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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
The Board of Trustees and Shareholders of
Van Kampen American Capital High Yield Fund:
In planning and performing our audit of the financial statements of Van Kampen
American Capital High Yield Fund (the "Fund") for the year ended June 30,
1996, 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 safeguarded 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 June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 2, 1996
The Board of Trustees and Shareholders of
Van Kampen American Capital Short-Term Global Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
American Capital Short-Term Global Income Fund (the "Fund") for the year
ended June 30, 1996, 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 safeguarded 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 June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 2, 1996
The Board of Trustees and Shareholders of
Van Kampen American Capital Strategic Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
American Capital Strategic Income Fund (the "Fund") for the year
ended June 30, 1996, 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 safeguarded 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 June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 15, 1996
The Board of Trustees and Shareholders of
Van Kampen American Capital Emerging Markets Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
American Capital Emerging Markets Income Fund (the "Fund") for the year
ended June 30, 1996, 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 safeguarded 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 June 30, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 15, 1996
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> High Yield, Class A
<MULTIPLIER> 1
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 367869087<F1>
<INVESTMENTS-AT-VALUE> 373473151<F1>
<RECEIVABLES> 11077446<F1>
<ASSETS-OTHER> 45015<F1>
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<DIVIDEND-INCOME> 458386<F1>
<INTEREST-INCOME> 35516846<F1>
<OTHER-INCOME> 510503<F1>
<EXPENSES-NET> 5189476<F1>
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<NUMBER-OF-SHARES-REDEEMED> (6692159)
<SHARES-REINVESTED> 1003726
<NET-CHANGE-IN-ASSETS> 17827058
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (111386273)<F1>
<OVERDISTRIB-NII-PRIOR> 1895466<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2614970<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5207588<F1>
<AVERAGE-NET-ASSETS> 265587071
<PER-SHARE-NAV-BEGIN> 9.398
<PER-SHARE-NII> .878
<PER-SHARE-GAIN-APPREC> .147
<PER-SHARE-DIVIDEND> .880
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<RETURNS-OF-CAPITAL> .050
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<EXPENSE-RATIO> 1.31
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> High Yield, Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 367869087<F1>
<INVESTMENTS-AT-VALUE> 373473151<F1>
<RECEIVABLES> 11077446<F1>
<ASSETS-OTHER> 45015<F1>
<OTHER-ITEMS-ASSETS> 313<F1>
<TOTAL-ASSETS> 384595925<F1>
<PAYABLE-FOR-SECURITIES> 6444746<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2971284<F1>
<TOTAL-LIABILITIES> 9416030<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97806116
<SHARES-COMMON-STOCK> 10224423
<SHARES-COMMON-PRIOR> 5943391
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 1835750<F1>
<ACCUMULATED-NET-GAINS> (105683980)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 5542049<F1>
<NET-ASSETS> 97098815
<DIVIDEND-INCOME> 458386<F1>
<INTEREST-INCOME> 35516846<F1>
<OTHER-INCOME> 510503<F1>
<EXPENSES-NET> 5189476<F1>
<NET-INVESTMENT-INCOME> 31296259<F1>
<REALIZED-GAINS-CURRENT> 5994371<F1>
<APPREC-INCREASE-CURRENT> (896955)<F1>
<NET-CHANGE-FROM-OPS> 36393675<F1>
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6539545
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5691156
<NUMBER-OF-SHARES-REDEEMED> (1675635)
<SHARES-REINVESTED> 265511
<NET-CHANGE-IN-ASSETS> 41241405
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (111386273)<F1>
<OVERDISTRIB-NII-PRIOR> 1895466<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2614970<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5207588<F1>
<AVERAGE-NET-ASSETS> 78047985
<PER-SHARE-NAV-BEGIN> 9.398
<PER-SHARE-NII> .797
<PER-SHARE-GAIN-APPREC> .160
<PER-SHARE-DIVIDEND> .812
<PER-SHARE-DISTRIBUTIONS> 0
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<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> High Yield, Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 367869087<F1>
<INVESTMENTS-AT-VALUE> 373473151<F1>
<RECEIVABLES> 11077446<F1>
<ASSETS-OTHER> 45015<F1>
<OTHER-ITEMS-ASSETS> 313<F1>
<TOTAL-ASSETS> 384595925<F1>
<PAYABLE-FOR-SECURITIES> 6444746<F1>
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<ACCUMULATED-NET-GAINS> (105683980)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 5542049<F1>
<NET-ASSETS> 6975667
<DIVIDEND-INCOME> 458386<F1>
<INTEREST-INCOME> 35516846<F1>
<OTHER-INCOME> 510503<F1>
<EXPENSES-NET> 5189476<F1>
<NET-INVESTMENT-INCOME> 31296259<F1>
<REALIZED-GAINS-CURRENT> 5994371<F1>
<APPREC-INCREASE-CURRENT> (896955)<F1>
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<NUMBER-OF-SHARES-REDEEMED> (215382)
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<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (111386273)<F1>
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<AVG-DEBT-OUTSTANDING> 0<F1>
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<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> VKAC Short Term Global Income Fund
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 119166291<F1>
<INVESTMENTS-AT-VALUE> 119819836<F1>
<RECEIVABLES> 14780855<F1>
<ASSETS-OTHER> 5397<F1>
<OTHER-ITEMS-ASSETS> 6950<F1>
<TOTAL-ASSETS> 134613038<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 1862000<F1>
<OTHER-ITEMS-LIABILITIES> 1410831<F1>
<TOTAL-LIABILITIES> 3272831<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71847960
<SHARES-COMMON-STOCK> 6575159
<SHARES-COMMON-PRIOR> 9590434
<ACCUMULATED-NII-CURRENT> (358000)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (64524990)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (284565)<F1>
<NET-ASSETS> 50118757
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 12560652<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2894836)<F1>
<NET-INVESTMENT-INCOME> 9665816<F1>
<REALIZED-GAINS-CURRENT> (16200811)<F1>
<APPREC-INCREASE-CURRENT> 20009929<F1>
<NET-CHANGE-FROM-OPS> 13474934<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (4481275)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162018
<NUMBER-OF-SHARES-REDEEMED> (3533398)
<SHARES-REINVESTED> 356105
<NET-CHANGE-IN-ASSETS> (22427987)
<ACCUMULATED-NII-PRIOR> (588190)<F1>
<ACCUMULATED-GAINS-PRIOR> (65458526)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 882054<F1>
<INTEREST-EXPENSE> 42719<F1>
<GROSS-EXPENSE> 2939309<F1>
<AVERAGE-NET-ASSETS> 58195207
<PER-SHARE-NAV-BEGIN> 7.56
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> 0.16
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.62
<EXPENSE-RATIO> 1.31
<AVG-DEBT-OUTSTANDING> 1243000<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis and
not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> VKAC Short Term Global Income Fund
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 119166291<F1>
<INVESTMENTS-AT-VALUE> 119819836<F1>
<RECEIVABLES> 14780855<F1>
<ASSETS-OTHER> 5397<F1>
<OTHER-ITEMS-ASSETS> 6950<F1>
<TOTAL-ASSETS> 134613038<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 1862000<F1>
<OTHER-ITEMS-LIABILITIES> 1410831<F1>
<TOTAL-LIABILITIES> 3272831<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124493824
<SHARES-COMMON-STOCK> 10639329
<SHARES-COMMON-PRIOR> 16910386
<ACCUMULATED-NII-CURRENT> (358000)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (64524990)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (284565)<F1>
<NET-ASSETS> 81057362
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 12560652<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2894836)<F1>
<NET-INVESTMENT-INCOME> 9665816<F1>
<REALIZED-GAINS-CURRENT> (16200811)<F1>
<APPREC-INCREASE-CURRENT> 20009929<F1>
<NET-CHANGE-FROM-OPS> 13474934<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (7116453)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153961
<NUMBER-OF-SHARES-REDEEMED> (6899452)
<SHARES-REINVESTED> 474434
<NET-CHANGE-IN-ASSETS> (46848180)
<ACCUMULATED-NII-PRIOR> (588190)<F1>
<ACCUMULATED-GAINS-PRIOR> (65458526)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 882054<F1>
<INTEREST-EXPENSE> 42719<F1>
<GROSS-EXPENSE> 2939309<F1>
<AVERAGE-NET-ASSETS> 101895587
<PER-SHARE-NAV-BEGIN> 7.56
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.62
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 1243000<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis and
not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> VKAC Short Term Global Income Fund
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 119166291<F1>
<INVESTMENTS-AT-VALUE> 119819836<F1>
<RECEIVABLES> 14780855<F1>
<ASSETS-OTHER> 5397<F1>
<OTHER-ITEMS-ASSETS> 6950<F1>
<TOTAL-ASSETS> 134613038<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 1862000<F1>
<OTHER-ITEMS-LIABILITIES> 1410831<F1>
<TOTAL-LIABILITIES> 3272831<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 165978
<SHARES-COMMON-STOCK> 21536
<SHARES-COMMON-PRIOR> 22678
<ACCUMULATED-NII-CURRENT> (358000)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (64524990)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (284565)<F1>
<NET-ASSETS> 164088
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 12560652<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2894836)<F1>
<NET-INVESTMENT-INCOME> 9665816<F1>
<REALIZED-GAINS-CURRENT> (16200811)<F1>
<APPREC-INCREASE-CURRENT> 20009929<F1>
<NET-CHANGE-FROM-OPS> 13474934<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (11560)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1057
<NUMBER-OF-SHARES-REDEEMED> (3684)
<SHARES-REINVESTED> 1485
<NET-CHANGE-IN-ASSETS> (7450)
<ACCUMULATED-NII-PRIOR> (588190)<F1>
<ACCUMULATED-GAINS-PRIOR> (65458526)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 882054<F1>
<INTEREST-EXPENSE> 42719<F1>
<GROSS-EXPENSE> 2939309<F1>
<AVERAGE-NET-ASSETS> 166408
<PER-SHARE-NAV-BEGIN> 7.56
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.62
<EXPENSE-RATIO> 2.07
<AVG-DEBT-OUTSTANDING> 1243000<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis and
not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> VKAC Strategic Income Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 113946239<F1>
<INVESTMENTS-AT-VALUE> 113733636<F1>
<RECEIVABLES> 16363560<F1>
<ASSETS-OTHER> 87438<F1>
<OTHER-ITEMS-ASSETS> 247000<F1>
<TOTAL-ASSETS> 130431634<F1>
<PAYABLE-FOR-SECURITIES> 14330183<F1>
<SENIOR-LONG-TERM-DEBT> 15913433<F1>
<OTHER-ITEMS-LIABILITIES> 1319250<F1>
<TOTAL-LIABILITIES> 31562866<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36670209
<SHARES-COMMON-STOCK> 2803579
<SHARES-COMMON-PRIOR> 2531907
<ACCUMULATED-NII-CURRENT> 22912<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (7887999)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (794446)<F1>
<NET-ASSETS> 33826436
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11358305<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> (4192063)<F1>
<NET-INVESTMENT-INCOME> 7166242<F1>
<REALIZED-GAINS-CURRENT> 2088097<F1>
<APPREC-INCREASE-CURRENT> (794446)<F1>
<NET-CHANGE-FROM-OPS> 10439789<F1>
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2908823)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 751977
<NUMBER-OF-SHARES-REDEEMED> (575267)
<SHARES-REINVESTED> 94962
<NET-CHANGE-IN-ASSETS> 4193267
<ACCUMULATED-NII-PRIOR> (407598)<F1>
<ACCUMULATED-GAINS-PRIOR> (8823743)<F1>
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927893<F1>
<INTEREST-EXPENSE> 2065824<F1>
<GROSS-EXPENSE> 4267109<F1>
<AVERAGE-NET-ASSETS> 31846511
<PER-SHARE-NAV-BEGIN> 11.704
<PER-SHARE-NII> 1.013
<PER-SHARE-GAIN-APPREC> .446
<PER-SHARE-DIVIDEND> (1.098)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.065
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 32784900<F1>
<AVG-DEBT-PER-SHARE> 4<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> VKAC Strategic Income Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 113946239<F1>
<INVESTMENTS-AT-VALUE> 113733636<F1>
<RECEIVABLES> 16363560<F1>
<ASSETS-OTHER> 87438<F1>
<OTHER-ITEMS-ASSETS> 247000<F1>
<TOTAL-ASSETS> 130431634<F1>
<PAYABLE-FOR-SECURITIES> 14330183<F1>
<SENIOR-LONG-TERM-DEBT> 15913433<F1>
<OTHER-ITEMS-LIABILITIES> 1319250<F1>
<TOTAL-LIABILITIES> 31562866<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67432261
<SHARES-COMMON-STOCK> 5132287
<SHARES-COMMON-PRIOR> 4494004
<ACCUMULATED-NII-CURRENT> 22912<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (7887999)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (794446)<F1>
<NET-ASSETS> 61941303
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11358305<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> (4192063)<F1>
<NET-INVESTMENT-INCOME> 7166242<F1>
<REALIZED-GAINS-CURRENT> 2088097<F1>
<APPREC-INCREASE-CURRENT> (794446)<F1>
<NET-CHANGE-FROM-OPS> 10439789<F1>
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4768059)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1498860
<NUMBER-OF-SHARES-REDEEMED> (1024433)
<SHARES-REINVESTED> 163856
<NET-CHANGE-IN-ASSETS> 9333634
<ACCUMULATED-NII-PRIOR> (407598)<F1>
<ACCUMULATED-GAINS-PRIOR> (8823743)<F1>
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927893<F1>
<INTEREST-EXPENSE> 2065824<F1>
<GROSS-EXPENSE> 4267109<F1>
<AVERAGE-NET-ASSETS> 56987279
<PER-SHARE-NAV-BEGIN> 11.706
<PER-SHARE-NII> .926
<PER-SHARE-GAIN-APPREC> .443
<PER-SHARE-DIVIDEND> (1.006)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.069
<EXPENSE-RATIO> 2.26
<AVG-DEBT-OUTSTANDING> 32784900<F1>
<AVG-DEBT-PER-SHARE> 4<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> VKAC Strategic Income Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 113946239<F1>
<INVESTMENTS-AT-VALUE> 113733636<F1>
<RECEIVABLES> 16363560<F1>
<ASSETS-OTHER> 87438<F1>
<OTHER-ITEMS-ASSETS> 247000<F1>
<TOTAL-ASSETS> 130431634<F1>
<PAYABLE-FOR-SECURITIES> 14330183<F1>
<SENIOR-LONG-TERM-DEBT> 15913433<F1>
<OTHER-ITEMS-LIABILITIES> 1319250<F1>
<TOTAL-LIABILITIES> 31562866<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3425831
<SHARES-COMMON-STOCK> 257163
<SHARES-COMMON-PRIOR> 147376
<ACCUMULATED-NII-CURRENT> 22912<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (7887999)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (794446)<F1>
<NET-ASSETS> 3101029
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11358305<F1>
<OTHER-INCOME> 0
<EXPENSES-NET> (4192063)<F1>
<NET-INVESTMENT-INCOME> 7166242<F1>
<REALIZED-GAINS-CURRENT> 2088097<F1>
<APPREC-INCREASE-CURRENT> (794446)<F1>
<NET-CHANGE-FROM-OPS> 10439789<F1>
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (211202)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178450
<NUMBER-OF-SHARES-REDEEMED> (78275)
<SHARES-REINVESTED> 9612
<NET-CHANGE-IN-ASSETS> 1376898
<ACCUMULATED-NII-PRIOR> (407598)<F1>
<ACCUMULATED-GAINS-PRIOR> (8823743)<F1>
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927893<F1>
<INTEREST-EXPENSE> 2065824<F1>
<GROSS-EXPENSE> 4267109<F1>
<AVERAGE-NET-ASSETS> 2547805
<PER-SHARE-NAV-BEGIN> 11.699
<PER-SHARE-NII> .944
<PER-SHARE-GAIN-APPREC> .422
<PER-SHARE-DIVIDEND> (1.006)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.059
<EXPENSE-RATIO> 2.22
<AVG-DEBT-OUTSTANDING> 32784900<F1>
<AVG-DEBT-PER-SHARE> 4<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> Emerging Markets Income Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5565304<F1>
<INVESTMENTS-AT-VALUE> 6149601<F1>
<RECEIVABLES> 463302<F1>
<ASSETS-OTHER> 60576<F1>
<OTHER-ITEMS-ASSETS> 24385<F1>
<TOTAL-ASSETS> 6697864<F1>
<PAYABLE-FOR-SECURITIES> 613478<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 132114<F1>
<TOTAL-LIABILITIES> 745592<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3608074
<SHARES-COMMON-STOCK> 235378
<SHARES-COMMON-PRIOR> 420100
<ACCUMULATED-NII-CURRENT> 300798<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (947301)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 584297<F1>
<NET-ASSETS> 3571646
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 918780<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 177395<F1>
<NET-INVESTMENT-INCOME> 741385<F1>
<REALIZED-GAINS-CURRENT> 586282<F1>
<APPREC-INCREASE-CURRENT> 613496<F1>
<NET-CHANGE-FROM-OPS> 1941163<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 588140
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 184722
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1821949)
<ACCUMULATED-NII-PRIOR> 524175<F1>
<ACCUMULATED-GAINS-PRIOR> (1517925)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 73987<F1>
<INTEREST-EXPENSE> 339<F1>
<GROSS-EXPENSE> 206880<F1>
<AVERAGE-NET-ASSETS> 4429327
<PER-SHARE-NAV-BEGIN> 12.839
<PER-SHARE-NII> 1.393
<PER-SHARE-GAIN-APPREC> 2.342
<PER-SHARE-DIVIDEND> 1.400
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.174
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> Emerging Markets Income Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5565304<F1>
<INVESTMENTS-AT-VALUE> 6149601<F1>
<RECEIVABLES> 463302<F1>
<ASSETS-OTHER> 60576<F1>
<OTHER-ITEMS-ASSETS> 24385<F1>
<TOTAL-ASSETS> 6697864<F1>
<PAYABLE-FOR-SECURITIES> 613478<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 132114<F1>
<TOTAL-LIABILITIES> 745592<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1203202
<SHARES-COMMON-STOCK> 78449
<SHARES-COMMON-PRIOR> 140100
<ACCUMULATED-NII-CURRENT> 300798<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (947301)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 584297<F1>
<NET-ASSETS> 1190313
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 918780<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 177395<F1>
<NET-INVESTMENT-INCOME> 741385<F1>
<REALIZED-GAINS-CURRENT> 586282<F1>
<APPREC-INCREASE-CURRENT> 613496<F1>
<NET-CHANGE-FROM-OPS> 1941163<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 196140
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 61651
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (608560)
<ACCUMULATED-NII-PRIOR> 524175<F1>
<ACCUMULATED-GAINS-PRIOR> (1517925)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 73987<F1>
<INTEREST-EXPENSE> 339<F1>
<GROSS-EXPENSE> 206880<F1>
<AVERAGE-NET-ASSETS> 1476814
<PER-SHARE-NAV-BEGIN> 12.840
<PER-SHARE-NII> 1.355
<PER-SHARE-GAIN-APPREC> 2.378
<PER-SHARE-DIVIDEND> 1.400
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.173
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 043
<NAME> Emerging Markets Income Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 5565304<F1>
<INVESTMENTS-AT-VALUE> 6149601<F1>
<RECEIVABLES> 463302<F1>
<ASSETS-OTHER> 60576<F1>
<OTHER-ITEMS-ASSETS> 24385<F1>
<TOTAL-ASSETS> 6697864<F1>
<PAYABLE-FOR-SECURITIES> 613478<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 132114<F1>
<TOTAL-LIABILITIES> 745592<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1203202
<SHARES-COMMON-STOCK> 78449
<SHARES-COMMON-PRIOR> 140100
<ACCUMULATED-NII-CURRENT> 300798<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (947301)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 584297<F1>
<NET-ASSETS> 1190313
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 918780<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 177395<F1>
<NET-INVESTMENT-INCOME> 741385<F1>
<REALIZED-GAINS-CURRENT> 586282<F1>
<APPREC-INCREASE-CURRENT> 613496<F1>
<NET-CHANGE-FROM-OPS> 1941163<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 196140
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 61651
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (608560)
<ACCUMULATED-NII-PRIOR> 524175<F1>
<ACCUMULATED-GAINS-PRIOR> (1517925)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 73987<F1>
<INTEREST-EXPENSE> 339<F1>
<GROSS-EXPENSE> 206880<F1>
<AVERAGE-NET-ASSETS> 1476832
<PER-SHARE-NAV-BEGIN> 12.840
<PER-SHARE-NII> 1.355
<PER-SHARE-GAIN-APPREC> 2.378
<PER-SHARE-DIVIDEND> 1.400
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.173
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the fund on a composite level basis
and not on a class basis.
</FN>
</TABLE>
