<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
SUPPLEMENT DATED MARCH 9, 1998 TO THE
PROSPECTUS DATED MARCH 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
AUGUST 4, 1997 AND JANUARY 2, 1998
VKAC GROWTH AND INCOME FUND
PROSPECTUS DATED APRIL 30, 1997, AS PREVIOUSLY SUPPLEMENTED ON
AUGUST 4, 1997 AND JANUARY 2, 1998
VKAC EQUITY INCOME FUND
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your account
through written instruction or by telephone, you may also perform certain
transactions through the Internet. Please refer to our web site @ www.vkac.com
for further instruction. Van Kampen American Capital and its subsidiaries,
including ACCESS (collectively, "VKAC"), and the Fund employ procedures
considered by them to be reasonable to confirm that instructions communicated
through the Internet are genuine. Such procedures include requiring use of a
personal identification number prior to acting upon Internet instructions and
providing written confirmation of instructions communicated through the
Internet. If reasonable procedures are employed, neither VKAC nor the Fund will
be liable for following instructions through the Internet which it reasonably
believes to be genuine. If an account has multiple owners, ACCESS may rely on
the instructions of any one owner.
PORTFOLIO MANAGEMENT. The Fund is managed by a management team headed by
James A. Gilligan. Mr. Gilligan has been primarily responsible for managing the
Fund's investment portfolio since January 1990. Mr. Gilligan has been Senior
Vice President and Portfolio Manager of the Adviser since September 1995 and of
Advisory Corp. since June 1995. Prior to that time, Mr. Gilligan was Vice
President and Portfolio Manager of the Adviser. Bret Stanley and Scott Carroll
are responsible as co-managers for the day-to-day management of the Fund's
investment portfolio. Mr. Stanley has been Assistant Vice President of the
Adviser and Advisory Corp. since January 1995. Prior to that time, Mr. Stanley
was a Portfolio Manager with Gulf Investment Management. Mr. Carroll has been
Associate Portfolio Manager of the Adviser and Advisory Corp. since December
1996. Prior to that time, Mr. Carroll was an Equity Analyst with Lincoln Capital
Management Company. Prior to September 1992, Mr. Carroll was a Senior Internal
Auditor with Pittway Corporation.
