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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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SIGNATURE NICK DALMASO
TITLE ATTORNEY
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-9973
The Board of Trustees and Shareholders of Van Kampen High Yield Fund:
In planning and performing our audit of the financial statements of Van Kampen
High Yield Fund (the "Fund") for the year ended June 30, 1998, 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 of 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 b 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, w noted no matters involving the
internal control structure, including procedures for safeguarding securities,
that we considered to be material weaknesses as defined above as of June 30,
1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 3, 1998
<PAGE>
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-9973
The Board of Trustees and Shareholders of Van Kampen Short-Term Global
Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Short-Term Global Income Fund (the "Fund") for the year ended June 30, 1998, 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 of 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 b 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, w noted no matters involving the
internal control structure, including procedures for safeguarding securities,
that we considered to be material weaknesses as defined above as of June 30,
1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 3, 1998
<PAGE>
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 60601-9973
The Board of Trustees and Shareholders of Van Kampen Strategic Income Fund:
In planning and performing our audit of the financial statements of Van Kampen
Strategic Income Fund (the "Fund") for the year ended June 30, 1998, 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 of 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 b 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, w noted no matters involving the
internal control structure, including procedures for safeguarding securities,
that we considered to be material weaknesses as defined above as of June 30,
1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
August 3, 1998
<TABLE>
<CAPTION>
NSAR ITEM 770
VKAC Aggressive Growth Fund
10f-3 Transactions
UNDERWRITING# UNDERWRITING PURCHASED AMOUNT OF SHARES % OF DATE OF
FROM PURCHASED UNDERWRITING PURCHASE
<S> <C> <C> <C> <C> <C>
1 Cablevision Bear Stearns 2,400,000 0.500% 12/05/97
2 United International Donaldson, Lufkin 2,700,000 0.196% 01/30/98
Holdings, Inc. & Jenrette
3 Chesapeake Energy Corp. Donaldson, Lufkin 2,000,000 0.400% 04/17/98
& Jenrette
</TABLE>
<PAGE>
Other Firms participating in Underwriting
UNDERWRITING FOR #1
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co., Incorporated
Salomon Brothers Inc.
UNDERWRITING FOR #2
Donaldson, Lufkin & Jenrette Securities Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley Dean Witter
TD Securities Inc.
UNDERWRITING FOR #3
Morgan Stanley & Co. Incorporated
Bear, Stearns & Co. Inc.
Lehman Brothers Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> HIGH YIELD CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 425,411,972 <F1>
<INVESTMENTS-AT-VALUE> 428,470,750 <F1>
<RECEIVABLES> 16,497,776 <F1>
<ASSETS-OTHER> 14,161 <F1>
<OTHER-ITEMS-ASSETS> 228,834 <F1>
<TOTAL-ASSETS> 445,211,521 <F1>
<PAYABLE-FOR-SECURITIES> 4,750,000 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,401,450 <F1>
<TOTAL-LIABILITIES> 8,151,450 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 369,566,903
<SHARES-COMMON-STOCK> 28,360,164
<SHARES-COMMON-PRIOR> 29,228,811
<ACCUMULATED-NII-CURRENT> (1,685,377)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (86,114,158)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 2,966,018 <F1>
<NET-ASSETS> 280,565,914
<DIVIDEND-INCOME> 951,901 <F1>
<INTEREST-INCOME> 40,758,538 <F1>
<OTHER-INCOME> 1,196,387 <F1>
<EXPENSES-NET> (6,179,642)<F1>
<NET-INVESTMENT-INCOME> 36,727,184 <F1>
<REALIZED-GAINS-CURRENT> 10,238,004 <F1>
<APPREC-INCREASE-CURRENT> (8,832,338)<F1>
<NET-CHANGE-FROM-OPS> 38,132,850 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (24,757,453)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,945,784
<NUMBER-OF-SHARES-REDEEMED> (10,812,030)
<SHARES-REINVESTED> 997,599
<NET-CHANGE-IN-ASSETS> (7,452,369)
<ACCUMULATED-NII-PRIOR> (1,905,853)<F1>
<ACCUMULATED-GAINS-PRIOR> (96,270,175)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 3,298,466 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 6,619,437 <F1>
<AVERAGE-NET-ASSETS> 288,847,126
<PER-SHARE-NAV-BEGIN> 9.854
<PER-SHARE-NII> 0.857
<PER-SHARE-GAIN-APPREC> 0.037
<PER-SHARE-DIVIDEND> (0.855)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.893
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> HIGH YIELD CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 425,411,972 <F1>
<INVESTMENTS-AT-VALUE> 428,470,750 <F1>
<RECEIVABLES> 16,497,776 <F1>
<ASSETS-OTHER> 14,161 <F1>
<OTHER-ITEMS-ASSETS> 228,834 <F1>
<TOTAL-ASSETS> 445,211,521 <F1>
<PAYABLE-FOR-SECURITIES> 4,750,000 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,401,450 <F1>
<TOTAL-LIABILITIES> 8,151,450 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,033,457
<SHARES-COMMON-STOCK> 14,662,143
<SHARES-COMMON-PRIOR> 13,054,923
<ACCUMULATED-NII-CURRENT> (1,685,377)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (86,114,158)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 2,966,018 <F1>
<NET-ASSETS> 145,003,244
<DIVIDEND-INCOME> 951,901 <F1>
<INTEREST-INCOME> 40,758,538 <F1>
<OTHER-INCOME> 1,196,387 <F1>
<EXPENSES-NET> (6,179,642)<F1>
<NET-INVESTMENT-INCOME> 36,727,184 <F1>
<REALIZED-GAINS-CURRENT> 10,238,004 <F1>
<APPREC-INCREASE-CURRENT> (8,832,338)<F1>
<NET-CHANGE-FROM-OPS> 38,132,850 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (11,057,055)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,588,921
<NUMBER-OF-SHARES-REDEEMED> (3,408,945)
<SHARES-REINVESTED> 427,244
<NET-CHANGE-IN-ASSETS> 16,348,131
<ACCUMULATED-NII-PRIOR> (1,905,853)<F1>
<ACCUMULATED-GAINS-PRIOR> (96,270,175)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 3,298,466 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 6,619,437 <F1>
<AVERAGE-NET-ASSETS> 141,136,790
<PER-SHARE-NAV-BEGIN> 9.855
<PER-SHARE-NII> 0.782
<PER-SHARE-GAIN-APPREC> 0.036
<PER-SHARE-DIVIDEND> (0.783)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.890
<EXPENSE-RATIO> 1.91
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> HIGH YIELD CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 425,411,972 <F1>
<INVESTMENTS-AT-VALUE> 428,470,750 <F1>
<RECEIVABLES> 16,497,776 <F1>
<ASSETS-OTHER> 14,161 <F1>
<OTHER-ITEMS-ASSETS> 228,834 <F1>
<TOTAL-ASSETS> 445,211,521 <F1>
<PAYABLE-FOR-SECURITIES> 4,750,000 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,401,450 <F1>
<TOTAL-LIABILITIES> 8,151,450 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,293,228
<SHARES-COMMON-STOCK> 1,162,594
<SHARES-COMMON-PRIOR> 820,064
<ACCUMULATED-NII-CURRENT> (1,685,377)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (86,114,158)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 2,966,018 <F1>
<NET-ASSETS> 11,490,913
<DIVIDEND-INCOME> 951,901 <F1>
<INTEREST-INCOME> 40,758,538 <F1>
<OTHER-INCOME> 1,196,387 <F1>
<EXPENSES-NET> (6,179,642)<F1>
<NET-INVESTMENT-INCOME> 36,727,184 <F1>
<REALIZED-GAINS-CURRENT> 10,238,004 <F1>
<APPREC-INCREASE-CURRENT> (8,832,338)<F1>
<NET-CHANGE-FROM-OPS> 38,132,850 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (774,187)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 687,284
<NUMBER-OF-SHARES-REDEEMED> (385,647)
<SHARES-REINVESTED> 40,893
<NET-CHANGE-IN-ASSETS> 3,412,676
<ACCUMULATED-NII-PRIOR> (1,905,853)<F1>
<ACCUMULATED-GAINS-PRIOR> (96,270,175)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 3,298,466 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 6,619,437 <F1>
<AVERAGE-NET-ASSETS> 9,889,417
<PER-SHARE-NAV-BEGIN> 9.851
<PER-SHARE-NII> 0.780
<PER-SHARE-GAIN-APPREC> 0.036
<PER-SHARE-DIVIDEND> (0.783)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.884
<EXPENSE-RATIO> 1.91
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> Indicates composite number for the fund.
</LEGEND>
<SERIES>
<NUMBER> 21
<NAME> S-T GBL CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 67,049,220 <F1>
<INVESTMENTS-AT-VALUE> 65,584,055 <F1>
<RECEIVABLES> 3,725,558 <F1>
<ASSETS-OTHER> 821 <F1>
<OTHER-ITEMS-ASSETS> 258,227 <F1>
<TOTAL-ASSETS> 69,568,661 <F1>
<PAYABLE-FOR-SECURITIES> 2,151,356 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 1,807,294 <F1>
<TOTAL-LIABILITIES> 3,958,650 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,828,371
<SHARES-COMMON-STOCK> 6,222,565
<SHARES-COMMON-PRIOR> 5,226,968
<ACCUMULATED-NII-CURRENT> (1,985,847)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (63,342,564)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (2,416,979)<F1>
<NET-ASSETS> 45,725,525
<DIVIDEND-INCOME> 14,298 <F1>
<INTEREST-INCOME> 5,294,057 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,393,589)<F1>
<NET-INVESTMENT-INCOME> 3,914,766 <F1>
<REALIZED-GAINS-CURRENT> (267,176)<F1>
<APPREC-INCREASE-CURRENT> (996,003)<F1>
<NET-CHANGE-FROM-OPS> 2,651,587 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (2,310,645)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,451,703
<NUMBER-OF-SHARES-REDEEMED> (1,683,807)
<SHARES-REINVESTED> 227,701
<NET-CHANGE-IN-ASSETS> (6,265,639)
<ACCUMULATED-NII-PRIOR> (445,277)<F1>
<ACCUMULATED-GAINS-PRIOR> (64,274,870)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 434,761 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,408,135 <F1>
<AVERAGE-NET-ASSETS> 40,809,966
<PER-SHARE-NAV-BEGIN> 7.550
<PER-SHARE-NII> 0.390
<PER-SHARE-GAIN-APPREC> (0.130)
<PER-SHARE-DIVIDEND> (0.420)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.040)
<PER-SHARE-NAV-END> 7.350
<EXPENSE-RATIO> 1.39
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> Indicates composite number for the fund.
</LEGEND>
<SERIES>
<NUMBER> 22
<NAME> S-T GBL CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 67,049,220 <F1>
<INVESTMENTS-AT-VALUE> 65,584,055 <F1>
<RECEIVABLES> 3,725,558 <F1>
<ASSETS-OTHER> 821 <F1>
<OTHER-ITEMS-ASSETS> 258,227 <F1>
<TOTAL-ASSETS> 69,568,661 <F1>
<PAYABLE-FOR-SECURITIES> 2,151,356 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 1,807,294 <F1>
<TOTAL-LIABILITIES> 3,958,650 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,184,630
<SHARES-COMMON-STOCK> 2,661,333
<SHARES-COMMON-PRIOR> 6,903,293
<ACCUMULATED-NII-CURRENT> (1,985,847)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (63,342,564)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (2,416,979)<F1>
<NET-ASSETS> 19,551,829
<DIVIDEND-INCOME> 14,298 <F1>
<INTEREST-INCOME> 5,294,057 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,393,589)<F1>
<NET-INVESTMENT-INCOME> 3,914,766 <F1>
<REALIZED-GAINS-CURRENT> (267,176)<F1>
<APPREC-INCREASE-CURRENT> (996,003)<F1>
<NET-CHANGE-FROM-OPS> 2,651,587 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (1,921,964)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,808
<NUMBER-OF-SHARES-REDEEMED> (4,446,060)
<SHARES-REINVESTED> 139,292
<NET-CHANGE-IN-ASSETS> (32,541,248)
<ACCUMULATED-NII-PRIOR> (445,277)<F1>
<ACCUMULATED-GAINS-PRIOR> (64,274,870)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 434,761 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,408,135 <F1>
<AVERAGE-NET-ASSETS> 37,912,576
<PER-SHARE-NAV-BEGIN> 7.550
<PER-SHARE-NII> 0.360
<PER-SHARE-GAIN-APPREC> (0.160)
<PER-SHARE-DIVIDEND> (0.370)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.030)
<PER-SHARE-NAV-END> 7.350
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> Indicates composite number for the fund.
</LEGEND>
<SERIES>
<NUMBER> 23
<NAME> S-T GBL CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 67,049,220 <F1>
<INVESTMENTS-AT-VALUE> 65,584,055 <F1>
<RECEIVABLES> 3,725,558 <F1>
<ASSETS-OTHER> 821 <F1>
<OTHER-ITEMS-ASSETS> 258,227 <F1>
<TOTAL-ASSETS> 69,568,661 <F1>
<PAYABLE-FOR-SECURITIES> 2,151,356 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 1,807,294 <F1>
<TOTAL-LIABILITIES> 3,958,650 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 342,400
<SHARES-COMMON-STOCK> 45,275
<SHARES-COMMON-PRIOR> 23,754
<ACCUMULATED-NII-CURRENT> (1,985,847)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (63,342,564)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (2,416,979)<F1>
<NET-ASSETS> 332,657
<DIVIDEND-INCOME> 14,298 <F1>
<INTEREST-INCOME> 5,294,057 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,393,589)<F1>
<NET-INVESTMENT-INCOME> 3,914,766 <F1>
<REALIZED-GAINS-CURRENT> (267,176)<F1>
<APPREC-INCREASE-CURRENT> (996,003)<F1>
<NET-CHANGE-FROM-OPS> 2,651,587 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (13,245)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,354
<NUMBER-OF-SHARES-REDEEMED> (5,747)
<SHARES-REINVESTED> 1,914
<NET-CHANGE-IN-ASSETS> 153,429
<ACCUMULATED-NII-PRIOR> (445,277)<F1>
<ACCUMULATED-GAINS-PRIOR> (64,274,870)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 434,761 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,408,135 <F1>
<AVERAGE-NET-ASSETS> 274,117
<PER-SHARE-NAV-BEGIN> 7.550
<PER-SHARE-NII> 0.340
<PER-SHARE-GAIN-APPREC> (0.140)
<PER-SHARE-DIVIDEND> (0.370)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> (0.030)
<PER-SHARE-NAV-END> 7.350
<EXPENSE-RATIO> 2.17
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 41
<NAME> STRAT INC CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 175,150,250 <F1>
<INVESTMENTS-AT-VALUE> 174,718,627 <F1>
<RECEIVABLES> 10,911,891 <F1>
<ASSETS-OTHER> 17,036 <F1>
<OTHER-ITEMS-ASSETS> 3,234,297 <F1>
<TOTAL-ASSETS> 188,881,851 <F1>
<PAYABLE-FOR-SECURITIES> 4,566,863 <F1>
<SENIOR-LONG-TERM-DEBT> 57,372,263 <F1>
<OTHER-ITEMS-LIABILITIES> 1,578,424 <F1>
<TOTAL-LIABILITIES> 63,517,550 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,827,145
<SHARES-COMMON-STOCK> 3,688,102
<SHARES-COMMON-PRIOR> 3,428,615
<ACCUMULATED-NII-CURRENT> (1,909,557)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (4,282,123)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (1,176,688)<F1>
<NET-ASSETS> 45,310,860
<DIVIDEND-INCOME> 786,323 <F1>
<INTEREST-INCOME> 13,354,450 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (4,923,671)<F1>
<NET-INVESTMENT-INCOME> 9,217,102 <F1>
<REALIZED-GAINS-CURRENT> (1,253,925)<F1>
<APPREC-INCREASE-CURRENT> (3,763,808)<F1>
<NET-CHANGE-FROM-OPS> 4,199,369 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (3,523,499)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,118,648
<NUMBER-OF-SHARES-REDEEMED> (990,262)
<SHARES-REINVESTED> 131,101
<NET-CHANGE-IN-ASSETS> 1,500,639
<ACCUMULATED-NII-PRIOR> 150,395 <F1>
<ACCUMULATED-GAINS-PRIOR> (5,066,351)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 1,262,844 <F1>
<INTEREST-EXPENSE> 2,151,078 <F1>
<GROSS-EXPENSE> 5,042,508 <F1>
<AVERAGE-NET-ASSETS> 45,536,818
<PER-SHARE-NAV-BEGIN> 12.778
<PER-SHARE-NII> 0.973
<PER-SHARE-GAIN-APPREC> (0.489)
<PER-SHARE-DIVIDEND> (0.976)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.286
<EXPENSE-RATIO> 1.68
<AVG-DEBT-OUTSTANDING> 43,522,971 <F1>
<AVG-DEBT-PER-SHARE> 4.3 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 43
<NAME> STRAT INC CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 175,150,250 <F1>
<INVESTMENTS-AT-VALUE> 174,718,627 <F1>
<RECEIVABLES> 10,911,891 <F1>
<ASSETS-OTHER> 17,036 <F1>
<OTHER-ITEMS-ASSETS> 3,234,297 <F1>
<TOTAL-ASSETS> 188,881,851 <F1>
<PAYABLE-FOR-SECURITIES> 4,566,863 <F1>
<SENIOR-LONG-TERM-DEBT> 57,372,263 <F1>
<OTHER-ITEMS-LIABILITIES> 1,578,424 <F1>
<TOTAL-LIABILITIES> 63,517,550 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,134,265
<SHARES-COMMON-STOCK> 314,039
<SHARES-COMMON-PRIOR> 300,301
<ACCUMULATED-NII-CURRENT> (1,909,557)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (4,282,123)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (1,176,688)<F1>
<NET-ASSETS> 3,854,373
<DIVIDEND-INCOME> 786,323 <F1>
<INTEREST-INCOME> 13,354,450 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (4,923,671)<F1>
<NET-INVESTMENT-INCOME> 9,217,102 <F1>
<REALIZED-GAINS-CURRENT> (1,253,925)<F1>
<APPREC-INCREASE-CURRENT> (3,763,808)<F1>
<NET-CHANGE-FROM-OPS> 4,199,369 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (264,008)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 150,464
<NUMBER-OF-SHARES-REDEEMED> (150,449)
<SHARES-REINVESTED> 13,723
<NET-CHANGE-IN-ASSETS> 20,274
<ACCUMULATED-NII-PRIOR> 150,395 <F1>
<ACCUMULATED-GAINS-PRIOR> (5,066,351)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 1,262,844 <F1>
<INTEREST-EXPENSE> 2,151,078 <F1>
<GROSS-EXPENSE> 5,042,508 <F1>
<AVERAGE-NET-ASSETS> 3,781,050
<PER-SHARE-NAV-BEGIN> 12.768
<PER-SHARE-NII> 0.876
<PER-SHARE-GAIN-APPREC> (0.490)
<PER-SHARE-DIVIDEND> (0.880)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.274
<EXPENSE-RATIO> 2.44
<AVG-DEBT-OUTSTANDING> 43,522,971 <F1>
<AVG-DEBT-PER-SHARE> 4.3 <F1>
</TABLE>
