jones Industrial Average ("DJIA") was first published in The Wall
Street Journal in 1896. Initially consisting of just 12 stocks, the DJIA
expanded to 20 stocks in 1916 and its present size of 30 stocks on October 1,
1928. The following is the list as it currently appears:

Alcoa, Inc.
American Express Company
AT&T Corporation
Boeing Company
Caterpillar, Inc.
Citigroup, Inc.
Coca-Cola Company
Eastman Kodak Company
E.I. du Pont de Nemours & Company
Exxon Mobil Corporation
General Electric Company
General Motors Corporation
Hewlett-Packard Company
Home Depot Inc.
Honeywell International Inc.
Intel Corporation
International Business Machines Corporation
International Paper Company
J.P. Morgan & Company, Inc.
Johnson & Johnson
McDonald's Corporation
Merck & Company, Inc.
Microsoft Corporation
Minnesota Mining & Manufacturing Company
Philip Morris Companies, Inc.
Procter & Gamble Company
SBC Communications Inc.
United Technologies Corporation
Wal-Mart Stores, Inc.
Walt Disney Company

"Dow JonesSM", "Dow Jones Industrial AverageSM", "The Dow 30SM", "The DowSM",
and "DJIASM" are proprietary to and service marks of Dow Jones & Company, Inc.
and have been licensed for use for certain purposes by the Trusts. The Trusts
are not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes
no representation regarding the avisability of investing in any Trust.

The hypothetical average annual total returns for the Dow Jones Industrial
Average for certain years are shown in the table below.

1973 -13.16%
1974 -23.21%
1975 44.48%
1976 22.75%
1977 -12.70%
1978 2.69%
1979 10.52%
1980 21.41%
1981 -3.40%
1982 25.79%
1983 25.65%
1984 1.08%
1985 32.78%
1986 26.92%
1987 6.02%
1988 15.95%
1989 31.71%
1990 -0.58%
1991 23.93%
1992 7.35%
1993 16.74%
1994 4.95%
1995 36.49%
1996 28.58%
1997 24.78%
1998 18.13%
1999 27.01%
12/31/99 Thru 5/31/00 -7.90%

The index is an unmanaged statistical composite and does not include payment of
any sales changes or fees an investor would pay to purchase the securities it
represents. If it had, results would have been less favorable. Futhermore, an
investment cannot be made in an index. The historical performance of this index
is shown for illustrative purposes only; it is not meant to forecast, imply or
guarantee the future performance of any particular investment or any actual
trust, which wil vary. Securities in which the Trust invests may be different
from those in this illustration or in the index. The performance shown is not
that of any actual trust itself because the Trust was not available during this
time period. The investment return and principal value of the Trust will
fuctuate with changes in market conditions. Units, when redeemed, may be worth
more or less than their original cost.
Hypothetical annual price appreciation for the Morgan Stanley EuroTec Index
("EuroTec Index"), Morgan Stanley High-Technology 35 Index ("High-Tech 35
Index") and the Morgan Stanley Capital International Europe Index ("MSCI Europe
Index") is shown in the following table.

High- MSCI
EuroTec Tech 35 Europe
Year Index Index Index
--------------------------------------------------------------------------------
Inception
thru 12/31/96 30.12% 17.84% 12.55%
1997 43.88 16.83 21.58
1998 61.90 95.40 26.53
1999 117.42 110.59 14.12
12/31/99 Thru 5/31/00 (8.99) (1.48) (5.56)

This is not the past performance of any Trust or a previous series of any
Trust and does not indicate the future performance of any Trust. The performance
figures for the EuroTec Index reflect hypothetical Trust sales charges and
expenses. The performance of any Trust will differ from the index because a
Trust includes a sales charge and expenses. In addition, a Trust may not be able
to exactly replicate the index and will not necessarily change if the index
changes. The Morgan Stanley High-Technology 35 Index was developed in December
1994 by the Morgan Stanley Research Group and consists of 35 technology
companies representing the full breadth of the technology industry. The Morgan
Stanley Capital International Europe Index is a common benchmark used to compare
investments in Europe. Created in 1969, the Europe Index currently includes
nearly 600 stocks from 15 developed European countries. The 1998 and 1999 year
returns for the Morgan Stanley High-Technology 35 Index and the Morgan Stanley
Euro-Technology 20 Index were primarily attributable to the performance of the
composition of high technology companies which have performed extremely well
over the past few years. There is no guarantee that the circumstances leading to
this performance will continue in the future.

The historical performance of these indices is shown for illustrative
purposes only; it is not meant to forecast, imply or guarantee the future
performance of any particular investment vehicle or the Trust. Securities in
which the Trust invests will be different from those in these indices. Common
stocks involve greater risks than government bonds and CDs, as they are more
volatile and have greater potential for loss of principal.
The EuroTec index is an equal weighted index that includes large and small
industry bellwether stocks. The EuroTec index seeks to minimize the pitfalls of
market capitalization indexes. Morgan Stanley believes that market
capitalization indexes fail to accommodate the wide range of market
capitalizations and revenue bases common to the technology industry.

Morgan Stanley rebalances the EuroTec index to an equal weighting per company
on the third Friday of each June. This allows stocks that appreciate during the
year to command increasing influence in the index while guarding against the
long-term negatives of a market-capitalization weighted index. Morgan Stanley
also evaluates the index twice a year, on the close of the last trading days of
May and November. Morgan Stanley evaluates index changes based on nature of
business, market capitalization and liquidity. Morgan Stanley announces any
changes the following week and changes take effect at the close of the third
Friday of the month. We will not rebalance the Trust portfolios during their
lives. Changes in the index will not result in changes in the portfolios.
However, we may offer additional portfolios each year that include the current
index components and weightings.

The table below depicts the estimated revenues from business to business
internet commence by Forrester Research, Inc. The graph does not depict
performance in any way, simply forecasted revenues from business-to-business
internet commerce. This informance is being used to show that according to
Forrester Research the growth of business-to-business internet commerce could
impact software companies.

1998 1999 2000 2001 2002 2003

Total (billions) $43.1 $109.3 $251.1 $499.0 $842.7 $1330.8

Computing
and electronics $19.7 $50.4 $121.4 $229.1 $319.1 $395.3

Motor vehicles $ 3.7 $ 9.3 $22.7 $53.2 $114.3 $212.9

Petrochemicals $ 4.7 $10.3 $22.6 $48.0 $96.8 $178.3

Utilities $ 7.1 $15.4 $32.2 $62.9 $110.6 $169.5

Paper and
office products $ 1.3 $ 2.9 $6.4 $14.3 $31.1 $65.2

Shipping and
warehousing $ 1.2 $ 2.9 $6.8 $15.4 $32.7 $61.6

Food and
agriculture $ 0.3 $ 3.0 $6.3 $13.1 $26.7 $53.6

Consumer goods $ 1.4 $ 2.9 $6.1 $12.7 $26.0 $51.9

Pharmaceutical
and medical $ 0.6 $ 1.4 $3.5 $ 8.5 $20.0 $44.1

Aerospace
and defense $ 2.5 $ 6.6 $14.8 $25.6 $34.0 $38.2

Construction $ 0.4 $ 1.6 $3.4 $ 7.0 $14.2 $28.6

Heavy Industries $ 0.1 $ 1.3 $2.5 $ 4.7 $ 8.7 $15.8

Industrial
equipment $ 0.1 $ 1.3 $2.4 $ 4.5 $ 8.5 $15.8

Stock indices are unmanaged, statistical composites and do not include
payment of any sales charges or fees an investor would pay to purchase the
securities they represent. Furthermore, an investment cannot be made in an
index.
The historical performance of these indices is shown for illustrative
purposes only; it is not meant to forecast, imply or guarantee the future
performance of any particular investment vehicle or the Trust. Securities in
which the Trust invests will be different from those in these indices.
WHEN REVIEWING ANY HISTORICAL PERFORMANCE INFORMATION, YOU SHOULD KEEP IN
MIND THAT PAST PERFORMANCE CANNOT GUARANTEE FUTURE RESULTS. MANY STOCKS,
ESPECIALLY THOSE ISSUED BY TECHNOLOGY COMPANIES, HAVE EXHIBITED ABOVE-AVERAGE
PRICE APPRECIATION AND EXTREME VOLATILITY IN RECENT YEARS DURING A PERIOD OF A
GENERALLY RISING STOCK MARKET. NO ONE CAN ASSURE YOU THAT THIS WILL CONTINUE OR
THAT THE PERFORMANCE OF STOCKS WILL REPLICATE THE PERFORMANCE EXHIBITED IN THE
PAST.
The Morgan Stanley indices (the "Indices") are the exclusive property of
Morgan Stanley and is a service mark of Morgan Stanley and has been licensed for
use by the Trusts and Van Kampen Funds Inc.
This fund is not sponsored, endorsed, sold or promoted by Morgan Stanley.
Morgan Stanley makes no representation or warranty, express or implied, to the
owners of this fund or any member of the public regarding the advisability of
investing in funds generally or in this fund particularly or the ability of the
Indices to track general stock market performance. Morgan Stanley is the
licensor of certain trademarks, service marks and trade names of Morgan Stanley
and of the Indices which are determined, composed and calculated by Morgan
Stanley without regard to the issuer of this fund or this fund. Morgan Stanley
has no obligation to take the needs of the issuer of this fund or the owners of
this fund into consideration in determining, composing or calculating the
Indices. Morgan Stanley is not responsible for and has not participated in the
determination of or the timing of, prices at, or quantities of this fund to be
issued or in the determination or calculation of the equation by which Units of
this fund is redeemable for cash. Morgan Stanley has no obligation or liability
to owners of this fund in connection with the administration, marketing or
trading of this fund.

ALTHOUGH MORGAN STANLEY SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE
IN THE CALCULATION OF THE INDICES FROM SOURCES WHICH MORGAN STANLEY CONSIDERS
RELIABLE, NEITHER MORGAN STANLEY NOR ANY OTHER PARTY GUARANTEES THE ACCURACY
AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED THEREIN. NEITHER
MORGAN STANLEY NOR ANY OTHER PARTY MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO
RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE'S CUSTOMERS AND COUNTERPARTIES,
OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR
ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR
FOR ANY OTHER USE. NEITHER MORGAN STANLEY NOR ANY OTHER PARTY MAKES ANY EXPRESS
OR IMPLIED WARRANTIES, AND MORGAN STANLEY HEREBY EXPRESSLY DISCLAIMS ALL
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT
TO THE INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE
FOREGOING, IN NO EVENT SHALL MORGAN STANLEY OR ANY OTHER PARTY HAVE ANY
LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY
OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF
SUCH DAMAGES.

SPONSOR INFORMATION
Van Kampen Funds Inc., a Delaware corporation, is the Sponsor of your
Portfolio. The Sponsor is an indirect subsidiary of Van Kampen Investments Inc.
Van Kampen Investments Inc. is a wholly owned subsidiary of MSAM Holdings II,
Inc., which in turn is a wholly owned subsidiary of Morgan Stanley Dean Witter &
Co.
Morgan Stanley Dean Witter & Co., together with various of its directly and
indirectly owned subsidiaries, is engaged in a wide range of financial services
through three primary businesses: securities, asset management and credit
services. These principal businesses include securities underwriting,
distribution and trading; merger, acquisition, restructuring and other corporate
finance advisory activities; merchant banking; stock brokerage and research
services; credit services; asset management; trading of futures, options,
foreign exchange commodities and swaps (involving foreign exchange, commodities,
indices and interest rates); and real estate advice, financing and investing.
Van Kampen Funds Inc. specializes in the underwriting and distribution of
unit investment trusts and mutual funds with roots in money management dating
back to 1926. The Sponsor is a member of the National Association of Securities
Dealers, Inc. and has its principal offices at 1 Parkview Plaza, P.O. Box 5555,
Oakbrook Terrace, Illinois 60181-5555, (630) 684-6000. As of November 30, 1999,
the total stockholders' equity of Van Kampen Funds Inc. was $141,554,861
(audited). (This paragraph relates only to the Sponsor and not to the Trust or
to any other Series thereof. The information is included herein only for the
purpose of informing investors as to the financial responsibility of the Sponsor
and its ability to carry out its contractual obligations. More detailed
financial information will be made available by the Sponsor upon request.)

As of March 31, 2000, the Sponsor and its Van Kampen affiliates managed or
supervised more than $100 billion of investment products. The Sponsor and its
Van Kampen affiliates managed $84.2 billion of assets for more than 63 open-end
mutual funds, 39 closed-end funds and more than 2,700 unit trusts as of March
31, 2000. All of Van Kampen's open-end funds, closed-ended funds and unit
investment trusts are professionally distributed by leading financial firms
nationwide. Since 1976, the Sponsor has serviced over two million investor
accounts, opened through retail distribution firms.

TRUSTEE INFORMATION
The Trustee is The Bank of New York, a trust company organized under the
laws of New York. The Bank of New York has its unit investment trust division
offices at 101 Barclay Street, New York, New York 10286 (800) 221-7668. The Bank
of New York is subject to supervision and examination by the Superintendent of
Banks of the State of New York and the Board of Governors of the Federal Reserve
System, and its deposits are insured by the Federal Deposit Insurance
Corporation to the extent permitted by law.

The duties of the Trustee are primarily ministerial in nature. It did not
participate in the selection of Securities for the Trust portfolios.

In accordance with the Trust Agreement, the Trustee shall keep proper books
of record and account of all transactions at its office for each Trust. Such
records shall include the name and address of, and the number of Units of each
Trust held by, every Unitholder. Such books and records shall be open to
inspection by any Unitholder at all reasonable times during the usual business
hours. The Trustee shall make such annual or other reports as may from time to
time be required under any applicable state or federal statute, rule or
regulation. The Trustee is required to keep a certified copy or duplicate
original of the Trust Agreement on file in its office available for inspection
at all reasonable times during the usual business hours by any Unitholder,
together with a current list of the Securities held in each Trust.

Under the Trust Agreement, the Trustee or any successor trustee may resign
and be discharged of its responsibilities created by the Trust Agreement by
executing an instrument in writing and filing the same with the Sponsor. The
Trustee or successor trustee must mail a copy of the notice of resignation to
all Unitholders then of record, not less than 60 days before the date specified
in such notice when such resignation is to take effect. The Sponsor upon
receiving notice of such resignation is obligated to appoint a successor trustee
promptly. If, upon such resignation, no successor trustee has been appointed and
has accepted the appointment within 30 days after notification, the retiring
Trustee may apply to a court of competent jurisdiction for the appointment of a
successor. The Sponsor may remove the Trustee and appoint a successor trustee as
provided in the Trust Agreement at any time with or without cause. Notice of
such removal and appointment shall be mailed to each Unitholder by the Sponsor.
Upon execution of a written acceptance of such appointment by such successor
trustee, all the rights, powers, duties and obligations of the original trustee
shall vest in the successor. The resignation or removal of a Trustee becomes
effective only when the successor trustee accepts its appointment as such or
when a court of competent jurisdiction appoints a successor trustee.
Any corporation into which a Trustee may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to
which a Trustee shall be a party, shall be the successor trustee. The Trustee
must be a banking corporation organized under the laws of the United States or
any state and having at all times an aggregate capital, surplus and undivided
profits of not less than $5,000,000.

TRUST TERMINATION
A Trust may be liquidated at any time by consent of Unitholders
representing 66 2/3% of the Units of such Trust then outstanding or by the
Trustee when the value of the Securities owned by a Trust, as shown by any
evaluation, is less than $500,000 ($3,000,000 if the value of the Trust has
exceeded $15,000,000). A Trust will be liquidated by the Trustee in the event
that a sufficient number of Units of such Trust not yet sold are tendered for
redemption by the Sponsor, so that the net worth of such Trust would be reduced
to less than 40% of the value of the Securities at the time they were deposited
in such Trust. If a Trust is liquidated because of the redemption of unsold
Units by the Sponsor, the Sponsor will refund to each purchaser of Units the
entire sales charge paid by such purchaser. The Trust Agreement will terminate
upon the sale or other disposition of the last Security held thereunder, but in
no event will it continue beyond the Mandatory Termination Date.
Commencing during the period beginning nine business days prior to, and no
later than, the Mandatory Termination Date, Securities will begin to be sold in
connection with the termination of the Trusts. The Sponsor will determine the
manner, timing and execution of the sales of the Securities. The Sponsor shall
direct the liquidation of the Securities in such manner as to effectuate orderly
sales and a minimal market impact. In the event the Sponsor does not so direct,
the Securities shall be sold within a reasonable period and in such manner as
the Trustee, in its sole discretion, shall determine. At least 30 days before
the Mandatory Termination Date the Trustee will provide written notice of any
termination to all Unitholders of the appropriate Trust and in the case of a
Trust will include with such notice a form to enable Unitholders owning 1,000 or
more Units to request an in kind distribution of the U.S.-traded Securities. To
be effective, this request must be returned to the Trustee at least five
business days prior to the Mandatory Termination Date. On the Mandatory
Termination Date (or on the prior business day if a holiday) the Trustee will
deliver each requesting Unitholder's pro rata number of whole shares of the
U.S.-traded Securities in a Trust to the account of the broker-dealer or bank
designated by the Unitholder at Depository Trust Company. The value of the
Unitholder's fractional shares of the Securities will be paid in cash.
Unitholders with less than 1,000 Units, Unitholders in a Trust with 1,000 or
more Units not requesting an in kind distribution will receive a cash
distribution from the sale of the remaining Securities within a reasonable time
following the Mandatory Termination Date. Regardless of the distribution
involved, the Trustee will deduct from the funds of the appropriate Trust any
accrued costs, expenses, advances or indemnities provided by the Trust
Agreement, including estimated compensation of the Trustee, costs of liquidation
and any amounts required as a reserve to provide for payment of any applicable
taxes or other governmental charges. Any sale of Securities in a Trust upon
termination may result in a lower amount than might otherwise be realized if
such sale were not required at such time. The Trustee will then distribute to
each Unitholder of each Trust his pro rata share of the balance of the Income
and Capital Accounts of such Trust.
Within 60 days of the final distribution Unitholders will be furnished a
final distribution statement of the amount distributable. At such time as the
Trustee in its sole discretion will determine that any amounts held in reserve
are no longer necessary, it will make distribution thereof to Unitholders in the
same manner.