<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
HIGH YIELD FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
SHORT-TERM GLOBAL INCOME FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
STRATEGIC INCOME FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996, AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 1, 1996.
VAN KAMPEN AMERICAN CAPITAL
UTILITY FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
BALANCED FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
VALUE FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
GREAT AMERICAN COMPANIES FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
PROSPECTOR FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
AGGRESSIVE GROWTH FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
TAX FREE MONEY FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
PENNSYLVANIA TAX FREE INCOME FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
<PAGE> 2
VAN KAMPEN AMERICAN CAPITAL
PACE FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
RESERVE FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
GLOBAL EQUITY FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
GLOBAL GOVERNMENT SECURITIES FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 28, 1996.
VAN KAMPEN AMERICAN CAPITAL
CORPORATE BOND FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 29, 1996.
VAN KAMPEN AMERICAN CAPITAL
EMERGING GROWTH FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 29, 1996.
VAN KAMPEN AMERICAN CAPITAL
HIGH INCOME CORPORATE BOND FUND
SUPPLEMENT DATED JANUARY 21, 1997, TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 29, 1996.
The section of the Statement of Additional Information describing the
Trustees and Officers is hereby updated by deleting Messrs. Hilsman, Miller and
Woodside who are no longer Trustees of the Fund and inserting the following:
Messrs. Hilsman, Miller and Woodside retired from the Board of Trustees
effective December 31, 1996.
