<PAGE> PAGE 1
000 A000000 06/30/98
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
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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 PRICEWATERHOUSE COOPERS LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-00733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-00728181
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 118
019 C000000 VANKAMPENA
020 A000001 GOLDMAN SACHS & CO.
020 B000001 13-5108880
020 C000001 138
020 A000002 DONALDSON LUFKIN & JENRETE
020 B000002 13-2741729
020 C000002 136
020 A000003 FIRST BOSTON CORP
020 B000003 13-5659485
020 C000003 136
020 A000004 PAINE WEBBER INC
020 B000004 13-2638166
020 C000004 135
020 A000005 BERNSTEIN SANFOR C & CO INC
020 B000005 13-2625874
020 C000005 133
020 A000006 SALOMON SMITH BARNEY INC
020 B000006 13-1912900
020 C000006 115
020 A000007 MERRILL LYNCH INC
020 B000007 13-5674085
020 C000007 110
020 A000008 MONTGOMERY SECURITIES
020 B000008 94-1701676
020 C000008 107
020 A000009 HONG KONG SHANGHAI (HSBC)
020 B000009 13-2650272
020 C000009 91
020 A000010 DEUTSCHE MORGAN GRENFELL (DMG)
020 B000010 13-2730828
020 C000010 56
021 000000 1984
022 A000001 GENERAL ELECTRIC CAP CORP
022 B000001 06-1076552
022 C000001 3502001
022 D000001 0
<PAGE> PAGE 3
022 A000002 BANK AMERICA CORP
022 B000002 95-4035346
022 C000002 737776
022 D000002 0
022 A000003 PRUDENTIAL SECURITIES
022 B000003 22-2347336
022 C000003 274168
022 D000003 6269
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 227670
022 D000004 3138
022 A000005 PRUDENTIAL FUNDING SECURITIES CORP.
022 B000005 06-1076552
022 C000005 194899
022 D000005 0
022 A000006 DONALDSON LUFKIN & JENRETTE
022 B000006 13-2741729
022 C000006 140446
022 D000006 36063
022 A000007 SBC WARBURG, DILLON, READ INC.
022 B000007 13-3498485
022 C000007 162543
022 D000007 0
022 A000008 GOLDMAN SACHS & CO
022 B000008 13-5108880
022 C000008 64490
022 D000008 18943
022 A000009 FIRST BOSTON CORP
022 B000009 13-5659485
022 C000009 54946
022 D000009 0
022 A000010 MERRILL LYNCH INC
022 B000010 13-5674085
022 C000010 15716
022 D000010 32846
023 C000000 5510789
023 D000000 148648
024 000000 Y
025 A000001 CHASE MANHATTAN CORP
025 B000001 13-2633612
025 C000001 E
025 D000001 21442
025 A000002 BANKAMERICA CORP
025 B000002 95-4035346
025 C000002 E
025 D000002 10113
025 A000003 FIRST UNION
025 B000003 56-1529080
025 C000003 E
025 D000003 8563
<PAGE> PAGE 4
025 A000004 BEAR STEARNS
025 B000004 13-3299429
025 C000004 E
025 D000004 10977
025 A000005 BANC ONE CORP
025 C000005 E
025 D000005 4889
025 D000006 0
025 D000007 0
025 D000008 0
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028 H000000 42427
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030 A000000 1441
<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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SIGNATURE NICK DALMASO
TITLE ATTORNEY
NSAR ITEM 77O
VKAC Comstock Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares Date of
Underwriting # Underwriting Purchased From Purchased % of Underwriting Purchase
<S> <C> <C> <C> <C> <C>
1 St. Joe Corporation Chemical Chase 50,000 0.417% 02/10/98
Securities
2 St. Joe Corporation Banc One 40,000 0.333% 02/10/98
3 St. Joe Corporation First Union 40,000 0.333% 02/10/98
4 St. Joe Corporation Northern Trust 15,000 0.125% 02/10/98
5 St. Joe Corporation Lincoln Investment 15,000 0.125% 02/10/98
Planners
6 St. Joe Corporation Pershing 200,000 1.667% 02/10/98
7 St. Joe Corporation Merrill Lynch 51,700 0.431% 02/10/98
8 St. Joe Corporation Donaldson, Lufkin 250,000 2.083% 02/10/98
& Jenrette
9 Alstom Goldman Sachs 646,800 0.593% 06/22/98
10 Rhodia ADS SBC Warburg 105,000 0.955% 06/25/98
</TABLE>
<PAGE>
Other Firms Participating in Underwriting:
Underwriting for #1, 2, 3, 4, 5, 6, 7, & 8
- ------------------------------------------
Morgan Stanley & Co. Incorporated
Raymond James & Associates, Inc.
Robert W. Baird & Co. Incorporated
BT Alex.Brown Incorporated
A.G. Edwards & Sons, Inc.
Everen Securities, Inc.
Janney Montgomery Scott Inc.
Edward D. Jones & Co., LP
Laidlaw Globel Securities, Inc.
Legg Mason Wood Walker, Incorporated
Prudential Securities Incorporated
Smith Barney Inc.
Value Investment Partners, Inc.
Wasserstein Perella Securities, Inc.
Underwriting for #9
- -------------------
Credit Suisse First Boston (Europe) Limited
Societe Generale
Morgan Stanley & Co. International Limited
Banque Nationale de Paris
Credit Agricole Indosuez
HSBC Investment Bank plc
Swiss Bank Corporation
ABN AMRO Rothschild
Banca Commerciale Italiana Spa
Cazenove & Co.
CDC Marches
Credit Lyonnais Securities
Deutsche Bank Ag London
Generale Bank
Lehman Brothers International (Europe)
Merrill Lynch International
Underwriting for #10
- --------------------
Societe Generale
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette International
Bear, Stearns International Limited
BT Alex.Brown International
Credit Suisse First Boston (Europe) Limited
Goldman Sachs International
Paribas
Credit Agricole Indosuez
Banque Nationale de Paris
Credit Lyonnais
Credit Commercial de France
ABN AMRO Rothschild
Dresdner Kleinwort Benson
Nomura International plc
<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> COMSTOCK CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,543,825,529 <F1>
<INVESTMENTS-AT-VALUE> 1,850,607,234 <F1>
<RECEIVABLES> 10,371,300 <F1>
<ASSETS-OTHER> 73,783 <F1>
<OTHER-ITEMS-ASSETS> 6,780 <F1>
<TOTAL-ASSETS> 1,861,059,097 <F1>
<PAYABLE-FOR-SECURITIES> 7,734,941 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,031,135 <F1>
<TOTAL-LIABILITIES> 10,766,076 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,247,747,859
<SHARES-COMMON-STOCK> 96,787,756
<SHARES-COMMON-PRIOR> 93,722,450
<ACCUMULATED-NII-CURRENT> 6,039,100 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 117,064,748 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 306,781,705 <F1>
<NET-ASSETS> 1,662,792,995
<DIVIDEND-INCOME> 19,297,059 <F1>
<INTEREST-INCOME> 3,716,790 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (8,677,904)<F1>
<NET-INVESTMENT-INCOME> 14,335,945 <F1>
<REALIZED-GAINS-CURRENT> 119,935,563 <F1>
<APPREC-INCREASE-CURRENT> 51,074,245 <F1>
<NET-CHANGE-FROM-OPS> 185,345,753 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (11,801,598)
<DISTRIBUTIONS-OF-GAINS> (67,711,390)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,289,196
<NUMBER-OF-SHARES-REDEEMED> (37,461,102)
<SHARES-REINVESTED> 4,237,212
<NET-CHANGE-IN-ASSETS> 144,138,062
<ACCUMULATED-NII-PRIOR> 4,137,405 <F1>
<ACCUMULATED-GAINS-PRIOR> 71,276,153 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 4,237,201 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 8,677,904 <F1>
<AVERAGE-NET-ASSETS> 1,629,909,810
<PER-SHARE-NAV-BEGIN> 16.204
<PER-SHARE-NII> 0.142
<PER-SHARE-GAIN-APPREC> 1.686
<PER-SHARE-DIVIDEND> (0.125)
<PER-SHARE-DISTRIBUTIONS> (0.727)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.180
<EXPENSE-RATIO> 0.91
<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> COMSTOCK CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,543,825,529 <F1>
<INVESTMENTS-AT-VALUE> 1,850,607,234 <F1>
<RECEIVABLES> 10,371,300 <F1>
<ASSETS-OTHER> 73,783 <F1>
<OTHER-ITEMS-ASSETS> 6,780 <F1>
<TOTAL-ASSETS> 1,861,059,097 <F1>
<PAYABLE-FOR-SECURITIES> 7,734,941 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,031,135 <F1>
<TOTAL-LIABILITIES> 10,766,076 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,319,200
<SHARES-COMMON-STOCK> 9,377,723
<SHARES-COMMON-PRIOR> 7,599,567
<ACCUMULATED-NII-CURRENT> 6,039,100 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 117,064,748 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 306,781,705 <F1>
<NET-ASSETS> 161,093,046
<DIVIDEND-INCOME> 19,297,059 <F1>
<INTEREST-INCOME> 3,716,790 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (8,677,904)<F1>
<NET-INVESTMENT-INCOME> 14,335,945 <F1>
<REALIZED-GAINS-CURRENT> 119,935,563 <F1>
<APPREC-INCREASE-CURRENT> 51,074,245 <F1>
<NET-CHANGE-FROM-OPS> 185,345,753 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (560,865)
<DISTRIBUTIONS-OF-GAINS> (5,873,986)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,486,188
<NUMBER-OF-SHARES-REDEEMED> (1,053,147)
<SHARES-REINVESTED> 345,115
<NET-CHANGE-IN-ASSETS> 37,910,200
<ACCUMULATED-NII-PRIOR> 4,137,405 <F1>
<ACCUMULATED-GAINS-PRIOR> 71,276,153 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 4,237,201 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 8,677,904 <F1>
<AVERAGE-NET-ASSETS> 143,578,360
<PER-SHARE-NAV-BEGIN> 16.209
<PER-SHARE-NII> 0.073
<PER-SHARE-GAIN-APPREC> 1.688
<PER-SHARE-DIVIDEND> (0.065)
<PER-SHARE-DISTRIBUTIONS> (0.727)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.178
<EXPENSE-RATIO> 1.69
<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> COMSTOCK CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 1,543,825,529 <F1>
<INVESTMENTS-AT-VALUE> 1,850,607,234 <F1>
<RECEIVABLES> 10,371,300 <F1>
<ASSETS-OTHER> 73,783 <F1>
<OTHER-ITEMS-ASSETS> 6,780 <F1>
<TOTAL-ASSETS> 1,861,059,097 <F1>
<PAYABLE-FOR-SECURITIES> 7,734,941 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,031,135 <F1>
<TOTAL-LIABILITIES> 10,766,076 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,340,409
<SHARES-COMMON-STOCK> 1,537,580
<SHARES-COMMON-PRIOR> 672,975
<ACCUMULATED-NII-CURRENT> 6,039,100 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 117,064,748 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 306,781,705 <F1>
<NET-ASSETS> 26,406,980
<DIVIDEND-INCOME> 19,297,059 <F1>
<INTEREST-INCOME> 3,716,790 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (8,677,904)<F1>
<NET-INVESTMENT-INCOME> 14,335,945 <F1>
<REALIZED-GAINS-CURRENT> 119,935,563 <F1>
<APPREC-INCREASE-CURRENT> 51,074,245 <F1>
<NET-CHANGE-FROM-OPS> 185,345,753 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (71,787)
<DISTRIBUTIONS-OF-GAINS> (561,592)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,109,514
<NUMBER-OF-SHARES-REDEEMED> (277,629)
<SHARES-REINVESTED> 32,720
<NET-CHANGE-IN-ASSETS> 15,498,110
<ACCUMULATED-NII-PRIOR> 4,137,405 <F1>
<ACCUMULATED-GAINS-PRIOR> 71,276,153 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 4,237,201 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 8,677,904 <F1>
<AVERAGE-NET-ASSETS> 15,006,604
<PER-SHARE-NAV-BEGIN> 16.210
<PER-SHARE-NII> 0.067
<PER-SHARE-GAIN-APPREC> 1.689
<PER-SHARE-DIVIDEND> (0.065)
<PER-SHARE-DISTRIBUTIONS> (0.727)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.174
<EXPENSE-RATIO> 1.69
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
