<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL UTILITY FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED
OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your account
through written instruction or by telephone, you may also perform certain
transactions through the Internet. Please refer to our web site @ www.vkac.com
for further instruction. Van Kampen American Capital and its subsidiaries,
including ACCESS (collectively, "VKAC"), and the Fund employ procedures
considered by them to be reasonable to confirm that instructions communicated
through the Internet are genuine. Such procedures include requiring use of a
personal identification number prior to acting upon Internet instructions and
providing written confirmation of instructions communicated through the
Internet. If reasonable procedures are employed, neither VKAC nor the Fund will
be liable for following instructions through the Internet which it reasonably
believes to be genuine. If an account has multiple owners, ACCESS may rely on
the instructions of any one owner.
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
Christine Drusch. Ms. Drusch has assisted in co-managing the Fund's investment
portfolio since August 1997 and has been primarily responsible for managing the
Fund's investment portfolio since February 1998. Ms. Drusch has been an
Assistant Vice President of the Adviser and VKACAM since September 1995. Prior
to that time, Ms. Drusch was Associate Portfolio Manager of the Adviser. Matthew
Hart is responsible as a co-manager for the day-to-day management of the Fund's
investment portfolio. Mr. Hart has been Associate Portfolio Manager of the
Adviser and VKACAM since August 1997. Prior to that time, Mr. Hart was with AIM
Capital Management.
<PAGE> 2
VAN KAMPEN AMERICAN CAPITAL VALUE FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED
OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your account
through written instruction or by telephone, you may also perform certain
transactions through the Internet. Please refer to our web site @ www.vkac.com
for further instruction. Van Kampen American Capital and its subsidiaries,
including ACCESS (collectively, "VKAC"), and the Fund employ procedures
considered by them to be reasonable to confirm that instructions communicated
through the Internet are genuine. Such procedures include requiring use of a
personal identification number prior to acting upon Internet instructions and
providing written confirmation of instructions communicated through the
Internet. If reasonable procedures are employed, neither VKAC nor the Fund will
be liable for following instructions through the Internet which it reasonably
believes to be genuine. If an account has multiple owners, ACCESS may rely on
the instructions of any one owner.
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
Bret Stanley. Mr. Stanley has assisted in co-managing the Fund's investment
portfolio since its inception and has been primarily responsible for co-managing
the Fund's investment portfolio since February 1998. Mr. Stanley has been
Assistant Vice President of the Adviser and Van Kampen American Capital Asset
Management, Inc. ("VKACAM") since January 1995. Prior to that time, Mr. Stanley
was a Portfolio Manager with Gulf Investment Management. Jim Gilligan and Scott
Carroll are responsible as co-managers for the day-to-day management of the
Fund's investment portfolio. Mr. Gilligan has been Senior Vice President and
Portfolio Manager of the Adviser since June 1995 and of VKACAM since September
1995. Prior to that time, Mr. Gilligan was Vice President and Portfolio Manager
of VKACAM. Mr. Carroll has been Associate Portfolio Manager of the Adviser and
VKACAM since December 1996. Prior to that time, Mr. Carroll was an Equity
Analyst with Lincoln Capital Management Company. Prior to September 1992, Mr.
Carroll was a Senior Internal Auditor with Pittway Corporation.
<PAGE> 3
VAN KAMPEN AMERICAN CAPITAL
GREAT AMERICAN COMPANIES FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED
OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your account
through written instruction or by telephone, you may also perform certain
transactions through the Internet. Please refer to our web site @ www.vkac.com
for further instruction. Van Kampen American Capital and its subsidiaries,
including ACCESS (collectively, "VKAC"), and the Fund employ procedures
considered by them to be reasonable to confirm that instructions communicated
through the Internet are genuine. Such procedures include requiring use of a
personal identification number prior to acting upon Internet instructions and
providing written confirmation of instructions communicated through the
Internet. If reasonable procedures are employed, neither VKAC nor the Fund will
be liable for following instructions through the Internet which it reasonably
believes to be genuine. If an account has multiple owners, ACCESS may rely on
the instructions of any one owner.
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
Evan Harrel. Mr. Harrel has assisted in co-managing the Fund's investment
portfolio since its inception and has been primarily responsible for managing
the Fund's investment portfolio since February 1998. Mr. Harrel has been Vice
President of the Adviser and Van Kampen American Capital Asset Management, Inc.
("VKACAM") since October 1996. Prior to that time, Mr. Harrel was Associate
Portfolio Manager of the Adviser. Prior to May 1994, Mr. Harrel was a Vice
President with Fayez Sarofim and Co. Jeff New is responsible as a co-manager for
the day-to-day management of the Fund's investment portfolio. Mr. New has been
Vice President and Portfolio Manager of the Adviser since June 1995 and of
VKACAM since 1994. Prior to that time, Mr. New was Associate Portfolio Manager
of VKACAM.
<PAGE> 4
VAN KAMPEN AMERICAN CAPITAL PROSPECTOR FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED OCTOBER 28, 1997, AS
PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your
account through written instruction or by telephone, you may also perform
certain transactions through the Internet. Please refer to our web site @
www.vkac.com for further instruction. Van Kampen American Capital and its
subsidiaries, including ACCESS (collectively, "VKAC"), and the Fund employ
procedures considered by them to be reasonable to confirm that instructions
communicated through the Internet are genuine. Such procedures include requiring
use of a personal identification number prior to acting upon Internet
instructions and providing written confirmation of instructions communicated
through the Internet. If reasonable procedures are employed, neither VKAC nor
the Fund will be liable for following instructions through the Internet which it
reasonably believes to be genuine. If an account has multiple owners, ACCESS may
rely on the instructions of any one owner.
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 B.
Robert Baker. Mr. Baker has been primarily responsible for managing the Fund's
investment portfolio since its inception. Mr. Baker has been Vice President and
Portfolio Manager of the Adviser and Van Kampen American Capital Asset
Management, Inc. ("VKACAM") since June 1995. Prior to that time, Mr. Baker was
Associate Portfolio Manager of VKACAM. Jason Leder and Edie Terreson are
responsible as co-managers for the day-to-day management of the Fund's
investment portfolio. Mr. Leder has been Assistant Vice President of the Adviser
and VKACAM since October 1996. Prior to that time, Mr. Leder was Associate
Portfolio Manager of VKACAM. Prior to February 1995, Mr. Leder was a Securities
Analyst with Salomon Brothers, Inc. Prior to August 1992, Mr. Leder was a
Securities Analyst with Fidelity Management and Research. Ms. Terreson has been
Assistant Vice President of the Adviser and VKACAM since December 1997. Prior to
that time, Ms. Terreson was Associate Portfolio Manager of VKACAM. Prior to
March 1997, Ms. Terreson was a Securities Analyst and Associate Portfolio
Manager with Delaware Investment Advisers. Prior to May 1996, Ms. Terreson was a
Securities Analyst and Associate Portfolio Manager with J.W. Seligman & Co.
<PAGE> 5
VAN KAMPEN AMERICAN CAPITAL AGGRESSIVE GROWTH FUND
SUPPLEMENT DATED MARCH 9, 1998 TO THE PROSPECTUS DATED
OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON JANUARY 2, 1998
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your account
through written instruction or by telephone, you may also perform certain
transactions through the Internet. Please refer to our web site @ www.vkac.com
for further instruction. Van Kampen American Capital and its subsidiaries,
including ACCESS (collectively, "VKAC"), and the Fund employ procedures
considered by them to be reasonable to confirm that instructions communicated
through the Internet are genuine. Such procedures include requiring use of a
personal identification number prior to acting upon Internet instructions and
providing written confirmation of instructions communicated through the
Internet. If reasonable procedures are employed, neither VKAC nor the Fund will
be liable for following instructions through the Internet which it reasonably
believes to be genuine. If an account has multiple owners, ACCESS may rely on
the instructions of any one owner.
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
Gary M. Lewis. Mr. Lewis has been primarily responsible for managing the Fund's
investment portfolio since its inception. Mr. Lewis has been Senior Vice
President and Portfolio Manager of the Adviser since June 1995 and of Van Kampen
American Capital Asset Management, Inc. ("VKACAM") since October 1995. Prior to
that time, Mr. Lewis was Vice President and Portfolio Manager of VKACAM. Dudley
Brickhouse, David Walker and Janet Willis are responsible as co-managers for the
day-to-day management of the Fund's investment portfolio. Mr. Brickhouse has
been an Associate Portfolio Manager of the Adviser and VKACAM since September
1997. Prior to that time, Mr. Brickhouse was with NationsBank Investment
Management. Mr. Walker has been Assistant Vice President of the Adviser and
VKACAM since June 1995. Prior to that time, Mr. Walker was a Quantitative
Analyst of VKACAM. Ms. Willis has been Assistant Vice President of the Adviser
and VKACAM since December 1997. Prior to that time, Ms. Willis was Associate
Portfolio Manager of VKACAM. Prior to July 1995, Ms. Willis was with AIM Capital
Management, Inc.
<PAGE> 6
VAN KAMPEN AMERICAN CAPITAL
SUPPLEMENT DATED MARCH 9, 1998 TO THE
PROSPECTUS DATED SEPTEMBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998
VKAC GLOBAL GOVERNMENT SECURITIES FUND
PROSPECTUS DATED OCTOBER 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998
VKAC GROWTH FUND
VKAC HIGH YIELD FUND
VKAC SHORT-TERM GLOBAL INCOME FUND
VKAC STRATEGIC INCOME FUND
PROSPECTUS DATED DECEMBER 29, 1997, AS PREVIOUSLY SUPPLEMENTED ON
JANUARY 2, 1998
VKAC CORPORATE BOND FUND
VKAC EMERGING GROWTH FUND
VKAC HIGH INCOME CORPORATE BOND FUND
PROSPECTUS DATED JANUARY 28, 1998
VKAC U.S. GOVERNMENT TRUST FOR INCOME
PROSPECTUS DATED MARCH 28, 1997, AS PREVIOUSLY SUPPLEMENTED ON
AUGUST 4, 1997 AND JANUARY 2, 1998
VKAC HIGH YIELD MUNICIPAL FUND
PROSPECTUS DATED APRIL 30, 1997, AS PREVIOUSLY SUPPLEMENTED ON
AUGUST 4, 1997 AND JANUARY 2, 1998
VKAC CALIFORNIA INSURED TAX FREE FUND
VKAC FLORIDA INSURED TAX FREE INCOME FUND
VKAC INSURED TAX FREE INCOME FUND
VKAC INTERMEDIATE TERM MUNICIPAL INCOME FUND
VKAC MUNICIPAL INCOME FUND
VKAC NEW YORK TAX FREE INCOME FUND
VKAC PENNSYLVANIA TAX FREE INCOME FUND
VKAC TAX FREE HIGH INCOME FUND
VKAC ENTERPRISE FUND
VKAC GOVERNMENT SECURITIES FUND
VKAC REAL ESTATE SECURITIES FUND
<PAGE> 7
PROSPECTUS DATED APRIL 30, 1997, AS PREVIOUSLY SUPPLEMENTED ON
APRIL 30, 1997, AUGUST 4, 1997 AND JANUARY 2, 1998
VKAC GLOBAL MANAGED ASSETS FUND
PROSPECTUS DATED APRIL 30, 1997, AS PREVIOUSLY SUPPLEMENTED ON
AUGUST 4, 1997, AUGUST 15, 1997 AND JANUARY 2, 1998
VKAC LIMITED MATURITY GOVERNMENT FUND
The section of the Prospectus captioned "SHAREHOLDER SERVICES" hereby is
supplemented by adding the following:
INTERNET TRANSACTIONS. In addition to performing transactions on your account
through written instruction or by telephone, you may also perform certain
transactions through the Internet. Please refer to our web site @ www.vkac.com
for further instruction. Van Kampen American Capital and its subsidiaries,
including ACCESS (collectively, "VKAC"), and the Fund employ procedures
considered by them to be reasonable to confirm that instructions communicated
through the Internet are genuine. Such procedures include requiring use of a
personal identification number prior to acting upon Internet instructions and
providing written confirmation of instructions communicated through the
Internet. If reasonable procedures are employed, neither VKAC nor the Fund will
be liable for following instructions through the Internet which it reasonably
believes to be genuine. If an account has multiple owners, ACCESS may rely on
the instructions of any one owner.
For VKAC Enterprise Fund only
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 co-managing the Fund's investment portfolio since
July 1994 and has been primarily responsible for managing the Fund's investment
portfolio since December 1994. Mr. New has been Vice President and Portfolio
Manager of the Adviser since 1994 and of Advisory Corp. since June 1995. Prior
to that time, Mr. New was Associate Portfolio Manager of the Adviser. Evan
Harrel and Michael Davis are responsible as co-managers for the day-to-day
management of the Fund's investment portfolio. Mr. Harrell has been Vice
President of the Adviser and Advisory Corp. since October 1996. Prior to that
time, Mr. Harrell was Associate Portfolio Manager of the Adviser. Prior to May
1994, Mr. Harrel was a Vice President with Fayez Sarofim and Co. Mr. Davis has
been Vice President and Portfolio Manager of the Adviser and Advisory Corp.
since
<PAGE> 8
March 1998. Prior to that time, Mr. Davis was the owner of Davis Equity, a stock
research company.
For VKAC Growth Fund only
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 Vice President and
Portfolio Manager of the Adviser since June 1995 and of Van Kampen American
Capital Asset Management, Inc. ("VKACAM") since 1994. Prior to that time, Mr.
New was Associate Portfolio Manager of VKACAM. Evan Harrel and Michael Davis are
responsible as co-managers for the day-to-day management of the Fund's
investment portfolio. Mr. Harrel has been Vice President of the Adviser and
VKACAM since October 1996. Prior to that time, Mr. Harrel was Associate
Portfolio Manager of VKACAM. Prior to May 1994, Mr. Harrel was a Vice President
with Fayez Sarafim and Co. Mr. Davis has been Vice President and Portfolio
Manager of VKACAM and the Adviser since March 1998. Prior to that time, Mr.
Davis was the owner of Davis Equity, a stock research company.