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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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SIGNATURE SARA L. BADLER
TITLE ATTORNEY
Report of Independent Accountants
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, 1999, 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
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 and is
not intended to be and should not be used by anyone other than these specified
parties.
Chicago, Illinois
February 11, 2000
COMSTOCK FUND
A Joint Special Meeting of the Shareholders of the Portfolio was held on
December 15, 1999 where shareholders voted on the election of Trustees and the
ratification of PricewaterhouseCooper, as the independent public accountants.
With regard to the election of J. Miles Branagan, as elected trustee by the
shareholders of the Portfolio, 73,104,161 shares were voted in the affirmative
and 1,581,964 shares were withheld. With regard to the election of Jerry D.
Choate, as elected trustee by the shareholders of the Portfolio, 73,098,190
voted in the affirmative and 1,587,935 shares were withheld. With regard to the
election of Linda Hutton Heagy, as elected trustee by the shareholders of the
Portfolio, 73,098,992 shares were voted in the affirmative and 1,587,134 shares
were withheld. With regard to the election of R. Craig Kennedy, as elected
trustee by the shareholders of the Portfolio, 73,162,698 shares were voted in
the affirmative and1,523,428 shares were withheld. With regard to the election
of Mitchell M. Merin, as elected trustee by the shareholders of the Portfolio,
73,164,979 shares were voted in the affirmative and 1,521,146 shares were
withheld. With regard to the election of Jack E. Nelson, as elected trustee by
the shareholders of the Portfolio, 73,125,909 shares were voted in the
affirmative and 1,560,217 shares were withheld. With regard to the election of
Richard F. Powers, III, as elected trustee by the shareholders of the Portfolio,
73,134,712 shares were voted in the affirmative and 1,551,414 shares were
withheld. With regard to the election of Phillip B. Rooney, as elected trustee
by the shareholders of the Portfolio, 73,138,991 shares were voted in the
affirmative and 1,547,135 shares were withheld. With regard to the election of
Fernando Sisto, as elected trustee by the shareholders of the Portfolio,
73,025,321 shares were voted in the affirmative and 1,660,805 shares were
withheld. With regard to the election of Wayne W. Whalen, as elected trustee by
the shareholders of the Portfolio, 73,138,270 shares were voted in the
affirmative and 1,547,856 shares were withheld. With regard to the election of
Suzanne H. Woolsey, as elected trustee by the shareholders of the Portfolio,
73,088,455 shares were voted in the affirmative and 1,597,671 shares were
withheld. With regard to the election of Paul G. Yovovich, as elected trustee by
the shareholders of the Portfolio 73,156,878 shares were voted in the
affirmative and 1,529,248 shares were withheld. With regard to the ratification
of PricewaterhouseCooper to act as independent public accountants for the
Portfolio, 72,543,733 shares were voted in the affirmative and 420,918 shares
were voted against the proposal and 1,721,475 shares abstained from voting.
<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-31-1999 <F1>
<PERIOD-START> JAN-01-1999 <F1>
<PERIOD-END> DEC-31-1999 <F1>
<INVESTMENTS-AT-COST> 2,137,097,885 <F1>
<INVESTMENTS-AT-VALUE> 2,195,746,268 <F1>
<RECEIVABLES> 19,506,829 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 22,168,551 <F1>
<TOTAL-ASSETS> 2,237,421,648 <F1>
<PAYABLE-FOR-SECURITIES> 13,157,823 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 8,261,796 <F1>
<TOTAL-LIABILITIES> 21,419,619 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,633,458,628
<SHARES-COMMON-STOCK> 121,687,731
<SHARES-COMMON-PRIOR> 106,893,693
<ACCUMULATED-NII-CURRENT> 2,019,350 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 66,106,511 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 58,648,383 <F1>
<NET-ASSETS> 1,801,282,980
<DIVIDEND-INCOME> 45,310,392 <F1>
<INTEREST-INCOME> 11,450,400 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (21,834,025)<F1>
<NET-INVESTMENT-INCOME> 34,926,767 <F1>
<REALIZED-GAINS-CURRENT> 251,901,846 <F1>
<APPREC-INCREASE-CURRENT> (251,157,434)<F1>
<NET-CHANGE-FROM-OPS> 35,671,179 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (31,985,263)
<DISTRIBUTIONS-OF-GAINS> (183,355,610)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 104,803,333
<NUMBER-OF-SHARES-REDEEMED> (103,147,916)
<SHARES-REINVESTED> 13,138,621
<NET-CHANGE-IN-ASSETS> 48,848,657
<ACCUMULATED-NII-PRIOR> 2,964,805 <F1>
<ACCUMULATED-GAINS-PRIOR> 37,263,154 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 10,132,556 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 21,884,006 <F1>
<AVERAGE-NET-ASSETS> 1,812,570,859
<PER-SHARE-NAV-BEGIN> 16.394
<PER-SHARE-NII> 0.242
<PER-SHARE-GAIN-APPREC> 0.105
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> (1.648)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.803
<EXPENSE-RATIO> 0.89
</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-31-1999 <F1>
<PERIOD-START> JAN-01-1999 <F1>
<PERIOD-END> DEC-31-1999 <F1>
<INVESTMENTS-AT-COST> 2,137,097,885 <F1>
<INVESTMENTS-AT-VALUE> 2,195,746,268 <F1>
<RECEIVABLES> 19,506,829 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 22,168,551 <F1>
<TOTAL-ASSETS> 2,237,421,648 <F1>
<PAYABLE-FOR-SECURITIES> 13,157,823 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 8,261,796 <F1>
<TOTAL-LIABILITIES> 21,419,619 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 347,501,070
<SHARES-COMMON-STOCK> 21,621,049
<SHARES-COMMON-PRIOR> 12,494,408
<ACCUMULATED-NII-CURRENT> 2,019,350 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 66,106,511 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 58,648,383 <F1>
<NET-ASSETS> 319,649,594
<DIVIDEND-INCOME> 45,310,392 <F1>
<INTEREST-INCOME> 11,450,400 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (21,834,025)<F1>
<NET-INVESTMENT-INCOME> 34,926,767 <F1>
<REALIZED-GAINS-CURRENT> 251,901,846 <F1>
<APPREC-INCREASE-CURRENT> (251,157,434)<F1>
<NET-CHANGE-FROM-OPS> 35,671,179 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (3,026,318)
<DISTRIBUTIONS-OF-GAINS> (30,443,566)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,079,071
<NUMBER-OF-SHARES-REDEEMED> (7,056,176)
<SHARES-REINVESTED> 2,103,746
<NET-CHANGE-IN-ASSETS> 114,951,943
<ACCUMULATED-NII-PRIOR> 2,964,805 <F1>
<ACCUMULATED-GAINS-PRIOR> 37,263,154 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 10,132,556 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 21,884,006 <F1>
<AVERAGE-NET-ASSETS> 272,525,436
<PER-SHARE-NAV-BEGIN> 16.383
<PER-SHARE-NII> 0.124
<PER-SHARE-GAIN-APPREC> 0.095
<PER-SHARE-DIVIDEND> (0.170)
<PER-SHARE-DISTRIBUTIONS> (1.648)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.784
<EXPENSE-RATIO> 1.66
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
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</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> COMSTOCK CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999 <F1>
<PERIOD-START> JAN-01-1999 <F1>
<PERIOD-END> DEC-31-1999 <F1>
<INVESTMENTS-AT-COST> 2,137,097,885 <F1>
<INVESTMENTS-AT-VALUE> 2,195,746,268 <F1>
<RECEIVABLES> 19,506,829 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 22,168,551 <F1>
<TOTAL-ASSETS> 2,237,421,648 <F1>
<PAYABLE-FOR-SECURITIES> 13,157,823 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 8,261,796 <F1>
<TOTAL-LIABILITIES> 21,419,619 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 108,268,087
<SHARES-COMMON-STOCK> 6,430,104
<SHARES-COMMON-PRIOR> 3,044,224
<ACCUMULATED-NII-CURRENT> 2,019,350 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 66,106,511 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 58,648,383 <F1>
<NET-ASSETS> 95,069,455
<DIVIDEND-INCOME> 45,310,392 <F1>
<INTEREST-INCOME> 11,450,400 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (21,834,025)<F1>
<NET-INVESTMENT-INCOME> 34,926,767 <F1>
<REALIZED-GAINS-CURRENT> 251,901,846 <F1>
<APPREC-INCREASE-CURRENT> (251,157,434)<F1>
<NET-CHANGE-FROM-OPS> 35,671,179 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (860,704)
<DISTRIBUTIONS-OF-GAINS> (9,259,250)
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<NUMBER-OF-SHARES-SOLD> 9,166,989
<NUMBER-OF-SHARES-REDEEMED> (6,409,056)
<SHARES-REINVESTED> 627,947
<NET-CHANGE-IN-ASSETS> 45,198,100
<ACCUMULATED-NII-PRIOR> 2,964,805 <F1>
<ACCUMULATED-GAINS-PRIOR> 37,263,154 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 10,132,556 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 21,884,006 <F1>
<AVERAGE-NET-ASSETS> 76,089,645
<PER-SHARE-NAV-BEGIN> 16.382
<PER-SHARE-NII> 0.130
<PER-SHARE-GAIN-APPREC> 0.091
<PER-SHARE-DIVIDEND> (0.170)
<PER-SHARE-DISTRIBUTIONS> (1.648)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.785
<EXPENSE-RATIO> 1.66
</TABLE>
