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OPINION AND CONSENT OF COUNSEL
[SKADDEN, ARPS, SLATE, MEAGHER & FLOM LETTERHEAD]
EXHIBIT (i)(1)(iii)
September 25, 2000
Van Kampen
Equity Trust
1 Parkview Plaza
Oakbrook Terrance, Illinois 60181
Re: Van Kampen
Equity Trust --
Registration Statement on Form N-1A
(File Nos. 33-8122 and 811-4805)
Ladies and Gentlemen:
We have acted as counsel to the Van Kampen Aggressive Growth Fund (the
"Fund"), a separate series of Van Kampen Equity Trust (the "Trust"), a voluntary
association with transferable shares organized and existing under and by virtue
of the laws of the State of Delaware, in connection with the preparation of
Post-Effective Amendment No. 40 to the Trust's Registration Statement on Form
N-1A (as so amended, the "Registration Statement") to be filed under the
Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company
Act of 1940, as amended (the "1940 Act"), with the Securities and Exchange
Commission (the "Commission") on September 25, 2000.
The Registration Statement relates to the registration under the 1933
Act and 1940 Act of an indefinite number of each of Class A Shares of beneficial
interest, $.01 par value per share, Class B Shares of beneficial interest, $.01
par value per share, Class
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Van Kampen
Equity Trust
September 25, 2000
Page 2
C Shares of beneficial interest, $.01 par value per share, and Class D Shares of
beneficial interest, $.01 per value per share of the Fund (collectively, the
"Shares"). The Shares will be sold pursuant to a distribution and service
agreement to be entered into among the Trust, on behalf of the Fund, and Van
Kampen Distributors, Inc. (the "Distribution Agreement").
This opinion is delivered in accordance with the requirements of Item
23(i)of Form N-1A under the 1933 Act and the 1940 Act.
In connection with this opinion, we have examined originals or copies,
certified or otherwise identified to our satisfaction, of (i) the Registration
Statement, (ii) the Agreement and Declaration of Trust and By-Laws of the Trust,
each as amended to date (the "Declaration of Trust" and "By-Laws",
respectively), (iii) the designation of series with respect to the Fund, (iv)
copies of a written consent adopted by the Board of Trustees of the Trust
relating to the authorization, issuance and sale of the Shares, the filing of
the Registration Statement and any amendments or supplements thereto and related
matters, (v) the form of Distribution Agreement and (vi) such other documents as
we have deemed necessary or appropriate as a basis for the opinions set forth
herein. In such examination, we have assumed the genuineness of all signatures,
the legal capacity of all natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all
documents submitted to us as certified, conformed or photostatic copies and the
authenticity of the originals of such copies. We have also assumed that the
Distribution Agreement, when executed and delivered by the parties thereto, will
be in the form reviewed by us in connection with this opinion. As to any facts
material to the opinions expressed herein which we have not independently
established or verified, we have relied upon statements and representations of
officers and other representatives of the Trust and others.
Members of our firm are admitted to the practice of law in the State of
Illinois, and we express no opinion as to the laws of any other jurisdiction
other than matters relating to the Delaware business organizational statutes
(including statutes relating to Delaware business trusts) and the federal laws
of the United States of America to the extent specifically referred to herein.
Based upon and subject to the foregoing, we are
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Van Kampen
Equity Trust
September 25, 2000
Page 3
of the opinion that when (i) the Registration Statement (and such other
Post-Effective Amendments, if any, to the Registration Statement relating to the
public offering of the shares) shall have become effective under the 1933 Act,
(ii) the Distribution Agreement is duly executed and delivered by the Trust and
the other respective parties thereto and (iii) certificates representing the
Shares are duly executed, countersigned, registered and duly delivered and paid
for in accordance with the Distribution Agreement, the Shares will be validly
issued, fully paid and nonassessable.
We hereby consent to the filing of this opinion with the Commission as
Exhibit (i)(1)(iii) to the Registration Statement. We also consent to the
reference to our firm under the heading "Legal Counsel" in the Registration
Statement. In giving this consent, we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the 1933 Act or
the rules and regulations of the Commission.
Very truly yours,
/s/ SKADDEN, ARPS, SLATE,
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MEAGHER & FLOM
