<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL AGGRESSIVE GROWTH FUND
SUPPLEMENT DATED MARCH 25, 1998 TO THE PROSPECTUS DATED OCTOBER 28, 1997,
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998 AND MARCH 9, 1998
The Adviser will no longer continue the voluntary fee waiver and expense
reimbursement; therefore, the section of the Prospectus captioned "ANNUAL FUND
OPERATING EXPENSES AND EXAMPLE" is hereby restated as follows:
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ANNUAL FUND OPERATING EXPENSES AND EXAMPLE
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<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
SHARES SHARES SHARES
------- ------- -------
<S> <C> <C> <C>
Management Fees (as a percentage of average
daily net assets)............................ 0.75% 0.75% 0.75%
12b-1 Fees(1) (as a percentage of average daily
net assets).................................. 0.25% 1.00%(2) 1.00%(2)
Other Expenses (as a percentage of average
daily net assets)............................ 0.64% 0.65% 0.65%
Total Expenses (as a percentage of average
daily net assets)............................ 1.64% 2.40% 2.40%
</TABLE>
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(1) Includes a service fee of up to 0.25% (as a percentage of net asset value)
paid by the Fund as compensation for ongoing services rendered to investors.
With respect to each class of shares, amounts in excess of 0.25%, if any,
represent an asset based sales charge for distribution-related expenses. The
asset based sales charge with respect to Class C Shares includes 0.75% (as a
percentage of net asset value) paid to investors' broker-dealers as sales
compensation. See "Distribution and Service Plans."
(2) Long-term Shareholders may pay more than the economic equivalent of the
maximum front-end sales charges permitted as a Fund-level expense by NASD
Rules.
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EXAMPLE:
<TABLE>
<CAPTION>
ONE THREE FIVE TEN
YEAR YEARS YEARS YEARS
---- ----- ----- -----
<S> <C> <C> <C> <C>
You would pay the following expenses on a $1,000
investment, assuming (i) an operating expense
ratio of 1.64% for Class A Shares, 2.40% for
Class B Shares and 2.40% for Class C Shares,
(ii) 5.00% annual return and (iii) redemption
at the end of each time period:
Class A Shares................................. $73 $106 $142 $241
Class B Shares................................. $74 $105 $143 $255*
Class C Shares................................. $34 $ 75 $128 $274
You would pay the following expenses on the same
$1,000 investment assuming no redemption at the
end of each period:
Class A Shares................................. $73 $106 $142 $241
Class B Shares................................. $24 $ 75 $128 $255*
Class C Shares................................. $24 $ 75 $128 $274
</TABLE>
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* Based on conversion to Class A Shares after eight years.
