VAN KAMPEN HIGH YIELD FUND
 
                      SUPPLEMENT DATED JUNE 1, 2005 TO THE
               CLASS A SHARES, CLASS B SHARES AND CLASS C SHARES
                    PROSPECTUS AND CLASS I SHARES PROSPECTUS
                            DATED DECEMBER 30, 2004,
                  AS PREVIOUSLY SUPPLEMENTED ON MARCH 31, 2005
 
     The Prospectus is hereby supplemented as follows:
 
     The Board of Trustees of the Fund has approved a reduction of the advisory
fee rate schedule of the Fund. Under the new advisory fee rate schedule, the
Fund pays the Adviser a monthly fee computed based upon an annual rate applied
to the average daily net assets of the Fund as follows:
 


AVERAGE DAILY NET ASSETS   PERCENT PER ANNUM
------------------------   -----------------
                        
First $500 million.......       0.420%
Next $250 million........       0.345%
Next $250 million........       0.295%
Next $1 billion..........       0.270%
Next $1 billion..........       0.245%
Over $3 billion..........       0.220%

 
     The new advisory fee schedule is effective June 1, 2005.
 
               PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
 
                                                                    HYI SPT 6/05