<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
GREAT AMERICAN COMPANIES FUND
SUPPLEMENT DATED MAY 12, 1998 TO THE PROSPECTUS DATED
OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998,
MARCH 9, 1998 AND APRIL 23, 1998
The section of the Prospectus entitled "INVESTMENT ADVISORY SERVICES --
PORTFOLIO MANAGEMENT" is hereby amended with the following:
PORTFOLIO MANAGEMENT. The Fund is managed by a management team headed by
Jeff New. Mr. New has assisted in managing the Fund since its inception and has
been primarily responsible for managing the Fund's investment portfolio since
May 1998. Mr. New has been Senior Vice President and Portfolio Manager of the
Adviser and Van Kampen American Capital Asset Management, Inc. ("VKACAM") since
December 1997. Prior to December 1997, Mr. New was Vice President and Portfolio
Manager of the Adviser and VKACAM. Prior to June 1994, Mr. New was Associate
Portfolio Manager of VKACAM. Michael Davis as co-manager, is responsible for the
day-to-day management of the Fund's investment portfolio. Mr. Davis has been
Vice President and Portfolio Manager of the Adviser and VKACAM since March 1998.
Mr. Davis has been an investment professional since 1983 and prior to March 1998
was the owner of Davis Equity, a stock research company.
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VAN KAMPEN AMERICAN CAPITAL
GROWTH FUND
SUPPLEMENT DATED MAY 12, 1998 TO THE PROSPECTUS DATED
OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
AND MARCH 9, 1998
The section of the Prospectus entitled "INVESTMENT ADVISORY SERVICES --
PORTFOLIO MANAGEMENT" is hereby amended with the following:
PORTFOLIO MANAGEMENT. The Fund is managed by a management team headed by
Jeff New. Mr. New has been primarily responsible for managing the Fund's
investment portfolio since its inception. Mr. New has been Senior Vice President
and Portfolio Manager of the Adviser and Van Kampen American Capital Asset
Management, Inc. ("VKACAM") since December 1997. Prior to December 1997, Mr. New
was Vice President and Portfolio Manager of the Adviser and VKACAM. Prior to
June 1994, Mr. New was Associate Portfolio Manager of VKACAM. Michael Davis as
co-manager, is responsible for the day-to-day management of the Fund's
investment portfolio. Mr. Davis has been Vice President and Portfolio Manager of
the Adviser and VKACAM since March 1998. Mr. Davis has been an investment
professional since 1983 and prior to March 1998 was the owner of Davis Equity, a
stock research company.
