VAN KAMPEN EQUITY TRUST, 497, 2000-04-24

VAN KAMPEN EQUITY TRUST
497, 2000-04-24

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<PAGE> 1

VAN KAMPEN EQUITY TRUST
ON BEHALF OF ITS SERIES
VAN KAMPEN UTILITY FUND

SUPPLEMENT DATED APRIL 24, 2000 TO THE
PROSPECTUS DATED JULY 29, 1999,
SUPERCEDING THE SUPPLEMENT DATED MARCH 13, 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. Christine Drusch, Senior Portfolio Manager, has been
primarily responsible for managing the Fund's investment portfolio since January
1998. David McLaughlin has shared responsibility for the day-to-day management
of the Fund's investment portfolio since October 1998.

Ms. Drusch has been a Senior Vice President of the Adviser and Asset
Management since December 1999, and since December 1998 she was a Vice President
of the Adviser and Asset Management. Prior to December 1998, Ms. Drusch was an
Assistant Vice President of the Adviser and Asset Management since September
1995. Prior to September 1995, Ms. Drusch was an Associate Portfolio Manager of
Asset Management, and has worked for Asset Management since July 1991. Ms.
Drusch has been affiliated with the Fund since August 1997.

Mr. McLaughlin has been a Vice President of the Adviser and Asset Management
since June 1995, and he was an Assistant Vice President of Asset Management
since March 1994. Prior to June 1995, Mr. McLaughlin was a Senior Equity Trader
for the Adviser. Mr. McLaughlin has worked for Asset Management since 1986. Mr.
McLaughlin has been affiliated with the Fund since October 1998.

(2) The first sentence of the fifth paragraph in the section entitled
"PURCHASE OF SHARES--GENERAL" is hereby deleted and replaced with the following:

The net asset value per share for each class of shares of the Fund is
determined once daily as of the close of trading on the New York Stock Exchange
(the "Exchange")(currently 4:00 p.m., New York time) each day the Exchange is
open for trading except on any day on which no purchase or redemption orders are
received or there is not a sufficient degree of trading in the Fund's portfolio
securities such that the Fund's net asset value per share might be materially
affected.
<PAGE> 2

(3) 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:

PRICEWATERHOUSECOOPERS LLP
200 East Randolph Drive
Chicago, Illinois 60601

RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE> 3

VAN KAMPEN EQUITY TRUST
ON BEHALF OF ITS SERIES

VAN KAMPEN SMALL CAP VALUE FUND
SUPPLEMENT DATED APRIL 24, 2000 TO THE
PROSPECTUS DATED JUNE 16, 1999

VAN KAMPEN GROWTH FUND
SUPPLEMENT DATED APRIL 24, 2000 TO THE
PROSPECTUS DATED JULY 29, 1999

The Prospectus is hereby supplemented as follows:

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:

PRICEWATERHOUSECOOPERS LLP
200 East Randolph Drive
Chicago, Illinois 60601

RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE> 4

VAN KAMPEN TRUST
ON BEHALF OF ITS SERIES
VAN KAMPEN HIGH YIELD FUND
VAN KAMPEN STRATEGIC INCOME FUND
VAN KAMPEN EQUITY TRUST
ON BEHALF OF ITS SERIES
VAN KAMPEN UTILITY FUND

SUPPLEMENT DATED APRIL 24, 2000 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29, 1999,
SUPERSEDING THE SUPPLEMENT DATED JANUARY 11, 2000

The Statement of Additional Information is hereby supplemented as follows:

(1) The section entitled "TRUSTEES AND OFFICERS" is hereby amended by
deleting all information pertaining to Paul G. Yovovich, effective April 14,
2000, and Richard M. DeMartini and Don G. Powell, effective December 15, 1999.

(2) The section entitled "TRUSTEES AND OFFICERS--TRUSTEES" is hereby
amended, effective December 15, 1999, by adding the following:

<TABLE>
<S> <C>
Mitchell M. Merin*................... President and Chief Operating Officer of asset management of
Two World Trade Center Morgan Stanley Dean Witter since December 1998. President
66th Floor and Director since April 1997 and Chief Executive Officer
New York, NY 10048 since June 1998 of Morgan Stanley Dean Witter Advisors Inc.
Date of Birth: 08/13/53 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.
Trustee/Director of each of the funds in the Fund Complex,
and Vice President of other investment companies advised by
the Advisers and their affiliates. 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.
Richard F. Powers, III*.............. Chairman, President and Chief Executive Officer of Van
1 Parkview Plaza Kampen Investments. Chairman, Director and Chief Executive
P.O. Box 5555 Officer of the Advisers, the Distributor, Van Kampen
Oakbrook Terrace, IL 60181-5555 Advisors Inc. and Van Kampen Management Inc. Director and
Date of Birth: 02/02/46 officer of certain other subsidiaries of Van Kampen
Investments. Trustee/Director and President of each of the
funds in the Fund Complex. Trustee, President and Chairman
of the Board of other investment companies advised by the
Advisers and their affiliates, and Chief Executive Officer
of Van Kampen Exchange Fund. Prior to May 1998, Executive
Vice President and Director of Marketing at Morgan Stanley
Dean Witter and Director of Dean Witter Discover & Co. and
Dean Witter Realty. Prior to 1996, Director of Dean Witter
Reynolds Inc.
</TABLE>

(3) The footnote at the end of the section entitled "TRUSTEES AND
OFFICERS--TRUSTEES" is hereby deleted in its entirety and replaced with the
following:

acting as legal counsel to each of the Funds in the Fund Complex. Messrs. Merin
and Powers are interested persons of each of the Funds in the Fund Complex and
the Advisers by reason of their positions with Morgan Stanley Dean Witter or its
affiliates.

(4) The section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby
amended by deleting all information pertaining to Curtis W. Morell, Tanya M.
Loden, Weston B. Wetherell and Michael Robert Sullivan, effective January 31,
2000, Dennis J. McDonnell, effective March 31, 2000, and Edward C. Wood, III and
Stephen L. Boyd, effective April 17, 2000, and by adding the following:

<TABLE>
<S> <C>
Stephen L. Boyd...................... Executive Vice President and Chief Investment Officer of Van
Date of Birth: 11/16/40 Kampen Investments, and President and Chief Operating
Executive Vice President and Officer of the Advisers. Executive Vice President and Chief
Chief Investment Officer 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 and
Vice President 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>

(5) The second sentence of the first paragraph immediately following the
section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby deleted in its
entirety.

(6) The first sentence of the last paragraph in the section entitled
"DISTRIBUTION AND SERVICE" is hereby amended by adding the following:

The Prudential Insurance Company of America.

(7) The information under 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. PricewaterhouseCoopers LLP, located at 200 East Randolph
Drive, Chicago, Illinois 60601, has been engaged as the Fund's independent
accountants on April 17, 2000 in connection with the audit of the Fund's
financial statements for the fiscal year ended March 31, 2000. KPMG LLP, located
at 303 West Wacker Drive, Chicago, Illinois 60601 ("KPMG"), has ceased being the
Fund's independent accountants effective April 14, 2000. The cessation of the
client-auditor relationship between the Fund and KPMG was based solely on a
possible future business relationship by KPMG 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
<PAGE> 6

VAN KAMPEN EQUITY TRUST
ON BEHALF OF ITS SERIES
VAN KAMPEN AGGRESSIVE GROWTH FUND

SUPPLEMENT DATED APRIL 24, 2000 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29, 1999,
SUPERCEDING THE SUPPLEMENTS DATED JANUARY 11, 2000 AND DECEMBER 16, 1999

The Statement of Additional Information is hereby supplemented as follows:

(2) The section entitled "TRUSTEES AND OFFICERS--TRUSTEES" is hereby
amended, effective December 15, 1999, by adding the following:

(3) The footnote at the end of the section entitled "TRUSTEES AND
OFFICERS--TRUSTEES" is hereby deleted in its entirety and replaced with the
following:

* Such trustee is an "interested person" (within the meaning of Section
2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of each of the
funds in the Fund Complex by reason of his firm currently acting as legal
counsel to each of the Funds in the Fund Complex. Messrs. Merin and Powers are
interested persons of each of the Funds in the Fund Complex and the Advisers by
reason of their positions with Morgan Stanley Dean Witter or its affiliates.
<PAGE> 7

(5) The second sentence of the first paragraph immediately following the
section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby deleted in its
entirety.

(6) The section entitled "SHAREHOLDER SERVICES" is hereby amended by adding
the following:

PURCHASE OF SHARES

Effective May 1, 2000, the Fund will reopen sales of its shares to new
investors.

(7) The information under the section entitled "OTHER
INFORMATION--INDEPENDENT ACCOUNTANTS" is hereby deleted in its entirety and
replaced with the following:

RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE> 8

VAN KAMPEN EQUITY TRUST
ON BEHALF OF ITS SERIES
VAN KAMPEN SMALL CAP VALUE FUND

SUPPLEMENT DATED APRIL 24, 2000 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JUNE 16, 1999,
SUPERCEDING THE SUPPLEMENT DATED JANUARY 11, 2000

The Statement of Additional is hereby supplemented as follows:

(2) The section entitled "TRUSTEES AND OFFICERS--TRUSTEES" is hereby
amended, effective December 15, 1999, by adding the following:

(3) The footnote at the end of the section entitled "TRUSTEES AND
OFFICERS--TRUSTEES" is hereby deleted in its entirety and replaced with the
following:

* Such trustee is an "interested person" (within the meaning of
Section 2(a)(19) of the 1940 Act). Mr. Whalen is an interested person of
each of the funds in the Fund Complex by reason of his firm currently
acting as legal counsel to each of the Funds in the Fund Complex. Messrs.
Merin and Powers are interested persons of each of the Funds in the Fund
Complex and the Advisers by reason of their positions with Morgan Stanley
Dean Witter or its affiliates.
<PAGE> 9

(4) The section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby
amended by deleting all information pertaining to Curtis W. Morell, Tanya M.
Loden, Nicholas Dalmaso, Scott E. Martin, Weston B. Wetherell, Steven M. Hill
and Michael Robert Sullivan, effective January 31, 2000, Dennis J. McDonnell,
effective March 31, 2000, and Edward C. Wood, III and Stephen L. Boyd, effective
April 17, 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>

(5) The second sentence of the first paragraph immediately following the
section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby deleted in its
entirety.

(6) The section entitled "SHAREHOLDER SERVICES" is hereby amended by adding
the following:

EXCHANGE PRIVILEGE

Effective December 1, 1999, all shareholders are limited to eight exchanges
per fund during a rolling 365-day period.

Exchange privileges will be suspended on a particular fund if more than
eight exchanges out of that fund are made during a rolling 365-day period. If
exchange privileges are suspended, subsequent exchange requests during the
stated period will not be processed. Exchange privileges will be restored when
the account history shows fewer than eight exchanges in the rolling 365-day
period.

This policy change does not apply to money market funds, systematic
exchange plans, or employer-sponsored retirement plans.

(7) The information under the section "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. PricewaterhouseCoopers LLP, located at 200
East Randolph Drive, Chicago, Illinois 60601, has been engaged as the
Fund's independent accountants on April 17, 2000 in connection with the
audit of the Fund's financial statements for the fiscal year ended March
31, 2000. KPMG LLP, located at 303 West Wacker Drive, Chicago, Illinois
60601 ("KPMG"), has ceased being the Fund's independent accountants
effective April 14, 2000. The cessation of the client-auditor relationship
between the Fund and KPMG was based solely on a possible future business
relationship by KPMG 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).
<PAGE> 10

VAN KAMPEN EQUITY TRUST
ON BEHALF OF ITS SERIES
VAN KAMPEN GROWTH FUND

SUPPLEMENT DATED APRIL 24, 2000 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29, 1999,
SUPERSEDING THE SUPPLEMENT DATED JANUARY 11, 2000

The Statement of Additional Information is hereby supplemented as follows:

(2) The section entitled "TRUSTEES AND OFFICERS--TRUSTEES" is hereby
amended, effective December 15, 1999, by adding the following:

(3) The footnote at the end of the section entitled "TRUSTEES AND
OFFICERS--TRUSTEES" is hereby deleted in its entirety and replaced with the
following:

(5) The second sentence of the first paragraph immediately following the
section entitled "TRUSTEES AND OFFICERS--OFFICERS" is hereby deleted in its
entirety.

(6) The information under the section entitled "OTHER
INFORMATION--INDEPENDENT ACCOUNTANTS" is hereby deleted in its entirety and
replaced with the following:

RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE