<PAGE> PAGE 1
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000 E000000 NF
000 F000000 Y
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000 H000000 N
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000 J000000 A
001 A000000 VKAC GLOBAL MANAGED ASSETS FUND
001 B000000 811-08286
001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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 MORGAN STANLEY ASSET MGMT., INC.
008 B000002 S
008 C000002 801-6229
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10036
011 A000001 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS INC.
011 B000001 8-19903
011 C010001 OAKBROOK TERRACE
011 C020001 IL
011 C030001 60181
012 A000001 ACCESS INVESTOR SERVICES, INC.
012 B000001 84-01621
<PAGE> PAGE 2
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 CHICAGO
013 B020001 IL
013 B030001 60601
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-728181
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
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019 C000000 VANKAMPENA
020 A000001 SALOMON BROTHERS
020 B000001 13-3082694
020 C000001 9
020 A000002 BARCLAYS BANK
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020 A000003 GOLDMAN SACHS
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020 C000003 6
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020 A000006 CAPEL JAMES
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020 C000007 2
020 A000008 KLEINWORT BENSON
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<PAGE> PAGE 3
021 000000 42
022 A000001 STATE STREET BANK & TRUST
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022 A000004 DONALDSON LUFKIN JENNRETTE
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022 C000004 24853
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022 C000005 13567
022 D000005 8993
022 A000006 BANK OF AMERICA
022 B000006 95-4035346
022 C000006 22013
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022 A000007 SWISS BANK CORP INT'L SECURITIES
022 B000007 31-2639550
022 C000007 20200
022 D000007 92
022 A000008 SUNTRUST BANK
022 C000008 19433
022 D000008 0
022 A000009 FIRST CHICAGO CAPITAL MKTS
022 B000009 36-3595942
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022 A000010 DEUTSCHE BANK
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022 D000010 7046
023 C000000 743443
023 D000000 740828
024 000000 Y
025 A000001 BA SECURITIES
025 B000001 95-4035346
025 C000001 E
025 D000001 76
025 A000002 LATIN AMERICAN DISCOVERY FUND (MORGAN S.)
025 C000002 E
025 D000002 230
025 A000003 MORGAN STANLEY ASIA PACIFIC
025 C000003 E
<PAGE> PAGE 4
025 D000003 46
025 A000004 J.P. MORGAN & CO.
025 B000004 13-3224016
025 C000004 E
025 D000004 79
025 A000005 STATE STREET BANK & TRUST
025 B000005 04-1867445
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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SIGNATURE MARY WIERSEMA
TITLE FUND COORDINATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> GLOBAL MANAGED CLASS A
<S> <C>
<PERIOD-TYPE> 12-MOS<F1>
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 20,873,925<F1>
<INVESTMENTS-AT-VALUE> 22,835,553<F1>
<RECEIVABLES> 221,338<F1>
<ASSETS-OTHER> 4,328<F1>
<OTHER-ITEMS-ASSETS> 242,442<F1>
<TOTAL-ASSETS> 23,303,661<F1>
<PAYABLE-FOR-SECURITIES> 4,166<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 305,601<F1>
<TOTAL-LIABILITIES> 309,767<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,892,195
<SHARES-COMMON-STOCK> 1,105,334
<SHARES-COMMON-PRIOR> 808,511
<ACCUMULATED-NII-CURRENT> (229,219)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 7,907<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2,108,124<F1>
<NET-ASSETS> 11,232,338
<DIVIDEND-INCOME> 224,376<F1>
<INTEREST-INCOME> 448,841<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (920,295)<F1>
<NET-INVESTMENT-INCOME> (247,078)<F1>
<REALIZED-GAINS-CURRENT> 2,539,774<F1>
<APPREC-INCREASE-CURRENT> (471,761)<F1>
<NET-CHANGE-FROM-OPS> 1,820,935<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,273,008)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 326,563
<NUMBER-OF-SHARES-REDEEMED> (151,742)
<SHARES-REINVESTED> 122,002
<NET-CHANGE-IN-ASSETS> 2,718,871
<ACCUMULATED-NII-PRIOR> (7,148)<F1>
<ACCUMULATED-GAINS-PRIOR> 157,379<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 225,799<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 920,295<F1>
<AVERAGE-NET-ASSETS> 10,423,150
<PER-SHARE-NAV-BEGIN> 10.530
<PER-SHARE-NII> (0.088)
<PER-SHARE-GAIN-APPREC> 1.014
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.294)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.162
<EXPENSE-RATIO> 3.66
<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> GLOBAL MANAGED CLASS B
<S> <C>
<PERIOD-TYPE> 12-MOS<F1>
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 20,873,925<F1>
<INVESTMENTS-AT-VALUE> 22,835,553<F1>
<RECEIVABLES> 221,338<F1>
<ASSETS-OTHER> 4,328<F1>
<OTHER-ITEMS-ASSETS> 242,442<F1>
<TOTAL-ASSETS> 23,303,661<F1>
<PAYABLE-FOR-SECURITIES> 4,166<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 305,601<F1>
<TOTAL-LIABILITIES> 309,767<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,614,733
<SHARES-COMMON-STOCK> 1,013,227
<SHARES-COMMON-PRIOR> 954,327
<ACCUMULATED-NII-CURRENT> (229,219)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 7,907<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2,108,124<F1>
<NET-ASSETS> 10,041,715
<DIVIDEND-INCOME> 224,376<F1>
<INTEREST-INCOME> 448,841<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (920,295)<F1>
<NET-INVESTMENT-INCOME> (247,078)<F1>
<REALIZED-GAINS-CURRENT> 2,539,774<F1>
<APPREC-INCREASE-CURRENT> (471,761)<F1>
<NET-CHANGE-FROM-OPS> 1,820,935<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,192,389)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 182,617
<NUMBER-OF-SHARES-REDEEMED> (233,838)
<SHARES-REINVESTED> 110,121
<NET-CHANGE-IN-ASSETS> 137,001
<ACCUMULATED-NII-PRIOR> (7,148)<F1>
<ACCUMULATED-GAINS-PRIOR> 157,379<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 225,799<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 920,295<F1>
<AVERAGE-NET-ASSETS> 10,487,989
<PER-SHARE-NAV-BEGIN> 10.379
<PER-SHARE-NII> (0.146)
<PER-SHARE-GAIN-APPREC> 0.972
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.294)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.911
<EXPENSE-RATIO> 4.42
<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> GLOBAL MANAGED CLASS C
<S> <C>
<PERIOD-TYPE> 12-MOS<F1>
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 20,873,925<F1>
<INVESTMENTS-AT-VALUE> 22,835,553<F1>
<RECEIVABLES> 221,338<F1>
<ASSETS-OTHER> 4,328<F1>
<OTHER-ITEMS-ASSETS> 242,442<F1>
<TOTAL-ASSETS> 23,303,661<F1>
<PAYABLE-FOR-SECURITIES> 4,166<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 305,601<F1>
<TOTAL-LIABILITIES> 309,767<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,600,154
<SHARES-COMMON-STOCK> 173,243
<SHARES-COMMON-PRIOR> 161,951
<ACCUMULATED-NII-CURRENT> (229,219)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 7,907<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 2,108,124<F1>
<NET-ASSETS> 1,719,841
<DIVIDEND-INCOME> 224,376<F1>
<INTEREST-INCOME> 448,841<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (920,295)<F1>
<NET-INVESTMENT-INCOME> (247,078)<F1>
<REALIZED-GAINS-CURRENT> 2,539,774<F1>
<APPREC-INCREASE-CURRENT> (471,761)<F1>
<NET-CHANGE-FROM-OPS> 1,820,935<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (200,390)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 54,786
<NUMBER-OF-SHARES-REDEEMED> (60,449)
<SHARES-REINVESTED> 16,955
<NET-CHANGE-IN-ASSETS> 36,360
<ACCUMULATED-NII-PRIOR> (7,148)<F1>
<ACCUMULATED-GAINS-PRIOR> 157,379<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 225,799<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 920,295<F1>
<AVERAGE-NET-ASSETS> 1,668,774
<PER-SHARE-NAV-BEGIN> 10.395
<PER-SHARE-NII> (0.139)
<PER-SHARE-GAIN-APPREC> 0.965
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.294)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.927
<EXPENSE-RATIO> 4.46
<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>
[PRICE WATERHOUSE LLP LETTERHEAD]
February 6, 1998
To the Shareholders and Board of Trustees of
the Van Kampen American Capital Global Managed Assets Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Global Managed Assets Fund (the "Fund") for the year ended
December 31, 1997, 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 cost 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 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 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 December 31,
1997.
This report is intended solely for the information and use of management and
the Board of Trustees of the Fund 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) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Global Managed
Assets 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 1,237,391 Against 10,163
Approval of New Subadvisory Agreement in the event of a change
of control of the Adviser.
For 1,242,543 Against 11,756
4) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP Independent Public Accountants for its Current Fiscal
Year.
For 1,242,122 Against 7,426
