<PAGE> PAGE 1
000 A000000 6/30/97
000 C000000 0000205193
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.
000 J000000 A
001 A000000 VKAC COMSTOCK FUND
001 B000000 811-01570
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
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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 MGT., 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 ACCESS 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 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 103
019 C000000 VANKAMPENA
020 A000001 SALOMON BROTHERS
020 B000001 13-3082694
020 C000001 300
020 A000002 GOLDMAN SACHS
020 B000002 13-5108880
020 C000002 210
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 187
020 A000004 DONALDSON LUFKIN JENNRETTE
020 B000004 13-2741729
020 C000004 156
020 A000005 FIRST BOSTON
020 B000005 13-5659485
020 C000005 132
020 A000006 PAINE WEBBER
020 B000006 13-2638166
020 C000006 127
020 A000007 SMITH BARNEY
020 B000007 13-1912900
020 C000007 86
020 A000008 LEHMAN BROTHERS
020 B000008 13-2518466
020 C000008 78
020 A000009 NATWEST SECURITIES
020 B000009 14-9980001
020 C000009 78
020 A000010 BERNSTEIN SANFORD C & CO INC
020 B000010 13-2625874
020 C000010 77
021 000000 2242
022 A000001 GENERAL ELECTRIC CAPITAL CORP.
022 B000001 06-1076552
022 C000001 274735209
022 D000001 0
<PAGE> PAGE 3
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 59830937
022 D000002 0
022 A000003 SBC CAPITAL MARKETS INC
022 B000003 13-3498485
022 C000003 47661500
022 D000003 0
022 A000004 PRUDENTIAL FUNDING SECURITIES CORP.
022 B000004 22-2347336
022 C000004 46308509
022 D000004 0
022 A000005 DONALDSON LUFKIN JENRETTE
022 B000005 13-2741729
022 C000005 44807168
022 D000005 0
022 A000006 BA SECURITIES
022 B000006 95-4035346
022 C000006 34127865
022 D000006 0
022 A000007 STATE STREET BANK & TRUST
022 B000007 04-1867445
022 C000007 20439500
022 D000007 0
022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
022 C000008 1535150
022 D000008 0
022 A000009 HONG KONG SHANGHAI (HSBC)
022 B000009 13-2650272
022 C000009 6193763
022 D000009 0
022 A000010 BARRINGTON TRADING CO
022 B000010 36-2942713
022 C000010 3856875
022 D000010 0
023 C000000 5637837
023 D000000 77942
024 000000 Y
025 A000001 CHASE MANHATTAN CORP
025 B000001 13-2633612
025 C000001 E
025 D000001 9706
025 A000002 BA SECURITIES
025 B000002 95-4035346
025 C000002 E
025 D000002 12913
025 A000003 FIRST UNION
025 B000003 56-1529080
025 C000003 E
025 D000003 11655
<PAGE> PAGE 4
025 A000004 BEAR STEARNS
025 B000004 13-3299429
025 C000004 E
025 D000004 8205
025 A000005 PNC BANK CORP.
025 B000005 25-1471636
025 C000005 E
025 D000005 8325
025 A000006 PRUDENTIAL FUNDING CORP.
025 B000006 22-2347336
025 C000006 D
025 D000006 34869
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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 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
NSAR ITEM 77C
Van Kampen American Capital Comstock Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) An election of Trustees of Van Kampen American Capital Comstock Fund
(the "Fund") included:
J. Miles Branagan, Richard M. DeMartini, Linda Hutton Heagy,
R. Craig Kennedy, Jack E. Nelson, Jerome L. Robinson, Phillip B. Rooney,
Fernando Sisto and Wayne W. Whalen
(c) The following were voted on at the meeting:
(1) Approval of New Investment Advisory Agreement in the event of a
change of control of the Adviser.
For 50,598,106 Against 1,413,442
(4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP
Independent Public Accountants for its Current Fiscal Year.
For 51,901,332 Against 593,089
NSAR ITEM 77O
Van Kampen American Capital Comstock Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares
Underwriting # Underwriting Purchased From Purchased % of Underwriting Date of Purchase
<S> <C> <C> <C> <C> <C>
1 Nationwide
Financial
Services Inc. First Boston 60,500 0.295% 03/05/97
2 Hartford Life,
Inc. Fox-Pitt, Kelton 200 0.001% 05/21/97
3 Hartford Life,
Inc. Piper Jaffray 2,000 0.009% 05/21/97
4 Hartford Life,
Inc. Goldman Sachs 43,100 0.187% 05/21/97
5 Santa Fe
International
Corp. Goldman Sachs 107,700 0.308% 06/09/97
6 Electricidade de
Portugal ADS Goldman Sachs 59,500 0.073% 06/16/97
7 ENI S.p.A. ADS First Boston 174,000 1.160% 06/30/97
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Morgan Stanley & Co. Incorporated
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Bear, Stearns & Co. Inc.
Alex. Brown & Sons Incorporated
Dean Witter Reynolds Inc.
Deutsche Morgan Grenfell Inc.
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Goldman, Sachs & Co.
Invemed Associates, Inc.
Lehman Brothers Inc.
J.P. Morgan Securities Inc.
Oppenheimer & Co. Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Salomon Brothers Inc.
Schroder Wertheim & Co. Incorporated
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Conning & Company
Sanford C. Bernstein & Co., Inc.
Blaylock & Partners, L.P.
Dain Bosworth Incorporated
Doley Securities, Inc.
Dowling & Partners Securities, LLC
Everen Securities, Inc.
Fox-Pitt, Kelton Inc.
Furman Selz LLC
Janney Montgomery Scott Inc.
Ladenburg, Thalmann & Co. Inc.
WR Lazard, Laidlaw Inc.
McDonald & Company Securities, Inc.
Neuberger & Berman LLC
The Ohio Company
Ormes Capital Markets, Inc.
Paulsen Securities
Ragen MacKenzie Incorporated
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Sands Brothers & Co., Ltd.
Stephens Inc.
Trilon International Inc.
Utendahl Capital Partners, L.P.
Underwriting for #2, 3 & 4
- --------------------------
Dean Witter Reynolds Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Smith Barney Inc.
Advest, Inc.
Sanford C. Bernstein & Co., Inc.
J.C. Bradford & Co.
Conning & Company
Credit Suisse First Boston Corporation
Dain Bosworth Incorporated
Dowling & Partners Securities, LLC
A.G. Edwards & Sons, Inc.
Fox-Pitt, Kelton Inc.
Interstate/Johnson Lane Corporation
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Incorporated
Lehman Brothers Inc.
Neuberger & Berman, LLC
PaineWebber Incorporated
Piper Jaffray Inc.
Principal Financial Securities, Inc.
Prudential Securities Incorporated
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Stephens Inc.
Sutro & Co. Incorporated
Wheat, First Securities, Inc.
Underwriting for #5
- -------------------
Credit Suisse First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Salomon Brothers Inc.
Wasserstein Perella Securities, Inc.
Simmons & Company International
Advest, Inc.
Robert W. Baird & Co. Incorporated
Crowell, Weedon & Co.
Jefferies & Company, Inc.
Johnson Rice & Company L.L.C.
Edward D. Jones & Co. L.P.
Principal Financial Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Scott & Stringfellow, Inc.
Southcoast Capital Corporation
Stephens Inc.
Underwriting for #6
- -------------------
ABN AMRO Chicago Corporation
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
A.G. Edwards & Sons, Inc.
Morgan Stanley & Co. Incorporated
Prudential Securities Incorporated
Advest, Inc.
Dain Bosworth Incorporated
Edward D. Jones & Co., L.P.
McDonald & Company Securities, Inc.
Nesbitt Burns Securities Inc.
Stephens Inc.
Stifel, Nicolaus & Company, Incorporated
Sutro & Co. Incorporated
Underwriting for #6
- -------------------
Credit Suisse First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Salomon Brothers Inc.
Wasserstein Perella Securities, Inc.
Simmons & Company International
Advest, Inc.
Robert W. Baird & Co. Incorporated
Crowell, Weedon & Co.
Jefferies & Company, Inc.
Johnson Rice & Company L.L.C.
Edward D. Jones & Co., L.P.
Principal Financial Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Scott & Stringfellow, Inc.
Southcoast Capital Corporation
Stephens Inc.
Underwriting for #7
- -------------------
Goldman, Sachs & Co.
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
SBC Warburg Inc.
Istituto Mobiliare Italiano S.p.A.
Smith Barney Inc.
ABN AMRO Chicago Corporation
Alex. Brown & Sons Incorporated
Deutsche Morgan Grenfell Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Fahnestock & Co. Inc.
Petrie Parkman & Co.
RBC Dominion Securities Corporation
Schroder Wertheim & Co. Incorporated
Scotia Capital Markets (USA) Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Comstock Fund Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1272281936<F1>
<INVESTMENTS-AT-VALUE> 1481009275<F1>
<RECEIVABLES> 10740187<F1>
<ASSETS-OTHER> 11505<F1>
<OTHER-ITEMS-ASSETS> 6367<F1>
<TOTAL-ASSETS> 1491767334<F1>
<PAYABLE-FOR-SECURITIES> 29096634<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 7380615<F1>
<TOTAL-LIABILITIES> 36477249<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 1052354889
<SHARES-COMMON-STOCK> 84622102
<SHARES-COMMON-PRIOR> 83928602
<ACCUMULATED-NII-CURRENT> 2441420<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 92729899<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 208727339<F1>
<NET-ASSETS> 1350422253
<DIVIDEND-INCOME> 16019715<F1>
<INTEREST-INCOME> 2442926<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (6680365)<F1>
<NET-INVESTMENT-INCOME> 11782276<F1>
<REALIZED-GAINS-CURRENT> 96445169<F1>
<APPREC-INCREASE-CURRENT> 50139205<F1>
<NET-CHANGE-FROM-OPS> 158366650<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (10446610)
<DISTRIBUTIONS-OF-GAINS> (37664251)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23355012
<NUMBER-OF-SHARES-REDEEMED> (25621525)
<SHARES-REINVESTED> 2960013
<NET-CHANGE-IN-ASSETS> 109520853
<ACCUMULATED-NII-PRIOR> 1509361<F1>
<ACCUMULATED-GAINS-PRIOR> 36634795<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3306369<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6680365<F1>
<AVERAGE-NET-ASSETS> 1279393086
<PER-SHARE-NAV-BEGIN> 14.785
<PER-SHARE-NII> 0.136
<PER-SHARE-GAIN-APPREC> 1.616
<PER-SHARE-DIVIDEND> (0.125)
<PER-SHARE-DISTRIBUTIONS> (0.454)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.958
<EXPENSE-RATIO> 0.92
<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> 12
<NAME> Comstock Fund Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1272281936<F1>
<INVESTMENTS-AT-VALUE> 1481009275<F1>
<RECEIVABLES> 10740187<F1>
<ASSETS-OTHER> 11505<F1>
<OTHER-ITEMS-ASSETS> 6367<F1>
<TOTAL-ASSETS> 1491767334<F1>
<PAYABLE-FOR-SECURITIES> 29096634<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 7380615<F1>
<TOTAL-LIABILITIES> 36477249<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 91439757
<SHARES-COMMON-STOCK> 6070096
<SHARES-COMMON-PRIOR> 5091005
<ACCUMULATED-NII-CURRENT> 2441420<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 92729899<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 208727339<F1>
<NET-ASSETS> 96905279
<DIVIDEND-INCOME> 16019715<F1>
<INTEREST-INCOME> 2442926<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (6680365)<F1>
<NET-INVESTMENT-INCOME> 11782276<F1>
<REALIZED-GAINS-CURRENT> 96445169<F1>
<APPREC-INCREASE-CURRENT> 50139205<F1>
<NET-CHANGE-FROM-OPS> 158366650<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (373580)
<DISTRIBUTIONS-OF-GAINS> (2489424)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1776930
<NUMBER-OF-SHARES-REDEEMED> (974666)
<SHARES-REINVESTED> 176827
<NET-CHANGE-IN-ASSETS> 21546381
<ACCUMULATED-NII-PRIOR> 1509361<F1>
<ACCUMULATED-GAINS-PRIOR> 36634795<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3306369<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6680365<F1>
<AVERAGE-NET-ASSETS> 85076384
<PER-SHARE-NAV-BEGIN> 14.802
<PER-SHARE-NII> 0.066
<PER-SHARE-GAIN-APPREC> 1.615
<PER-SHARE-DIVIDEND> (0.065)
<PER-SHARE-DISTRIBUTIONS> (0.454)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.964
<EXPENSE-RATIO> 1.84
<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> 13
<NAME> Comstock Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1272281936<F1>
<INVESTMENTS-AT-VALUE> 1481009275<F1>
<RECEIVABLES> 10740187<F1>
<ASSETS-OTHER> 11505<F1>
<OTHER-ITEMS-ASSETS> 6367<F1>
<TOTAL-ASSETS> 1491767334<F1>
<PAYABLE-FOR-SECURITIES> 29096634<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 7380615<F1>
<TOTAL-LIABILITIES> 36477249<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 7596781
<SHARES-COMMON-STOCK> 498792
<SHARES-COMMON-PRIOR> 392214
<ACCUMULATED-NII-CURRENT> 2441420<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 92729899<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 208727339<F1>
<NET-ASSETS> 7962553
<DIVIDEND-INCOME> 16019715<F1>
<INTEREST-INCOME> 2442926<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (6680365)<F1>
<NET-INVESTMENT-INCOME> 11782276<F1>
<REALIZED-GAINS-CURRENT> 96445169<F1>
<APPREC-INCREASE-CURRENT> 50139205<F1>
<NET-CHANGE-FROM-OPS> 158366650<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (30027)
<DISTRIBUTIONS-OF-GAINS> (196390)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 296616
<NUMBER-OF-SHARES-REDEEMED> (203996)
<SHARES-REINVESTED> 13958
<NET-CHANGE-IN-ASSETS> 2155813
<ACCUMULATED-NII-PRIOR> 1509361<F1>
<ACCUMULATED-GAINS-PRIOR> 36634795<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3306369<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6680365<F1>
<AVERAGE-NET-ASSETS> 6767276
<PER-SHARE-NAV-BEGIN> 14.805
<PER-SHARE-NII> 0.065
<PER-SHARE-GAIN-APPREC> 1.613
<PER-SHARE-DIVIDEND> (0.065)
<PER-SHARE-DISTRIBUTIONS> (0.454)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.964
<EXPENSE-RATIO> 1.88
<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>
