SUPPLEMENT DATED MARCH 16, 2006 TO THE
STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 30, 2005
VAN KAMPEN HIGH YIELD FUND,
AS PREVIOUSLY SUPPLEMENTED ON JANUARY 31, 2006
The Statement of Additional Information is hereby supplemented as follows:
(1) The last sentence of the second paragraph in the section entitled
"INVESTMENT OBJECTIVES, INVESTMENT STRATEGIES AND RISKS--SWAPS, CAPS, FLOORS AND
COLLARS" is hereby deleted in its entirety.
(2) Effective March 1, 2006, Joseph J. McAlinden has resigned as Executive
Vice President and Chief Investment Officer of the funds in the Fund Complex and
all references to him in the Statement of Additional Information are hereby
deleted.
(3) Effective March 1, 2006, in the section entitled "TRUSTEES AND
OFFICERS--OFFICERS," the following is hereby added:
Dennis Shea (52) Vice President Officer Managing Director of Morgan Stanley
1221 Avenue of the Americas since 2006 Investment Advisors Inc., Morgan
New York, NY 10020 Stanley Investment Management Inc.,
the Adviser and Van Kampen Advisors
Inc. Chief Investment Officer--Global
Equity of the same entities since
February 2006. Vice President of
Morgan Stanley Institutional and
Retail Funds since February 2006.
Vice President of funds in the Fund
Complex since March 2006. Previously,
Managing Director and Director of
Global Equity Research at Morgan
Stanley from April 2000 to February
2006.
J. David Germany (51) Vice President Officer Managing Director of Morgan Stanley
25 Cabot Square, Canary Wharf since 2006 Investment Advisors Inc., Morgan
London, GBR E14 4QA Stanley Investment Management Inc.,
the Adviser and Van Kampen Advisors
Inc. Chief Investment Officer--Global
Fixed Income of the same entities
since December 2005. Managing
Director and Director of Morgan
Stanley Investment Management Ltd.
Vice President of Morgan Stanley
Institutional and Retail Funds since
February 2006. Vice President of
funds in the Fund Complex since March
2006.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
HYISPTSAI3 3/06