<PAGE> 1
VAN KAMPEN EMERGING GROWTH FUND
SUPPLEMENT DATED MAY 25, 2000,
SUPERCEDING THE SUPPLEMENTS DATED APRIL 28, 2000 AND FEBRUARY 9, 2000 TO THE
PROSPECTUS DATED DECEMBER 29, 1999,
AS SUPPLEMENTED JANUARY 10, 2000
The Prospectus is hereby supplemented as follows:
(1) The section entitled "INVESTMENT ADVISORY SERVICES -- PORTFOLIO
MANAGEMENT" is hereby deleted in its entirety and replaced with the following:
PORTFOLIO MANAGEMENT. The Fund is managed by a team of portfolio
managers. Senior Portfolio Manager Gary M. Lewis is the lead manager of the
Fund. Mr. Lewis has overall responsibility for the team of portfolio
managers which manages the Van Kampen Aggressive Growth, Van Kampen Select
Growth and Van Kampen Technology Funds in addition to the Fund. Mr. Lewis
has been a Senior Vice President of the Adviser and Advisory Corp. since
September 1995. Mr. Lewis became a Vice President and Portfolio Manager of
the Adviser in June 1991. Mr. Lewis has been employed by the Adviser since
September 1986. He has been affiliated with the Fund since April 1989.
Senior Portfolio Managers Dudley Brickhouse, Janet Luby and David Walker
and Portfolio Manager Matthew Hart are responsible as co-managers for the
day-to-day management of the Fund's investment portfolio.
Mr. Brickhouse has been a Senior Portfolio Manager since April 2000, and
a Portfolio Manager and Vice President of the Adviser and Advisory Corp.
since December 1998. Mr. Brickhouse became an Associate Portfolio Manager of
the Adviser and Advisory Corp. in September 1997. Prior to September 1997,
Mr. Brickhouse was a Vice President and Portfolio Manager with NationsBank,
where he had worked since 1985. He has been affiliated with the Fund since
September 1997.
Mr. Hart has been a Portfolio Manager since January 1998, and a Vice
President of the Adviser and Advisory Corp. since December 1998. Mr. Hart
became an Associate Portfolio Manager of the Adviser and Advisory Corp. in
August 1997. Prior to August 1997, Mr. Hart held various positions within
the portfolio area of AIM Capital Management, Inc., where he had worked
since June 1992. Mr. Hart's last position in the AIM portfolio area was as a
convertible bonds analyst. He has been affiliated with the Fund since
February 2000.
Ms. Luby has been a Senior Portfolio Manager since April 2000, and a
Portfolio Manager and Vice President of the Adviser and Advisory Corp. since
<PAGE> 2
December 1998. Ms. Luby became an Assistant Vice President of the Adviser
and Advisory Corp. in December 1997 and an Associate Portfolio Manager of
the Adviser in July 1995. Prior to July 1995, Ms. Luby spent eight years at
AIM Capital Management, Inc. where she worked five years in the accounting
department and three years in the investment area. Her last position in the
AIM investment area was as a senior securities analyst. Ms. Luby also has
been the portfolio manager for various unit investment trusts managed by the
Adviser or its affiliates since August 1999. She has been affiliated with
the Fund since January 1995.
Mr. Walker has been a Senior Portfolio Manager since April 2000, and a
Portfolio Manager and Vice President of the Adviser and Advisory Corp. since
December 1998. Mr. Walker became an Assistant Vice President of the Adviser
and Advisory Corp. in June 1995. Prior to April 1996, Mr. Walker was a
Quantitative Analyst of the Adviser and has worked for the Adviser since
October 1990. Mr. Walker also has been the portfolio manager for various
unit investment trusts managed by the Adviser or its affiliates since
September 1997. He has been affiliated with the Fund since April 1996.
(2) The information on the inside back cover of the Prospectus under the
heading "BOARD OF TRUSTEES AND OFFICERS -- BOARD OF TRUSTEES" is hereby amended
by deleting Paul G. Yovovich, effective April 14, 2000.
(3) The information on the inside back cover of the Prospectus under the
heading "BOARD OF TRUSTEES AND OFFICERS -- OFFICERS" is hereby amended by
deleting all information pertaining to Curtis W. Morell* and Tanya M. Loden*,
effective January 31, 2000, Dennis J. McDonnell*, effective March 31, 2000,
Peter W. Hegel*, effective May 31, 2000, and by deleting and replacing Stephen
L. Boyd's title of Vice President with Executive Vice President and Chief
Investment Officer and Edward C. Wood, III*, Vice President, with John H.
Zimmermann, III*, Vice President, effective April 17, 2000.
(4) The information on the inside back cover of the Prospectus under the
heading "FOR MORE INFORMATION -- INDEPENDENT ACCOUNTANTS" is hereby deleted and
replaced with the following:
ERNST & YOUNG LLP
233 South Wacker Drive
Chicago, Illinois 60606
RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE> 3
VAN KAMPEN EMERGING GROWTH FUND
SUPPLEMENT DATED MAY 25, 2000 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 29, 1999,
SUPERCEDING ALL PRIOR SUPPLEMENTS
The Statement of Additional Information is hereby supplemented as follows:
(1) The second sentence on the front cover of the Statement of Additional
Information is hereby deleted and replaced with the following:
The Fund's investment adviser seeks to achieve the Fund's investment
objective by investing primarily in a portfolio of common stocks of
companies considered by the Fund's investment adviser to be emerging growth
companies.
(2) The section entitled "TRUSTEES AND OFFICERS" is hereby amended by
deleting all information pertaining to Paul G. Yovovich, effective April 14,
2000.
(3) The section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby
amended by deleting all information pertaining to Curtis W. Morell and Tanya M.
Loden, effective January 31, 2000, Dennis J. McDonnell, effective March 31,
2000, Edward C. Wood, III and Stephen L. Boyd, effective April 17, 2000, and
Peter W. Hegel, effective May 31, 2000, and by adding the following:
<TABLE>
<S> <C>
Stephen L. Boyd........................... Executive Vice President and Chief Investment Officer of
Date of Birth: 11/16/40 Van Kampen Investments, and President and Chief Operating
Executive Vice President and Officer of the Advisers. Executive Vice President and
Chief Investment Officer Chief Investment Officer of each of the funds in the Fund
Complex and certain other investment companies advised by
the Advisers or their affiliates. Prior to April 2000,
Vice President and Chief Investment Officer of the
Advisers. Prior to October 1998, Vice President and
Senior Portfolio Manager with AIM Capital Management,
Inc. Prior to February 1998, Senior Vice President and
Portfolio Manager of Van Kampen American Capital Asset
Management, Inc., Van Kampen American Capital Investment
Advisory Corp. and Van Kampen American Capital
Management, Inc.
John H. Zimmermann, III................... Senior Vice President and Director of Van Kampen
Date of Birth: 11/25/57 Investments, President and Director of the Distributor
Vice President and President of Van Kampen Insurance Agency of Illinois
Inc. Vice President of each of the funds in the Fund
Complex. From November 1992 to December 1997, Senior Vice
President of the Distributor.
</TABLE>
(4) The footnote to the "CLASS A SHARES SALES CHARGE TABLE" at the end of
the second paragraph in the section entitled "DISTRIBUTION AND SERVICE" is
hereby deleted in its entirety and replaced with the following:
* No sales charge is payable at the time of purchase on investments of
$1 million or more, although the Fund may impose a contingent deferred
sales charge of 1.00% on certain redemptions made within one year of
purchase. A commission or transaction fee will be paid by the Distributor
at the time of purchase directly out of the Distributor's assets (and not
out of the Fund's assets) to authorized dealers who initiate and are
responsible for purchases of $1 million or more computed on a percentage of
the dollar value of such shares sold as follows: 1.00% on sales to $2
million, plus 0.80% on the next $1 million and 0.50% on the excess over $3
million. For single purchases of $20 million or more by an individual
retail investor the Distributor will pay, at the time of purchase and
directly out of the Distributor's assets (and not out of the Fund's
assets), a commission or transaction fee of 1.00% to authorized dealers who
initiate and are responsible for such purchases. The commission or
transaction fee of 1.00% will be computed on a percentage of the dollar
value of such shares sold.
<PAGE> 4
(5) The information in the section entitled "OTHER INFORMATION--INDEPENDENT
ACCOUNTANTS" is hereby deleted in its entirety and replaced with the following:
Independent accountants for the Fund perform an annual audit of the Fund's
financial statements. The Fund's Board of Trustees has engaged Ernst & Young
LLP, located at 233 South Wacker Drive, Chicago, Illinois 60606, to be the
Fund's independent accountants, effective May 18, 2000. PricewaterhouseCoopers
LLP, located at 200 East Randolph Drive, Chicago, Illinois 60601 ("PWC"), ceased
being the Fund's independent accountants effective May 18, 2000. The cessation
of the client-auditor relationship between the Fund and PWC was based solely on
a possible future business relationship by PWC with an affiliate of the Fund's
investment adviser. The change in independent accountants was approved by the
Fund's audit committee and the Fund's Board of Trustees, including Trustees who
are not "interested persons" of the Fund (as defined in the 1940 Act).
RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
