<PAGE> PAGE 1
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<PAGE> PAGE 2
012 A00AA01 VAN KAMPEN INVESTOR SERVICES INC.
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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 logo}
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
Van Kampen High Yield Fund:
In planning and performing our audit of the financial statements of the Van
Kampen High Yield Fund (the "Fund"), for the nine-month period ended March 31,
1999, we considered its internal control, including control activities 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 internal control.
The management of the Van Kampen High Yield Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control that might be material weakness under standards established
by the American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal control and
its operation, including controls for safeguarding securities that we consider
to be material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Van Kampen High Yield Fund, and the Securities and
Exchange commission and is not intended to be and should not be used by anyone
other than these specified parties.
KPMG LLP
May 5, 1999
<PAGE>
{KPMG logo}
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
Van Kampen Short-Term Global Income Fund:
In planning and performing our audit of the financial statements of the Van
Kampen Short-Term Global Income Fund (the "Fund"), for the nine-month period
ended March 31, 1999, we considered its internal control, including control
activities 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
internal control.
The management of the Van Kampen Short-Term Global Income Fund is responsible
for establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control that might be material weakness under standards established
by the American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal control and
its operation, including controls for safeguarding securities that we consider
to be material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Van Kampen Short-Term Global Income Fund, and the
Securities and Exchange commission and is not intended to be and should not be
used by anyone other than these specified parties.
KPMG LLP
May 6, 1999
<PAGE>
{KPMG logo}
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
Van Kampen Strategic Income Fund:
In planning and performing our audit of the financial statements of the Van
Kampen Strategic Income Fund (the "Fund"), for the nine-month period ended March
31, 1999, we considered its internal control, including control activities 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 internal control.
The management of the Van Kampen Strategic Income Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control that might be material weakness under standards established
by the American Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 internal control and
its operation, including controls for safeguarding securities that we consider
to be material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Van Kampen Strategic Income Fund, and the Securities and
Exchange commission and is not intended to be and should not be used by anyone
other than these specified parties.
KPMG LLP
May 6, 1999
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC High Yield Fund
10f-3 Transactions
UNDERWRITING # UNDERWRITING PURCHASED FROM AMOUNT OF SHARES % OF DATE OF
PURCHASED UNDERWRITING PURCHASE
<S> <C> <C> <C> <C> <C>
1 PSI Net DLJ 2,500,000 1.250% 10/28/98
2 Atlas Air Bankers Trust 2,000,000 1.300% 11/13/98
3 Rep of Argentina JP Morgan 1,750,000 0.180% 11/18/98
4 Oxford Automotive Bear Stearns 2,750,000 6.880% 12/01/98
5 Centennial Cellular Merrill Lynch 1,750,000 0.470% 12/10/98
6 Primus Telecom Lehman 1,250,000 0.710% 01/22/99
7 Fairchild Semiconducto CSFB 2,000,000 0.800% 03/29/99
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NSAR ITEM 770
VK Strategic Income Fund
10f-3 Transactions
Underwriting # Underwriting Purchased From Amount of Shares % of Date of
Purchased Underwriting Purchase
<S> <C> <C> <C> <C> <C>
1 Tyco International JP Morgan 1,500,000 0.200% 06/04/98
Group, S.A. DRS
2 Federal Mogul Corp. Bear Stearns 1,000,000 0.100% 06/25/98
3 Associates Dresdner 7,000,000 0.050% 10/27/98
4 Rep of Argentina JP Morgan 1,250,000 0.130% 11/18/98
5 Centennial Cellular Merrill Lynch 250,000 0.060% 12/10/98
6 Primus Telecom Lehman 250,000 0.140% 01/22/99
7 Fairchild Semiconducto CSFB 2,000,000 0.800% 03/29/99
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999 <F1>
<PERIOD-START> JUL-01-1998 <F1>
<PERIOD-END> MAR-31-1999 <F1>
<INVESTMENTS-AT-COST> 463,575,882 <F1>
<INVESTMENTS-AT-VALUE> 441,397,287 <F1>
<RECEIVABLES> 13,009,932 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 37,598 <F1>
<TOTAL-ASSETS> 454,444,817 <F1>
<PAYABLE-FOR-SECURITIES> 23,269,159 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,212,603 <F1>
<TOTAL-LIABILITIES> 26,481,762 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 391,207,193
<SHARES-COMMON-STOCK> 30,761,644
<SHARES-COMMON-PRIOR> 28,360,164
<ACCUMULATED-NII-CURRENT> (2,433,418)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (97,935,246)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (22,324,238)<F1>
<NET-ASSETS> 277,921,376
<DIVIDEND-INCOME> 383,121 <F1>
<INTEREST-INCOME> 30,971,247 <F1>
<OTHER-INCOME> 90,486 <F1>
<EXPENSES-NET> (4,452,894)<F1>
<NET-INVESTMENT-INCOME> 26,991,960 <F1>
<REALIZED-GAINS-CURRENT> (11,821,088)<F1>
<APPREC-INCREASE-CURRENT> (25,290,256)<F1>
<NET-CHANGE-FROM-OPS> (10,119,384)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (18,518,999)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,548,658
<NUMBER-OF-SHARES-REDEEMED> (6,997,669)
<SHARES-REINVESTED> 850,491
<NET-CHANGE-IN-ASSETS> (2,644,538)
<ACCUMULATED-NII-PRIOR> (1,685,377)<F1>
<ACCUMULATED-GAINS-PRIOR> (86,114,158)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 2,325,843 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 4,763,006 <F1>
<AVERAGE-NET-ASSETS> 267,351,703
<PER-SHARE-NAV-BEGIN> 9.893
<PER-SHARE-NII> 0.619
<PER-SHARE-GAIN-APPREC> (0.848)
<PER-SHARE-DIVIDEND> (0.630)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.034
<EXPENSE-RATIO> 1.17
[AVG-DEBT-OUTSTANDING] 0 <F1>
[AVG-DEBT-PER-SHARE] 0 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999 <F1>
<PERIOD-START> JUL-01-1998 <F1>
<PERIOD-END> MAR-31-1999 <F1>
<INVESTMENTS-AT-COST> 463,575,882 <F1>
<INVESTMENTS-AT-VALUE> 441,397,287 <F1>
<RECEIVABLES> 13,009,932 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 37,598 <F1>
<TOTAL-ASSETS> 454,444,817 <F1>
<PAYABLE-FOR-SECURITIES> 23,269,159 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,212,603 <F1>
<TOTAL-LIABILITIES> 26,481,762 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,042,232
<SHARES-COMMON-STOCK> 14,990,680
<SHARES-COMMON-PRIOR> 14,662,143
<ACCUMULATED-NII-CURRENT> (2,433,418)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (97,935,246)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (22,324,238)<F1>
<NET-ASSETS> 135,389,202
<DIVIDEND-INCOME> 383,121 <F1>
<INTEREST-INCOME> 30,971,247 <F1>
<OTHER-INCOME> 90,486 <F1>
<EXPENSES-NET> (4,452,894)<F1>
<NET-INVESTMENT-INCOME> 26,991,960 <F1>
<REALIZED-GAINS-CURRENT> (11,821,088)<F1>
<APPREC-INCREASE-CURRENT> (25,290,256)<F1>
<NET-CHANGE-FROM-OPS> (10,119,384)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (8,450,628)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,618,109
<NUMBER-OF-SHARES-REDEEMED> (4,654,114)
<SHARES-REINVESTED> 364,542
<NET-CHANGE-IN-ASSETS> (9,614,042)
<ACCUMULATED-NII-PRIOR> (1,685,377)<F1>
<ACCUMULATED-GAINS-PRIOR> (86,114,158)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 2,325,843 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 4,763,006 <F1>
<AVERAGE-NET-ASSETS> 133,616,096
<PER-SHARE-NAV-BEGIN> 9.890
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> (0.842)
<PER-SHARE-DIVIDEND> (0.576)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.032
<EXPENSE-RATIO> 1.93
[AVG-DEBT-OUTSTANDING] 0 <F1>
[AVG-DEBT-PER-SHARE] 0 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999 <F1>
<PERIOD-START> JUL-01-1998 <F1>
<PERIOD-END> MAR-31-1999 <F1>
<INVESTMENTS-AT-COST> 463,575,882 <F1>
<INVESTMENTS-AT-VALUE> 441,397,287 <F1>
<RECEIVABLES> 13,009,932 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 37,598 <F1>
<TOTAL-ASSETS> 454,444,817 <F1>
<PAYABLE-FOR-SECURITIES> 23,269,159 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 3,212,603 <F1>
<TOTAL-LIABILITIES> 26,481,762 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,406,532
<SHARES-COMMON-STOCK> 1,623,895
<SHARES-COMMON-PRIOR> 1,162,594
<ACCUMULATED-NII-CURRENT> (2,433,418)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (97,935,246)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (22,324,238)<F1>
<NET-ASSETS> 14,652,477
<DIVIDEND-INCOME> 383,121 <F1>
<INTEREST-INCOME> 30,971,247 <F1>
<OTHER-INCOME> 90,486 <F1>
<EXPENSES-NET> (4,452,894)<F1>
<NET-INVESTMENT-INCOME> 26,991,960 <F1>
<REALIZED-GAINS-CURRENT> (11,821,088)<F1>
<APPREC-INCREASE-CURRENT> (25,290,256)<F1>
<NET-CHANGE-FROM-OPS> (10,119,384)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (770,374)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 916,995
<NUMBER-OF-SHARES-REDEEMED> (501,047)
<SHARES-REINVESTED> 45,353
<NET-CHANGE-IN-ASSETS> 3,161,564
<ACCUMULATED-NII-PRIOR> (1,685,377)<F1>
<ACCUMULATED-GAINS-PRIOR> (86,114,158)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 2,325,843 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 4,763,006 <F1>
<AVERAGE-NET-ASSETS> 12,154,883
<PER-SHARE-NAV-BEGIN> 9.884
<PER-SHARE-NII> 0.562
<PER-SHARE-GAIN-APPREC> (0.847)
<PER-SHARE-DIVIDEND> (0.576)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.023
<EXPENSE-RATIO> 1.93
[AVG-DEBT-OUTSTANDING] 0 <F1>
[AVG-DEBT-PER-SHARE] 0 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 21
<NAME> S-T GBL CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 56,708,110 <F1>
<INVESTMENTS-AT-VALUE> 54,014,751 <F1>
<RECEIVABLES> 876,711 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 871 <F1>
<TOTAL-ASSETS> 54,892,333 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 611,912 <F1>
<TOTAL-LIABILITIES> 611,912 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,377,296
<SHARES-COMMON-STOCK> 7,142,474
<SHARES-COMMON-PRIOR> 6,222,565
<ACCUMULATED-NII-CURRENT> (1,974,455)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (64,794,090)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (2,802,037)<F1>
<NET-ASSETS> 50,986,605
<DIVIDEND-INCOME> 26,486 <F1>
<INTEREST-INCOME> 3,400,269 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (737,002)<F1>
<NET-INVESTMENT-INCOME> 2,689,753 <F1>
<REALIZED-GAINS-CURRENT> (1,451,526)<F1>
<APPREC-INCREASE-CURRENT> (385,058)<F1>
<NET-CHANGE-FROM-OPS> 853,169 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (2,323,505)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,006,866
<NUMBER-OF-SHARES-REDEEMED> (1,242,343)
<SHARES-REINVESTED> 155,386
<NET-CHANGE-IN-ASSETS> 5,261,080
<ACCUMULATED-NII-PRIOR> (1,985,847)<F1>
<ACCUMULATED-GAINS-PRIOR> (63,342,564)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 242,697 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 737,002 <F1>
<AVERAGE-NET-ASSETS> 49,946,089
<PER-SHARE-NAV-BEGIN> 7.350
<PER-SHARE-NII> 0.330
<PER-SHARE-GAIN-APPREC> (0.210)
<PER-SHARE-DIVIDEND> (0.330)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.140
<EXPENSE-RATIO> 1.56
[AVG-DEBT-OUTSTANDING] 0 <F1>
[AVG-DEBT-PER-SHARE] 0 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 22
<NAME> S-T GBL CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 56,708,110 <F1>
<INVESTMENTS-AT-VALUE> 54,014,751 <F1>
<RECEIVABLES> 876,711 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 871 <F1>
<TOTAL-ASSETS> 54,892,333 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 611,912 <F1>
<TOTAL-LIABILITIES> 611,912 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,190,817
<SHARES-COMMON-STOCK> 424,495
<SHARES-COMMON-PRIOR> 2,661,333
<ACCUMULATED-NII-CURRENT> (1,974,455)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (64,794,090)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (2,802,037)<F1>
<NET-ASSETS> 3,029,945
<DIVIDEND-INCOME> 26,486 <F1>
<INTEREST-INCOME> 3,400,269 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (737,002)<F1>
<NET-INVESTMENT-INCOME> 2,689,753 <F1>
<REALIZED-GAINS-CURRENT> (1,451,526)<F1>
<APPREC-INCREASE-CURRENT> (385,058)<F1>
<NET-CHANGE-FROM-OPS> 853,169 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (342,314)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,305
<NUMBER-OF-SHARES-REDEEMED> (2,299,947)
<SHARES-REINVESTED> 24,804
<NET-CHANGE-IN-ASSETS> (16,521,884)
<ACCUMULATED-NII-PRIOR> (1,985,847)<F1>
<ACCUMULATED-GAINS-PRIOR> (63,342,564)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 242,697 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 737,002 <F1>
<AVERAGE-NET-ASSETS> 8,491,941
<PER-SHARE-NAV-BEGIN> 7.350
<PER-SHARE-NII> 0.360
<PER-SHARE-GAIN-APPREC> (0.280)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.140
<EXPENSE-RATIO> 2.31
[AVG-DEBT-OUTSTANDING] 0 <F1>
[AVG-DEBT-PER-SHARE] 0 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 23
<NAME> S-T GBL CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 56,708,110 <F1>
<INVESTMENTS-AT-VALUE> 54,014,751 <F1>
<RECEIVABLES> 876,711 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 871 <F1>
<TOTAL-ASSETS> 54,892,333 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 611,912 <F1>
<TOTAL-LIABILITIES> 611,912 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 282,890
<SHARES-COMMON-STOCK> 36,957
<SHARES-COMMON-PRIOR> 45,275
<ACCUMULATED-NII-CURRENT> (1,974,455)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (64,794,090)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (2,802,037)<F1>
<NET-ASSETS> 263,871
<DIVIDEND-INCOME> 26,486 <F1>
<INTEREST-INCOME> 3,400,269 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (737,002)<F1>
<NET-INVESTMENT-INCOME> 2,689,753 <F1>
<REALIZED-GAINS-CURRENT> (1,451,526)<F1>
<APPREC-INCREASE-CURRENT> (385,058)<F1>
<NET-CHANGE-FROM-OPS> 853,169 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (12,542)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,367
<NUMBER-OF-SHARES-REDEEMED> (18,281)
<SHARES-REINVESTED> 1,596
<NET-CHANGE-IN-ASSETS> (68,786)
<ACCUMULATED-NII-PRIOR> (1,985,847)<F1>
<ACCUMULATED-GAINS-PRIOR> (63,342,564)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 242,697 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 737,002 <F1>
<AVERAGE-NET-ASSETS> 310,696
<PER-SHARE-NAV-BEGIN> 7.350
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> (0.210)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.140
<EXPENSE-RATIO> 2.33
[AVG-DEBT-OUTSTANDING] 0 <F1>
[AVG-DEBT-PER-SHARE] 0 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 31
<NAME> STRAT INC CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999 <F1>
<PERIOD-START> JUL-01-1998 <F1>
<PERIOD-END> MAR-31-1999 <F1>
<INVESTMENTS-AT-COST> 159,041,593 <F1>
<INVESTMENTS-AT-VALUE> 151,784,163 <F1>
<RECEIVABLES> 4,613,350 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 81,577 <F1>
<TOTAL-ASSETS> 156,479,090 <F1>
<PAYABLE-FOR-SECURITIES> 12,817,783 <F1>
<SENIOR-LONG-TERM-DEBT> 33,723,983 <F1>
<OTHER-ITEMS-LIABILITIES> 1,315,903 <F1>
<TOTAL-LIABILITIES> 47,857,669 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,062,509
<SHARES-COMMON-STOCK> 3,791,107
<SHARES-COMMON-PRIOR> 3,688,102
<ACCUMULATED-NII-CURRENT> (2,156,891)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (11,037,358)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (7,276,985)<F1>
<NET-ASSETS> 41,769,149
<DIVIDEND-INCOME> 317,905 <F1>
<INTEREST-INCOME> 9,534,743 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (3,295,150)<F1>
<NET-INVESTMENT-INCOME> 6,557,498 <F1>
<REALIZED-GAINS-CURRENT> (6,755,235)<F1>
<APPREC-INCREASE-CURRENT> (6,100,297)<F1>
<NET-CHANGE-FROM-OPS> (6,298,034)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (2,678,679)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 797,826
<NUMBER-OF-SHARES-REDEEMED> (807,350)
<SHARES-REINVESTED> 112,529
<NET-CHANGE-IN-ASSETS> (3,541,711)
<ACCUMULATED-NII-PRIOR> (1,909,557)<F1>
<ACCUMULATED-GAINS-PRIOR> (4,282,123)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 893,505 <F1>
<INTEREST-EXPENSE> 1,555,993 <F1>
<GROSS-EXPENSE> 3,543,100 <F1>
<AVERAGE-NET-ASSETS> 42,441,098
<PER-SHARE-NAV-BEGIN> 12.286
<PER-SHARE-NII> 0.679
<PER-SHARE-GAIN-APPREC> (1.236)
<PER-SHARE-DIVIDEND> (0.711)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.018
<EXPENSE-RATIO> 1.53
[AVG-DEBT-OUTSTANDING] 42,929,000 <F1>
[AVG-DEBT-PER-SHARE] 4.4 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 32
<NAME> STRAT INC CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999 <F1>
<PERIOD-START> JUL-01-1998 <F1>
<PERIOD-END> MAR-31-1999 <F1>
<INVESTMENTS-AT-COST> 159,041,593 <F1>
<INVESTMENTS-AT-VALUE> 151,784,163 <F1>
<RECEIVABLES> 4,613,350 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 81,577 <F1>
<TOTAL-ASSETS> 156,479,090 <F1>
<PAYABLE-FOR-SECURITIES> 12,817,783 <F1>
<SENIOR-LONG-TERM-DEBT> 33,723,983 <F1>
<OTHER-ITEMS-LIABILITIES> 1,315,903 <F1>
<TOTAL-LIABILITIES> 47,857,669 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,267,108
<SHARES-COMMON-STOCK> 5,696,756
<SHARES-COMMON-PRIOR> 6,201,916
<ACCUMULATED-NII-CURRENT> (2,156,891)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (11,037,358)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (7,276,985)<F1>
<NET-ASSETS> 62,812,837
<DIVIDEND-INCOME> 317,905 <F1>
<INTEREST-INCOME> 9,534,743 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (3,295,150)<F1>
<NET-INVESTMENT-INCOME> 6,557,498 <F1>
<REALIZED-GAINS-CURRENT> (6,755,235)<F1>
<APPREC-INCREASE-CURRENT> (6,100,297)<F1>
<NET-CHANGE-FROM-OPS> (6,298,034)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (3,896,704)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 895,851
<NUMBER-OF-SHARES-REDEEMED> (1,549,706)
<SHARES-REINVESTED> 148,695
<NET-CHANGE-IN-ASSETS> (13,386,231)
<ACCUMULATED-NII-PRIOR> (1,909,557)<F1>
<ACCUMULATED-GAINS-PRIOR> (4,282,123)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 893,505 <F1>
<INTEREST-EXPENSE> 1,555,993 <F1>
<GROSS-EXPENSE> 3,543,100 <F1>
<AVERAGE-NET-ASSETS> 68,706,348
<PER-SHARE-NAV-BEGIN> 12.286
<PER-SHARE-NII> 0.622
<PER-SHARE-GAIN-APPREC> (1.243)
<PER-SHARE-DIVIDEND> (0.639)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.026
<EXPENSE-RATIO> 2.29
[AVG-DEBT-OUTSTANDING] 42,929,000 <F1>
[AVG-DEBT-PER-SHARE] 4.4 <F1>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 33
<NAME> STRAT INC CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-1999 <F1>
<PERIOD-START> JUL-01-1998 <F1>
<PERIOD-END> MAR-31-1999 <F1>
<INVESTMENTS-AT-COST> 159,041,593 <F1>
<INVESTMENTS-AT-VALUE> 151,784,163 <F1>
<RECEIVABLES> 4,613,350 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 81,577 <F1>
<TOTAL-ASSETS> 156,479,090 <F1>
<PAYABLE-FOR-SECURITIES> 12,817,783 <F1>
<SENIOR-LONG-TERM-DEBT> 33,723,983 <F1>
<OTHER-ITEMS-LIABILITIES> 1,315,903 <F1>
<TOTAL-LIABILITIES> 47,857,669 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,763,038
<SHARES-COMMON-STOCK> 366,787
<SHARES-COMMON-PRIOR> 314,039
<ACCUMULATED-NII-CURRENT> (2,156,891)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (11,037,358)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (7,276,985)<F1>
<NET-ASSETS> 4,039,435
<DIVIDEND-INCOME> 317,905 <F1>
<INTEREST-INCOME> 9,534,743 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (3,295,150)<F1>
<NET-INVESTMENT-INCOME> 6,557,498 <F1>
<REALIZED-GAINS-CURRENT> (6,755,235)<F1>
<APPREC-INCREASE-CURRENT> (6,100,297)<F1>
<NET-CHANGE-FROM-OPS> (6,298,034)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (229,449)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 156,680
<NUMBER-OF-SHARES-REDEEMED> (117,752)
<SHARES-REINVESTED> 13,820
<NET-CHANGE-IN-ASSETS> 185,062
<ACCUMULATED-NII-PRIOR> (1,909,557)<F1>
<ACCUMULATED-GAINS-PRIOR> (4,282,123)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 893,505 <F1>
<INTEREST-EXPENSE> 1,555,993 <F1>
<GROSS-EXPENSE> 3,543,100 <F1>
<AVERAGE-NET-ASSETS> 4,046,723
<PER-SHARE-NAV-BEGIN> 12.274
<PER-SHARE-NII> 0.607
<PER-SHARE-GAIN-APPREC> (1.229)
<PER-SHARE-DIVIDEND> (0.639)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.013
<EXPENSE-RATIO> 2.28
[AVG-DEBT-OUTSTANDING] 42,929,000 <F1>
[AVG-DEBT-PER-SHARE] 4.4 <F1>
</TABLE>
