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VAN KAMPEN AMERICAN CAPITAL EXCHANGE FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED APRIL 22, 1997
Item 5 of the Prospectus entitled "Management of the Fund" is hereby amended
with the following:
(c) Evan Harrel has been primarily responsible for the day-to-day management
of the Fund's investment portfolio since February 1998. Mr. Harrel has been Vice
President of the Adviser and Van Kampen American Capital Advisory Corp. since
October 1996. Prior to that time, Mr. Harrel was Associate Portfolio Manager of
the Adviser. Prior to May 1994, Mr. Harrel was a Vice President with Fayez
Sarofim and Co.
