VAN KAMPEN MERRITT EQUITY TRUST
497, 1995-11-22
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<PAGE>   1
 
                          VAN KAMPEN AMERICAN CAPITAL
                                 BALANCED FUND
                   SUPPLEMENT DATED NOVEMBER 27, 1995, TO THE
          STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 1, 1995.
 
The section of the Statement of Additional Information captioned "Fund
Performance" is hereby supplemented as follows:
 
     From time to time marketing materials may provide a portfolio manager
     update on the Fund or discuss general economic conditions. The top 10
     holdings of the Fund may also be listed in marketing pieces.


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