<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000744376
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 AMERICAN CAPITAL GOVERNMENT SECURITIES, INC.
001 B000000 811-04003
001 C000000 7139930500
002 A000000 2800 POST OAK BLVD.
002 B000000 HOUSTON
002 C000000 TX
002 D010000 77056
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 HOUSTON
008 D020001 TX
008 D030001 77056
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 INVESTORS SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 34
019 C000000 ACFHOUSTON
020 A000001 CREDIT AGRIEOLE SECURITIES, INC.
020 B000001 13-3518368
020 C000001 182
020 A000002 GREENWICH CAPITAL MARKETS, INC.
020 B000002 13-2697091
020 C000002 172
020 A000003 SMITH BARNEY, INC.
020 B000003 13-1912900
020 C000003 88
020 A000004 PRUDENTIAL SECURITIES, INC.
020 B000004 22-2347366
020 C000004 81
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 523
022 A000001 SALOMON BROTHERS, INC.
022 B000001 13-3082694
022 C000001 3791430
022 D000001 651598
022 A000002 SBC CAPITAL MARKETS, INC.
022 B000002 ----
022 C000002 2223664
022 D000002 0
022 A000003 MERRILL LYNCH, INC.
022 B000003 13-5674085
022 C000003 1043895
022 D000003 983688
022 A000004 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000004 13-2642206
022 C000004 1006306
022 D000004 834111
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2518466
022 C000005 1332376
022 D000005 468939
<PAGE> PAGE 3
022 A000006 NATIONSBANK
022 B000006 75-0520130
022 C000006 695859
022 D000006 672877
022 A000007 GREENWICH CAPITAL MARKETS, INC.
022 B000007 13-2697091
022 C000007 700733
022 D000007 616550
022 A000008 DONALDSON LUFKIN & JENRETTE SECURITIES, INC.
022 B000008 13-2741729
022 C000008 516044
022 D000008 695296
022 A000009 SMITH BARNEY, INC.
022 B000009 13-1912900
022 C000009 563175
022 D000009 576150
022 A000010 BEAR STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010 425094
022 D000010 424110
023 C000000 14191300
023 D000000 6722955
024 000000 Y
025 A000001 LEHMAN GOVERNMENT SECURITIES, INC.
025 B000001 13-2518466
025 C000001 D
025 D000001 10350
025 A000002 SBC CAPITAL MARKETS, INC.
025 B000002 ----
025 C000002 D
025 D000002 6010
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
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 9028
028 A020000 8826
028 A030000 0
028 A040000 50189
<PAGE> PAGE 4
028 B010000 23206
028 B020000 8753
028 B030000 0
028 B040000 41469
028 C010000 21416
028 C020000 8676
028 C030000 0
028 C040000 86280
028 D010000 59217
028 D020000 8965
028 D030000 0
028 D040000 82453
028 E010000 59374
028 E020000 8933
028 E030000 0
028 E040000 75455
028 F010000 21506
028 F020000 8883
028 F030000 0
028 F040000 65242
028 G010000 193747
028 G020000 53036
028 G030000 0
028 G040000 401088
028 H000000 23930
029 000000 Y
030 A000000 640
030 B000000 4.75
030 C000000 0.00
031 A000000 43
031 B000000 0
032 000000 531
033 000000 66
034 000000 Y
035 000000 3566
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 4681
<PAGE> PAGE 5
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 1000000
048 A020000 0.540
048 B010000 1000000
048 B020000 0.515
048 C010000 1000000
048 C020000 0.490
048 D010000 1000000
048 D020000 0.440
048 E010000 1000000
048 E020000 0.390
048 F010000 1000000
048 F020000 0.340
048 G010000 1000000
048 G020000 0.290
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 7000000
048 K020000 0.240
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
<PAGE> PAGE 6
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.6
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 43.1
062 N000000 54.6
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 5.7
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 7
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 3209393
071 B000000 3807707
071 C000000 2814037
071 D000000 114
072 A000000 6
072 B000000 111854
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 7512
072 G000000 0
072 H000000 0
072 I000000 3585
072 J000000 84
072 K000000 0
072 L000000 168
072 M000000 37
072 N000000 74
072 O000000 0
072 P000000 0
072 Q000000 214
072 R000000 22
072 S000000 14
072 T000000 4681
072 U000000 0
072 V000000 0
072 W000000 70
072 X000000 16461
072 Y000000 0
072 Z000000 95393
072AA000000 94311
072BB000000 40957
072CC010000 136464
072CC020000 0
<PAGE> PAGE 8
072DD010000 88692
072DD020000 9504
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 16360
074 C000000 0
074 D000000 2856270
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 310406
074 K000000 0
074 L000000 63556
074 M000000 86
074 N000000 3246678
074 O000000 307909
074 P000000 4145
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 12479
074 S000000 0
074 T000000 2922145
074 U010000 253062
074 U020000 30391
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 185012
074 Y000000 1359986
075 A000000 0
075 B000000 2913086
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
<PAGE> PAGE 9
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 TANYA LODEN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000744376
<NAME> AC GOVERNMENT SECURITIES
<SERIES>
<NUMBER> 1
<NAME> CLASS A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 2,844,865,930
<INVESTMENTS-AT-VALUE> 2,872,629,701
<RECEIVABLES> 354,597,411
<ASSETS-OTHER> 19,450,817
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,246,677,929
<PAYABLE-FOR-SECURITIES> 307,908,591
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,623,954
<TOTAL-LIABILITIES> 324,532,545
<SENIOR-EQUITY> 283,454
<PAID-IN-CAPITAL-COMMON> 4,009,315,180
<SHARES-COMMON-STOCK> 253,062,393
<SHARES-COMMON-PRIOR> 266,771,605
<ACCUMULATED-NII-CURRENT> 1,399,992
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,133,941,932)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,088,690
<NET-ASSETS> 2,922,145,384
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 111,853,561
<OTHER-INCOME> 0
<EXPENSES-NET> 16,460,648
<NET-INVESTMENT-INCOME> 95,392,913
<REALIZED-GAINS-CURRENT> 53,353,827
<APPREC-INCREASE-CURRENT> 136,464,081
<NET-CHANGE-FROM-OPS> 285,210,821
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 88,691,568
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,352,321
<NUMBER-OF-SHARES-REDEEMED> 35,825,231
<SHARES-REINVESTED> 4,763,698
<NET-CHANGE-IN-ASSETS> 32,710,996
<ACCUMULATED-NII-PRIOR> 4,202,470
<ACCUMULATED-GAINS-PRIOR> (1,187,295,759)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,512,062
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,460,648
<AVERAGE-NET-ASSETS> 2,601,025,585
<PER-SHARE-NAV-BEGIN> 9.67
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> .651
<PER-SHARE-DIVIDEND> .341
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.31
<EXPENSE-RATIO> 1.05<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000744376
<NAME> AC GOVERNMENT SECURITIES
<SERIES>
<NUMBER> 2
<NAME> CLASS B SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 27,592,190
<SHARES-COMMON-PRIOR> 28,790,405
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,563,457
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,673,099
<NUMBER-OF-SHARES-REDEEMED> 3,391,098
<SHARES-REINVESTED> 519,784
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 281,612,195
<PER-SHARE-NAV-BEGIN> 9.68
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .645
<PER-SHARE-DIVIDEND> .305
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.32
<EXPENSE-RATIO> 1.81<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000744376
<NAME> AC GOVERNMENT SECURITIES
<SERIES>
<NUMBER> 3
<NAME> CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 2,799,204
<SHARES-COMMON-PRIOR> 3,315,539
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 940,366
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 223,884
<NUMBER-OF-SHARES-REDEEMED> 797,466
<SHARES-REINVESTED> 57,247
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 30,448,674
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> .645
<PER-SHARE-DIVIDEND> .305
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.30
<EXPENSE-RATIO> 1.81<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>expense ratio is annualized
</FN>
</TABLE>
