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VAN KAMPEN AMERICAN CAPITAL
EXCHANGE FUND
SUPPLEMENT DATED MAY 12, 1998 TO THE PROSPECTUS DATED APRIL 27, 1998
Item 5 of the Prospectus entitled "MANAGEMENT OF THE FUND" is hereby amended
with the following:
(c) The Fund is managed by a management team headed by Jeff New. Mr. New has
been primarily responsible for managing the Fund's investment portfolio since
May 1998. Mr. New has been Senior Vice President and Portfolio Manager of the
Adviser and Van Kampen American Capital Investment Advisory Corp. ("Advisory
Corp.") since December 1997. Prior to December 1997, Mr. New was Vice President
and Portfolio Manager of the Adviser and Advisory Corp. Prior to June 1994, Mr.
New was Associate Portfolio Manager of the Adviser. Michael Davis as co-manager,
is responsible for the day-to-day management of the Fund's investment portfolio.
Mr. Davis has been Vice President and Portfolio Manager of the Adviser and
Advisory Corp. since March 1998. Mr. Davis has been an investment professional
since 1983 and prior to March 1998 the owner of Davis Equity, a stock research
company.
