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SUPPLEMENT DATED APRIL 3, 1995
TO PROSPECTUS OF
AMERICAN CAPITAL MUNICIPAL BOND FUND, INC.
The following replaces the last paragraph under the section entitled "The
Fund and Its Management":
David C. Johnson is primarily responsible for the day-to-day
management of the Fund's investment portfolio since April 3, 1995. Mr.
Johnson is Vice President of the Fund and an agent of the Adviser. Mr.
Johnson has been employed by Van Kampen American Capital Investment
Advisory Corp., an affiliate of the Adviser, for the last five years.
