VAN KAMPEN AMERICAN CAPITAL HIGH INCOME CORPORATE BOND FUND, 497, 1996-01-09

VAN KAMPEN AMERICAN CAPITAL HIGH INCOME CORPORATE BOND FUND
497, 1996-01-09

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<PAGE>   1
 
                          VAN KAMPEN AMERICAN CAPITAL
                        HIGH INCOME CORPORATE BOND FUND
                    SUPPLEMENT DATED JANUARY 9, 1996, TO THE
                      PROSPECTUS DATED DECEMBER 27, 1995.
 
     The section of the Prospectus captioned "PURCHASE OF SHARES" hereby is
supplemented by adding the following:
 
          The Distributor is sponsoring a sales incentive program for A.G.
     Edwards & Sons, Inc. ("A.G. Edwards"). The Distributor will reallow its
     portion of the Fund's sales concession to A.G. Edwards on sales of Class A
     Shares of the Fund relating to the "rollover" of any savings into an
     Individual Retirement Account ("IRA"), the transfer of assets into an IRA
     and contributions to an IRA, commencing on January 1, 1996 and terminating
     on April 15, 1996.