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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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SIGNATURE NICHOLAS DALMASO
TITLE ATTORNEY
PricewaterhouseCoopers LLP
East Randolph Drive
Chicago IL 60601
Telephone (312) 540 1500
To the Shareholders and
Board of Trustees of
the Van Kampen High Income Corporate Bond Fund
In planning and performing our audit of the financial statements of Van Kampen
High Income Corporate Bond Fund (the "Fund") for the year ended August 31, 1998,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management arc required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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.
Our consideration of internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Fund and the Securities and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
Chicago, Illinois
October 2, 1998
<TABLE>
<CAPTION>
NSAR ITEM 770
VK High Income Corporate Bond Fund
10f-3 Transactions
Underwriting# Underwriting Purchased From Amount of Shares % of Underwriting Date of Purchase
Purchased
<S> <C> <C> <C> <C> <C>
1 AEP Industries, Inc. J.P. Morgan 4,000,000 2.000% 11/14/97
2 Delco Remy International, Inc. Salomon Brothers 2,000,000 1.538% 12/17/97
3 M.D.C. Holdings, Inc. Salomon Brothers 1,750,000 1.000% 01/07/98
4 FLAG Limited Salomon Brothers 1,750,000 0.407% 01/23/98
5 United International Holdings, Inc. Donaldson, Lufkin 5,000,000 0.364% 01/30/98
& Jenrette
6 DIVA Systems Corporation Merrill Lynch 1,750,000 0.378% 02/11/98
7 NTL Inc. Donaldson, Lufkin 4,500,000 1.125% 03/06/98
& Jenrette
8 Terex Corporation First Boston 1,800,000 1.200% 03/24/98
9 The Republic of Korea Notes Goldman Sachs 1,150,000 0.115% 04/08/98
10 IXC Communications Inc. First Boston 1,800,000 0.424% 04/16/98
11 Chesapeake Energy Corp. Sr. Note Donaldson, Lufkin 1,000,000 0.200% 04/17/98
& Jenrette
</TABLE>
Other Firms participation in Underwriting:
Underwriting for #1
- -------------------
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Incorporated
Salomon Brothers Inc.
<PAGE>
Underwriting for #2
- --------------------
Bear, Stearns & Co., Inc.
Merrill Lynch, Inc.
Morgan Stanley & Co., Inc.
Underwriting for #3
- -------------------
Salomon Brothers Inc.
Morgan Stanley & Co., Incorporated
SBC Warburg Dillon Read Inc.
Underwriting for #4
- -------------------
Salomon Brothers Inc.
Barclays Capital
Morgan Stanley & Co. Incorporated
Underwriting for #5
- -------------------
Donaldson, Lufkin & Jenrette Securities Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley Dean Witter
TD Securities Inc.
Underwriting for #6
- -------------------
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Chase Securities Inc.
Morgan Stanley & Co., Incorporated
<PAGE>
Underwriting for #7
- -------------------
Donaldson, Lufkin & Jenrette International
Morgan Stanley & Co. International Limited
BT Alex Brown International
Chase Securities Inc.
Salomon Brothers International Limited
Underwriting for #8
- -------------------
Credit Suisse First Boston Corporation
CIBC Oppenheimer Corp.
Morgan Stanley & Co. Incorporated
Salomon Brothers Inc.
BancBoston Securities Inc.
Underwriting for #9
- -------------------
Goldman, Sachs & Co.
Salomon Brothers Inc.
Bear, Stearns International Limited
Chase Securities Inc.
Citicorp Securities, Inc.
Deutsche Bank AG London
The Hongkong Shanghai Banking Corporation Limited
ING Bank NV London Branch
Lehman Brothers International (Europe)
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Nomura International plc
Societe Generale Securities Corporation
Tokyo-Mitsubishi International plc
UBS Securities LLC
Underwriting #10
- ----------------
Credit Suisse First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities LLC
Underwriting #11
- ----------------
Donaldson, Lufkin & Jenrette
Lehman Brothers
J.P. Morgan & Co.
Morgan Stanley & Co. Incorporated
Bear, Stearns & Co. Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> HIGH INC CORP BND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 890,307,664 <F1>
<INVESTMENTS-AT-VALUE> 826,805,909 <F1>
<RECEIVABLES> 21,009,766 <F1>
<ASSETS-OTHER> 53,497 <F1>
<OTHER-ITEMS-ASSETS> 4,767 <F1>
<TOTAL-ASSETS> 847,873,939 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 9,735,837 <F1>
<TOTAL-LIABILITIES> 9,735,837 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 743,728,332
<SHARES-COMMON-STOCK> 82,387,098
<SHARES-COMMON-PRIOR> 71,561,449
<ACCUMULATED-NII-CURRENT> 4,912,228 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (188,341,736)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (63,501,755)<F1>
<NET-ASSETS> 499,303,437
<DIVIDEND-INCOME> 1,491,187 <F1>
<INTEREST-INCOME> 81,538,500 <F1>
<OTHER-INCOME> 1,578,163 <F1>
<EXPENSES-NET> (10,546,384)<F1>
<NET-INVESTMENT-INCOME> 74,061,466 <F1>
<REALIZED-GAINS-CURRENT> 18,269,123 <F1>
<APPREC-INCREASE-CURRENT> (89,734,268)<F1>
<NET-CHANGE-FROM-OPS> 2,596,321 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (49,213,216)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,314,218
<NUMBER-OF-SHARES-REDEEMED> (21,870,630)
<SHARES-REINVESTED> 4,382,061
<NET-CHANGE-IN-ASSETS> 30,696,819
<ACCUMULATED-NII-PRIOR> 2,861,864 <F1>
<ACCUMULATED-GAINS-PRIOR> (224,580,994)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 4,358,630 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 10,546,384 <F1>
<AVERAGE-NET-ASSETS> 524,672,723
<PER-SHARE-NAV-BEGIN> 6.548
<PER-SHARE-NII> 0.614
<PER-SHARE-GAIN-APPREC> (0.479)
<PER-SHARE-DIVIDEND> (0.623)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.060
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> HIGH INC CORP BND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 890,307,664 <F1>
<INVESTMENTS-AT-VALUE> 826,805,909 <F1>
<RECEIVABLES> 21,009,766 <F1>
<ASSETS-OTHER> 53,497 <F1>
<OTHER-ITEMS-ASSETS> 4,767 <F1>
<TOTAL-ASSETS> 847,873,939 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 9,735,837 <F1>
<TOTAL-LIABILITIES> 9,735,837 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 283,660,303
<SHARES-COMMON-STOCK> 46,672,795
<SHARES-COMMON-PRIOR> 30,191,498
<ACCUMULATED-NII-CURRENT> 4,912,228 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (188,341,736)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (63,501,755)<F1>
<NET-ASSETS> 283,067,814
<DIVIDEND-INCOME> 1,491,187 <F1>
<INTEREST-INCOME> 81,538,500 <F1>
<OTHER-INCOME> 1,578,163 <F1>
<EXPENSES-NET> (10,546,384)<F1>
<NET-INVESTMENT-INCOME> 74,061,466 <F1>
<REALIZED-GAINS-CURRENT> 18,269,123 <F1>
<APPREC-INCREASE-CURRENT> (89,734,268)<F1>
<NET-CHANGE-FROM-OPS> 2,596,321 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (21,538,906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,445,038
<NUMBER-OF-SHARES-REDEEMED> (10,532,646)
<SHARES-REINVESTED> 1,568,905
<NET-CHANGE-IN-ASSETS> 85,066,530
<ACCUMULATED-NII-PRIOR> 2,861,864 <F1>
<ACCUMULATED-GAINS-PRIOR> (224,580,994)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 4,358,630 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 10,546,384 <F1>
<AVERAGE-NET-ASSETS> 250,359,736
<PER-SHARE-NAV-BEGIN> 6.558
<PER-SHARE-NII> 0.571
<PER-SHARE-GAIN-APPREC> (0.490)
<PER-SHARE-DIVIDEND> (0.575)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.064
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> HIGH INC CORP BND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 890,307,664 <F1>
<INVESTMENTS-AT-VALUE> 826,805,909 <F1>
<RECEIVABLES> 21,009,766 <F1>
<ASSETS-OTHER> 53,497 <F1>
<OTHER-ITEMS-ASSETS> 4,767 <F1>
<TOTAL-ASSETS> 847,873,939 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 9,735,837 <F1>
<TOTAL-LIABILITIES> 9,735,837 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,680,730
<SHARES-COMMON-STOCK> 9,240,372
<SHARES-COMMON-PRIOR> 4,717,323
<ACCUMULATED-NII-CURRENT> 4,912,228 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (188,341,736)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (63,501,755)<F1>
<NET-ASSETS> 55,766,851
<DIVIDEND-INCOME> 1,491,187 <F1>
<INTEREST-INCOME> 81,538,500 <F1>
<OTHER-INCOME> 1,578,163 <F1>
<EXPENSES-NET> (10,546,384)<F1>
<NET-INVESTMENT-INCOME> 74,061,466 <F1>
<REALIZED-GAINS-CURRENT> 18,269,123 <F1>
<APPREC-INCREASE-CURRENT> (89,734,268)<F1>
<NET-CHANGE-FROM-OPS> 2,596,321 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (3,848,005)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,221,313
<NUMBER-OF-SHARES-REDEEMED> (2,018,608)
<SHARES-REINVESTED> 320,344
<NET-CHANGE-IN-ASSETS> 24,970,348
<ACCUMULATED-NII-PRIOR> 2,861,864 <F1>
<ACCUMULATED-GAINS-PRIOR> (224,580,994)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 4,358,630 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 10,546,384 <F1>
<AVERAGE-NET-ASSETS> 44,741,012
<PER-SHARE-NAV-BEGIN> 6.528
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.488)
<PER-SHARE-DIVIDEND> (0.575)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.035
<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
