<PAGE> 1
SUPPLEMENT DATED JULY 14, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 28, 1997,
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
VKAC GLOBAL GOVERNMENT SECURITIES FUND
STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 28, 1997
VKAC RESERVE FUND
STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 28, 1997,
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
VKAC STRATEGIC INCOME FUND
VKAC UTILITY FUND
VKAC PACE FUND
VKAC AGGRESSIVE GROWTH FUND
STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 28, 1997,
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
VKAC HIGH YIELD FUND
STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 28, 1997
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
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
VKAC GREAT AMERICAN COMPANIES FUND
VKAC GROWTH FUND
VKAC PROSPECTOR FUND
VKAC SHORT-TERM GLOBAL INCOME FUND
VKAC TAX FREE MONEY FUND
STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 29, 1997,
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
VKAC CORPORATE BOND FUND
VKAC EMERGING GROWTH FUND
VKAC HIGH INCOME CORPORATE BOND FUND
STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 28, 1998
VKAC U.S. GOVERNMENT TRUST FOR INCOME
STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 17, 1998
VKAC SMALL CAPITALIZATION FUND
STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 30, 1998
VKAC GROWTH AND INCOME FUND
VKAC HIGH YIELD MUNICIPAL FUND
MFSPTSAIRN 8/98
<PAGE> 2
STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 27, 1998
VKAC FOREIGN SECURITIES FUND
STATEMENT OF ADDITIONAL INFORMATION 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
VKAC ENTERPRISE FUND
VKAC LIMITED MATURITY GOVERNMENT FUND
VKAC REAL ESTATE SECURITIES FUND
STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 9, 1998
VKAC PRIME RATE INCOME TRUST
STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 19, 1998
VKAC SENIOR FLOATING RATE FUND
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 Statement of
Additional Information 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 Management, Inc. Van Kampen Asset Management Inc.
Van Kampen American Capital Investment Advisory Van Kampen Investment Advisory Corp.
Corp.
Van Kampen American Capital Distributors, Inc. Van Kampen Funds Inc.
ACCESS Investor Services, Inc. Van Kampen Investor Services Inc.
CURRENT NAME NEW NAME
- -------------------------------------------------- --------------------------------------------------
Van Kampen American Capital U.S. Government Trust Van Kampen U.S. Government Trust
Van Kampen American Capital U.S. Government Fund Van Kampen U.S. Government Fund
</TABLE>
<PAGE> 3
<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 Free Van Kampen Insured Tax Free Income Fund
Income Fund
Van Kampen American Capital Tax Free High Income Van Kampen Tax Free High Income Fund
Fund
Van Kampen American Capital California Insured Van Kampen California Insured Tax Free Fund
Tax Free Fund
Van Kampen American Capital Municipal Income Van Kampen Municipal Income Fund
Fund
Van Kampen American Capital Intermediate Term Van Kampen Intermediate Term Municipal Income
Municipal Income Fund Fund
Van Kampen American Capital Florida Insured Tax Van Kampen Florida Insured Tax Free Income Fund
Free Income Fund
Van Kampen American Capital New York Tax Free Van Kampen New York Tax Free Income Fund
Income Fund
Van Kampen American Capital Trust Van Kampen Trust
Van Kampen American Capital High Yield Fund Van Kampen High Yield Fund
Van Kampen American Capital Short-Term Global Van Kampen Short-Term Global Income Fund
Income Fund
Van Kampen American Capital Strategic Income Van Kampen Strategic Income Fund
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 Fund Van Kampen Prospector Fund
Van Kampen American Capital Aggressive Growth Van Kampen Aggressive Growth Fund
Fund
Van Kampen American Capital Pennsylvania Tax Free Van Kampen Pennsylvania Tax Free Income Fund
Income Fund
Van Kampen American Capital Tax Free Money Fund Van Kampen Tax Free Money Fund
Van Kampen American Capital Foreign Securities Van Kampen Foreign Securities Fund
Fund
Van Kampen American Capital Comstock Fund Van Kampen Comstock Fund
Van Kampen American Capital Corporate Bond Fund Van Kampen Corporate Bond Fund
Van Kampen American Capital Emerging Growth Fund Van Kampen Emerging Growth Fund
Van Kampen American Capital Enterprise Fund Van Kampen Enterprise Fund
Van Kampen American Capital Equity Income Fund Van Kampen Equity Income Fund
Van Kampen American Capital Global Managed Assets Van Kampen Global Managed Assets Fund
Fund
Van Kampen American Capital Government Securities Van Kampen Government Securities Fund
Fund
Van Kampen American Capital Growth and Income Fund Van Kampen Growth and Income Fund
Van Kampen American Capital Harbor Fund Van Kampen Harbor Fund
Van Kampen American Capital High Income Corporate Van Kampen High Income Corporate Bond Fund
Bond Fund
Van Kampen American Capital Life Investment Trust Van Kampen Life Investment Trust
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CURRENT NAME NEW NAME
------------ --------
<S> <C>
Van Kampen American Capital Limited Maturity Van Kampen Limited Maturity Government Fund
Government Fund
Van Kampen American Capital Pace Fund Van Kampen Pace Fund
Van Kampen American Capital Real Estate Securities Van Kampen Real Estate Securities Fund
Fund
Van Kampen American Capital Reserve Fund Van Kampen Reserve Fund
Van Kampen American Capital Small Capitalization Van Kampen Small Capitalization Fund
Fund
Van Kampen American Capital Tax-Exempt Trust Van Kampen Tax-Exempt Trust
Van Kampen American Capital High Yield Municipal Van Kampen High Yield Municipal Fund
Fund
Van Kampen American Capital U.S. Government Trust Van Kampen U.S. Government Trust for Income
for Income
Van Kampen American Capital World Portfolio Series Van Kampen World Portfolio Series Trust
Trust
Van Kampen American Capital Global Government Van Kampen Global Government Securities Fund
Securities 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 Fund Van Kampen Global Equity Allocation 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
Van Kampen American Capital Prime Rate Income Van Kampen Prime Rate Income Trust
Trust
Van Kampen American Capital Senior Floating Rate Van Kampen Senior Floating Rate Fund
Fund
</TABLE>
