AMERICAN CAPITAL RESERVE FUND INC
497, 1995-05-03
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<PAGE>   1
 
                        SUPPLEMENT, DATED MAY 1, 1995 TO
                      AMERICAN CAPITAL RESERVE FUND, INC.
 
     The following paragraph is added to the section entitled "Purchase of
Shares -- General":
 
          Compensation may include payment for travel expenses, including
     lodging, incurred in connection with trips taken by registered
     representatives and members of their families to locations within or
     outside of the United States for meetings or seminars of a business nature.


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