1 VAN KAMPEN MERRITT HIGH YIELD FUND SUPPLEMENT DATED JULY 10, 1995, TO PROSPECTUS DATED APRIL 30, 1995 Effective July 10, 1995, the Fund's transfer agent functions will be handled by ACCESS Investor Services, Inc., a wholly-owned subsidiary of Van Kampen American Capital, Inc. All correspondence to the Fund's transfer agent should be sent to the address below: ACCESS Investor Services, Inc. P.O. Box 418256 Kansas City, MO 64141-9256 Attn: Van Kampen American Capital Funds You may continue to use the same investor service and 24-hour automated telephone numbers to inquire about your account. If you have any questions please call us at 1-800-341-2911 (TDD users call 1-800-772-8889) between 7:00 a.m. and 7:00 p.m. Central time, Monday through Friday.

2 VAN KAMPEN MERRITT ADJUSTABLE RATE U.S. GOVERNMENT FUND SUPPLEMENT DATED JULY 10, 1995, TO PROSPECTUS DATED APRIL 30, 1995, AS PREVIOUSLY SUPPLEMENTED ON MAY 12, 1995 Effective July 10, 1995, the Fund's transfer agent functions will be handled by ACCESS Investor Services, Inc., a wholly-owned subsidiary of Van Kampen American Capital, Inc. All correspondence to the Fund's transfer agent should be sent to the address below: ACCESS Investor Services, Inc. P.O. Box 418256 Kansas City, MO 64141-9256 Attn: Van Kampen American Capital Funds You may continue to use the same investor service and 24-hour automated telephone numbers to inquire about your account. If you have any questions please call us at 1-800-341-2911 (TDD users call 1-800-772-8889) between 7:00 a.m. and 7:00 p.m. Central time, Monday through Friday.

3 VAN KAMPEN MERRITT STRATEGIC INCOME FUND SUPPLEMENT DATED JULY 10, 1995, TO PROSPECTUS DATED APRIL 30, 1995 Effective July 10, 1995, the Fund's transfer agent functions will be handled by ACCESS Investor Services, Inc., a wholly-owned subsidiary of Van Kampen American Capital, Inc. All correspondence to the Fund's transfer agent should be sent to the address below: ACCESS Investor Services, Inc. P.O. Box 418256 Kansas City, MO 64141-9256 Attn: Van Kampen American Capital Funds You may continue to use the same investor service and 24-hour automated telephone numbers to inquire about your account. If you have any questions please call us at 1-800-341-2911 (TDD users call 1-800-772-8889) between 7:00 a.m. and 7:00 p.m. Central time, Monday through Friday.

4 VAN KAMPEN MERRITT SHORT-TERM GLOBAL INCOME FUND SUPPLEMENT DATED JULY 10, 1995, TO PROSPECTUS DATED APRIL 30, 1995 Effective July 10, 1995, the Fund's transfer agent functions will be handled by ACCESS Investor Services, Inc., a wholly-owned subsidiary of Van Kampen American Capital, Inc. All correspondence to the Fund's transfer agent should be sent to the address below: ACCESS Investor Services, Inc. P.O. Box 418256 Kansas City, MO 64141-9256 Attn: Van Kampen American Capital Funds You may continue to use the same investor service and 24-hour automated telephone numbers to inquire about your account. If you have any questions please call us at 1-800-341-2911 (TDD users call 1-800-772-8889) between 7:00 a.m. and 7:00 p.m. Central time, Monday through Friday.