<PAGE> 1
SUPPLEMENT DATED JULY 14, 1998 TO THE
PROSPECTUS DATED SEPTEMBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998 AND MARCH 9, 1998
VKAC GLOBAL GOVERNMENT SECURITIES FUND
PROSPECTUS DATED SEPTEMBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
MARCH 9, 1998
VKAC RESERVE FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998 AND MARCH 9, 1998
VKAC SHORT-TERM GLOBAL INCOME FUND
VKAC STRATEGIC INCOME FUND
VKAC UTILITY FUND
VKAC PROSPECTOR FUND
MORGAN STANLEY EMERGING MARKETS DEBT FUND
MORGAN STANLEY GLOBAL FIXED INCOME FUND
MORGAN STANLEY HIGH YIELD FUND
MORGAN STANLEY WORLDWIDE HIGH INCOME FUND
MORGAN STANLEY GROWTH AND INCOME FUND
MORGAN STANLEY EUROPEAN EQUITY FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998, MARCH 9, 1998 AND MARCH 13, 1998
VKAC HIGH YIELD FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998, MARCH 9, 1998 AND MARCH 25, 1998
VKAC AGGRESSIVE GROWTH FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998, MARCH 9, 1998 AND APRIL 21, 1998
MORGAN STANLEY AGGRESSIVE EQUITY FUND
MORGAN STANLEY AMERICAN VALUE FUND
MORGAN STANLEY MID CAP GROWTH FUND
MORGAN STANLEY U.S. REAL ESTATE FUND
MORGAN STANLEY VALUE FUND
MORGAN STANLEY ASIAN GROWTH FUND
MORGAN STANLEY EMERGING MARKETS FUND
MORGAN STANLEY GLOBAL EQUITY FUND
MORGAN STANLEY GLOBAL EQUITY ALLOCATION FUND
MORGAN STANLEY INTERNATIONAL MAGNUM FUND
MORGAN STANLEY JAPANESE EQUITY FUND
MORGAN STANLEY LATIN AMERICAN FUND
<PAGE> 2
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998, MARCH 9, 1998, APRIL 23, 1998 AND MAY 12, 1998
VKAC GREAT AMERICAN COMPANIES FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998, MARCH 9, 1998 AND MAY 12, 1998
VKAC GROWTH FUND
VKAC PACE FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
MARCH 9, 1998
VKAC TAX FREE MONEY FUND
PROSPECTUS DATED DECEMBER 29, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998 AND MARCH 9, 1998
VKAC CORPORATE BOND FUND
VKAC EMERGING GROWTH FUND
VKAC HIGH INCOME CORPORATE BOND FUND
PROSPECTUS DATED JANUARY 28, 1998, AS PREVIOUSLY SUPPLEMENTED ON
MARCH 9, 1998
VKAC U.S. GOVERNMENT TRUST FOR INCOME
PROSPECTUS DATED FEBRUARY 17, 1998
VKAC SMALL CAPITALIZATION FUND
PROSPECTUS DATED MARCH 30, 1998
VKAC GROWTH AND INCOME FUND
VKAC HIGH YIELD MUNICIPAL FUND
PROSPECTUS DATED APRIL 27, 1998
VKAC FOREIGN SECURITIES FUND
PROSPECTUS DATED APRIL 30, 1998
VKAC U.S. GOVERNMENT FUND
VKAC INSURED TAX FREE INCOME FUND
VKAC CALIFORNIA INSURED TAX FREE FUND
VKAC TAX FREE HIGH INCOME FUND
VKAC MUNICIPAL INCOME FUND
VKAC INTERMEDIATE TERM MUNICIPAL INCOME FUND
VKAC FLORIDA INSURED TAX FREE INCOME FUND
VKAC NEW YORK TAX FREE INCOME FUND
VKAC PENNSYLVANIA TAX FREE INCOME FUND
VKAC COMSTOCK FUND
VKAC EQUITY INCOME FUND
VKAC GLOBAL MANAGED ASSETS FUND
VKAC GOVERNMENT SECURITIES FUND
VKAC HARBOR FUND
VKAC LIFE INVESTMENT TRUST
<PAGE> 3
VKAC LIMITED MATURITY GOVERNMENT FUND
VKAC REAL ESTATE SECURITIES FUND
PROSPECTUS DATED APRIL 30, 1998, AS PREVIOUSLY SUPPLEMENTED ON
MAY 12, 1998
VKAC ENTERPRISE FUND
VKAC LIFE INVESTMENT TRUST
The Board of Trustees or the Board of Directors, as the case may be (the
"Board"), of each of the funds listed above (the "Funds") recently approved
changing the name of each Fund. The Funds' name changes coincide with recent
name changes affecting the Funds' investment advisers, distributor and
shareholder service/transfer agent as well as the name of the parent corporation
for such entities. As shown below, each of these Van Kampen-related service
providers is truncating or changing its name to coordinate and simplify the
mutual fund operations under the Van Kampen brand name. Likewise, the Board
approved similarly changing the names of the existing Van Kampen American
Capital retail open-end funds and the existing Morgan Stanley retail open-end
funds which are serviced by these Van Kampen-related service providers also to
emphasize the Van Kampen brand name and better coordinate the Van Kampen family
of funds. For Funds organized as business trusts (or series of business trusts)
or corporations (or series of corporations), the Board authorized name changes
to the respective business trust names or corporation names in addition to
changing the Funds' names.
Effective July 14, 1998, all references in the attached prospectus to the
names of Van Kampen-related service providers (and their parent) and the Fund
name and, where applicable, the business trust or corporate name of which the
Fund is a series, will refer to the new names shown in the schedule below.
<TABLE>
<CAPTION>
CURRENT SERVICE PROVIDER NAME NEW SERVICE PROVIDER NAME
----------------------------- -------------------------
<S> <C>
Van Kampen American Capital, Inc. Van Kampen Investments Inc.
Van Kampen American Capital Asset Van Kampen Asset Management Inc.
Management, Inc.
Van Kampen American Capital Investment Van Kampen Investment Advisory Corp.
Advisory Corp.
Van Kampen American Capital Distributors, Van Kampen Funds Inc.
Inc.
ACCESS Investor Services, Inc. Van Kampen Investor Services Inc.
CURRENT NAME NEW NAME
- ------------------------------------------- -------------------------------------------
Van Kampen American Capital U.S. Government Van Kampen U.S. Government Trust
Trust
Van Kampen American Capital U.S. Van Kampen U.S. Government Fund
Government Fund
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Van Kampen American Capital Tax Free Trust Van Kampen Tax Free Trust
Van Kampen American Capital Insured Tax Van Kampen Insured Tax Free Income Fund
Free Income Fund
Van Kampen American Capital Tax Free High Van Kampen Tax Free High Income Fund
Income Fund
Van Kampen American Capital California Van Kampen California Insured Tax Free
Insured Tax Free Fund Fund
Van Kampen American Capital Municipal Van Kampen Municipal Income Fund
Income Fund
Van Kampen American Capital Intermediate Van Kampen Intermediate Term Municipal
Term Municipal Income Fund Income Fund
Van Kampen American Capital Florida Van Kampen Florida Insured Tax Free Income
Insured Tax Free Income Fund Fund
Van Kampen American Capital New York Tax Van Kampen New York Tax Free Income Fund
Free Income Fund
Van Kampen American Capital Trust Van Kampen Trust
Van Kampen American Capital High Yield Van Kampen High Yield Fund
Fund
Van Kampen American Capital Short-Term Van Kampen Short-Term Global Income Fund
Global Income Fund
Van Kampen American Capital Strategic Van Kampen Strategic Income Fund
Income Fund
Van Kampen American Capital Equity Trust Van Kampen Equity Trust
Van Kampen American Capital Utility Fund Van Kampen Utility Fund
Van Kampen American Capital Great American Van Kampen Great American Companies Fund
Companies Fund
Van Kampen American Capital Growth Fund Van Kampen Growth Fund
Van Kampen American Capital Prospector Van Kampen Prospector Fund
Fund
Van Kampen American Capital Aggressive Van Kampen Aggressive Growth Fund
Growth Fund
Van Kampen American Capital Pennsylvania Van Kampen Pennsylvania Tax Free Income
Tax Free Income Fund Fund
Van Kampen American Capital Tax Free Money Van Kampen Tax Free Money Fund
Fund
Van Kampen American Capital Foreign Van Kampen Foreign Securities Fund
Securities Fund
Van Kampen American Capital Comstock Fund Van Kampen Comstock Fund
Van Kampen American Capital Corporate Bond Van Kampen Corporate Bond Fund
Fund
Van Kampen American Capital Emerging Growth Van Kampen Emerging Growth Fund
Fund
Van Kampen American Capital Enterprise Fund Van Kampen Enterprise Fund
Van Kampen American Capital Equity Income Van Kampen Equity Income Fund
Fund
Van Kampen American Capital Global Managed Van Kampen Global Managed Assets Fund
Assets Fund
Van Kampen American Capital Government Van Kampen Government Securities Fund
Securities Fund
Van Kampen American Capital Growth and Van Kampen Growth and Income Fund
Income Fund
Van Kampen American Capital Harbor Fund Van Kampen Harbor Fund
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Van Kampen American Capital High Income Van Kampen High Income Corporate Bond Fund
Corporate Bond Fund
Van Kampen American Capital Life Investment Van Kampen Life Investment Trust
Trust
Van Kampen American Capital Limited Van Kampen Limited Maturity Government Fund
Maturity Government Fund
Van Kampen American Capital Pace Fund Van Kampen Pace Fund
Van Kampen American Capital Real Estate Van Kampen Real Estate Securities Fund
Securities Fund
Van Kampen American Capital Reserve Fund Van Kampen Reserve Fund
Van Kampen American Capital Small Van Kampen Small Capitalization Fund
Capitalization Fund
Van Kampen American Capital Tax-Exempt Van Kampen Tax-Exempt Trust
Trust
Van Kampen American Capital High Yield Van Kampen High Yield Municipal Fund
Municipal Fund
Van Kampen American Capital U.S. Government Van Kampen U.S. Government Trust for Income
Trust for Income
Van Kampen American Capital World Portfolio Van Kampen World Portfolio Series Trust
Series Trust
Van Kampen American Capital Global Van Kampen Global Government Securities
Government Securities Fund Fund
Morgan Stanley Fund, Inc. Van Kampen Series Fund, Inc.
Morgan Stanley Aggressive Equity Fund Van Kampen Aggressive Equity Fund
Morgan Stanley American Value Fund Van Kampen American Value Fund
Morgan Stanley Asian Growth Fund Van Kampen Asian Growth Fund
Morgan Stanley Emerging Markets Fund Van Kampen Emerging Markets Fund
Morgan Stanley Emerging Markets Debt Fund Van Kampen Emerging Markets Debt Fund
Morgan Stanley European Equity Fund Van Kampen European Equity Fund
Morgan Stanley Global Equity Fund Van Kampen Global Equity Fund
Morgan Stanley Global Equity Allocation Van Kampen Global Equity Allocation Fund
Fund
Morgan Stanley Global Fixed Income Fund Van Kampen Global Fixed Income Fund
Morgan Stanley Growth and Income Fund Van Kampen Growth and Income Fund II
Morgan Stanley High Yield Fund Van Kampen High Yield & Total Return Fund
Morgan Stanley International Magnum Fund Van Kampen International Magnum Fund
Morgan Stanley Japanese Equity Fund Van Kampen Japanese Equity Fund
Morgan Stanley Latin American Fund Van Kampen Latin American Fund
Morgan Stanley Mid Cap Growth Fund Van Kampen Mid Cap Growth Fund
Morgan Stanley U.S. Real Estate Fund Van Kampen U.S. Real Estate Fund
Morgan Stanley Value Fund Van Kampen Value Fund
Morgan Stanley Worldwide High Income Fund Van Kampen Worldwide High Income Fund
</TABLE>
