<PAGE> PAGE 1
000 A000000 02/28/98
000 C000000 276242
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 NKAC HIGH INCOME CORPORATE BOND FUND
001 B000000 811-02851
001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 VAN KAMPEN AMERICAN CAPITAL ASSET MGMT., INC.
008 B000001 A
008 C000001 801-8286
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
011 A000001 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS,INC.
011 B000001 8-19903
011 C010001 OAKBROOK TERRACE
011 C020001 IL
011 C030001 60181
012 A000001 ACESS INVESTOR SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 CHICAGO
<PAGE> PAGE 2
013 B020001 IL
013 B030001 60601
014 A000001 MORGAN STANLEY & CO., INC.
014 B000001 8-733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-728181
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 118
019 C000000 VANKAMPENA
020 A000001 GREENWICH CAPITAL MARKETS, INC.
020 B000001 13-2697091
020 C000001 1
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 1
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 1195573
022 D000001 15015
022 A000002 BA SECURITIES
022 B000002 95-4035346
022 C000002 1108232
022 D000002 16150
022 A000003 DONALDSON LUFKIN JENNRETT
022 B000003 13-2741729
022 C000003 843911
022 D000003 25632
022 A000004 SBC WARBURG DILLON READ
022 B000004 13-1339216
022 C000004 788915
022 D000004 0
022 A000005 PRUDENTIAL SECURITIES
022 B000005 22-2347336
022 C000005 517116
022 D000005 11558
022 A000006 GENERAL ELECTRIC CAP CORP
022 B000006 06-1076552
<PAGE> PAGE 3
022 C000006 124483
022 D000006 0
022 A000007 STATE STREET BANK & TRUST
022 B000007 04-1867445
022 C000007 120765
022 D000007 0
022 A000008 BANKERS TRUST
022 B000008 13-4941247
022 C000008 51072
022 D000008 22815
022 A000009 HONG KONG SHANGHAI (HSBC)
022 B000009 13-2650272
022 C000009 68481
022 D000009 0
022 A000010 J.P. MORGAN
022 B000010 13-3224016
022 C000010 23740
022 D000010 25180
023 C000000 5235308
023 D000000 304059
024 000000 Y
025 A000001 GENERAL ELECTRIC CAP. CORP.
025 B000001 06-1076552
025 C000001 D
025 D000001 34514
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 23778
028 A020000 2917
028 A030000 0
028 A040000 12987
028 B010000 36719
028 B020000 3045
028 B030000 0
028 B040000 19917
028 C010000 25812
<PAGE> PAGE 4
028 C020000 3137
028 C030000 0
028 C040000 8046
028 D010000 24951
028 D020000 4735
028 D030000 0
028 D040000 18600
028 E010000 25995
028 E020000 3220
028 E030000 0
028 E040000 8864
028 F010000 29589
028 F020000 3275
028 F030000 0
028 F040000 10949
028 G010000 166844
028 G020000 20329
028 G030000 0
028 G040000 79363
028 H000000 38451
029 000000 Y
030 A000000 1012
030 B000000 4.75
030 C000000 0.00
031 A000000 115
031 B000000 0
032 000000 897
033 000000 0
034 000000 Y
035 000000 207
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 50
042 D000000 50
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 1785
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
<PAGE> PAGE 5
048 A010000 150000
048 A020000 0.625
048 B010000 150000
048 B020000 0.550
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 300000
048 K020000 0.500
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 N
054 I000000 Y
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
<PAGE> PAGE 6
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 4.2
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 92.0
062 Q000000 1.3
062 R000000 2.0
063 A000000 0
063 B000000 7.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
<PAGE> PAGE 7
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 490908
071 B000000 363896
071 C000000 703816
071 D000000 52
072 A000000 6
072 B000000 36992
072 C000000 895
072 D000000 0
072 E000000 748
072 F000000 1998
072 G000000 0
072 H000000 0
072 I000000 636
072 J000000 4
072 K000000 0
072 L000000 49
072 M000000 21
072 N000000 42
072 O000000 0
072 P000000 0
072 Q000000 63
072 R000000 20
072 S000000 19
072 T000000 1808
072 U000000 0
072 V000000 0
072 W000000 48
072 X000000 4708
072 Y000000 0
072 Z000000 33927
072AA000000 7002
072BB000000 0
072CC010000 8283
072CC020000 0
072DD010000 24496
072DD020000 9851
072EE000000 0
073 A010000 0.3230
073 A020000 0.2990
<PAGE> PAGE 8
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2
074 B000000 0
074 C000000 34514
074 D000000 763726
074 E000000 15018
074 F000000 472
074 G000000 0
074 H000000 0
074 I000000 548
074 J000000 15481
074 K000000 0
074 L000000 19147
074 M000000 66
074 N000000 848974
074 O000000 24734
074 P000000 788
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4993
074 S000000 0
074 T000000 818459
074 U010000 79155
074 U020000 36920
074 V010000 6.67
074 V020000 6.68
074 W000000 0.0000
074 X000000 42835
074 Y000000 0
075 A000000 0
075 B000000 754793
076 000000 0.00
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
<PAGE> PAGE 9
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE NICHOLAS DALMASO
TITLE ATTORNEY
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC 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
</TABLE>
Other Firms participating in Underwriting:
UNDERWRITING FOR #1
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Incorporated
Salomon Brothers Inc.
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
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> HIGH INC CORP BND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 779,761,561
<INVESTMENTS-AT-VALUE> 814,277,463
<RECEIVABLES> 34,628,043
<ASSETS-OTHER> 66,097
<OTHER-ITEMS-ASSETS> 2,064
<TOTAL-ASSETS> 848,973,667
<PAYABLE-FOR-SECURITIES> 24,734,482
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,780,146
<TOTAL-LIABILITIES> 30,514,628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 733,665,733
<SHARES-COMMON-STOCK> 79,154,986
<SHARES-COMMON-PRIOR> 71,561,449
<ACCUMULATED-NII-CURRENT> 821,809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (217,579,126)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,515,902
<NET-ASSETS> 527,830,849
<DIVIDEND-INCOME> 895,062
<INTEREST-INCOME> 36,991,701
<OTHER-INCOME> 748,638
<EXPENSES-NET> (4,708,259)
<NET-INVESTMENT-INCOME> 33,927,142
<REALIZED-GAINS-CURRENT> 7,001,868
<APPREC-INCREASE-CURRENT> 8,283,389
<NET-CHANGE-FROM-OPS> 49,212,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (24,496,226)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,595,336
<NUMBER-OF-SHARES-REDEEMED> (7,222,247)
<SHARES-REINVESTED> 2,220,448
<NET-CHANGE-IN-ASSETS> 59,224,231
<ACCUMULATED-NII-PRIOR> 2,861,864
<ACCUMULATED-GAINS-PRIOR> (224,580,994)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,998,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,708,259
<AVERAGE-NET-ASSETS> 500,888,111
<PER-SHARE-NAV-BEGIN> 6.548
<PER-SHARE-NII> 0.303
<PER-SHARE-GAIN-APPREC> 0.140
<PER-SHARE-DIVIDEND> (0.323)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.668
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> HIGH INC CORP BND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 779,761,561
<INVESTMENTS-AT-VALUE> 814,277,463
<RECEIVABLES> 34,628,043
<ASSETS-OTHER> 66,097
<OTHER-ITEMS-ASSETS> 2,064
<TOTAL-ASSETS> 848,973,667
<PAYABLE-FOR-SECURITIES> 24,734,482
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,780,146
<TOTAL-LIABILITIES> 30,514,628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 225,249,549
<SHARES-COMMON-STOCK> 36,919,707
<SHARES-COMMON-PRIOR> 30,191,498
<ACCUMULATED-NII-CURRENT> 821,809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (217,579,126)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,515,902
<NET-ASSETS> 246,492,096
<DIVIDEND-INCOME> 895,062
<INTEREST-INCOME> 36,991,701
<OTHER-INCOME> 748,638
<EXPENSES-NET> (4,708,259)
<NET-INVESTMENT-INCOME> 33,927,142
<REALIZED-GAINS-CURRENT> 7,001,868
<APPREC-INCREASE-CURRENT> 8,283,389
<NET-CHANGE-FROM-OPS> 49,212,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,851,125)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,316,697
<NUMBER-OF-SHARES-REDEEMED> (4,312,354)
<SHARES-REINVESTED> 723,866
<NET-CHANGE-IN-ASSETS> 48,490,812
<ACCUMULATED-NII-PRIOR> 2,861,864
<ACCUMULATED-GAINS-PRIOR> (224,580,994)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,998,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,708,259
<AVERAGE-NET-ASSETS> 218,136,065
<PER-SHARE-NAV-BEGIN> 6.558
<PER-SHARE-NII> 0.282
<PER-SHARE-GAIN-APPREC> 0.135
<PER-SHARE-DIVIDEND> (0.299)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.676
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> HIGH INC CORP BND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 779,761,561
<INVESTMENTS-AT-VALUE> 814,277,463
<RECEIVABLES> 34,628,043
<ASSETS-OTHER> 66,097
<OTHER-ITEMS-ASSETS> 2,064
<TOTAL-ASSETS> 848,973,667
<PAYABLE-FOR-SECURITIES> 24,734,482
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,780,146
<TOTAL-LIABILITIES> 30,514,628
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,785,172
<SHARES-COMMON-STOCK> 6,642,247
<SHARES-COMMON-PRIOR> 4,717,323
<ACCUMULATED-NII-CURRENT> 821,809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (217,579,126)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,515,902
<NET-ASSETS> 44,136,094
<DIVIDEND-INCOME> 895,062
<INTEREST-INCOME> 36,991,701
<OTHER-INCOME> 748,638
<EXPENSES-NET> (4,708,259)
<NET-INVESTMENT-INCOME> 33,927,142
<REALIZED-GAINS-CURRENT> 7,001,868
<APPREC-INCREASE-CURRENT> 8,283,389
<NET-CHANGE-FROM-OPS> 49,212,399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,619,846)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,288,550
<NUMBER-OF-SHARES-REDEEMED> (500,108)
<SHARES-REINVESTED> 136,482
<NET-CHANGE-IN-ASSETS> 13,339,591
<ACCUMULATED-NII-PRIOR> 2,861,864
<ACCUMULATED-GAINS-PRIOR> (224,580,994)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,998,119
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,708,259
<AVERAGE-NET-ASSETS> 35,769,206
<PER-SHARE-NAV-BEGIN> 6.528
<PER-SHARE-NII> 0.283
<PER-SHARE-GAIN-APPREC> 0.132
<PER-SHARE-DIVIDEND> (0.299)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 6.644
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
