VAN KAMPEN HIGH INCOME CORPORATE BOND FUND

                     SUPPLEMENT DATED APRIL 29, 2003 TO THE
               CLASS A SHARES, CLASS B SHARES AND CLASS C SHARES
                      PROSPECTUS DATED DECEMBER 27, 2002,
                       SUPERSEDING ALL PRIOR SUPPLEMENTS

    The Prospectus is hereby supplemented as follows:

    The section entitled "INVESTMENT ADVISORY SERVICES--PORTFOLIO MANAGEMENT" is
hereby deleted in its entirety and replaced with the following:

        PORTFOLIO MANAGEMENT. The Fund is managed by the Adviser's Taxable Fixed
    Income team. The team is made up of established investment professionals.
    Current members of the team include Gordon W. Loery, an Executive Director
    of the Adviser, Joshua Givelber and Chad Liu, Vice Presidents of the
    Adviser. The composition of the team may change without notice from time to
    time.

                  RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
                                                                    HYI SPT 4/03
                                                                      28 128 228
                                                                       650445SPT