<PAGE> PAGE 1
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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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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
NSAR ITEM 77C
Van Kampen American Capital High Yield Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital High Yield
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 28,127,959 Against 675,255
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 21,303,130 Against 850,270
3) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick
LLP as Independent Public Accountants for its Current Fiscal
Year.
For 28,475,960 Against 407,163
NSAR ITEM 77C
Van Kampen American Capital Short-Term Global Income Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Short-Term
Global Income 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 10,047,970 Against 189,261
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 7,500,603 Against 310,835
3) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick
LLP as Independent Public Accountants for its Current Fiscal
Year.
For 10,157,997 Against 106,025
NSAR ITEM 77C
Van Kampen American Capital Strategic Income Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Strategic
Income 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 6,414,820 Against 122,931
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 3,902,031 Against 161,514
3) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick
LLP as Independent Public Accountants for its Current Fiscal
Year.
For 6,523,751 Against 85,582
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> VKAC High Yield Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 391084856<F1>
<INVESTMENTS-AT-VALUE> 405299460<F1>
<RECEIVABLES> 8408115<F1>
<ASSETS-OTHER> 33337<F1>
<OTHER-ITEMS-ASSETS> 854<F1>
<TOTAL-ASSETS> 413741766<F1>
<PAYABLE-FOR-SECURITIES> 2373918<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3382029<F1>
<TOTAL-LIABILITIES> 5755947<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 374292107
<SHARES-COMMON-STOCK> 28764500
<SHARES-COMMON-PRIOR> 28557300
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (2160983)<F1>
<ACCUMULATED-NET-GAINS> (101740511)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 14175599<F1>
<NET-ASSETS> 281679086
<DIVIDEND-INCOME> 387790<F1>
<INTEREST-INCOME> 19417594<F1>
<OTHER-INCOME> 196256<F1>
<EXPENSES-NET> (2858093)<F1>
<NET-INVESTMENT-INCOME> 17143547<F1>
<REALIZED-GAINS-CURRENT> 4211759<F1>
<APPREC-INCREASE-CURRENT> 8633550<F1>
<NET-CHANGE-FROM-OPS> 29988856<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (12785431)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3747308
<NUMBER-OF-SHARES-REDEEMED> (4044236)
<SHARES-REINVESTED> 504128
<NET-CHANGE-IN-ASSETS> 10573673
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (105683980)<F1>
<OVERDISTRIB-NII-PRIOR> (1835750)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1481115<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3029543<F1>
<AVERAGE-NET-ASSETS> 276166602
<PER-SHARE-NAV-BEGIN> 9.493
<PER-SHARE-NII> .431
<PER-SHARE-GAIN-APPREC> .314
<PER-SHARE-DIVIDEND> (.445)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.793
<EXPENSE-RATIO> 1.22
<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> 012
<NAME> VKAC High Yield Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 391084856<F1>
<INVESTMENTS-AT-VALUE> 405299460<F1>
<RECEIVABLES> 8408115<F1>
<ASSETS-OTHER> 33337<F1>
<OTHER-ITEMS-ASSETS> 854<F1>
<TOTAL-ASSETS> 413741766<F1>
<PAYABLE-FOR-SECURITIES> 2373918<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3382029<F1>
<TOTAL-LIABILITIES> 5755947<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 116343499
<SHARES-COMMON-STOCK> 12157395
<SHARES-COMMON-PRIOR> 10224423
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (2160983)<F1>
<ACCUMULATED-NET-GAINS> (101740511)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 14175599<F1>
<NET-ASSETS> 119078611
<DIVIDEND-INCOME> 387790<F1>
<INTEREST-INCOME> 19417594<F1>
<OTHER-INCOME> 196256<F1>
<EXPENSES-NET> (2858093)<F1>
<NET-INVESTMENT-INCOME> 17143547<F1>
<REALIZED-GAINS-CURRENT> 4211759<F1>
<APPREC-INCREASE-CURRENT> 8633550<F1>
<NET-CHANGE-FROM-OPS> 29988856<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (4638434)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2939457
<NUMBER-OF-SHARES-REDEEMED> (1189185)
<SHARES-REINVESTED> 182700
<NET-CHANGE-IN-ASSETS> 21979796
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (105683980)<F1>
<OVERDISTRIB-NII-PRIOR> (1835750)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1481115<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3029543<F1>
<AVERAGE-NET-ASSETS> 109342278
<PER-SHARE-NAV-BEGIN> 9.497
<PER-SHARE-NII> .389
<PER-SHARE-GAIN-APPREC> .317
<PER-SHARE-DIVIDEND> (.409)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.794
<EXPENSE-RATIO> 1.98
<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> 013
<NAME> VKAC High Yield Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 391084856<F1>
<INVESTMENTS-AT-VALUE> 405299460<F1>
<RECEIVABLES> 8408115<F1>
<ASSETS-OTHER> 33337<F1>
<OTHER-ITEMS-ASSETS> 854<F1>
<TOTAL-ASSETS> 413741766<F1>
<PAYABLE-FOR-SECURITIES> 2373918<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 3382029<F1>
<TOTAL-LIABILITIES> 5755947<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 7076108
<SHARES-COMMON-STOCK> 738130
<SHARES-COMMON-PRIOR> 734629
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (2160983)<F1>
<ACCUMULATED-NET-GAINS> (101740511)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 14175599<F1>
<NET-ASSETS> 7228122
<DIVIDEND-INCOME> 387790<F1>
<INTEREST-INCOME> 19417594<F1>
<OTHER-INCOME> 196256<F1>
<EXPENSES-NET> (2858093)<F1>
<NET-INVESTMENT-INCOME> 17143547<F1>
<REALIZED-GAINS-CURRENT> 4211759<F1>
<APPREC-INCREASE-CURRENT> 8633550<F1>
<NET-CHANGE-FROM-OPS> 29988856<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (313205)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 190517
<NUMBER-OF-SHARES-REDEEMED> (203350)
<SHARES-REINVESTED> 16334
<NET-CHANGE-IN-ASSETS> 252455
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (105683980)<F1>
<OVERDISTRIB-NII-PRIOR> (1835750)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1481115<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3029543<F1>
<AVERAGE-NET-ASSETS> 7356187
<PER-SHARE-NAV-BEGIN> 9.495
<PER-SHARE-NII> .393
<PER-SHARE-GAIN-APPREC> .313
<PER-SHARE-DIVIDEND> (.409)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.792
<EXPENSE-RATIO> 1.98
<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> 021
<NAME> VKAC Short Term Global Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 118726702<F1>
<INVESTMENTS-AT-VALUE> 119649142<F1>
<RECEIVABLES> 2409508<F1>
<ASSETS-OTHER> 2996<F1>
<OTHER-ITEMS-ASSETS> 79153<F1>
<TOTAL-ASSETS> 122140799<F1>
<PAYABLE-FOR-SECURITIES> 9905581<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2374376<F1>
<TOTAL-LIABILITIES> 12279957<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 66038789
<SHARES-COMMON-STOCK> 5811370
<SHARES-COMMON-PRIOR> 6575159
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 1964922<F1>
<ACCUMULATED-NET-GAINS> (63870700)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 583642<F1>
<NET-ASSETS> 44279549
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4089398<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (1090570)<F1>
<NET-INVESTMENT-INCOME> 2998828<F1>
<REALIZED-GAINS-CURRENT> 16836<F1>
<APPREC-INCREASE-CURRENT> 868207<F1>
<NET-CHANGE-FROM-OPS> 3883871<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1660175)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 180312
<NUMBER-OF-SHARES-REDEEMED> (1084312)
<SHARES-REINVESTED> 140211
<NET-CHANGE-IN-ASSETS> (5839208)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (64524990)<F1>
<OVERDISTRIB-NII-PRIOR> 358000<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 332277<F1>
<INTEREST-EXPENSE> 10392<F1>
<GROSS-EXPENSE> 1113653<F1>
<AVERAGE-NET-ASSETS> 47041873
<PER-SHARE-NAV-BEGIN> 7.62
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.62
<EXPENSE-RATIO> 1.34
<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> 022
<NAME> VKAC Short Term Global Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 118726702<F1>
<INVESTMENTS-AT-VALUE> 119649142<F1>
<RECEIVABLES> 2409508<F1>
<ASSETS-OTHER> 2996<F1>
<OTHER-ITEMS-ASSETS> 79153<F1>
<TOTAL-ASSETS> 122140799<F1>
<PAYABLE-FOR-SECURITIES> 9905581<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2374376<F1>
<TOTAL-LIABILITIES> 12279957<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 108873978
<SHARES-COMMON-STOCK> 8584908
<SHARES-COMMON-PRIOR> 10639329
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 1964922<F1>
<ACCUMULATED-NET-GAINS> (63870700)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 583642<F1>
<NET-ASSETS> 65382009
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4089398<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (1090570)<F1>
<NET-INVESTMENT-INCOME> 2998828<F1>
<REALIZED-GAINS-CURRENT> 16836<F1>
<APPREC-INCREASE-CURRENT> 868207<F1>
<NET-CHANGE-FROM-OPS> 3883871<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2301263)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98761
<NUMBER-OF-SHARES-REDEEMED> (2306366)
<SHARES-REINVESTED> 153184
<NET-CHANGE-IN-ASSETS> (15675353)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (64524990)<F1>
<OVERDISTRIB-NII-PRIOR> 358000<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 332277<F1>
<INTEREST-EXPENSE> 10392<F1>
<GROSS-EXPENSE> 1113653<F1>
<AVERAGE-NET-ASSETS> 72888163
<PER-SHARE-NAV-BEGIN> 7.62
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> .09
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.62
<EXPENSE-RATIO> 2.10
<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> 023
<NAME> VKAC Short Term Global Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 118726702<F1>
<INVESTMENTS-AT-VALUE> 119649142<F1>
<RECEIVABLES> 2409508<F1>
<ASSETS-OTHER> 2996<F1>
<OTHER-ITEMS-ASSETS> 79153<F1>
<TOTAL-ASSETS> 122140799<F1>
<PAYABLE-FOR-SECURITIES> 9905581<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2374376<F1>
<TOTAL-LIABILITIES> 12279957<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 200055
<SHARES-COMMON-STOCK> 26167
<SHARES-COMMON-PRIOR> 21356
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> 1964922<F1>
<ACCUMULATED-NET-GAINS> (63870700)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 583642<F1>
<NET-ASSETS> 199284
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4089398<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (1090570)<F1>
<NET-INVESTMENT-INCOME> 2998828<F1>
<REALIZED-GAINS-CURRENT> 16836<F1>
<APPREC-INCREASE-CURRENT> 868207<F1>
<NET-CHANGE-FROM-OPS> 3883871<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (6858)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17995
<NUMBER-OF-SHARES-REDEEMED> (14230)
<SHARES-REINVESTED> 866
<NET-CHANGE-IN-ASSETS> 35196
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (64524990)<F1>
<OVERDISTRIB-NII-PRIOR> 358000<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 332277<F1>
<INTEREST-EXPENSE> 10392<F1>
<GROSS-EXPENSE> 1113653<F1>
<AVERAGE-NET-ASSETS> 219677
<PER-SHARE-NAV-BEGIN> 7.62
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.62
<EXPENSE-RATIO> 2.10
<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> 31
<NAME> VKAC Strategic Income Fund - Class A Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 159929001<F1>
<INVESTMENTS-AT-VALUE> 163847054<F1>
<RECEIVABLES> 13515720<F1>
<ASSETS-OTHER> 68657<F1>
<OTHER-ITEMS-ASSETS> 297206<F1>
<TOTAL-ASSETS> 177728637<F1>
<PAYABLE-FOR-SECURITIES> 24058723<F1>
<SENIOR-LONG-TERM-DEBT> 29852635<F1>
<OTHER-ITEMS-LIABILITIES> 10303763<F1>
<TOTAL-LIABILITIES> 64215121<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 39992816
<SHARES-COMMON-STOCK> 3072116
<SHARES-COMMON-PRIOR> 2803579
<ACCUMULATED-NII-CURRENT> (883009)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6385852)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 3739078<F1>
<NET-ASSETS> 38895215
<DIVIDEND-INCOME> 114946<F1>
<INTEREST-INCOME> 5512839<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2064157)<F1>
<NET-INVESTMENT-INCOME> 3563628<F1>
<REALIZED-GAINS-CURRENT> 1314061<F1>
<APPREC-INCREASE-CURRENT> 4533524<F1>
<NET-CHANGE-FROM-OPS> 9411213<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1542104)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 502545
<NUMBER-OF-SHARES-REDEEMED> (281609)
<SHARES-REINVESTED> 47601
<NET-CHANGE-IN-ASSETS> 5068779
<ACCUMULATED-NII-PRIOR> 22912<F1>
<ACCUMULATED-GAINS-PRIOR> (7887999)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 511968<F1>
<INTEREST-EXPENSE> 828278<F1>
<GROSS-EXPENSE> 1265906<F1>
<AVERAGE-NET-ASSETS> 36397175
<PER-SHARE-NAV-BEGIN> 12.065
<PER-SHARE-NII> 0.447
<PER-SHARE-GAIN-APPREC> 0.674
<PER-SHARE-DIVIDEND> (0.525)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.661
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 28570100<F1>
<AVG-DEBT-PER-SHARE> 3.19<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> 32
<NAME> VKAC Strategic Income Fund - Class B Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 159929001<F1>
<INVESTMENTS-AT-VALUE> 163847054<F1>
<RECEIVABLES> 13515720<F1>
<ASSETS-OTHER> 68657<F1>
<OTHER-ITEMS-ASSETS> 297206<F1>
<TOTAL-ASSETS> 177728637<F1>
<PAYABLE-FOR-SECURITIES> 24058723<F1>
<SENIOR-LONG-TERM-DEBT> 29852635<F1>
<OTHER-ITEMS-LIABILITIES> 10303763<F1>
<TOTAL-LIABILITIES> 64215121<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 73324013
<SHARES-COMMON-STOCK> 5611524
<SHARES-COMMON-PRIOR> 5132287
<ACCUMULATED-NII-CURRENT> (883009)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6385852)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 3739078<F1>
<NET-ASSETS> 71054489
<DIVIDEND-INCOME> 114946<F1>
<INTEREST-INCOME> 5512839<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2064157)<F1>
<NET-INVESTMENT-INCOME> 3563628<F1>
<REALIZED-GAINS-CURRENT> 1314061<F1>
<APPREC-INCREASE-CURRENT> 4533524<F1>
<NET-CHANGE-FROM-OPS> 9411213<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2606684)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 989573
<NUMBER-OF-SHARES-REDEEMED> (592771)
<SHARES-REINVESTED> 82435
<NET-CHANGE-IN-ASSETS> 9113186
<ACCUMULATED-NII-PRIOR> 22912<F1>
<ACCUMULATED-GAINS-PRIOR> (7887999)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 511968<F1>
<INTEREST-EXPENSE> 828278<F1>
<GROSS-EXPENSE> 1265906<F1>
<AVERAGE-NET-ASSETS> 67274594
<PER-SHARE-NAV-BEGIN> 12.069
<PER-SHARE-NII> 0.339
<PER-SHARE-GAIN-APPREC> 0.674
<PER-SHARE-DIVIDEND> (0.480)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.662
<EXPENSE-RATIO> 2.57
<AVG-DEBT-OUTSTANDING> 28570100<F1>
<AVG-DEBT-PER-SHARE> 3.19<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> 33
<NAME> VKAC Strategic Income Fund - Class C Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 159929001<F1>
<INVESTMENTS-AT-VALUE> 163847054<F1>
<RECEIVABLES> 13515720<F1>
<ASSETS-OTHER> 68657<F1>
<OTHER-ITEMS-ASSETS> 297206<F1>
<TOTAL-ASSETS> 177728637<F1>
<PAYABLE-FOR-SECURITIES> 24058723<F1>
<SENIOR-LONG-TERM-DEBT> 29852635<F1>
<OTHER-ITEMS-LIABILITIES> 10303763<F1>
<TOTAL-LIABILITIES> 64215121<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 3726470
<SHARES-COMMON-STOCK> 281706
<SHARES-COMMON-PRIOR> 257163
<ACCUMULATED-NII-CURRENT> (883009)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (6385852)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 3739078<F1>
<NET-ASSETS> 3563812
<DIVIDEND-INCOME> 114946<F1>
<INTEREST-INCOME> 5512839<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2064157)<F1>
<NET-INVESTMENT-INCOME> 3563628<F1>
<REALIZED-GAINS-CURRENT> 1314061<F1>
<APPREC-INCREASE-CURRENT> 4533524<F1>
<NET-CHANGE-FROM-OPS> 9411213<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (132675)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77751
<NUMBER-OF-SHARES-REDEEMED> (59195)
<SHARES-REINVESTED> 5987
<NET-CHANGE-IN-ASSETS> 462783
<ACCUMULATED-NII-PRIOR> 22912<F1>
<ACCUMULATED-GAINS-PRIOR> (7887999)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 511968<F1>
<INTEREST-EXPENSE> 828278<F1>
<GROSS-EXPENSE> 1265906<F1>
<AVERAGE-NET-ASSETS> 3428652
<PER-SHARE-NAV-BEGIN> 12.059
<PER-SHARE-NII> 0.394
<PER-SHARE-GAIN-APPREC> 0.678
<PER-SHARE-DIVIDEND> (0.480)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.651
<EXPENSE-RATIO> 2.56
<AVG-DEBT-OUTSTANDING> 28570100<F1>
<AVG-DEBT-PER-SHARE> 3.19<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
