1
 
                         SUPPLEMENT DATED JULY 24, 1995
                              TO PROSPECTUSES OF:
 
                      AMERICAN CAPITAL COMSTOCK FUND, INC.
                   AMERICAN CAPITAL CORPORATE BOND FUND, INC.
                  AMERICAN CAPITAL EMERGING GROWTH FUND, INC.
                     AMERICAN CAPITAL ENTERPRISE FUND, INC.
                   AMERICAN CAPITAL EQUITY INCOME FUND, INC.
               AMERICAN CAPITAL GLOBAL MANAGED ASSETS FUND, INC.
                  AMERICAN CAPITAL GOVERNMENT SECURITIES, INC.
                       AMERICAN CAPITAL HARBOR FUND, INC.
                 AMERICAN CAPITAL HIGH YIELD INVESTMENTS, INC.
                        AMERICAN CAPITAL PACE FUND, INC.
               AMERICAN CAPITAL REAL ESTATE SECURITIES FUND, INC.
               AMERICAN CAPITAL TEXAS MUNICIPAL SECURITIES, INC.
               AMERICAN CAPITAL U.S. GOVERNMENT TRUST FOR INCOME
                                      AND
                 AMERICAN CAPITAL WORLD PORTFOLIO SERIES, INC.
 
1. On July 21, 1995, the shareholders of the funds listed above (the "Funds")
approved the reorganization of the Funds under Delaware law as business trusts
and elected a board of 14 trustees. It is anticipated that the reorganizations
will be completed within the next 60 days.
 
2. Effective August 1, 1995, the rights of accumulation available to investors
will be expanded.
 
     For purposes of determining volume discounts, cumulative purchase discounts
     and amounts covered by letters of intent an investor may combine shares of
     any open-end investment company (other than Van Kampen Merritt Money Market
     Fund ("VK Money Market"), Van Kampen Merritt Tax Free Money Market Fund
     ("VK Tax Free"), American Capital Reserve Fund, Inc. ("Reserve") and The
     Govett Funds, Inc.) distributed by Van Kampen American Capital
     Distributors, Inc., (the "Participating Funds"). For additional information
     see "Purchase of Shares" herein.
 
3. Effective August 1, 1995, the exchange privilege available to shareholders
will be expanded.
 
     A shareholder will be permitted to exchange his or her shares in any
     Participating Fund other than American Capital Government Target Series for
     shares of the same class of shares of any other Participating Fund without
     sales charge, provided that shares of certain Van Kampen American Capital
     fixed-income funds are subject to a 30-day holding period requirement. A
     shareholder will also be permitted to exchange his or her shares in a
     Participating Fund for shares of VK Money Market, VK Tax Free or Reserve
     subject to certain conditions. For additional conditions applicable to the
     exchange privilege, see the "Exchange Privilege" section of "Shareholder
     Services" herein.
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                         SUPPLEMENT DATED JULY 24, 1995
                                     TO THE
                     STATEMENT OF ADDITIONAL INFORMATION OF
 
                      AMERICAN CAPITAL COMSTOCK FUND, INC.
                   AMERICAN CAPITAL CORPORATE BOND FUND, INC.
                  AMERICAN CAPITAL EMERGING GROWTH FUND, INC.
                     AMERICAN CAPITAL ENTERPRISE FUND, INC.
                   AMERICAN CAPITAL EQUITY INCOME FUND, INC.
               AMERICAN CAPITAL GLOBAL MANAGED ASSETS FUND, INC.
                  AMERICAN CAPITAL GOVERNMENT SECURITIES, INC.
                       AMERICAN CAPITAL HARBOR FUND, INC.
                 AMERICAN CAPITAL HIGH YIELD INVESTMENTS, INC.
                        AMERICAN CAPITAL PACE FUND, INC.
               AMERICAN CAPITAL REAL ESTATE SECURITIES FUND, INC.
               AMERICAN CAPITAL TEXAS MUNICIPAL SECURITIES, INC.
               AMERICAN CAPITAL U.S. GOVERNMENT TRUST FOR INCOME
                                      AND
                 AMERICAN CAPITAL WORLD PORTFOLIO SERIES, INC.
 
    On July 21, 1995, the following persons were elected directors/trustees of
each of the above listed funds:
 


                                                           PRINCIPAL OCCUPATIONS OR
         NAME, ADDRESS AND AGE                            EMPLOYMENT IN PAST 5 YEARS
- --------------------------------------- ---------------------------------------------------------------
                                     
J. Miles Branagan...................... Co-founder, Chairman, Chief Executive Officer and President of
Strafford Hall                          MDT Corporation, a company which develops, manufactures,
Suite 200                               markets and services medical and scientific equipment. A
1009 Slater Road                        Director/Trustee of each of the Van Kampen American Capital
Harrisville, NC 27560                   Funds.
  Age: 63

Richard E. Caruso...................... Founder, Chairman and Chief Executive Officer, Integra Life
Two Radnor Station, Suite 314           Sciences Corporation, a firm specializing in life sciences.
King of Prussia Road                    Trustee of Susquehanna University and First Vice President, The
Radnor, PA 19087                        Baum School of Art. Founder and Director of Uncommon Individual
  Age: 52                               Foundation, a youth development foundation. Director of
                                        International Board of Business Performance Group, London
                                        School of Economics. Formerly, Director of First Sterling Bank,
                                        and Executive Vice President and a Director of LFC Financial
                                        Corporation, a provider of lease and project financing. A
                                        Director/Trustee of each of the Van Kampen American Capital
                                        Funds.

Philip P. Gaughan...................... Prior to February, 1989, Managing Director and Manager of
9615 Torresdale Avenue                  Municipal Bond Department, W. H. Newbold's Sons & Co. A
Philadelphia, PA 19114                  Director/Trustee of each of the Van Kampen American Capital
  Age: 66                               Funds.

Roger Hilsman.......................... Professor of Government and International Affairs Emeritus,
251-1 Hamburg Cove                      Columbia University. A Director/Trustee of each of the Van
Lyme, CT 06371                          Kampen American Capital Funds.
  Age: 75

R. Craig Kennedy....................... President and Director, German Marshall Fund of the United
1341 E. 50th Street                     States. Formerly, advisor to the Dennis Trading Group Inc.
Chicago, IL 60615                       Prior to 1992, President and Chief Executive Officer, Director
  Age: 43                               and member of the Investment Committee of the Joyce Foundation,
                                        a private foundation. A Director/Trustee of each of the Van
                                        Kampen American Capital Funds.

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                                                           PRINCIPAL OCCUPATIONS OR
         NAME, ADDRESS AND AGE                            EMPLOYMENT IN PAST 5 YEARS
- --------------------------------------- ---------------------------------------------------------------
                                     
Donald C. Miller....................... Prior to 1992, Director of Royal Group, Inc., a company in
415 North Adams                         insurance related businesses. Formerly Vice Chairman and
Hinsdale, IL 60521                      Director of Continental Illinois National Bank and Trust
  Age: 75                               Company of Chicago and Continental Illinois Corporation.
                                        Co-Chairman of the Board and a Director/Trustee of each of the
                                        Van Kampen American Capital Funds.

Jack E. Nelson......................... President of Nelson Investment Planning Services, Inc., a
423 Country Club Drive                  financial planning company and registered investment adviser.
Winter Park, FL 32789                   President of Nelson Investment Brokerage Services Inc., a
  Age: 59                               member of the National Association of Securities Dealers, Inc.
                                        and Securities Investors Protection Corp. A Director/Trustee of
                                        each of the Van Kampen American Capital Funds.

Don G. Powell*......................... President, Chief Executive Officer and a Director of VK/AC
2800 Post Oak Blvd.                     Holding, Inc. and Van Kampen American Capital and Chairman,
Houston, TX 77056                       Chief Executive Officer and a Director of Van Kampen American
  Age: 55                               Capital Distributors, Inc., and Van Kampen American Capital
                                        Asset Management, Inc. (the "Adviser"). Director and Executive
                                        Vice President of ACCESS, Van Kampen American Capital Services,
                                        Inc. and Van Kampen American Capital Trust Company. Director,
                                        Trustee or Managing General Partner of each of the Van Kampen
                                        American Capital Funds and other open-end investment companies
                                        and closed-end investment companies advised by the Adviser and
                                        its affiliates.

David Rees............................. Contributing Columnist and, prior to 1995, Senior Editor of Los
1601 Country Club Drive                 Angeles Business Journal. A Director of Source Capital, Inc.,
Glendale, CA 91208                      an investment company unaffiliated with Van Kampen American
  Age: 71                               Capital. A Director and the Second Vice President of
                                        International Institute of Los Angeles. A Director/Trustee of
                                        each of the Van Kampen American Capital Funds.

Jerome L. Robinson..................... President of Robinson Technical Products Corporation, a
115 River Road                          manufacturer and processor of welding alloys, supplies and
Edgewater, NJ 07020                     equipment. Director of Pacesetter Software, a software
  Age: 72                               programming company specializing in white collar productivity.
                                        Director of Panasia Bank. A Director/Trustee of each of the Van
                                        Kampen American Capital Funds.

Lawrence J. Sheehan*................... Of Counsel to and formerly Partner (from 1969 to 1994) of the
1999 Avenue of the Stars                law firm of O'Melveny & Myers, legal counsel to the Funds.
Suite 700                               Director, FPA Capital Fund, Inc.; FPA New Income Fund, Inc.;
Los Angeles, CA 90067                   FPA Perennial Fund, Inc.; Source Capital, Inc.; and TCW
  Age: 63                               Convertible Security Fund, Inc., investment companies
                                        unaffiliated with Van Kampen American Capital. A
                                        Director/Trustee of each of the Van Kampen American Capital
                                        Funds.

Fernando Sisto......................... George M. Bond Chaired Professor and, prior to 1995, Dean of
Stevens Institute                       Graduate School and Chairman, Department of Mechanical
  of Technology                         Engineering, Stevens Institute of Technology. Director of
Castle Point Station                    Dynalysis of Princeton, a firm engaged in engineering research.
Hoboken, NJ 07030                       Co-Chairman of the Board and a Director/Trustee of each of the
  Age: 70                               Van Kampen American Capital Funds.

Wayne W. Whalen*....................... Partner in the law firm of Skadden, Arps, Slate, Meagher &
333 West Wacker Drive                   Flom, legal counsel to certain of the Van Kampen American
Chicago, IL 60606                       Capital Funds. A Director/Trustee of each of the Van Kampen
  Age: 55                               American Capital Funds. He also is a Director/Trustee of the
                                        Van Kampen Merritt Series Trust and closed-end investment
                                        companies advised by an affiliate of the Adviser.

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                                                           PRINCIPAL OCCUPATIONS OR
         NAME, ADDRESS AND AGE                            EMPLOYMENT IN PAST 5 YEARS
- --------------------------------------- ---------------------------------------------------------------
                                     
William S. Woodside.................... Vice Chairman of the Board of LSG Sky Chefs, Inc., a caterer of
712 Fifth Avenue                        airline food. Formerly, Director of Primerica Corporation
40th Floor                              (currently known as The Traveler's Inc.). Formerly, Director of
New York, NY 10019                      James River Corporation, a producer of paper products. Trustee,
  Age: 73                               and former President of Whitney Museum of American Art.
                                        Formerly, Chairman of Institute for Educational Leadership,
                                        Inc., Board of Visitors, Graduate School of The City University
                                        of New York, Academy of Political Science. Trustee of Committee
                                        for Economic Development. Director of Public Education Fund
                                        Network, Fund for New York City Public Education. Trustee of
                                        Barnard College. Member of Dean's Council, Harvard School of
                                        Public Health. Member of Mental Health Task Force, Carter
                                        Center. A Director/Trustee of each of the Van Kampen American
                                        Capital Funds.

 
- ---------------
* Such Director/Trustees are "interested persons" (within the meaning of Section
  2(a)(19) of the Investment Company Act of 1940). Mr. Powell is an interested
  person of the Adviser and the Funds by reason of his position with the
  Adviser. Mr. Sheehan and Mr. Whalen are interested persons of the Adviser and
  the Funds by reason of their firms having acted as legal counsel to the
  Adviser or an affiliate thereof.