Tools:

Capital Growth

Strategy

Seeks capital growth.

Investment Philosophy

The team believes that value added investment results can be achieved more consistently through bottom up analysis and judgment than through top down forecasting. The team believes that strong stock selection is primarily a function of making long-term investments in companies with sustainable competitive advantages and the ability to redeploy capital at high rates of return. In addition, the team believes that the development of insights and big ideas is valuable to the investment process, whereas obsession over incremental "information" flow is not. Finally, the team believes that guiding principles are critical to strong decision making, but that rigid decision making rules and dogma tend to undermine an investor's effectiveness. Given that the market is generally efficient, the team believes that investors must allow for some intellectual and process flexibility in the pursuit of attractive investments.

Investment Style1

Investment Style
Team members may change without notice from time to time.
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. Returns shown are that of the strategy's composite account, are quoted in U.S. dollars, and include the reinvestment of dividends and income. Net returns for the composite are reduced by an assumed 3% annual wrap fee applied monthly. Gross returns for the composites does not take into account fees, which would reduce returns. Periods less than 1-year are not annualized. Individual results will vary. For additional information on the strategy's composite, please refer to the strategy's quarterly update.

Risk Considerations

There is no assurance that a separately managed account will achieve its investment objective. In addition, there is no guarantee that this investment strategy will work under all market conditions and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Separately managed accounts are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in a separately managed portfolio. Please be aware that this strategy may be subject to certain additional risks. Equity. In general equity securities' values also fluctuate in response to activities specific to a company. Foreign and emerging markets. Investments in foreign markets entail special risks such as currency, political, economic, and market risks. The risks of investing in emerging-market countries are greater than the risks generally associated with foreign investments.

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As of 03/31/2009. The Morningstar Style Box reveals a separate account's investment strategy. For equity separate accounts the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income separate accounts the vertical axis shows the average credit quality of the long bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate or long).

Separate accounts managed according to the Strategy include a number of securities and will not necessarily track the performance of any index. Each portfolio may differ due to specific restrictions and guidelines. A separately managed account may not be suitable for all investors. A minimum asset level is required.

Please consider the investment objectives, risks, charges and expenses of the program carefully before investing. The Van Kampen Advisors Inc. Disclosure Document contains this and other important information about Van Kampen Separately Managed Accounts. The Disclosure Document is available upon request from your Financial Advisor. Please read the Disclosure Document carefully before investing.

This material does not constitute an offer to buy or sell any financial instrument or participate in any trading strategy. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for all investors' specific circumstances. Please refer to the Form ADV Part II for important information about the investment manager. Your Financial Advisor can provide this document.

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