<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
U.S. GOVERNMENT FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
INSURED TAX FREE INCOME FUND
CALIFORNIA INSURED TAX FREE FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
TAX FREE HIGH INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
MUNICIPAL INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
INTERMEDIATE TERM MUNICIPAL INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
FLORIDA INSURED TAX FREE INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
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VAN KAMPEN AMERICAN CAPITAL
NEW JERSEY TAX FREE INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, SEPTEMBER 5, 1996,
NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
NEW YORK TAX FREE INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
HIGH YIELD FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
SHORT-TERM GLOBAL INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
STRATEGIC INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
UTILITY FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
BALANCED FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996, JANUARY 2, 1997
AND JANUARY 21, 1997
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VAN KAMPEN AMERICAN CAPITAL
VALUE FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
GREAT AMERICAN COMPANIES FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
GROWTH FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996, JANUARY 2, 1997 AND JANUARY 15,
1997
VAN KAMPEN AMERICAN CAPITAL
PROSPECTOR FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
VAN KAMPEN AMERICAN CAPITAL
AGGRESSIVE GROWTH FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996 AND JANUARY 2, 1997
<PAGE> 4
VAN KAMPEN AMERICAN CAPITAL
TAX FREE MONEY FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED OCTOBER 28, 1996,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996
VAN KAMPEN AMERICAN CAPITAL
PENNSYLVANIA TAX FREE INCOME FUND
SUPPLEMENT DATED FEBRUARY 11, 1997, TO THE PROSPECTUS DATED APRIL 29, 1996,
AS PREVIOUSLY SUPPLEMENTED ON JUNE 1, 1996, JULY 1, 1996, NOVEMBER 1, 1996
AND JANUARY 2, 1997
The Fund's investment adviser, Van Kampen American Capital Investment
Advisory Corp., is an indirect subsidiary of Morgan Stanley Group Inc. On
February 5, 1997, Morgan Stanley Group Inc. and Dean Witter, Discover & Co.
announced that they had entered into an Agreement and Plan of Merger to form
Morgan Stanley, Dean Witter, Discover & Co. Subject to certain conditions being
met, it is currently anticipated that the transaction will close in mid-1997.
Thereafter, Van Kampen American Capital Investment Advisory Corp. will be an
indirect subsidiary of Morgan Stanley, Dean Witter, Discover & Co.
Dean Witter, Discover & Co. is a financial services company with three major
businesses: full service brokerage, credit services and asset management.
