<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
SUPPLEMENT TO PROSPECTUS DATED AUGUST 4, 1997
Prospectus dated September 28, 1996, as previously supplemented on September 28,
1996, November 1, 1996, January 2, 1997, February 11, 1997 and April 1, 1997
VKAC Global Equity Fund
VKAC Global Government Securities Fund
Prospectus dated October 28, 1996, as previously supplemented on November 1,
1996, January 2, 1997, January 21, 1997 and February 11, 1997
VKAC Pace Fund
Prospectus dated October 28, 1996, as previously supplemented on November 1,
1996, January 2, 1997 and February 11, 1997
VKAC Aggressive Growth Fund
VKAC High Yield Fund
VKAC Great American Companies Fund
VKAC Prospector Fund
VKAC Short-Term Global Income Fund
VKAC Strategic Income Fund
VKAC Utility Fund
VKAC Value Fund
Prospectus dated October 28, 1996, as previously supplemented on January 15,
1997 and February 11, 1997
VKAC Growth Fund
Prospectus dated December 29, 1996, as previously supplemented on February 11,
1997
VKAC Corporate Bond Fund
VKAC Emerging Growth Fund
VKAC High Income Corporate Bond Fund
Prospectus dated January 28, 1997, as previously supplemented on February 11,
1997
VKAC U.S. Government Trust for Income Fund
Prospectus dated March 28, 1997
VKAC Growth and Income Fund
VKAC High Yield Municipal Fund
Prospectus dated April 30, 1997
VKAC California Insured Tax Free Fund
VKAC Comstock Fund
VKAC Enterprise Fund
VKAC Equity Income Fund
VKAC Florida Insured Tax Free Income Fund
VKAC Government Securities Fund
VKAC Harbor Fund
VKAC Insured Tax Free Income Fund
VKAC Intermediate Term Municipal Income
Fund
VKAC Limited Maturity Government Fund
VKAC Municipal Income Fund
VKAC New Jersey Tax Free Income Fund
VKAC New York Tax Free Income Fund
VKAC Pennsylvania Tax Free Income Fund
VKAC Real Estate Securities Fund
VKAC Tax Free High Income Fund
Prospectus dated April 30, 1997, as previously supplemented on April 30, 1997
VKAC Global Managed Assets Fund
Pursuant to the Fund's Prospectus, the Fund's Class A shares may be purchased at
net asset value under certain defined circumstances by certain classes or groups
of investors. In order to qualify, such investors must provide assurance that
the purchase is made only for investment purposes and that the shares will not
be resold except through redemption by the Fund. As of August 4, 1997, item
number seven, under the Section "Purchase of Shares -- Class A Shares -- Other
Purchase Programs" shall be omitted from the list of NAV Purchase Options and
the remaining items shall be renumbered accordingly. As stated in the Fund's
Prospectus, the Fund reserves the right to amend or terminate the terms of
offering shares of the Fund at net asset value at any time.
