<PAGE> 1
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
Filed by the Co-Registrants [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commis-
sion Only (as permitted by Rule 14a-
6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
VAN KAMPEN U.S. GOVERNMENT TRUST (811-03950)
VAN KAMPEN TAX FREE TRUST (811-04386)
VAN KAMPEN TRUST (811-04629)
VAN KAMPEN EQUITY TRUST (811-04805)
VAN KAMPEN PENNSYLVANIA TAX FREE INCOME FUND (811-04893)
VAN KAMPEN TAX FREE MONEY FUND (811-04718)
VAN KAMPEN COMSTOCK FUND (811-01570)
VAN KAMPEN CORPORATE BOND FUND (811-02423)
VAN KAMPEN ENTERPRISE FUND (811-00630)
VAN KAMPEN EQUITY INCOME FUND (811-00919)
VAN KAMPEN GLOBAL MANAGED ASSETS FUND (811-08286)
VAN KAMPEN GOVERNMENT SECURITIES FUND (811-04003)
VAN KAMPEN GROWTH AND INCOME FUND (811-01228)
VAN KAMPEN HARBOR FUND (811-00734)
VAN KAMPEN HIGH INCOME CORPORATE BOND FUND (811-02851)
VAN KAMPEN LIFE INVESTMENT TRUST (811-04424)
VAN KAMPEN LIMITED MATURITY GOVERNMENT FUND (811-04491)
VAN KAMPEN PACE FUND (811-01792)
VAN KAMPEN REAL ESTATE SECURITIES FUND (811-08480)
VAN KAMPEN RESERVE FUND (811-02482)
VAN KAMPEN TAX EXEMPT TRUST (811-04746)
VAN KAMPEN U.S. GOVERNMENT TRUST FOR INCOME (811-06724)
VAN KAMPEN WORLD PORTFOLIO SERIES TRUST (811-06220)
VAN KAMPEN SERIES FUND, INC. (811-07140)
(Name of Co-Registrants as Specified in Their Respective Declarations of
Trust or Articles of Incorporation)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[ ] Fee computed per Exchange Act Rules 14a-6(i)(1) and 0-11.
[ ] Fee paid previously with preliminary materials.
<PAGE> 2
November 1999
IMPORTANT NOTICE
TO VAN KAMPEN
FUNDS SHAREHOLDERS
QUESTIONS
& ANSWERS
Although we recommend that you read the complete Proxy Statement, for your
convenience, we have provided a brief overview of the issues to be voted on.
Q WHY AM I RECEIVING THIS PROXY STATEMENT?
A This proxy statement seeks to elect trustees/directors and to ratify
the selection of your Fund's independent public accountants.
Q HOW WILL APPROVAL OF THESE PROPOSALS AFFECT MY ACCOUNT?
A You can expect the same level of high-quality management expertise and
shareholder service you've grown accustomed to. Shareholders should carefully
read and consider the discussion of each proposal in the proxy statement.
Q WILL MY VOTE MAKE A DIFFERENCE?
A Yes. Your vote is needed to ensure that the proposals can be acted
upon. Your immediate response will help save on the costs of any further
solicitations for a shareholder vote. We encourage you to participate in the
governance of your Fund or Funds.
Q HOW DO THE TRUSTEES/DIRECTORS OF MY FUND SUGGEST THAT I VOTE?
A After careful consideration, the trustees/directors of each Fund
recommend that you vote "FOR" each of the items proposed.
Q WHO DO I CALL IF I HAVE QUESTIONS?
A We will be happy to answer your questions about the proxy
solicitation. Please call us at 1-800-341-2911 (TDD users call 1-800-421-2833)
between 7:00 a.m. and 7:00 p.m. Central time, Monday through Friday.
Q HOW DO I VOTE?
A You can vote by completing and signing the enclosed proxy card(s) and
mailing it in the enclosed postage-paid envelope or mail your proxy card(s) to:
Proxy Tabulator P.O. Box 9121
Hingham, MA 02043
Shareholders can also vote in person at the meeting.
Certain funds also allow shareholders to vote by telephone or the
internet. Instructions for casting your vote via the telephone or internet are
found in the enclosed proxy voting material. The required control number for
either of these methods is printed on the proxy card. If you choose to cast your
vote via the telephone or internet, there is no need to mail the card.
Whichever method you choose, please take the time to read the entire
proxy statement before you vote.
<PAGE> 3
ABOUT THE PROXY CARD
Please vote on each issue using blue or black ink to mark an X in one of the
boxes provided on the proxy card.
ELECTION OF TRUSTEES OR DIRECTORS - mark "For", "Withhold" or "For All Except".
To withhold authority to vote for any individual nominee, mark "For All Except"
and write nominee's name on the line provided.
RATIFICATION OF INDEPENDENT ACCOUNTANTS - mark "For," "Against" or "Abstain"
Please sign, date and return the proxy card in the enclosed postage-paid
envelope. All registered owners of an account, as shown in the address, must
sign the card. When signing as attorney, trustee, executor, administrator,
custodian, guardian or corporate officer, please indicate your full title.
PROXY
VAN KAMPEN XXXXX FUND
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES/DIRECTORS
SPECIAL MEETING OF SHAREHOLDERS
SAMPLE
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
For All
For All Withhold Except
1. Authority to vote for the election [ ] [ ] [ ]
as Trustees/Directors the nominees
named below:
XXXXXXXXX, XXXXXXXXX, XXXXXXXXXX
To withhold authority to vote for any one or more individual nominees,
check the "For All Except" box and print the nominee's name on the line
below.
-----------------------------------------------------------------------
Please be sure to sign and date this Proxy. Date
Shareholder sign here Co-owner sign here
2. The proposal to ratify the selection of XXXXX as the Fund's independent
accountants.
3. To transact such other business as may properly come before the Meeting.
<PAGE> 4
VAN KAMPEN FUNDS
1 PARKVIEW PLAZA, P.O. BOX 5555
OAKBROOK TERRACE, ILLINOIS 60181-5555
TELEPHONE (800) 341-2911
NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON DECEMBER 15, 1999
Notice is hereby given to the holders of shares (collectively, the "Shares")
of the funds listed on Annex A to the attached Proxy Statement (each a "Fund"
and collectively the "Funds") that a Joint Special Meeting of the Shareholders
of the Funds (the "Meeting") will be held at the offices of Van Kampen
Investments Inc., 1 Parkview Plaza, Oakbrook Terrace, Illinois 60181-5555, on
December 15, 1999, at 3:30 p.m., for the following purposes:
1. For each Fund, to elect twelve Trustees (as defined in Annex A of the
attached Proxy Statement) to serve until their respective successors are
duly elected and qualified.
2. For each Fund, to ratify independent public accountants:
2A. For each VK Fund (as defined in Annex A of the attached Proxy
Statement), to ratify the selection of KPMG LLP as the Fund's independent
public accountants.
2B. For each AC Fund and MS Fund (as defined in Appendix A of the attached
Proxy Statement), to ratify the selection of PricewaterhouseCoopers LLP as
the Fund's independent public accountants.
3. To transact such other business as may properly come before the Meeting.
Holders of record of the Shares of the Funds at the close of business on
October 27, 1999 are entitled to notice of, and to vote at, the Meeting and any
adjournment thereof.
A. THOMAS SMITH III
Vice President and Secretary
November 10, 1999
<PAGE> 5
EACH FUND WILL FURNISH, WITHOUT CHARGE, A COPY OF ITS MOST RECENT ANNUAL
REPORT AND THE MOST RECENT SEMIANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF
ANY, TO A SHAREHOLDER UPON REQUEST. ANY SUCH REQUEST SHOULD BE DIRECTED TO THE
APPROPRIATE FUND BY CALLING (800) 341-2911 OR BY WRITING TO THE FUND AT 1
PARKVIEW PLAZA, P.O. BOX 5555, OAKBROOK TERRACE, ILLINOIS 60181-5555.
SHAREHOLDERS OF THE FUNDS ARE INVITED TO ATTEND THE MEETING AND TO VOTE IN
PERSON. IF YOU DO NOT EXPECT TO ATTEND THE MEETING, PLEASE INDICATE YOUR VOTING
INSTRUCTIONS ON THE ENCLOSED PROXY CARD, DATE AND SIGN THE CARD, AND RETURN IT
IN THE ENVELOPE PROVIDED, WHICH IS ADDRESSED FOR YOUR CONVENIENCE AND NEEDS NO
POSTAGE IF MAILED IN THE UNITED STATES. IN ADDITION, CERTAIN FUNDS ALLOW
SHAREHOLDERS TO VOTE OVER THE TELEPHONE OR THROUGH THE INTERNET AS FOLLOWS:
(i) Telephone -- Instructions for casting your vote via telephone can be
found in the enclosed proxy voting materials. The toll-free 800 number
and required control number are printed on your enclosed proxy card. If
this feature is used, there is no need to mail the proxy card; or
(ii) Internet -- Instructions for casting your vote via the internet can be
found in the enclosed proxy voting materials. The required control
number is printed on your enclosed proxy card. If this feature is used,
there is no need to mail the proxy card.
IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION, WE ASK THAT
YOU VOTE PROMPTLY.
The Board of Trustees or Board of Directors, as the case may be, of each of
the Funds recommends that you cast your vote:
- FOR electing each of the nominees listed in the Proxy Statement for the
Board of each Fund.
- FOR ratifying the selection of the independent public accountants of each
Fund.
YOUR VOTE IS IMPORTANT.
PLEASE VOTE YOUR SHARES PROMPTLY
NO MATTER HOW MANY SHARES YOU OWN.
<PAGE> 6
VAN KAMPEN FUNDS
1 PARKVIEW PLAZA, P.O. BOX 5555
OAKBROOK TERRACE, ILLINOIS 60181-5555
TELEPHONE (800) 341-2911
PROXY STATEMENT FOR THE
JOINT SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON DECEMBER 15, 1999
This Proxy Statement is furnished in connection with the solicitation by the
Boards of Trustees/Directors of the funds listed on Annex A hereto (each a
"Fund" and collectively the "Funds") of proxies to be voted at a Joint Special
Meeting of Shareholders of the Funds, and all adjournments thereof (the
"Meeting"), to be held at the offices of Van Kampen Investments Inc., 1 Parkview
Plaza, Oakbrook Terrace, Illinois 60181-5555, on December 15, 1999, at 3:30 p.m.
The approximate mailing date of this Proxy Statement and accompanying form of
proxy is November 12, 1999.
Participating in the Meeting are the holders of record of: shares of
beneficial interest, par value $0.01 per share, of the VK Funds and AC Funds
listed on Annex A and shares of common stock, par value $0.001 per share, of the
MS Funds listed on Annex A (collectively, the "Shares"), as of the close of
business on October 27, 1999 (the "Record Date"). The number of issued and
outstanding Shares of each Fund as of the Record Date is set forth in Annex A
hereof. Shareholders of the Funds on the Record Date are entitled to one vote
per Share with respect to each proposal submitted to the shareholders of such
Fund, with no Share having cumulative voting rights.
EACH FUND WILL FURNISH, WITHOUT CHARGE, A COPY OF ITS MOST RECENT ANNUAL
REPORT AND THE MOST RECENT SEMIANNUAL REPORT SUCCEEDING THE ANNUAL REPORT, IF
ANY, TO A SHAREHOLDER UPON REQUEST. ANY SUCH REQUEST SHOULD BE DIRECTED TO THE
APPROPRIATE FUND BY CALLING (800) 341-2911 OR BY WRITING TO THE FUND AT 1
PARKVIEW PLAZA, P.O. BOX 5555, OAKBROOK TERRACE, ILLINOIS 60181-5555.
SUMMARY OF THE PROPOSALS
The purposes of the Meeting are to elect Trustees(as defined in Annex A) for
each Fund and to ratify the selection of independent public accountants for each
Fund.
<PAGE> 7
The following table summarizes each proposal to be presented at the Meeting
and the Funds solicited with respect to such proposal:
<TABLE>
<CAPTION>
PROPOSAL AFFECTED FUNDS
-------- --------------
<S> <C> <C>
1. To elect Trustees. All Funds
2. To ratify the selection of All Funds
independent public accountants:
2A. To ratify the selection of VK Funds
KPMG LLP
2B. To ratify the selection of AC Funds, MS Funds
PricewaterhouseCoopers LLP
</TABLE>
Annex A lists the abbreviated names by which the Funds sometimes are referred
to in this Proxy Statement and groups the Funds into "AC Funds", "VK Funds" and
"MS Funds". Please refer to Annex A for any questions you may have regarding
whether your Fund is participating at the Meeting, defined terms relating to the
Funds and abbreviated Fund names.
The Meeting is scheduled as a joint meeting of the shareholders of the Funds
because the shareholders of the Funds are expected to consider and vote on
similar matters. The Boards of Trustees (as defined in Annex A) have determined
that the use of a joint proxy statement for the Meeting is in the best interest
of the shareholders of the Funds. In the event that a shareholder of any Fund
present at the Meeting objects to the holding of a joint meeting and moves for
an adjournment of the meeting of such Fund to a time immediately after the
Meeting so that such Fund's meeting may be held separately, the persons named as
proxies will vote in favor of the adjournment.
Van Kampen Asset Management Inc. ("Asset Management") serves as investment
adviser to the AC Funds. Van Kampen Investment Advisory Corp. ("Advisory Corp.")
serves as investment adviser to the VK Funds. Advisory Corp. serves as the
investment adviser and administrator for the MS Funds. Collectively, Asset
Management and Advisory Corp. are referred to herein as the "Advisers". The
distributor of each of the Funds is Van Kampen Funds Inc. (the "Distributor").
The transfer agent for each of the Funds is Van Kampen Investor Services Inc.
("Investor Services"). Asset Management, Advisory Corp., the Distributor and
Investor Services are wholly owned subsidiaries of Van Kampen Investments Inc.
("Van Kampen Investments"). Van Kampen Investments is an indirect wholly owned
subsidiary of Morgan Stanley Dean Witter & Co. ("Morgan Stanley Dean Witter").
The principal business address of Van Kampen Investments, Asset Management,
Advisory Corp. and the Distributor is located at 1 Parkview Plaza, P.O. Box
5555, Oakbrook Terrace, Illinois 60181-5555. The principal business address of
Investor Services is located at P.O. Box 218256, Kansas City, Missouri
64121-8256. The principal business address of Morgan Stanley Dean Witter is
located at Two World Trade Center, New York, New York 10048.
2
<PAGE> 8
The Board of Trustees of each Fund recommends that you cast your vote:
- FOR electing each of the nominees listed in the Proxy Statement for the
Board of each Fund.
- FOR ratifying the selection of the independent public accountants of each
Fund.
SUMMARY OF VOTING AND MEETING REQUIREMENTS
The voting requirement for passage of a particular proposal depends on the
nature of the proposal. With respect to Proposal 1, the affirmative vote of a
plurality of the Shares of the Trust present in person or by proxy at the
Meeting and entitled to vote is required to elect the nominees to the Board of
Trustees of each Trust. With respect to Van Kampen Trust, an additional series
of such Trust, Van Kampen Short-Term Global Income Fund, is voting at a
shareholders meeting being held concurrently with the Meeting with respect to
the election of trustees of such Trust. The votes of the shareholders of such
other series will be aggregated with the votes of the shareholders of the series
voting at this Meeting when determining whether a nominee has received
sufficient votes to be elected to the Board of Trustees of such Trust. With
respect to Proposals 2A and 2B, the affirmative vote of a majority of the Shares
of a Fund present in person or by proxy at the Meeting and entitled to vote is
required.
All Shares of a Fund will vote together as a single class on each proposal
affecting such Fund. An unfavorable vote on a proposal by the shareholders of a
Fund will not affect the Fund's implementation of another proposal if such
proposal receives a favorable vote. There is no cumulative voting with respect
to the election of Trustees.
Shareholders of the Funds may vote by mail, by returning the enclosed ballot,
or in person at the meeting. In addition, shareholders of the VK Funds and
shareholders of the AC Funds (excluding the Funds under the Life Investment
Trust) may vote by telephone or via the internet. Instructions for telephone and
internet voting are included with the enclosed proxy voting material. The
required control number for telephone and internet voting is printed on the
enclosed proxy card. The control number is used to match proxies with
shareholders' respective accounts and to ensure that, if multiple proxies are
executed, shares are voted in accordance with the proxy bearing the latest date.
Shareholders who execute proxies by mail, telephone or internet may revoke them
at any time prior to the meeting by filing with the Fund a written notice of
revocation, by executing another proxy bearing a later date or by attending the
Meeting and voting in person. Van Kampen Investments and each Fund employ
procedures for telephone and internet voting, such as requiring the control
number from the proxy card in order to vote by either of these methods, which
they consider to be reasonable to confirm that the
3
<PAGE> 9
instructions received are genuine. If reasonable procedures are employed,
neither Van Kampen Investments nor any Fund will be liable for following
telephone or internet instructions which it believes to be genuine.
Shares of the Life Investment Trust are subject to special shareholder voting
provisions. Shares of each Fund under the Life Investment Trust are sold to and
held by separate accounts (the "Accounts") of various insurance companies to
fund the benefits of variable annuity or variable life insurance policies (the
"Contracts") offered by the insurance companies. The Accounts invest in shares
of each Fund under the Life Investment Trust in accordance with instructions
from contract owners ("Contract Owners"). Except as might otherwise be provided
by applicable law, the Accounts provide pass-through voting to Contract Owners
and the Contract Owners have the right to instruct the Account provider on how
to vote Shares held by the Account under their Contract. The Account provider
will mirror vote Shares it holds of each Fund under the Life Investment Trust
for which the Contract Owner fails to provide voting instructions in
proportionately the same manner as Shares for which it does receive instructions
from Contract Owners.
All properly executed proxies received prior to the Meeting will be voted at
the Meeting in accordance with the instructions marked thereon. Proxies received
prior to the Meeting on which no vote is indicated will be voted "For" each
proposal as to which it is entitled to vote. Abstentions do not constitute votes
"For" a proposal and will have the same effect as votes "Against" a proposal.
Broker non-votes (i.e., where a nominee, such as a broker, holding shares for
beneficial owners votes on certain matters pursuant to discretionary authority
or instructions from beneficial owners but with respect to one or more proposals
does not receive instructions from beneficial owners or does not exercise
discretionary authority) are considered not cast and are not treated as votes
"For" or "Against" a proposal. A majority of the outstanding Shares entitled to
vote must be present in person or by proxy to have a quorum to conduct business
at the Meeting. Abstentions and broker non-votes will be deemed present for
quorum purposes.
The Funds know of no business other than that described in Proposals 1 and 2
of the Notice which will be presented for consideration at the Meeting. If any
other matters are properly presented, it is the intention of the persons named
on the enclosed proxy to vote proxies in accordance with their best judgment. In
the event that a quorum is present at the Meeting but sufficient votes to
approve any of the proposals are not received, the persons named as proxies may
propose one or more adjournments of the Meeting to permit further solicitation
of proxies on such proposal(s), provided that they determine that such an
adjournment and additional solicitation is reasonable and in the interest of
shareholders based on a consideration of all relevant factors, including the
nature of the particular proposal(s), the percentage of votes then cast, the
percentage of negative votes then cast, the nature
4
<PAGE> 10
of the proposed solicitation activities and the nature of the reasons for such
further solicitation.
- ------------------------------------------------------------------------------
PROPOSAL 1: ELECTING TRUSTEES
- ------------------------------------------------------------------------------
Shareholders are being asked to elect each of the twelve nominees described
below as Trustees of each of the Trusts. Trustees elected at the Meeting will
serve as trustees until reaching their retirement age or until their successors
are duly elected and qualified. The election of the nominees to a Trust's Board
of Trustees requires the affirmative vote of a plurality of the Shares of such
Trust present in person or by proxy at the Meeting and entitled to vote. It is
the intention of the persons named in the enclosed proxy to vote the Shares
represented by them for the election of each nominee listed below unless the
proxy is marked otherwise.
Each of the nominees listed below has served as a member of the Boards of
Trustees since his or her initial election or appointment to the Boards of
Trustees as set forth in Annex B, except that Mitchell M. Merin and Richard F.
Powers III have not previously served on the Boards of Trustees. The Boards of
Trustees have determined that adding Messrs. Merin and Powers to the respective
Boards of Trustees is in the best interest of shareholders of each Fund. Messrs.
Merin and Powers would replace Messrs. DeMartini and Powell as Trustees of the
Funds. As described in more detail below, Mr. Merin is now, among other things,
President and Chief Operating Officer of Asset Management at Morgan Stanley Dean
Witter and Mr. Powers is now, among other things, the President and Chief
Executive Officer of Van Kampen Investments. Mr. DeMartini was formerly the
President and Chief Operating Officer of Morgan Stanley Dean Witter Individual
Asset Management. Mr. Powell was formerly the Chairman and Director of Van
Kampen Investments, Asset Management, Advisory Corp. and the Distributor.
Each nominee named below has consented to being named herein as a nominee and
has agreed to serve as a trustee if elected; however, should any nominee(s)
become unable or unwilling to accept nomination or election, the proxies will be
voted for one or more substitute nominee(s) designated by each Trust's present
Board of Trustees.
5
<PAGE> 11
The following table sets forth the names, addresses, ages, principal
occupations and other information regarding the Trustee nominees and incumbent
trustees not standing for re-election.
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS
NAME, ADDRESS AND AGE OR EMPLOYMENT IN PAST 5 YEARS
--------------------- -----------------------------
<S> <C>
TRUSTEE NOMINEES:
J. Miles Branagan................. Private investor. Trustee/Director of each
1632 Morning Mountain Road of the funds in the Fund Complex (defined
Raleigh, NC 27614 below). Co- founder, and prior to August
Age: 67 1996, Chairman, Chief Executive Officer and
President, MDT Corporation (now known as
Getinge/Castle, Inc., a subsidiary of
Getinge Industrier AB), a company which
develops, manufactures, markets and services
medical and scientific equipment.
Jerry D. Choate................... Director of Amgen Inc., a biotechnological
Barrington Place, Building 4 company. Trustee/Director of each of the
18 E. Dundee Road, Suite 101 funds in the Fund Complex. Prior to January
Barrington, IL 60010 1999, Chairman and Chief Executive Officer
Age: 61 of The Allstate Corporation ("Allstate") and
Allstate Insurance Company. Prior to January
1995, President and Chief Executive Officer
of Allstate. Prior to August 1994, Mr.
Choate held various management positions at
Allstate.
Linda Hutton Heagy................ Managing Partner of Heidrick & Struggles, an
Sears Tower executive search firm. Trustee/Director of
233 South Wacker Drive each of the funds in the Fund Complex. Prior
Suite 7000 to 1997, Partner, Ray & Berndtson, Inc., an
Chicago, IL 60606 executive recruiting and management
Age: 51 consulting firm. Formerly, Executive Vice
President of ABN AMRO, N.A., a Dutch bank
holding company. Prior to 1992, Executive
Vice President of La Salle National Bank.
Trustee on the University of Chicago
Hospitals Board, Vice Chair of the Board of
The YMCA of Metropolitan Chicago and a
member of the Women's Board of the
University of Chicago.
R. Craig Kennedy.................. President and Director, German Marshall Fund
11 DuPont Circle, N.W of the United States. Trustee/Director of
Washington, DC 20016 each of the funds in the Fund Complex.
Age: 47 Formerly, advisor to the Dennis Trading
Group Inc. Prior to 1992, President and
Chief Executive Officer, Director and Member
of the Investment Committee of the Joyce
Foundation, a private foundation.
</TABLE>
6
<PAGE> 12
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS
NAME, ADDRESS AND AGE OR EMPLOYMENT IN PAST 5 YEARS
--------------------- -----------------------------
<S> <C>
Mitchell M. Merin*................ President and Chief Operating Officer of
Two World Trade Center Asset Management of Morgan Stanley Dean
66th Floor Witter (since December, 1998); President and
New York, NY 10048 Director (since April, 1997) and Chief
Age: 46 Executive Officer (since June, 1998) of
Morgan Stanley Dean Witter Advisors Inc. and
Morgan Stanley Dean Witter Services Company
Inc.; Chairman, Chief Executive Officer and
Director of Morgan Stanley Dean Witter
Distributors Inc. (since June, 1998);
Chairman and Chief Executive Officer (since
June, 1998) and Director (since January,
1998) of Morgan Stanley Dean Witter Trust
FSB; Director of various Morgan Stanley Dean
Witter subsidiaries; President of the Morgan
Stanley Dean Witter Funds and Discover
Brokerage Index Series (since May, 1999);
previously Chief Strategic Officer of Morgan
Stanley Dean Witter Advisors Inc. and Morgan
Stanley Dean Witter Services Company Inc.
and Executive Vice President of Morgan
Stanley Dean Witter Distributors Inc.
(April, 1997-June, 1998), Vice-President of
the Morgan Stanley Dean Witter Funds and
Discover Brokerage Index Series (May, 1997-
April, 1999), and Executive Vice President
of Dean Witter, Discover & Co. Trustee of
certain funds in the Fund Complex.
Jack E. Nelson.................... President and owner, Nelson Investment
423 Country Club Drive Planning Services, Inc., a financial
Winter Park, FL 32789 planning company and registered investment
Age: 63 adviser in the State of Florida. President
and owner, Nelson Ivest Brokerage Services
Inc., a member of the National Association
of Securities Dealers, Inc. and Securities
Investors Protection Corp. Trustee/Director
of each of the funds in the Fund Complex.
</TABLE>
7
<PAGE> 13
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS
NAME, ADDRESS AND AGE OR EMPLOYMENT IN PAST 5 YEARS
--------------------- -----------------------------
<S> <C>
Richard F. Powers III*............ Chairman, Director, President and Chief
1 Parkview Plaza Executive Officer of Van Kampen Investments.
P.O. Box 5555 Chairman, Director and Chief Executive
Oakbrook Terrace, IL 60181 Officer of Advisory Corp., Asset Management,
Age: 53 Van Kampen Management Inc. ("Management
Inc."), and the Distributor. Director and
officer of certain other subsidiaries of Van
Kampen Investments. President of each of the
funds in the Fund Complex. Trustee of
certain Funds in the Fund Complex and other
open-end and closed-end funds advised Asset
Management, Advisory Corp. or Management
Inc. Prior to May 1998, Executive Vice
President and Director of Marketing at
Morgan Stanley Dean Witter & Co. and
Director of Dean Witter Discover & Co. and
Dean Witter Realty. Prior to 1996, Director
of Dean Witter Reynolds Inc.
Phillip B. Rooney................. Vice Chairman (since 1997) and Director
One ServiceMaster Way (since 1994) of The ServiceMaster Company, a
Downers Grove, IL 60515 business and consumer services company.
Age: 55 Director of Illinois Tool Works, Inc., a
manufacturing company, and the Urban
Shopping Centers Inc., a retail mall
management company. Trustee, University of
Notre Dame. Trustee/Director of each of the
funds in the Fund Complex. Prior to 1998,
Director of Stone Smurfit Container Corp., a
paper manufacturing company. From 1996 to
1997, he was President, Chief Executive
Officer and Chief Operating Officer of Waste
Management, Inc., an environmental services
company, and from 1984 through 1986, he was
President and Chief Operating Officer of
Waste Management, Inc.
Fernando Sisto.................... Emeritus Professor. Prior to 1996, a George
155 Hickory Lane M. Bond Chaired Professor with Stevens
Closter, NJ 07624 Institute of Technology and, prior to 1995,
Age: 75 Dean of the Graduate School, Stevens
Institute of Technology. Director, Dynalysis
of Princeton, a firm engaged in engineering
research. Trustee/Director of each of the
funds in the Fund Complex.
</TABLE>
8
<PAGE> 14
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS
NAME, ADDRESS AND AGE OR EMPLOYMENT IN PAST 5 YEARS
--------------------- -----------------------------
<S> <C>
Wayne W. Whalen*.................. Partner in the law firm of Skadden, Arps,
333 West Wacker Drive Slate, Meagher & Flom (Illinois), legal
Chicago, IL 60606 counsel to the funds in the Fund Complex,
Age: 60 and other open-end and closed-end funds
advised by Asset Management, Advisory Corp.
or Management Inc. Trustee/Director of each
of the funds in the Fund Complex, and
Trustee/Managing General Partner of other
open-end and closed-end funds advised by
Asset Management, Advisory Corp. or
Management Inc.
Suzanne H. Woolsey, Ph.D.......... Chief Operating Officer of the National
2101 Constitution Avenue, N.W. Academy of Sciences/National Research
Room 206 Council, an independent, federally chartered
Washington, D.C. 20418 policy institution, since 1993. Director of
Age: 57 Neurogen Corporation, a pharmaceutical
company, since 1998. Director of the German
Marshall Fund of the United States, Trustee
of Colorado College, Vice Chair of the Board
of the Council for Excellence in Government.
Trustee/Director of each of the funds in the
Fund Complex. Prior to 1993, Executive
Director of the Commission on Behavioral and
Social Sciences and Education at the
National Academy of Sciences/ National
Research Council. From 1980 through 1989,
Partner of Coopers & Lybrand.
Paul G. Yovovich.................. Private investor. Director of 3Com
Sears Tower Corporation, which provides information
233 South Wacker Drive access products and network system
Suite 9700 solutions, COMARCO, Inc., a wireless
Chicago, IL 60606 communications products company, and APAC
Age: 46 Customer Services, Inc., a provider of
outsourced customer contact services.
Trustee/Director of each of the funds in the
Fund Complex. Prior to May 1996, President
of Advance Ross Corporation, an
international transaction services and
pollution control equipment manufacturing
company.
</TABLE>
9
<PAGE> 15
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS
NAME, ADDRESS AND AGE OR EMPLOYMENT IN PAST 5 YEARS
--------------------- -----------------------------
<S> <C>
INCUMBENT TRUSTEES NOT STANDING
FOR REELECTION:
Richard M. DeMartini*............. Chairman and Chief Executive Officer of
Two World Trade Center International Private Client Group, a
66th Floor business unit of Morgan Stanley Dean Witter
New York, New York 10048 & Co. which encompasses all of the firm's
Age: 47 activities relating to the gathering of
investment assets and sale of securities to
individual investors internationally, since
December 1998. President and Chief Operating
Officer Individual Asset Management Group
and Director of Dean Witter Reynolds Inc.
Chairman and Director of Dean Witter Capital
Corporation. Chairman, Chief Executive
Officer, President and Director of Dean
Witter Alliance Capital Corporation,
Director of the National Healthcare
Resources, Inc., Dean Witter Realty Inc.,
Dean Witter Reynolds Venture Equities Inc.,
DW Window Covering Holding, Inc., Morgan
Stanley Dean Witter Distributors Inc.,
Morgan Stanley Dean Witter Trust FSP and is
a member of the Morgan Stanley Dean Witter
Management Committee. Trustee of the TCW/DW
Funds, Director of the Morgan Stanley Dean
Witter Funds and Trustee/Director of other
funds in the Fund Complex. Prior to March
1999, Chairman, Chief Executive Officer and
President of Morgan Stanley Dean Witter
Distributors, Inc. Prior to January 1999,
Chairman of Dean Witter Futures & Currency
Management Inc. and Demeter Management
Corporation. Prior to December 1998,
President and Chief Operating Officer of
Morgan Stanley Dean Witter Individual Asset
Management. Formerly Vice Chairman of the
Board of the National Association of
Securities Dealers, Inc. and Chairman of the
Board of the Nasdaq Stock Market, Inc.
</TABLE>
10
<PAGE> 16
<TABLE>
<CAPTION>
PRINCIPAL OCCUPATIONS
NAME, ADDRESS AND AGE OR EMPLOYMENT IN PAST 5 YEARS
--------------------- -----------------------------
<S> <C>
Don G. Powell*.................... Currently a member of the Board of Governors
2800 Post Oak Blvd and Executive Committee for the Investment
Houston, TX 77056 Company Institute, and a member of the Board
Age: 60 of Trustees of the Houston Museum of Natural
Science. Trustee/ Director of certain funds
in the Fund Complex. Immediate past Chairman
of the Investment Company Institute. Prior
to January 1999, Chairman and Director of
Van Kampen Investments, Asset Management,
Advisory Corp., the Distributor, and
Investor Services and Director or officer of
certain other subsidiaries of Van Kampen
Investments. Prior to July 1998, Director
and Chairman of VK/AC Holding, Inc.
(predecessor of Van Kampen Investments).
Prior to November 1996, President, Chief
Executive Officer and Director of VK/AC
Holding, Inc. (predecessor of Van Kampen
Investments).
</TABLE>
- ------------------------------------------------------------------------------
* Such nominee or trustee is an "interested person" (within the meaning of
Section 2(a) (19) of the 1940 Act). Mr. Whalen is an interested person of the
Funds by reason of his firm currently acting as legal counsel to the Funds.
Messrs. Merin and Powers are interested persons of the Funds, Asset Management
and Advisory Corp. by reason of their current or former positions with Morgan
Stanley Dean Witter or its affiliates. Messrs. DeMartini and Powell are
interested persons of the Funds, Asset Management and Advisory Corp. by reason
of their current or former positions with Morgan Stanley Dean Witter or its
affiliates.
During each Fund's last respective fiscal period ended prior to the date of
this proxy statement, the Boards of Trustees held between 11 and 15 meetings for
the Funds. All of the incumbent nominees to the Boards of Trustees attended at
least 75% of the meetings of the respective Board of Trustees and all committee
meetings thereof of which such trustee was a member during the period of such
trustee's service for each Fund's last fiscal period. During each Fund's last
fiscal period, each Fund had no standing committees other than an audit
committee, a brokerage and services committee and a retirement plan committee.
Each Fund's audit committee currently consists of J. Miles Branagan, Jerry D.
Choate, R. Craig Kennedy and Fernando Sisto. Each audit committee makes
recommendations to the Fund's respective Board of Trustees concerning the
selection of each respective Fund's independent public accountants, reviews with
such accountants the scope and results of the Fund's annual audit and considers
any comments which the accountants may have regarding the respective Fund's
financial statements, books of account or internal controls. Each Fund's
brokerage and services committee currently consists of Linda Hutton Heagy, Jack
E. Nelson, Phillip B. Rooney, Suzanne H. Woolsey and Paul G. Yovovich. Each
brokerage and
11
<PAGE> 17
services committee reviews the respective Fund's allocation of brokerage
transactions and soft-dollar practices and reviews the transfer agency and
shareholder servicing arrangements with Investor Services. Each Fund's
retirement plan committee currently consists of Linda Hutton Heagy, R. Craig
Kennedy and Jack E. Nelson. Each retirement plan committee is responsible for
reviewing the terms of the respective Fund's retirement plan and reviews any
administrative matters which arise with respect thereto. During each Fund's last
respective fiscal period ended prior to the date of this proxy statement, the
audit committee of each Fund held 2 meetings and the brokerage and services
committee of each Fund held 5 meetings. The retirement plan committee of each
Fund does not meet on a regular basis, but does meet on an ad hoc basis as
necessary to administer the retirement plan.
The trustees of each Fund who are not "interested persons" of such Fund (as
defined by the 1940 Act) are required to identify, evaluate and nominate non-
interested trustees and are prepared to review nominations from shareholders to
fill any vacancies. Each Fund has an ad hoc nominating committee currently
consisting of J. Miles Branagan, Linda Hutton Heagy and R. Craig Kennedy.
Nominations from shareholders should be in writing and addressed to the
non-interested trustees at the appropriate Fund's office. The non-interested
trustees of the Funds expect to be able to continue to identify from their own
resources an ample number of qualified candidates for the Boards of Trustees, as
they deem appropriate.
Each trustee who is not an affiliated person of Van Kampen Investments, Asset
Management, Advisory Corp. or the Distributor (each a "Non-Affiliated Trustee")
serves as a trustee of each of the funds in the Fund Complex (as defined below).
Each of Messrs. Merin and Powers currently is a trustee of two funds in the Fund
Complex. Each of Messrs. DeMartini and Powell currently is a trustee of all but
two funds in the Fund Complex. As of the date of this Proxy Statement, there are
65 operating funds in the Fund Complex. The "Fund Complex" consists of those
open-end investment companies advised by Asset Management or Advisory Corp. and
Distributed by the Distributor with the same Non-Affiliated Trustees.
Each Non-Affiliated Trustee is compensated by an annual retainer and board
meeting fees for services to the funds in the Fund Complex. Each fund in the
Fund Complex provides a deferred compensation plan to its Non-Affiliated
Trustees which allows trustees to defer receipt of their compensation. Deferring
compensation has the economic effect as if the Non-Affiliated Trustee invested
his or her compensation in the selected funds. Each fund in the Fund Complex
provides a retirement plan to its Non-Affiliated Trustees which provides
Non-Affiliated Trustees with compensation after retirement, provided that
certain eligibility requirements are met as more fully described below.
The compensation of each Non-Affiliated Trustee includes an annual retainer in
an amount equal to $50,000 per calendar year, due in four quarterly installments
on the first business day of each quarter. Payment of the annual retainer is
allocated
12
<PAGE> 18
among the funds in the Fund Complex on the basis of the relative net assets of
each fund as of the last business day of the preceding calendar quarter. The
compensation of each Non-Affiliated Trustee includes a board meeting fee from
each fund in the Fund Complex in the amount of $200 per quarterly or special
meeting attended by the Non-Affiliated Trustee, due on the date of the meeting,
plus reasonable expenses incurred by the Non-Affiliated Trustee in connection
with his or her services as a trustee, provided that no compensation will be
paid in connection with telephonic special meetings. No compensation is paid in
connection with committee meetings.
Under the deferred compensation plan, each Non-Affiliated Trustee generally
can elect to defer receipt of all or a portion of the compensation earned by
such Non-Affiliated Trustee until retirement. Amounts deferred are retained by
the respective Fund and earn a rate of return determined by reference to the
return on the shares of such Fund or other funds in the Fund Complex as selected
by the respective Non-Affiliated Trustee, with the same economic effect as if
such Non-Affiliated Trustee had invested in one or more funds in the Fund
Complex. To the extent permitted by the 1940 Act, a Fund may invest in
securities of those funds selected by the Non-Affiliated Trustees in order to
match the deferred compensation obligation. The deferred compensation plan is
not funded and obligations thereunder represent general unsecured claims against
the general assets of each Fund.
Under the retirement plan, a Non-Affiliated Trustee who is receiving
compensation from a Fund prior to such Non-Affiliated Trustee's retirement, has
at least 10 years of service (including years of service prior to adoption of
the retirement plan) and retires at or after attaining the age of 60, is
eligible to receive a retirement benefit equal to $2,500 per year for each of
the ten years following such retirement from such Fund. Non-Affiliated Trustees
retiring prior to the age of 60 or with fewer than 10 years but more than 5
years of service may receive reduced retirement benefits from a Fund. Each
incumbent trustee has served as a member of the Board of Trustees of the Funds
since he or she was first appointed or elected in the year set forth in Annex B.
The retirement plan contains a Fund Complex retirement benefit cap of $60,000
per year.
13
<PAGE> 19
Additional information regarding compensation and benefits for trustees is set
forth below. The columns in the table provide information for differing fiscal
or calendar periods as is described in the notes accompanying the table.
COMPENSATION TABLE
<TABLE>
<CAPTION>
FUND COMPLEX
------------------------------------------
AGGREGATE
AGGREGATE ESTIMATED
PENSION OR MAXIMUM TOTAL
AGGREGATE RETIREMENT ANNUAL COMPENSATION
COMPENSATION BENEFITS BENEFITS FROM BEFORE
BEFORE ACCRUED THE FUND DEFERRAL FROM
DEFERRAL FROM AS PART OF COMPLEX UPON FUND
NAME(L) THE FUND EXPENSES RETIREMENT(4) COMPLEX(5)
------- ------------- ---------- ------------- -------------
<S> <C> <C> <C> <C>
J. Miles Branagan............... (2) $35,691 $60,000 $125,200
Jerry D. Choate(l).............. (2) 0 60,000 0
Linda Hutton Heagy.............. (2) 3,861 60,000 112,800
R. Craig Kennedy................ (2) 2,652 60,000 125,200
Jack E. Nelson.................. (2) 18,385 60,000 125,200
Phillip B. Rooney............... (2) 6,002 60,000 125,200
Fernando Sisto.................. (2) 68,615 60,000 125,200
Wayne W. Whalen................. (2) 12,658 60,000 125,200
Suzanne H. Woolsey(l)........... (2) 0 60,000 0
Paul G. Yovovich(l)............. (2) 0 60,000 25,300
</TABLE>
- ---------------
(1) Trustees not eligible for compensation are not included in the Compensation
Table. Mr. Yovovich became a member of the Board of Trustees for the Funds
and other funds in the Fund Complex on October 22, 1998 and therefore does
not have a full year of information to report. Mr. Choate and Ms. Woolsey
became members of the Board of Trustees for the Funds and other funds in the
Fund Complex on May 26, 1999 and therefore do not have a full year
information to report.
(2) The Aggregate Compensation before Deferral from each Fund during its last
fiscal year ending on or before June 30, 1999 is shown in Annex C. Certain
trustees deferred all or a portion of this Aggregate Compensation from each
Fund as shown in Annex D. The cumulative deferred compensation (including
interest) from each Fund at the end of its last fiscal year ending on or
before June 30, 1999 is shown in Annex E. The deferred compensation plan is
described above the Compensation Table.
(3) The amounts shown in this column represent the sum of the retirement
benefits accrued by the operating investment companies in the Fund Complex
for each of the Trustees for the Funds' fiscal years ended in 1998. The
Retirement Plan is described above the Compensation Table.
(4) For each trustee, this is the sum of the estimated maximum annual benefits
payable by the operating funds in the Fund Complex for each year of the ten-
14
<PAGE> 20
year period commencing in the year of such trustee's anticipated retirement.
The retirement plan is described above the Compensation Table.
(5) The amounts shown in this column represent the aggregate compensation paid
by all operating funds in the Fund Complex as of December 31, 1998 before
deferral by the trustees under the deferred compensation plan. Because the
funds in the Fund Complex have different fiscal year ends, the amounts shown
in this column are presented on a calendar year basis. Certain trustees
deferred all or a portion of their aggregate compensation from the Fund
Complex during the calendar year ended December 31, 1998. Asset Management
and Advisory Corp. and their affiliates also serve as investment adviser for
other funds; however, with the exception of Mr. Whalen, the Non-Affiliated
Trustees are not trustees of such investment companies. Combining the Fund
Complex with other investment companies advised by Asset Management and
Advisory Corp. and their affiliates, Mr. Whalen received Total Compensation
of $285,825 during the calender year ended December 31, 1998.
The Funds are not required to hold and the Funds do not contemplate holding
regular meetings of shareholders to elect trustees or otherwise. The Boards of
Trustees will be required promptly to call a meeting of shareholders for the
purpose of voting upon the question of removal of any trustee when requested in
writing to do so by the record holders of not less than 10% of the total
outstanding shares of a Fund. In addition, the Boards of Trustees will comply
with the requirements of Section 16(c) of the 1940 Act with respect to
communications with shareholders.
SHAREHOLDER APPROVAL
The affirmative vote of a plurality of the Shares of each respective Trust
present in person or by proxy at the Meeting and entitled to vote is required to
elect the nominees to their respective Boards of Trustees. THE BOARD OF TRUSTEES
OF EACH FUND RECOMMENDS A VOTE "FOR" EACH OF THE NOMINEES.
15
<PAGE> 21
- ------------------------------------------------------------------------------
PROPOSAL 2A: RATIFYING THE SELECTION OF INDEPENDENT
PUBLIC ACCOUNTANTS FOR THE VK FUNDS
- ------------------------------------------------------------------------------
The Board of Trustees of each VK Fund, including a majority of the trustees
who are not "interested persons" of each VK Fund (as defined by the 1940 Act),
has selected the firm of KPMG LLP, independent public accountants, to examine
the financial statements for the current fiscal year of each VK Fund. As of the
date thereof, each VK Fund knows of no direct or indirect financial interest of
such firm in such VK Fund. The appointment to each VK Fund is subject to
ratification or rejection by the respective shareholders of such VK Fund.
Representatives of KPMG LLP are expected to be present at the Meeting and will
be available to respond to questions from shareholders and will have the
opportunity to make a statement if they so desire.
SHAREHOLDER APPROVAL
The shareholders of each VK Fund, voting with respect to such VK Fund as a
single class, are entitled to vote on this proposal. An affirmative vote of a
majority of the Shares of each VK Fund present in person or by proxy and
entitled to vote is required to ratify the selection of the independent public
accountants for such VK Fund. THE BOARD OF TRUSTEES OF EACH VK FUND RECOMMENDS A
VOTE "FOR" RATIFICATION OF KPMG LLP AS INDEPENDENT PUBLIC ACCOUNTANTS FOR SUCH
VK FUND.
- ------------------------------------------------------------------------------
PROPOSAL 2B: RATIFYING THE SELECTION OF INDEPENDENT PUBLIC ACCOUNTANTS FOR AC
FUNDS AND THE MS FUNDS
- ------------------------------------------------------------------------------
The Board of Trustees of each AC Fund and each MS Fund, including a majority
of the trustees who are not "interested persons" of each such Fund (as defined
by the 1940 Act), has selected the firm of PricewaterhouseCoopers LLP,
independent public accountants, to examine the financial statements for the
current fiscal year of each AC Fund and each MS Fund. As of the date hereof,
each AC Fund and each MS Fund knows of no direct or indirect financial interest
of such firm in such Fund. The appointment to each AC Fund and each MS Fund is
subject to ratification or rejection by the respective shareholders of each such
Fund.
Representatives of PricewaterhouseCoopers LLP are expected to be present at
the Meeting and will be available to respond to questions from shareholders and
will have the opportunity to make a statement if they so desire.
16
<PAGE> 22
SHAREHOLDER APPROVAL
The shareholders of each AC Fund and each MS Fund, voting with respect to such
AC Fund or such MS Funds as a single class, are entitled to vote on this
proposal. An affirmative vote of a majority of the Shares of each AC Fund and
each MS Fund present in person or by proxy and entitled to vote is required to
ratify the selection of the independent public accountants for such AC Fund or
such MS Fund. THE BOARD OF TRUSTEES OF EACH AC FUND AND EACH MS FUND RECOMMENDS
A VOTE "FOR" RATIFICATION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT PUBLIC
ACCOUNTANTS FOR SUCH AC FUND OR SUCH MS FUND.
- ------------------------------------------------------------------------------
OTHER INFORMATION
- ------------------------------------------------------------------------------
EXECUTIVE OFFICERS OF THE FUND
<TABLE>
<CAPTION>
NAME AND AGE POSITION WITH THE FUND* SERVED SINCE**
- ------------ ----------------------- --------------
<S> <C> <C>
Richard F. Powers III President May 1999
Age: 53
Dennis J. McDonnell Executive Vice President and July 1990
Age: 57 Chief Investment Officer
A. Thomas Smith III Vice President and Secretary May 1999
Age: 42
Michael H. Santo Vice President August 1999
Age: 44
Peter W. Hegel Vice President July 1990
Age: 43
Stephen L. Boyd Vice President October 1998
Age: 59
John L. Sullivan Vice President, Chief Financial July 1990
Age: 44 Officer and Treasurer
Curtis W. Morell Vice President and January 1996
Age: 53 Chief Accounting Officer
Edward C. Wood III Vice President July 1990
Age: 44
Tanya M. Loden Controller January 1996
Age: 40
</TABLE>
* Each executive officer is serving a term of office of one year or until a
successor is duly elected or appointed.
** The date provided is the first date for which such officer served as an
officer for any of the Funds. For Funds that were organized after the date
provided, the officer has served as an officer of such Funds since its
organization. For the MS Funds, the officers became officers of such Funds at
the later of the date provided, July 1997 or such Fund's organization.
17
<PAGE> 23
SHAREHOLDER INFORMATION
The persons who, to the knowledge of each Fund, owned beneficially more than
5% of a class of such Fund's outstanding Shares as of October 21, 1999 are set
forth in Annex F.
As of the most recent practicable date prior to the date of this proxy
statement, nominees to the Boards of Trustees owned, directly or beneficially,
the number of Class A Shares of each Fund as set forth on Annex G to this Proxy
Statement. Funds which are not owned by any nominees have been omitted from the
table.
- ------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------
The Funds will pay the costs of preparing, printing, mailing and soliciting
the enclosed form of proxy, the accompanying Notice and this Proxy Statement and
the Meeting. In order to obtain the necessary quorum at the Meeting, additional
solicitation may be made by mail, telephone, telegraph, facsimile or personal
interview by representatives of the Funds, Advisory Corp. or Asset Management
(or their affiliates), or by dealers or their representatives, or by First Data
Investor Services Group ("First Data"), a solicitation firm located in Boston,
Massachusetts who has been engaged to assist in proxy solicitations. The
estimated costs of First Data for mailing, solicitation and tabulation of
shareholder votes are approximately $1,650,000.
- ------------------------------------------------------------------------------
SHAREHOLDER PROPOSALS
- ------------------------------------------------------------------------------
The Funds do not hold regular annual meetings of shareholders. Any shareholder
who wishes to submit proposals for consideration at a meeting of a Fund should
send such proposal to the Fund at 1 Parkview Plaza, P.O. Box 5555, Oakbrook
Terrace, Illinois 60181-5555. To be considered for presentation at a
shareholders' meeting, rules promulgated by the Securities and Exchange
Commission require that, among other things, a shareholder's proposal must be
received at the offices of the Fund a reasonable time before a solicitation is
made. Timely submission of a proposal does not necessarily mean that such
proposal will be included in any proxy statement.
- ------------------------------------------------------------------------------
GENERAL
- ------------------------------------------------------------------------------
Management of the Funds does not intend to present and does not have reason to
believe that others will present any other items of business at the Meeting.
However, if other matters are properly presented to the Meeting for a vote, the
proxies will be voted upon such matters in accordance with the judgment of the
persons acting under the proxies.
18
<PAGE> 24
A list of shareholders of the Funds entitled to be present and vote at the
Meeting will be available at the offices of the Funds, 1 Parkview Plaza, P.O.
Box 5555, Oakbrook Terrace, Illinois 60181-5555, for inspection by any
shareholder during regular business hours for ten days prior to the date of the
Meeting.
Failure of a quorum to be present for any Fund at the Meeting may necessitate
adjournment and may subject such Fund to additional expense.
IF YOU CANNOT BE PRESENT IN PERSON, YOU ARE REQUESTED TO COMPLETE, SIGN AND
RETURN THE ENCLOSED PROXY PROMPTLY. NO POSTAGE IS REQUIRED IF MAILED IN THE
UNITED STATES.
A. THOMAS SMITH III
Vice President and Secretary
November 10, 1999
19
<PAGE> 25
ANNEX A
VAN KAMPEN FUNDS
The following list sets forth the Van Kampen mutual funds (the "Funds")
participating in the Joint Special Meeting of Shareholders to be held at the
offices of Van Kampen Investments Inc., 1 Parkview Plaza, Oakbrook Terrace,
Illinois 60181-5555 on December 15, 1999 at 3:30 p.m. Each Fund listed under the
heading "AC Funds" has entered into an investment advisory agreement with Van
Kampen Asset Management Inc. Each Fund listed under the heading "VK Funds" has
entered into an investment advisory agreement with Van Kampen Investment
Advisory Corp. Each Fund listed under the heading "MS Funds" also has entered
into an investment advisory agreement and an administration agreement with Van
Kampen Investment Advisory Corp. Each AC Fund and each VK Fund is organized as a
series of a Delaware business trust (the "Delaware Trusts"), except that the
Pennsylvania Fund (as defined below) is organized as a Pennsylvania trust (the
"Pennsylvania Trust"). Each MS Fund is organized as a series of a Maryland
corporation (the "Maryland Corporation"). Collectively, unless otherwise
indicated, the Delaware Trusts, the Pennsylvania Trust and the Maryland
Corporation are referred to herein as the "Trusts". Each Delaware Trust and the
Pennsylvania Trust issues shares of beneficial interest, par value $0.01 per
share, and is governed by a Board of Trustees. The Maryland Corporation issues
share of common stock, par value $0.001 per share, and is governed by a Board of
Directors. Unless otherwise stated, the shares of beneficial interest of each
Delaware Trust and the Pennsylvania Trust and the shares of common stock of the
Maryland Corporation are collectively referred to herein as "Shares". Unless
otherwise stated, the Boards of Trustees or Trustees of each Delaware Trust and
the Pennsylvania Trust and the Board of Directors or Directors of the Maryland
Corporation are collectively referred to herein as the "Boards of Trustees" or
"Trustees", respectively. The name in the left hand column below is the legal
name for each Trust and each Fund and the name in the right hand column below is
the abbreviated name as used in the Proxy Statement. The Fund's abbreviated name
and the Trust's abbreviated name for purposes of this proxy are the same unless
such Trust has multiple series or has names of series that differ from the Trust
name.
A-1
<PAGE> 26
AC FUNDS
<TABLE>
<CAPTION>
NUMBER OF SHARES OUTSTANDING
LEGAL NAME ABBREVIATED NAME AS OF THE RECORD DATE
---------- ---------------- ----------------------------
<S> <C> <C>
Van Kampen Comstock Fund Comstock Fund 135,262,663
Van Kampen Corporate Bond Fund Corporate Bond Fund 36,871,939
Van Kampen Enterprise Fund Enterprise Fund 149,315,976
Van Kampen Equity Income Fund Equity Income Fund 284,063,308
Van Kampen Global Managed Assets Global Managed Assets Fund 1,648,118
Fund
Van Kampen Government Securities Government Securities Fund 183,019,606
Fund
Van Kampen Growth and Income Fund Growth and Income Fund 77,039,557
Van Kampen Harbor Fund Harbor Fund 27,634,421
Van Kampen High Income Corporate High Income Corporate Bond Fund 150,903,419
Bond Fund
Van Kampen Life Investment Trust: Life Investment Trust:
Asset Allocation Portfolio LIT Asset Allocation Portfolio 4,555,118
Comstock Portfolio LIT Comstock Portfolio 126,801
Domestic Income Portfolio LIT Domestic Income Portfolio 2,110,710
Emerging Growth Portfolio LIT Emerging Growth Portfolio 3,763,510
Enterprise Portfolio LIT Enterprise Portfolio 6,427,695
Global Equity Portfolio LIT Global Equity Portfolio 236,493
Government Portfolio LIT Government Portfolio 6,180,383
Growth and Income Portfolio LIT Growth and Income Portfolio 3,103,086
Money Market Portfolio LIT Money Market Portfolio 32,260,573
Morgan Stanley Real Estate LIT Real Estate Portfolio 12,594,126
Securities Portfolio
Strategic Stock Portfolio LIT Strategic Stock Portfolio 2,418,249
Van Kampen Limited Maturity Limited Maturity Government Fund 4,313,056
Government Fund
Van Kampen Pace Fund Pace Fund 252,390,619
Van Kampen Real Estate Securities Real Estate Fund 12,155,249
Fund
Van Kampen Reserve Fund Reserve Fund 1,084,960,333
Van Kampen Tax-Exempt Trust: Tax-Exempt Trust:
Van Kampen High Yield Municipal High Yield Municipal Fund 138,868,481
Fund
Van Kampen U.S. Government Trust U.S. Government Trust for Income 15,349,810
for Income
Van Kampen World Portfolio Series World Portfolio Series Trust:
Trust:
Van Kampen Global Government Global Government Securities Fund 5,761,467
Securities Fund
</TABLE>
A-2
<PAGE> 27
VK FUNDS
<TABLE>
<CAPTION>
NUMBER OF SHARES OUTSTANDING
LEGAL NAME ABBREVIATED NAME AS OF THE RECORD DATE
---------- ---------------- ----------------------------
<S> <C> <C>
Van Kampen U.S. Government Trust: U.S. Government Trust:
Van Kampen U.S. Government Fund U.S. Government Fund 150,636,337
Van Kampen Tax Free Trust: Tax Free Trust:
Van Kampen Insured Tax Free Insured Tax Free Income Fund 66,885,950
Income Fund
Van Kampen Tax Free High Income Tax Free High Income Fund 76,735,482
Fund
Van Kampen California Insured California Insured Tax Free Income Fund 12,206,899
Tax Free Fund
Van Kampen Municipal Income Fund Municipal Income Fund 60,935,731
Van Kampen Intermediate Term Intermediate Term Municipal Income Fund 4,457,794
Municipal Income Fund
Van Kampen Florida Insured Tax Florida Insured Tax Free Income Fund 4,806,443
Free Income Fund
Van Kampen New York Tax Free New York Tax Free Income Fund 4,582,581
Income Fund
Van Kampen Trust* VK Trust:
Van Kampen High Yield Fund High Yield Fund 43,819,125
Van Kampen Strategic Income Fund Strategic Income Fund 8,787,383
Van Kampen Equity Trust: Equity Trust:
Van Kampen Utility Fund Utility Fund 8,397,057
Van Kampen Mid Cap Value Fund Mid Cap Value Fund 126,549
Van Kampen Great American Great American Companies Fund 129,773
Companies Fund
Van Kampen Growth Fund Growth Fund 5,458,883
Van Kampen Prospector Fund Prospector Fund 145,669
Van Kampen Aggressive Growth Aggressive Growth Fund 42,649,925
Fund
Van Kampen Small Cap Value Fund Small Cap Value Fund 257,219
Van Kampen Pennsylvania Tax Free Pennsylvania Fund 15,392,140
Income Fund
Van Kampen Tax Free Money Fund Tax Free Money Fund 35,218,169
</TABLE>
- ---------------
* Shareholders of an additional series of this Van Kampen Trust, Van Kampen
Short-Term Global Income Fund, are voting at a shareholders meeting to be
held concurrently with this joint Meeting of the Funds listed herein with
respect to the election of trustees of the Van Kampen Trust. The votes of the
shareholders of such other series will be aggregated with the votes of the
shareholders of the series voting at this Meeting when determining whether a
nominee has received sufficient votes to be elected to the Board of Trustees.
A-3
<PAGE> 28
MS FUNDS
<TABLE>
<CAPTION>
NUMBER OF SHARES OUTSTANDING
LEGAL NAME ABBREVIATED NAME AS OF THE RECORD DATE
---------- ---------------- ----------------------------
<S> <C> <C>
Van Kampen Series Fund, Inc.: Series Fund, Inc.:
Van Kampen American Value Fund American Value Fund 41,298,066
Van Kampen Asian Growth Fund Asian Growth Fund 13,792,287
Van Kampen Emerging Markets Fund Emerging Markets Fund 12,426,795
Van Kampen Equity Growth Fund Equity Growth Fund 4,260,785
Van Kampen European Equity Fund European Equity Fund 790,851
Van Kampen Focus Equity Fund Focus Equity Fund 13,227,572
(formerly known as Van Kampen
Aggregate Equity Fund)
Van Kampen Global Equity Allocation Global Equity Allocation Fund 33,365,615
Fund
Van Kampen Global Equity Fund Global Equity Fund 61,605,152
Van Kampen Global Fixed Income Fund Global Fixed Income Fund 645,360
Van Kampen Global Franchise Fund Global Franchise Fund 279,060
Van Kampen High Yield & Total Return High Yield & Total Return Fund 3,338,072
Fund
Van Kampen International Magnum Fund International Magnum Fund 7,381,634
Van Kampen Latin American Fund Latin American Fund 4,849,329
Van Kampen Value Fund Value Fund 21,684,281
Van Kampen Worldwide High Income Worldwide High Income Fund 19,498,575
Fund
</TABLE>
A-4
<PAGE> 29
ANNEX B
The table below sets forth the year in which each incumbent nominee was
elected or appointed to the Board of Trustees of each Fund.
<TABLE>
<CAPTION>
BRANAGAN CHOATE HEAGY KENNEDY NELSON ROONEY SISTO WHALEN WOOLSEY YOVOVICH
-------- ------ ----- ------- ------ ------ ----- ------ ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Comstock Fund....................... 1991 1999 1995 1995 1995 1997 1979 1995 1999 1998
Corporate Bond Fund................. 1991 1999 1995 1995 1995 1997 1978 1995 1999 1998
Enterprise Fund..................... 1991 1999 1995 1995 1995 1997 1980 1995 1999 1998
Equity Income Fund.................. 1991 1999 1995 1995 1995 1997 1978 1995 1999 1998
Global Managed Assets Fund.......... 1993 1999 1995 1995 1995 1997 1993 1995 1999 1998
Government Securities Fund.......... 1991 1999 1995 1995 1995 1997 1984 1995 1999 1998
Growth and Income Fund.............. 1991 1999 1995 1995 1995 1997 1978 1995 1999 1998
Harbor Fund......................... 1991 1999 1995 1995 1995 1997 1979 1995 1999 1998
High Income Corporate Bond Fund..... 1991 1999 1995 1995 1995 1997 1979 1995 1999 1998
LIFE INVESTMENT TRUST
LIT Asset Allocation Portfolio.... 1991 1999 1995 1995 1995 1997 1987 1995 1999 1998
LIT Comstock Portfolio............ 1998 1999 1998 1998 1998 1998 1998 1998 1999 1998
LIT Domestic Income Portfolio..... 1991 1999 1995 1995 1995 1997 1987 1995 1999 1998
LIT Emerging Growth Portfolio..... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
LIT Enterprise Portfolio.......... 1991 1999 1995 1995 1995 1997 1986 1995 1999 1998
LIT Global Equity Portfolio....... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
LIT Government Portfolio.......... 1991 1999 1995 1995 1995 1997 1986 1995 1999 1998
LIT Growth and Income Portfolio... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
LIT Money Market Portfolio........ 1991 1999 1995 1995 1995 1997 1986 1995 1999 1998
LIT Real Estate Portfolio......... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
LIT Strategic Stock Portfolio..... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
</TABLE>
B-1
<PAGE> 30
<TABLE>
<CAPTION>
BRANAGAN CHOATE HEAGY KENNEDY NELSON ROONEY SISTO WHALEN WOOLSEY YOVOVICH
-------- ------ ----- ------- ------ ------ ----- ------ ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Limited Maturity Government Fund.... 1991 1999 1995 1995 1995 1997 1985 1995 1999 1998
Pace Fund........................... 1991 1999 1995 1995 1995 1997 1980 1995 1999 1998
Real Estate Fund.................... 1994 1999 1995 1995 1995 1997 1994 1995 1999 1998
Reserve Fund........................ 1991 1999 1995 1995 1995 1997 1978 1995 1999 1998
TAX-EXEMPT TRUST
High Yield Municipal Fund......... 1991 1999 1995 1995 1995 1997 1984 1995 1999 1998
U.S. Government Trust for Income.... 1992 1999 1995 1995 1995 1997 1992 1995 1999 1998
WORLD PORTFOLIO SERIES TRUST
Global Government Securities
Fund............................ 1991 1999 1995 1995 1995 1997 1990 1995 1999 1998
U.S. GOVERNMENT TRUST
U.S. Government Fund.............. 1995 1999 1995 1993 1988 1997 1995 1988 1999 1998
TAX FREE TRUST
Insured Tax Free Income Fund...... 1995 1999 1995 1993 1984 1997 1995 1984 1999 1998
Tax Free High Income Fund......... 1995 1999 1995 1993 1985 1997 1995 1985 1999 1998
California Insured Tax Free Income
Fund............................ 1995 1999 1995 1993 1985 1997 1995 1985 1999 1998
Municipal Income Fund............. 1995 1999 1995 1993 1990 1997 1995 1990 1999 1998
Intermediate Term Municipal Income
Fund............................ 1995 1999 1995 1993 1993 1997 1995 1993 1999 1998
Florida Insured Tax Free Income
Fund............................ 1995 1999 1995 1994 1994 1997 1995 1994 1999 1998
New York Tax Free Income Fund..... 1995 1999 1995 1994 1994 1997 1995 1994 1999 1998
VK TRUST
High Yield Fund................... 1995 1999 1995 1993 1986 1997 1995 1986 1999 1998
Strategic Income Fund............. 1995 1999 1995 1993 1993 1997 1995 1993 1999 1998
</TABLE>
B-2
<PAGE> 31
<TABLE>
<CAPTION>
BRANAGAN CHOATE HEAGY KENNEDY NELSON ROONEY SISTO WHALEN WOOLSEY YOVOVICH
-------- ------ ----- ------- ------ ------ ----- ------ ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EQUITY TRUST
Utility Fund...................... 1995 1999 1995 1993 1993 1997 1995 1993 1999 1998
Mid Cap Value Fund................ 1995 1999 1995 1995 1995 1995 1995 1995 1999 1998
Great American Companies Fund..... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
Growth Fund....................... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
Prospector Fund................... 1995 1999 1995 1995 1995 1997 1995 1995 1999 1998
Aggressive Growth Fund............ 1996 1999 1996 1996 1996 1997 1996 1996 1999 1998
Small Cap Value Fund.............. 1999 1999 1999 1999 1999 1999 1999 1999 1999 1999
Pennsylvania Fund................... 1995 1999 1995 1993 1987 1997 1995 1987 1999 1998
Tax Free Money Fund................. 1995 1999 1995 1993 1986 1997 1995 1986 1999 1998
SERIES FUND, INC.
American Value Fund............... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Asian Growth Fund................. 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Emerging Markets Fund............. 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Equity Growth Fund................ 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
European Equity Fund.............. 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Focus Equity Fund................. 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Global Equity Allocation Fund..... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Global Equity Fund................ 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Global Fixed Income Fund.......... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Global Franchise Fund............. 1998 1999 1998 1998 1998 1998 1998 1998 1999 1998
High Yield & Total Return Fund.... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
International Magnum Fund......... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Latin American Fund............... 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Value Fund........................ 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
Worldwide High Income Fund........ 1997 1999 1997 1997 1997 1997 1997 1997 1999 1998
</TABLE>
B-3
<PAGE> 32
ANNEX C
AGGREGATE COMPENSATION BEFORE DEFERRAL
DURING FUND'S LAST FISCAL PERIOD
<TABLE>
<CAPTION>
FISCAL
FUND+ YEAR-END BRANAGAN CHOATE HEAGY KENNEDY NELSON ROONEY SISTO
----- -------- -------- ------ ----- ------- ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Growth Fund *................................ 3/31 1,127 0 1,127 1,127 1,127 927 1,127
Great American Companies Fund *......................... 3/31 801 0 801 801 801 601 801
Growth Fund *........................................... 3/31 951 0 951 951 951 751 951
High Yield Fund *....................................... 3/31 1,253 0 1,253 1,253 1,253 1,053 1,253
Mid Cap Value Fund *.................................... 3/31 801 0 801 801 801 601 801
Prospector Fund *....................................... 3/31 802 0 802 802 802 602 802
Strategic Income Fund *................................. 3/31 929 0 929 929 929 729 929
Utility Fund *.......................................... 3/31 974 0 974 974 974 774 974
Global Government Securities Fund....................... 5/31 1,287 219 1,287 1,287 1,287 1,087 1,287
Reserve Fund............................................ 5/31 2,398 547 2,398 2,398 2,398 2,198 2,398
American Value Fund..................................... 6/30 2,086 405 2,086 2,086 2,086 1,886 2,086
Asian Growth Fund....................................... 6/30 1,350 238 1,350 1,350 1,350 1,150 1,350
Focus Equity Fund....................................... 6/30 1,521 285 1,521 1,521 1,521 1,321 1,521
Emerging Markets Fund................................... 6/30 1,356 233 1,356 1,356 1,356 1,156 1,356
Equity Growth Fund...................................... 6/30 1,241 215 1,241 1,241 1,241 1,041 1,241
European Equity Fund.................................... 6/30 1,003 203 1,003 1,003 1,003 803 1,003
Global Equity Allocation Fund........................... 6/30 2,011 386 2,011 2,011 2,011 1,811 2,011
Global Equity Fund...................................... 6/30 2,270 446 2,270 2,270 2,270 2,070 2,270
Global Fixed Income Fund................................ 6/30 1,213 203 1,213 1,213 1,213 1,013 1,213
Global Franchise Fund................................... 6/30 1,000 200 1,000 1,000 1,000 800 1,000
High Yield & Total Return Fund.......................... 6/30 1,254 214 1,254 1,254 1,254 1,054 1,254
International Magnum Fund............................... 6/30 1,374 238 1,374 1,374 1,374 1,174 1,374
Latin American Fund..................................... 6/30 1,283 218 1,283 1,283 1,283 1,083 1,283
Pace Fund............................................... 6/30 6,581 1,537 6,581 6,581 6,581 6,381 6,581
Tax Free Money Fund..................................... 6/30 1,252 213 1,252 1,252 1,252 1,052 1,252
Value Fund.............................................. 6/30 1,593 280 1,593 1,593 1,593 1,393 1,593
Worldwide High Income Fund.............................. 6/30 1,545 272 1,545 1,545 1,545 1,345 1,545
Corporate Bond Fund..................................... 8/31 1,324 0 1,124 1,324 1,324 1,324 1,324
High Income Corporate Bond Fund......................... 8/31 2,145 0 1,945 2,145 2,145 2,145 2,145
California Insured Tax Free Income Fund**............... 9/30 1,005 0 805 1,005 1,005 1,005 1,005
<CAPTION>
FUND+ WHALEN WOOLSEY YOVOVICH
----- ------ ------- --------
<S> <C> <C> <C>
Aggressive Growth Fund *................................ 1,127 0 620
Great American Companies Fund *......................... 801 0 400
Growth Fund *........................................... 951 0 495
High Yield Fund *....................................... 1,253 0 694
Mid Cap Value Fund *.................................... 801 0 400
Prospector Fund *....................................... 802 0 401
Strategic Income Fund *................................. 929 0 483
Utility Fund *.......................................... 974 0 518
Global Government Securities Fund....................... 1,287 219 864
Reserve Fund............................................ 2,398 547 1,784
American Value Fund..................................... 2,086 405 1,462
Asian Growth Fund....................................... 1,350 238 912
Focus Equity Fund....................................... 1,521 285 1,041
Emerging Markets Fund................................... 1,356 233 905
Equity Growth Fund...................................... 1,241 215 839
European Equity Fund.................................... 1,003 203 803
Global Equity Allocation Fund........................... 2,011 386 1,388
Global Equity Fund...................................... 2,270 446 1,589
Global Fixed Income Fund................................ 1,213 203 810
Global Franchise Fund................................... 1,000 200 800
High Yield & Total Return Fund.......................... 1,254 214 841
International Magnum Fund............................... 1,374 238 925
Latin American Fund..................................... 1,283 218 853
Pace Fund............................................... 6,581 1,537 4,781
Tax Free Money Fund..................................... 1,252 213 840
Value Fund.............................................. 1,593 280 1,078
Worldwide High Income Fund.............................. 1,545 272 1,037
Corporate Bond Fund..................................... 1,324 0 0
High Income Corporate Bond Fund......................... 2,145 0 0
California Insured Tax Free Income Fund**............... 1,005 0 0
</TABLE>
C-1
<PAGE> 33
<TABLE>
<CAPTION>
FISCAL
FUND+ YEAR-END BRANAGAN CHOATE HEAGY KENNEDY NELSON ROONEY SISTO
----- -------- -------- ------ ----- ------- ------ ------ -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Florida Insured Tax Free Income Fund**.................. 9/30 858 0 658 858 858 858 858
Government Securities Fund**............................ 9/30 3,216 0 3,016 3,216 3,216 3,216 3,216
Insured Tax Free Income Fund**.......................... 9/30 2,352 0 2,152 2,352 2,352 2,352 2,352
Intermediate Term Municipal Income Fund**............... 9/30 841 0 641 841 841 841 841
Municipal Income Fund**................................. 9/30 1,931 0 1,731 1,931 1,931 1,931 1,931
New York Tax Free Income Fund**......................... 9/30 842 0 642 842 842 842 842
Pennsylvania Fund**..................................... 9/30 1,116 0 916 1,116 1,116 1,116 1,116
Tax Free High Income Fund**............................. 9/30 1,961 0 1,761 1,961 1,961 1,961 1,961
U.S. Government Trust for Income........................ 9/30 1,287 0 1,087 1,287 1,287 1,287 1,287
Growth and Income Fund.................................. 11/30 3,199 0 2,999 3,199 3,199 3,199 3,199
High Yield Municipal Fund............................... 11/30 3,331 0 3,131 3,331 3,331 3,331 3,331
Comstock Fund........................................... 12/31 3,930 0 3,730 3,930 3,930 3,930 3,930
Enterprise Fund......................................... 12/31 5,138 0 4,938 5,138 5,138 5,138 5,138
Equity Income Fund...................................... 12/31 3,984 0 3,784 3,984 3,984 3,984 3,984
Global Managed Assets Fund.............................. 12/31 1,236 0 1,036 1,236 1,236 1,236 1,236
Harbor Fund............................................. 12/31 1,904 0 1,704 1,904 1,904 1,904 1,904
Limited Maturity Government Fund........................ 12/31 1,236 0 1,036 1,236 1,236 1,236 1,236
LIT Asset Allocation Portfolio.......................... 12/31 1,297 0 1,097 1,297 1,297 1,297 1,297
LIT Domestic Income Portfolio........................... 12/31 1,225 0 1,025 1,225 1,225 1,225 1,225
LIT Emerging Growth Portfolio........................... 12/31 1,225 0 1,025 1,225 1,225 1,225 1,225
LIT Enterprise Portfolio................................ 12/31 1,364 0 1,164 1,364 1,364 1,364 1,364
LIT Global Equity Portfolio............................. 12/31 1,204 0 1,004 1,204 1,204 1,204 1,204
LIT Government Portfolio................................ 12/31 1,283 0 1,083 1,283 1,283 1,283 1,283
LIT Growth and Income Portfolio......................... 12/31 1,229 0 1,029 1,229 1,229 1,229 1,229
LIT Real Estate Portfolio............................... 12/31 1,614 0 1,414 1,614 1,614 1,614 1,614
LIT Money Market Portfolio.............................. 12/31 1,233 0 1,033 1,233 1,233 1,233 1,233
LIT Strategic Stock Portfolio........................... 12/31 1,214 0 1,014 1,214 1,214 1,214 1,214
Real Estate Fund........................................ 12/31 1,417 0 1,217 1,417 1,417 1,417 1,417
U.S. Government Fund.................................... 12/31 5,117 0 4,917 5,117 5,117 5,117 5,117
<CAPTION>
FUND+ WHALEN WOOLSEY YOVOVICH
----- ------ ------- --------
<S> <C> <C> <C>
Florida Insured Tax Free Income Fund**.................. 858 0 0
Government Securities Fund**............................ 3,216 0 0
Insured Tax Free Income Fund**.......................... 2,352 0 0
Intermediate Term Municipal Income Fund**............... 841 0 0
Municipal Income Fund**................................. 1,931 0 0
New York Tax Free Income Fund**......................... 842 0 0
Pennsylvania Fund**..................................... 1,116 0 0
Tax Free High Income Fund**............................. 1,961 0 0
U.S. Government Trust for Income........................ 1,287 0 0
Growth and Income Fund.................................. 3,199 0 690
High Yield Municipal Fund............................... 3,331 0 764
Comstock Fund........................................... 3,930 0 878
Enterprise Fund......................................... 5,138 0 1,124
Equity Income Fund...................................... 3,984 0 913
Global Managed Assets Fund.............................. 1,236 0 209
Harbor Fund............................................. 1,904 0 360
Limited Maturity Government Fund........................ 1,236 0 209
LIT Asset Allocation Portfolio.......................... 1,297 0 223
LIT Domestic Income Portfolio........................... 1,225 0 206
LIT Emerging Growth Portfolio........................... 1,225 0 209
LIT Enterprise Portfolio................................ 1,364 0 239
LIT Global Equity Portfolio............................. 1,204 0 201
LIT Government Portfolio................................ 1,283 0 223
LIT Growth and Income Portfolio......................... 1,229 0 210
LIT Real Estate Portfolio............................... 1,614 0 286
LIT Money Market Portfolio.............................. 1,233 0 210
LIT Strategic Stock Portfolio........................... 1,214 0 206
Real Estate Fund........................................ 1,417 0 250
U.S. Government Fund.................................... 5,117 0 1,163
</TABLE>
- -------------------------
+ Each of the Small Cap Value Fund and LIT Comstock Portfolio commenced
operations in 1999 and had no historical information to report as of a fiscal
year ending on or before June 30, 1999.
* Each of these Funds recently changed its fiscal year-end from June 30 to
March 31. Accordingly, the information reported in this column represents
information for the nine-month fiscal period ended March 31, 1999.
** Each of these Funds recently changed its fiscal year-end from December 31 to
September 30. The information reported in this column represents information
for the fiscal year ended December 31, 1998.
C-2
<PAGE> 34
ANNEX D
AGGREGATE COMPENSATION DEFERRED
DURING FUND'S LAST FISCAL PERIOD
<TABLE>
<CAPTION>
FISCAL
FUND+ YEAR-END BRANAGAN HEAGY KENNEDY NELSON ROONEY SISTO WHALEN YOVOVICH
----- -------- -------- ----- ------- ------ ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Growth Fund*..................... 3/31 1,127 1,127 564 1,127 927 564 1,127 321
Great American Companies Fund*.............. 3/31 801 801 401 801 601 401 801 200
Growth Fund*................................ 3/31 951 951 476 951 751 476 951 250
High Yield Fund*............................ 3/31 1,253 1,253 627 1,253 1,053 627 1,253 344
Mid Cap Value Fund*......................... 3/31 801 801 401 801 601 401 801 200
Prospector Fund*............................ 3/31 802 802 487 802 602 487 802 200
Strategic Income Fund*...................... 3/31 929 929 465 929 729 465 929 240
Utility Fund*............................... 3/31 974 974 487 974 774 487 974 259
Global Government Securities Fund........... 5/31 1,287 1,287 644 1,287 1,087 644 1,287 639
Reserve Fund................................ 5/31 2,398 2,398 1,199 2,398 2,198 1,199 2,398 1,200
American Value Fund......................... 6/30 2,086 2,086 1,043 2,086 1,886 1,043 2,086 1,036
Asian Growth Fund........................... 6/30 1,350 1,350 675 1,350 1,150 675 1,350 676
Focus Equity Fund........................... 6/30 1,521 1,521 761 1,521 1,321 761 1,521 766
Emerging Markets Fund....................... 6/30 1,356 1,356 678 1,356 1,156 678 1,356 667
Equity Growth Fund.......................... 6/30 1,241 1,241 621 1,241 1,041 621 1,241 629
European Equity Fund........................ 6/30 1,003 1,003 502 1,003 803 502 1,003 602
Global Equity Allocation Fund............... 6/30 2,011 2,011 1,006 2,011 1,811 1,006 2,011 985
Global Equity Fund.......................... 6/30 2,270 2,270 1,135 2,270 2,070 1,135 2,270 1,121
Global Fixed Income Fund.................... 6/30 1,213 1,213 607 1,213 1,013 607 1,213 606
Global Franchise Fund....................... 6/30 1,000 1,000 500 1,000 800 500 1,000 600
High Yield & Total Return Fund.............. 6/30 1,254 1,254 627 1,254 1,054 627 1,254 627
International Magnum Fund................... 6/30 1,374 1,374 687 1,374 1,174 687 1,374 682
Latin American Fund......................... 6/30 1,283 1,283 642 1,283 1,083 642 1,283 634
Pace Fund................................... 6/30 6,581 6,581 3,291 6,581 6,381 3,291 6,581 3,311
Tax Free Money Fund......................... 6/30 1,252 1,252 626 1,252 1,052 626 1,252 626
Value Fund.................................. 6/30 1,593 1,593 797 1,593 1,393 797 1,593 778
Worldwide High Income Fund.................. 6/30 1,545 1,545 773 1,545 1,345 773 1,545 752
Corporate Bond Fund......................... 8/31 1,324 1,124 662 1,324 1,324 662 1,324 0
High Income Corporate Bond Fund............. 8/31 2,145 1,945 1,073 2,145 2,145 1,073 2,145 0
California Insured Tax Free Income Fund**... 9/30 1,005 805 503 1,005 1,005 503 1,005 0
</TABLE>
D-1
<PAGE> 35
<TABLE>
<CAPTION>
FISCAL
FUND+ YEAR-END BRANAGAN HEAGY KENNEDY NELSON ROONEY SISTO WHALEN YOVOVICH
----- -------- -------- ----- ------- ------ ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Florida Insured Tax Free Income Fund**...... 9/30 858 658 429 858 858 429 858 0
Government Securities Fund**................ 9/30 3,216 3,016 1,608 3,216 3,216 1,608 3,216 0
Insured Tax Free Income Fund**.............. 9/30 2,352 2,152 1,176 2,352 2,352 1,176 2,352 0
Intermediate Term Municipal Income Fund**... 9/30 841 641 421 841 841 421 841 0
Municipal Income Fund**..................... 9/30 1,931 1,731 966 1,931 1,931 966 1,931 0
New York Tax Free Income Fund**............. 9/30 842 642 421 842 842 421 842 0
Pennsylvania Fund**......................... 9/30 1,116 916 558 1,116 1,116 558 1,116 0
Tax Free High Income Fund**................. 9/30 1,961 1,761 981 1,961 1,961 981 1,961 0
U.S. Government Trust for Income............ 9/30 1,287 1,087 644 1,287 1,287 644 1,287 0
Growth and Income Fund...................... 11/30 3,199 2,999 1,600 3,199 3,199 1,600 3,199 0
High Yield Municipal Fund................... 11/30 3,331 3,131 1,666 3,331 3,331 1,666 3,331 0
Comstock Fund............................... 12/31 3,930 3,730 1,965 3,930 3,930 1,965 3,930 0
Enterprise Fund............................. 12/31 5,138 4,938 2,569 5,138 5,138 2,569 5,138 0
Equity Income Fund.......................... 12/31 3,984 3,784 1,992 3,984 3,984 1,992 3,984 0
Global Managed Assets Fund.................. 12/31 1,236 1,036 618 1,236 1,236 618 1,236 0
Harbor Fund................................. 12/31 1,904 1,704 952 1,904 1,904 952 1,904 0
Limited Maturity Government Fund............ 12/31 1,280 1,080 640 1,280 1,280 640 1,280 0
LIT Asset Allocation Portfolio.............. 12/31 1,297 1,097 649 1,297 1,297 649 1,297 0
LIT Domestic Income Portfolio............... 12/31 1,225 1,025 613 1,225 1,225 613 1,225 0
LIT Emerging Growth Portfolio............... 12/31 1,225 1,025 613 1,225 1,225 613 1,125 0
LIT Enterprise Portfolio.................... 12/31 1,364 1,164 682 1,364 1,364 682 1,364 0
LIT Global Equity Portfolio................. 12/31 1,204 1,004 602 1,204 1,204 602 1,204 0
LIT Government Portfolio.................... 12/31 1,283 1,083 642 1,283 1,283 642 1,283 0
LIT Growth and Income Portfolio............. 12/31 1,229 1,029 615 1,229 1,229 615 1,229 0
LIT Real Estate Portfolio................... 12/31 1,614 1,414 807 1,614 1,614 807 1,614 0
LIT Money Market Portfolio.................. 12/31 1,233 1,033 617 1,233 1,233 617 1,233 0
LIT Strategic Stock Portfolio............... 12/31 1,214 1,014 607 1,214 1,214 607 1,214 0
Real Estate Fund............................ 12/31 1,417 1,217 709 1,417 1,417 709 1,417 0
U.S. Government Fund........................ 12/31 5,117 4,917 2,559 5,117 5,117 2,559 5,117 0
</TABLE>
- -------------------------
+ Each of the Small Cap Value Fund and LIT Comstock Portfolio commenced
operations in 1999 and had no historical information to report as of a fiscal
year ending on or before June 30, 1999.
* Each of these Funds recently changed its fiscal year-end from June 30 to
March 31. Accordingly, the information reported in this column represents
information for the nine-month fiscal period ended March 31, 1999.
** Each of these Funds recently changed its fiscal year-end from December 31 to
September 30. The information reported in this column represents information
for the fiscal year ended December 31, 1998.
D-2
<PAGE> 36
ANNEX E
CUMULATIVE DEFERRED COMPENSATION (INCLUDING INTEREST)
AS OF THE FUND'S LAST FISCAL PERIOD END
<TABLE>
<CAPTION>
FISCAL
FUND+ YEAR-END BRANAGAN CARUSO* CHOATE GAUGHAN* HEAGY KENNEDY LIPSHIE*
----- -------- -------- ------- ------ -------- ----- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Growth Fund.......................... 3/31 8,513 0 n/a 0 8,065 3,763 0
Great American Companies Fund................... 3/31 3,651 0 n/a 0 2,543 2,534 0
Growth Fund..................................... 3/31 6,400 0 n/a 0 5,121 4,047 0
High Yield Fund................................. 3/31 7,789 0 n/a 2,107 9,678 16,380 0
Mid Cap Value Fund.............................. 3/31 3,651 0 n/a 0 2,543 2,534 0
Prospector Fund................................. 3/31 3,652 0 n/a 0 2,544 2,535 0
Strategic Income Fund........................... 3/31 7,145 0 n/a 2,107 9,064 16,029 0
Utility Fund.................................... 3/31 7,219 465 n/a 2,107 9,133 16,069 0
Global Government Securities Fund............... 5/31 4,203 1,240 n/a 200 4,823 3,166 0
Reserve Fund.................................... 5/31 6,647 1,784 n/a 302 7,675 4,865 0
American Value Fund............................. 6/30 3,521 0 0 0 3,095 1,838 0
Asian Growth Fund............................... 6/30 2,435 0 0 0 2,070 1,273 0
Focus Equity Fund............................... 6/30 2,637 0 0 0 2,262 1,378 0
Emerging Markets Fund........................... 6/30 2,490 0 0 0 2,121 1,302 0
Equity Growth Fund.............................. 6/30 1,434 0 0 0 1,360 745 0
European Equity Fund............................ 6/30 1,153 0 0 0 1,095 597 0
Global Equity Allocation Fund................... 6/30 6,498 0 0 311 6,816 4,585 0
Global Equity Fund.............................. 6/30 3,998 0 0 0 3,541 2,088 0
Global Fixed Income Fund........................ 6/30 2,152 0 0 0 1,804 1,126 0
Global Franchise Fund........................... 6/30 1,150 0 0 0 1,092 596 0
High Yield & Total Return Fund.................. 6/30 2,212 0 0 0 1,861 1,157 0
International Magnum Fund....................... 6/30 2,421 0 0 0 2,057 1,266 0
Latin American Fund............................. 6/30 2,342 0 0 0 1,982 1,225 0
Pace Fund....................................... 6/30 20,399 0 0 1,719 25,142 16,520 0
Tax Free Money Fund............................. 6/30 8,031 13,502 0 1,841 9,923 16,951 0
Value Fund...................................... 6/30 2,827 0 0 0 2,439 1,478 0
Worldwide High Income Fund...................... 6/30 2,773 0 0 0 2,388 1,450 0
Corporate Bond Fund............................. 8/31 2,470 3,100 0 215 3,207 1,873 0
High Income Corporate Bond Fund................. 8/31 3,788 4,789 0 360 5,242 3,024 0
California Insured Tax Free Income Fund......... 9/30 5,320 0 0 1,985 7,393 11,446 0
Florida Insured Tax Free Income Fund............ 9/30 5,183 0 0 927 7,254 7,093 0
Government Securities Fund...................... 9/30 10,209 19,729 0 1,142 15,205 8,857 0
Insured Tax Free Income Fund.................... 9/30 6,579 2,695 0 1,985 8,672 12,057 212
Intermediate Term Municipal Income Fund......... 9/30 5,166 0 0 1,985 7,238 11,372 0
Municipal Income Fund........................... 9/30 7,043 5,804 0 961 9,700 15,366 961
<CAPTION>
FUND+ MILLER* NELSON REES* ROBINSON* ROONEY SISTO VERNON* WHALEN
----- ------- ------ ----- --------- ------ ----- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Aggressive Growth Fund.......................... 2,309 12,023 0 7,291 4,418 3,091 0 10,063
Great American Companies Fund................... 1,474 5,695 335 3,098 2,130 1,331 0 4,975
Growth Fund..................................... 1,474 8,966 335 5,415 4,106 2,557 0 7,753
High Yield Fund................................. 10,065 22,145 2,816 16,377 4,422 2,941 0 18,589
Mid Cap Value Fund.............................. 1,474 5,695 335 3,098 2,130 1,331 0 4,975
Prospector Fund................................. 1,474 5,696 335 3,098 2,131 1,331 0 4,976
Strategic Income Fund........................... 10,065 21,424 2,936 16,377 3,738 2,640 0 17,939
Utility Fund.................................... 10,065 21,507 2,936 16,377 3,815 4,256 0 18,013
Global Government Securities Fund............... 1,612 6,768 234 3,154 2,731 7,162 0 5,996
Reserve Fund.................................... 2,288 10,399 31,195 4,468 4,722 10,737 0 9,237
American Value Fund............................. 0 4,068 0 0 3,371 1,626 0 3,506
Asian Growth Fund............................... 0 2,810 0 0 2,266 1,122 0 2,425
Focus Equity Fund............................... 0 3,048 0 0 2,470 1,217 0 2,625
Emerging Markets Fund........................... 0 2,872 0 0 2,323 1,145 0 2,480
Equity Growth Fund.............................. 0 1,678 0 0 1,227 678 0 1,424
European Equity Fund............................ 0 1,339 0 0 937 549 0 1,143
Global Equity Allocation Fund................... 1,715 9,797 0 3,510 4,980 8,854 0 8,347
Global Equity Fund.............................. 0 4,600 0 0 3,861 1,841 0 3,981
Global Fixed Income Fund........................ 0 2,491 0 0 1,977 993 0 2,143
Global Franchise Fund........................... 0 1,336 0 0 934 547 0 1,139
High Yield & Total Return Fund.................. 0 2,560 0 0 2,037 1,020 0 2,203
International Magnum Fund....................... 0 2,799 0 0 2,250 1,116 0 2,410
Latin American Fund............................. 0 2,704 0 0 2,172 1,078 0 2,333
Pace Fund....................................... 6,992 33,473 62,135 15,694 15,080 76,253 0 28,464
Tax Free Money Fund............................. 10,625 23,801 0 0 4,170 2,898 0 19,567
Value Fund...................................... 0 3,265 0 0 2,667 1,302 0 2,815
Worldwide High Income Fund...................... 0 3,201 0 0 2,612 1,276 0 2,761
Corporate Bond Fund............................. 1,380 3,742 19,034 2,443 1,417 11,356 1,744 3,917
High Income Corporate Bond Fund................. 2,155 5,856 31,551 3,803 2,261 20,132 2,988 5,835
California Insured Tax Free Income Fund......... 9,164 16,513 0 13,380 2,492 2,035 0 14,067
Florida Insured Tax Free Income Fund............ 5,817 11,846 0 9,599 2,354 1,967 0 10,870
Government Securities Fund...................... 6,721 17,636 88,062 12,923 5,608 63,629 6,816 17,053
Insured Tax Free Income Fund.................... 9,164 17,744 0 13,380 3,758 4,177 327 15,328
Intermediate Term Municipal Income Fund......... 9,164 16,363 0 13,380 2,337 1,959 0 13,913
Municipal Income Fund........................... 12,382 22,215 7,502 17,483 3,622 8,799 1,287 19,040
<CAPTION>
FUND+ YOVOVICH
----- --------
<S> <C>
Aggressive Growth Fund.......................... 335
Great American Companies Fund................... 208
Growth Fund..................................... 260
High Yield Fund................................. 359
Mid Cap Value Fund.............................. 208
Prospector Fund................................. 208
Strategic Income Fund........................... 250
Utility Fund.................................... 270
Global Government Securities Fund............... 656
Reserve Fund.................................... 1,237
American Value Fund............................. 1,119
Asian Growth Fund............................... 725
Focus Equity Fund............................... 823
Emerging Markets Fund........................... 715
Equity Growth Fund.............................. 674
European Equity Fund............................ 645
Global Equity Allocation Fund................... 1,063
Global Equity Fund.............................. 1,212
Global Fixed Income Fund........................ 649
Global Franchise Fund........................... 642
High Yield & Total Return Fund.................. 672
International Magnum Fund....................... 732
Latin American Fund............................. 679
Pace Fund....................................... 3,603
Tax Free Money Fund............................. 671
Value Fund...................................... 838
Worldwide High Income Fund...................... 808
Corporate Bond Fund............................. 0
High Income Corporate Bond Fund................. 0
California Insured Tax Free Income Fund......... 0
Florida Insured Tax Free Income Fund............ 0
Government Securities Fund...................... 0
Insured Tax Free Income Fund.................... 0
Intermediate Term Municipal Income Fund......... 0
Municipal Income Fund........................... 0
</TABLE>
E-1
<PAGE> 37
<TABLE>
<CAPTION>
FISCAL
FUND+ YEAR-END BRANAGAN CARUSO* CHOATE GAUGHAN* HEAGY KENNEDY LIPSHIE*
----- -------- -------- ------- ------ -------- ----- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
New York Tax Free Income Fund................... 9/30 2,288 0 0 295 1,814 3,430 0
Pennsylvania Fund............................... 9/30 5,424 0 0 7,099 7,499 11,497 0
Tax Free High Income Fund....................... 9/30 6,211 0 0 1,985 8,299 11,879 0
U.S. Government Trust for Income................ 9/30 2,758 2,538 0 264 3,689 2,211 0
Growth and Income Fund.......................... 11/30 5,941 5,683 n/a 1,725 7,501 11,361 1,384
High Yield Municipal Fund....................... 11/30 6,714 4,577 n/a 448 8,576 4,985 263
Comstock Fund................................... 12/31 8,550 12,501 n/a 844 11,243 7,063 2,666
Enterprise Fund................................. 12/31 10,166 11,859 n/a 932 13,055 8,184 2,952
Equity Income Fund.............................. 12/31 8,421 5,898 n/a 909 10,001 9,302 1,360
Global Managed Assets Fund...................... 12/31 2,949 945 n/a 207 3,487 2,289 0
Harbor Fund..................................... 12/31 4,778 5,375 n/a 383 6,131 3,959 1,588
Limited Maturity Government Fund................ 12/31 3,080 2,570 n/a 1,632 3,649 10,185 0
LIT Asset Allocation Portfolio.................. 12/31 3,267 3,805 n/a 249 3,706 2,423 103
LIT Domestic Income Portfolio................... 12/31 3,120 2,677 n/a 185 3,445 2,252 41
LIT Emerging Growth Portfolio................... 12/31 3,038 0 n/a 270 3,360 2,180 0
LIT Enterprise Portfolio........................ 12/31 3,355 5,123 n/a 334 3,925 2,592 224
LIT Global Equity Portfolio..................... 12/31 3,015 0 n/a 225 3,333 2,168 0
LIT Government Portfolio........................ 12/31 3,251 2,645 n/a 190 3,599 2,328 249
LIT Growth and Income Portfolio................. 12/31 1,359 0 n/a 0 1,116 706 0
LIT Real Estate Portfolio....................... 12/31 3,486 0 n/a 209 4,057 2,674 0
LIT Money Market Portfolio...................... 12/31 3,076 2,207 n/a 167 3,356 2,201 222
LIT Strategic Stock Portfolio................... 12/31 1,342 0 n/a 0 1,099 697 0
Real Estate Fund................................ 12/31 3,281 1,015 n/a 221 3,923 2,646 0
U.S. Government Fund............................ 12/31 10,889 0 n/a 2,115 12,925 16,729 0
<CAPTION>
FUND+ MILLER* NELSON REES* ROBINSON* ROONEY SISTO VERNON* WHALEN
----- ------- ------ ----- --------- ------ ----- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
New York Tax Free Income Fund................... 2,344 5,111 0 3,740 1,700 958 0 4,413
Pennsylvania Fund............................... 9,164 16,615 0 13,380 2,596 2,085 0 14,171
Tax Free High Income Fund....................... 9,164 17,384 0 13,380 3,388 2,473 0 14,960
U.S. Government Trust for Income................ 1,687 4,523 288 3,090 1,543 5,854 0 4,386
Growth and Income Fund.......................... 7,773 15,817 20,760 10,732 4,253 19,208 1,821 13,298
High Yield Municipal Fund....................... 3,009 9,895 0 5,570 4,630 5,129 433 9,746
Comstock Fund................................... 3,992 13,604 38,075 8,203 6,053 38,439 3,458 12,591
Enterprise Fund................................. 4,297 15,670 39,830 8,570 7,540 37,149 3,828 14,549
Equity Income Fund.............................. 6,080 15,855 19,481 10,125 5,833 20,186 1,768 14,225
Global Managed Assets Fund...................... 1,436 4,669 402 2,733 1,956 2,176 0 4,302
Harbor Fund..................................... 2,522 7,882 23,206 4,947 3,133 19,940 2,101 7,266
Limited Maturity Government Fund................ 7,423 12,596 6,987 9,408 2,033 8,481 370 9,913
LIT Asset Allocation Portfolio.................. 1,652 4,552 4,632 3,075 2,052 9,681 259 4,684
LIT Domestic Income Portfolio................... 1,585 4,855 3,837 2,876 1,943 8,279 188 4,469
LIT Emerging Growth Portfolio................... 1,484 4,646 181 2,775 1,917 1,107 0 4,279
LIT Enterprise Portfolio........................ 1,740 5,287 5,829 3,293 2,129 11,532 354 4,870
LIT Global Equity Portfolio..................... 1,493 4,634 178 2,744 1,893 1,096 0 4,267
LIT Government Portfolio........................ 1,647 5,061 6,424 2,995 2,035 8,510 390 4,660
LIT Growth and Income Portfolio................. 0 1,439 0 0 1,414 638 0 1,371
LIT Real Estate Portfolio....................... 1,589 5,240 191 2,923 2,368 1,309 0 4,847
LIT Money Market Portfolio...................... 1,598 4,824 5,864 2,777 1,927 7,620 355 4,441
LIT Strategic Stock Portfolio................... 0 1,422 0 0 1,397 631 0 1,354
Real Estate Fund................................ 1,659 5,127 201 3,025 2,139 2,537 0 4,729
U.S. Government Fund............................ 11,008 24,571 3,125 16,819 7,818 4,427 0 21,429
<CAPTION>
FUND+ YOVOVICH
----- --------
<S> <C>
New York Tax Free Income Fund................... 0
Pennsylvania Fund............................... 0
Tax Free High Income Fund....................... 0
U.S. Government Trust for Income................ 0
Growth and Income Fund.......................... 0
High Yield Municipal Fund....................... 0
Comstock Fund................................... 0
Enterprise Fund................................. 0
Equity Income Fund.............................. 0
Global Managed Assets Fund...................... 0
Harbor Fund..................................... 0
Limited Maturity Government Fund................ 0
LIT Asset Allocation Portfolio.................. 0
LIT Domestic Income Portfolio................... 0
LIT Emerging Growth Portfolio................... 0
LIT Enterprise Portfolio........................ 0
LIT Global Equity Portfolio..................... 0
LIT Government Portfolio........................ 0
LIT Growth and Income Portfolio................. 0
LIT Real Estate Portfolio....................... 0
LIT Money Market Portfolio...................... 0
LIT Strategic Stock Portfolio................... 0
Real Estate Fund................................ 0
U.S. Government Fund............................ 0
</TABLE>
- -------------------------
+ Each of the Small Cap Value Fund and LIT Comstock Portfolio commenced
operations in 1999 and has no historical information to report as of a fiscal
year ending on or before June 30, 1999.
* The trustees marked with an asterisk are former trustees who have remaining
deferred compensation in the Funds.
E-2
<PAGE> 38
ANNEX F
5% BENEFICIAL OWNERSHIP
(AS OF OCTOBER 21, 1999)
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
COMSTOCK FUND Edward Jones & Co. B 1,000,104 5.08%
Attn: Mutual Fund C 300,136 8.09%
201 Progress Pkwy
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit C 396,756 10.69%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
CORPORATE BOND Edward Jones & Co. A 1,536,786 5.83%
FUND Attn: Mutual Fund C 116,134 5.42%
210 Progress Pkwy
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit C 249,493 11.64%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
ENTERPRISE FUND Edward Jones & Co. A 7,063,253 6.89%
Attn: Mutual Fund C 4,737,018 5.64%
210 Progress Pkwy
Maryland Hts., MO 63043-3009
EQUITY INCOME Edward Jones & Co. A 14,908,265 11.96%
FUND Attn: Mutual Fund C 849,661 5.89%
210 Progress Pkwy
Maryland Hts., MO 63043-3009
F-1
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
MLPF&S for the Sole Benefit A 9,259,369 7.43%
of its Customers C 1,389,434 9.64%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
HARBOR FUND MLPF&S for the Sole Benefit C 29,176 7.37%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
HIGH INCOME Edward Jones & Co. A 5,414,668 6.37%
CORPORATE BOND Attn: Mutual Fund C 918,977 7.99%
FUND 210 Progress Pkwy
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit B 3,266,192 5.99%
of its Customers C 1,248,654 15.86%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl. Jacksonville, FL
32246-6484
GROWTH AND Edward Jones & Co. A 9,167,039 18.26%
INCOME
FUND Attn: Mutual Fund B 1,686,445 6.96%
210 Progress Pkwy C 356,406 13.51%
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit C 218,634 8.28%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-2
</TABLE>
<PAGE> 39
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
GOVERNMENT MLPF&S for the Sole Benefit A 8,664,470 5.05%
SECURITIES FUND of its Customers C 140,610 7.27%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl. Jacksonville, FL
32246-6484
GLOBAL MANAGED Edward Jones & Co. A 88,768 13.46%
ASSETS FUND Attn: Mutual Fund C 8,615 5.50%
210 Progress Pkwy
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit B 47,232 5.67%
of its Customers C 28,732 18.35%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
Roselle V. Anderson TR C 8,612 5.50%
Anderson Trust DTD 2/8/89
3234 Rossmoor Pkwy
Walnut Creek, CA 94595-3838
UTILITY FUND Edward Jones & Co. A 1,117,379 32.00%
Attn: Mutual Fund B 286,480 6.30%
210 Progress Pkwy C 45,367 12.57%
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit C 30,717 8.51%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
STRATEGIC INCOME Edward Jones & Co. A 1,246,184 35.90%
FUND Attn: Mutual Fund B 413,601 8.31%
210 Progress Pkwy C 19,340 5.62%
Maryland Hts., MO 63043-3009
F-3
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
MLPF&S for the Sole Benefit B 550,065 11.06%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
HIGH YIELD FUND Edward Jones & Co. A 6,142,716 21.55%
Attn: Mutual Fund B 817,666 5.90%
210 Progress Pkwy C 206,416 14.04%
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit B 807,187 5.83%
of its Customers C 262,170 17.83%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
NEW YORK TAX First Clearing Corp. A 224,193 9.40%
FREE INCOME FUND John B. Rosenmiller
116 Franklin St
New York, NY 10013-2910
Advanced Clearing A 210,194 8.81%
P. O. Box 2226
Omaha, NE 68103-2226
PaineWebber f/b/o C 33,410 9.62%
Mrs. D. Riklis
1020 Park Ave
New York, NY 10028-0913
MLPF&S for the Sole Benefit C 31,898 9.19%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
Salomon Smith Barney Inc. C 28,023 8.07%
333 W. 34th St
New York, NY 10001-2483
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-4
</TABLE>
<PAGE> 40
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
FLORIDA INSURED Edward Jones & Co. A 274,646 10.63%
TAX FREE INCOME Attn: Mutual Fund
FUND 210 Progress Pkwy
Maryland Hts., MO 63043-3009
Prudential Securities f/b/o A 163,811 6.34%
Kenneth Levine
1300 S. Ocean Blvd
Pompano Beach, FL 33062-6900
MLPF&S for the Sole Benefit C 42,501 20.31%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2(nd)
Fl.
Jacksonville, FL 32246-6484
NFSC f/b/o Anthony Medici C 19,460 9.30%
11439 SW Courtney Dr.
Arcadia, FL 34266-8496
NFSC f/b/o Alfred L. Kennan C 13,092 6.25%
Tr.
5867 Wydewood Lakes Ct.
Fort Myers, FL 33919
NFSC f/b/o Juergen Haar C 11,573 5.53%
7148 Estero Blvd
Ft. Myers Beach, FL 33931-
4723
INTERMEDIATE Edward Jones & Co. A 509,876 17.60%
TERM
MUNICIPAL INCOME Attn: Mutual Fund B 56,232 5.45%
FUND 210 Progress Pkwy C 84,618 15.97%
Maryland Hts., MO 63043-3009
Barbara J. Rauman 1999 Trust A 290,552 10.03%
3 Hampton Ct
DeKalb, IL 60115-4920
First Clearing Corp. A 153,057 5.28%
1799 Sabal Palm Drive
Boca Raton, FL 33432-7424
F-5
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Sea Gardens Beach and Tennis C 49,171 9.28%
Resort Condo Assoc. Inc.
Waterfalls c/o Ken Paul
6400 N. Andrews Ave.
Ft. Lauderdale, FL 33309-2172
Stanson Chemicals Trust C 48,636 9.18%
2 N. Hackensack Ave
Kearny, NJ 07032-4611
Sea Gardens Beach and Tennis C 41,154 7.76%
Resort Condo Assoc.
Ocean View c/o Ken Paul
6400 N. Andrews Ave.
Ft. Lauderdale, FL 33309-2172
MLPF&S for the Sole Benefit C 34,467 6.50%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
MUNICIPAL INCOME Edward Jones & Co. A 8,044,753 15.35%
FUND Attn: Mutual Fund B 438,030 5.99%
210 Progress Pkwy C 98,666 8.08%
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit C 104,073 8.53%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2(nd)
Fl
Jacksonville, FL 32246-6484
CALIFORNIA Edward Jones & Co. A 491,202 5.41%
INSURED
TAX FREE INCOME Attn: Mutual Fund C 27,560 6.28%
FUND 210 Progress Pkwy
Maryland Hts., MO 63043-3009
Salomon Smith Barney Inc. C 57,055 13.00%
333 W. 34th St
New York, NY 10001-2483
F-6
</TABLE>
<PAGE> 41
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
MLPF&S for the Sole Benefit C 49,169 11.20%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
Robert W. Baird & Co. Inc. C 26,545 6.04%
777 E. Wisconsin Ave
Milwaukee, WI 53202-5300
TAX FREE Edward Jones & Co. A 9,914,697 19.02%
HIGH INCOME FUND Attn: Mutual Fund B 1,089,880 5.39%
210 Progress Pkwy C 326,224 7.41%
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit B 1,726,056 8.53%
of its Customers C 840,043 19.10%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
INSURED TAX FREE Edward Jones & Co. A 6,286,996 9.92%
INCOME FUND Attn: Mutual Fund C 44,708 10.11%
210 Progress Pkwy
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit B 163,686 5.27%
of its Customers C 31,804 7.19%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
R T Kelley C 68,338 15.45%
PO Box 237
Canadian, TX 79014-0237
RESERVE FUND Arthur B. Klussendorf B 154,448 6.63%
PO Box 280
Greenville, NY
F-7
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Edward Jones & Co. B 149,833 6.43%
Attn: Mutual Fund
210 Progress Pkwy
Maryland Hts., MO 63043-3009
Van Kampen Trust Co. B 128,002 5.49%
Custodian
IRA R/O John J. Berowski
1870 Golfview Dr
Bartlett, IL 60103-9549
Carol N. Carvalho C 38,363 41.41%
33 Primrose Lane
Roosevelt, NY 11575-1008
Dean Witter Reynolds Cust C 28,160 30.40%
F/B/O David W. Roberston
PO Box 250
New York, NY 1008-0250
George Sindelar C 20,749 22.40%
18501 Hilliard Blvd. #105
Rocky River, OH 44116-2933
U.S. GOVERNMENT Edward Jones & Co. A 10,443,226 7.61%
FUND Attn: Mutual Fund
210 Progress Pkwy
Maryland Hts., MO 63043-3009
MLPF&S for the Sole Benefit C 76,769 5.23%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
HIGH YIELD MLPF&S for the Sole Benefit A 5,593,967 5.23%
MUNICIPAL FUND of its Customers B 4,814,508 11.84%
Attn: Fund Administration C 1,811,794 15.70%
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-8
</TABLE>
<PAGE> 42
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Edward Jones & Co. A 4,999,618 5.76%
Attn: Mutual Fund
210 Progress Pkwy
Maryland Hts., MO 63043-3009
U.S. GOVERNMENT MLPF&S for the Sole Benefit B 580,852 11.02%
TRUST FOR INCOME of its Customers C 239,777 18.43%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
Union Bank of California, B 375,067 7.12%
FTAO
Partnership Health Plan of CA
P O Box 85484
San Diego, CA 92186-5484
MIDCAP VALUE Van Kampen Funds A 110,271 99.95%
FUND Attn: Dominick Cogliandro B 8,111 100.00%
One Chase Manhattan Plaza C 8,111 100.00%
37th Floor
New York, NY 10005-1401
AGGRESSIVE Northern Trust Co. Tr. A 3,353,866 16.10%
GROWTH
FUND FBO Morgan Stanley
Deferred Profit Sharing Plan
PO Box 92956
Chicago, IL 60675-2956
MLPF&S for the Sole Benefit A 2,402,873 11.54%
of it's Customers C 301,640 10.09%
Attn: Fund Administration
97J79
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
Edward Jones & Co A 1,410,106 6.77%
Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
F-9
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
VALUE FUND Edward Jones & CO A 1,727,695 21.42%
Attn: Mutual Fund C 127,109 5.14%
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
MLPF&S for the Sole Benefit B 1,107,515 9.94%
of it's Customers C 165,180 6.68%
Attn: Fund Administration
97J79
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
WORLDWIDE HIGH Charles Schwab & Co Inc A 455,252 8.52%
INCOME FUND Exclusive Benefit of it's
Customers
101 Montgomery Street
San Francisco, CA 94104-4122
Edward Jones & Co A 314,559 5.89%
Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
LATIN AMERICAN Charles Schwab & Co Inc A 221,564 9.15%
FUND Exclusive Benefit of it's
Customers
101 Montgomery Street
San Francisco, CA 94104-4122
MLPF&S for the Sole Benefit C 64,590 7.83%
of it's Customers
Attn: Fund Administration
97J79
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
INTERNATIONAL Edward Jones & Co A 938,380 31.91%
MAGNUM FUND Attn: Mutual Fund B 256,545 7.51%
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-10
</TABLE>
<PAGE> 43
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Wachovia Securities, Inc. C 100,167 9.78%
FBO 811-00512-19
P.O. Box 1220
Charlotte, NC 28201-1220
MLPF&S for the Sole Benefit C 81,818 7.99%
of it's Customers
Fund Administration 97J79
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
GLOBAL FRANCHISE Van Kampen Funds A 40,000 39.41%
FUND Distributors Inc. B 30,000 42.24%
Attn: Dominick Cogliandro C 106,526 28.16%
One Chase Manhattan
New York, NY 10005-1401
Dean Witter FBO A 22,302 21.97%
Mitchell M Merin
PO Box 250
New York, NY 10008-0250
Edward Jones & Co A 11,753 11.58%
Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
PaineWebber FBO B 5,729 8.07%
Dorothy Jean Tisdale TR
Dorothy Jean Tisdale Trust
DTD 10-30-97
85 Brentwood Avenue
Excelsior, MN 55331-8523
Donaldson Lufkin Jenrette B 4,284 6.03%
Securities Corp Inc
PO Box 2052
Jersey City, NJ 07303-2052
F-11
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Hercules Worldwide Corp. C 32,760 30.75%
PO Box 621 54 Bath Street
St Helier Jersey Channel
Island
JE4 8YD United Kingdom
Warrant Trustees Limited C 16,023 15.04%
REF TC 6732
Discretionary Trust
PO Box 218 38/39
The Esplanade
St Helier Jersey JE4 8SD
United Kingdom
Warrant Trustees Limited C 8,217 7.71%
REF TC 6730
Discretionary Trust
PO Box 218 38/39
The Esplanade
St Helier Jersey JE4 8SD
United Kingdom
Ernst & Young TR LTD C 6,143 5.77%
The Rockwell Trust
DTD 10-28-94
PO Box 621 54 Bath Street
St Helier Jersey Channel
Island
JE4 8YD United Kingdom
GLOBAL EQUITY Edward Jones & Co. A 635,723 10.56%
FUND
Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
GLOBAL EQUITY Edward Jones & Co. A 1,091,316 7.92%
ALLOCATION FUND Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-12
</TABLE>
<PAGE> 44
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
FOCUS EQUITY Edward Jones & Co. A 308,920 8.79%
FUND Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
EQUITY GROWTH Edward Jones & Co. A 180,839 11.85%
FUND Attn: Mutual Fund C 67,193 10.40%
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
Donaldson Lufkin Jenrette C 57,078 8.83%
Securities Corp. Inc.
PO Box 2052
Jersey City, NJ 07303-2052
EMERGING MARKETS Charles Schwab & Co. Inc. A 1,467,731 23.91%
FUND Exclusive Benefit of it's
Customers
101 Montgomery Street
San Francisco, CA 94101-4122
ASIAN GROWTH Charles Schwab & Co. Inc. A 546,641 8.55%
FUND Exclusive Benefit of it's
Customers
101 Montgomery Street
San Francisco, CA 94101-4122
MLPF&S for the Sole Benefit B 243,830 6.31%
of
it's Customers
Attn: Fund Administration
97FK4
4800 Deer Lake Drive E 2nd Fl
Jacksonville, FL 32246-6484
TAX FREE Jerome L. Robinson A 4,812,555 13.67%
MONEY FUND 145 Kent Road
Tenafly, NJ 07670-2305
F-13
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Richard H. Baxter A 3,697,258 10.501%
Baxter Capitol Investors LP
812 Goshen Road Apt A-6
West Chester, PA 19387-4353
PROSPECTOR FUND Van Kampen Funds A 127,413 100%
Attn: Dominick Cogliandro B 9,128 100%
One Chase Manhattan C 9,128 100%
37th Floor
New York, NY 10005-1401
GROWTH FUND Edward Jones & Co A 284,811 21.07%
Attn: Mutual Fund C 19,195 6.45%
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
MLPF&S for the Sole Benefit A 119,198 5.05%
of
it's Customers C 63,076 21.21%
Attn: Fund Administration
97NH8
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
Prudential Securities Inc FBO C 31,828 10.70%
Mr. Charles J Greco
Equity Account
104 Summer Hill Lane
Saint Davids, PA 19087-4767
EUROPEAN EQUITY Van Kampen Funds A 100,000 28.89%
FUND Distributors Inc B 100,000 33.07%
Attn: Dominick Cogliandro C 100,000 70.23%
One Chase Manhattan
37th Floor
New York, NY 10005-1401
Bears Stearns Securities Corp A 93,110 26.90%
FBO 220-81341-10
1 Metrotech Center N
Brooklyn, NY 11201-3870
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-14
</TABLE>
<PAGE> 45
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Edward Jones & Co A 70,579 20.39%
Attn: Mutual Fund B 36,958 12.22%
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
Donaldson Lufkin Jenrette C 8,618 6.06%
Securities Corp Inc
PO Box 2052
Jersey City, NJ 07303-2052
GLOBAL FIXED NFSC FEBO # DKB-000701 A 54,334 15.31%
INCOME FUND NFSC/FMTC IRA Rollover
FBO Bruce Sperling
55 W. Monroe Ste. 3300
Chicago, IL 60603-5010
Charles Schwab & Co Inc A 18,179 5.12%
Exclusive Benefit of it's
Customers
101 Montgomery Street
San Francisco, CA 94104-4122
NFSC FEBO # DKB-000825 A 17,754 5.02%
Fred M Ayarza
Genene Ayarza
11131 E. Honey Mesquite Dr.
Scottsdale, AZ 85262-3267
Prudential Securities Inc. B 10,832 7.22%
FBO
Marlane Investments LP
4002 Marlane Dr.
Pensacola, FL 32526-2149
First Union Securities, Inc C 12,892 9.19%
A/C 2755-2685
Geraldine M Falkiner 1987
111 East Kilbourn Avenue
Milwaukee, WI 53202-6611
F-15
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Salomon Smith Barney Inc. C 11,673 8.32%
00117947308
333 West 34th Street - 3rd
Floor
New York, NY 10001-2483
AMERICAN MLPF&S for the Sole Benefit A 4,822,285 27.81%
VALUE FUND of it's Customers B 1,823,609 11.55%
Attn: Fund Administration C 1,455,754 17.81%
97B64
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
Edward Jones & Co A 1,137,047 6.56%
Attn: Mutual Fund
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
GREAT AMERICAN Van Kampen Funds A 113,162 100%
COMPANIES FUND Attn: Dominick Cogliandro B 8,305 100%
One Chase Manhattan Plaza C 8,305 100%
37th Floor
New York, NY 10005-1401
SMALL CAP VALUE Van Kampen Funds A 40,000 32.47%
FUND Attn: Dominic Cogliandro B 30,000 33.69%
1 Chase Manhattan Plz Fl 37 C 30,000 66.71%
New York, NY 10005-1401
NFSC FEBO #W18-023230 A 24,876 20.19%
EPDSJ Ltd.
A Partnership
Attn: Ed Nesselroade
1521 Landfall Dr
Wilmington, NC 28405-4253
Donald A Drga & A 6,233 5.059%
Linda L Drga Jt Ten
3302 Annadale Rd.
Falls Church, VA 22042-3755
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-16
</TABLE>
<PAGE> 46
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
PENNSYLVANIA First Clearing Corporation A 642,545 5.29%
FUND
A/C 5520-7985
Mary Alice Morrissey and
James D Morrissey
1328 Old Ford Road
Huntingdon Valley, PA
19006-8106
MLPF&S for the Sole Benefit C 32,254 12.62%
of its Customers
Attn: Fund Administration
97FY5
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
Jack L Skinner & C 19,016 7.50%
Diane L Skinner JTTEN
1403 Foxwood Drive
Hermitage, PA 16148-3171
Edward Jones & Co C 18,395 7.26%
Attn: Mutual Fund
Shareholder Accounting
201 Progress Parkway
Maryland Heights, MO
63043-3009
HIGH YIELD & Charles Schwab & Co Inc. A 134,860 19.34%
TOTAL RETURN Exclusive Benefit of its
FUND Customers
101 Montgomery St.
San Francisco, CA 94104-4122
MLPF&S for the Sole Benefit A 75,171 10.78%
of its Customers B 114,154 5.80%
Attn: Fund Administration C 108,327 16.11%
97N83
4800 Deer Lake Dr E 2nd Fl
Jacksonville, FL 32246-6484
F-17
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Edward Jones & Co A 108,813 15.61%
Attn: Mutual Fund C 35,375 5.26%
Shareholder Accounting
201 Progress Parkway
Maryland Heights, MO
63043-3009
Donaldson Lufkin Jenrette A 38,935 5.58%
Securities Corp. Inc.
PO Box 2052
Jacksonville, FL 32246-6484
GLOBAL Van Kampen Trust Company A 730,618 21.56%
GOVERNMENT
SECURITIES FUND 2800 Post Oak Blvd. B 385,430 18.62%
Houston, TX 77056 C 20,101 6.65%
MLPF&S for the Sole Benefit C 15,221 5.03%
of its Customers
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
REAL ESTATE Van Kampen Trust Company A 497,521 9.76%
FUND 2800 Post Oak Blvd. B 469,696 8.57%
Houston, TX 77056 C 81,204 5.16%
Edward Jones & Co. A 691,009 13.55%
Attn: Mutual Fund
201 Progress Pkwy
Maryland Hts., MO 63043-3009
Charles Schwab & Co. Inc. A 499,721 9.80%
Exclusive Benefit of its
Customers
101 Montgomery Street
San Francisco, CA 94104-4122
MLPF&S for the Sole Benefit B 375,251 6.85%
of its Customers C 81,475 5.17%
Attn: Fund Administration
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-18
</TABLE>
<PAGE> 47
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
PACE FUND Van Kampen Trust Company A 120,064,892 49.63%
2800 Post Oak Blvd. B 3,536,622 37.08%
Houston, TX 77056 C 166,061 18.09%
Edward Jones & Co. C 107,462 11.71%
Attn: Mutual Fund
201 Progress Pkwy
Maryland Hts., MO 63043-3009
LIMITED MATURITY Van Kampen Trust Company A 470,748 15.05%
GOVERNMENT FUND 2800 Post Oak Blvd. B 82,381 9.42%
Houston, TX 77056 C 16,217 5.21%
MLPF&S for the Sole Benefit A 259,313 8.29%
of its Customers B 94,841 10.85%
Attn: Fund Administration C 38,961 12.52%
4800 Deer Lake Drive E 2nd
Fl.
Jacksonville, FL 32246-6484
Attn: Mutual Funds Dept. A 169,984 5.44%
BHC Securities Inc.
FAO 70001888
One Commerce Square
2005 Market Street Suite 1200
Philadelphia, PA 19103-7084
Union Bank of California A 163,175 5.22%
FTAO Partnership Health Plan
of CA
PO Box 85484
San Diego, CA 92186-5484
Chicago Board of Education B 155,101 17.74%
City Treasurer's Office
Attn: Sol Mendelson
Room 206
121 N. LaSalle Street Rm 206
Chicago, IL 60602-1204
F-19
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Donaldson Lufkin Jenrette C 30,474 9.79%
Securities Corporation Inc.
PO Box 2052
Jersey City, NJ 07303-2052
NFSC FEBO #APX-295116 C 20,213 6.49%
Marc A Buettell Trust
Marc A & Lena L Buetell TTEE
6803 Tuban
Shellpoint Village
Fort Myers, FL 33908-1669
LIFE INVESTMENT TRUST
LIT ASSET Nationwide Life Insurance Co. 2,230,618 8.97%
ALLOCATION Nationwide VLI Separate
PORTFOLIO Account
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
Nationwide Life Insurance Co. 2,216,768 8.67%
Nationwide Variable Account-3
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
LIT COMSTOCK Van Kampen Funds 100,000 78.86%
PORTFOLIO Attn Dominick Cogliandro
1 Chase Manhattan Plz Fl 37
New York, NY 10005-1401
The Travelers Sep Acct ABD 6,805 5.37%
for Variable Annuities of
The Travelers Insurance Co
One Tower Square 5MS
Hartford, CT 06183-0002
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-20
</TABLE>
<PAGE> 48
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
The Travelers Sep Acct ABD2 19,531 15.40%
for Variable Annuities of
The Travelers Insurance Co
One Tower Square 5MS
Hartford, CT 06183-0002
LIT DOMESTIC Van Kampen American 539,524 25.56%
INCOME PORTFOLIO Capital
Generations Variable
Annuities
C/O American General Life Ins
Co
PO Box 1591
Houston, TX 77251-1591
Nationwide Life Insurance Co. 630,726 29.88%
Nationwide Variable Account -
3
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
Nationwide Life Insurance Co. 172,224 8.16%
Nationwide VLI Separate
Account
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
The Travelers Sep Acct ABD2 262,646 12.44%
for Variable Annuities of
The Travelers Insurance Co
One Tower Square 5MS
Hartford, CT 06183-0002
American General Life Ins Co 415,309 19.68%
Separate Acct D
Attn James A Totten
PO Box 1591
Houston, TX 77251-1591
F-21
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
LIT EMERGING Van Kampen American Capital 1,145,496 30.44%
GROWTH PORTFOLIO Generations Variable
Annuities
C/O American General Life Ins
Co
PO Box 1591
Houston, TX 77251-1591
Northbrook Life Insurance 2,030,680 53.96%
Company
MSDWVA II
3100 Sanders Rd Station N4A
Northbrook, IL 60062-7156
LIT ENTERPRISE Van Kampen American 1,388,454 21.60%
PORTFOLIO Capital
Generations Variable
Annuities
C/O American General Life Ins
Co.
PO Box 1591
Houston, TX 77251-1591
Nationwide Life Insurance Co. 1,679,655 26.13%
Nationwide VLI Separate
Account
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
Nationwide Life Insurance Co. 1,538,279 23.93%
Nationwide Variable Account-3
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-22
</TABLE>
<PAGE> 49
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Hartford Life and Annuity 667,804 10.39%
Insurance
Company Separate Account
Three
MSDW Select Dimensions
Attn Carol Lewis
PO Box 2999
Hartford, CT 06104-2999
American General Life Ins Co 665,044 10.35%
Separate Acct D
Attn James A Totten
PO Box 1591
Houston, TX 77251-1591
LIT GLOBAL Van Kampen Funds 95,241 40.27%
EQUITY
PORTFOLIO Attn Dominick Cogliandro
One Chase Manhattan Plaza
37th Floor
New York, NY 10005-1401
Nationwide Life Insurance Co. 86,676 36.65%
Nationwide VLI Separate
Account
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
Nationwide Life Insurance Co. 54,576 23.08%
Nationwide Variable Account-3
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
F-23
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
LIT GOVERNMENT Van Kampen American 861,302 13.94%
PORTFOLIO Capital
Generations Variable
Annuities
C/O American General Life Ins
Co
PO Box 1591
Houston, TX 77251-1591
Nationwide Life Insurance Co. 4,610,116 74.59%
Nationwide VLI Separate
Account
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
Nationwide Life Insurance Co. 417,104 6.75%
Nationwide Variable Account -
3
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
LIT GROWTH AND Van Kampen American 2,583,009 83.24%
INCOME PORTFOLIO Capital
Generations Variable
Annuities
C/O American General Life Ins
Co
PO Box 1591
Houston, TX 77251-1591
The Travelers Sep Acct ABD2 354,350 11.42%
for Variable Annuities of
The Travelers Insurance Co
One Tower Square 5MS
Hartford, CT 06183-0002
LIT MONEY MARKET Van Kampen American Capital 7,051,261 21.86%
PORTFOLIO Generations Variable
Annuities
C/O American General Life Ins
Co
PO Box 1591
Houston, TX 77251-1591
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-24
</TABLE>
<PAGE> 50
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
The Travelers Sep Acct ABD2 6,540,361 20.27%
for Variable Annuities of
The Travelers Insurance Co
One Tower Square 5MS
Hartford, CT 06183-0002
Nationwide Life Insurance Co. 8,414,250 26.08%
Nationwide VLI Separate
Account
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
Nationwide Life Insurance Co. 4,985,857 15.45%
Nationwide Variable Account -
3
C/O IPO Portfolio Accounting
PO Box 182029
American General Life Ins Co 3,938,522 12.21%
Separate Acct D
Attn James A Totten
PO Box 1591
Houston, TX 77251-1591
LIT REAL Nationwide Life Insurance Co. 1,657,089 13.16%
ESTATE PORTFOLIO NWVA-9
C/O IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218-2029
F-25
</TABLE>
<TABLE>
<CAPTION>
NAME AND ADDRESS CLASS OWNERSHIP % OF
FUND OF BENEFICIAL OWNERS OF SHARES OF SHARES OWNERSHIP
---- -------------------- --------- --------- ---------
<S> <C> <C> <C> <C>
Nationwide Life Insurance Co. 8,683,909 68.95%
Nationwide Variable Account
II
C/O IPO Portfolio Accounting
PO Box 182029
LIT STRATEGIC Hartford Life and Annuity 894,380 36.99%
STOCK PORTFOLIO Insurance
Company Separate Account
Three
MSDW Select Dimensions
Attn Carol Lewis
PO Box 2999
Hartford, CT 06104-2999
Van Kampen American Capital 1,363,425 56.38%
Generations Variable
Annuities
C/O American General Life Ins
Co
PO Box 1591
Houston, TX 77251-1591
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
F-26
</TABLE>
<PAGE> 51
ANNEX G
The table below sets forth the number of shares of each Fund owned directly or
beneficially by the nominees to the Board of Trustees. Nominees who do not own
any Shares have been omitted from the table. Funds which are not owned by any
nominees also have been omitted from the table. Except for the Global Franchise
Fund, the Trustees as a group own less than 1% of each Fund's outstanding
shares. With respect to the Global Franchise Fund, Messrs. Branagan, Kennedy,
Merin, Nelson and Whalen own 0.03%, 0.29%, 7.99%, 0.26% and 0.14% of the Fund's
shares, respectively. See also Annex F.
<TABLE>
<CAPTION>
BRANAGAN CHOATE HEAGY KENNEDY MERIN NELSON POWERS ROONEY SISTO WHALEN YOVOVICH
-------- ------ ----- ------- ----- ------ ------ ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Comstock Fund.............. 55 -- -- 612 15,433 233 -- -- 1,153 467 1,155
Corporate Bond Fund........ 21,603 -- -- 770 -- -- -- -- 2,266 886 --
Enterprise Fund............ 76 -- 196 231 -- 181 -- 2,374 12,523 1,454 --
Equity Income Fund......... 184 -- 475 233 -- 505 -- -- 1,108 1,350 --
Global Managed Assets
Fund..................... 102 -- -- 486 -- 394 -- -- -- 611 --
Government Securities
Fund..................... 30,021 -- 299 519 -- -- -- -- 4,771 598 2,008
Growth and Income Fund..... 74 -- 203 586 -- 146 -- -- 1,025 143 --
Harbor Fund................ 64 -- -- 301 -- 155 -- -- 4,350 417 --
High Income Corporate Bond
Fund..................... 22,829 -- 506 892 -- -- -- -- 14,406 1,012 3,554
Limited Maturity Government
Fund..................... 82 -- -- 103 -- -- -- -- -- 199 --
Pace Fund.................. 78 -- -- 329 -- 254 -- -- -- 511 --
Real Estate Fund........... 180 -- 240 433 -- -- -- -- -- 451 --
Reserve Fund............... -- -- 2,799 9,653 -- -- -- -- 92,661 69,379 --
TAX-EXEMPT TRUST
High Yield Municipal
Fund................... 17,813 -- -- 447 -- -- -- -- 4,442 -- --
U.S. Government Trust for
Income................... 107 -- -- 648 -- -- -- -- -- -- --
</TABLE>
G-1
<PAGE> 52
<TABLE>
<CAPTION>
BRANAGAN CHOATE HEAGY KENNEDY MERIN NELSON POWERS ROONEY SISTO WHALEN YOVOVICH
-------- ------ ----- ------- ----- ------ ------ ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WORLD PORTFOLIO SERIES
TRUST
Global Government
Securities Fund........ 111 -- -- 704 -- -- -- -- 3,466 782 --
U.S. GOVERNMENT TRUST
U.S. Government Fund..... 70 -- -- 94 -- -- 18,129 -- -- 1,050 --
TAX FREE TRUST
Insured Tax Free Income
Fund................... 10,402 -- -- 276 -- -- -- -- -- 199 --
Tax Free High Income
Fund................... 70 -- -- 359 -- -- -- -- -- 244 --
Municipal Income Fund.... 13,083 -- 191 344 -- -- -- -- 283 419 --
Intermediate Term
Municipal Income
Fund................... 99 -- -- 490 -- -- -- -- -- 248 --
TRUST
High Yield Fund.......... 104 -- -- 159 -- -- -- -- -- 583 --
Strategic Income Fund.... 80 -- -- 125 -- -- -- -- -- 251 --
EQUITY TRUST
Utility Fund............. 78 -- -- 104 -- -- -- -- -- 208 --
Growth Fund.............. -- -- -- -- -- -- -- -- 321 9,495 --
Aggressive Growth Fund... 124 -- -- 915 -- 614 -- 2,847 3,360 910 1,153
Small Cap Value Fund..... -- -- -- 497 -- 1,367 -- -- -- 519 --
Tax Free Money Fund........ -- -- -- -- -- -- -- -- -- 2,392 --
SERIES FUND
American Value Fund...... 49 1,083 -- 217 -- 371 -- 26,151 879 440 896
Asian Growth Fund........ 71 -- -- 433 -- -- -- -- -- 455 1,866
Emerging Markets Fund.... 104 -- -- 1,037 -- -- -- -- -- 521 --
Equity Growth Fund....... 82 -- -- 392 -- -- -- -- -- -- --
European Equity Fund..... 92 -- -- 895 -- -- -- -- -- -- 1,859
</TABLE>
G-2
<PAGE> 53
<TABLE>
<CAPTION>
BRANAGAN CHOATE HEAGY KENNEDY MERIN NELSON POWERS ROONEY SISTO WHALEN YOVOVICH
-------- ------ ----- ------- ----- ------ ------ ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Focus Equity Fund.......... 51 -- -- 213 -- 835 -- -- -- 1,281 --
Global Equity Allocation
Fund................... 65 -- 216 583 -- 149 -- -- 3,495 405 --
Global Equity Fund....... -- -- -- 858 -- 342 -- -- -- 2,986 --
Global Fixed Income
Fund................... 100 -- -- 527 -- -- -- -- -- -- --
Global Franchise Fund.... 81 -- -- 803 22,301 728 -- -- -- 402 --
High Yield & Total Return
Fund................... 78 -- -- 439 -- -- -- -- -- 439 --
International Magnum
Fund................... 75 -- -- 343 -- 290 -- -- -- -- --
Latin American Fund...... 79 -- -- 978 -- -- -- -- -- 491 --
Value Fund............... 96 -- -- 504 -- 933 -- -- -- 2,484 --
Worldwide High Income
Fund................... 76 -- -- 517 -- -- -- -- -- -- --
</TABLE>
G-3
<PAGE> 54
[VAN KAMPEN FUNDS LOGO]
<PAGE> 55
PROXY
VAN KAMPEN XXXXX FUND
SPECIAL MEETING OF SHAREHOLDERS
PROXY SOLICITED ON BEHALF OF THE BOARD OF XXXXXXX
The undersigned holder of Shares of VAN KAMPEN XXXXX FUND (the
"Fund") hereby appoints Dennis J. McDonnell and A. Thomas Smith,
III, and each of them, with full power of substitution and
revocation, as proxies to represent the undersigned at the
Meeting of Shareholders to be held at the offices of Van Kampen
Investments Inc., 1 Parkview Plaza, Oakbrook Terrace, Illinois
60181-5555, on December 15, 1999 at 3:30 p.m., and any and all
adjournments thereof (the "Meeting"), and thereat to vote all
Shares which the undersigned would be entitled to vote, with all
powers the undersigned would possess if personally present, in
accordance with the following instructions.
If more than one of the proxies, or their substitutes, are
present at the Meeting or any adjournment thereof, they jointly
(or, if only one is present and voting then that one) shall have
authority and may exercise all powers granted hereby. This Proxy,
when properly executed, will be voted in accordance with the
instructions marked hereon by the undersigned. IF NO
SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED "FOR" EACH OF THE
PROPOSALS DESCRIBED HEREIN AND IN THE DISCRETION OF THE PROXIES
UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING.
THE UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF THE ACCOMPANYING
NOTICE OF MEETING AND PROXY STATEMENT FOR THE MEETING TO BE HELD
ON DECEMBER 15, 1999.
PLEASE SIGN AND DATE THIS PROXY CARD
ON THE REVERSE SIDE.
YOUR PROXY CARD IS NOT VALID UNLESS
IT IS SIGNED.
<PAGE> 56
<TABLE>
<S> <C> <C> <C> <C>
1. Authority to vote for the election as XXXXX the nominees FOR ALL
named below: FOR WITHHOLD EXCEPT
[ ] [ ] [ ]
J. Mile Branagan, Jerry D. Choate, Mitchell M. Merin, Linda
Hutton Heagy, R. Craig Kennedy, Jack E. Nelson, Richard F.
Powers III, Phillip B. Rooney, Fernando Sisto, Wayne W.
Whalen, Suzanne H. Woolsey and Paul G. Yovovich.
TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE,
CHECK "FOR ALL EXCEPT" AND WRITE THE NOMINEE'S NAME ON THE
LINE BELOW.
------------------------------------------------------------
The proposal to ratify the selection of XXXXX as the Fund's
2. independent accountants. FOR AGAINST ABSTAIN
[ ] [ ] [ ]
To transact such other business as may properly come before
3. the Meeting. FOR AGAINST ABSTAIN
[ ] [ ] [ ]
</TABLE>
Date , 1999
PLEASE SIGN IN BOX BELOW
Please sign this Proxy
exactly as your name or
names appear on the books of
the Fund. When signing as
attorney, trustee, executor,
administrator, custodian,
guardian or corporate
officer, please give full
title. If shares are held
jointly, each holder should
sign.
Signature(s) Title(s) if
applicable
<PAGE> 57
THREE EASY WAYS TO VOTE YOUR PROXY.
CHOOSE THE METHOD THAT'S MOST CONVENIENT FOR YOU
AND VOTE YOUR PROXY TODAY!
1. VOTE BY TELEPHONE. JUST CALL OUR DEDICATED TOLL-FREE PROXY VOTING
NUMBER.
1-888-221-0697
ENTER THE CONTROL NUMBER THAT APPEARS ON THE FRONT OF YOUR PROXY CARD AND
FOLLOW THE VOICE PROMPTS TO RECORD YOUR VOTE. TELEPHONE VOTING IS
AVAILABLE 24 HOURS A DAY, 7 DAYS A WEEK. IF YOU HAVE RECEIVED MORE THAN
ONE PROXY CARD, EACH CARD HAS A DIFFERENT CONTROL NUMBER AND MUST BE VOTED
SEPARATELY. YOU CAN VOTE ALL OF YOUR CARDS ON THE SAME PHONE CALL.
2. VOTE ON THE INTERNET. LOG ON TO OUR PROXY VOTING WEBSITE.
WWW.PROXYWEB.COM
ENTER THE CONTROL NUMBER THAT APPEARS ON THE FRONT OF YOUR PROXY CARD AND
FOLLOW THE INSTRUCTIONS ON THE SCREEN. AGAIN, YOU MUST VOTE EACH CARD
SEPARATELY. YOU CAN VOTE ALL CARDS IN THE SAME SESSION.
3. VOTE BY MAIL. SIGN YOUR PROXY CARD(S) AND RETURN THEM IN THE ENCLOSED
POSTAGE-PAID ENVELOPE.
NOTE: IF YOU VOTE BY TELEPHONE OR INTERNET, PLEASE DO NOT RETURN YOUR
PROXY CARD(S).
