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Asset Allocation Conservative (VACAX)

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Objective

Seeks a high level of long-term total return, consistent with a low level of risk.

Portfolio

Invests primarily in domestic and foreign equity and fixed-income asset classes by investing in a distinctly weighted combination of Van Kampen mutual funds (the "underlying funds"). These underlying funds, in turn, invest in a variety of U.S. and foreign equity, fixed-income and money market securities.

The fund starts with a target allocation weighting of 40% equity and 60% fixed income.*

Investment process and framework

This strategy is built around two primary objectives: alpha generation above the benchmark and low levels of correlation between asset classes. The team follows a six-step process:

1 Analyze historical rates of return for each asset class.

2 Incorporate global macro overlay.

3 Establish long-term expected returns.

4 Aim to optimize portfolio for total return, volatility and diversification.

5 Determine asset class recommendations.

6 Select underlying funds.

* The allocations to the underlying funds will be monitored regularly, and the portfolio managers will make adjustments as market conditions warrant, in their discretion, and also will rebalance the fund?s investments whenever the broad asset class allocations exceed plus or minus 10% of the pre-determined target allocation.

Investment Style²

Team members may change without notice from time to time.

Daily Price

as of 11/20/2009

NAV ($)	Change($)	Change(%)
9.49	-0.01	-0.11

Fund Facts

Symbol

VACAX

CUSIP

92113A645

Fund Number

107

Inception Date

09/25/2006

Fiscal Year End

03/31/2009

Prospectus Date

07/31/2008

Minimum Investment

$1,000.00

Breakpoint Detail

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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

1.59 %

Net Expense Ratio ^1,3

1.18 %

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	19
Price/Earnings	—
Total Assets (mil) (as of 11/20/2009)	$90.10
Weighted Med Mkt Cap ($MM)	—
Turnover Ratio	—
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 10/31/2009

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		% of Total Net Assets
1	Van Kampen Corporate Bond Fund	22.22
2	Van Kampen Government Securities Fund	16.13
3	Van Kampen Limited Duration Fund	8.07
4	Van Kampen International Growth Fund	7.69
5	Van Kampen US Mortgage Fund	5.05
6	Van Kampen Capital Growth Fund	4.74
7	Van Kampen Comstock Fund	3.84
8	Van Kampen Growth and Income Fund	3.80
9	Proshares Short S&P500	3.18
10	Van Kampen High Yield Fund	3.02
	Total:	77.74

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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. Allocation risk: The fund's ability to achieve its investment objective depends upon the investment adviser's analysis of macroeconomic trends and asset class valuations and its ability to select the appropriate mix of underlying funds. There is risk that the investment adviser's evaluations and assumptions regarding macroeconomic trends, asset class valuations and selected underlying funds may be incorrect in view of actual market conditions. Risks of investing in the underlying funds: Each of the underlying funds in which the fund invests has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. In addition, there is no guarantee that the underlying funds will achieve their respective investment objectives. The underlying funds are subject to certain additional risks, including: Equity Funds: market risk, style-specific risk, sector risk, capitalization risk, income risk. Fixed Income Funds: market risk, credit risk, income risk, call/prepayment risk, extension risk.Equity and Fixed Income Funds: foreign risks, risks of using derivative instruments, nondiversification risk and manager risk. The cost of this type of investment may be higher than a mutual fund that invests in stocks and bonds only. Please see the fund's prospectus for additional information.

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.

Asset Allocation Conservative (VACAX)

Objective

Portfolio

Investment Style²

Daily Price

Morningstar Rating^TM

Fund Facts

Fund Characteristics

Top Holdings

Risk Considerations

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