VAN KAMPEN WORLD PORTFOLIO SERIES TRUST
DEFS14A, 2000-03-30
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<PAGE>   1

                            SCHEDULE 14A INFORMATION


           PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
                      EXCHANGE ACT OF 1934 (AMENDMENT NO. )


Filed by the Registrant [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 World Portfolio Series Trust       (811-6220)
            Van Kampen Series Fund, Inc.                  (811-7140)
            Van Kampen Global Managed Assets Fund         (811-8286)


         (Name of Registrant as Specified in Its Declaration of Trust)



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
                                 - MARCH 2000 -

                               IMPORTANT NOTICE:

                               TO SHAREHOLDERS OF:
                          VAN KAMPEN GLOBAL GOVERNMENT
                                SECURITIES FUND
                           VAN KAMPEN GLOBAL MANAGED
                                  ASSETS FUND
                            VAN KAMPEN GLOBAL FIXED
                                  INCOME FUND

QUESTIONS&ANSWERS

Although we recommend that you read the complete Proxy Statement, for your
convenience, we have provided a brief overview of the issue to be voted on by
shareholders of each Fund.

Q.   WHY AM I RECEIVING THIS PROXY STATEMENT?

A.   The purpose of this proxy statement is to seek shareholder approval of a
plan of liquidation and dissolution for your Fund.

Q.   HOW WILL APPROVAL OF THIS PROPOSAL AFFECT MY ACCOUNT?

A.   If the proposal to liquidate and dissolve your Fund is approved, the Fund's
assets will be liquidated and the proceeds will be distributed to Fund
shareholders. Shareholders may elect to receive such distribution in cash or, in
lieu of receiving cash, in shares of one or more other Van Kampen Funds as
described in the proxy statement. Shareholders should carefully read and
consider the discussion of the proposal in the proxy statement.

Q.   HOW DO THE TRUSTEES/DIRECTORS OF MY FUND SUGGEST THAT I VOTE?

A.   After careful consideration, the trustees/directors of your Fund recommend
that you vote "FOR" the item proposed.

Q.   WILL MY VOTE MAKE A DIFFERENCE?

A.   Yes. Your vote is needed to ensure that the proposal 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.

Q.   HOW CAN 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 9122
                  Hingham, MA 02043

     Shareholders can also vote in person at the meeting.

     The Global Government Securities Fund and the Global Managed Assets Fund
also allow shareholders to vote by telephone or the internet. Instructions for
casting your vote via telephone or the 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 by telephone or the
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 the issue using blue or black ink to mark an X in one of the
boxes provided on the proxy card.

APPROVAL OF THE LIQUIDATION AND DISSOLUTION OF THE FUND PURSUANT TO A PLAN OF
LIQUIDATION AND DISSOLUTION - 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 XXXXXXXXXX FUND
PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES/DIRECTORS
SPECIAL MEETING OF SHAREHOLDERS



XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

                                S A M P L E

                                                       For    Against    Abstain

1.   Approval of the liquidation and dissolution
     of the Fund pursuant to a
     Plan of Liquidation and Dissolution.              [ ]      [ ]        [ ]

2.   To transact such other  business as may properly
     come before the Meeting.


Please be sure to sign and date this Proxy.   Date

Shareholder sign here      Co-owner sign here








XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX


<PAGE>   4

                          VAN KAMPEN GLOBAL GOVERNMENT
                                SECURITIES FUND
   VAN KAMPEN GLOBAL MANAGED ASSETS FUND VAN KAMPEN GLOBAL FIXED INCOME FUND

                        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 MAY 19, 2000

  Notice is hereby given to the holders of shares of beneficial interest, par
value $0.01 per share, of Van Kampen Global Government Securities Fund (the
"Global Government Securities Fund"), a series of Van Kampen World Portfolio
Series Trust, and Van Kampen Global Managed Assets Fund (the "Global Managed
Assets Fund") and to holders of shares of common stock, par value $0.001 per
share, of Van Kampen Global Fixed Income Fund (the "Global Fixed Income Fund"),
a series of Van Kampen Series Fund, Inc. (the Global Government Securities Fund,
Global Managed Assets Fund and Global Fixed Income Fund are referred to
collectively as 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
May 19, 2000, at 3:30 p.m., for the following purposes:

1.  To approve the liquidation and dissolution of each of the Funds pursuant to
    a Plan of Liquidation and Dissolution.

2.  To transact such other business as may properly come before the Meeting.

  Holders of record of the shares of each of the Funds at the close of business
on March 17, 2000 are entitled to notice of, and to vote at, the Meeting and any
adjournment thereof.

                                    A. THOMAS SMITH III
                                    Vice President and Secretary

March 30, 2000
<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 EACH FUND 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, THE GLOBAL GOVERNMENT
SECURITIES FUND AND THE GLOBAL MANAGED ASSETS FUND 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.

  (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/Directors of each of the Funds recommends that you cast
your vote:

  - FOR approval of the liquidation and dissolution of the Fund pursuant to a
    Plan of Liquidation and Dissolution.

                            YOUR VOTE IS IMPORTANT.
                        PLEASE VOTE YOUR SHARES PROMPTLY
                       NO MATTER HOW MANY SHARES YOU OWN.
<PAGE>   6

                          VAN KAMPEN GLOBAL GOVERNMENT
                                SECURITIES FUND
                           VAN KAMPEN GLOBAL MANAGED
                                  ASSETS FUND
                            VAN KAMPEN GLOBAL FIXED
                                  INCOME FUND

                        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 MAY 19, 2000

  This Proxy Statement is furnished in connection with the solicitation by the
Boards of Trustees of Van Kampen Global Government Securities Fund (the "Global
Government Securities Fund"), a series of Van Kampen World Portfolio Series
Trust (the "World Portfolio Series Trust") and Van Kampen Global Managed Assets
Fund (the "Global Managed Assets Fund") and the Board of Directors of Van Kampen
Global Fixed Income Fund (the "Global Fixed Income Fund"), a series of Van
Kampen Series Fund, Inc. (the "Series Fund, Inc.") (the Global Government
Securities Fund, Global Managed Assets Fund and Global Fixed Income Fund are
referred to collectively as 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 May 19, 2000, at 3:30 p.m. The
approximate mailing date of this Proxy Statement and accompanying form of proxy
is March 31, 2000.

  Participating in the Meeting are the holders of record of shares of beneficial
interest, par value $0.01 per share, of the Global Government Securities Fund
and the Global Managed Assets Fund and holders of shares of common stock, par
value $0.001 per share, of the Global Fixed Income Fund (such shares of
beneficial interest and shares of common stock are referred to collectively as
the "Shares"), as of the close of business on March 17, 2000 (the "Record
Date"). As of the Record Date, the Global Government Securities Fund, the Global
Managed Assets Fund and the Global Fixed Income Fund had, respectively,
4,229,411, 1,485,246, and 488,037 Shares issued and outstanding. Shareholders of
each Fund on the Record
<PAGE>   7

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, IF ANY, SUCCEEDING THE ANNUAL
REPORT 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 PROPOSAL

  The primary purpose of the Meeting is to approve the liquidation and
dissolution of each of the Funds. The Boards of Trustees of the Global
Government Securities Fund and the Global Managed Assets Fund and the Board of
Directors of the Global Fixed Income Fund (each a "Board of Trustees" and
collectively the "Boards of Trustees") have determined that a joint proxy
statement is in the best interest of the shareholders of each of the Funds.

  Van Kampen Asset Management Inc. ("Asset Management") serves as investment
adviser to the Global Government Securities Fund and the Global Managed Assets
Fund. Van Kampen Investment Advisory Corp. ("Advisory Corp.") serves as
investment adviser to the Global Fixed Income Fund. The distributor of each Fund
is Van Kampen Funds Inc. (the "Distributor"). The transfer agent for each Fund
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, Advisory Corp. and the Distributor is located at 1
Parkview Plaza, Oakbrook Terrace, Illinois 60181-5555. The principal business
address of Investor Services is located at 7501 Tiffany Springs Parkway, 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.

  The Board of Trustees/Directors of each Fund recommends that you cast your
vote:

  - FOR approval of the liquidation and dissolution of the Fund pursuant to a
    Plan of Liquidation and Dissolution.

SUMMARY OF VOTING AND MEETING REQUIREMENTS

  The voting requirement for the proposal to liquidate and dissolve each Fund
depends upon the provisions of each Fund's organizational documents and on state
law. The Global Government Securities Fund is a series of the World Portfolio
Series Trust, a Delaware business trust. The Global Managed Assets Fund is also
a
                                        2
<PAGE>   8

Delaware business trust. The Global Fixed Income Fund is a series of the Series
Fund, Inc., a Maryland corporation. The voting requirement to approve the
proposals to liquidate and dissolve the Global Government Securities Fund and
the Global Managed Assets Fund (together, the "Delaware Funds") is the lesser
of: (i) 67% or more of the voting securities of the Fund present in person or by
proxy at the Meeting, if the holders of more than 50% of the outstanding voting
securities of the Fund are present in person or by proxy at the Meeting or (ii)
more than 50% of the outstanding voting securities of the Fund. The voting
requirement for the proposal to liquidate and dissolve the Global Fixed Income
Fund is the affirmative vote of a majority of the outstanding Shares of the Fund
entitled to vote.

  All Shares of each Fund will vote together for the applicable Fund as a single
class on the proposal to liquidate and dissolve such Fund.

  Shareholders of the Funds may vote by mail, by returning the enclosed ballot,
or in person at the Meeting. In addition, shareholders of the Delaware Funds 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 the internet may revoke them at any time
prior to the meeting by filing with the appropriate 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 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.

  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 the proxy is entitled to vote. Abstentions and broker
non-votes (i.e., where a nominee, such as a broker, holding shares for
beneficial owner responds but does not vote on a proposal because of a lack of
beneficial owner discretion or does not exercise discretionary authority) do not
constitute votes "For" a proposal and will have the same effect as votes
"Against" a proposal. A majority of the outstanding Shares of each Fund entitled
to vote must be present in person or by proxy in order for such Fund to have a
quorum to conduct business at the Meeting. Abstentions and broker non-votes will
be deemed present for quorum purposes.

                                        3
<PAGE>   9

  The Fund knows of no business other than that described in Proposal 1 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
the proposal are not received, the persons named as proxies may propose one or
more adjournments of the Meeting to permit further solicitation of proxies on
the proposal, 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
proposal, the percentage of votes then cast, the percentage of negative votes
then cast, the nature of the proposed solicitation activities and the nature of
the reasons for such further solicitation.
- ------------------------------------------------------------------------------
PROPOSAL 1: LIQUIDATING AND DISSOLVING EACH FUND PURSUANT TO A PLAN OF
            LIQUIDATION AND DISSOLUTION
- ------------------------------------------------------------------------------

INTRODUCTION

  At a meeting held January 27, 2000, the Boards of Trustees of the Funds
considered and unanimously approved the recommendations of the Funds' respective
investment advisers that each Fund be liquidated and dissolved. The Boards of
Trustees also directed the Funds' respective investment advisers to prepare a
Plan of Liquidation and Dissolution for each Fund (each a "Liquidation Plan") to
be submitted for shareholder approval. A form of the Liquidation Plan for each
of the Global Government Securities Fund, Global Managed Assets Fund and Global
Fixed Income Fund is attached hereto as Annex A, B and C, respectively. If Fund
shareholders approve a Liquidation Plan, the Fund's investment adviser will sell
the Fund's portfolio securities and other assets, pay creditors or establish
reserves for such payments and distribute the net proceeds of such sales as
described below. Shareholders may elect to receive such distribution in cash or
may exchange their Shares for shares of one or more other Van Kampen Funds.

THE GLOBAL GOVERNMENT SECURITIES FUND

  The Fund's primary investment objective is to seek to provide a high level of
current income. The Fund's secondary objectives are capital appreciation and
protection of capital. The Fund's investment adviser seeks to achieve the Fund's
investment objectives by investing primarily in a portfolio of high-quality
foreign government and U.S. government securities, and by actively managing the
maturity structure and currency exposure of the Fund's portfolio. The Fund
commenced investment operations in 1991. As of February 29, 2000, the Fund had
net assets of approximately $30.0 million.

                                        4
<PAGE>   10

THE GLOBAL MANAGED ASSETS FUND

  The Fund's investment objective is to seek to provide total return through a
managed balance of foreign and domestic equity and debt securities. The Fund's
investment adviser seeks to achieve the Fund's investment objective by investing
in equity and debt securities of issuers in the U.S. and foreign countries based
on the evaluation of economic and market trends by the Fund's investment adviser
and the anticipated total return available from a particular country and type of
security. The Fund commenced investment operations in 1994. As of February 29,
2000, the Fund had net assets of approximately $16.0 million.

THE GLOBAL FIXED INCOME FUND

  The Fund's investment objective is to seek to produce an attractive real rate
of return while preserving capital by investing in fixed income securities of
issuers throughout the world, including U.S. issuers. The Fund's investment
adviser seeks to achieve the Fund's investment objective by investing primarily
in a global portfolio of high-quality fixed income securities with varying
maturities denominated in various currencies or multi-national currency units.
The Fund commenced investment operations in 1993. As of February 29, 2000, the
Fund had net assets of approximately $4.5 million.

REASONS FOR THE LIQUIDATION AND DISSOLUTION

  Each Fund's investment adviser has recommended that it be liquidated and
dissolved. The reasons for the recommendations include, among other reasons,
each Fund's historical and anticipated sales activity, each Fund's diminishing
net assets during the past several years, and the changes in the global
securities and currencies markets, particularly changes in western European
markets, which Asset Management and Advisory Corp. believe result in less
attractive investment and marketing opportunities relative to the respective
investment strategies pursuant to which each Fund was initially organized. Each
Fund's investment adviser believes that it would be in the best interests of
Fund shareholders to approve the liquidation and dissolution of the Fund.
Accordingly, each Fund's investment adviser has recommended liquidating the
Fund's assets and distributing the proceeds to Fund shareholders.

  At its January 27, 2000 meeting, after analyzing factors presented by
management and considering other alternatives to liquidating the Funds,
including, but not limited to merging the Funds, each Fund's Board of Trustees,
including all of the Trustees who are not "interested persons" of the Fund, as
defined in the Investment Company Act of 1940, as amended (the "1940 Act"),
unanimously adopted resolutions declaring that the proposed liquidation and
dissolution was in the best interests of the Fund and its shareholders,
approving the Liquidation Plan proposed

                                        5
<PAGE>   11

by the Fund's investment adviser and directing the Fund's investment adviser to
prepare formally such Liquidation Plan and to submit it for shareholder
approval.

DESCRIPTION OF EACH FUND'S LIQUIDATION PLAN AND RELATED TRANSACTIONS

  Upon approval of a Fund's Liquidation Plan by the Fund's shareholders, the
Fund will cease to carry on its business and will proceed to sell all of its
portfolio securities and other assets for cash at such prices and on such terms
and conditions as the Fund's investment adviser determines to be reasonable and
in the best interests of the Fund and its shareholders. Each Fund's investment
adviser anticipates that the aggregate of such prices, net of the Fund's
liabilities, will approximate the Fund's then current net asset value, subject
to market changes during the period in which portfolio securities are sold. Such
Fund then will apply its assets to the payment, satisfaction and discharge of
all existing debts and obligations of the Fund, and distribute in one or more
payments the remaining assets among the shareholders of the Fund, with each
shareholder as of the date of approval receiving his or her proportionate share
of each liquidating distribution on the respective distribution dates. As soon
as practicable, the Fund will be dissolved and will cease to exist, will
deregister under the 1940 Act and no shareholder will have any interest
whatsoever in the Fund.

  Shareholders on the date of the Liquidation Plan's approval by the Fund's
shareholders are entitled to the liquidating distributions. Shareholders may
continue to redeem or exchange shares of a Fund up to the business day before
its Liquidation Plan is approved by shareholders consistent with the Fund's
current prospectus. In the event that a large number of shareholders redeem or
exchange shares of a Fund prior to the Fund's liquidation and dissolution, the
Fund's yield and liquidating distributions to remaining shareholders would be
adversely affected as fixed costs of the Fund will be spread over a smaller
asset base.

  Each shareholder may elect to receive his or her proportionate share of such
liquidating distribution(s) in cash or, in lieu of receiving cash, in shares of
one or more other Van Kampen funds. Liquidating distributions will not be
subject to any sales charges. Shareholders not making an election prior to the
date of a liquidating distribution will receive such distribution in cash
without the imposition of any sales charges. Shareholders electing to receive
liquidating distribution(s) in shares of another Van Kampen fund will receive
Class A shares of such fund at the applicable net asset value per share on the
date of such distribution without the imposition of any sales charge.
Shareholders electing to receive liquidating distributions in shares of another
Van Kampen fund should obtain and read the current prospectus for such fund
which contains information about the Fund's investment objectives and
strategies, fees and expenses prior to electing this option. A prospectus of any
of the Van Kampen funds may be obtained from any authorized dealer of Van Kampen
funds or the Distributor. The Distributor sponsors the

                                        6
<PAGE>   12

Van Kampen Reserve Fund (the "Reserve Fund"), a money market fund with an
investment objective to seek protection of capital and high current income,
which shareholders may wish to consider for temporary investment purposes in
connection with exchanges to and from other Van Kampen funds.

  Liquidating distributions received in cash or in shares of another Van Kampen
fund are a taxable sale event to shareholders and may result in a taxable gain
or loss to shareholders. The election to receive a liquidating distribution in
shares of another Van Kampen fund is treated for federal income tax purposes as
a sale of Fund shares and a purchase of the other fund. This sale may result in
a taxable gain or loss to such shareholder.

  Each Fund's investment adviser will seek to make liquidating distribution(s)
to shareholders promptly after a Liquidation Plan is approved by shareholders.
The exact date of the liquidating distribution(s) will depend on the time
required to liquidate each Fund's assets. A Fund may, if deemed appropriate,
withhold sufficient assets to deal with any disputed claims or other contingent
liabilities which may then exist against the Fund. Any amount that is withheld
relating to any such claim will be deducted pro rata from the net assets
distributable to shareholders and held until the claim is settled or otherwise
determined. Asset Management and Advisory Corp. do not anticipate, however, that
it will be necessary to withhold any assets to deal with disputed claims or
other contingent liabilities. In the event that claims are not adequately
provided for or are brought after dissolution by previously unknown creditors or
claimants, a Fund's Trustees/Directors and officers could be held personally
liable. In addition, claims possibly could be pursued against shareholders to
the extent of distributions received by them in liquidation.

  The Funds do not currently intend to create separate trusts to administer
liquidating distributions; however, in the event a Fund is unable to distribute
all of its assets pursuant to its Liquidation Plan because of its inability to
locate shareholders to whom liquidation distributions are payable or otherwise,
such Fund may create a liquidating trust with a financial institution and
deposit any remaining assets of the Fund in such trust for the benefit of
shareholders. The expenses of any such trust will be charged against the
liquidating distributions held therein.

  As soon as practicable after the distribution of all of a Fund's assets in
complete liquidation, the officers of the Fund will close the books of the Fund
and prepare and file, in a timely manner, any and all required income tax
returns and other documents and instruments.

  In preparation for its orderly liquidation and dissolution, each of the Global
Government Securities Fund and Global Fixed Income Fund may, although neither of
such Funds currently has such an intention to, discontinue its regular monthly
distribution pending the vote on the Liquidation Plan in order to save the
administrative costs which would be associated with payment of such
distribution.

                                        7
<PAGE>   13

If the Meeting is adjourned, additional monthly distributions may also be
suspended. Any amount that would otherwise have been paid as a monthly
distribution will be declared as a distribution when the liquidation proceeds
are paid to shareholders and paid with the rest of the proceeds of liquidation.

  Prior to completion of its liquidation, each Fund will send to its
shareholders a letter for the purpose of determining the shareholder's election
to receive liquidating distributions in cash or, in lieu of cash, in Class A
shares of another Van Kampen fund. Shareholders whose shares are held in the
name of their broker or other financial institution will receive any
distributions through their nominee firms.

FEDERAL INCOME TAX CONSEQUENCES

  PAYMENT BY A FUND OF LIQUIDATING DISTRIBUTIONS TO SHAREHOLDERS WILL BE A
TAXABLE EVENT. BECAUSE THE INCOME TAX CONSEQUENCES FOR A PARTICULAR SHAREHOLDER
MAY VARY DEPENDING ON INDIVIDUAL CIRCUMSTANCES, EACH SHAREHOLDER IS URGED TO
CONSULT HIS OR HER OWN TAX ADVISER CONCERNING THE FEDERAL, STATE AND LOCAL TAX
CONSEQUENCES OF RECEIPT OF A LIQUIDATING DISTRIBUTION.

  Each Fund currently qualifies, and intends to continue to qualify through the
end of the liquidation period, for treatment as a regulated investment company
under the Internal Revenue Code of 1986, as amended, so that it will be relieved
of federal income tax on any investment company taxable income or net capital
gain (the excess of net long-term capital gain over net short-term capital loss)
from the sale of its assets.

  The payment of liquidating distributions will be a taxable event to
shareholders. Each shareholder will be viewed as having sold his or her Fund
shares for an amount equal to the liquidating distribution(s) he or she receives
(regardless of whether the shareholder elects to receive cash or receive Class A
shares of another Van Kampen fund). Each shareholder will recognize gain or loss
in an amount equal to the difference between (a) the shareholder's adjusted
basis in the Fund shares, and (b) such liquidating distribution(s). The gain or
loss will be capital gain or loss to the shareholder if the Fund shares were
capital assets in the shareholder's hands and generally will be long-term if the
Fund shares were held for more than one year at the time of the liquidating
distribution.

  As of May 31, 1999, the Global Government Securities Fund had approximately
$37.2 million in net capital loss carryforwards that could be used to offset
current or future capital gains. The Global Government Securities Fund had
approximately $278,000 in unrealized capital gains and approximately $1,063,000
in unrealized capital losses as of November 30, 1999. As of December 31, 1999,
the Global Managed Assets Fund had no net capital loss carryforwards,
approximately

                                        8
<PAGE>   14

$3,761,000 in unrealized capital gains and approximately $773,000 in unrealized
capital losses as of the same date. As of December 31, 1999, the Global Fixed
Income Fund had no net capital loss carryforwards, approximately $87,000 in
unrealized net capital gains and approximately $356,000 in unrealized capital
losses as of the same date. If the liquidation and dissolution of a Fund is
approved and all or a portion of such capital gains or any additional capital
gains are realized, the Fund will apply such gains against current losses and
net capital loss carryforwards. Any remaining capital losses and net capital
loss carryforwards that are not used by offsetting capital gains realized upon
liquidation will be lost, and the benefit of such capital losses and capital
loss carryforwards will not pass through to shareholders. If such Fund did not
liquidate, it is possible that sufficient capital gains could be generated in
the future to use the entire amount of the Fund's capital loss carryforwards (or
such capital loss carryforwards could expire pursuant to applicable tax laws).

  Each Fund generally will be required to withhold tax at the rate of 31% with
respect to any liquidating distribution to individuals and certain other
non-corporate shareholders who have not previously certified to the Fund that
their social security number or taxpayer identification number provided to the
Fund is correct and that the shareholder is not subject to backup withholding.

  The foregoing summary is generally limited to the material federal income tax
consequences to shareholders who are individual United States citizens and who
hold shares as capital assets. It does not address the federal income tax
consequences to shareholders who are corporations, trusts, estates, tax-exempt
organizations or non-resident aliens. This summary does not address state or
local tax consequences. Shareholders are urged to consult their own tax advisers
to determine the extent of the federal income tax liability they would incur as
a result of receiving a liquidating distribution, as well as any tax
consequences under any applicable state, local or foreign law and any proposed
tax law changes.

SHAREHOLDER APPROVAL

  To become effective, the Plan of Liquidation with respect to the Delaware
Funds must be approved by the lesser of: (i) 67% or more of the voting
securities of such Fund present in person or by proxy at the Meeting, if the
holders of more than 50% of the outstanding voting securities of the Fund are
present in person or by proxy at the Meeting or (ii) more than 50% of the
outstanding voting securities of the Fund. To become effective, the Plan of
Liquidation with respect to the Global Fixed Income Fund must be approved by a
majority of the outstanding Shares of such Fund entitled to vote. The Board of
Trustees of each Fund has unanimously approved its proposed Liquidation Plan and
has determined that such liquidation is in the best interests of the
shareholders of the Fund. THE BOARD OF TRUSTEES OF EACH FUND RECOMMENDS A VOTE
"FOR" APPROVAL OF THE LIQUIDATION PLAN.

                                        9
<PAGE>   15

- ------------------------------------------------------------------------------
SHAREHOLDER INFORMATION
- ------------------------------------------------------------------------------

  The persons who, to the knowledge of a Fund, owned beneficially more than 5%
of a class of such Fund's outstanding Shares as of March 8, 2000 are set forth
below:

GLOBAL GOVERNMENT SECURITIES FUND

<TABLE>
<CAPTION>
                                            OWNERSHIP AT    CLASS OF   PERCENTAGE
NAME AND ADDRESS OF HOLDER                  MARCH 8, 2000    SHARES    OWNERSHIP
- --------------------------                  -------------   --------   ----------
<S>                                         <C>             <C>        <C>
Van Kampen Trust Company..................     694,723         A         21.16%
2800 Post Oak Blvd.                            242,921         B         32.11%
Houston, TX 77056                               16,460         C          6.28%
MLPF&S....................................      14,131         C          5.39%
for the sole benefit of its customers
Attn Fund Administration 97BB5
4800 Deer Lake Dr. E. 2nd Fl.
Jacksonville, FL 32246-6484
</TABLE>

GLOBAL MANAGED ASSETS FUND

<TABLE>
<CAPTION>
                                            OWNERSHIP AT    CLASS OF   PERCENTAGE
NAME AND ADDRESS OF HOLDER                  MARCH 8, 2000    SHARES    OWNERSHIP
- --------------------------                  -------------   --------   ----------
<S>                                         <C>             <C>        <C>
Van Kampen Trust Company..................     232,495         A         37.25%
2800 Post Oak Blvd.                            234,118         B         30.56%
Houston, TX 77056                               21,028         C         15.21%
Edward Jones & Co.........................      91,102         A         14.60%
Attn Mutual Fund                                 9,092         C          6.58%
Shareholder Accounting
201 Progress Pkwy
Maryland Hts, MO 63043-3009
MLPF&S....................................      46,070         B          6.01%
for the sole benefit of its customers           10,379         C          7.51%
Attn Fund Administration 97D70
4800 Deer Lake Dr. E. 2nd Fl.
Jacksonville, FL 32246-6484
Roselle V. Anderson TR....................       9,037         C          6.54%
Anderson Trust
DTD 2/8/89
3234 Rossmoor Parkway #3
Walnut Creek, CA 94595-3838
Van Kampen Trust Company Custodian........       7,967         C          5.76%
IRA R/O Susan M. Brothers
3638 W. Berry Ave.
Littleton, CO 80123-2812
</TABLE>

                                       10
<PAGE>   16

GLOBAL FIXED INCOME FUND

<TABLE>
<CAPTION>
                                            OWNERSHIP AT    CLASS OF   PERCENTAGE
NAME AND ADDRESS OF HOLDER                  MARCH 8, 2000    SHARES    OWNERSHIP
- --------------------------                  -------------   --------   ----------
<S>                                         <C>             <C>        <C>
Van Kampen Trust Company..................     12,846          A          5.66%
2800 Post Oak Blvd.
Houston, TX 77056
Charles Schwab & Co. Inc. ................     18,585          A          8.18%
Exclusive Benefit of its Customers
101 Montgomery St.
San Francisco, CA 94104-4122
First Union Securities, Inc. .............     17,921          A          7.89%
A/C 1352-7748
FBO James H. Begay
111 East Kilbourn Avenue
Milwaukee, WI 53202-6611
James Brown Cust..........................     16,334          A          7.19%
Prof Sh Pl Script Care Inc.
DTD 01/01/1997
87 Interstate 10 N STE 100
Beaumont, TX 77707-2542
Prudential Securities Inc. FBO............     10,832          B          7.48%
Marlane Investments L.P.
4002 Marlane Dr.
Pensacola, FL 32526-2149
First Union Securities, Inc...............     13,190          C         10.23%
A/C 2755-2685
Geraldine M. Falkiner 1987
111 East Kilbourn Avenue
Milwaukee, WI 53202-6611
Salomon Smith Barney Inc..................     11,943          C          9.26%
00117947308
333 West 34th St - 3rd Floor
New York, NY 10001-2483
</TABLE>

  As of the most recent practicable date prior to the date of this proxy
statement, the Trustees/Directors and executive officers of each Fund as a group
owned less than 1% of such Fund's outstanding shares.
- ------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------

  The Funds will share 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, their investment advisers, or by
dealers or

                                       11
<PAGE>   17

their representatives, or by PFPC Inc. ("PFPC"), a solicitation firm located in
Boston, Massachusetts who has been engaged to assist in proxy solicitations. The
estimated costs of PFPC for mailing, solicitation and tabulation of shareholder
votes are approximately $10,000 for the Global Government Securities Fund,
$5,000 for the Global Managed Assets Fund and $5,000 for the Global Fixed Income
Fund.
- ------------------------------------------------------------------------------
SHAREHOLDER PROPOSALS
- ------------------------------------------------------------------------------

  The Funds do not hold regular annual meetings of shareholders. Any shareholder
who wishes to submit a proposal for consideration at a meeting of a Fund should
send such proposal to the attention of the appropriate 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 the Fund's proxy statement or considered
at any meeting of shareholders.
- ------------------------------------------------------------------------------
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.

  A list of shareholders of each of the Funds entitled to be present and vote at
the Meeting will be available at the offices of the Funds, 1 Parkview Plaza,
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 at the Meeting may necessitate adjournment
and may subject the Funds' 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
March 30, 2000

                                       12
<PAGE>   18

                                                                         ANNEX A

                                    FORM OF
                      PLAN OF LIQUIDATION AND DISSOLUTION
                                       OF
                  VAN KAMPEN GLOBAL GOVERNMENT SECURITIES FUND

  This PLAN OF LIQUIDATION AND DISSOLUTION (the "Plan") of VAN KAMPEN GLOBAL
GOVERNMENT SECURITIES FUND (the "Fund"), a series of VAN KAMPEN WORLD PORTFOLIO
SERIES TRUST, a Delaware business trust (the "Trust"), and the actions
contemplated by it have been approved by the Board of Trustees of the Trust (the
"Board" or the "Trustees") on behalf of the Fund as being advisable and in the
best interests of the Fund and the Fund's shareholders.

  WHEREAS, the Board has directed submitting the proposal to liquidate and
dissolve the Fund to the shareholders of the Fund at a meeting of shareholders
and has authorized distribution of a proxy statement in connection with the
solicitation of proxies for such purpose; and

  WHEREAS, for good and sufficient business reasons the Trustees of the Fund
desire to liquidate the Fund and distribute the Fund's assets to the
shareholders of the Fund.

  NOW, THEREFORE, the Trustees hereby adopt this Plan for the purpose of
liquidating the Fund in accordance with the following:

  1. ADOPTION OF THE PLAN. This Plan shall be submitted to the shareholders of
the Fund and is subject to the affirmative vote of "a majority of the
outstanding voting securities" of the Fund as defined by the Investment Company
Act of 1940, as amended (the "1940 Act"). Such approval of the Plan shall
constitute approval by the shareholders of the sale of substantially all of the
assets of the Fund and approval of other actions as contemplated by the Plan.
The effective date of the Plan shall be the date on which it is approved by
shareholders (the "Effective Date") and the period between the Effective Date of
the Plan and continuing until one year after the Effective Date is referred to
herein as the "Liquidation Period".

  2. DISPOSITION OF ASSETS. Commencing the Effective Date of the Plan, the
Fund's investment adviser shall use all commercially reasonable efforts to sell
all of the Fund's portfolio assets for cash and shall hold or reinvest the
proceeds thereof in cash and such short-term securities as the Fund may lawfully
hold or invest in. To the extent the Fund cannot dispose of any such asset or
assets prior to expiration of the Liquidation Period, the Fund shall contribute
such asset or assets to the Liquidating Trust referred to in Section 7 below.

  3. DISPOSITION OF CLAIMS. Commencing the Effective Date of the Plan, the
Fund's investment adviser shall use all commercially reasonable efforts to
assert,

                                       A-1
<PAGE>   19

prosecute, reduce to judgment, settle and collect all claims of the Fund (the
"Claims"). To the extent the Fund cannot resolve any Claim prior to expiration
of the Liquidation Period, then not later than the last day of such period the
Fund shall contribute all such unresolved Claims to the Liquidating Trust along
with such amounts of cash and other assets as the Fund shall determine might
reasonably be required to resolve such unresolved claims.

  4. TRANSACTIONS. Within the Liquidation Period, the Fund shall have the
authority to engage in such other transactions as may be appropriate to its
complete liquidation and dissolution, including without limitation, the
authority to mortgage, pledge, sell, lease, exchange or otherwise dispose of all
or any part of its other assets for cash and/or shares, bonds, or other
securities or property upon such terms and conditions as the Fund shall
determine, with no further approvals by the shareholders except as required by
law.

  5. PROVISIONS FOR LIABILITIES. Within the Liquidation Period, the Fund shall
pay or discharge or otherwise provide for the payment or discharge of, any
liabilities and obligations, including, without limitation, contingent or
unascertained liabilities and obligations determined or otherwise reasonably
estimated to be due either by the Fund or a court of competent jurisdiction (the
"Liabilities"). The foregoing may be accomplished by use of one or more trusts
(including a liquidating trust), escrows, reserve funds, plans or other
arrangements as determined by the Fund or required by law (collectively, the
"Reserve Funds"), and the shareholders by adoption of this Plan do constitute
and appoint any agent or trustee under the arrangements provided by the Fund
pursuant to this Section 5 as the agent or trustee for the limited purposes
provided in the agreement in which such purposes are set forth.

  6. DISTRIBUTIONS TO SHAREHOLDERS. Promptly after the Effective Date and from
time to time thereafter, the Fund, when and as declared by the Board, shall
distribute to shareholders of record as of the Effective Date, cash or other
assets (other than cash or other assets held in the Reserve Funds) and all other
properties held by it, by way of pro rata liquidating distributions to such
shareholders of the Fund. Cash and other assets held in the Reserve Funds
(including any income earned thereon) or the Liquidating Trust in excess of the
amounts required for the payment or discharge of the Fund's liabilities and
obligations shall be distributed to the shareholders at the time and under the
conditions set forth in the instruments establishing the Reserve Funds and the
Liquidating Trust.

  7. LIQUIDATING TRUST. If necessary, the Fund, as promptly as practicable, but
in any event within the Liquidation Period, shall (i) create and execute with
one or more trustees ("Liquidation Trustees") selected by the Board, a
liquidating trust agreement (the "Liquidating Trust Agreement"), (ii) grant,
assign, and convey to the Trustees of the Liquidating Trust all rights of
ownership of the Reserve Funds and any other assets not yet distributed to
shareholders, subject to all of the Liabilities and (iii) distribute interests
in the Liquidating Trust to its shareholders

                                       A-2
<PAGE>   20

(the transactions contemplated by this Section 7, together with any initial
distributions to shareholders, shall be referred as the "Liquidation").

        (a) No distributions of any of the assets held by the Liquidation
    Trustees of the Liquidating Trust shall be made by the Liquidation Trustees
    other than as provided by the express terms and provisions of the
    Liquidating Trust Agreement, and no assets held by the Liquidation Trustees
    shall ever revert or be distributed to the Fund or to any shareholder, as
    such, other than a former shareholder entitled thereto as provided in the
    Liquidating Trust Agreement. Assets held in the Liquidating Trust shall be
    distributed to the beneficiaries of the Liquidating Trust at the time and
    under the conditions set forth in the express terms and provisions of the
    Liquidating Trust Agreement.

        (b) It is intended that the assignment of the assets to the Liquidation
    Trustees of the Liquidating Trust shall, subject to the terms and provisions
    of the Liquidating Trust Agreement, constitute a final liquidating
    distribution by the Fund to its shareholders of their pro rata interests in
    such assets, and the Fund's shareholders shall be the owners of the
    Liquidating Trust within the meaning of Sections 671 through 679 of the
    Internal Revenue Code of 1986, as amended (the "Code").

  8. RECORD OF DISSOLUTION. Immediately after the distribution of the Fund's
assets and the payment of the Fund's debts, the Fund shall terminate and the
Certificate of Designation pursuant to which the Fund was established shall be
rescinded and of no further force or effect. As soon as practicable after the
Effective Date of the liquidation and after the payment of all of the Fund's
debts, the Secretary of the Fund shall lodge among the records of the Fund this
Plan evidencing the fact of such liquidation and the termination of the Fund.

  9. AMENDMENT OR ABANDONMENT OF PLAN. The Fund may modify or amend this Plan at
any time without shareholder approval if it determines that such action would be
advisable and in the best interests of the Fund and its shareholders. If any
amendment or modification appears necessary and in the judgment of the Fund will
materially and adversely affect the interests of the shareholders or delay the
time at which distributions of the Fund's net assets will be made, such an
amendment or modification will be submitted to the shareholders for approval. In
addition, the Fund may abandon this Plan at any time prior to the filing of the
Plan among the records of the Fund if it determines that abandonment would be
advisable and in the best interests of the Fund and its shareholders and if
shares approve such abandonment in the same manner as they approved the adoption
of this Plan.

                                       A-3
<PAGE>   21

                                                                         ANNEX B

                                    FORM OF
                      PLAN OF LIQUIDATION AND DISSOLUTION
                                       OF
                     VAN KAMPEN GLOBAL MANAGED ASSETS FUND

  This PLAN OF LIQUIDATION AND DISSOLUTION (the "Plan") of VAN KAMPEN GLOBAL
MANAGED ASSETS FUND (the "Fund"), a Delaware business trust, and the actions
contemplated by it have been approved by the Board of Trustees of the Fund (the
"Board" or the "Trustees") on behalf of the Fund as being advisable and in the
best interests of the Fund and the Fund's shareholders.

  WHEREAS, the Board has directed submitting the proposal to liquidate and
dissolve the Fund to the shareholders of the Fund at a meeting of shareholders
and has authorized distribution of a proxy statement in connection with the
solicitation of proxies for such purpose; and

  WHEREAS, for good and sufficient business reasons the Trustees of the Fund
desire to liquidate the Fund and distribute the Fund's assets to the
shareholders of the Fund.

  NOW, THEREFORE, the Trustees hereby adopt this Plan for the purpose of
liquidating the Fund in accordance with the following:

  1. ADOPTION OF THE PLAN. This Plan shall be submitted to the shareholders of
the Fund and is subject to the affirmative vote of "a majority of the
outstanding voting securities" of the Fund as defined by the Investment Company
Act of 1940, as amended (the "1940 Act"). Such approval of the Plan shall
constitute approval by the shareholders of the sale of substantially all of the
assets of the Fund and approval of other actions as contemplated by the Plan.
The effective date of the Plan shall be the date on which it is approved by
shareholders (the "Effective Date") and the period between the Effective Date of
the Plan and continuing until one year after the Effective Date is referred to
herein as the "Liquidation Period".

  2. DISPOSITION OF ASSETS. Commencing the Effective Date of the Plan, the
Fund's investment adviser shall use all commercially reasonable efforts to sell
all of the Fund's portfolio assets for cash and shall hold or reinvest the
proceeds thereof in cash and such short-term securities as the Fund may lawfully
hold or invest in. To the extent the Fund cannot dispose of any such asset or
assets prior to expiration of the Liquidation Period, the Fund shall contribute
such asset or assets to the Liquidating Trust referred to in Section 7 below.

  3. DISPOSITION OF CLAIMS. Commencing the Effective Date of the Plan, the
Fund's investment adviser shall use all commercially reasonable efforts to
assert, prosecute, reduce to judgment, settle and collect all claims of the Fund
(the

                                       B-1
<PAGE>   22

"Claims"). To the extent the Fund cannot resolve any Claim prior to expiration
of the Liquidation Period, then not later than the last day of such period the
Fund shall contribute all such unresolved Claims to the Liquidating Trust along
with such amounts of cash and other assets as the Fund shall determine might
reasonably be required to resolve such unresolved claims.

  4. TRANSACTIONS. Within the Liquidation Period, the Fund shall have the
authority to engage in such other transactions as may be appropriate to its
complete liquidation and dissolution, including without limitation, the
authority to mortgage, pledge, sell, lease, exchange or otherwise dispose of all
or any part of its other assets for cash and/or shares, bonds, or other
securities or property upon such terms and conditions as the Fund shall
determine, with no further approvals by the shareholders except as required by
law.

  5. PROVISIONS FOR LIABILITIES. Within the Liquidation Period, the Fund shall
pay or discharge or otherwise provide for the payment or discharge of, any
liabilities and obligations, including, without limitation, contingent or
unascertained liabilities and obligations determined or otherwise reasonably
estimated to be due either by the Fund or a court of competent jurisdiction (the
"Liabilities"). The foregoing may be accomplished by use of one or more trusts
(including a liquidating trust), escrows, reserve funds, plans or other
arrangements as determined by the Fund or required by law (collectively, the
"Reserve Funds"), and the shareholders by adoption of this Plan do constitute
and appoint any agent or trustee under the arrangements provided by the Fund
pursuant to this Section 5 as the agent or trustee for the limited purposes
provided in the agreement in which such purposes are set forth.

  6. DISTRIBUTIONS TO SHAREHOLDERS. Promptly after the Effective Date and from
time to time thereafter, the Fund, when and as declared by the Board, shall
distribute to shareholders of record as of the Effective Date, cash or other
assets (other than cash or other assets held in the Reserve Funds) and all other
properties held by it, by way of pro rata liquidating distributions to such
shareholders of the Fund. Cash and other assets held in the Reserve Funds
(including any income earned thereon) or the Liquidating Trust in excess of the
amounts required for the payment or discharge of the Fund's liabilities and
obligations shall be distributed to the shareholders at the time and under the
conditions set forth in the instruments establishing the Reserve Funds and the
Liquidating Trust.

  7. LIQUIDATING TRUST. If necessary, the Fund, as promptly as practicable, but
in any event within the Liquidation Period, shall (i) create and execute with
one or more trustees ("Liquidation Trustees") selected by the Board, a
liquidating trust agreement (the "Liquidating Trust Agreement"), (ii) grant,
assign, and convey to the Trustees of the Liquidating Trust all rights of
ownership of the Reserve Funds and any other assets not yet distributed to
shareholders, subject to all of the Liabilities and (iii) distribute interests
in the Liquidating Trust to its shareholders

                                       B-2
<PAGE>   23

(the transactions contemplated by this Section 7, together with any initial
distributions to shareholders, shall be referred as the "Liquidation").

        (a) No distributions of any of the assets held by the Liquidation
    Trustees of the Liquidating Trust shall be made by the Liquidation Trustees
    other than as provided by the express terms and provisions of the
    Liquidating Trust Agreement, and no assets held by the Liquidation Trustees
    shall ever revert or be distributed to the Fund or to any shareholder, as
    such, other than a former shareholder entitled thereto as provided in the
    Liquidating Trust Agreement. Assets held in the Liquidating Trust shall be
    distributed to the beneficiaries of the Liquidating Trust at the time and
    under the conditions set forth in the express terms and provisions of the
    Liquidating Trust Agreement.

        (b) It is intended that the assignment of the assets to the Liquidation
    Trustees of the Liquidating Trust shall, subject to the terms and provisions
    of the Liquidating Trust Agreement, constitute a final liquidating
    distribution by the Fund to its shareholders of their pro rata interests in
    such assets, and the Fund's shareholders shall be the owners of the
    Liquidating Trust within the meaning of Sections 671 through 679 of the
    Internal Revenue Code of 1986, as amended (the "Code").

  8. RECORD OF DISSOLUTION. Immediately after the distribution of the Fund's
assets and the payment of the Fund's debts, the Fund shall terminate. As soon as
practicable after the Effective Date of the liquidation and after the payment of
all of the Fund's debts, the Secretary of the Fund shall lodge among the records
of the Fund this Plan evidencing the fact of such liquidation and the
termination of the Fund.

  9. AMENDMENT OR ABANDONMENT OF PLAN. The Fund may modify or amend this Plan at
any time without shareholder approval if it determines that such action would be
advisable and in the best interests of the Fund and its shareholders. If any
amendment or modification appears necessary and in the judgment of the Fund will
materially and adversely affect the interests of the shareholders or delay the
time at which distributions of the Fund's net assets will be made, such an
amendment or modification will be submitted to the shareholders for approval. In
addition, the Fund may abandon this Plan at any time prior to the filing of the
Plan among the records of the Fund if it determines that abandonment would be
advisable and in the best interests of the Fund and its shareholders and if
shares approve such abandonment in the same manner as they approved the adoption
of this Plan.

                                       B-3
<PAGE>   24

                                                                         ANNEX C

                                    FORM OF
                      PLAN OF LIQUIDATION AND DISSOLUTION
                                       OF
                      VAN KAMPEN GLOBAL FIXED INCOME FUND

  This PLAN OF LIQUIDATION AND DISSOLUTION (the "Plan") of VAN KAMPEN GLOBAL
FIXED INCOME FUND (the "Fund"), a series of VAN KAMPEN SERIES FUND, INC., a
Maryland corporation (the "Company"), and the actions contemplated by it have
been approved by the Board of Directors of the Company (the "Board" or the
"Directors") on behalf of the Fund as being advisable and in the best interests
of the Fund and the Fund's shareholders.

  WHEREAS, the Board has directed submitting the proposal to liquidate and
dissolve the Fund to the shareholders of the Fund at a meeting of shareholders
and has authorized distribution of a proxy statement in connection with the
solicitation of proxies for such purpose; and

  WHEREAS, for good and sufficient business reasons the Directors of the Fund
desire to liquidate the Fund and distribute the Fund's assets to the
shareholders of the Fund.

  NOW, THEREFORE, the Directors hereby adopt this Plan for the purpose of
liquidating the Fund in accordance with the following:

  1. ADOPTION OF THE PLAN. This Plan shall be submitted to the shareholders of
the Fund and is subject to the affirmative vote of a majority of the outstanding
shares of the Fund entitled to vote. Such approval of the Plan shall constitute
approval by the shareholders of the sale of substantially all of the assets of
the Fund and approval of other actions as contemplated by the Plan. The
effective date of the Plan shall be the date on which it is approved by
shareholders (the "Effective Date") and the period between the Effective Date of
the Plan and continuing until one year after the Effective Date is referred to
herein as the "Liquidation Period".

  2. DISPOSITION OF ASSETS. Commencing the Effective Date of the Plan, the
Fund's investment adviser shall use all commercially reasonable efforts to sell
all of the Fund's portfolio assets for cash and shall hold or reinvest the
proceeds thereof in cash and such short-term securities as the Fund may lawfully
hold or invest in. To the extent the Fund cannot dispose of any such asset or
assets prior to expiration of the Liquidation Period, the Fund shall contribute
such asset or assets to the Liquidating Trust referred to in Section 7 below.

  3. DISPOSITION OF CLAIMS. Commencing the Effective Date of the Plan, the
Fund's investment adviser shall use all commercially reasonable efforts to
assert, prosecute, reduce to judgment, settle and collect all claims of the Fund
(the

                                       C-1
<PAGE>   25

"Claims"). To the extent the Fund cannot resolve any Claim prior to expiration
of the Liquidation Period, then not later than the last day of such period the
Fund shall contribute all such unresolved Claims to the Liquidating Trust along
with such amounts of cash and other assets as the Fund shall determine might
reasonably be required to resolve such unresolved claims.

  4. TRANSACTIONS. Within the Liquidation Period, the Fund shall have the
authority to engage in such other transactions as may be appropriate to its
complete liquidation and dissolution, including without limitation, the
authority to mortgage, pledge, sell, lease, exchange or otherwise dispose of all
or any part of its other assets for cash and/or shares, bonds, or other
securities or property upon such terms and conditions as the Fund shall
determine, with no further approvals by the shareholders except as required by
law.

  5. PROVISIONS FOR LIABILITIES. Within the Liquidation Period, the Fund shall
pay or discharge or otherwise provide for the payment or discharge of, any
liabilities and obligations, including, without limitation, contingent or
unascertained liabilities and obligations determined or otherwise reasonably
estimated to be due either by the Fund or a court of competent jurisdiction (the
"Liabilities"). The foregoing may be accomplished by use of one or more trusts
(including a liquidating trust), escrows, reserve funds, plans or other
arrangements as determined by the Fund or required by law (collectively, the
"Reserve Funds"), and the shareholders by adoption of this Plan do constitute
and appoint any agent or trustee under the arrangements provided by the Fund
pursuant to this Section 5 as the agent or trustee for the limited purposes
provided in the agreement in which such purposes are set forth.

  6. DISTRIBUTIONS TO SHAREHOLDERS. Promptly after the Effective Date and from
time to time thereafter, the Fund, when and as declared by the Board, shall
distribute to shareholders of record as of the Effective Date, cash or other
assets (other than cash or other assets held in the Reserve Funds) and all other
properties held by it, by way of pro rata liquidating distributions to such
shareholders of the Fund. Cash and other assets held in the Reserve Funds
(including any income earned thereon) or the Liquidating Trust in excess of the
amounts required for the payment or discharge of the Fund's liabilities and
obligations shall be distributed to the shareholders at the time and under the
conditions set forth in the instruments establishing the Reserve Funds and the
Liquidating Trust.

  7. LIQUIDATING TRUST. If necessary, the Fund, as promptly as practicable, but
in any event within the Liquidation Period, shall (i) create and execute with
one or more trustees ("Liquidation Trustees") selected by the Board, a
liquidating trust agreement (the "Liquidating Trust Agreement"), (ii) grant,
assign, and convey to the Trustees of the Liquidating Trust all rights of
ownership of the Reserve Funds and any other assets not yet distributed to
shareholders, subject to all of the Liabilities and (iii) distribute interests
in the Liquidating Trust to its shareholders

                                       C-2
<PAGE>   26

(the transactions contemplated by this Section 7, together with any initial
distributions to shareholders, shall be referred as the "Liquidation").

        (a) No distributions of any of the assets held by the Liquidation
    Trustees of the Liquidating Trust shall be made by the Liquidation Trustees
    other than as provided by the express terms and provisions of the
    Liquidating Trust Agreement, and no assets held by the Liquidation Trustees
    shall ever revert or be distributed to the Fund or to any shareholder, as
    such, other than a former shareholder entitled thereto as provided in the
    Liquidating Trust Agreement. Assets held in the Liquidating Trust shall be
    distributed to the beneficiaries of the Liquidating Trust at the time and
    under the conditions set forth in the express terms and provisions of the
    Liquidating Trust Agreement.

        (b) It is intended that the assignment of the assets to the Liquidation
    Trustees of the Liquidating Trust shall, subject to the terms and provisions
    of the Liquidating Trust Agreement, constitute a final liquidating
    distribution by the Fund to its shareholders of their pro rata interests in
    such assets, and the Fund's shareholders shall be the owners of the
    Liquidating Trust within the meaning of Sections 671 through 679 of the
    Internal Revenue Code of 1986, as amended (the "Code").

  8. RECORD OF DISSOLUTION. Immediately after the distribution of the Fund's
assets and the payment of the Fund's debts, the Fund shall terminate. As soon as
practicable after the Effective Date of the liquidation and after the payment of
all of the Fund's debts, the Secretary of the Fund shall lodge among the records
of the Fund this Plan evidencing the fact of such liquidation and the
termination of the Fund.

  9. AMENDMENT OR ABANDONMENT OF PLAN. The Fund may modify or amend this Plan at
any time without shareholder approval if it determines that such action would be
advisable and in the best interests of the Fund and its shareholders. If any
amendment or modification appears necessary and in the judgment of the Fund will
materially and adversely affect the interests of the shareholders or delay the
time at which distributions of the Fund's net assets will be made, such an
amendment or modification will be submitted to the shareholders for approval. In
addition, the Fund may abandon this Plan at any time prior to the filing of the
Plan among the records of the Fund if it determines that abandonment would be
advisable and in the best interests of the Fund and its shareholders and if
shares approve such abandonment in the same manner as they approved the adoption
of this Plan.

                                       C-3
<PAGE>   27

                            [VAN KAMPEN FUNDS LOGO]

                                  ------------
                                     GLOBAL

                                  ------------
<PAGE>   28

                                         PROXY
                     VAN KAMPEN GLOBAL GOVERNMENT SECURITIES FUND

                            SPECIAL MEETING OF SHAREHOLDERS

                  PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

           The undersigned holder of Shares of VAN KAMPEN GLOBAL GOVERNMENT
           SECURITIES FUND (the "Fund") hereby appoints
           A. Thomas Smith III and Sara L. Badler, 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 May 19, 2000 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" THE
           PROPOSAL 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 MAY 19, 2000.

                                          PLEASE DATE AND SIGN THIS CARD ON
                                          THE REVERSE SIDE. YOUR PROXY CARD
                                          IS NOT VALID UNLESS IT IS SIGNED.
<PAGE>   29

<TABLE>
                 <S>  <C>                                                           <C>   <C>        <C>
                 1.   The proposal to liquidate and dissolve the Fund pursuant to   FOR    AGAINST   ABSTAIN
                      a Plan of Liquidation and Dissolution.                        [ ]      [ ]       [ ]
                 2.   To transact such other business as may properly come before
                      the Meeting.
</TABLE>

                                                Date                 , 2000

                                                  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>   30

                                         PROXY
                         VAN KAMPEN GLOBAL MANAGED ASSETS FUND

                            SPECIAL MEETING OF SHAREHOLDERS

                  PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES

           The undersigned holder of Shares of VAN KAMPEN GLOBAL MANAGED
           ASSETS FUND (the "Fund") hereby appoints A. Thomas Smith III and
           Sara L. Badler, 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 May 19, 2000 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" THE
           PROPOSAL 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 MAY 19, 2000.

                                          PLEASE DATE AND SIGN THIS CARD ON
                                          THE REVERSE SIDE. YOUR PROXY CARD
                                          IS NOT VALID UNLESS IT IS SIGNED.
<PAGE>   31

<TABLE>
                 <S>  <C>                                                           <C>   <C>        <C>
                 1.   The proposal to liquidate and dissolve the Fund pursuant to   FOR    AGAINST   ABSTAIN
                      a Plan of Liquidation and Dissolution.                        [ ]      [ ]       [ ]
                 2.   To transact such other business as may properly come before
                      the Meeting.
</TABLE>

                                                Date                 , 2000

                                                  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>   32

                                         PROXY
                          VAN KAMPEN GLOBAL FIXED INCOME FUND
                            SPECIAL MEETING OF SHAREHOLDERS
                  PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
           The undersigned holder of Shares of VAN KAMPEN GLOBAL FIXED
           INCOME FUND (the "Fund") hereby appoints A. Thomas Smith III and
           Sara L. Badler, 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 May 19, 2000 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" THE
           PROPOSAL 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 MAY 19, 2000.

                                          PLEASE DATE AND SIGN THIS CARD ON
                                          THE REVERSE SIDE. YOUR PROXY CARD
                                          IS NOT VALID UNLESS IT IS SIGNED.
<PAGE>   33
<TABLE>
                 <S>  <C>                                                           <C>   <C>        <C>
                 1.   The proposal to liquidate and dissolve the Fund pursuant to   FOR    AGAINST   ABSTAIN
                      a Plan of Liquidation and Dissolution.                        [ ]      [ ]       [ ]
                 2.   To transact such other business as may properly come before
                      the Meeting.
</TABLE>

                                                Date                  , 2000

                                                  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>   34

                      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).


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