UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02424
Van Kampen Emerging Growth Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
1221 Avenue of the Americas, New York, New York 10020
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Ronald Robison
1221 Avenue of the Americas, New York, New York 10020
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-762-4000
Date of fiscal year end: 8/31
Date of reporting period: 2/28/06
Item 1. Report to Shareholders.
The Fund's semi-annual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
Welcome, Shareholder
In this report, you'll learn about how your investment in Van Kampen
Emerging Growth Fund performed during the semiannual period. The
portfolio management team will provide an overview of the market
conditions and discuss some of the factors that affected investment
performance during the reporting period. In addition, this report
includes the fund's financial statements and a list of fund investments
as of February 28, 2006.
THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS FOR THE
FUND BEING OFFERED. THE PROSPECTUS CONTAINS INFORMATION ABOUT THE FUND,
INCLUDING THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. PLEASE
READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
MARKET FORECASTS PROVIDED IN THIS REPORT MAY NOT NECESSARILY COME TO
PASS. 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.
<Table>
<Caption>
---------------------------------------------------------------------------------------
NOT FDIC INSURED OFFER NO BANK GUARANTEE MAY LOSE VALUE
---------------------------------------------------------------------------------------
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT A DEPOSIT
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</Table>
Performance Summary as of 2/28/06
<Table>
<Caption>
I SHARES R SHARES
A SHARES B SHARES C SHARES since since
since 10/2/70 since 4/20/92 since 7/6/93 10/16/00 10/1/02
- --------------------------------------------------------------------------------------------------------
W/MAX W/MAX W/MAX
W/O 5.75% W/O 5.00% W/O 1.00% W/O W/O
AVERAGE ANNUAL SALES SALES SALES SALES SALES SALES SALES SALES
TOTAL RETURNS CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES
Since Inception 14.85% 14.66% 11.46% 11.46% 9.76% 9.76% -10.72% 10.83%
10-year 8.65 8.01 8.15 8.15 7.83 7.83 -- --
5-year -4.05 -5.18 -4.78 -5.07 -4.77 -4.77 -3.81 --
1-year 12.65 6.17 11.78 6.78 11.78 10.78 12.91 12.43
6-month 7.48 1.30 7.05 2.05 7.07 6.07 7.59 7.43
- --------------------------------------------------------------------------------------------------------
</Table>
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. FOR THE MOST RECENT MONTH-END PERFORMANCE FIGURES, PLEASE VISIT
VANKAMPEN.COM OR SPEAK WITH YOUR FINANCIAL ADVISOR. INVESTMENT RETURNS AND
PRINCIPAL VALUE WILL FLUCTUATE AND FUND SHARES, WHEN REDEEMED, MAY BE WORTH MORE
OR LESS THAN THEIR ORIGINAL COST.
The returns shown in this report do not reflect the deduction of taxes that a
shareholder would pay on fund distributions or the redemption of fund shares.
Performance of share classes will vary due to differences in sales charges and
expenses. Average annual total return with sales charges includes payment of the
maximum sales charge of 5.75 percent for Class A shares, a contingent deferred
sales charge of 5.00 percent for Class B shares (in year one and declining to
zero after year five), a contingent deferred sales charge of 1.00 percent for
Class C shares in year one, and combined Rule 12b-1 fees and service fees of up
to 0.25 percent for Class A shares and up to 1.00 percent for Class B and C
shares. The since inception and 10-year returns for Class B shares reflect the
conversion of Class B shares into Class A shares six years after purchase. The
since inception returns for Class C shares reflect the conversion of Class C
shares into Class A shares ten years after purchase. Class I Shares are offered
without any sales charges on purchases or sales and do not include combined Rule
12b-1 fees and service fees. Class I Shares are available for purchase
exclusively by investors through (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 and (iii) institutional
clients with assets of at least one million dollars. Class R Shares are offered
without any sales charges on purchases or sales. The combined Rule 12b-1 fees
and service fees for Class R Shares is up to 0.50 percent. Class R Shares are
available for purchase exclusively by investors through certain tax-exempt
retirement plans (including 401(k) plans, 457 plans, employer sponsored 403(b)
plans, profit sharing and money purchase pension plans, defined benefit plans
and non-qualified deferred compensation plans) held in plan level or omnibus
accounts. Figures shown above assume reinvestment of all dividends and capital
gains.
The Russell 1000 Growth Index is generally representative of the U.S. market for
large capitalization stocks. It contains securities that growth managers
typically select from the Russell 1000 Index. The index does not include any
expenses, fees or sales charges, which would lower performance. The index is
unmanaged and should not be considered an investment. Source for index
performance: Lipper Inc.
1
Fund Report
FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 28, 2006
MARKET CONDITIONS
Early in the reporting period, the Gulf Coast hurricanes and skyrocketing oil
and natural gas prices drove the stock market lower. Declining retail sales and
consumer confidence data followed soon after, amplifying fears of a slowing
economy. Investors also kept a watchful eye on inflationary pressures, given a
backdrop of high energy and raw materials prices and rising interest rates.
However, a resilient economy, some relief in energy prices, and rebounding
consumer data helped buoy investor confidence; and the market rallied strongly
in November. After a muted performance in December, the market advanced again in
January, led by the high growth areas of the market. The market retreated in
February, as investors digested a lower-than-expected fourth quarter gross
domestic product data and a weaker earnings front.
Although the large-capitalization segment of the equity market continued to show
a slight bias towards value stocks, we believe the overall environment continued
to improve for our style of growth investing. We seek companies that show
accelerating growth or more growth than the overall economy and that have rising
earnings expectations or rising valuations. Within the Russell 1000(R) Growth
Index, industrials, information technology, and financials were the best
performing sectors, while telecommunication services, utilities, and energy were
the most significant laggards.
PERFORMANCE ANALYSIS
The fund returned 7.48 percent for the six months ended February 28, 2006 (Class
A shares, unadjusted for sales charges). In comparison, the fund's benchmark,
the Russell 1000 Growth Index, returned 5.10 percent for the period.
TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 28, 2006
<Table>
<Caption>
- ---------------------------------------------------------------------------
RUSSELL
1000(R)
CLASS A CLASS B CLASS C CLASS I CLASS R GROWTH INDEX
7.48% 7.05% 7.07% 7.59% 7.43% 5.10%
- ---------------------------------------------------------------------------
</Table>
The performance for the five share classes varies because each has different
expenses. The fund's total return figures assume the reinvestment of all
distributions, but do not reflect the deduction of any applicable sales charges.
Such costs would lower performance. Past performance is no guarantee of future
results. See Performance Summary for standardized performance information.
Stock selection was the primary contributor to the fund's outperformance
relative to the Russell 1000 Growth Index; sector allocation was a slight
detractor. Our stock picks in information technology added the most, due to
2
semiconductor and computer hardware holdings. The fund's health care
stocks--which were primarily international pharmaceuticals, specialty
pharmaceuticals, and biotechnology--also served the fund well. Within the
financials sector, exposure to diversified financial companies (particularly
those with investment banking and brokerage operations) enhanced relative gains.
On a sector basis, the fund's underweight relative to the benchmark in consumer
staples was advantageous, as the sector performed poorly in the broad market.
In contrast, a comparative underweight in industrials--the market's best
performing sector--detracted from relative results. Our selections in consumer
discretionary also hampered returns, as holdings in restaurant, home building,
and casinos and gaming fell short of the benchmark. The energy sector was
another source of negative relative performance. Although we continued to reduce
the fund's energy exposure during the period, an overweight to the lagging
sector combined with underperforming stock selections dampened gains.
At the close of the period, our investment strategy favored further reduction in
energy stocks and uncovered attractive opportunities in information technology
stocks. We also began to see evidence that market trends have been less sector
rotational, which we believe bodes well for our bottom-up approach to individual
stock selection.
There is no guarantee that any sectors mentioned will continue to perform as
discussed herein or that securities in such sectors will be held by the fund in
the future.
3
<Table>
<Caption>
TOP 10 HOLDINGS AS OF FEBRUARY 28, 2006
Apple Computer, Inc. 2.3%
Schlumberger, Ltd. 2.2
UnitedHealth Group, Inc. 2.2
Marvell Technology Group Ltd. 2.1
Broadcom Corp. 2.0
Hewlett-Packard Co. 1.9
Burlington Northern Santa Fe Corp. 1.7
Aetna, Inc. 1.6
Lehman Brothers Holdings, Inc. 1.5
America Movil S.A. de C.V. 1.5
<Caption>
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF FEBRUARY 28, 2006
Semiconductors 6.4%
Pharmaceuticals 5.7
Managed Health Care 5.4
Communications Equipment 5.3
Oil & Gas Equipment & Services 5.0
Investment Banking & Brokerage 5.0
Biotechnology 5.0
Computer Hardware 4.2
Semiconductor Equipment 3.0
Wireless Telecommunication Services 2.9
Internet Software & Services 2.5
Application Software 2.5
Department Stores 2.5
Diversified Metals & Mining 2.4
Apparel Retail 2.2
Asset Management & Custody Banks 2.1
IT Consulting & Other Services 2.1
Aerospace & Defense 2.0
Restaurants 2.0
Health Care Services 1.8
Apparel, Accessories & Luxury Goods 1.8
Systems Software 1.7
Railroads 1.7
Specialized Finance 1.2
Life & Health Insurance 1.2
Internet Retail 1.2
Construction & Farm Machinery & Heavy Trucks 1.1
Home Improvement Retail 1.1
Fertilizers & Agricultural Chemicals 1.0
Steel 1.0
Household Products 1.0
Electronic Manufacturing Services 0.9
Property & Casualty Insurance 0.9
Hotels, Resorts & Cruise Lines 0.8
Electrical Components & Equipment 0.8
Construction & Engineering 0.7
Oil & Gas Drilling 0.7
Building Products 0.7
Air Freight & Logistics 0.6
Computer Storage & Peripherals 0.6
</Table>
<Table>
(continued on next page)
</Table>
4
<Table>
<Caption>
SUMMARY OF INVESTMENTS BY INDUSTRY CLASSIFICATION AS OF FEBRUARY 28, 2006
(continued from previous page)
Publishing 0.6
Data Processing & Outsourced Services 0.6
Automotive Retail 0.6
Computer & Electronics Retail 0.6
Integrated Oil & Gas 0.6
Specialty Stores 0.5
Oil & Gas Exploration & Production 0.5
Health Care Equipment 0.5
Soft Drinks 0.3
-----
Total Long-Term Investments 95.4%
Short-Term Investments 6.2
Liabilities in Excess of Other Assets (1.6)
-----
Net Assets 100.0%
</Table>
Subject to change daily. Provided for informational purposes only and should not
be deemed as a recommendation to buy or sell the securities mentioned or
securities in the industries shown above. All percentages are as a percentage of
net assets. Van Kampen is a wholly owned subsidiary of a global securities firm
which 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.
5
FOR MORE INFORMATION ABOUT PORTFOLIO HOLDINGS
Each Van Kampen fund provides a complete schedule of portfolio holdings
in its semiannual and annual reports within 60 days of the end of the
fund's second and fourth fiscal quarters by filing the schedule
electronically with the Securities and Exchange Commission (SEC). The
semiannual reports are filed on Form N-CSRS and the annual reports are
filed on Form N-CSR. Van Kampen also delivers the semiannual and annual
reports to fund shareholders, and makes these reports available on its
public Web site, www.vankampen.com. In addition to the semiannual and
annual reports that Van Kampen delivers to shareholders and makes
available through the Van Kampen public Web site, each fund files a
complete schedule of portfolio holdings with the SEC for the fund's first
and third fiscal quarters on Form N-Q. Van Kampen does not deliver the
reports for the first and third fiscal quarters to shareholders, nor are
the reports posted to the Van Kampen public Web site. You may, however,
obtain the Form N-Q filings (as well as the Form N-CSR and N-CSRS
filings) by accessing the SEC's Web site, http://www.sec.gov. You may
also review and copy them at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the SEC's Public
Reference Room may be obtained by calling the SEC at (800) SEC-0330. You
can also request copies of these materials, upon payment of a duplicating
fee, by electronic request at the SEC's e-mail address
(publicinfo@sec.gov) or by writing the Public Reference section of the
SEC, Washington, DC 20549-0102.
You may obtain copies of a fund's fiscal quarter filings by contacting
Van Kampen Client Relations at (800) 847-2424.
6
HOUSEHOLDING NOTICE
To reduce fund expenses, the fund attempts to eliminate duplicate
mailings to the same address. The fund delivers a single copy of certain
shareholder documents to investors who share an address, even if the
accounts are registered under different names. The fund's prospectuses
and shareholder reports (including annual privacy notices) will be
delivered to you in this manner indefinitely unless you instruct us
otherwise. You can request multiple copies of these documents by either
calling (800) 341-2911 or writing to Van Kampen Investor Services at 1
Parkview Plaza, P.O. Box 5555, Oakbrook Terrace, IL 60181. Once Investor
Services has received your instructions, we will begin sending individual
copies for each account within 30 days.
PROXY VOTING POLICY AND PROCEDURES AND PROXY VOTING RECORD
You may obtain a copy of the fund's Proxy Voting Policy and Procedures
without charge, upon request, by calling toll free (800) 847-2424 or by
visiting our Web site at www.vankampen.com. It is also available on the
Securities and Exchange Commission's Web site at http://www.sec.gov.
You may obtain information regarding how the fund voted proxies relating
to portfolio securities during the most recent twelve-month period ended
June 30 without charge by visiting our Web site at www.vankampen.com.
This information is also available on the Securities and Exchange
Commission's Web site at http://www.sec.gov.
7
Expense Example
As a shareholder of the Fund, you incur two types of costs : (1) transaction
costs, including sales charges (loads) on purchase payments of Class A Shares
and contingent deferred sales charge on redemptions of Class B and Class C
Shares, and (2) ongoing costs, including management fees; distribution and
service (12b-1) fees; and other Fund expenses. This example is intended to help
you understand your ongoing cost (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period 9/1/05 - 2/28/06.
ACTUAL EXPENSE
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing cost of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads) or contingent deferred sales charges. Therefore, the second line
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
------------------------------------------------
9/1/05 2/28/06 9/1/05-2/28/06
Class A
Actual...................................... $1,000.00 $1,074.80 $5.76
Hypothetical................................ 1,000.00 1,019.19 5.61
(5% annual return before expenses)
Class B
Actual...................................... 1,000.00 1,070.48 9.65
Hypothetical................................ 1,000.00 1,015.49 9.39
(5% annual return before expenses)
Class C
Actual...................................... 1,000.00 1,070.73 9.65
Hypothetical................................ 1,000.00 1,015.49 9.39
(5% annual return before expenses)
Class I
Actual...................................... 1,000.00 1,075.87 4.48
Hypothetical................................ 1,000.00 1,020.49 4.36
(5% annual return before expenses)
Class R
Actual...................................... 1,000.00 1,074.28 6.69
Hypothetical................................ 1,000.00 1,018.39 6.51
(5% annual return before expenses)
</Table>
* Expenses are equal to the Fund's annualized expense ratio of 1.12%, 1.88%,
1.88%, 0.87%, and 1.30% for Class A, B, C, I and R Shares, respectively,
multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
Assumes all dividends and distributions were reinvested.
8
VAN KAMPEN EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2006 (UNAUDITED)
<Table>
<Caption>
NUMBER OF
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------
COMMON STOCKS 95.4%
AEROSPACE & DEFENSE 2.0%
Boeing Co. ................................................. 1,000,000 $ 72,690,000
Precision Castparts Corp. .................................. 600,000 31,824,000
--------------
104,514,000
--------------
AIR FREIGHT & LOGISTICS 0.6%
C.H. Robinson Worldwide, Inc. .............................. 750,000 33,615,000
--------------
APPAREL, ACCESSORIES & LUXURY GOODS 1.8%
Coach, Inc. (a)............................................. 1,750,000 62,510,000
Polo Ralph Lauren Corp. .................................... 500,000 28,980,000
--------------
91,490,000
--------------
APPAREL RETAIL 2.2%
AnnTaylor Stores Corp. (a).................................. 800,000 29,040,000
Chico's FAS, Inc. (a)....................................... 1,200,000 56,460,000
Urban Outfitters, Inc. (a).................................. 1,000,000 28,100,000
--------------
113,600,000
--------------
APPLICATION SOFTWARE 2.5%
Adobe Systems, Inc. (a)..................................... 1,750,000 67,585,000
SAP AG--ADR (Germany)....................................... 1,200,000 61,320,000
--------------
128,905,000
--------------
ASSET MANAGEMENT & CUSTODY BANKS 2.1%
Franklin Resources, Inc. ................................... 550,000 56,474,000
Legg Mason, Inc. ........................................... 400,000 52,236,000
--------------
108,710,000
--------------
AUTOMOTIVE RETAIL 0.6%
Advance Auto Parts, Inc. ................................... 750,000 31,012,500
--------------
BIOTECHNOLOGY 5.0%
Celgene Corp. (a)........................................... 1,600,000 60,800,000
Cephalon, Inc. (a).......................................... 350,000 27,818,000
Genzyme Corp. (a)........................................... 550,000 38,137,000
Gilead Sciences, Inc. (a)................................... 1,250,000 77,837,500
PDL Biopharma, Inc. (a)..................................... 1,000,000 31,310,000
Vertex Pharmaceuticals, Inc. (a)............................ 500,000 21,620,000
--------------
257,522,500
--------------
BUILDING PRODUCTS 0.7%
USG Corp. (a)............................................... 400,000 33,792,000
--------------
COMMUNICATIONS EQUIPMENT 5.3%
Comverse Technology, Inc. (a)............................... 1,500,000 43,140,000
Corning, Inc. (a)........................................... 2,500,000 61,025,000
Harris Corp. ............................................... 600,000 27,408,000
Motorola, Inc. ............................................. 3,500,000 74,900,000
QUALCOMM, Inc. ............................................. 1,500,000 70,815,000
--------------
277,288,000
--------------
</Table>
See Notes to Financial Statements 9
VAN KAMPEN EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
<Table>
<Caption>
NUMBER OF
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------
COMPUTER & ELECTRONICS RETAIL 0.6%
Circuit City Stores, Inc. .................................. 1,250,000 $ 30,037,500
--------------
COMPUTER HARDWARE 4.2%
Apple Computer, Inc. (a).................................... 1,750,000 119,945,000
Hewlett-Packard Co. ........................................ 3,000,000 98,430,000
--------------
218,375,000
--------------
COMPUTER STORAGE & PERIPHERALS 0.6%
Western Digital Corp. (a)................................... 1,500,000 33,375,000
--------------
CONSTRUCTION & ENGINEERING 0.7%
Fluor Corp. ................................................ 450,000 38,835,000
--------------
CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS 1.1%
JLG Industries, Inc. ....................................... 200,000 11,798,000
Joy Global, Inc. ........................................... 850,000 43,826,000
--------------
55,624,000
--------------
DATA PROCESSING & OUTSOURCED SERVICES 0.6%
Global Payments, Inc. ...................................... 600,000 31,236,000
--------------
DEPARTMENT STORES 2.5%
J.C. Penney Co., Inc. ...................................... 1,200,000 70,368,000
Nordstrom, Inc. ............................................ 1,500,000 57,000,000
--------------
127,368,000
--------------
DIVERSIFIED METALS & MINING 2.4%
Freeport-McMoRan Copper & Gold, Inc., Class B............... 900,000 45,567,000
Peabody Energy Corp. ....................................... 1,600,000 77,232,000
--------------
122,799,000
--------------
ELECTRICAL COMPONENTS & EQUIPMENT 0.8%
Emerson Electric Co. ....................................... 500,000 40,905,000
--------------
ELECTRONIC MANUFACTURING SERVICES 0.9%
Jabil Circuit, Inc. (a)..................................... 1,300,000 49,205,000
--------------
FERTILIZERS & AGRICULTURAL CHEMICALS 1.0%
Monsanto Co. ............................................... 650,000 54,522,000
--------------
HEALTH CARE EQUIPMENT 0.5%
Hologic, Inc. (a)........................................... 500,000 23,915,000
--------------
HEALTH CARE SERVICES 1.8%
Caremark Rx, Inc. (a)....................................... 800,000 39,800,000
Cerner Corp. (a)............................................ 600,000 24,978,000
Omnicare, Inc. ............................................. 500,000 30,425,000
--------------
95,203,000
--------------
HOME IMPROVEMENT RETAIL 1.1%
Lowe's Co., Inc. ........................................... 800,000 54,544,000
--------------
</Table>
10 See Notes to Financial Statements
VAN KAMPEN EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
<Table>
<Caption>
NUMBER OF
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------
HOTELS, RESORTS & CRUISE LINES 0.8%
Starwood Hotels & Resorts Worldwide, Inc. .................. 650,000 $ 41,275,000
--------------
HOUSEHOLD PRODUCTS 1.0%
Procter & Gamble Co. ....................................... 831,250 49,816,812
--------------
INTEGRATED OIL & GAS 0.6%
Suncor Energy, Inc. (Canada)................................ 400,000 29,900,000
--------------
INTERNET RETAIL 1.2%
eBay, Inc. (a).............................................. 1,500,000 60,090,000
--------------
INTERNET SOFTWARE & SERVICES 2.5%
Akamai Technologies, Inc. (a)............................... 1,000,000 26,500,000
Google, Inc., Class A (a)................................... 200,000 72,524,000
Yahoo!, Inc. (a)............................................ 1,000,000 32,060,000
--------------
131,084,000
--------------
INVESTMENT BANKING & BROKERAGE 5.0%
Bear Stearns Co., Inc. ..................................... 400,000 53,776,000
Charles Schwab Corp. ....................................... 2,750,000 44,577,500
E*TRADE Financial Corp. (a)................................. 750,000 19,185,000
Goldman Sachs Group, Inc. .................................. 450,000 63,580,500
Lehman Brothers Holdings, Inc. ............................. 550,000 80,272,500
--------------
261,391,500
--------------
IT CONSULTING & OTHER SERVICES 2.0%
Accenture, Ltd., Class A (Bermuda).......................... 1,500,000 48,990,000
Cognizant Technology Solutions Corp., Class A (a)........... 1,000,000 57,610,000
--------------
106,600,000
--------------
LIFE & HEALTH INSURANCE 1.2%
Prudential Financial, Inc. ................................. 800,000 61,632,000
--------------
MANAGED HEALTH CARE 5.4%
Aetna, Inc. ................................................ 1,600,000 81,600,000
Humana, Inc. (a)............................................ 750,000 38,752,500
UnitedHealth Group, Inc. ................................... 1,940,000 112,966,200
WellPoint, Inc. (a)......................................... 600,000 46,074,000
--------------
279,392,700
--------------
OIL & GAS DRILLING 0.7%
Transocean, Inc. (a)........................................ 500,000 37,090,000
--------------
OIL & GAS EQUIPMENT & SERVICES 5.0%
Cal Dive International, Inc. (a)............................ 800,000 28,168,000
Cooper Cameron Corp. (a).................................... 700,000 28,350,000
Grant Prideco, Inc. (a)..................................... 1,000,000 40,470,000
National-Oilwell Varco, Inc. (a)............................ 400,000 24,352,000
</Table>
See Notes to Financial Statements 11
VAN KAMPEN EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
<Table>
<Caption>
NUMBER OF
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------
OIL & GAS EQUIPMENT & SERVICES (CONTINUED)
Schlumberger, Ltd. ......................................... 1,000,000 $ 115,000,000
Weatherford International, Ltd. (a)......................... 600,000 25,872,000
--------------
262,212,000
--------------
OIL & GAS EXPLORATION & PRODUCTION 0.5%
Ultra Petroleum Corp. (a)................................... 500,000 26,020,000
--------------
PHARMACEUTICALS 5.7%
Allergan, Inc. ............................................. 500,000 54,130,000
Barr Pharmaceuticals, Inc. (a).............................. 600,000 40,308,000
Novartis AG--ADR (Switzerland).............................. 800,000 42,600,000
Roche Holdings AG--ADR (Switzerland)........................ 1,000,000 73,914,500
Shire PLC--ADR (United Kingdom)............................. 850,000 40,443,000
Teva Pharmaceutical Industries, Ltd.--ADR (Israel).......... 1,100,000 46,189,000
--------------
297,584,500
--------------
PROPERTY & CASUALTY INSURANCE 0.9%
ACE, Ltd. (Bermuda)......................................... 500,000 27,865,000
W.R. Berkley Corp. ......................................... 300,000 17,367,000
--------------
45,232,000
--------------
PUBLISHING 0.6%
McGraw-Hill Co., Inc. ...................................... 600,000 31,854,000
--------------
RAILROADS 1.7%
Burlington Northern Santa Fe Corp. ......................... 1,100,000 86,504,000
--------------
RESTAURANTS 2.0%
Darden Restaurants, Inc. ................................... 900,000 37,746,000
McDonald's Corp. ........................................... 750,000 26,182,500
Starbucks Corp. (a)......................................... 1,100,000 39,952,000
--------------
103,880,500
--------------
SEMICONDUCTOR EQUIPMENT 3.0%
Applied Materials, Inc. .................................... 3,500,000 64,190,000
Lam Research Corp. (a)...................................... 1,250,000 53,875,000
MEMC Electronic Materials, Inc. (a)......................... 1,200,000 40,188,000
--------------
158,253,000
--------------
SEMICONDUCTORS 6.4%
Broadcom Corp., Class A (a)................................. 2,250,000 101,452,500
Intersil Corp., Class A..................................... 1,400,000 39,676,000
Marvell Technology Group Ltd. (Bermuda) (a)................. 1,750,000 107,135,000
National Semiconductor Corp. ............................... 1,750,000 49,087,500
NVIDIA Corp. (a)............................................ 750,000 35,347,500
--------------
332,698,500
--------------
SOFT DRINKS 0.3%
Hansen Natural Corp. (a).................................... 150,000 14,001,000
--------------
SPECIALIZED FINANCE 1.2%
Chicago Mercantile Exchange................................. 150,000 63,840,000
--------------
</Table>
12 See Notes to Financial Statements
VAN KAMPEN EMERGING GROWTH FUND
PORTFOLIO OF INVESTMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
<Table>
<Caption>
NUMBER OF
DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------------------
SPECIALTY STORES 0.5%
Office Depot, Inc. (a)...................................... 750,000 $ 26,760,000
--------------
STEEL 1.0%
Nucor Corp. ................................................ 600,000 51,630,000
--------------
SYSTEMS SOFTWARE 1.7%
Microsoft Corp. ............................................ 2,000,000 53,800,000
Red Hat, Inc. (a)........................................... 1,250,000 33,587,500
--------------
87,387,500
--------------
WIRELESS TELECOMMUNICATION SERVICES 2.9%
America Movil S.A. de C.V., Series L--ADR (Mexico).......... 2,250,000 78,142,500
American Tower Corp., Class A (a)........................... 2,350,000 74,800,500
--------------
152,943,000
--------------
TOTAL LONG-TERM INVESTMENTS 95.4%
(Cost $3,866,600,367)................................................. 4,955,464,512
REPURCHASE AGREEMENT 6.2%
State Street Bank & Trust Co. ($318,616,000 par collateralized by U.S.
Government obligations in a pooled cash account, interest rate of
4.49%, dated 02/28/06, to be sold on 03/01/06 at $318,655,739)
(Cost $318,616,000)................................................... 318,616,000
--------------
TOTAL INVESTMENTS 101.6%
(Cost $4,185,216,367)................................................. 5,274,080,512
LIABILITIES IN EXCESS OF OTHER ASSETS (1.6%)........................... (81,195,242)
--------------
NET ASSETS 100.0%...................................................... $5,192,885,270
==============
</Table>
Percentages are calculated as a percentage of net assets.
(a) Non-income producing security as this stock currently does not declare
dividends.
ADR--American Depositary Receipt
See Notes to Financial Statements 13
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
February 28, 2006 (Unaudited)
<Table>
ASSETS:
Total Investments (Cost $4,185,216,367)..................... $ 5,274,080,512
Cash........................................................ 53
Receivables:
Investments Sold.......................................... 132,443,199
Fund Shares Sold.......................................... 5,626,485
Dividends................................................. 3,078,722
Interest.................................................. 39,739
Other....................................................... 574,889
---------------
Total Assets............................................ 5,415,843,599
---------------
LIABILITIES:
Payables:
Investments Purchased..................................... 199,631,577
Fund Shares Repurchased................................... 11,121,511
Distributor and Affiliates................................ 6,407,138
Investment Advisory Fee................................... 1,797,878
Accrued Expenses............................................ 3,361,509
Trustees' Deferred Compensation and Retirement Plans........ 638,716
---------------
Total Liabilities....................................... 222,958,329
---------------
NET ASSETS.................................................. $ 5,192,885,270
===============
NET ASSETS CONSIST OF:
Capital (Par value of $.01 per share with an unlimited
number of shares authorized).............................. $ 9,863,995,815
Net Unrealized Appreciation................................. 1,088,864,145
Accumulated Net Investment Loss............................. (15,782,638)
Accumulated Net Realized Loss............................... (5,744,192,052)
---------------
NET ASSETS.................................................. $ 5,192,885,270
===============
MAXIMUM OFFERING PRICE PER SHARE:
Class A Shares:
Net asset value and redemption price per share (Based on
net assets of $3,203,141,382 and 74,813,040 shares of
beneficial interest issued and outstanding)............. $ 42.82
Maximum sales charge (5.75%* of offering price)......... 2.61
---------------
Maximum offering price to public........................ $ 45.43
===============
Class B Shares:
Net asset value and offering price per share (Based on
net assets of $1,616,924,944 and 44,361,702 shares of
beneficial interest issued and outstanding)............. $ 36.45
===============
Class C Shares:
Net asset value and offering price per share (Based on
net assets of $306,504,701 and 8,197,786 shares of
beneficial interest issued and outstanding)............. $ 37.39
===============
Class I Shares:
Net asset value and offering price per share (Based on
net assets of $64,198,092 and 1,479,567 shares of
beneficial interest issued and outstanding)............. $ 43.39
===============
Class R Shares:
Net asset value and offering price per share (Based on
net assets of $2,116,151 and 49,775 shares of beneficial
interest issued and outstanding)........................ $ 42.51
===============
</Table>
* On sales of $50,000 or more, the sales charge will be reduced.
14 See Notes to Financial Statements
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL STATEMENTS continued
Statement of Operations
For the Six Months Ended February 28, 2006 (Unaudited)
<Table>
INVESTMENT INCOME:
Dividends (Net of foreign withholding taxes of $258,604).... $ 17,149,831
Interest.................................................... 4,333,448
--------------
Total Income............................................ 21,483,279
--------------
EXPENSES:
Distribution (12b-1) and Service Fees (Attributed to Classes
A, B, C, I and R of $3,965,272, $8,339,205, $1,590,247, $0
and $3,723, respectively)................................. 13,898,447
Investment Advisory Fee..................................... 11,692,756
Shareholder Services........................................ 9,746,135
Custody..................................................... 178,889
Legal....................................................... 82,942
Trustees' Fees and Related Expenses......................... 45,962
Other....................................................... 1,148,415
--------------
Total Expenses.......................................... 36,793,546
Less Credits Earned on Cash Balances.................... 91,799
--------------
Net Expenses............................................ 36,701,747
--------------
NET INVESTMENT LOSS......................................... $ (15,218,468)
==============
REALIZED AND UNREALIZED GAIN/LOSS:
Net Realized Gain........................................... $ 284,192,364
--------------
Unrealized Appreciation/Depreciation:
Beginning of the Period................................... 983,647,706
End of the Period......................................... 1,088,864,145
--------------
Net Unrealized Appreciation During the Period............... 105,216,439
--------------
NET REALIZED AND UNREALIZED GAIN............................ $ 389,408,803
==============
NET INCREASE IN NET ASSETS FROM OPERATIONS.................. $ 374,190,335
==============
</Table>
See Notes to Financial Statements 15
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL STATEMENTS continued
Statements of Changes in Net Assets (Unaudited)
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
FEBRUARY 28, 2006 AUGUST 31, 2005
-----------------------------------
FROM INVESTMENT ACTIVITIES:
Operations:
Net Investment Loss..................................... $ (15,218,468) $ (17,488,296)
Net Realized Gain....................................... 284,192,364 357,194,610
Net Unrealized Appreciation During the Period........... 105,216,439 552,654,268
-------------- ---------------
NET CHANGE IN NET ASSETS FROM INVESTMENT ACTIVITIES..... 374,190,335 892,360,582
-------------- ---------------
FROM CAPITAL TRANSACTIONS:
Proceeds from Shares Sold............................... 257,880,586 613,922,178
Cost of Shares Repurchased.............................. (800,936,604) (2,300,768,487)
-------------- ---------------
NET CHANGE IN NET ASSETS FROM CAPITAL TRANSACTIONS...... (543,056,018) (1,686,846,309)
-------------- ---------------
TOTAL DECREASE IN NET ASSETS............................ (168,865,683) (794,485,727)
NET ASSETS:
Beginning of the Period................................. 5,361,750,953 6,156,236,680
-------------- ---------------
End of the Period (Including accumulated net investment
loss of $15,782,638 and $564,170, respectively)....... $5,192,885,270 $ 5,361,750,953
============== ===============
</Table>
16 See Notes to Financial Statements
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS (UNAUDITED)
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
CLASS A SHARES FEBRUARY 28, ----------------------------------------------------
2006 2005 2004 2003 2002 2001
-------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF THE PERIOD............. $ 39.84 $ 34.14 $ 34.08 $ 30.96 $ 43.18 $ 109.19
-------- -------- -------- -------- -------- --------
Net Investment Income/Loss
(a)..................... (.06) -0-(c) (.16) (.18) (.17) .03
Net Realized and
Unrealized Gain/Loss.... 3.04 5.70 .22 3.30 (12.05) (51.18)
-------- -------- -------- -------- -------- --------
Total from Investment
Operations................ 2.98 5.70 .06 3.12 (12.22) (51.15)
Less Distributions from Net
Realized Gain............. -0- -0- -0- -0- -0- 14.86
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF THE
PERIOD.................... $ 42.82 $ 39.84 $ 34.14 $ 34.08 $ 30.96 $ 43.18
======== ======== ======== ======== ======== ========
Total Return (b)............ 7.48%* 16.70% 0.18% 10.08% -28.30% -51.22%
Net Assets at End of the
Period (In millions)...... $3,203.1 $3,240.5 $3,663.9 $4,222.8 $4,310.2 $6,251.4
Ratio of Expenses to Average
Net Assets................ 1.12% 1.14% 1.08% 1.15% 1.06% .93%
Ratio of Net Investment
Income/Loss to Average Net
Assets.................... (.29%) (.00%) (.46%) (.61%) (.44%) .04%
Portfolio Turnover.......... 52%* 100% 177% 180% 230% 148%
</Table>
* Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum sales charge of 5.75% or contingent deferred
sales charge (CDSC). On purchases of $1 million or more, a CDSC of 1% may be
imposed on certain redemptions made within eighteen months of purchase. If
the sales charges were included, total returns would be lower. These returns
include combined Rule 12b-1 fees and service fees of up to .25% and do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
(c) Amount is less than $.01.
See Notes to Financial Statements 17
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
CLASS B SHARES FEBRUARY 28, ----------------------------------------------------
2006 2005 2004 2003 2002 2001
-------------------------------------------------------------------
NET ASSET VALUE, BEGINNING
OF THE PERIOD............. $ 34.05 $ 29.40 $ 29.57 $ 27.07 $ 38.04 $ 99.32
-------- -------- -------- -------- -------- --------
Net Investment Loss (a)... (.19) (.25) (.38) (.36) (.41) (.41)
Net Realized and
Unrealized Gain/Loss.... 2.59 4.90 .21 2.86 (10.56) (46.01)
-------- -------- -------- -------- -------- --------
Total from Investment
Operations................ 2.40 4.65 (.17) 2.50 (10.97) (46.42)
Less Distributions from Net
Realized Gain............. -0- -0- -0- -0- -0- 14.86
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF THE
PERIOD.................... $ 36.45 $ 34.05 $ 29.40 $ 29.57 $ 27.07 $ 38.04
======== ======== ======== ======== ======== ========
Total Return (b)............ 7.05%* 15.82% -0.57% 9.24% -28.84% -51.60%
Net Assets at End of the
Period (In millions)...... $1,616.9 $1,731.5 $2,010.4 $2,346.3 $2,395.2 $3,904.7
Ratio of Expenses to Average
Net Assets................ 1.88% 1.90% 1.85% 1.91% 1.82% 1.71%
Ratio of Net Investment Loss
to Average Net Assets..... (1.06%) (.76%) (1.23%) (1.37%) (1.20%) (.74%)
Portfolio Turnover.......... 52%* 100% 177% 180% 230% 148%
</Table>
* Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum CDSC of 5%, charged on certain redemptions
made within one year of purchase and declining to 0% after the fifth year.
If the sales charge was included, total returns would be lower. These
returns include combined Rule 12b-1 fees and service fees of up to 1% and do
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
18 See Notes to Financial Statements
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
CLASS C SHARES FEBRUARY 28, -------------------------------------------------
2006 2005 2004 2003 2002 2001
----------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF
THE PERIOD.................. $34.92 $30.16 $30.34 $27.75 $ 39.00 $ 101.30
------ ------ ------ ------ ------- --------
Net Investment Loss (a)..... (.19) (.25) (.39) (.36) (.42) (.41)
Net Realized and Unrealized
Gain/Loss................. 2.66 5.01 .21 2.95 (10.83) (47.03)
------ ------ ------ ------ ------- --------
Total from Investment
Operations.................. 2.47 4.76 (.18) 2.59 (11.25) (47.44)
Less Distributions from Net
Realized Gain............... -0- -0- -0- -0- -0- 14.86
------ ------ ------ ------ ------- --------
NET ASSET VALUE, END OF THE
PERIOD...................... $37.39 $34.92 $30.16 $30.34 $ 27.75 $ 39.00
====== ====== ====== ====== ======= ========
Total Return (b).............. 7.07%* 15.78% -0.59% 9.33%(c) -28.85% -51.60%
Net Assets at End of the
Period (In millions)........ $306.5 $332.8 $430.2 $570.1 $ 629.0 $1,038.5
Ratio of Expenses to Average
Net Assets.................. 1.88% 1.90% 1.85% 1.91% 1.82% 1.70%
Ratio of Net Investment Loss
to Average Net Assets....... (1.06%) (.75%) (1.23%) (1.34%)(c) (1.20%) (.73%)
Portfolio Turnover............ 52%* 100% 177% 180% 230% 148%
</Table>
* Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period and does not
include payment of the maximum CDSC of 1%, charged on certain redemptions
made within one year of purchase. If the sales charge was included, total
returns would be lower. These returns include combined Rule 12b-1 fees and
service fees of up to 1% and do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund
shares.
(c) Certain non-recurring payments were made to class C Shares, resulting in an
increase to the Total Return and Ratio of Net Investment Income to Average
Net Assets of .03%
See Notes to Financial Statements 19
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
OCTOBER 16, 2000
SIX MONTHS (COMMENCEMENT OF
ENDED YEAR ENDED AUGUST 31, INVESTMENT
CLASS I SHARES FEBRUARY 28, ---------------------------------- OPERATIONS) TO
2006 2005 2004 2003 2002 AUGUST 31, 2001
--------------------------------------------------------------------
NET ASSET VALUE,
BEGINNING OF THE
PERIOD................. $40.33 $34.47 $34.33 $31.10 $ 43.27 $ 97.10
------ ------ ------ ------ ------- -------
Net Investment
Income/Loss (a)...... (.01) .07 (.08) (.11) (.07) .17
Net Realized and
Unrealized
Gain/Loss............ 3.07 5.79 .22 3.34 (12.10) (39.14)
------ ------ ------ ------ ------- -------
Total from Investment
Operations............. 3.06 5.86 .14 3.23 (12.17) (38.97)
Less Distributions from
Net Realized Gain...... -0- -0- -0- -0- -0- 14.86
------ ------ ------ ------ ------- -------
NET ASSET VALUE, END OF
THE PERIOD............. $43.39 $40.33 $34.47 $34.33 $ 31.10 $ 43.27
====== ====== ====== ====== ======= =======
Total Return (b)......... 7.59%* 17.00% 0.41% 10.39% -28.13% -45.03%*
Net Assets at End of the
Period (In millions)... $ 64.2 $ 55.0 $ 31.8 $ 33.9 $ 29.8 $ 41.6
Ratio of Expenses to
Average Net Assets..... .87% .90% .84% .90% .81% .72%
Ratio of Net Investment
Income/Loss to Average
Net Assets............. (.03%) .20% (.21%) (.36%) (.19%) .33%
Portfolio Turnover....... 52%* 100% 177% 180% 230% 148%
</Table>
* Non-Annualized
(a) Based on average shares outstanding.
(b) Assumes reinvestment of all distributions for the period. These returns do
not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
20 See Notes to Financial Statements
VAN KAMPEN EMERGING GROWTH FUND
FINANCIAL HIGHLIGHTS (UNAUDITED) continued
THE FOLLOWING SCHEDULE PRESENTS FINANCIAL HIGHLIGHTS FOR ONE SHARE OF THE FUND
OUTSTANDING THROUGHOUT THE PERIODS INDICATED.
<Table>
<Caption>
OCTOBER 1, 2002
SIX MONTHS YEAR ENDED (COMMENCEMENT OF
ENDED AUGUST 31, INVESTMENT
CLASS R SHARES FEBRUARY 28, ---------------- OPERATIONS) TO
2006 2005 2004 AUGUST 31, 2003
--------------------------------------------------
NET ASSET VALUE, BEGINNING OF THE PERIOD... $39.58 $34.02 $34.04 $29.94
------ ------ ------ ------
Net Investment Loss (a).................. (.08) (.04) (.24) (.24)
Net Realized and Unrealized Gain......... 3.01 5.60 .22 4.34
------ ------ ------ ------
Total from Investment Operations........... 2.93 5.56 (.02) 4.10
------ ------ ------ ------
NET ASSET VALUE, END OF THE PERIOD......... $42.51 $39.58 $34.02 $34.04
====== ====== ====== ======
Total Return (b)........................... 7.43%*(c) 16.34% -0.06% 13.69%*
Net Assets at End of the Period (In
millions)................................ $ 2.1 $ 2.0 $ 20.0 $ .5
Ratio of Expenses to Average Net Assets.... 1.30%(c) 1.37% 1.33% 1.41%
Ratio of Net Investment Loss to Average Net
Assets................................... (.40%)(c) (.11%) (.65%) (.85%)
Portfolio Turnover......................... 52%* 100% 177% 180%
</Table>
* Non-Annualized
(a) Based on average shares outstanding
(b) Assumes reinvestment of all distributions for the period. These returns
include combined Rule 12b-1 fees of up to 0.50% and do not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or the
redemption of Fund shares.
(c) The Total Return, Ratio of Expenses to Average Net Assets, and Ratio of Net
Investment Loss to Average Net Assets reflect actual 12b-1 fees of less than
.50%.
See Notes to Financial Statements 21
VAN KAMPEN EMERGING GROWTH FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 28, 2006 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
Van Kampen Emerging Growth Fund (the "Fund") is organized as a Delaware
statutory trust, and is registered as a diversified open-end management
investment company under the Investment Company Act of 1940 (the "1940 Act"), as
amended. The Fund's investment objective is capital appreciation. The Fund
commenced investment operations on October 2, 1970. The Fund offers Class A
Shares, Class B Shares, Class C Shares, Class I Shares and Class R Shares. Each
class of shares differs by its initial sales load, contingent deferred sales
charges, the allocation of class-specific expenses and voting rights on matters
affecting a single class.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
A. SECURITY VALUATION Investments in securities listed on a securities exchange
are valued at their last sales price as of the close of such securities
exchange. Equity securities traded on NASDAQ are valued at the NASDAQ Official
Closing Price. Listed and unlisted securities for which the last sale price is
not available are valued at the mean of the bid and asked prices. For those
securities where quotations or prices are not available, valuations are
determined in accordance with procedures established in good faith by the Board
of Trustees. Short-term securities with remaining maturities of 60 days or less
are valued at amortized cost, which approximates market value.
B. SECURITY TRANSACTIONS Security transactions are recorded on a trade date
basis. Realized gains and losses are determined on an identified cost basis.
The Fund may invest in repurchase agreements, which are short-term
investments whereby the Fund acquires ownership of a debt security and the
seller agrees to repurchase the security at a future time and specified price.
The Fund may invest independently in repurchase agreements, or transfer
uninvested cash balances into a pooled cash account along with other investment
companies advised by Van Kampen Asset Management (the "Adviser") or its
affiliates, the daily aggregate of which is invested in repurchase agreements.
Repurchase agreements are fully collateralized by the underlying debt security.
The Fund will make payment for such securities only upon physical delivery or
evidence of book entry transfer to the account of the custodian bank. The seller
is required to maintain the value of the underlying security at not less than
the repurchase proceeds due the Fund.
C. INCOME AND EXPENSES Dividend income is recorded on the ex-dividend date and
interest income is recorded on an accrual basis. Income and expenses of the Fund
are allocated on a pro rata basis to each class of shares, except for
distribution and service fees and incremental transfer agency costs which are
unique to each class of shares.
D. FEDERAL INCOME TAXES It is the Fund's policy to comply with the requirements
of Subchapter M of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no provision for federal income taxes is required.
22
VAN KAMPEN EMERGING GROWTH FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
The Fund intends to utilize provisions of the federal income tax laws which
allow it to carry a realized capital loss forward for eight years following the
year of loss and offset such losses against any future realized capital gains.
At August 31, 2005, the Fund had an accumulated capital loss carryforward for
tax purposes of $6,027,026,701, which will expire according to the following
schedule.
<Table>
<Caption>
AMOUNT EXPIRATION
$3,274,528,988.............................................. August 31, 2010
2,752,497,713.............................................. August 31, 2011
</Table>
At February 28, 2006, the cost and related gross unrealized appreciation and
depreciation were as follows:
<Table>
Cost of investments for tax purposes........................ $4,187,819,103
==============
Gross tax unrealized appreciation........................... $1,108,462,445
Gross tax unrealized depreciation........................... (22,201,036)
--------------
Net tax unrealized appreciation on investments.............. $1,086,261,409
==============
</Table>
E. DISTRIBUTION OF INCOME AND GAINS The Fund declares and pays dividends
annually from net investment income and from net realized gains, if any.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are included in ordinary income for tax purposes.
Net realized gains and losses may differ for financial reporting and tax
purposes primarily as a result of the deferral of losses relating to wash sale
transactions.
F. EXPENSE REDUCTIONS During the six months ended February 28, 2006, the Fund's
custody fee was reduced by $91,799 as a result of credits earned on cash
balances.
2. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Under the terms of the Fund's Investment Advisory Agreement, the Adviser will
provide investment advice and facilities to the Fund for an annual fee payable
monthly as follows:
<Table>
<Caption>
AVERAGE DAILY NET ASSETS % PER ANNUM
First $350 million.......................................... .575%
Next $350 million........................................... .525%
Next $350 million........................................... .475%
Next $1.05 billion.......................................... .425%
</Table>
For the six months ended February 28, 2006, the Fund recognized expenses of
approximately $82,900 representing legal services provided by Skadden, Arps,
Slate, Meagher & Flom LLP, counsel to the Fund, of which a trustee of the Fund
is a partner of such firm and he and his law firm provide legal services as
counsel to the Fund.
Under separate Accounting Services and Chief Compliance Officer ("CCO")
Employment agreements, the Adviser provides accounting services and the CCO
provides compliance services to the Fund. The costs of these services are
allocated to each fund. For the six months ended February 28, 2006, the Fund
recognized expenses of approximately $118,000, representing Van Kampen
Investments Inc.'s or its affiliates' (collectively "Van Kampen") cost of
providing accounting services to the Fund, as well as, the salary,
23
VAN KAMPEN EMERGING GROWTH FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
benefits and related costs of the CCO and related support staff paid by Van
Kampen. Services provided pursuant to the Accounting Services and CCO Employment
agreement are reported as part of "Other" expenses on the Statement of
Operations.
Van Kampen Investor Services Inc., an affiliate of the Adviser, serves as
the shareholder servicing agent for the Fund. For the six months ended February
28, 2006, the Fund recognized expenses of approximately $8,101,100. Transfer
agency fees are determined through negotiations with the Fund's Board of
Trustees.
Certain officers and trustees of the Fund are also officers and directors of
Van Kampen. The Fund does not compensate its officers or trustees who are
officers of Van Kampen.
The Fund provides deferred compensation and retirement plans for its
trustees who are not officers of Van Kampen. Under the deferred compensation
plan, trustees may elect to defer all or a portion of their compensation.
Amounts deferred are retained by the Fund and to the extent permitted by the
1940 Act, as amended, may be invested in the common shares of those funds
selected by the trustees. Investments in such funds of $466,168 are included in
"Other" assets on the Statement of Assets and Liabilities at February 28, 2006.
Appreciation/depreciation and distributions received from these investments are
recorded with an offsetting increase/decrease in the deferred compensation
obligation and do not affect the net asset value of the Fund. Benefits under the
retirement plan are payable upon retirement for a ten-year period and are based
upon each trustee's years of service to the Fund. The maximum annual benefit per
trustee under the plan is $2,500.
For the six months ended February 28, 2006, the Fund paid brokerage
commissions to Morgan Stanley DW Inc., an affiliate of the Adviser, totaling
$542,808.
For the six months ended February 28, 2006, Van Kampen, as Distributor for
the Fund, received net commissions on sales of the Fund's Class A Shares of
approximately $270,800 and CDSC on redeemed shares of approximately $1,083,300.
Sales charges do not represent expenses to the Fund.
24
VAN KAMPEN EMERGING GROWTH FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
3. CAPITAL TRANSACTIONS
For the six months ended February 28, 2006 and the year ended August 31, 2005,
transactions were as follows:
<Table>
<Caption>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
FEBRUARY 28, 2006 AUGUST 31, 2005
---------------------------- ------------------------------
SHARES VALUE SHARES VALUE
Sales:
Class A...................... 4,743,497 $ 196,516,483 12,472,853 $ 464,652,022
Class B...................... 1,058,284 37,473,853 3,127,612 99,846,035
Class C...................... 209,087 7,599,153 557,074 18,330,399
Class I...................... 368,489 15,648,980 687,736 27,130,096
Class R...................... 15,607 642,117 107,735 3,963,626
----------- ------------- ----------- ---------------
Total Sales.................... 6,394,964 $ 257,880,586 16,953,010 $ 613,922,178
=========== ============= =========== ===============
Repurchases:
Class A...................... (11,265,560) $(467,028,846) (38,447,135) $(1,432,628,270)
Class B...................... (7,554,532) (266,753,517) (20,649,292) (661,781,906)
Class C...................... (1,539,374) (55,800,212) (5,292,533) (173,958,855)
Class I...................... (253,390) (10,708,026) (244,651) (9,293,759)
Class R...................... (15,713) (646,003) (645,499) (23,105,697)
----------- ------------- ----------- ---------------
Total Repurchases.............. (20,628,569) $(800,936,604) (65,279,110) $(2,300,768,487)
=========== ============= =========== ===============
</Table>
4. REDEMPTION FEE
The Fund will assess a 2% redemption fee on the proceeds of Fund shares that are
redeemed (either by sale or exchange) within seven days of purchase. The
redemption fee is paid directly to the Fund. For the six months ended February
28, 2006, the Fund received redemption fees of approximately $1,800, which are
reported as part of "Cost of Shares Repurchased" in the Statement of Changes in
Net Assets.
5. INVESTMENT TRANSACTIONS
During the period, the cost of purchases and proceeds from sales of investments,
excluding short-term investments, were $2,624,643,193 and $3,313,781,686,
respectively.
6. DISTRIBUTION AND SERVICE PLANS
Shares of the Fund are distributed by Van Kampen Funds Inc. (the "Distributor"),
an affiliate of the Adviser. The Fund has adopted a distribution plan pursuant
to Rule 12b-1 under the 1940 Act, as amended, and a service plan (collectively,
the "Plans") for Class A Shares, Class B Shares and Class C Shares to compensate
the Distributor for the distribution, shareholder servicing and maintenance of
shareholder accounts for these shares. Under the Plans, the Fund will incur
annual fees of up to .25% of Class A average daily net assets, up to 1.00% each
of Class B and Class C average daily net assets and up to .50% of Class R
average daily net assets. These fees are accrued daily and paid to the
Distributor monthly.
The amount of distribution expenses incurred by the Distributor and not yet
reimbursed ("unreimbursed receivable") was approximately $20,954,600 and
$1,396,900 for Class B Shares and Class C Shares, respectively. These amounts
may be recovered from future payments under the distribution plan or CDSC. To
the extent the unreimbursed receivable has been fully recovered, the
distribution fee is reduced.
25
VAN KAMPEN EMERGING GROWTH FUND
NOTES TO FINANCIAL STATEMENTS -- FEBRUARY 28, 2006 (UNAUDITED) continued
7. LEGAL MATTERS
The Adviser, certain affiliates of the Adviser, and certain investment companies
advised by the Adviser or its affiliates, including the Fund, are named as
defendants in a number of similar class action complaints which were
consolidated. The consolidated action also names as defendants certain
individual Trustees and Directors of certain investment companies advised by
affiliates of the Adviser; the complaint does not, however, name the individual
Trustees of any Van Kampen funds. The consolidated amended complaint generally
alleges that defendants violated their statutory disclosure obligations and
fiduciary duties by failing properly to disclose (i) that the Adviser and
certain affiliates of the Adviser allegedly offered economic incentives to
brokers and others to steer investors to the funds advised by the Adviser or its
affiliates rather than funds managed by other companies, and (ii) that the funds
advised by the Adviser or its affiliates, including the Fund, allegedly paid
excessive commissions to brokers in return for their alleged efforts to steer
investors to these funds. The complaint seeks, among other things, unspecified
compensatory damages, rescissionary damages, fees and costs. Plaintiffs have
filed a Motion for Leave to file a Supplemental Pleading that would, among other
things, expand the allegations and alleged class.
The defendants have moved to dismiss this action and otherwise intend to
defend it vigorously.
The Adviser and certain affiliates of the Adviser are also named as
defendants in a derivative suit which additionally names as defendants certain
individual Trustees of certain Van Kampen funds; the named investment companies,
including the Fund, are listed as nominal defendants. The complaint alleges that
defendants caused the Van Kampen funds to pay economic incentives to a
proprietary sales force to promote the sale of proprietary mutual funds. The
complaint also alleges that the Van Kampen funds paid excessive commissions to
Morgan Stanley and its affiliates in connection with the sales of the funds. The
complaint seeks, among other things, the removal of the current Trustees of the
funds, rescission of the management contracts for the funds, disgorgement of
profits by Morgan Stanley and its affiliates and monetary damages. This
complaint has been coordinated with the consolidated complaint described in the
preceding paragraph. Defendants moved to dismiss the complaint and intend
otherwise to vigorously defend it. Plaintiff sought leave to file a second
amended derivative complaint that alleges that the Adviser permitted or
recklessly disregarded market timing and late trading in its proprietary mutual
funds in order to increase assets under management and fees. However, pursuant
to an agreement between the parties, the plaintiff's proposed second amended
derivative complaint was withdrawn and the allegations regarding market timing
and late trading asserted therein were filed in a separate complaint and
coordinated with other cases related to market timing that have been centralized
in a federal court. The defendants moved to dismiss this matter, which motion
was granted in part and denied in part. Defendants moved for reconsideration of
those claims that were denied. Plaintiff subsequently dismissed the trustee
defendants from the action, in exchange for the execution of a tolling agreement
by the trustees permitting plaintiff to bring the same claims against the
trustees at a later date should plaintiff deem necessary.
While the defendants believe that they have meritorious defenses, the
ultimate outcome of these matters is not presently determinable, and no
provision has been made in the Fund's financial statements for the effect, if
any, of these matters.
8. INDEMNIFICATIONS
The Fund enters into contracts that contain a variety of indemnifications. The
Fund's maximum exposure under these arrangements is unknown. However, the Fund
has not had prior claims or losses pursuant to these contracts and expects the
risk of loss to be remote.
26
VAN KAMPEN EMERGING GROWTH FUND
BOARD OF TRUSTEES, OFFICERS AND IMPORTANT ADDRESSES
BOARD OF TRUSTEES
DAVID C. ARCH
JERRY D. CHOATE
ROD DAMMEYER
LINDA HUTTON HEAGY
R. CRAIG KENNEDY
HOWARD J. KERR
JACK E. NELSON
HUGO F. SONNENSCHEIN
WAYNE W. WHALEN* - Chairman
SUZANNE H. WOOLSEY
OFFICERS
RONALD E. ROBISON
President and Principal Executive Officer
J. DAVID GERMANY
Vice President
DENNIS SHEA
Vice President
AMY R. DOBERMAN
Vice President
STEFANIE V. CHANG
Vice President and Secretary
JOHN L. SULLIVAN
Chief Compliance Officer
PHILLIP G. GOFF
Chief Financial Officer and Treasurer
INVESTMENT ADVISER
VAN KAMPEN ASSET MANAGEMENT
1221 Avenue of the Americas
New York, New York 10020
DISTRIBUTOR
VAN KAMPEN FUNDS INC.
1221 Avenue of the Americas
New York, New York 10020
SHAREHOLDER SERVICING AGENT
VAN KAMPEN INVESTOR SERVICES INC.
P.O. Box 947
Jersey City, New Jersey 07303-0947
CUSTODIAN
STATE STREET BANK
AND TRUST COMPANY
One Lincoln Street
Boston, Massachusetts 02111
LEGAL COUNSEL
SKADDEN, ARPS, SLATE,
MEAGHER & FLOM LLP
333 West Wacker Drive
Chicago, Illinois 60606
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
ERNST & YOUNG LLP
233 South Wacker Drive
Chicago, Illinois 60606
* "Interested persons" of the Fund, as defined in the Investment Company Act
of 1940, as amended.
27
Van Kampen Emerging Growth Fund
An Important Notice Concerning Our U.S. Privacy Policy
We are required by federal law to provide you with a copy of our Privacy
Policy annually.
The following Policy applies to current and former individual clients of Van
Kampen Investments Inc., Van Kampen Asset Management, Van Kampen Advisors
Inc., Van Kampen Funds Inc., Van Kampen Investor Services Inc. and Van
Kampen Exchange Corp., as well as current and former individual investors in
Van Kampen mutual funds, unit investment trusts, and related companies.
This Policy is not applicable to partnerships, corporations, trusts or other
non-individual clients or account holders, nor is this Policy applicable to
individuals who are either beneficiaries of a trust for which we serve as
trustee or participants in an employee benefit plan administered or advised
by us. This Policy is, however, applicable to individuals who select us to
be a custodian of securities or assets in individual retirement accounts,
401(k) accounts, 529 Educational Savings Accounts, accounts subject to the
Uniform Gifts to Minors Act, or similar accounts.
Please note that we may amend this Policy at any time, and will inform you
of any changes to this Policy as required by law.
WE RESPECT YOUR PRIVACY
We appreciate that you have provided us with your personal financial
information. We strive to maintain the privacy of such information while we
help you achieve your financial objectives. This Policy describes what
non-public personal information we collect about you, why we collect it, and
when we may share it with others.
We hope this Policy will help you understand how we collect and share
non-public personal information that we gather about you. Throughout this
Policy, we refer to the non-public information that personally identifies
you or your accounts as "personal information."
1. WHAT PERSONAL INFORMATION DO WE COLLECT ABOUT YOU?
To serve you better and manage our business, it is important that we collect
and maintain accurate information about you. We may obtain this information
from applications and other forms you submit to us, from your dealings with
us, from consumer reporting agencies, from our Web sites and from third
parties and other sources.
(continued on next page)
Van Kampen Emerging Growth Fund
An Important Notice Concerning Our U.S. Privacy Policy continued
For example:
-- We may collect information such as your name, address, e-mail address,
telephone/fax numbers, assets, income and investment objectives through
applications and other forms you submit to us.
-- We may obtain information about account balances, your use of
account(s) and the types of products and services you prefer to receive
from us through your dealings and transactions with us and other
sources.
-- We may obtain information about your creditworthiness and credit
history from consumer reporting agencies.
-- We may collect background information from and through third-party
vendors to verify representations you have made and to comply with
various regulatory requirements.
-- If you interact with us through our public and private Web sites, we
may collect information that you provide directly through online
communications (such as an e-mail address). We may also collect
information about your Internet service provider, your domain name,
your computer's operating system and Web browser, your use of our Web
sites and your product and service preferences, through the use of
"cookies." "Cookies" recognize your computer each time you return to
one of our sites, and help to improve our sites' content and
personalize your experience on our sites by, for example, suggesting
offerings that may interest you. Please consult the Terms of Use of
these sites for more details on our use of cookies.
2. WHEN DO WE DISCLOSE PERSONAL INFORMATION WE COLLECT ABOUT YOU?
To provide you with the products and services you request, to serve you
better and to manage our business, we may disclose personal information we
collect about you to our affiliated companies and to non-affiliated third
parties as required or permitted by law.
A. INFORMATION WE DISCLOSE TO OUR AFFILIATED COMPANIES. We do not disclose
personal information that we collect about you to our affiliated companies
except to enable them to provide services on our behalf or as otherwise
required or permitted by law.
B. INFORMATION WE DISCLOSE TO THIRD PARTIES. We do not disclose personal
information that we collect about you to non-affiliated third parties except
to enable them to provide services on our behalf, to perform joint marketing
agreements with
(continued on back)
Van Kampen Emerging Growth Fund
An Important Notice Concerning Our U.S. Privacy Policy continued
other financial institutions, or as otherwise required or permitted by law.
For example, some instances where we may disclose information about you to
non-affiliated third parties include: for servicing and processing
transactions, to offer our own products and services, to protect against
fraud, for institutional risk control, to respond to judicial process or to
perform services on our behalf. When we share personal information with
these companies, they are required to limit their use of personal
information to the particular purpose for which it was shared and they are
not allowed to share personal information with others except to fulfill that
limited purpose.
3. HOW DO WE PROTECT THE SECURITY AND CONFIDENTIALITY OF PERSONAL
INFORMATION WE COLLECT ABOUT YOU?
We maintain physical, electronic and procedural security measures to help
safeguard the personal information we collect about you. We have internal
policies governing the proper handling of client information. Third parties
that provide support or marketing services on our behalf may also receive
personal information, and we require them to adhere to confidentiality
standards with respect to such information.
Van Kampen Funds Inc.
1 Parkview Plaza
P.O. Box 5555
Oakbrook Terrace, IL 60181-5555
www.vankampen.com
Copyright (C)2006 Van Kampen Funds Inc. All rights reserved.
Member NASD/SIPC.
16, 116, 216, 516, 316
EMG SAR 4/06
(VAN KAMPEN INVESTMENTS SHINE LOGO) RN06-00947P-Y02/06
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Schedule of Investments.
Please refer to Item #1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures
(a) The Fund's principal executive officer and principal financial officer have
concluded that the Fund's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Fund in this Form N-CSRS
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the second fiscal quarter of the period covered
by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(1) Code of Ethics - Not applicable for semi-annual reports.
(2)(a) A certification for the Principal Executive Officer of the registrant is
attached hereto as part of EX-99.CERT.
(2)(b) A certification for the Principal Financial Officer of the registrant is
attached hereto as part of EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Van Kampen Emerging Growth Fund
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: April 19, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ Ronald E. Robison
----------------------
Name: Ronald E. Robison
Title: Principal Executive Officer
Date: April 19, 2006
By: /s/ Phillip G. Goff
----------------------
Name: Phillip G. Goff
Title: Principal Financial Officer
Date: April 19, 2006