<PAGE> PAGE 1
000 A000000 12/31/97
000 C000000 0000075368
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 VKAC PACE FUND
001 B000000 811-01792
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
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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 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 8-00000
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-00000
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 GOLDMAN SACHS
020 B000001 13-5108880
020 C000001 228
020 A000002 MONTGOMERY SECURITIES
020 B000002 94-1701676
020 C000002 205
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 191
020 A000004 JAMES CAPEL & CO.
020 B000004 52-1348224
020 C000004 170
020 A000005 FIRST BOSTON
020 B000005 13-5659485
020 C000005 163
020 A000006 BERNSTEIN SANFORD C & CO INC
020 B000006 13-2625874
020 C000006 147
020 A000007 PAINE WEBBER
020 B000007 13-2638166
020 C000007 135
020 A000008 SMITH BARNEY
020 B000008 13-1912900
020 C000008 99
020 A000009 DONALDSON LUFKIN JENNRETTE
020 B000009 13-2741729
020 C000009 94
020 A000010 LEHMAN BROTHERS
020 B000010 13-2518466
020 C000010 91
021 000000 2720
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 2371359
022 D000001 25573
<PAGE> PAGE 3
022 A000002 BA SECURITIES
022 B000002 95-4035346
022 C000002 2050848
022 D000002 0
022 A000003 DONALDSON LUFKIN JENNRETTE
022 B000003 13-2741729
022 C000003 1384738
022 D000003 2434
022 A000004 SBC WARBURG
022 B000004 13-3498485
022 C000004 935000
022 D000004 0
022 A000005 PRUDENTIAL SECURITIES
022 B000005 22-2347336
022 C000005 747103
022 D000005 0
022 A000006 STATE STREET BANK & TRUST
022 B000006 04-1867445
022 C000006 430185
022 D000006 0
022 A000007 GENERAL ELECTRIC CAP CORP
022 B000007 06-1076552
022 C000007 182572
022 D000007 0
022 A000008 FIRST BOSTON
022 B000008 13-5659485
022 C000008 95401
022 D000008 42053
022 A000009 FUJI SECURITIES
022 C000009 123976
022 D000009 9968
022 A000010 GOLDMAN SACHS
022 B000010 13-5108880
022 C000010 53761
022 D000010 71661
023 C000000 8744577
023 D000000 294849
024 000000 Y
025 A000001 LEHMAN BROTHERS HOLDINGS, INC.
025 B000001 13-2518466
025 C000001 E
025 D000001 4845
025 A000002 MERRILL LYNCH & CO., INC.
025 B000002 13-5674085
025 C000002 E
025 D000002 8607
025 A000003 BEAR STEARNS COS., INC.
025 B000003 13-3299429
025 C000003 E
025 D000003 20660
025 A000004 BANKERS TRUST NEW YORK CORP.
<PAGE> PAGE 4
025 B000004 13-4941247
025 C000004 E
025 D000004 5622
025 A000005 CHASE MANHATTAN CORP.
025 B000005 13-2633612
025 C000005 E
025 D000005 27003
025 A000006 BA SECURITIES
025 B000006 95-4035346
025 C000006 E
025 D000006 22177
025 A000007 FIRST UNION CORP
025 B000007 56-1529080
025 C000007 E
025 D000007 22627
025 A000008 NATIONSBANK CORP.
025 B000008 68-0193243
025 C000008 E
025 D000008 3041
025 A000009 SBC WARBURG
025 B000009 13-3498485
025 C000009 E
025 D000009 28020
025 A000010 BANC ONE CORP.
025 C000010 E
025 D000010 13198
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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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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE NICHOLAS DALMASO
TITLE ASSISTANT SECRETARY
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 0
NSAR ITEM 77O
VKAC Pace Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Underwriting # Underwriting Purchased From
<S> <C> <C>
1 Liberty Financial Companies Merrill Lynch
2 Corestaff Inc. Montgomery
Securities
3 Corestaff Inc. Robinson Humphrey
4 Steel Dynamics Inc. McDonald & Co.
5 Steel Dynamics Inc. Salomon Brothers
6 Avis Rent A Car, Inc. Bear Stearns
7 Endesa Merrill Lynch
</TABLE>
<TABLE>
<CAPTION>
Underwriting # Amount of shares % of Underwriting Date of Purchase
Purchased
<S> <C> <C> <C>
1 41,700 1.668% 07/17/97
2
5,938 0.099% 08/11/97
3 19,962 0.333% 08/11/97
4 48,000 0.571% 08/13/97
5 96,000 1.143% 08/13/97
6 51,000 0.262% 09/23/97
7 277,700 1.068% 10/21/97
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
Merrill Lynch, Inc.
Goldman, Sachs & Co.
PaineWebber Inc.
Fox-Pitt, Kelton Inc.
A.G. Edwards & Sons Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Lehman Brothers Inc.
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Sanford C. Bernstein & Co., Inc.
Dain Bosworth Incorporated
Furman Selz LLC
The Robinson-Humphrey Company, Inc.
M.J. Wjitmann & Co., Inc.
Underwriting for #2 & 3
Morgan Stanley & Co., Inc.
Goldman, Sachs & Co.
Alex, Brown & Sons Inc.
Donaldson, Lufkin & Jenrette Securities Corp.
Montogomery Securities
The Robinson-Humphrey Company, Inc.
Bear, Stearns & Co., Inc.
William Blair & Company, L.L.C.
J.C. Bradford & Co.
Cleary Gull Reiland & McDevitt Inc.
A.G. Edwards & Sons, Inc.
Gerard Klauer Manison & Co., Inc.
Janney Montgomery Scott Inc.
Jefferies & Company, Inc.
Legg Mason Wood Walker, Inc.
Rauscher Pierce Refsnes, Inc.
Underwriting for #2 & 3 (con't)
Sanders Morris Mundy Inc.
Smith Barney Inc.
Stephens Inc.
Unterberg Harris, L.P.
Wasserstein Perella Securities, Inc.
Underwriting for #4 & 5
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
McDonald & Company Securities, Inc.
Salomon Brothers, Inc.
Underwriting for #6
Bear, Stearns & Co., Inc.
Goldman, Sachs & Co.
Lehman Brothers Inc.
Montgomery Securities
Robertson, Stephens & Company LLC
Blaylock & Partners, L.P.
Chase Securities Inc.
ABN AMRO Chicago Corporation
BT Alex, Brown Inc.
Cowen & Company
Credit Suisse First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Furman Selz LLC
Lazard Freres & Co. LLC
Merrill Lynch, Inc.
J.P. Morgan Securities, Inc.
Morgan Stanley & Co., Inc.
Salomon Brothers Inc.
Smith Barney Inc.
Arnhold and S. Bleichroeder, Inc.
Gaines, Berland Inc.
McDonald & Company Securities, Inc.
Underwriting for #6 (con't)
Ormes Capital Markets, Inc.
Raymond James & Associates, Inc.
Sturdivant & Co., Inc.
Underwriting for #7
Merrill Lynch, Inc.
Morgan Stanley & Co., Inc.
Bear, Stearns & Co., Inc.
Credit Suisse First Boston Corporation
Goldman, Sachs & Co.
PaineWebber Incorporated
Salomon Brothers Inc.
Santander Investment Securities Inc.
BBV LatInvest Securities Inc.
A.G. Edwards & Sons, Inc.
J.P. Morgan Securities Inc.
Prudential Securities Incorporated
Schroder & Co., Inc.
CIBC Wood Gundy Securities Inc.
Robert W. Baird & Co. Incorporated
EVEREN Securities, Inc.
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Inc.
McDonald & Company Securities, Inc.
Piper Jaffray Inc.
Wheat, First Securities, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> PACE CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,675,351,977<F1>
<INVESTMENTS-AT-VALUE> 3,393,553,760<F1>
<RECEIVABLES> 18,907,586<F1>
<ASSETS-OTHER> 83,496<F1>
<OTHER-ITEMS-ASSETS> 4,674<F1>
<TOTAL-ASSETS> 3,412,549,516<F1>
<PAYABLE-FOR-SECURITIES> 8,387,458<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 36,807,817<F1>
<TOTAL-LIABILITIES> 45,195,275<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,451,339,924
<SHARES-COMMON-STOCK> 251,235,291
<SHARES-COMMON-PRIOR> 215,699,117
<ACCUMULATED-NII-CURRENT> (2,429,888)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 87,320,509<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 718,119,078<F1>
<NET-ASSETS> 3,246,277,078
<DIVIDEND-INCOME> 24,397,592<F1>
<INTEREST-INCOME> 4,028,955<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (15,392,243)<F1>
<NET-INVESTMENT-INCOME> 13,034,304<F1>
<REALIZED-GAINS-CURRENT> 266,320,105<F1>
<APPREC-INCREASE-CURRENT> 94,931,292<F1>
<NET-CHANGE-FROM-OPS> 374,285,701<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (30,090,249)
<DISTRIBUTIONS-OF-GAINS> (507,016,568)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46,784,366
<NUMBER-OF-SHARES-REDEEMED> (50,862,739)
<SHARES-REINVESTED> 39,614,547
<NET-CHANGE-IN-ASSETS> 254,051,488
<ACCUMULATED-NII-PRIOR> 15,027,238<F1>
<ACCUMULATED-GAINS-PRIOR> 345,665,844<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 7,381,462<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 15,392,243<F1>
<AVERAGE-NET-ASSETS> 3,216,291,858
<PER-SHARE-NAV-BEGIN> 13.872
<PER-SHARE-NII> 0.066
<PER-SHARE-GAIN-APPREC> 1.547
<PER-SHARE-DIVIDEND> (0.144)
<PER-SHARE-DISTRIBUTIONS> (2.420)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.921
<EXPENSE-RATIO> 0.89
<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> PACE CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,675,351,977<F1>
<INVESTMENTS-AT-VALUE> 3,393,553,760<F1>
<RECEIVABLES> 18,907,586<F1>
<ASSETS-OTHER> 83,496<F1>
<OTHER-ITEMS-ASSETS> 4,674<F1>
<TOTAL-ASSETS> 3,412,549,516<F1>
<PAYABLE-FOR-SECURITIES> 8,387,458<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 36,807,817<F1>
<TOTAL-LIABILITIES> 45,195,275<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,397,721
<SHARES-COMMON-STOCK> 8,804,633
<SHARES-COMMON-PRIOR> 6,955,032
<ACCUMULATED-NII-CURRENT> (2,429,888)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 87,320,509<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 718,119,078<F1>
<NET-ASSETS> 112,639,796
<DIVIDEND-INCOME> 24,397,592<F1>
<INTEREST-INCOME> 4,028,955<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (15,392,243)<F1>
<NET-INVESTMENT-INCOME> 13,034,304<F1>
<REALIZED-GAINS-CURRENT> 266,320,105<F1>
<APPREC-INCREASE-CURRENT> 94,931,292<F1>
<NET-CHANGE-FROM-OPS> 374,285,701<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (375,525)
<DISTRIBUTIONS-OF-GAINS> (16,520,397)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,061,555
<NUMBER-OF-SHARES-REDEEMED> (6,455,268)
<SHARES-REINVESTED> 1,243,314
<NET-CHANGE-IN-ASSETS> 17,143,959
<ACCUMULATED-NII-PRIOR> 15,027,238<F1>
<ACCUMULATED-GAINS-PRIOR> 345,665,844<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 7,381,462<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 15,392,243<F1>
<AVERAGE-NET-ASSETS> 104,877,412
<PER-SHARE-NAV-BEGIN> 13.730
<PER-SHARE-NII> 0.035
<PER-SHARE-GAIN-APPREC> 1.503
<PER-SHARE-DIVIDEND> (0.055)
<PER-SHARE-DISTRIBUTIONS> (2.420)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.793
<EXPENSE-RATIO> 1.68
<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> PACE CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,675,351,977<F1>
<INVESTMENTS-AT-VALUE> 3,393,553,760<F1>
<RECEIVABLES> 18,907,586<F1>
<ASSETS-OTHER> 83,496<F1>
<OTHER-ITEMS-ASSETS> 4,674<F1>
<TOTAL-ASSETS> 3,412,549,516<F1>
<PAYABLE-FOR-SECURITIES> 8,387,458<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 36,807,817<F1>
<TOTAL-LIABILITIES> 45,195,275<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,606,897
<SHARES-COMMON-STOCK> 658,444
<SHARES-COMMON-PRIOR> 506,841
<ACCUMULATED-NII-CURRENT> (2,429,888)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 87,320,509<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 718,119,078<F1>
<NET-ASSETS> 8,437,367
<DIVIDEND-INCOME> 24,397,592<F1>
<INTEREST-INCOME> 4,028,955<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (15,392,243)<F1>
<NET-INVESTMENT-INCOME> 13,034,304<F1>
<REALIZED-GAINS-CURRENT> 266,320,105<F1>
<APPREC-INCREASE-CURRENT> 94,931,292<F1>
<NET-CHANGE-FROM-OPS> 374,285,701<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (25,656)
<DISTRIBUTIONS-OF-GAINS> (1,128,475)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,249,959
<NUMBER-OF-SHARES-REDEEMED> (1,173,165)
<SHARES-REINVESTED> 74,809
<NET-CHANGE-IN-ASSETS> 1,467,509
<ACCUMULATED-NII-PRIOR> 15,027,238<F1>
<ACCUMULATED-GAINS-PRIOR> 345,665,844<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 7,381,462<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 15,392,243<F1>
<AVERAGE-NET-ASSETS> 7,271,111
<PER-SHARE-NAV-BEGIN> 13.752
<PER-SHARE-NII> 0.019
<PER-SHARE-GAIN-APPREC> 1.518
<PER-SHARE-DIVIDEND> (0.055)
<PER-SHARE-DISTRIBUTIONS> (2.420)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.814
<EXPENSE-RATIO> 1.68
<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>
