<PAGE> PAGE 1
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007 C010400 4
007 C010500 5
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012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
013 A00AA01 PRICEWATERHOUSECOOPERS, LLP
013 B01AA01 HOUSTON
013 B02AA01 TX
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018 00AA00 Y
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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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SIGNATURE NICK DALMASO
TITLE ATTORNEY
NSAR ITEM 77C
Van Kampen American Capital Global Equity Fund
(a) A Special Meeting of Shareholders was held on June 4, 1998.
(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. Plan of Reorganization
(a) Transfer all of its assets to the Morgan Stanley Global
Equity Allocation Fund (the "MS Global Equity Allocation
Fund") in exchange solely for Class A, B and C shares of
common stock of the MS Global Equity Allocation Fund and
the MS Global Equity Allocation Fund's assumption of the
liabilities of the VKAC Global Equity Fund.
(b) Distribute such shares of the MS Global Equity Allocation
Fund to the holders of shares of the VKAC Global Equity
Fund.
(c) Be dissolved.
For 10,898,236 Against 549,823
PricewaterhouseCoopers
PricewaterhouseCoopers LLP
200 East Randolph Drive
Chicago, IL 60601
Telephone 312-540-1500
July 10, 1998
To the Shareholders and Board of Trustees of
Van Kampen American Capital Global Government Securities Fund
In planning and performing our audit of the financial statements Van Kampen
American Capital Global Government Securities Fund (the "Fund") for the year
ended May 31, 1998, 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 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
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. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 weaknesses under standards
established by the American Institute of Certificate 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 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, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Van Kampen American Capital Global Government
Securities Fund and the Securities and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
PricewaterhouseCoopers
PricewaterhouseCoopers LLP
200 East Randolph Drive
Chicago, IL 60601
Telephone 312-540-1500
July 10, 1998
To the Shareholders and Board of Trustees of
Van Kampen American Capital Global Equity Fund
In planning and performing our audit of the financial Van Kampen American
Capital Global Equity Fund (the "Fund") for the year ended May 31, 1998, 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 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
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. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 weaknesses under standards
established by the American Institute of Certificate 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 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, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Van Kampen American Capital Global Equity Fund and the
Securities and Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
<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> GLOBAL GOV'T A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 64,015,898 <F1>
<INVESTMENTS-AT-VALUE> 64,702,264 <F1>
<RECEIVABLES> 918,134 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 28,252 <F1>
<TOTAL-ASSETS> 65,648,650 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 760,067 <F1>
<TOTAL-LIABILITIES> 760,067 <F1>
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 2,899,435
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<ACCUMULATED-NII-CURRENT> 1,126,836 <F1>
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<ACCUMULATED-NET-GAINS> (39,324,004)<F1>
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<SHARES-REINVESTED> 122,857
<NET-CHANGE-IN-ASSETS> (3,760,257)
<ACCUMULATED-NII-PRIOR> 94,388 <F1>
<ACCUMULATED-GAINS-PRIOR> (39,045,625)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 565,378 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,876,186 <F1>
<AVERAGE-NET-ASSETS> 22,500,321
<PER-SHARE-NAV-BEGIN> 7.604
<PER-SHARE-NII> 0.352
<PER-SHARE-GAIN-APPREC> 0.088
<PER-SHARE-DIVIDEND> (0.491)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.553
<EXPENSE-RATIO> 1.95
<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> 22
<NAME> GLOBAL GOV'T B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 64,015,898 <F1>
<INVESTMENTS-AT-VALUE> 64,702,264 <F1>
<RECEIVABLES> 918,134 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 28,252 <F1>
<TOTAL-ASSETS> 65,648,650 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 760,067 <F1>
<TOTAL-LIABILITIES> 760,067 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,712,562
<SHARES-COMMON-STOCK> 5,196,861
<SHARES-COMMON-PRIOR> 7,441,320
<ACCUMULATED-NII-CURRENT> 1,126,836 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (39,324,004)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 438,434 <F1>
<NET-ASSETS> 39,475,639
<DIVIDEND-INCOME> 0 <F1>
<INTEREST-INCOME> 5,076,036 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,876,186)<F1>
<NET-INVESTMENT-INCOME> 3,199,850 <F1>
<REALIZED-GAINS-CURRENT> 2,027,252 <F1>
<APPREC-INCREASE-CURRENT> (1,174,814)<F1>
<NET-CHANGE-FROM-OPS> 4,052,288 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (2,753,416)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,071,748
<NUMBER-OF-SHARES-REDEEMED> (3,525,942)
<SHARES-REINVESTED> 209,735
<NET-CHANGE-IN-ASSETS> (17,414,031)
<ACCUMULATED-NII-PRIOR> 94,388 <F1>
<ACCUMULATED-GAINS-PRIOR> (39,045,625)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 565,378 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,876,186 <F1>
<AVERAGE-NET-ASSETS> 48,417,968
<PER-SHARE-NAV-BEGIN> 7.645
<PER-SHARE-NII> 0.299
<PER-SHARE-GAIN-APPREC> 0.083
<PER-SHARE-DIVIDEND> (0.431)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.596
<EXPENSE-RATIO> 2.72
<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> 23
<NAME> GLOBAL GOV'T C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-START> JUN-01-1997
<PERIOD-END> MAY-31-1998
<INVESTMENTS-AT-COST> 64,015,898 <F1>
<INVESTMENTS-AT-VALUE> 64,702,264 <F1>
<RECEIVABLES> 918,134 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 28,252 <F1>
<TOTAL-ASSETS> 65,648,650 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 760,067 <F1>
<TOTAL-LIABILITIES> 760,067 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,070,465
<SHARES-COMMON-STOCK> 466,531
<SHARES-COMMON-PRIOR> 745,566
<ACCUMULATED-NII-CURRENT> 1,126,836 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (39,324,004)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 438,434 <F1>
<NET-ASSETS> 3,514,763
<DIVIDEND-INCOME> 0 <F1>
<INTEREST-INCOME> 5,076,036 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,876,186)<F1>
<NET-INVESTMENT-INCOME> 3,199,850 <F1>
<REALIZED-GAINS-CURRENT> 2,027,252 <F1>
<APPREC-INCREASE-CURRENT> (1,174,814)<F1>
<NET-CHANGE-FROM-OPS> 4,052,288 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (256,997)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46,375
<NUMBER-OF-SHARES-REDEEMED> (343,258)
<SHARES-REINVESTED> 17,848
<NET-CHANGE-IN-ASSETS> (2,140,487)
<ACCUMULATED-NII-PRIOR> 94,388 <F1>
<ACCUMULATED-GAINS-PRIOR> (39,045,625)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 565,378 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,876,186 <F1>
<AVERAGE-NET-ASSETS> 4,465,511
<PER-SHARE-NAV-BEGIN> 7.585
<PER-SHARE-NII> 0.293
<PER-SHARE-GAIN-APPREC> 0.087
<PER-SHARE-DIVIDEND> (0.431)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.534
<EXPENSE-RATIO> 2.72
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
