<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 739714
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 VAN KAMPEN MERRITT U.S. GOVERNMENT TRUST
001 B000000 811-3590
001 C000000 7085846000
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 Y
007 B000000 1
007 C010100 1
007 C020100 VAN KAMPEN MERRITT U.S. GOVERNMENT FUND
007 C030100 N
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 A00AA01 VAN KAMPEN AMERICAN CAPITAL INVESTMENT ADVISO
008 B00AA01 A
008 C00AA01 801-18161
008 D01AA01 OAKBROOK TERRACE
008 D02AA01 IL
008 D03AA01 60181
010 A00AA01 DELETE
011 A00AA01 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS INC.
011 B00AA01 8-19412
011 C01AA01 OAKBROOK TERRACE
011 C02AA01 IL
011 C03AA01 60181
012 A00AA01 BOSTON FINANCIAL DATA SERVICES
012 B00AA01 85-5003
012 C01AA01 NORTH QUINCY
012 C02AA01 MA
012 C03AA01 02105
<PAGE> PAGE 2
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60601
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
015 A00AA02 THE BANK OF NEW YORK
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10286
015 E01AA02 X
015 A00AA03 MORGAN GUARANTY TRUST COMPANY
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10015
015 E01AA03 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 59
019 C00AA00 VANKAMPENM
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 MORGAN STANLEY
022 B000001 13-2655998
022 C000001 6618137
022 D000001 1049906
022 A000002 J.P. MORGAN
022 B000002 13-3224016
022 C000002 4231956
022 D000002 0
022 A000003 NOMURA SECURITIES
022 B000003 13-2642206
022 C000003 2251977
022 D000003 1893810
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
<PAGE> PAGE 3
022 C000004 1514237
022 D000004 1427531
022 A000005 DONALDSON LUFKIN
022 B000005 13-2741729
022 C000005 1226984
022 D000005 1188750
022 A000006 GOLDMAN SACHS
022 B000006 13-5108880
022 C000006 1317348
022 D000006 1052000
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000007 13-5674085
022 C000007 1077775
022 D000007 1216619
022 A000008 SMITH BARNEY
022 B000008 13-1912900
022 C000008 1011116
022 D000008 1151711
022 A000009 KIDDER PEABODY
022 B000009 13-5650440
022 C000009 747945
022 D000009 724297
022 A000010 LEHMAN
022 B000010 13-2518466
022 C000010 523664
022 D000010 388554
023 C000000 21558583
023 D000000 11098013
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A01AA00 14896
028 A02AA00 12491
028 A03AA00 0
028 A04AA00 42577
<PAGE> PAGE 4
028 B01AA00 13322
028 B02AA00 12404
028 B03AA00 0
028 B04AA00 46057
028 C01AA00 9867
028 C02AA00 11554
028 C03AA00 0
028 C04AA00 52705
028 D01AA00 6722
028 D02AA00 11396
028 D03AA00 0
028 D04AA00 72109
028 E01AA00 7157
028 E02AA00 11311
028 E03AA00 0
028 E04AA00 61482
028 F01AA00 7696
028 F02AA00 11024
028 F03AA00 0
028 F04AA00 58712
028 G01AA00 59660
028 G02AA00 70180
028 G03AA00 0
028 G04AA00 333642
028 H00AA00 112209
029 00AA00 Y
030 A00AA00 4291
030 B00AA00 4.65
030 C00AA00 0.00
031 A00AA00 671
031 B00AA00 0
032 00AA00 3620
033 00AA00 0
034 00AA00 Y
035 00AA00 2301
036 A00AA00 Y
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
042 A00AA00 8
042 B00AA00 0
042 C00AA00 0
042 D00AA00 58
042 E00AA00 2
042 F00AA00 0
042 G00AA00 32
042 H00AA00 0
043 00AA00 11001
<PAGE> PAGE 5
044 00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 500000
048 A02AA00 0.550
048 B01AA00 500000
048 B02AA00 0.525
048 C01AA00 2000000
048 C02AA00 0.500
048 D01AA00 2000000
048 D02AA00 0.475
048 E01AA00 2000000
048 E02AA00 0.450
048 F01AA00 2000000
048 F02AA00 0.425
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 9000000
048 K02AA00 0.400
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 Y
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
<PAGE> PAGE 6
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 Y
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 6.2
062 N00AA00 124.4
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 8.3
064 A00AA00 N
064 B00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 Y
070 D01AA00 N
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 Y
070 F01AA00 N
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 Y
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
<PAGE> PAGE 7
070 J02AA00 Y
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 Y
070 O01AA00 Y
070 O02AA00 Y
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 Y
070 R01AA00 N
070 R02AA00 N
071 A00AA00 2723835
071 B00AA00 2034825
071 C00AA00 4657172
071 D00AA00 44
072 A00AA00 12
072 B00AA00 312095
072 C00AA00 0
072 D00AA00 0
072 E00AA00 30167
072 F00AA00 18897
072 G00AA00 0
072 H00AA00 0
072 I00AA00 5135
072 J00AA00 2105
072 K00AA00 0
072 L00AA00 223
072 M00AA00 50
072 N00AA00 28
072 O00AA00 0
072 P00AA00 3325
072 Q00AA00 0
072 R00AA00 54
072 S00AA00 319
072 T00AA00 11269
072 U00AA00 0
072 V00AA00 0
072 W00AA00 203
072 X00AA00 41608
072 Y00AA00 0
072 Z00AA00 300654
072AA00AA00 0
072BB00AA00 181282
072CC01AA00 0
072CC02AA00 331731
<PAGE> PAGE 8
072DD01AA00 265264
072DD02AA00 33863
072EE00AA00 0
073 A01AA00 1.176
073 A02AA00 1.04
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 1
074 B00AA00 0
074 C00AA00 0
074 D00AA00 4402952
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 2501
074 K00AA00 0
074 L00AA00 34873
074 M00AA00 228
074 N00AA00 4440555
074 O00AA00 896477
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 146265
074 R02AA00 0
074 R03AA00 0
074 R04AA00 25613
074 S00AA00 0
074 T00AA00 3372199
074 U01AA00 213487
074 U02AA00 31861
074 V01AA00 13.70
074 V02AA00 13.69
074 W00AA00 0.0000
074 X00AA00 154128
074 Y00AA00 1043424
075 A00AA00 0
075 B00AA00 3748515
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
080 A00AA00 ICI MUTUAL INSURANCE CO
080 C00AA00 60000
081 A00AA00 Y
081 B00AA00 87
082 A00AA00 Y
082 B00AA00 100
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
<PAGE> PAGE 9
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
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 DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, Illinois 60601-9973
The Board of Trustees and Shareholders of
Van Kampen Merritt U.S. Government Fund:
In planning and performing our audit of the financial statements of Van Kampen
Merritt U.S. Government Fund (the "Fund") for the year ended December 31 1994,
we considered its internal control structure, including procedures 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 the internal
control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safe'guarded against
loss from unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly to permit
the preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of internal control structure,
errors or irregularities may occur and not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of December 31, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
___________________________________________
KPMG Peat Marwick LLP
January 31, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> U.S. Government
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 4565413344<F1>
<INVESTMENTS-AT-VALUE> 4402952339<F1>
<RECEIVABLES> 37374247<F1>
<ASSETS-OTHER> 227355<F1>
<OTHER-ITEMS-ASSETS> 640<F1>
<TOTAL-ASSETS> 4440554581<F1>
<PAYABLE-FOR-SECURITIES> 896476563<F1>
<SENIOR-LONG-TERM-DEBT> 146265000<F1>
<OTHER-ITEMS-LIABILITIES> 25614509<F1>
<TOTAL-LIABILITIES> 1068356072<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 3537006303
<SHARES-COMMON-STOCK> 213486730
<SHARES-COMMON-PRIOR> 233277421
<ACCUMULATED-NII-CURRENT> 766993<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (524023042)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (162461005)<F1>
<NET-ASSETS> 2924430635
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 312095070<F1>
<OTHER-INCOME> 30166992<F1>
<EXPENSES-NET> 41608026<F1>
<NET-INVESTMENT-INCOME> 300654036<F1>
<REALIZED-GAINS-CURRENT> (181281942)<F1>
<APPREC-INCREASE-CURRENT> (331730536)<F1>
<NET-CHANGE-FROM-OPS> (212358442)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (265263650)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7599641
<NUMBER-OF-SHARES-REDEEMED> (36347230)
<SHARES-REINVESTED> 8956898
<NET-CHANGE-IN-ASSETS> (729143217)
<ACCUMULATED-NII-PRIOR> 87737<F1>
<ACCUMULATED-GAINS-PRIOR> (342741100)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 18897359<F1>
<INTEREST-EXPENSE> 3324515<F1>
<GROSS-EXPENSE> 41608026<F1>
<AVERAGE-NET-ASSETS> 3266258106
<PER-SHARE-NAV-BEGIN> 15.662
<PER-SHARE-NII> 1.177
<PER-SHARE-GAIN-APPREC> (1.965)
<PER-SHARE-DIVIDEND> (1.176)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.698
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 73300000<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> 2
<NAME> U.S. Government
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 4565413344<F1>
<INVESTMENTS-AT-VALUE> 4402952339<F1>
<RECEIVABLES> 37374247<F1>
<ASSETS-OTHER> 227355<F1>
<OTHER-ITEMS-ASSETS> 640<F1>
<TOTAL-ASSETS> 4440554581<F1>
<PAYABLE-FOR-SECURITIES> 896476563<F1>
<SENIOR-LONG-TERM-DEBT> 146265000<F1>
<OTHER-ITEMS-LIABILITIES> 25614509<F1>
<TOTAL-LIABILITIES> 1068356072<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 507798545
<SHARES-COMMON-STOCK> 31861261
<SHARES-COMMON-PRIOR> 30344315
<ACCUMULATED-NII-CURRENT> 766993<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (524023042)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (162461005)<F1>
<NET-ASSETS> 436334534
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 312095070<F1>
<OTHER-INCOME> 30166992<F1>
<EXPENSES-NET> 41608026<F1>
<NET-INVESTMENT-INCOME> 300654036<F1>
<REALIZED-GAINS-CURRENT> (181281942)<F1>
<APPREC-INCREASE-CURRENT> (331730536)<F1>
<NET-CHANGE-FROM-OPS> (212358442)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (33862695)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7168455
<NUMBER-OF-SHARES-REDEEMED> (6793189)
<SHARES-REINVESTED> 1141680
<NET-CHANGE-IN-ASSETS> (38352313)
<ACCUMULATED-NII-PRIOR> 87737<F1>
<ACCUMULATED-GAINS-PRIOR> (342741100)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 18897359<F1>
<INTEREST-EXPENSE> 3324515<F1>
<GROSS-EXPENSE> 41608026<F1>
<AVERAGE-NET-ASSETS> 470430781
<PER-SHARE-NAV-BEGIN> 15.643
<PER-SHARE-NII> 1.055
<PER-SHARE-GAIN-APPREC> (1.964)
<PER-SHARE-DIVIDEND> (1.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.694
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 73300000<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Fund level figures.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> U.S. Government
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 4565413344<F1>
<INVESTMENTS-AT-VALUE> 4402952339<F1>
<RECEIVABLES> 37374247<F1>
<ASSETS-OTHER> 227355<F1>
<OTHER-ITEMS-ASSETS> 640<F1>
<TOTAL-ASSETS> 4440554581<F1>
<PAYABLE-FOR-SECURITIES> 896476563<F1>
<SENIOR-LONG-TERM-DEBT> 146265000<F1>
<OTHER-ITEMS-LIABILITIES> 25614509<F1>
<TOTAL-LIABILITIES> 1068356072<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 13109002
<SHARES-COMMON-STOCK> 834804
<SHARES-COMMON-PRIOR> 616616
<ACCUMULATED-NII-CURRENT> 766993<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (524023042)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (162461005)<F1>
<NET-ASSETS> 11431779
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 312095070<F1>
<OTHER-INCOME> 30166992<F1>
<EXPENSES-NET> 41608026<F1>
<NET-INVESTMENT-INCOME> 300654036<F1>
<REALIZED-GAINS-CURRENT> (181281942)<F1>
<APPREC-INCREASE-CURRENT> (331730536)<F1>
<NET-CHANGE-FROM-OPS> (212358442)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (848319)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 498458
<NUMBER-OF-SHARES-REDEEMED> (317931)
<SHARES-REINVESTED> 37661
<NET-CHANGE-IN-ASSETS> (1796464)
<ACCUMULATED-NII-PRIOR> 87737<F1>
<ACCUMULATED-GAINS-PRIOR> (342741100)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 18897359<F1>
<INTEREST-EXPENSE> 3324515<F1>
<GROSS-EXPENSE> 41608026<F1>
<AVERAGE-NET-ASSETS> 11863587
<PER-SHARE-NAV-BEGIN> 15.626
<PER-SHARE-NII> 1.063
<PER-SHARE-GAIN-APPREC> (1.956)
<PER-SHARE-DIVIDEND> (1.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.693
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> 73300000<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Fund level figures.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> U.S. Government
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> MAR-04-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 4565413344<F1>
<INVESTMENTS-AT-VALUE> 4402952339<F1>
<RECEIVABLES> 37374247<F1>
<ASSETS-OTHER> 227355<F1>
<OTHER-ITEMS-ASSETS> 640<F1>
<TOTAL-ASSETS> 4440554581<F1>
<PAYABLE-FOR-SECURITIES> 896476563<F1>
<SENIOR-LONG-TERM-DEBT> 146265000<F1>
<OTHER-ITEMS-LIABILITIES> 25614509<F1>
<TOTAL-LIABILITIES> 1068356072<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 1713
<SHARES-COMMON-STOCK> 114
<SHARES-COMMON-PRIOR> 100
<ACCUMULATED-NII-CURRENT> 766993<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (524023042)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (162461005)<F1>
<NET-ASSETS> 1561
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 312095070<F1>
<OTHER-INCOME> 30166992<F1>
<EXPENSES-NET> 41608026<F1>
<NET-INVESTMENT-INCOME> 300654036<F1>
<REALIZED-GAINS-CURRENT> (181281942)<F1>
<APPREC-INCREASE-CURRENT> (331730536)<F1>
<NET-CHANGE-FROM-OPS> (212358442)<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (116)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 113
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 57
<ACCUMULATED-NII-PRIOR> 87737<F1>
<ACCUMULATED-GAINS-PRIOR> (342741100)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 18897359<F1>
<INTEREST-EXPENSE> 3324515<F1>
<GROSS-EXPENSE> 41608026<F1>
<AVERAGE-NET-ASSETS> 1615
<PER-SHARE-NAV-BEGIN> 15.04
<PER-SHARE-NII> .799
<PER-SHARE-GAIN-APPREC> (1.232)
<PER-SHARE-DIVIDEND> (.913)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.694
<EXPENSE-RATIO> 1
<AVG-DEBT-OUTSTANDING> 73300000<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Fund level figures.
</FN>
</TABLE>
