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VAN KAMPEN AMERICAN CAPITAL
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September 12, 1995
Dear Van Kampen American Capital Adjustable Rate U.S. Government Fund
Shareholder:
Early last month you were sent a Proxy Statement/Prospectus dated August 7, 1995
regarding your Fund's upcoming shareholder meeting. This letter amends that
Proxy Statement/Prospectus. At a recent meeting, the Board of Trustees of the
Van Kampen American Capital Limited Maturity Government Fund ("AC Fund")
approved an amendment to the AC Fund's Declaration of Trust which authorizes
trustees of the AC Fund to remove trustees with or without cause upon the act of
two-thirds of the trustees. The shareholder meeting of your Fund scheduled for
September 15, 1995 will be adjourned until September 21, 1995 to allow you
sufficient time to consider this change, which is described in more detail
below.
The section of the Proxy Statement/Prospectus captioned
"Description of Securities to be Issued -- Voting Rights of
Shareholders" states the Declaration of Trust of the Van Kampen
American Capital Adjustable Rate U.S. Government Fund ("VK Fund")
and the AC Fund are substantially identical, except that the
Declaration of Trust of the VK Fund permits the VK Board or
shareholders to remove a trustee of the VK Fund with or without
cause by the act of two-thirds of such trustees or shareholders,
whereas the Declaration of Trust of the AC Fund permits (i) the
removal of a trustee with cause by the act of two-thirds of the
trustees and (ii) shareholders holding a majority of the shares of
each series outstanding to remove a trustee with or without cause.
The AC Fund Board of Trustees has amended the AC Fund Declaration
of Trust to authorize the trustees of the AC Fund to remove
trustees with or without cause upon the act of two-thirds of the
trustees. The effect of this amendment is to substantially conform
the provisions of the VK Fund and AC Fund Declarations of Trust
relating to the removal of trustees.
Also at the Board meeting, Linda Heagy was appointed to the Boards
of Trustees of the AC Fund and the VK Fund and Richard Caruso was
removed from the Boards of Trustees of the AC Fund and the VK
Fund. Additional information regarding Linda Heagy's business
experience has been added to each Fund's Statement of Additional
Information.
IF YOU HAVE VOTED AND DO NOT WANT TO CHANGE YOUR VOTE, NO ACTION IS REQUIRED.
However, if you have not voted or would like to change your vote, we have
enclosed a new proxy card for your convenience. Please sign, date and return the
proxy card in the enclosed postage-paid envelope.
Should you need a Proxy Statement/Prospectus for review, please contact Van
Kampen American Capital Investor Services Department at 1-800-421-5666 between
the hours of 7:00 a.m. and 7:00 p.m. Central time. We appreciate your time and
careful consideration.
Van Kampen American Capital Adjustable Rate U.S. Government Fund
Van Kampen American Capital Limited Maturity Government Fund
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