Van Kampen's fund board directors have been busy for the past few months. Their most recent actions include the proposed reorganizations of two funds, a move that shareholders will vote on in September.

Winds of Change
Fund	Change	Date Effective
High Yield Fund	Fold into High Income Corporate Bond Fund, rename High Yield Fund	Shareholder vote, 9/04
International Magnum Fund	Fold into International Advantage Fund	Shareholder vote, 9/04
International Advantage Fund	Management addition: Sandra Yeager	6-Jul
Limited Maturity Government Fund	Broadened investment policy	6-Jul
Mid Cap Growth Fund	Management change: Dennis Lynch, David Cohen and Sam Chainani	30-Jun
Equity Growth Fund	Management change: Dennis Lynch, David Cohen and Sam Chainani	30-Jun
Focus Equity Fund	Management change: Dennis Lynch, David Cohen and Sam Chainani	30-Jun
Pace Fund	Management change: Dennis Lynch, David Cohen and Sam Chainani	30-Jun
Growth Fund	Name change to Mid Cap Growth Fund	25-Jun
European Value Equity Fund	Liquidated	18-Jun
Value Fund	Folded into Comstock Fund	21-May
Source: Van Kampen website

The fund reorganizations, which were approved by each fund's board in July, are par for the course with the slew of changes that the fund boards have approved. Name changes, investment policy changes, fund reorganizations and manager swaps are among the tools the directors have used to tweak the Van Kampen lineup.

A company spokesperson did not immediately return a call seeking comment.

In September, shareholders will vote to reorganize the International Magnum Fund into the International Advantage Fund, and the High Yield Fund into the High Income Corporate Bond fund. If the latter is approved, the new fund will be renamed the High Yield Fund.

Sandra Yeager, a managing director at Van Kampen, will join the management of the International Advantage Fund.

The fund firm broadened the investment objective of its Limited Maturity Government Fund on July 6.

Effective June 30, Van Kampen announced a manager swap for four growth funds. Managers William Auslander and Jeffrey Alvino, who left the firm, were replaced by three new managers on Van Kampen's Mid Cap Growth Fund, the Growth Fund, the Focus Equity Fund and the Pace Fund.

Dennis Lynch, David Cohen and Sam Chainani, Van Kampen's U.S. Growth team, will manage the funds.

A few days earlier, the name of the Growth Fund was changed to the Mid Cap Growth Fund.

On June 18, Van Kampen liquidated its European Value Equity Fund, which was closed on June 1.

Officials stated that "region-specific offerings…have not garnered significant inflows from the investing public. Because a variety of fund expenses were allocated over a relatively small asset base, Van Kampen European Value Equity Fund could not enjoy optimal economies of scale."

"Rigorous evaluation of our product line is, therefore, a vital part of our management process as we continue to seek ways to become more efficient and competitive," officials stated on press releases announcing some of the changes. 

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