<PAGE> 1
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> 2
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> 3
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.
