SUPPLEMENT DATED DECEMBER 8, 2004
                                     TO THE
          STATEMENT OF ADDITIONAL INFORMATION DATED SEPTEMBER 1, 2004
                   VAN KAMPEN HIGH INCOME CORPORATE BOND FUND
 
    The Statement of Additional Information is supplemented as follows:
 
    The section entitled "DISTRIBUTION AND SERVICE" is amended by deleting the
carryover paragraph on pages B-27 and B-28.
 
    The section entitled "DISTRIBUTION AND SERVICE" is further amended by adding
the following paragraphs immediately preceding the last paragraph of the
section:
 
    In addition to reallowances or commissions described above, the Distributor
may from time to time implement programs under which an authorized dealer's
sales force may be eligible to win nominal awards for certain sales efforts or
under which the Distributor will reallow to any authorized dealer that sponsors
sales contests or recognition programs conforming to criteria established by the
Distributor, or participates in sales programs sponsored by the Distributor, an
amount not exceeding the total applicable sales charges on the sales generated
by the authorized dealer at the public offering price during such programs.
Also, the Distributor in its discretion may from time to time, pursuant to
objective criteria established by the Distributor, pay fees to, and sponsor
business seminars for, qualifying authorized dealers for certain services or
activities which are primarily intended to result in sales of shares of the Fund
or other Van Kampen funds. Fees may include payment for travel expenses,
including lodging, incurred in connection with trips taken by invited registered
representatives for meetings or seminars of a business nature.
 
    The Adviser and/or the Distributor may pay compensation, out of their own
funds and not as an expense of the Fund, to Morgan Stanley DW and certain other
authorized dealers in connection with the sale or retention of Fund shares
and/or shareholder servicing. For example, the Adviser or the Distributor may
pay additional compensation to Morgan Stanley DW and to other authorized dealers
for the purpose of promoting the sale of Fund shares, providing the Fund and
other Van Kampen Funds with "shelf space" or a higher profile with the
authorized dealer's financial advisors and consultants, placing the Fund and
other Van Kampen Funds on the authorized dealer's preferred or recommended fund
list, granting the Distributor access to the authorized dealer's financial
advisors and consultants, providing assistance in training and educating the
authorized dealer's personnel, furnishing marketing support and other specified
services, maintaining share balances and/or for sub-accounting, administrative
or transaction processing services. Such payments are in addition to any
distribution fees, service fees and/or transfer agency fees that may be payable
by the Fund. The additional payments may be based on factors, including level of
sales (based on gross or net sales or some specified minimum sales or some other
similar criteria related to sales of the Fund and/or some or all other Van
Kampen funds), amount of assets invested by the authorized dealer's customers
(which could include current or aged assets of the Fund and/or some or all other
Van Kampen funds), the Fund's advisory fees, some other agreed upon amount, or
other measures as determined from time to time by the Adviser and/or
Distributor. The amount of these payments, as determined from time to time by
the Adviser or the Distributor, may be different for different authorized
dealers.
 
    With respect to Morgan Stanley DW financial advisors and intermediaries,
these payments currently include the following amounts: (1) for shares sold
through Morgan Stanley DW's Mutual Fund Network (other than sales through Morgan
Stanley DW 401(k) platforms), (a) an amount equal to 0.20% of value (at the time
of sale) of gross sales of Fund shares and (b) for those shares purchased on or
after January 1, 2001, an ongoing annual fee in an amount up to 0.05% of the
value of such Fund shares held for a one-year period or more; and (2) for shares
sold through Morgan Stanley DW 401(k) platforms, an ongoing annual fee in an
amount up to 0.20% of the value of such Fund shares held.
 
    With respect to other authorized dealers, these payments currently include
the following amounts: (1) other than sales through 401(k) platforms, (a) an
amount up to 0.25% of the value (at the time of sale) of gross sales of Fund
shares and (b) an ongoing annual fee in an amount up to 0.10% of the value of
such Fund shares; and (2) for shares sold through 401(k) platforms, an ongoing
annual fee in an amount up to 0.20% of the value of such Fund shares held. You
should review carefully any disclosure by your authorized dealer as to its
compensation.
 
    The prospect of receiving, or the receipt of, such compensation, as
described above, by Morgan Stanley DW or other authorized dealers may provide
Morgan Stanley DW or other authorized dealers, and their representatives or
employees, with an incentive to favor sales of shares of the Fund over other
investment options with respect to which Morgan Stanley DW or an authorized
dealer does not receive additional compensation (or receives lower levels of
additional compensation). These payment arrangements, however, will not change
the price that an investor pays for shares of the Fund. Investors may wish to
take such payment arrangements into account when considering and evaluating any
recommendations relating to Fund shares.
 
                  RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
 
                                                               HYI SPT SAI 12/04