<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
FLORIDA INSURED TAX FREE INCOME FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Class B Shares purchased on or after June 1, 1996 automatically will convert
to Class A Shares eight years after the end of the calendar month in which the
investor's order to purchase was accepted. The Fund's contingent deferred sales
charge schedule for Class B Shares is not effected by such conversion.
The section of the Prospectus captioned "ANNUAL FUND OPERATING EXPENSES AND
EXAMPLE" is hereby amended as follows:
The expenses for Class B Shares assuming redemption at the end of a ten year
period are $117 and the expenses for Class B Shares assuming no redemption at
the end of a ten year period are $117.
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
<PAGE> 2
VAN KAMPEN AMERICAN CAPITAL INSURED TAX FREE INCOME FUND
VAN KAMPEN AMERICAN CAPITAL CALIFORNIA INSURED TAX FREE FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Class B Shares of the Insured Fund purchased on or after June 1, 1996
automatically will convert to Class A Shares eight years after the end of the
calendar month in which the investor's order to purchase was accepted. The
Fund's contingent deferred sales charge schedule for Class B Shares is not
effected by such conversion.
The section of the Prospectus captioned "ANNUAL FUND OPERATING EXPENSES AND
EXAMPLE -- INSURED FUND" is hereby amended as follows:
The expenses for Class B Shares assuming redemption at the end of a ten year
period are $182 and the expenses for Class B Shares assuming no redemption at
the end of a ten year period are $182.
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
<PAGE> 3
VAN KAMPEN AMERICAN CAPITAL
INTERMEDIATE TERM MUNICIPAL INCOME FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
<PAGE> 4
VAN KAMPEN AMERICAN CAPITAL
MUNICIPAL INCOME FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Class B Shares purchased on or after June 1, 1996 automatically will convert
to Class A Shares eight years after the end of the calendar month in which the
investor's order to purchase was accepted. The Fund's contingent deferred sales
charge schedule for Class B Shares is not effected by such conversion.
The section of the Prospectus captioned "ANNUAL FUND OPERATING EXPENSES AND
EXAMPLE" is hereby amended as follows:
The expenses for Class B Shares assuming redemption at the end of a ten year
period are $185 and the expenses for Class B Shares assuming no redemption at
the end of a ten year period are $185.
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
<PAGE> 5
VAN KAMPEN AMERICAN CAPITAL
NEW JERSEY TAX FREE INCOME FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Class B Shares purchased on or after June 1, 1996 automatically will convert
to Class A Shares eight years after the end of the calendar month in which the
investor's order to purchase was accepted. The Fund's contingent deferred sales
charge schedule for Class B Shares is not effected by such conversion.
The section of the Prospectus captioned "ANNUAL FUND OPERATING EXPENSES AND
EXAMPLE" is hereby amended as follows:
The expenses for Class B Shares assuming redemption at the end of a ten year
period are $103 and the expenses for Class B Shares assuming no redemption at
the end of a ten year period are $103.
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
<PAGE> 6
VAN KAMPEN AMERICAN CAPITAL
NEW YORK TAX FREE INCOME FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Class B Shares purchased on or after June 1, 1996 automatically will convert
to Class A Shares eight years after the end of the calendar month in which the
investor's order to purchase was accepted. The Fund's contingent deferred sales
charge schedule for Class B Shares is not effected by such conversion.
The section of the Prospectus captioned "ANNUAL FUND OPERATING EXPENSES AND
EXAMPLE" is hereby amended as follows:
The expenses for Class B Shares assuming redemption at the end of a ten year
period are $94 and the expenses for Class B Shares assuming no redemption at the
end of a ten year period are $94.
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
<PAGE> 7
VAN KAMPEN AMERICAN CAPITAL
TAX FREE HIGH INCOME FUND
SUPPLEMENT DATED JUNE 1, 1996, TO THE PROSPECTUS DATED APRIL 29, 1996
Class B Shares purchased on or after June 1, 1996 automatically will convert
to Class A Shares eight years after the end of the calendar month in which the
investor's order to purchase was accepted. The Fund's contingent deferred sales
charge schedule for Class B Shares is not effected by such conversion.
The section of the Prospectus captioned "ANNUAL FUND OPERATING EXPENSES AND
EXAMPLE" is hereby amended as follows:
The expenses for Class B Shares assuming redemption at the end of a ten year
period are $181 and the expenses for Class B Shares assuming no redemption at
the end of a ten year period are $181.
Effective July 1, 1996, the footnote on the sales charge table located in
the section of the Prospectus captioned "PURCHASE OF SHARES" is hereby amended
as follows:
* No sales charge is payable at the time of purchase on investments of $1
million or more, although for such investments the Fund imposes a contingent
deferred sales charge of 1.00% on redemptions made within one year of the
purchase. A commission will be paid to brokers, dealers or financial
intermediaries who initiate and are responsible for purchases of $1 million or
more as follows: 1.00% on sales to $2 million, plus 0.80% on the next million
and 0.50% on the excess over $3 million. See "Purchase of Shares -- Deferred
Sales Charge Alternatives" for additional information with respect to
contingent deferred sales charges.
