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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