497K 1 c55472spe497k.htm 497K e497k
     

(VAN KAMPEN INVESTMENTS LOGO)
 
  SUMMARY PROSPECTUS ï APRIL 30, 2010
 
Van Kampen
Comstock Fund
     
 
Class / Ticker  A ACSTX  B ACSWX  C ACSYX  I ACSDX  R ACSRX
 
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund online at www.vankampen.com/comstock. You can also get this information at no cost by calling 800-847-2424 or by sending an e-mail request to prospectus.vk@vankampen.com. The Fund’s prospectus and Statement of Additional Information (“SAI”), both dated April 30, 2010, the Fund’s audited financial statements for the fiscal year ended December 31, 2009, including the notes thereto, and the report of Ernst & Young LLP, included in the Fund’s annual report dated December 31, 2009, are all incorporated by reference into this Summary Prospectus. The Fund’s SAI and annual report may be obtained, free of charge, in the same manner as the Fund’s prospectus.
 
Investment Objective
The Fund’s investment objective is to seek capital growth and income through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks.
 
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Van Kampen funds. More information about these and other discounts is available from your financial professional and in the “Purchase of Shares” section beginning on page 12 of the Fund’s prospectus.
 
                           
 
          Class A
  Class B
  Class C
  Class I
  Class R
          Shares   Shares   Shares   Shares   Shares
 
    Shareholder Fees (fees paid directly from your investment)
 
   
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
    5.75%   None   None   None   None
   
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds)
    None   5.00%1   1.00%2   None   None
   
Maximum sales charge (load) imposed on reinvested dividends (as a percentage of net assets)
    None   None   None   None   None
   
Account Maintenance (Low Balance) Fee (for accounts generally under $750)
    $12/yr   $12/yr   $12/yr   $12/yr   None
 
    Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
 
   
Management fees
    0.39%   0.39%   0.39%   0.39%   0.39%
   
Distribution and/or service (12b-1) fees
    0.25%   1.00%   1.00%   None   0.50%
   
Other expenses
    0.25%   0.25%   0.25%   0.25%   0.25%
   
Total annual fund operating expenses
    0.89%   1.64%   1.64%   0.64%   1.14%
 
 
The maximum deferred sales charge is 5.00% in the first year after purchase, 4.00% in the second year, 3.00% in the third year; 2.50% in the fourth year, 1.50% during the fifth year after purchase and zero thereafter. See “Purchase of Shares — Class B Shares” in the Fund’s prospectus.
The maximum deferred sales charge is 1.00% in the first year after purchase and zero thereafter. See “Purchase of Shares — Class C Shares” in the Fund’s prospectus.
 
Example:
The following example is intended to help you compare the cost of investing in the Fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same each year (except for the ten-year amounts for Class B Shares which reflect the conversion of Class B Shares to Class A Shares eight years after the end of the calendar month in which the shares were purchased). Although your actual
 


 

 
costs may be higher or lower, based on these assumptions your costs would be:
 
                                       
 
          One
  Three
  Five
  Ten
          Year   Years   Years   Years
    Class A Shares     $ 661     $ 843     $ 1,040     $ 1,608  
    Class B Shares     $ 667     $ 817     $ 1,042     $ 1,743  
    Class C Shares     $ 267     $ 517     $ 892     $ 1,944  
    Class I Shares     $ 65     $ 205     $ 357     $ 798  
    Class R Shares     $ 116     $ 362     $ 628     $ 1,386  
 
     
    You would pay the following expenses if you did not redeem your shares:
                       
    Class A Shares     $ 661     $ 843     $ 1,040     $ 1,608  
    Class B Shares     $ 167     $ 517     $ 892     $ 1,743  
    Class C Shares     $ 167     $ 517     $ 892     $ 1,944  
    Class I Shares     $ 65     $ 205     $ 357     $ 798  
    Class R Shares     $ 116     $ 362     $ 628     $ 1,386  
 
 
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect Fund performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio.
 
Principal Investment Strategies
Under normal market conditions, the Fund’s investment adviser seeks to achieve the Fund’s investment objective by investing in a portfolio of equity securities, consisting principally of common stocks. The Fund emphasizes a value style of investing seeking well-established, undervalued companies believed by the Fund’s investment adviser to possess the potential for capital growth and income. Portfolio securities are typically sold when the assessments of the Fund’s investment adviser of the capital growth and income potential of such securities materially change. The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest up to 10% of its total assets in real estate investment trusts (“REITs”). The Fund may purchase and sell certain instruments known as “derivatives,” such as options, futures contracts and options on futures contracts (collectively, also referred to in the Fund’s prospectus as Strategic Transactions), for various portfolio management purposes and to mitigate risks.
 
Principal Investment Risks
An investment in the Fund is subject to risks, and you could lose money on your investment in the Fund. There can be no assurance that the Fund will achieve its investment objective. An investment in the Fund is not a deposit of any bank or other insured depository institution. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
 
•  Market risk. Market risk is the possibility that the market values of securities owned by the Fund will decline. Investments in equity securities generally are affected by changes in the stock markets which fluctuate substantially over time, sometimes suddenly and sharply. The ability of the Fund’s portfolio holdings to generate income depends on the earnings and the continuing declaration of dividends by the issuers of such securities.
 
•  Foreign risks. These risks of investing in securities of foreign issuers, including emerging market country issuers, can include fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in securities regulation and trading, and foreign taxation issues. Securities of emerging market country issuers may be subject to heightened levels of these risks.
 
•  Risks of investing in real estate investment trusts (“REITs”). Investing in REITs makes the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general and may involve the duplication of management fees and other expenses. In addition, REITs depend upon specialized management skills, may be less diversified than other pools of securities, may have lower trading volume, and may be subject to more abrupt or erratic price movements than the overall securities markets.
 
•  Risks of using derivative instruments. Risks of derivatives include imperfect correlation between the value of the instruments and the underlying assets; risks of default by the other party to certain transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the instruments may not be liquid.
 
Annual Performance
One way to measure the risks of investing in the Fund is to look at how its performance has varied from year to year. The following chart shows the annual returns of the Fund’s Class A Shares over the ten calendar years prior to the date of the Fund’s prospectus. Sales loads are not reflected in this chart. If these sales loads had been included, the returns shown below would have been lower. The actual annual returns of Class B Shares, Class C Shares, Class I Shares and Class R Shares would have similar variability from year to
 


 

 
year as shown for the Fund’s Class A Shares; however, the actual annual returns of such classes of shares will differ from that shown for Class A Shares. Remember that past performance of the Fund is not indicative of its future performance.
 
Annual Return
 
(BAR CHART)
 
The Fund’s return for the three-month period ended March 31, 2010 for Class A Shares was 6.39%. Updated performance information for the Fund is available on our web site at www.vankampen.com.
 
During the ten-year period shown in the bar chart, the highest quarterly return for Class A Shares was 19.42% (for the quarter ended September 30, 2009) and the lowest quarterly return for Class A Shares was −22.74% (for the quarter ended December 31, 2008).
 
Comparative Performance
As a basis for evaluating the Fund’s performance and risks, the table below shows how the Fund’s performance compares with two broad-based market indices that the Fund’s investment adviser believes are appropriate benchmarks for the Fund: the Russell 1000® Value Index and the Standard & Poor’s 500® (“S&P 500®”) Index. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000® Index is an index of approximately 1,000 of the largest U.S. companies based on a combination of market capitalization and current index membership. The S&P 500 Index measures the performance of the large cap segment of the U.S. equities market, covering approximately 75% of the U.S. equities market. The Index includes 500 leading companies in leading industries of the U.S. economy. The Fund’s performance figures include the maximum sales charges paid by investors. The indices’ performance figures do not include any commissions, sales charges or taxes that would be paid by investors purchasing the securities represented by the indices. An investment cannot be made directly in the indices.
 
In addition to before tax returns for each class of shares, the table shows after-tax returns for the Fund’s Class A Shares in two ways: (i) after taxes on distributions and (ii) after taxes on distributions and sale of Fund shares. The after-tax returns for the Fund’s Class B Shares, Class C Shares, Class I Shares and Class R Shares will vary from the Class A Shares’ returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the periods shown and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. Generally, after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. An after-tax return may be higher than the before-tax return due to an assumed benefit from any capital loss that would have been realized had Fund shares been sold at the end of the relevant period.
 
Average annual total returns (before and after taxes) are shown for the periods ended December 31, 2009 (the most recently completed calendar year prior to the date of the Fund’s prospectus). Remember that past performance (before and after taxes) of the Fund is not indicative of its future performance. The “Past 10 Years” performance for Class B Shares reflects the conversion of such shares into Class A Shares eight years after the end of the calendar month in which the shares were purchased. The “Since Inception” performance information shown below for Class I Shares and the corresponding performance information for the Russell 1000® Value Index and the S&P 500® Index are provided since October 29, 2004. The “Since Inception” performance information shown below for Class R Shares and the corresponding performance information for the Russell 1000® Value Index and the S&P 500® Index are provided since October 1, 2002.
 
                                   
 
                      Past
     
    Average Annual Total Returns
                10 Years
     
    for the Periods Ended
    Past
    Past
    or Since
     
    December 31, 2009     1 Year     5 Years     Inception      
    Van Kampen Comstock Fund — Class A Shares                              
   
Return Before Taxes
      22.03%       –1.48%       4.06%      
   
Return After Taxes on Distributions
      21.72%       –2.30%       2.90%      
   
Return After Taxes on Distributions and Sale of Fund Shares
      14.58%       –1.19%       3.14%      
   
Russell 1000® Value Index
      19.69%       –0.25%       2.47%      
   
S&P 500® Index
      26.46%       0.42%       –0.95%      
    Van Kampen Comstock Fund — Class B Shares                              
   
Return Before Taxes
      24.45%       –0.97%       4.07%      
   
Russell 1000® Value Index
      19.69%       –0.25%       2.47%      
   
S&P 500® Index
      26.46%       0.42%       –0.95%      
    Van Kampen Comstock Fund — Class C Shares                              
   
Return Before Taxes
      27.37%       –1.07%       3.89%      
   
Russell 1000® Value Index
      19.69%       –0.25%       2.47%      
   
S&P 500® Index
      26.46%       0.42%       –0.95%      
 
 


 

 
                                   
 
                      Past
     
    Average Annual Total Returns
                10 Years
     
    for the Periods Ended
    Past
    Past
    or Since
     
    December 31, 2009     1 Year     5 Years     Inception      
    Van Kampen Comstock Fund — Class I Shares                              
   
Return Before Taxes
      29.67%       –0.08%       1.49%      
   
Russell 1000® Value Index
      19.69%       –0.25%       1.36%      
   
S&P 500® Index
      26.46%       0.42%       1.83%      
    Van Kampen Comstock Fund — Class R Shares                              
   
Return Before Taxes
      29.13%       –0.57%       6.82%      
   
Russell 1000® Value Index
      19.69%       –0.25%       6.47%      
   
S&P 500® Index
      26.46%       0.42%       5.94%      
 
 
Management Services
Van Kampen Asset Management is the Fund’s investment adviser (the “Adviser”). Information about the current persons jointly and primarily responsible for the day-to-day management of the Fund’s portfolio is shown below:
 
                   
 
              Date Began
   
    Name     Title with Adviser   Managing Fund    
    Jason S. Leder     Managing Director   1995    
    Kevin C. Holt     Managing Director   1999    
    James N. Warwick     Executive Director   2007    
    Devin E. Armstrong     Executive Director   2007    
 
 
Purchase and Sale of Fund Shares
The minimum initial investment amount for Class A Shares, Class B Shares and Class C Shares is $1,000 for each such class of shares for regular accounts and retirement accounts; and $50 for each such class of shares for accounts participating in a systematic investment program established directly with the Fund. The minimum subsequent investment is $50 for each such class of shares and all account types. Class I Shares and Class R Shares, which are generally available for purchase only by eligible institutions, retirement accounts and fee-based investment programs, have no minimum initial or subsequent investment requirements, provided the other eligibility requirements for purchase are met. For more information, see “Purchase of Shares — How to Buy Shares” in the Fund’s prospectus.
 
The Fund’s shares are redeemable. Generally, holders of Class A Shares, Class B Shares and Class C Shares may redeem some or all of their shares without charge by the Fund (other than any applicable deferred sales charge) on any business day by written request (through an authorized dealer following procedures specified by such authorized dealer) or by telephone request by calling (800) 847-2424. Holders of Class I Shares and Class R Shares must contact their plan administrator, program administrator or authorized dealer to redeem shares. Payment for shares redeemed generally will be made within seven days after receipt of request; certain telephone redemptions may be eligible for payment by wire transfer on the next business day.
 
Tax Information
Shareholders may receive distributions from the Fund of dividends and capital gains, which may be taxable to shareholders. Additionally, a sale of Fund shares is generally a taxable event. See “Federal Income Taxation” in the Fund’s prospectus.
 
Payments to Broker-Dealers and
Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.
 
     
     
(VAN KAMPEN INVESTMENTS LOGO)   Van Kampen Funds Inc.
522 Fifth Avenue
New York, New York 10036
www.vankampen.com
 
Copyright © 2010 Van Kampen Funds Inc.
All rights reserved. Member FINRA/SIPC.
 
Lit-Link: COMSUM 4/10