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VAN KAMPEN AMERICAN CAPITAL PACE FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED OCTOBER 28, 1997, AS
PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your
account through written instruction or by telephone, you may also perform
certain transactions through the Internet. Please refer to our web site @
www.vkac.com for further instruction. Van Kampen American Capital and its
subsidiaries, including ACCESS (collectively, "VKAC"), and the Fund employ
procedures considered by them to be reasonable to confirm that instructions
communicated through the Internet are genuine. Such procedures include requiring
use of a personal identification number prior to acting upon Internet
instructions and providing written confirmation of instructions communicated
through the Internet. If reasonable procedures are employed, neither VKAC nor
the Fund will be liable for following instructions through the Internet which it
reasonably believes to be genuine. If an account has multiple owners, ACCESS may
rely on the instructions of any one owner.
The section of the Prospectus entitled "INVESTMENT ADVISORY SERVICES --
PORTFOLIO MANAGEMENT" is hereby amended with the following:
PORTFOLIO MANAGEMENT. The Fund is managed by a management team of Portfolio
Managers headed by Alan T. Sachtleben. Mr. Sachtleben has been a Vice President
of the Fund since 1987, and has been an Executive Vice President of the Adviser
and Advisory Corp. since June 1995. B. Robert Baker, John M. Cunniff and Evan G.
Harrel are responsible as co-managers for the day-to-day management of the
Fund's investment portfolio. Mr. Baker has been Vice President of the Adviser
and Advisory Corp. since June 1995. Prior to that time, Mr. Baker was Associate
Portfolio Manager of the Adviser. Mr. Cunniff has been a Vice President of the
Adviser and Advisory Corp. since October 1995. Prior to that time, Mr. Cunniff
was Vice President, Portfolio Manager at Templeton Quantitative Advisors. Mr.
Harrel has been Vice President of the Adviser and 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 &
Co.
