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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
Price Waterhouse LLP
October 16, 1996
To the Board of Directors of the
Van Kampen American Capital High Income Corporate Bond Fund
In planning and performing our audit of the financial statements of the Van
Kampen American Capital High Income Corporate Bond Fund (the "Fund") for the
year ended August 31, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
appropriately safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and may not be detected. Also, projection of
any evaluation of the structure to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
October 16, 1996
To the Board of Directors
Page 2
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition in
which the design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of August 31,
1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Price Waterhouse LLP
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VKAC High Income Corp. Bond Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 536990605<F1>
<INVESTMENTS-AT-VALUE> 548452654<F1>
<RECEIVABLES> 16652784<F1>
<ASSETS-OTHER> 133235<F1>
<OTHER-ITEMS-ASSETS> 689<F1>
<TOTAL-ASSETS> 565239362<F1>
<PAYABLE-FOR-SECURITIES> 8633691<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3192158<F1>
<TOTAL-LIABILITIES> 11825849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 677198548
<SHARES-COMMON-STOCK> 66908746
<SHARES-COMMON-PRIOR> 66992038
<ACCUMULATED-NII-CURRENT> 2475568<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (268584737)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11462049<F1>
<NET-ASSETS> 421371886
<DIVIDEND-INCOME> 1029122<F1>
<INTEREST-INCOME> 56215256<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 6718706<F1>
<NET-INVESTMENT-INCOME> 50525672<F1>
<REALIZED-GAINS-CURRENT> 7729045<F1>
<APPREC-INCREASE-CURRENT> 4212440<F1>
<NET-CHANGE-FROM-OPS> 62467157<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (39328721)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13745144
<NUMBER-OF-SHARES-REDEEMED> (17717034)
<SHARES-REINVESTED> 3888598
<NET-CHANGE-IN-ASSETS> 9438898
<ACCUMULATED-NII-PRIOR> 871166<F1>
<ACCUMULATED-GAINS-PRIOR> (275407844)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2929197<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6718906<F1>
<AVERAGE-NET-ASSETS> 413945163
<PER-SHARE-NAV-BEGIN> 6.15
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .598
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.30
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not
on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> VKAC High Income Corp. Bond Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 536990605<F1>
<INVESTMENTS-AT-VALUE> 548452654<F1>
<RECEIVABLES> 16652784<F1>
<ASSETS-OTHER> 133235<F1>
<OTHER-ITEMS-ASSETS> 689<F1>
<TOTAL-ASSETS> 565239362<F1>
<PAYABLE-FOR-SECURITIES> 8633691<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3192158<F1>
<TOTAL-LIABILITIES> 11825849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 112766529
<SHARES-COMMON-STOCK> 18157996
<SHARES-COMMON-PRIOR> 14581401
<ACCUMULATED-NII-CURRENT> 2475568<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (268584737)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11462049<F1>
<NET-ASSETS> 114571903
<DIVIDEND-INCOME> 1029122<F1>
<INTEREST-INCOME> 56215256<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 6718706<F1>
<NET-INVESTMENT-INCOME> 50525672<F1>
<REALIZED-GAINS-CURRENT> 7729045<F1>
<APPREC-INCREASE-CURRENT> 4212440<F1>
<NET-CHANGE-FROM-OPS> 62467157<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (9074232)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8018551
<NUMBER-OF-SHARES-REDEEMED> (5181274)
<SHARES-REINVESTED> 739318
<NET-CHANGE-IN-ASSETS> 24731339
<ACCUMULATED-NII-PRIOR> 871166<F1>
<ACCUMULATED-GAINS-PRIOR> (275407844)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2929197<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6718906<F1>
<AVERAGE-NET-ASSETS> 103169282
<PER-SHARE-NAV-BEGIN> 6.16
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .550
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.31
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not
on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> VKAC High Income Corp. Bond Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<INVESTMENTS-AT-COST> 536990605<F1>
<INVESTMENTS-AT-VALUE> 548452654<F1>
<RECEIVABLES> 16652784<F1>
<ASSETS-OTHER> 133235<F1>
<OTHER-ITEMS-ASSETS> 689<F1>
<TOTAL-ASSETS> 565239362<F1>
<PAYABLE-FOR-SECURITIES> 8633691<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3192158<F1>
<TOTAL-LIABILITIES> 11825849<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 18095556
<SHARES-COMMON-STOCK> 2780202
<SHARES-COMMON-PRIOR> 2556540
<ACCUMULATED-NII-CURRENT> 2475568<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (268584737)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11462049<F1>
<NET-ASSETS> 17469724
<DIVIDEND-INCOME> 1029122<F1>
<INTEREST-INCOME> 56215256<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 6718706<F1>
<NET-INVESTMENT-INCOME> 50525672<F1>
<REALIZED-GAINS-CURRENT> 7729045<F1>
<APPREC-INCREASE-CURRENT> 4212440<F1>
<NET-CHANGE-FROM-OPS> 62467157<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1424255)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1183788
<NUMBER-OF-SHARES-REDEEMED> (1095335)
<SHARES-REINVESTED> 135209
<NET-CHANGE-IN-ASSETS> 1776885
<ACCUMULATED-NII-PRIOR> 871166<F1>
<ACCUMULATED-GAINS-PRIOR> (275407844)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2929197<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6718906<F1>
<AVERAGE-NET-ASSETS> 16224934
<PER-SHARE-NAV-BEGIN> 6.14
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .550
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.28
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not
on a class basis.
</FN>
</TABLE>
