<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000744376
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 GOVERNMENT SECURITIES FUND
001 B000000 811-04003
001 C000000 6306846000
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 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 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 CHICAGO
<PAGE> PAGE 2
013 B020001 IL
013 B030001 60601
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-728181
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 118
019 C000000 VANKAMPENA
020 A000001 GREENWICH CAPITAL MARKETS
020 B000001 13-2697091
020 C000001 377
020 A000002 CREDIT AGRICOLE
020 B000002 13-3518368
020 C000002 340
020 A000003 PRUDENTIAL SECURITIES
020 B000003 22-2347336
020 C000003 292
020 A000004 SMITH BARNEY
020 B000004 13-1912900
020 C000004 167
020 A000005 GREENWICH PARTNERS
020 B000005 13-3176013
020 C000005 4
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 1180
022 A000001 DONALDSON LUFKIN JENNRETTE
022 B000001 13-2741729
022 C000001 1195936
022 D000001 1087380
022 A000002 GREENWICH CAPITAL MARKETS
022 B000002 13-2697091
022 C000002 741030
022 D000002 544269
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 1173734
022 D000003 9456
022 A000004 SALOMON BROTHERS
022 B000004 13-3082694
<PAGE> PAGE 3
022 C000004 464184
022 D000004 612125
022 A000005 BA SECURITIES
022 B000005 95-4003536
022 C000005 1059605
022 D000005 0
022 A000006 DAVIS MENDEL & REGENSTEIN
022 B000006 58-1412594
022 C000006 479617
022 D000006 432178
022 A000007 BEAR STEARNS
022 B000007 13-3299429
022 C000007 293922
022 D000007 572583
022 A000008 SBC WARBURG
022 B000008 13-3498485
022 C000008 834980
022 D000008 0
022 A000009 BARRINGTON TRADING CO
022 B000009 36-2942713
022 C000009 516961
022 D000009 200319
022 A000010 UBS SECURITIES
022 B000010 13-2932996
022 C000010 296325
022 D000010 418504
023 C000000 8382919
023 D000000 4544555
024 000000 Y
025 A000001 BANK AMERICA CORP
025 B000001 95-4035346
025 C000001 D
025 D000001 44930
025 D000002 0
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 5680
<PAGE> PAGE 4
028 A020000 6792
028 A030000 0
028 A040000 37126
028 B010000 3837
028 B020000 6725
028 B030000 0
028 B040000 38236
028 C010000 3486
028 C020000 6656
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028 C040000 45517
028 D010000 13432
028 D020000 6544
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028 D040000 40764
028 E010000 28708
028 E020000 6481
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028 F020000 6451
028 F030000 0
028 F040000 45891
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028 G020000 39649
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029 000000 Y
030 A000000 748
030 B000000 4.75
030 C000000 0.00
031 A000000 73
031 B000000 0
032 000000 675
033 000000 0
034 000000 Y
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036 A000000 N
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<PAGE> PAGE 5
042 G000000 0
042 H000000 0
043 000000 7338
044 000000 0
045 000000 Y
046 000000 N
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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 Y
053 B000000 N
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
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<PAGE> PAGE 6
054 O000000 N
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070 D020000 N
070 E010000 Y
070 E020000 Y
070 F010000 N
070 F020000 N
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<PAGE> PAGE 7
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
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070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
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070 N020000 N
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070 R010000 Y
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071 A000000 2552780
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<PAGE> PAGE 8
072 Z000000 146885
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073 A010000 0.6600
073 A020000 0.5880
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 44930
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074 D000000 2158480
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<PAGE> PAGE 9
077 G000000 N
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077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
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 117
082 A000000 Y
082 B000000 100
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SIGNATURE MARY WIERSEMA
TITLE FUND COORDINATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> GOV'T SECS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS<F1>
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 2,140,723<F1>
<INVESTMENTS-AT-VALUE> 2,203,410<F1>
<RECEIVABLES> 31,852<F1>
<ASSETS-OTHER> 132<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 2,235,394<F1>
<PAYABLE-FOR-SECURITIES> 79,790<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 9,654<F1>
<TOTAL-LIABILITIES> 89,444<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,568,785
<SHARES-COMMON-STOCK> 188,164
<SHARES-COMMON-PRIOR> 214,671
<ACCUMULATED-NII-CURRENT> 276<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (648,763)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 67,300<F1>
<NET-ASSETS> 1,930,427
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 171,732<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (24,847)<F1>
<NET-INVESTMENT-INCOME> 146,885<F1>
<REALIZED-GAINS-CURRENT> (27,879)<F1>
<APPREC-INCREASE-CURRENT> 71,602<F1>
<NET-CHANGE-FROM-OPS> 190,608<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (133,144)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,053
<NUMBER-OF-SHARES-REDEEMED> (44,948)
<SHARES-REINVESTED> 7,388
<NET-CHANGE-IN-ASSETS> (225,965)
<ACCUMULATED-NII-PRIOR> 1,350<F1>
<ACCUMULATED-GAINS-PRIOR> (656,679)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 11,754<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 24,847<F1>
<AVERAGE-NET-ASSETS> 2,011,638
<PER-SHARE-NAV-BEGIN> 10.045
<PER-SHARE-NII> 0.659
<PER-SHARE-GAIN-APPREC> 0.215
<PER-SHARE-DIVIDEND> (0.660)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.259
<EXPENSE-RATIO> 1.03
<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> GOV'T SECS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS<F1>
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 2,140,723<F1>
<INVESTMENTS-AT-VALUE> 2,203,410<F1>
<RECEIVABLES> 31,852<F1>
<ASSETS-OTHER> 132<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 2,235,394<F1>
<PAYABLE-FOR-SECURITIES> 79,790<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 9,654<F1>
<TOTAL-LIABILITIES> 89,444<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,979
<SHARES-COMMON-STOCK> 19,408
<SHARES-COMMON-PRIOR> 23,554
<ACCUMULATED-NII-CURRENT> 276<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (648,763)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 67,300<F1>
<NET-ASSETS> 199,153
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 171,732<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (24,847)<F1>
<NET-INVESTMENT-INCOME> 146,885<F1>
<REALIZED-GAINS-CURRENT> (27,879)<F1>
<APPREC-INCREASE-CURRENT> 71,602<F1>
<NET-CHANGE-FROM-OPS> 190,608<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (12,711)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,797
<NUMBER-OF-SHARES-REDEEMED> (6,712)
<SHARES-REINVESTED> 769
<NET-CHANGE-IN-ASSETS> (37,560)
<ACCUMULATED-NII-PRIOR> 1,350<F1>
<ACCUMULATED-GAINS-PRIOR> (656,679)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 11,754<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 24,847<F1>
<AVERAGE-NET-ASSETS> 215,032
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.588
<PER-SHARE-GAIN-APPREC> 0.211
<PER-SHARE-DIVIDEND> (0.588)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.261
<EXPENSE-RATIO> 1.78
<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> GOV'T SECS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS<F1>
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 2,140,723<F1>
<INVESTMENTS-AT-VALUE> 2,203,410<F1>
<RECEIVABLES> 31,852<F1>
<ASSETS-OTHER> 132<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 2,235,394<F1>
<PAYABLE-FOR-SECURITIES> 79,790<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 9,654<F1>
<TOTAL-LIABILITIES> 89,444<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,373
<SHARES-COMMON-STOCK> 1,599
<SHARES-COMMON-PRIOR> 2,155
<ACCUMULATED-NII-CURRENT> 276<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (648,763)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 67,300<F1>
<NET-ASSETS> 16,370
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 171,732<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (24,847)<F1>
<NET-INVESTMENT-INCOME> 146,885<F1>
<REALIZED-GAINS-CURRENT> (27,879)<F1>
<APPREC-INCREASE-CURRENT> 71,602<F1>
<NET-CHANGE-FROM-OPS> 190,608<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1,094)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 315
<NUMBER-OF-SHARES-REDEEMED> (939)
<SHARES-REINVESTED> 68
<NET-CHANGE-IN-ASSETS> (5,251)
<ACCUMULATED-NII-PRIOR> 1,350<F1>
<ACCUMULATED-GAINS-PRIOR> (656,679)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 11,754<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 24,847<F1>
<AVERAGE-NET-ASSETS> 18,386
<PER-SHARE-NAV-BEGIN> 10.031
<PER-SHARE-NII> 0.587
<PER-SHARE-GAIN-APPREC> 0.209
<PER-SHARE-DIVIDEND> (0.588)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.239
<EXPENSE-RATIO> 1.79
<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 Government Securities Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Government Securities 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 Government Securities Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Government
Securities 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 132,119,885 Against 3,088,653
4) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP Independent Public Accountants for its Current Fiscal
Year.
For 134,777,478 Against 1,622,100
