<PAGE> PAGE 1
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011 A000001 VAN KAMPEN FUNDS INC.
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012 A000001 VAN KAMPEN INVESTOR SERVICES INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
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012 C030001 64141
<PAGE> PAGE 2
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013 B010001 CHICAGO
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013 B030001 60601
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<PAGE> PAGE 3
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025 B000002 31-4148768
025 C000002 E
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025 B000003 13-3299429
<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
To the Shareholders and
Board of Trustees of
the Van Kampen Comstock Fund
In planning and performing our audit of the financial statements of Van Kampen
Comstock Fund (the "Fund") for the year ended December 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 are 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 December 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
February 1, 1999
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC Comstock Fund
10f-3 Transactions
Underwriting # Underwriting Purchased From Amount of shares % of Underwriting Date of Purchase
Purchased
<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
11 The CIT Group J.P. Morgan 465,000 0.949% 11/13/98
MS Salomon Smith Barney
First Boston
Lehman Bros.
SBC Warburg
</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 Global 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 Stanely & 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
Soceite Generale
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette Interational
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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,725,454,413 <F1>
<INVESTMENTS-AT-VALUE> 2,035,174,105 <F1>
<RECEIVABLES> 17,170,793 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 64,600 <F1>
<TOTAL-ASSETS> 2,052,409,498 <F1>
<PAYABLE-FOR-SECURITIES> 32,345,107 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 13,061,062 <F1>
<TOTAL-LIABILITIES> 45,406,169 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,406,164,043
<SHARES-COMMON-STOCK> 106,893,693
<SHARES-COMMON-PRIOR> 93,722,450
<ACCUMULATED-NII-CURRENT> 2,964,805 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 37,263,154 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 309,805,817 <F1>
<NET-ASSETS> 1,752,434,323
<DIVIDEND-INCOME> 37,764,960 <F1>
<INTEREST-INCOME> 7,380,310 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (17,913,245)<F1>
<NET-INVESTMENT-INCOME> 27,232,025 <F1>
<REALIZED-GAINS-CURRENT> 250,360,369 <F1>
<APPREC-INCREASE-CURRENT> 54,098,357 <F1>
<NET-CHANGE-FROM-OPS> 331,690,751 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (26,565,926)
<DISTRIBUTIONS-OF-GAINS> (252,009,151)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 83,732,230
<NUMBER-OF-SHARES-REDEEMED> (86,217,522)
<SHARES-REINVESTED> 15,656,535
<NET-CHANGE-IN-ASSETS> 233,779,390
<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> 8,622,243 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 17,913,245 <F1>
<AVERAGE-NET-ASSETS> 1,624,671,815
<PER-SHARE-NAV-BEGIN> 16.204
<PER-SHARE-NII> 0.268
<PER-SHARE-GAIN-APPREC> 2.875
<PER-SHARE-DIVIDEND> (0.280)
<PER-SHARE-DISTRIBUTIONS> (2.673)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.394
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,725,454,413 <F1>
<INVESTMENTS-AT-VALUE> 2,035,174,105 <F1>
<RECEIVABLES> 17,170,793 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 64,600 <F1>
<TOTAL-ASSETS> 2,052,409,498 <F1>
<PAYABLE-FOR-SECURITIES> 32,345,107 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 13,061,062 <F1>
<TOTAL-LIABILITIES> 45,406,169 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,652,059
<SHARES-COMMON-STOCK> 12,494,408
<SHARES-COMMON-PRIOR> 7,599,567
<ACCUMULATED-NII-CURRENT> 2,964,805 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 37,263,154 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 309,805,817 <F1>
<NET-ASSETS> 204,697,651
<DIVIDEND-INCOME> 37,764,960 <F1>
<INTEREST-INCOME> 7,380,310 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (17,913,245)<F1>
<NET-INVESTMENT-INCOME> 27,232,025 <F1>
<REALIZED-GAINS-CURRENT> 250,360,369 <F1>
<APPREC-INCREASE-CURRENT> 54,098,357 <F1>
<NET-CHANGE-FROM-OPS> 331,690,751 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (1,559,063)
<DISTRIBUTIONS-OF-GAINS> (26,759,641)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,791,567
<NUMBER-OF-SHARES-REDEEMED> (2,505,505)
<SHARES-REINVESTED> 1,608,779
<NET-CHANGE-IN-ASSETS> 81,514,805
<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> 8,622,243 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 17,913,245 <F1>
<AVERAGE-NET-ASSETS> 157,844,881
<PER-SHARE-NAV-BEGIN> 16.209
<PER-SHARE-NII> 0.131
<PER-SHARE-GAIN-APPREC> 2.876
<PER-SHARE-DIVIDEND> (0.160)
<PER-SHARE-DISTRIBUTIONS> (2.673)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.383
<EXPENSE-RATIO> 1.70
<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> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,725,454,413 <F1>
<INVESTMENTS-AT-VALUE> 2,035,174,105 <F1>
<RECEIVABLES> 17,170,793 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 64,600 <F1>
<TOTAL-ASSETS> 2,052,409,498 <F1>
<PAYABLE-FOR-SECURITIES> 32,345,107 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 13,061,062 <F1>
<TOTAL-LIABILITIES> 45,406,169 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,153,451
<SHARES-COMMON-STOCK> 3,044,224
<SHARES-COMMON-PRIOR> 672,975
<ACCUMULATED-NII-CURRENT> 2,964,805 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 37,263,154 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 309,805,817 <F1>
<NET-ASSETS> 49,871,355
<DIVIDEND-INCOME> 37,764,960 <F1>
<INTEREST-INCOME> 7,380,310 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (17,913,245)<F1>
<NET-INVESTMENT-INCOME> 27,232,025 <F1>
<REALIZED-GAINS-CURRENT> 250,360,369 <F1>
<APPREC-INCREASE-CURRENT> 54,098,357 <F1>
<NET-CHANGE-FROM-OPS> 331,690,751 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (279,636)
<DISTRIBUTIONS-OF-GAINS> (5,604,576)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,751,195
<NUMBER-OF-SHARES-REDEEMED> (2,722,355)
<SHARES-REINVESTED> 342,409
<NET-CHANGE-IN-ASSETS> 38,962,485
<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> 8,622,243 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 17,913,245 <F1>
<AVERAGE-NET-ASSETS> 24,103,182
<PER-SHARE-NAV-BEGIN> 16.210
<PER-SHARE-NII> 0.127
<PER-SHARE-GAIN-APPREC> 2.878
<PER-SHARE-DIVIDEND> (0.160)
<PER-SHARE-DISTRIBUTIONS> (2.673)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.382
<EXPENSE-RATIO> 1.71
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
