<PAGE> PAGE 1
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000 F000000 Y
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000 H000000 N
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001 C000000 6306846000
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002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
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008 A000001 VAN KAMPEN AMERICAN CAPITAL ASSET MGT., INC.
008 B000001 A
008 C000001 801-8286
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
008 A000002 JOHN GOVETT & CO. LTD.
008 B000002 S
008 C000002 801-6229
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 SEI 2HR
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011 C010001 OAKBROOK TERRACE
011 C020001 IL
011 C030001 60181
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012 B000001 84-01621
<PAGE> PAGE 2
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012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 HOUSTON
013 B020001 TX
013 B030001 77002
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015 C030001 02110
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019 A000000 Y
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020 A000001 CAPEL (JAMES) & INC.
020 B000001 52-1348224
020 C000001 8
020 A000002 ALFRED BERG
020 C000002 6
020 A000003 MERILL LYNCH & CO., INC.
020 B000003 13-5674085
020 C000003 4
020 A000004 KLEINWORT BENSON NORTH AMERICA, INC.
020 B000004 13-2647786
020 C000004 4
020 A000005 BARCLAYS DE ZOETTE WEDD SECURITIES, INC.
020 B000005 13-3551367
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020 B000008 14-9980001
020 C000008 1
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020 C000009 1
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020 B000010 13-3498485
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<PAGE> PAGE 3
022 C000001 63638
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022 C000002 60565
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022 C000003 26870
022 D000003 0
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022 B000005 13-2655998
022 C000005 4597
022 D000005 3861
022 A000006 DONALDSON, LUFKIN & JENRETTES SECUR., CORP.
022 B000006 13-2741729
022 C000006 892
022 D000006 2170
022 A000007 CAPEL JAMES
022 B000007 52-1348224
022 C000007 1340
022 D000007 812
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022 C000008 914
022 D000008 1000
022 A000009 MERRILL LYNCH
022 B000009 13-5674085
022 C000009 965
022 D000009 814
022 A000010 SALOMON BROTHERS, INC.
022 B000010 13-3082694
022 C000010 1211
022 D000010 190
023 C000000 180293
023 D000000 17689
024 000000 Y
025 A000001 BA SECURITIES
025 B000001 95-4035346
025 C000001 D
025 D000001 3005
025 A000002 DELETE
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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 10
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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
February 7, 1997
To the Board of Trustees of the
Van Kampen American Capital Global Managed Assets Fund
In planning and performing our audit of the financial statements of
the Van Kampen American Capital Global Managed Assets Fund (the "Fund")
for the year ended December 31, 1996, we considered its internal control
structure, including procedures 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 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any 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
February 7, 1997
To the Board of Trustees
Page 2
procedures for safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
NSAR ITEM 77C
Van Kampen American Capital Global Managed Assets Fund
(a) Special Meetings of Shareholders were held on March 14, 1996 and
October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Global
Managed Assets Fund (the "Fund") included:
None
(c) The following was voted on at the March 14, 1996 meeting:
1) Approval of a New Investment Sub-Advisory Agreement between
Van Kampen American Capital Asset Management, Inc. and John
Govett & Co. Limited
For 1,768,874 Against 10,413
The following were voted on at the October 25, 1996 meeting:
1) Approval of New Investment Advisory Agreement in the event of
a change of control of the Adviser.
For 1,593,488 Against 14,574
2) Approval of an Interim Investment Sub-Advisory Agreement with
Morgan Stanley Asset Management, Inc. and the Fund.
For 1,593,287 Against 15,343
3) Approval of an Interim Investment Sub-Advisory Agreement with
John Govett & Co. Limited and the Fund.
For 1,588,770 Against 20,143
6) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 1,362,302 Against 17,386
7) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP as Independent Public Accountants for its Current Fiscal
Year.
For 1,595,568 Against 16,206
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> VKAC Global Managed Assets - Class A Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 17247064<F1>
<INVESTMENTS-AT-VALUE> 19794071<F1>
<RECEIVABLES> 234452<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 377541<F1>
<TOTAL-ASSETS> 20406064<F1>
<PAYABLE-FOR-SECURITIES> 88025<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 216377<F1>
<TOTAL-LIABILITIES> 304402<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 6775618
<SHARES-COMMON-STOCK> 808511
<SHARES-COMMON-PRIOR> 1528430
<ACCUMULATED-NII-CURRENT> (7148)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 157379<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2579885<F1>
<NET-ASSETS> 8513467
<DIVIDEND-INCOME> 307364<F1>
<INTEREST-INCOME> 399022<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (819178)<F1>
<NET-INVESTMENT-INCOME> (112792)<F1>
<REALIZED-GAINS-CURRENT> 1701201<F1>
<APPREC-INCREASE-CURRENT> 1005068<F1>
<NET-CHANGE-FROM-OPS> 2593477<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (713178)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 343389
<NUMBER-OF-SHARES-REDEEMED> (1122082)
<SHARES-REINVESTED> 58774
<NET-CHANGE-IN-ASSETS> (6997654)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 168396<F1>
<OVERDISTRIB-NII-PRIOR> (14634)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 250405<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 892697<F1>
<AVERAGE-NET-ASSETS> 13868823
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> 0.013
<PER-SHARE-GAIN-APPREC> 1.229
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.862)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.530
<EXPENSE-RATIO> 2.87
<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 Global Managed Assets - Class B Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 17247064<F1>
<INVESTMENTS-AT-VALUE> 19794071<F1>
<RECEIVABLES> 234452<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 377541<F1>
<TOTAL-ASSETS> 20406064<F1>
<PAYABLE-FOR-SECURITIES> 88025<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 216377<F1>
<TOTAL-LIABILITIES> 304402<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 9098727
<SHARES-COMMON-STOCK> 954327
<SHARES-COMMON-PRIOR> 802255
<ACCUMULATED-NII-CURRENT> (7148)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 157379<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2579885<F1>
<NET-ASSETS> 9904714
<DIVIDEND-INCOME> 307364<F1>
<INTEREST-INCOME> 399022<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (819178)<F1>
<NET-INVESTMENT-INCOME> (112792)<F1>
<REALIZED-GAINS-CURRENT> 1701201<F1>
<APPREC-INCREASE-CURRENT> 1005068<F1>
<NET-CHANGE-FROM-OPS> 2593477<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (762464)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 319565
<NUMBER-OF-SHARES-REDEEMED> (233170)
<SHARES-REINVESTED> 65677
<NET-CHANGE-IN-ASSETS> 1800999
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 168396<F1>
<OVERDISTRIB-NII-PRIOR> (14634)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 250405<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 892697<F1>
<AVERAGE-NET-ASSETS> 9261452
<PER-SHARE-NAV-BEGIN> 10.10
<PER-SHARE-NII> (0.093)
<PER-SHARE-GAIN-APPREC> 1.234
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.862)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.379
<EXPENSE-RATIO> 3.76
<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 Global Managed Assets - Class C Shares
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 17247064<F1>
<INVESTMENTS-AT-VALUE> 19794071<F1>
<RECEIVABLES> 234452<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 377541<F1>
<TOTAL-ASSETS> 20406064<F1>
<PAYABLE-FOR-SECURITIES> 88025<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 216377<F1>
<TOTAL-LIABILITIES> 304402<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 1497201
<SHARES-COMMON-STOCK> 161951
<SHARES-COMMON-PRIOR> 181833
<ACCUMULATED-NII-CURRENT> (7148)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 157379<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2579885<F1>
<NET-ASSETS> 1683481
<DIVIDEND-INCOME> 307364<F1>
<INTEREST-INCOME> 399022<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (819178)<F1>
<NET-INVESTMENT-INCOME> (112792)<F1>
<REALIZED-GAINS-CURRENT> 1701201<F1>
<APPREC-INCREASE-CURRENT> 1005068<F1>
<NET-CHANGE-FROM-OPS> 2593477<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (132888)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66272
<NUMBER-OF-SHARES-REDEEMED> (95831)
<SHARES-REINVESTED> 9677
<NET-CHANGE-IN-ASSETS> (156711)
<ACCUMULATED-NII-PRIOR> 0<F1>
<ACCUMULATED-GAINS-PRIOR> 168396<F1>
<OVERDISTRIB-NII-PRIOR> (14634)<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 250405<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 892697<F1>
<AVERAGE-NET-ASSETS> 1910196
<PER-SHARE-NAV-BEGIN> 10.12
<PER-SHARE-NII> (0.121)
<PER-SHARE-GAIN-APPREC> 1.258
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.862)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.395
<EXPENSE-RATIO> 3.78
<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>
