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VAN KAMPEN AMERICAN CAPITAL
JULY 21, 1997 SUPPLEMENT TO STATEMENTS OF ADDITIONAL INFORMATION
Statement of Additional Information dated October 28, 1996
as previously supplemented on January 21, 1997
VKAC High Yield Fund
VKAC Short-Term Global Income Fund
VKAC Strategic Income Fund
VKAC Utility Fund
VKAC Value Fund
VKAC Great American Companies Fund
VKAC Prospector Fund
VKAC Aggressive Growth Fund
VKAC Tax Free Money Fund
Statement of Additional Information dated October 28, 1996
VKAC Growth Fund
The section of the Statement of Additional Information entitled the
Trustees and Officers is hereby supplemented by adding Philip B. Rooney,
effective April 14, 1997, and Richard M. DeMartini and Don G. Powell, each
effective May 31, 1997, as Trustees of the Fund.
Mr. Rooney is Vice Chairman and Director of The ServiceMaster Company, a
business and consumer services company since May of 1997. Mr. Rooney is a
Director of Illinois Tool Works, Inc., a manufacturing company; the Urban
Shopping Centers Inc., a retail mall management company; and Stone Container
Corp., a paper manufacturing company. Trustee, University of Notre Dame.
Formerly, President and Chief Executive Officer, Waste Management Inc., an
environmental services company, and prior to that President and Chief Operating
Officer, Waste Management Inc. Trustee of each of the funds in the Fund Complex.
Mr. Rooney's principal business address is One ServiceMaster Way, Downers Grove,
IL 60515, and his date of birth is 07/08/44.
Mr. DeMartini is President and Chief Operating Officer, Dean Witter
Capital, a division of Dean Witter Reynolds Inc. Mr. DeMartini is a Director of
InterCapital Funds, Dean Witter Distributors, Inc. and Dean Witter Trust
Company. Trustee of the TCW/DW Funds. Director of the National Healthcare
Resources, Inc. Formerly Vice Chairman of the Board of the National Association
of Securities Dealers, Inc. and Chairman of the Board of The Nasdaq Stock
Market, Inc. Trustee of each of the funds in the Fund Complex. Mr. DeMartini's
principal business address is Two World Trade Center, 66th Floor, New York, NY
10048, and his date of birth is 10/12/52.
Mr. Don G. Powell is currently Chairman and a Director of Van Kampen
American Capital, Inc., VK/AC Holding, Inc., Van Kampen American Capital
Distributors, Inc., Van Kampen American Capital Investment Advisory Corp., Van
Kampen American Capital Asset Management, Inc., Van Kampen American Capital
Management, Inc., Van Kampen American Capital Advisors, Inc., ACCESS Investor
Services, Inc., Van Kampen American Capital Recordkeeping Services, Inc., Van
Kampen American Capital Trust Company and Van Kampen American Capital Exchange
Corporation. Prior to April 15, 1997, Chairman and a Director of Van Kampen
American Capital Services, Inc. Prior to November 1996, President, Chief
Executive Officer and a Director of VK/AC Holding, Inc. Chairman of the Board of
Governors and the Executive Committee of the Investment Company Institute. Prior
to July of 1996, President, Chief Executive Officer and a Trustee/Director of
the funds in the Fund Complex, open-end investment companies advised by Van
Kampen American Capital Management, Inc. and closed-end investment companies
advised by Van Kampen American Capital Investment Advisory Corp. Mr. Powell's
principal business address is 2800 Post Oak Blvd., 45th Floor, Houston, TX
77056, and his date of birth is 10/19/39.
Dennis J. McDonnell resigned as a Trustee of the Fund, effective May 31,
1997.
