<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
1201 Louisiana, Suite 2900 Telephone 713 654 4100
Houston, TX 77002-5678 Facsimile 713 750 4717
Price Waterhouse LLP
July 14, 1997
To the Board of Directors of the Funds Constituting
Van Kampen American Capital World Portfolio Series, Inc.
In planning and performing our audit of the financial statements of the Van
Kampen American Global Government Securities Fund and Van Kampen
American Capital Global Equity Fund (constituting Van Kampen American
Capital World Portfolio Series, Inc., hereinafter referred to as the "Funds")
for the year ended May 31, 1997, we considered its internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purposes of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and not
to provide assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In frilfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
control activities. Generally, control activities 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. The control activities include the safeguarding of assets
against unauthonzed acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Mso, projection of any evaluation of internal
control to fliture 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 would not necessarily disclose all
matters in the internal control 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 any specific internal control components 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
July 14, 1997
To the Board of Directors
Page2
functions. However, we noted no matters involving internal control, including
control activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Houston, Texas
July 14, 1997
NSAR ITEM 77C
Van Kampen American Capital Global Equity Fund
(a) A Special Meeting of Shareholders was held on October 25,
1996.
(b) The election of Trustees of Van Kampen American Capital
Global Equity Fund ("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 8,411,887 Against 142,975
Approval of Interim Subadvisory Agreement with Morgan
Stanley Asset Management, Inc. in the event of a change
of control of the Adviser.
For 8,357,860 Against 155,214
Approval of Interim Subadvisory Agreement with John Govett &
Co. in the event of a change of control of the Adviser.
For 8,327,736 Against 179,714
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 6,809,730 Against 204,982
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its Current
Fiscal Year.
For 8,494,475 Against 91,935
NSAR ITEM 77C
Van Kampen American Capital Global Equity Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital
Global Equity Fund ("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 9,859,110 Against 157,683
Approval of New Subadvisory Agreement with Morgan Stanley
Asset Management, Inc. in the event of a change of control
of the Adviser.
For 9,880,018 Against 152,446
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its Current
Fiscal Year.
For 9,919,577 Against 122,810
NSAR ITEM 77C
Van Kampen American Capital Global Government Securities Fund
(a) A Special Meeting of Shareholders was held on October 25,
1996.
(b) The election of Trustees of Van Kampen American Capital
Global Government Securities 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 11,366,934 Against 215,895
Approval of Interim Subadvisory Agreement with Morgan Stanley
Asset Management, Inc. in the event of a change of control of
the Adviser.
For 11,358,098 Against 213,758
Approval of Interim Subadvisory Agreement with John Govett &
Co. in the event of a change of control of the Adviser.
For 11,307,364 Against 248,633
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 7,988,731 Against 291,182
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its Current
Fiscal Year.
For 11,495,026 Against 137,548
NSAR ITEM 77C
Van Kampen American Capital Global Government Securities Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital
Global Government Securities 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 7,540,303 Against 165,006
Approval of New Subadvisory Agreement with Morgan Stanley Asset
Management, Inc. in the event of a change of control of the
Adviser.
For 7,541,975 Against 160,213
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its Current
Fiscal Year.
For 7,630,081 Against 93,117
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<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Indicates composite number for the fund.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Global Equity Fund Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 240819409<F1>
<INVESTMENTS-AT-VALUE> 266819462<F1>
<RECEIVABLES> 7648888<F1>
<ASSETS-OTHER> 16<F1>
<OTHER-ITEMS-ASSETS> 2648750<F1>
<TOTAL-ASSETS> 277117116<F1>
<PAYABLE-FOR-SECURITIES> 1823802<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1229397<F1>
<TOTAL-LIABILITIES> 3053199<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95878421
<SHARES-COMMON-STOCK> 8101269
<SHARES-COMMON-PRIOR> 6857163
<ACCUMULATED-NII-CURRENT> (879465)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 38644391<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 26931817<F1>
<NET-ASSETS> 124096728
<DIVIDEND-INCOME> 3102509<F1>
<INTEREST-INCOME> 732388<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (5787088)<F1>
<NET-INVESTMENT-INCOME> (1952191)<F1>
<REALIZED-GAINS-CURRENT> 42112838<F1>
<APPREC-INCREASE-CURRENT> (810153)<F1>
<NET-CHANGE-FROM-OPS> 39350494<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (221577)
<DISTRIBUTIONS-OF-GAINS> (2976985)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2431724
<NUMBER-OF-SHARES-REDEEMED> (1408797)
<SHARES-REINVESTED> 221179
<NET-CHANGE-IN-ASSETS> 31297817
<ACCUMULATED-NII-PRIOR> (297866)<F1>
<ACCUMULATED-GAINS-PRIOR> 5810832<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2342104<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5795888<F1>
<AVERAGE-NET-ASSETS> 104823894
<PER-SHARE-NAV-BEGIN> 13.530
<PER-SHARE-NII> (0.139)
<PER-SHARE-GAIN-APPREC> 2.358
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> (0.401)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.318
<EXPENSE-RATIO> 2.86
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Indicates composite number for the fund.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Global Equity Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 240819409<F1>
<INVESTMENTS-AT-VALUE> 266819462<F1>
<RECEIVABLES> 7648888<F1>
<ASSETS-OTHER> 16<F1>
<OTHER-ITEMS-ASSETS> 2648750<F1>
<TOTAL-ASSETS> 277117116<F1>
<PAYABLE-FOR-SECURITIES> 1823802<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 1229397<F1>
<TOTAL-LIABILITIES> 3053199<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10315232
<SHARES-COMMON-STOCK> 843377
<SHARES-COMMON-PRIOR> 671872
<ACCUMULATED-NII-CURRENT> (879465)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 38644391<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 26931817<F1>
<NET-ASSETS> 13042584
<DIVIDEND-INCOME> 3102509<F1>
<INTEREST-INCOME> 732388<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (5787088)<F1>
<NET-INVESTMENT-INCOME> (1952191)<F1>
<REALIZED-GAINS-CURRENT> 42112838<F1>
<APPREC-INCREASE-CURRENT> (810153)<F1>
<NET-CHANGE-FROM-OPS> 39350494<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (22491)
<DISTRIBUTIONS-OF-GAINS> (303566)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 326525
<NUMBER-OF-SHARES-REDEEMED> (176672)
<SHARES-REINVESTED> 21652
<NET-CHANGE-IN-ASSETS> 3867015
<ACCUMULATED-NII-PRIOR> (297866)<F1>
<ACCUMULATED-GAINS-PRIOR> 5810832<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2342104<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5795888<F1>
<AVERAGE-NET-ASSETS> 10784371
<PER-SHARE-NAV-BEGIN> 13.660
<PER-SHARE-NII> (0.137)
<PER-SHARE-GAIN-APPREC> 2.372
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> (0.401)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.464
<EXPENSE-RATIO> 2.87
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Indicates composite number for the fund.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 21
<NAME> Global Government Securities Fund Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 87172936<F1>
<INVESTMENTS-AT-VALUE> 87426535<F1>
<RECEIVABLES> 715239<F1>
<ASSETS-OTHER> 99<F1>
<OTHER-ITEMS-ASSETS> 815897<F1>
<TOTAL-ASSETS> 88957770<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 754412<F1>
<TOTAL-LIABILITIES> 754412<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36467276
<SHARES-COMMON-STOCK> 3374330
<SHARES-COMMON-PRIOR> 4595368
<ACCUMULATED-NII-CURRENT> 94388<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (39045625)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1613248<F1>
<NET-ASSETS> 25658438
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 10014924<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2610581)<F1>
<NET-INVESTMENT-INCOME> 7404343<F1>
<REALIZED-GAINS-CURRENT> (9480352)<F1>
<APPREC-INCREASE-CURRENT> 5119861<F1>
<NET-CHANGE-FROM-OPS> 3043852<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2102906)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 415170
<NUMBER-OF-SHARES-REDEEMED> (1805879)
<SHARES-REINVESTED> 169671
<NET-CHANGE-IN-ASSETS> (10752977)
<ACCUMULATED-NII-PRIOR> (355254)<F1>
<ACCUMULATED-GAINS-PRIOR> (29171823)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 918419<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2619381<F1>
<AVERAGE-NET-ASSETS> 31698767
<PER-SHARE-NAV-BEGIN> 7.920
<PER-SHARE-NII> 0.526
<PER-SHARE-GAIN-APPREC> (0.310)
<PER-SHARE-DIVIDEND> (0.532)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.604
<EXPENSE-RATIO> 1.57
<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> 22
<NAME> Global Government Securities Fund Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 87172936<F1>
<INVESTMENTS-AT-VALUE> 87426535<F1>
<RECEIVABLES> 715239<F1>
<ASSETS-OTHER> 99<F1>
<OTHER-ITEMS-ASSETS> 815897<F1>
<TOTAL-ASSETS> 88957770<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 754412<F1>
<TOTAL-LIABILITIES> 754412<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79889687
<SHARES-COMMON-STOCK> 7441320
<SHARES-COMMON-PRIOR> 12261711
<ACCUMULATED-NII-CURRENT> 94388<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (39045625)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1613248<F1>
<NET-ASSETS> 56889670
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 10014924<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2610581)<F1>
<NET-INVESTMENT-INCOME> 7404343<F1>
<REALIZED-GAINS-CURRENT> (9480352)<F1>
<APPREC-INCREASE-CURRENT> 5119861<F1>
<NET-CHANGE-FROM-OPS> 3043852<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (4816433)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 612589
<NUMBER-OF-SHARES-REDEEMED> (5798718)
<SHARES-REINVESTED> 365738
<NET-CHANGE-IN-ASSETS> (40770669)
<ACCUMULATED-NII-PRIOR> (355254)<F1>
<ACCUMULATED-GAINS-PRIOR> (29171823)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 918419<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2619381<F1>
<AVERAGE-NET-ASSETS> 82933982
<PER-SHARE-NAV-BEGIN> 7.960
<PER-SHARE-NII> 0.477
<PER-SHARE-GAIN-APPREC> (0.320)
<PER-SHARE-DIVIDEND> (0.472)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.645
<EXPENSE-RATIO> 2.33
<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> 23
<NAME> Global Government Securities Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 87172936<F1>
<INVESTMENTS-AT-VALUE> 87426535<F1>
<RECEIVABLES> 715239<F1>
<ASSETS-OTHER> 99<F1>
<OTHER-ITEMS-ASSETS> 815897<F1>
<TOTAL-ASSETS> 88957770<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 754412<F1>
<TOTAL-LIABILITIES> 754412<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9184384
<SHARES-COMMON-STOCK> 745566
<SHARES-COMMON-PRIOR> 1201697
<ACCUMULATED-NII-CURRENT> 94388<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (39045625)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1613248<F1>
<NET-ASSETS> 5655250
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 10014924<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2610581)<F1>
<NET-INVESTMENT-INCOME> 7404343<F1>
<REALIZED-GAINS-CURRENT> (9480352)<F1>
<APPREC-INCREASE-CURRENT> 5119861<F1>
<NET-CHANGE-FROM-OPS> 3043852<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (459054)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36431
<NUMBER-OF-SHARES-REDEEMED> (523469)
<SHARES-REINVESTED> 30907
<NET-CHANGE-IN-ASSETS> (3845735)
<ACCUMULATED-NII-PRIOR> (355254)<F1>
<ACCUMULATED-GAINS-PRIOR> (29171823)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 918419<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2619381<F1>
<AVERAGE-NET-ASSETS> 7823049
<PER-SHARE-NAV-BEGIN> 7.910
<PER-SHARE-NII> 0.471
<PER-SHARE-GAIN-APPREC> (0.324)
<PER-SHARE-DIVIDEND> (0.472)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.585
<EXPENSE-RATIO> 2.33
<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>
