<PAGE> PAGE 1
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000 C000000 0000075368
000 D000000 N
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000 F000000 Y
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008 B000001 A
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008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
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011 B000001 8-19903
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011 C020001 IL
011 C030001 60181
012 A000001 ACCESS INVESTOR 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
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-
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 103
019 C000000 VANKAMPENA
020 A000001 SALOMAN BROTHERS, INC.
020 B000001 13-3082694
020 C000001 723
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020 C000002 677
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020 B000003 13-5674085
020 C000003 503
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020 C000004 480
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022 D000001 0
<PAGE> PAGE 3
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022 D000003 0
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022 B000004 13-2741729
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022 D000005 0
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022 B000006 04-1867445
022 C000006 1757100
022 D000006 0
022 A000007 HONG KONG SHANGHAI (HSBC)
022 B000007 13-2650272
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022 C000008 168959
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025 B000003 13-3299429
025 C000003 E
025 D000003 10425
<PAGE> PAGE 4
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025 B000004 13-4941247
025 C000004 E
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025 B000005 13-2633612
025 C000005 E
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025 B000006 95-4035346
025 C000006 E
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025 B000007 56-1529080
025 C000007 E
025 D000007 15633
025 A000008 NATIONSBANK CORP.
025 B000008 68-0193243
025 C000008 E
025 D000008 3870
025 A000009 SBC WARBURG
025 B000009 13-3498485
025 C000009 E
025 D000009 36000
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025 B000010 25-1471636
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025 D000010 3080
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
Price Waterhouse LLP
August 1, 1997
To the Board of Directors of the
Van Kampen American Capital Pace Fund
In planning and performing our audit of the financial statements of the Van
Kampen American Capital Pace Fund (the Fund) for the year ended June 30,
1997, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purposes 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
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 the internal control would not necessarily disclose all
matters in the 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
June 30, 1997.
August 2, 1996
To the Board of Directors
Page 2
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
NSAR ITEM 77C
Van Kampen American Capital Pace Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Pace Fund
(the "Fund") included:
None
(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 112,436,505 Against 3,986,777
(2) Approval of changes to Fundamental Investment Policies with respect
to investments in other investment companies.
For 101,622,304 Against 5,126,630
(4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP
Independent Public Accountants for its Current Fiscal Year.
For 114,627,548 Against 2,097,597
NSAR ITEM 77C
Van Kampen American Capital Pace Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Pace 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 118,050,012 Against 3,729,530
(4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP
Independent Public Accountants for its Current Fiscal Year.
For 120,791,475 Against 1,678,064
NSAR ITEM 77O
Van Kampen American Capital Pace Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares
Underwriting # Underwriting Purchased From Purchased % of Underwriting Date of Purchase
<S> <C> <C> <C> <C> <C>
1 RAC Financial
Group, Inc. Bear Stearns 125,000 2.500% 01/23/97
2 Nationwide
Financial
Services Inc. First Boston 42,600 0.207% 03/05/97
3 American
Stores Company Goldman Sachs 36,000 0.234% 04/02/97
4 Wellpoint
Health
Networks, Inc. Salomon Brothers 63,000 0.630% 04/07/97
5 Hartford Life,
Inc. Goldman Sachs 29,300 0.127% 05/21/97
6 Santa Fe
International
Corp. Goldman Sachs 69,400 0.198% 06/09/97
7 Electricidade
de Portugal
ADS Goldman Sachs 41,100 0.050% 06/16/97
8 ENI S.p.A.
ADS First Boston 122,000 0.813% 06/30/97
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Keefe, Bruyette & Woods, Inc.
Montgomery Securities
Prudential Securities Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Wasserstein Perella Securities, Inc.
Friedman, Billings, Ramsey & Co., Inc.
McDonald & Company Securities, Inc.
Principal Financial Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Wheat First Butcher Singer
Underwriting for #2
- -------------------
Morgan Stanley & Co. Incorporated
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Bear, Stearns & Co. Inc.
Alex. Brown & Sons Incorporated
Dean Witter Reynolds Inc.
Deutsche Morgan Grenfell Inc.
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Goldman, Sachs & Co.
Invemed Associates, Inc.
Lehman Brothers Inc.
J.P. Morgan Securities Inc.
Oppenheimer & Co. Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Salomon Brothers Inc.
Schroder Wertheim & Co. Incorporated
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Conning & Company
Sanford C. Bernstein & Co., Inc.
Blaylock & Partners, L.P.
Dain Bosworth Incorporated
Doley Securities, Inc.
Dowling & Partners Securities, LLC
Everen Securities, Inc.
Fox-Pitt, Kelton Inc.
Furman Selz LLC
Janney Montgomery Scott Inc.
Ladenburg, Thalmann & Co. Inc.
WR Lazard, Laidlaw Inc.
McDonald & Company Securities, Inc.
Neuberger & Berman LLC
The Ohio Company
Ormes Capital Markets, Inc.
Paulsen Securities
Ragen MacKenzie Incorporated
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Sands Brothers & Co., Ltd.
Stephens Inc.
Trilon International Inc.
Utendahl Capital Partners, L.P.
Underwriting for #3
- -------------------
J.P. Morgan Securities Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Morgan Stanley & Co. Incorporated
Smith Barney Inc.
ABN AMRO Chicago Corporation
BancAmerica Securities, Inc.
Chase Securities Inc.
Credit Suisse First Boston Corporation
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Salomon Brothers Inc.
Tucker Anthony Incorporated
Underwriting for #4
- -------------------
Merrill Lynch, Pierce, Fenner & Smith
Bear, Stearns & Co. Inc.
Morgan Stanley & Co. Incorporated
Underwriting for #5
- -------------------
Dean Witter Reynolds Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Smith Barney Inc.
Advest, Inc.
Sanford C. Bernstein & Co., Inc.
J.C. Bradford & Co.
Conning & Company
Credit Suisse First Boston Corporation
Dain Bosworth Incorporated
Dowling & Partners Securities, LLC
A.G. Edwards & Sons, Inc.
Fox-Pitt, Kelton Inc.
Interstate/Johnson Lane Corporation
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Incorporated
Lehman Brothers Inc.
Neuberger & Berman, LLC
PaineWebber Incorporated
Piper Jaffray Inc.
Principal Financial Securities, Inc.
Prudential Securities Incorporated
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Stephens Inc.
Sutro & Co. Incorporated
Wheat, First Securities, Inc.
Underwriting for #6
- -------------------
Credit Suisse First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Salomon Brothers Inc.
Wasserstein Perella Securities, Inc.
Simmons & Company International
Advest, Inc.
Robert W. Baird & Co. Incorporated
Crowell, Weedon & Co.
Jefferies & Company, Inc.
Johnson Rice & Company L.L.C.
Edward D. Jones & Co., L.P.
Principal Financial Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Scott & Stringfellow, Inc.
Southcoast Capital Corporation
Stephens Inc.
Underwriting for #7
- -------------------
ABN AMRO Chicago Corporation
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
A.G. Edwards & Sons, Inc.
Morgan Stanley & Co. Incorporated
Prudential Securities Incorporated
Advest, Inc.
Dain Bosworth Incorporated
Edward D. Jones & Co., L.P.
McDonald & Company Securities, Inc.
Nesbitt Burns Securities Inc.
Stephens Inc.
Stifel, Nicolaus & Company, Incorporated
Sutro & Co. Incorporated
Underwriting for #8
- -------------------
Goldman, Sachs & Co.
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
SBC Warburg Inc.
Istituto Mobiliare Italiano S.p.A.
Smith Barney Inc.
ABN AMRO Chicago Corporation
Alex. Brown & Sons Incorporated
Deutsche Morgan Grenfell Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Fahnestock & Co. Inc.
Petrie Parkman & Co.
RBC Dominion Securities Corporation
Schroder Wertheim & Co. Incorporated
Scotia Capital Markets (USA) Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> VKAC Pace Fund Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2481880521<F1>
<INVESTMENTS-AT-VALUE> 3104285932<F1>
<RECEIVABLES> 59010103<F1>
<ASSETS-OTHER> 31014<F1>
<OTHER-ITEMS-ASSETS> 1581<F1>
<TOTAL-ASSETS> 3163328630<F1>
<PAYABLE-FOR-SECURITIES> 60476774<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8160571<F1>
<TOTAL-LIABILITIES> 68637345<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 2022226740
<SHARES-COMMON-STOCK> 215699117
<SHARES-COMMON-PRIOR> 212622907
<ACCUMULATED-NII-CURRENT> 15027238<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 345665844<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 623187786<F1>
<NET-ASSETS> 2992225590
<DIVIDEND-INCOME> 43708175<F1>
<INTEREST-INCOME> 10658882<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (27273707)<F1>
<NET-INVESTMENT-INCOME> 27093350<F1>
<REALIZED-GAINS-CURRENT> 403968224<F1>
<APPREC-INCREASE-CURRENT> 303202849<F1>
<NET-CHANGE-FROM-OPS> 734264423<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (24328961)
<DISTRIBUTIONS-OF-GAINS> (251595348)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105486346
<NUMBER-OF-SHARES-REDEEMED> (124366182)
<SHARES-REINVESTED> 21956046
<NET-CHANGE-IN-ASSETS> 457896395
<ACCUMULATED-NII-PRIOR> 11815798<F1>
<ACCUMULATED-GAINS-PRIOR> 200704405<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 12472408<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 27283207<F1>
<AVERAGE-NET-ASSETS> 2676109117
<PER-SHARE-NAV-BEGIN> 11.920
<PER-SHARE-NII> 0.132
<PER-SHARE-GAIN-APPREC> 3.191
<PER-SHARE-DIVIDEND> (0.121)
<PER-SHARE-DISTRIBUTIONS> (1.250)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.872
<EXPENSE-RATIO> 0.97
<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> VKAC Pace Fund Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2481880521<F1>
<INVESTMENTS-AT-VALUE> 3104285932<F1>
<RECEIVABLES> 59010103<F1>
<ASSETS-OTHER> 31014<F1>
<OTHER-ITEMS-ASSETS> 1581<F1>
<TOTAL-ASSETS> 3163328630<F1>
<PAYABLE-FOR-SECURITIES> 60476774<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8160571<F1>
<TOTAL-LIABILITIES> 68637345<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 82758561
<SHARES-COMMON-STOCK> 6955032
<SHARES-COMMON-PRIOR> 6103794
<ACCUMULATED-NII-CURRENT> 15027238<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 345665844<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 623187786<F1>
<NET-ASSETS> 95495837
<DIVIDEND-INCOME> 43708175<F1>
<INTEREST-INCOME> 10658882<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (27273707)<F1>
<NET-INVESTMENT-INCOME> 27093350<F1>
<REALIZED-GAINS-CURRENT> 403968224<F1>
<APPREC-INCREASE-CURRENT> 303202849<F1>
<NET-CHANGE-FROM-OPS> 734264423<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (153305)
<DISTRIBUTIONS-OF-GAINS> (7068097)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21645218
<NUMBER-OF-SHARES-REDEEMED> (21362800)
<SHARES-REINVESTED> 568820
<NET-CHANGE-IN-ASSETS> 23381299
<ACCUMULATED-NII-PRIOR> 11815798<F1>
<ACCUMULATED-GAINS-PRIOR> 200704405<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 12472408<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 27283207<F1>
<AVERAGE-NET-ASSETS> 78173076
<PER-SHARE-NAV-BEGIN> 11.810
<PER-SHARE-NII> 0.046
<PER-SHARE-GAIN-APPREC> 3.151
<PER-SHARE-DIVIDEND> (0.027)
<PER-SHARE-DISTRIBUTIONS> (1.250)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.730
<EXPENSE-RATIO> 1.74
<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> VKAC Pace Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 2481880521<F1>
<INVESTMENTS-AT-VALUE> 3104285932<F1>
<RECEIVABLES> 59010103<F1>
<ASSETS-OTHER> 31014<F1>
<OTHER-ITEMS-ASSETS> 1581<F1>
<TOTAL-ASSETS> 3163328630<F1>
<PAYABLE-FOR-SECURITIES> 60476774<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 8160571<F1>
<TOTAL-LIABILITIES> 68637345<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 5825116
<SHARES-COMMON-STOCK> 506841
<SHARES-COMMON-PRIOR> 377788
<ACCUMULATED-NII-CURRENT> 15027238<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 345665844<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 623187786<F1>
<NET-ASSETS> 6969858
<DIVIDEND-INCOME> 43708175<F1>
<INTEREST-INCOME> 10658882<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (27273707)<F1>
<NET-INVESTMENT-INCOME> 27093350<F1>
<REALIZED-GAINS-CURRENT> 403968224<F1>
<APPREC-INCREASE-CURRENT> 303202849<F1>
<NET-CHANGE-FROM-OPS> 734264423<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (7447)
<DISTRIBUTIONS-OF-GAINS> (343340)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4201247
<NUMBER-OF-SHARES-REDEEMED> (4098959)
<SHARES-REINVESTED> 26765
<NET-CHANGE-IN-ASSETS> 2501862
<ACCUMULATED-NII-PRIOR> 11815798<F1>
<ACCUMULATED-GAINS-PRIOR> 200704405<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 12472408<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 27283207<F1>
<AVERAGE-NET-ASSETS> 4553452
<PER-SHARE-NAV-BEGIN> 11.830
<PER-SHARE-NII> 0.036
<PER-SHARE-GAIN-APPREC> 3.163
<PER-SHARE-DIVIDEND> (0.027)
<PER-SHARE-DISTRIBUTIONS> (1.250)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.752
<EXPENSE-RATIO> 1.74
<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>
