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American Franchise (VAFAX)

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Objective

Seeks long-term capital appreciation.

Portfolio

Invests primarily in equity securities of U.S. issuers that have resilient business franchises and growth potential.

Investment Style²

Team members may change without notice from time to time.

Daily Price

as of 03/11/2010

NAV ($)	Change($)	Change(%)
10.43	0.05	0.48

Morningstar Rating^TM

as of 1/31/2010

Overall

Morningstar ^TM rated this fund (Class A) 4 stars for the overall, 4 stars for the 3-year, N/A stars for the 5-year, and N/A stars for the 10-year periods, among 1772, 1772, N/A, and N/A Large Blend funds, respectively, based on risk-adjusted return. The Overall Morningstar Rating^TM for this fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year, if applicable, Morningstar Rating^TM metrics.

Past performance is no guarantee of future results.

Additional performance information

Fund Facts

Symbol

VAFAX

CUSIP

92114U855

Fund Number

146

Inception Date

06/23/2005

Fiscal Year End

08/31/2010

Prospectus Date

12/28/2007

Minimum Investment

$1,000.00

Breakpoint Detail

View

X
Breakpoint Detail
Amount Of Purchase	Sales Charge	Dealer Reallowance
Less than $50,000	5.75 %	5.00 %
$50,000 but less than $100,000	4.75 %	4.00 %
$100,000 but less than $250,000	3.75 %	3.00 %
$250,000 but less than $500,000	2.75 %	2.25 %
$500,000 but less than $1,000,000	2.00 %	1.75 %
$1,000,000 and over	0.00 %	—

Trail	0.25 %

Gross Expense Ratio¹

1.41 %

Net Expense Ratio ^1,3

1.35 %

Max. Sales Charge/CDSC

5.75%

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Average annual total returns assume reinvestment of all dividends and capital gains.Additional performance information

Fund Characteristics

Beta	—
Number of Securities	41
Price/Earnings (as of 12/31/2009)	18.74
Total Assets (mil) (as of 03/11/2010)	$200.52
Weighted Med Mkt Cap ($MM) (as of 12/31/2009)	$33,215.00
Turnover Ratio (as of 08/31/2009)	105.00
Beta is provided by Lipper Inc. Beta is a measure of a fund's sensitivity to market movements. By definition, the beta of the stock market is 1.00. Therefore, a fund with a beta of 1.10 is expected to perform 10 percent better than the market in "up" markets and 10 percent worse in "down" markets. Weighted median market capitilazation is one measure of the average capitilization size of the companies in which the fund invests.

Top Holdings

as of 02/28/2010

View All Holdings »

		% of Total Net Assets
1	Apple, Inc.	6.00
2	Mastercard, Inc.	5.07
3	Berkshire Hathaway, Inc.	4.71
4	Amazon.Com, Inc.	4.28
5	Starbucks Corp.	4.06
6	Cisco Systems, Inc.	3.97
7	Mead Johnson Nutrition Co.	3.85
8	American Express Co.	3.78
9	Alcon, Inc.	3.37
10	Ebay, Inc.	3.16
	Total:	42.25

Download all holdings results to Microsoft Excel

Top Industries

as of 12/31/2009

		% of Total Net Assets
1	Restaurants	6.49
2	Internet Software & Services	6.48
3	Computer Hardware	5.81
4	Health Care Supplies	5.53
5	Data Processing & Outsourced Services	5.44
6	Consumer Finance	5.38
7	Soft Drinks	4.90
8	Tobacco	4.65
9	Internet Retail	4.57
10	Communications Equipment	3.67
	Total:	52.92

Risk Considerations

There is no assurance that a mutual fund will achieve its investment objective. Funds are subject to market risk, which is the possibility that the market values of securities owned by the fund will decline and that the value of fund shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this fund. Please be aware that this fund may be subject to certain additional risks. Nondiversification. Because this fund expects to hold a concentrated portfolio of a limited number of securities, a decline in the value of these investments would cause the fund's overall value to decline to a greater degree than that of a less concentrated portfolio.

1	Expense ratios are as of each fund's fiscal year end as outlined in the fund's current prospectus.
2	Source: Morningstar, Inc., Chicago, IL 312-696-6000. The Morningstar Equity Style Box^TM is based on 03/31/2009 data. The Morningstar Style Box^TM reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long).
3	The net expense ratio is lower than the gross expense ratio because certain fees have been voluntarily waived; this waiver may be terminated at any time. Absent such waivers/reimbursements the fund's returns would have been lower.
	Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown above. Van Kampen is a wholly owned subsidiary of a global securities firm that is engaged in a wide range of financial services including, for example, securities trading and brokerage activities, investment banking, research and analysis, financing and financial advisory services.
4	For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating^TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar Rating^TM is for the share class shown only; other classes may have different performance characteristics. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of this information.
	Average annual total return with sales charges includes payment of Rule 12b-1 fees of up to 0.25% for Class A shares and 1.00% for Class B and C shares. Class B contingent deferred sales charge declines to zero after year five and Class C declines to zero after year one. Performance figures for Class I shares are offered without any sales charges on purchases or sales and without any Rule 12b-1 fees. Class I Shares are available for purchase exclusively by (i) tax-exempt retirement plans with assets of at least one million dollars (including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined benefit plans and non-qualified deferred compensation plans), (ii) fee-based investment programs with assets of at least one million dollars, (iii) qualified state tuition plan (529 plan) accounts, (iv) institutional clients with assets of at least one million dollars and (v) certain Van Kampen investment companies. Figures shown above assume reinvestment of all dividends and capital gains. Performance data for the classes vary based on differences in their fee and expense structures.

American Franchise (VAFAX)

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Portfolio

Investment Style²

Daily Price

Morningstar Rating^TM

Fund Facts

Fund Characteristics

Top Holdings

Top Industries

Risk Considerations

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American Franchise (VAFAX) Class A Class B Class C Class I

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Risk Considerations

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American Franchise (VAFAX)

Investment Style²

Morningstar Rating^TM