<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 205193
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 OAK BROOK 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 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
013 A000001 PRICE WATERHOUSE LLP
013 B010001 HOUSTON
013 B020001 TX
<PAGE> PAGE 2
013 B030001 77002
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-0000
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-0000
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
020 B000001 13-5108880
020 C000001 358
020 A000002 SALOMON
020 B000002 13-3082694
020 C000002 354
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 350
020 A000004 FIRST BOSTON
020 B000004 13-5659485
020 C000004 286
020 A000005 DONALDSON LUFKIN & JENNRETTE
020 B000005 13-2741729
020 C000005 270
020 A000006 JAMES CAPEL & CO.
020 B000006 52-1348224
020 C000006 267
020 A000007 MONTGOMERY SECURITIES
020 B000007 94-1701676
020 C000007 209
020 A000008 PAINE WEBBER
020 B000008 13-2638166
020 C000008 201
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 189
020 A000010 BERNSTEIN SANFORD C & CO. INC.
020 B000010 13-2625874
020 C000010 159
021 000000 4277
022 A000001 GENERAL ELECTRIC CAP CORP
022 B000001 06-1076552
022 C000001 4699652
022 D000001 0
022 A000002 PRUDENTIAL FUNDING SECURITIES CORP
<PAGE> PAGE 3
022 C000002 1983392
022 D000002 0
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 948101
022 D000003 13045
022 A000004 SBC WARBURG
022 B000004 13-3498485
022 C000004 647495
022 D000004 0
022 A000005 BA SECURITIES
022 B000005 95-4035346
022 C000005 576661
022 D000005 17312
022 A000006 DONALDSON LUFKIN JENNRETTE
022 B000006 13-2741729
022 C000006 561148
022 D000006 2103
022 A000007 STATE STREET BANK & TRUST
022 B000007 04-1867445
022 C000007 237480
022 D000007 0
022 A000008 GENERAL ELECTRIC CO.
022 C000008 231903
022 D000008 0
022 A000009 PRUDENTIAL SECURITIES
022 C000009 211699
022 D000009 0
022 A000010 HONG KONG SHANGHAI (HSBC)
022 B000010 13-2650272
022 C000010 61938
022 D000010 49690
023 C000000 10597344
023 D000000 365950
024 000000 Y
025 A000001 CHASE MANHATTAN CORP
025 B000001 13-2633612
025 C000001 E
025 D000001 10950
025 A000002 BA SECURITIES
025 B000002 95-4035346
025 C000002 E
025 D000002 9636
025 A000003 BANC ONE CORP
025 B000003 31-4148768
025 C000003 E
025 D000003 20584
025 A000004 FIRST UNION
025 B000004 56-1529080
025 C000004 E
025 D000004 22243
<PAGE> PAGE 4
025 A000005 BEAR STEARNS
025 B000005 13-3299429
025 C000005 E
025 D000005 11400
025 A000006 SWISS BANK CORP.
025 B000006 31-2639550
025 C000006 D
025 D000006 53330
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 66740
028 A020000 0
028 A030000 0
028 A040000 58060
028 B010000 48531
028 B020000 0
028 B030000 0
028 B040000 66021
028 C010000 69092
028 C020000 5018
028 C030000 0
028 C040000 74062
028 D010000 67906
028 D020000 0
028 D030000 0
028 D040000 72829
028 E010000 98743
028 E020000 0
028 E030000 0
028 E040000 90126
028 F010000 82604
028 F020000 182543
028 F030000 0
028 F040000 89826
028 G010000 433616
028 G020000 187561
028 G030000 0
028 G040000 450924
028 H000000 392362
029 000000 Y
030 A000000 1560
<PAGE> PAGE 5
030 B000000 5.75
030 C000000 0.00
031 A000000 221
031 B000000 0
032 000000 1339
033 000000 0
034 000000 Y
035 000000 156
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 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 4001
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 1000000
048 A020000 0.500
048 B010000 1000000
048 B020000 0.450
048 C010000 1000000
048 C020000 0.400
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 3000000
048 K020000 0.350
<PAGE> PAGE 6
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 Y
054 I000000 N
054 J000000 Y
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
062 A000000 N
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 0.0
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 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
<PAGE> PAGE 7
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1607115
071 B000000 1669155
071 C000000 1409946
071 D000000 114
072 A000000 12
072 B000000 6843
<PAGE> PAGE 8
072 C000000 32320
072 D000000 0
072 E000000 0
072 F000000 7159
072 G000000 0
072 H000000 0
072 I000000 2644
072 J000000 57
072 K000000 0
072 L000000 236
072 M000000 39
072 N000000 120
072 O000000 0
072 P000000 0
072 Q000000 226
072 R000000 37
072 S000000 50
072 T000000 4001
072 U000000 0
072 V000000 0
072 W000000 160
072 X000000 14729
072 Y000000 0
072 Z000000 24434
072AA000000 267176
072BB000000 0
072CC010000 97119
072CC020000 0
072DD010000 20935
072DD020000 802
072EE000000 214376
073 A010000 0.2500
073 A020000 0.1300
073 B000000 2.5720
073 C000000 0.0000
074 A000000 6
074 B000000 53330
074 C000000 40226
074 D000000 81723
074 E000000 0
074 F000000 1490792
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 9532
074 K000000 0
074 L000000 5914
074 M000000 59
074 N000000 1681582
074 O000000 3970
074 P000000 1512
<PAGE> PAGE 9
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 23353
074 S000000 0
074 T000000 1652747
074 U010000 93722
074 U020000 7600
074 V010000 16.20
074 V020000 16.21
074 W000000 0.0000
074 X000000 92
074 Y000000 0
075 A000000 0
075 B000000 1480070
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
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
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 N/A
080 C000000 65000
081 A000000 Y
081 B000000 118
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
<PAGE> PAGE 10
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 MARY WIERSEMA
TITLE FUND COORDINATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> COMSTOCK CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 1,410,363,728<F1>
<INVESTMENTS-AT-VALUE> 1,666,071,188<F1>
<RECEIVABLES> 15,446,019<F1>
<ASSETS-OTHER> 58,549<F1>
<OTHER-ITEMS-ASSETS> 6,198<F1>
<TOTAL-ASSETS> 1,681,581,954<F1>
<PAYABLE-FOR-SECURITIES> 3,969,565<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 24,865,740<F1>
<TOTAL-LIABILITIES> 28,835,305<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,194,392,039
<SHARES-COMMON-STOCK> 93,722,450
<SHARES-COMMON-PRIOR> 83,928,602
<ACCUMULATED-NII-CURRENT> 4,137,405<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 71,276,153<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 255,707,460<F1>
<NET-ASSETS> 1,518,654,933
<DIVIDEND-INCOME> 32,319,388<F1>
<INTEREST-INCOME> 6,843,211<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (14,729,063)<F1>
<NET-INVESTMENT-INCOME> 24,433,536<F1>
<REALIZED-GAINS-CURRENT> 267,175,662<F1>
<APPREC-INCREASE-CURRENT> 97,119,326<F1>
<NET-CHANGE-FROM-OPS> 388,728,524<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (20,935,347)
<DISTRIBUTIONS-OF-GAINS> (214,376,498)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,998,404
<NUMBER-OF-SHARES-REDEEMED> (49,991,503)
<SHARES-REINVESTED> 13,786,947
<NET-CHANGE-IN-ASSETS> 277,753,533
<ACCUMULATED-NII-PRIOR> 1,509,361<F1>
<ACCUMULATED-GAINS-PRIOR> 36,634,795<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 7,158,774<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 14,729,063<F1>
<AVERAGE-NET-ASSETS> 1,372,980,089
<PER-SHARE-NAV-BEGIN> 14.785
<PER-SHARE-NII> 0.275
<PER-SHARE-GAIN-APPREC> 3.966
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> (2.572)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.204
<EXPENSE-RATIO> 0.94
<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 CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 1,410,363,728<F1>
<INVESTMENTS-AT-VALUE> 1,666,071,188<F1>
<RECEIVABLES> 15,446,019<F1>
<ASSETS-OTHER> 58,549<F1>
<OTHER-ITEMS-ASSETS> 6,198<F1>
<TOTAL-ASSETS> 1,681,581,954<F1>
<PAYABLE-FOR-SECURITIES> 3,969,565<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 24,865,740<F1>
<TOTAL-LIABILITIES> 28,835,305<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,704,433
<SHARES-COMMON-STOCK> 7,599,567
<SHARES-COMMON-PRIOR> 5,091,005
<ACCUMULATED-NII-CURRENT> 4,137,405<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 71,276,153<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 255,707,460<F1>
<NET-ASSETS> 123,182,846
<DIVIDEND-INCOME> 32,319,388<F1>
<INTEREST-INCOME> 6,843,211<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (14,729,063)<F1>
<NET-INVESTMENT-INCOME> 24,433,536<F1>
<REALIZED-GAINS-CURRENT> 267,175,662<F1>
<APPREC-INCREASE-CURRENT> 97,119,326<F1>
<NET-CHANGE-FROM-OPS> 388,728,524<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (802,099)
<DISTRIBUTIONS-OF-GAINS> (16,706,248)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,397,175
<NUMBER-OF-SHARES-REDEEMED> (1,916,981)
<SHARES-REINVESTED> 1,028,368
<NET-CHANGE-IN-ASSETS> 47,823,948
<ACCUMULATED-NII-PRIOR> 1,509,361<F1>
<ACCUMULATED-GAINS-PRIOR> 36,634,795<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 7,158,774<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 14,729,063<F1>
<AVERAGE-NET-ASSETS> 98,947,619
<PER-SHARE-NAV-BEGIN> 14.802
<PER-SHARE-NII> 0.145
<PER-SHARE-GAIN-APPREC> 3.964
<PER-SHARE-DIVIDEND> (0.130)
<PER-SHARE-DISTRIBUTIONS> (2.572)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.209
<EXPENSE-RATIO> 1.74
<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 CLASS c
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 1,410,363,728<F1>
<INVESTMENTS-AT-VALUE> 1,666,071,188<F1>
<RECEIVABLES> 15,446,019<F1>
<ASSETS-OTHER> 58,549<F1>
<OTHER-ITEMS-ASSETS> 6,198<F1>
<TOTAL-ASSETS> 1,681,581,954<F1>
<PAYABLE-FOR-SECURITIES> 3,969,565<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 24,865,740<F1>
<TOTAL-LIABILITIES> 28,835,305<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,529,159
<SHARES-COMMON-STOCK> 672,975
<SHARES-COMMON-PRIOR> 392,214
<ACCUMULATED-NII-CURRENT> 4,137,405<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 71,276,153<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 255,707,460<F1>
<NET-ASSETS> 10,908,870
<DIVIDEND-INCOME> 32,319,388<F1>
<INTEREST-INCOME> 6,843,211<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (14,729,063)<F1>
<NET-INVESTMENT-INCOME> 24,433,536<F1>
<REALIZED-GAINS-CURRENT> 267,175,662<F1>
<APPREC-INCREASE-CURRENT> 97,119,326<F1>
<NET-CHANGE-FROM-OPS> 388,728,524<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (68,046)
<DISTRIBUTIONS-OF-GAINS> (1,541,558)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,047,262
<NUMBER-OF-SHARES-REDEEMED> (852,871)
<SHARES-REINVESTED> 86,370
<NET-CHANGE-IN-ASSETS> 5,102,130
<ACCUMULATED-NII-PRIOR> 1,509,361<F1>
<ACCUMULATED-GAINS-PRIOR> 36,634,795<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 7,158,774<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 14,729,063<F1>
<AVERAGE-NET-ASSETS> 8,142,719
<PER-SHARE-NAV-BEGIN> 14.805
<PER-SHARE-NII> 0.144
<PER-SHARE-GAIN-APPREC> 3.963
<PER-SHARE-DIVIDEND> (0.130)
<PER-SHARE-DISTRIBUTIONS> (2.572)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.210
<EXPENSE-RATIO> 1.74
<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>
[PRICE WATERHOUSE LLP LETTERHEAD]
January 29, 1998
To the Shareholders and Board of Trustees of
the Van Kampen American Capital Comstock Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Comstock Fund (the "Fund") for the year ended December 31,
1997, 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 are required to assess the expected benefits and related cost 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 December 31,
1997.
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.
/S/ PRICE WATERHOUSE LLP
- ------------------------
PRICE WATERHOUSE LLP
NSAR ITEM 77C
Van Kampen American Capital Comstock Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The 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
VKAC Comstock Fund
10f-3 Transactions
<TABLE>
<CAPTION>
UNDERWRITING # UNDERWRITING PURCHASED FROM AMOUNT OF SHARES % OF UNDERWRITING DATE OF PURCHASE
PURCHASED
<S> <C> <C> <C> <C> <C>
1 Nationwide Financial
Services First Boston 60,500 0.295% 03/05/97
2 Hartford Life, Inc. Fox-Pitt Keiton 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 Goldman Sachs 59,500 0.073% 06/16/97
7 ENI First Boston 174,000 1.160% 06/30/97
8 Liberty Financial
Companies Merrill Lynch 57,000 2.280% 07/17/97
9 Steel Dynamics Inc. Paine Webber 12,000 0.143% 08/13/97
10 Steel Dynamics Inc. McDonald & Co. 39,000 0.464% 08/13/97
11 Steel Dynamics Inc. Salomon Brothers 10,000 0.119% 08/13/97
12 Steel Dynamics Inc. Paine Webber 75,000 0.893% 08/13/97
13 Steel Dynamics Inc. Donaldson, Lufkin &
Jenrette 50,000 0.595% 08/13/97
14 Avis Rent A Car, Inc. Bear Stearns 75,000 0.385% 09/23/97
15 Endesa Merrill Lynch 364,400 1.402% 10/21/97
</TABLE>
<PAGE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Credit Suisse First Boston
Morgan Stanley & Co., Incorporated
Merrill Lynch, Peirce, 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.
Paine Webber Incorporated
Salomon Brothers Inc.
Schroder Wertheim & Co., Incorporated
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Conning & Company
Advest, Inc.
M.R. Beal & 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
<PAGE>
Underwriting for #1 (con't)
- ---------------------------
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
- --------------------------
Goldman, Sachs & Co.
Dean Witter Reynolds, Inc.
Merrill Lynch & Co.
Morgan Stanley & Co., Incorporated
Smith Barney Inc.
J.C. Bradford & Co.
Credit Suisse First Boston Corporation
A.G. Edwards & Sons, Inc.
Interstate/Johnson Lane Corporation
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Incorporated
Piper Jaffray Inc.
Principal Financial Securities, Inc.
Prudential Securities Incorporated
Sutro & Co., Incorporated
Wheat, First Securities, Inc.
Lehman Brothers Inc.
Paine Webber Incorporated
Conning & Company
Advest, Inc.
Sanford C. Bernstein & Co., Inc.
Dain Bosworth Incorporated
Dowling & Partners Securities, LLC
Fox-Pitt, Kelton Inc.
Janney Montgomery Scott Inc.
<PAGE>
Underwriting for #2, 3 & 4 (con't)
- ----------------------------------
Neuberger & Berman LLC
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Stephens Inc.
Underwriting for #5
- -------------------
Goldman, Sachs & Co.
Credit Suisse First Boston Corporation
Merrill Lynch, Inc.
Morgan Stanley & Co., Inc.
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 LLC
Edward D. Jones & Co., LP
Principal Financial Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Scott & Stringfellow, Inc.
Southcoast Capital Corporation
Stephens Inc.
Underwriting for #6
- -------------------
Goldman Sachs & Co.
ABN AMRO Chicago Corporation
Lehman Brothers, Inc.
Merrill Lynch & Co.
A.G. Edwards & Sons, Inc.
Morgan Stanley & Co., Incorporated
<PAGE>
Underwriting for #6 (con't)
- ---------------------------
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 #7
- -------------------
Credit Suisse First Boston Corporation
Goldman, Sachs & Co.
Lehman Brothers Inc.
Merrill Lynch, Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co., Inc.
SBC Warburg Inc.
Istituto Mobiliare Italiano
Smith Barney Inc.
ABN AMRO Chicago Corp.
Alex, Brown & Sons Inc.
Deutsche Morgan Grenfell Inc.
Donaldson, Lufkin & Jenrette Securities Corp.
Fahnestock & Co., Inc.
Petrie Parkman & Co.
RBC Dominion Securities Corp.
Schroder Wertheim & Co., Inc.
Scotia Capital Markets Inc.
Underwriting for # 8
- --------------------
Merrill Lynch, Inc.
Goldman, Sachs & Co.
PaineWebber Inc.
Fox-Pitt, Kelton Inc.
A.G. Edwards & Sons Inc.
<PAGE>
Underwriting for #8 (con't)
- ---------------------------
Donaldson, Lufkin & Jenrette Securities Corporation
Lehman Brothers Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Sanford C. Bernstein & Co., Inc.
Dain Bosworth Incorporated
Furman Selz LLC
The Robinson-Humphrey Company, Inc.
M.J. Wjitmann & Co., Inc.
Underwriting for #9, 10, 11, 12 & 13
- ------------------------------------
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
McDonald & Company Securities, Inc.
Salomon Brothers, Inc.
Underwriting for #14
- --------------------
Bear, Stearns & Co., Inc.
Goldman, Sachs & Co.
Lehman Brothers Inc.
Montgomery Securities
Robertson, Stephens & Company LLC
Blaylock & Partners, L.P.
Chase Securities Inc.
ABN AMRO Chicago Corporation
BT Alex, Brown Inc.
Cowen & Company
Credit Suisse First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Furman Selz LLC
Lazard Freres & Co. LLC
Merrill Lynch, Inc.
<PAGE>
Underwriting for #14 (con't)
- ----------------------------
J.P. Morgan Securities, Inc.
Morgan Stanley & Co., Inc.
Salomon Brothers Inc.
Smith Barney Inc.
Arnhold and S. Bleichroeder, Inc.
Gaines, Berland Inc.
McDonald & Company Securities, Inc.
Ormes Capital Markets, Inc.
Raymond James & Associates, Inc.
Sturdivant & Co., Inc.
Underwriting for #15
- --------------------
Merrill Lynch, Inc.
Morgan Stanley & Co., Inc.
Bear, Stearns & Co., Inc.
Credit Suisse First Boston Corporation
Goldman, Sachs & Co.
PaineWebber Incorporated
Salomon Brothers Inc.
Santander Investment Securities Inc.
BBV LatInvest Securities Inc.
A.G. Edwards & Sons, Inc.
J.P. Morgan Securities Inc.
Prudential Securities Incorporated
Schroder & Co., Inc.
CIBC Wood Gundy Securities Inc.
Robert W. Baird & Co. Incorporated
EVEREN Securities, Inc.
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Inc.
McDonald & Company Securities, Inc.
Piper Jaffray Inc.
Wheat, First Securities, Inc.
