<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL VALUE FUND
SUPPLEMENT DATED NOVEMBER 20, 1998 TO THE
PROSPECTUS DATED SEPTEMBER 30, 1998
The Board of Trustees (the "Board") of Van Kampen American Capital Value
Fund (the "Fund") recently approved changing the name of the Fund to the Van
Kampen Mid Cap Value Fund. The Fund's name change coincides with: (1) recent
name changes affecting the Fund's investment adviser, distributor and
shareholder service/transfer agent as well as the name of the parent corporation
for such entities and (2) adding a non-fundamental investment policy regarding
the Fund's investment in medium capitalization (or "Mid Cap") companies. As
shown below, each of these Van Kampen-related service providers has truncated or
changed its name to coordinate and simplify the mutual fund operations under the
Van Kampen brand name. Likewise, the Board approved changing the name of the
Fund and other funds which are serviced by these Van Kampen-related service
providers to emphasize the Van Kampen brand name and better coordinate the Van
Kampen family of funds. Since the Fund is organized as a series of a business
trust, the Board authorized a name change to the business trust name in addition
to changing the Fund name.
In addition, the Fund has added the words "Mid Cap" to its name and added a
non-fundamental investment policy stating that the Fund will invest at least 65%
of its total assets in securities of medium capitalization companies which have
a market capitalization consistent with those companies included in the S&P
MidCap 400 index. The Fund has since the commencement of its investment
operations operated consistently with this policy. It became desirable to
formalize this policy and name with regard to securities of medium
capitalization companies in connection with the overall Van Kampen brand name
changes and better distinguish the Fund from other Van Kampen Funds.
All references in the attached prospectus to the names of Van Kampen-related
service providers (and their parent) and the Fund name and the business trust or
corporate name of which the Fund is a series, will refer to the new names shown
in the schedule below.
<TABLE>
<CAPTION>
CURRENT SERVICE PROVIDER NAME NEW SERVICE PROVIDER NAME
----------------------------- -------------------------
<S> <C>
Van Kampen American Capital, Inc. Van Kampen Investments Inc.
Van Kampen American Capital Asset Management, Inc. Van Kampen Asset Management Inc.
Van Kampen American Capital Investment Advisory Van Kampen Investment Advisory Corp.
Corp.
Van Kampen American Capital Distributors, Inc. Van Kampen Funds Inc.
ACCESS Investor Services, Inc. Van Kampen Investor Services Inc.
CURRENT FUND/TRUST NAME NEW FUND/TRUST NAME
- -------------------------------------------------- --------------------------------------------------
Van Kampen American Capital Value Fund Van Kampen Mid Cap Value Fund
Van Kampen American Capital Equity Trust Van Kampen Equity Trust
</TABLE>
<PAGE> 2
VAN KAMPEN AMERICAN CAPITAL VALUE FUND
SUPPLEMENT DATED NOVEMBER 20, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 30, 1998,
AS PREVIOUSLY SUPPLEMENTED ON NOVEMBER 2, 1998
The Board of Trustees (the "Board") of Van Kampen American Capital Value
Fund (the "Fund") recently approved changing the name of the Fund to the Van
Kampen Mid Cap Value Fund. The Fund's name change coincides with: (1) recent
name changes affecting the Fund's investment adviser, distributor and
shareholder service/transfer agent as well as the name of the parent corporation
for such entities and (2) adding a non-fundamental investment policy regarding
the Fund's investment in medium capitalization (or "Mid Cap") companies. As
shown below, each of these Van Kampen-related service providers has truncated or
changed its name to coordinate and simplify the mutual fund operations under the
Van Kampen brand name. Likewise, the Board approved changing the name of the
Fund and other funds which are serviced by these Van Kampen-related service
providers to emphasize the Van Kampen brand name and better coordinate the Van
Kampen family of funds. Since the Fund is organized as a series of a business
trust, the Board authorized a name change to the business trust name in addition
to changing the Fund name.
In addition, the Fund has added the words "Mid Cap" to its name and added a
non-fundamental investment policy stating that the Fund will invest at least 65%
of its total assets in securities of medium capitalization companies which have
a market capitalization consistent with those companies included in the S&P
MidCap 400 index. The Fund has since the commencement of its investment
operations operated consistently with this policy. It became desirable to
formalize this policy and name with regard to securities of medium
capitalization companies in connection with the overall Van Kampen brand name
changes and better distinguish the Fund from other Van Kampen Funds.
All references in the attached Statement of Additional Information to the
names of Van Kampen-related service providers (and their parent) and the Fund
name and the business trust name of which the Fund is a series, will refer to
the new names shown in the schedule below.
<TABLE>
<CAPTION>
CURRENT SERVICE PROVIDER NAME NEW SERVICE PROVIDER NAME
----------------------------- -------------------------
<S> <C>
Van Kampen American Capital, Inc. Van Kampen Investments Inc.
Van Kampen American Capital Asset Management, Inc. Van Kampen Asset Management Inc.
Van Kampen American Capital Investment Advisory Van Kampen Investment Advisory Corp.
Corp.
Van Kampen American Capital Distributors, Inc. Van Kampen Funds Inc.
ACCESS Investor Services, Inc. Van Kampen Investor Services Inc.
CURRENT FUND/TRUST NAME NEW FUND/TRUST NAME
- -------------------------------------------------- --------------------------------------------------
Van Kampen American Capital Value Fund Van Kampen Mid Cap Value Fund
Van Kampen American Capital Equity Trust Van Kampen Equity Trust
</TABLE>
