<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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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG PEAT MARWICK LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-5255
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,
1997, 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 Trust 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, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 11, 1997
KPMG PEAT MARWICK LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-5255
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, 1997, 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 Trust 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, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 13, 1997
KPMG PEAT MARWICK LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-5255
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, 1997, 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 Trust 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, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 13, 1997
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
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 28,475,960 Against 407,163
NSAR ITEM 77C
Van Kampen American Capital High Yield Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital High Yield
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 26,539,747 Against 436,460
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 26,953,764 Against 214,482
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
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 10,157,997 Against 106,025
NSAR ITEM 77C
Van Kampen American Capital Short-Term Global Income Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Short-Term
Global Income 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 6,662,607 Against 133,675
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 6,749,134 Against 52,082
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
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 6,523,751 Against 85,582
NSAR ITEM 77C
Van Kampen American Capital Strategic Income Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Strategic
Income 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 6,476,634 Against 75,394
(4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 6,487,793 Against 42,478
<TABLE> <S> <C>
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<NUMBER> 11
<NAME> VKAC High Yield Fund Class A
<MULTIPLIER> 1
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-START> JUL-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 405587367<F1>
<INVESTMENTS-AT-VALUE> 417386507<F1>
<RECEIVABLES> 12059907<F1>
<ASSETS-OTHER> 27619<F1>
<OTHER-ITEMS-ASSETS> 1963<F1>
<TOTAL-ASSETS> 429475996<F1>
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<ACCUMULATED-NET-GAINS> (96270175)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11798356<F1>
<NET-ASSETS> 288018283
<DIVIDEND-INCOME> 732637<F1>
<INTEREST-INCOME> 38980796<F1>
<OTHER-INCOME> 458206<F1>
<EXPENSES-NET> (5642622)<F1>
<NET-INVESTMENT-INCOME> 34529017<F1>
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<NET-CHANGE-FROM-OPS> 50510497<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (24888535)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (430710)
<NUMBER-OF-SHARES-SOLD> 9665241
<NUMBER-OF-SHARES-REDEEMED> (10008711)
<SHARES-REINVESTED> 1014981
<NET-CHANGE-IN-ASSETS> 16912870
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (105683980)<F1>
<OVERDISTRIB-NII-PRIOR> (1835750)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3011682<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6018147<F1>
<AVERAGE-NET-ASSETS> 279044157
<PER-SHARE-NAV-BEGIN> 9.493
<PER-SHARE-NII> 0.857
<PER-SHARE-GAIN-APPREC> 0.384
<PER-SHARE-DIVIDEND> (0.865)
<PER-SHARE-DISTRIBUTIONS> 0.000
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<EXPENSE-RATIO> 1.17
<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 High Yield Fund Class B
<MULTIPLIER> 1
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<PERIOD-START> JUL-01-1996
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<INVESTMENTS-AT-VALUE> 417386507<F1>
<RECEIVABLES> 12059907<F1>
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<OTHER-ITEMS-ASSETS> 1963<F1>
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<NET-ASSETS> 128655113
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<INTEREST-INCOME> 38980796<F1>
<OTHER-INCOME> 458206<F1>
<EXPENSES-NET> (5642622)<F1>
<NET-INVESTMENT-INCOME> 34529017<F1>
<REALIZED-GAINS-CURRENT> 9725173<F1>
<APPREC-INCREASE-CURRENT> 6256307<F1>
<NET-CHANGE-FROM-OPS> 50510497<F1>
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-REDEEMED> (3049089)
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<ACCUMULATED-GAINS-PRIOR> (105683980)<F1>
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<PER-SHARE-NII> 0.777
<PER-SHARE-GAIN-APPREC> 0.389
<PER-SHARE-DIVIDEND> (0.794)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.014)
<PER-SHARE-NAV-END> 9.855
<EXPENSE-RATIO> 1.93
<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 High Yield 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> 405587367<F1>
<INVESTMENTS-AT-VALUE> 417386507<F1>
<RECEIVABLES> 12059907<F1>
<ASSETS-OTHER> 27619<F1>
<OTHER-ITEMS-ASSETS> 1963<F1>
<TOTAL-ASSETS> 429475996<F1>
<PAYABLE-FOR-SECURITIES> 1877489<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2846874<F1>
<TOTAL-LIABILITIES> 4724363<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 7867915
<SHARES-COMMON-STOCK> 820064
<SHARES-COMMON-PRIOR> 734629
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (1905853)<F1>
<ACCUMULATED-NET-GAINS> (96270175)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11798356<F1>
<NET-ASSETS> 8078237
<DIVIDEND-INCOME> 732637<F1>
<INTEREST-INCOME> 38980796<F1>
<OTHER-INCOME> 458206<F1>
<EXPENSES-NET> (5642622)<F1>
<NET-INVESTMENT-INCOME> 34529017<F1>
<REALIZED-GAINS-CURRENT> 9725173<F1>
<APPREC-INCREASE-CURRENT> 6256307<F1>
<NET-CHANGE-FROM-OPS> 50510497<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (614302)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (10715)
<NUMBER-OF-SHARES-SOLD> 406766
<NUMBER-OF-SHARES-REDEEMED> (353416)
<SHARES-REINVESTED> 32085
<NET-CHANGE-IN-ASSETS> 1102570
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> (105683980)<F1>
<OVERDISTRIB-NII-PRIOR> (1835750)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 3011682<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 6018147<F1>
<AVERAGE-NET-ASSETS> 7470987
<PER-SHARE-NAV-BEGIN> 9.495
<PER-SHARE-NII> 0.780
<PER-SHARE-GAIN-APPREC> 0.384
<PER-SHARE-DIVIDEND> (0.794)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.014)
<PER-SHARE-NAV-END> 9.851
<EXPENSE-RATIO> 1.93
<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> 21
<NAME> Short Term Global Income 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> 91162423<F1>
<INVESTMENTS-AT-VALUE> 89588203<F1>
<RECEIVABLES> 1833047<F1>
<ASSETS-OTHER> 2116<F1>
<OTHER-ITEMS-ASSETS> 1201953<F1>
<TOTAL-ASSETS> 92625319<F1>
<PAYABLE-FOR-SECURITIES> 27698<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 865430<F1>
<TOTAL-LIABILITIES> 893128<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 61586362
<SHARES-COMMON-STOCK> 5226968
<SHARES-COMMON-PRIOR> 6575159
<ACCUMULATED-NII-CURRENT> (455277)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (64274870)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1420976)<F1>
<NET-ASSETS> 39459886
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 7357023<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (1936799)<F1>
<NET-INVESTMENT-INCOME> 5420224<F1>
<REALIZED-GAINS-CURRENT> 1725990<F1>
<APPREC-INCREASE-CURRENT> (1136411)<F1>
<NET-CHANGE-FROM-OPS> 6009803<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (3003963)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (40726)
<NUMBER-OF-SHARES-SOLD> 258752
<NUMBER-OF-SHARES-REDEEMED> (1868594)
<SHARES-REINVESTED> 261651
<NET-CHANGE-IN-ASSETS> (10658871)
<ACCUMULATED-NII-PRIOR> (358000)<F1>
<ACCUMULATED-GAINS-PRIOR> (64524990)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 605689<F1>
<INTEREST-EXPENSE> 16565<F1>
<GROSS-EXPENSE> 1999746<F1>
<AVERAGE-NET-ASSETS> 44322612
<PER-SHARE-NAV-BEGIN> 7.620
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> (0.510)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.010)
<PER-SHARE-NAV-END> 7.550
<EXPENSE-RATIO> 1.33
<AVG-DEBT-OUTSTANDING> 343700<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> 22
<NAME> Short Term Global Income 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> 91162423<F1>
<INVESTMENTS-AT-VALUE> 89588203<F1>
<RECEIVABLES> 1833047<F1>
<ASSETS-OTHER> 2116<F1>
<OTHER-ITEMS-ASSETS> 1201953<F1>
<TOTAL-ASSETS> 92625319<F1>
<PAYABLE-FOR-SECURITIES> 27698<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 865430<F1>
<TOTAL-LIABILITIES> 893128<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 96115314
<SHARES-COMMON-STOCK> 6903293
<SHARES-COMMON-PRIOR> 10639329
<ACCUMULATED-NII-CURRENT> (455277)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (64274870)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1420976)<F1>
<NET-ASSETS> 52093077
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 7357023<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (1936799)<F1>
<NET-INVESTMENT-INCOME> 5420224<F1>
<REALIZED-GAINS-CURRENT> 1725990<F1>
<APPREC-INCREASE-CURRENT> (1136411)<F1>
<NET-CHANGE-FROM-OPS> 6009803<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (3977304)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (50795)
<NUMBER-OF-SHARES-SOLD> 212311
<NUMBER-OF-SHARES-REDEEMED> (4219580)
<SHARES-REINVESTED> 271233
<NET-CHANGE-IN-ASSETS> (28964285)
<ACCUMULATED-NII-PRIOR> (358000)<F1>
<ACCUMULATED-GAINS-PRIOR> (64524990)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 605689<F1>
<INTEREST-EXPENSE> 16565<F1>
<GROSS-EXPENSE> 1999746<F1>
<AVERAGE-NET-ASSETS> 65691164
<PER-SHARE-NAV-BEGIN> 7.620
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> (0.450)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.010)
<PER-SHARE-NAV-END> 7.550
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 343700<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> 23
<NAME> Short Term Global Income 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> 91162423<F1>
<INVESTMENTS-AT-VALUE> 89588203<F1>
<RECEIVABLES> 1833047<F1>
<ASSETS-OTHER> 2116<F1>
<OTHER-ITEMS-ASSETS> 1201953<F1>
<TOTAL-ASSETS> 92625319<F1>
<PAYABLE-FOR-SECURITIES> 27698<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 865430<F1>
<TOTAL-LIABILITIES> 893128<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 181638
<SHARES-COMMON-STOCK> 23754
<SHARES-COMMON-PRIOR> 21536
<ACCUMULATED-NII-CURRENT> (455277)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (64274870)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> (1420976)<F1>
<NET-ASSETS> 179228
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 7357023<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (1936799)<F1>
<NET-INVESTMENT-INCOME> 5420224<F1>
<REALIZED-GAINS-CURRENT> 1725990<F1>
<APPREC-INCREASE-CURRENT> (1136411)<F1>
<NET-CHANGE-FROM-OPS> 6009803<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (12104)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (159)
<NUMBER-OF-SHARES-SOLD> 19713
<NUMBER-OF-SHARES-REDEEMED> (19067)
<SHARES-REINVESTED> 1572
<NET-CHANGE-IN-ASSETS> 15140
<ACCUMULATED-NII-PRIOR> (358000)<F1>
<ACCUMULATED-GAINS-PRIOR> (64524990)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 605689<F1>
<INTEREST-EXPENSE> 16565<F1>
<GROSS-EXPENSE> 1999746<F1>
<AVERAGE-NET-ASSETS> 201674
<PER-SHARE-NAV-BEGIN> 7.620
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> (0.450)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.010)
<PER-SHARE-NAV-END> 7.550
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 343700<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> Strategic Income 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> 169602085<F1>
<INVESTMENTS-AT-VALUE> 172489551<F1>
<RECEIVABLES> 3940195<F1>
<ASSETS-OTHER> 52086<F1>
<OTHER-ITEMS-ASSETS> 253950<F1>
<TOTAL-ASSETS> 176735782<F1>
<PAYABLE-FOR-SECURITIES> 371264<F1>
<SENIOR-LONG-TERM-DEBT> 50983397<F1>
<OTHER-ITEMS-LIABILITIES> 1514249<F1>
<TOTAL-LIABILITIES> 52868910<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 44483168
<SHARES-COMMON-STOCK> 3428615
<SHARES-COMMON-PRIOR> 2803579
<ACCUMULATED-NII-CURRENT> 150395<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (5066351)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2587120<F1>
<NET-ASSETS> 43810221
<DIVIDEND-INCOME> 560482<F1>
<INTEREST-INCOME> 12861325<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (4840450)<F1>
<NET-INVESTMENT-INCOME> 8581357<F1>
<REALIZED-GAINS-CURRENT> 2999390<F1>
<APPREC-INCREASE-CURRENT> 3381566<F1>
<NET-CHANGE-FROM-OPS> 14962313<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (3189748)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1136784
<NUMBER-OF-SHARES-REDEEMED> (614505)
<SHARES-REINVESTED> 102757
<NET-CHANGE-IN-ASSETS> 9983785
<ACCUMULATED-NII-PRIOR> 22912<F1>
<ACCUMULATED-GAINS-PRIOR> (7887999)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1132304<F1>
<INTEREST-EXPENSE> 2239645<F1>
<GROSS-EXPENSE> 4890074<F1>
<AVERAGE-NET-ASSETS> 39267248
<PER-SHARE-NAV-BEGIN> 12.065
<PER-SHARE-NII> 1.019
<PER-SHARE-GAIN-APPREC> 0.714
<PER-SHARE-DIVIDEND> (1.020)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.778
<EXPENSE-RATIO> 1.81
<AVG-DEBT-OUTSTANDING> 38213200<F1>
<AVG-DEBT-PER-SHARE> 4<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> Strategic Income 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> 169602085<F1>
<INVESTMENTS-AT-VALUE> 172489551<F1>
<RECEIVABLES> 3940195<F1>
<ASSETS-OTHER> 52086<F1>
<OTHER-ITEMS-ASSETS> 253950<F1>
<TOTAL-ASSETS> 176735782<F1>
<PAYABLE-FOR-SECURITIES> 371264<F1>
<SENIOR-LONG-TERM-DEBT> 50983397<F1>
<OTHER-ITEMS-LIABILITIES> 1514249<F1>
<TOTAL-LIABILITIES> 52868910<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 77747304
<SHARES-COMMON-STOCK> 5964656
<SHARES-COMMON-PRIOR> 5132287
<ACCUMULATED-NII-CURRENT> 150395<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (5066351)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2587120<F1>
<NET-ASSETS> 76222552
<DIVIDEND-INCOME> 560482<F1>
<INTEREST-INCOME> 12861325<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (4840450)<F1>
<NET-INVESTMENT-INCOME> 8581357<F1>
<REALIZED-GAINS-CURRENT> 2999390<F1>
<APPREC-INCREASE-CURRENT> 3381566<F1>
<NET-CHANGE-FROM-OPS> 14962313<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (5177891)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1951416
<NUMBER-OF-SHARES-REDEEMED> (1282624)
<SHARES-REINVESTED> 163577
<NET-CHANGE-IN-ASSETS> 14281249
<ACCUMULATED-NII-PRIOR> 22912<F1>
<ACCUMULATED-GAINS-PRIOR> (7887999)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1132304<F1>
<INTEREST-EXPENSE> 2239645<F1>
<GROSS-EXPENSE> 4890074<F1>
<AVERAGE-NET-ASSETS> 70049411
<PER-SHARE-NAV-BEGIN> 12.069
<PER-SHARE-NII> 0.920
<PER-SHARE-GAIN-APPREC> 0.717
<PER-SHARE-DIVIDEND> (0.927)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.779
<EXPENSE-RATIO> 2.57
<AVG-DEBT-OUTSTANDING> 38213200<F1>
<AVG-DEBT-PER-SHARE> 4<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> Strategic Income 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> 169602085<F1>
<INVESTMENTS-AT-VALUE> 172489551<F1>
<RECEIVABLES> 3940195<F1>
<ASSETS-OTHER> 52086<F1>
<OTHER-ITEMS-ASSETS> 253950<F1>
<TOTAL-ASSETS> 176735782<F1>
<PAYABLE-FOR-SECURITIES> 371264<F1>
<SENIOR-LONG-TERM-DEBT> 50983397<F1>
<OTHER-ITEMS-LIABILITIES> 1514249<F1>
<TOTAL-LIABILITIES> 52868910<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 3965236
<SHARES-COMMON-STOCK> 300301
<SHARES-COMMON-PRIOR> 257163
<ACCUMULATED-NII-CURRENT> 150395<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (5066351)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2587120<F1>
<NET-ASSETS> 3834099
<DIVIDEND-INCOME> 560482<F1>
<INTEREST-INCOME> 12861325<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (4840450)<F1>
<NET-INVESTMENT-INCOME> 8581357<F1>
<REALIZED-GAINS-CURRENT> 2999390<F1>
<APPREC-INCREASE-CURRENT> 3381566<F1>
<NET-CHANGE-FROM-OPS> 14962313<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (263977)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 156283
<NUMBER-OF-SHARES-REDEEMED> (125528)
<SHARES-REINVESTED> 12383
<NET-CHANGE-IN-ASSETS> 733070
<ACCUMULATED-NII-PRIOR> 22912<F1>
<ACCUMULATED-GAINS-PRIOR> (7887999)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1132304<F1>
<INTEREST-EXPENSE> 2239645<F1>
<GROSS-EXPENSE> 4890074<F1>
<AVERAGE-NET-ASSETS> 3567861
<PER-SHARE-NAV-BEGIN> 12.059
<PER-SHARE-NII> 0.913
<PER-SHARE-GAIN-APPREC> 0.723
<PER-SHARE-DIVIDEND> (0.927)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.768
<EXPENSE-RATIO> 2.56
<AVG-DEBT-OUTSTANDING> 38213200<F1>
<AVG-DEBT-PER-SHARE> 4<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
