<PAGE> PAGE 1
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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 10
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SIGNATURE SARA L. BADLER
TITLE ATTORNEY
Report of Independent Accountants
To the Shareholders and Board of Trustees of the Van Kampen Global Managed
Assets Fund:
In planning and performing our audit of the financial statements of Van Kampen
Global Managed Assets Fund (the "Fund") for the year ended December 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 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, errors 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 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
December 31, 1999.
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 and is
not intended to be and should not be used by anyone other than these specified
parties.
Chicago, Illinois
February 11, 2000
GLOBAL MANAGED ASSETS FUND
A Joint Special Meeting of the Shareholders of the Portfolio was held on
December 15, 1999 where shareholders voted on the election of Trustees and the
ratification of PricewaterhouseCooper, as the independent public accountants.
With regard to the election of J. Miles Branagan, as elected trustee by the
shareholders of the Portfolio, 941,124 shares were voted in the affirmative and
16,139 shares were withheld. With regard to the election of Jerry D. Choate, as
elected trustee by the shareholders of the Portfolio, 941,124 voted in the
affirmative and 16,139 shares were withheld. With regard to the election of
Linda Hutton Heagy, as elected trustee by the shareholders of the Portfolio,
941,751 shares were voted in the affirmative and 15,511 shares were withheld.
With regard to the election of R. Craig Kennedy, as elected trustee by the
shareholders of the Portfolio, 941,751 shares were voted in the affirmative and
15,511 shares were withheld. With regard to the election of Mitchell M. Merin,
as elected trustee by the shareholders of the Portfolio, 941,751 shares were
voted in the affirmative and 15,511 shares were withheld. With regard to the
election of Jack E. Nelson, as elected trustee by the shareholders of the
Portfolio, 941,751 shares were voted in the affirmative and 15,511 shares were
withheld. With regard to the election of Richard F. Powers, III, as elected
trustee by the shareholders of the Portfolio, 941,751 shares were voted in the
affirmative and 15,511 shares were withheld. With regard to the election of
Phillip B. Rooney, as elected trustee by the shareholders of the Portfolio,
941,751 shares were voted in the affirmative and 15,511 shares were withheld.
With regard to the election of Fernando Sisto, as elected trustee by the
shareholders of the Portfolio, 941,124 shares were voted in the affirmative and
16,139 shares were withheld. With regard to the election of Wayne W. Whalen, as
elected trustee by the shareholders of the Portfolio, 941,118 shares were voted
in the affirmative and 16,144 shares were withheld. With regard to the election
of Suzanne H. Woolsey, as elected trustee by the shareholders of the Portfolio,
941,751 shares were voted in the affirmative and 15,511 shares were withheld.
With regard to the election of Paul G. Yovovich, as elected trustee by the
shareholders of the Portfolio 941,751 shares were voted in the affirmative and
15,511 shares were withheld. With regard to the ratification of
PricewaterhouseCooper to act as independent public accountants for the
Portfolio, 930,632 shares were voted in the affirmative and 5,275 shares were
voted against the proposal and 21,355 shares abstained from voting.
<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> GLOBAL MANAGED CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 14,406,612 <F1>
<INVESTMENTS-AT-VALUE> 17,439,953 <F1>
<RECEIVABLES> 360,342 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 87,317 <F1>
<TOTAL-ASSETS> 17,887,612 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 263,713 <F1>
<TOTAL-LIABILITIES> 263,713 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,397,978
<SHARES-COMMON-STOCK> 687,166
<SHARES-COMMON-PRIOR> 820,473
<ACCUMULATED-NII-CURRENT> (35,820)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 65,744 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 3,043,747 <F1>
<NET-ASSETS> 7,325,862
<DIVIDEND-INCOME> 199,246 <F1>
<INTEREST-INCOME> 287,237 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (753,529)<F1>
<NET-INVESTMENT-INCOME> (267,046)<F1>
<REALIZED-GAINS-CURRENT> 1,168,739 <F1>
<APPREC-INCREASE-CURRENT> 827,060 <F1>
<NET-CHANGE-FROM-OPS> 1,728,753 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (25,278)
<DISTRIBUTIONS-OF-GAINS> (501,835)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 165,799
<NUMBER-OF-SHARES-REDEEMED> (348,962)
<SHARES-REINVESTED> 49,856
<NET-CHANGE-IN-ASSETS> (1,157,328)
<ACCUMULATED-NII-PRIOR> (23,161)<F1>
<ACCUMULATED-GAINS-PRIOR> 324,917 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 172,979 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 753,529 <F1>
<AVERAGE-NET-ASSETS> 6,959,012
<PER-SHARE-NAV-BEGIN> 10.339
<PER-SHARE-NII> (0.111)
<PER-SHARE-GAIN-APPREC> 1.231
<PER-SHARE-DIVIDEND> (0.038)
<PER-SHARE-DISTRIBUTIONS> (0.760)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.661
<EXPENSE-RATIO> 3.88
</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> 12
<NAME> GLOBAL MANAGED CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 14,406,612 <F1>
<INVESTMENTS-AT-VALUE> 17,439,953 <F1>
<RECEIVABLES> 360,342 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 87,317 <F1>
<TOTAL-ASSETS> 17,887,612 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 263,713 <F1>
<TOTAL-LIABILITIES> 263,713 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,694,972
<SHARES-COMMON-STOCK> 837,387
<SHARES-COMMON-PRIOR> 959,264
<ACCUMULATED-NII-CURRENT> (35,820)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 65,744 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 3,043,747 <F1>
<NET-ASSETS> 8,612,541
<DIVIDEND-INCOME> 199,246 <F1>
<INTEREST-INCOME> 287,237 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (753,529)<F1>
<NET-INVESTMENT-INCOME> (267,046)<F1>
<REALIZED-GAINS-CURRENT> 1,168,739 <F1>
<APPREC-INCREASE-CURRENT> 827,060 <F1>
<NET-CHANGE-FROM-OPS> 1,728,753 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (647,697)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107,809
<NUMBER-OF-SHARES-REDEEMED> (289,679)
<SHARES-REINVESTED> 59,993
<NET-CHANGE-IN-ASSETS> (1,016,929)
<ACCUMULATED-NII-PRIOR> (23,161)<F1>
<ACCUMULATED-GAINS-PRIOR> 324,917 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 172,979 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 753,529 <F1>
<AVERAGE-NET-ASSETS> 8,830,109
<PER-SHARE-NAV-BEGIN> 10.038
<PER-SHARE-NII> (0.185)
<PER-SHARE-GAIN-APPREC> 1.192
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.760)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.285
<EXPENSE-RATIO> 4.67
</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> 13
<NAME> GLOBAL MANAGED CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 14,406,612 <F1>
<INVESTMENTS-AT-VALUE> 17,439,953 <F1>
<RECEIVABLES> 360,342 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 87,317 <F1>
<TOTAL-ASSETS> 17,887,612 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 263,713 <F1>
<TOTAL-LIABILITIES> 263,713 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,457,278
<SHARES-COMMON-STOCK> 163,274
<SHARES-COMMON-PRIOR> 143,961
<ACCUMULATED-NII-CURRENT> (35,820)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 65,744 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 3,043,747 <F1>
<NET-ASSETS> 1,685,496
<DIVIDEND-INCOME> 199,246 <F1>
<INTEREST-INCOME> 287,237 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (753,529)<F1>
<NET-INVESTMENT-INCOME> (267,046)<F1>
<REALIZED-GAINS-CURRENT> 1,168,739 <F1>
<APPREC-INCREASE-CURRENT> 827,060 <F1>
<NET-CHANGE-FROM-OPS> 1,728,753 <F1>
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<DISTRIBUTIONS-OF-GAINS> (117,007)
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<NUMBER-OF-SHARES-REDEEMED> (28,422)
<SHARES-REINVESTED> 9,104
<NET-CHANGE-IN-ASSETS> 237,717
<ACCUMULATED-NII-PRIOR> (23,161)<F1>
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<GROSS-ADVISORY-FEES> 172,979 <F1>
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<GROSS-EXPENSE> 753,529 <F1>
<AVERAGE-NET-ASSETS> 1,523,323
<PER-SHARE-NAV-BEGIN> 10.057
<PER-SHARE-NII> (0.182)
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<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.760)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.323
<EXPENSE-RATIO> 4.65
</TABLE>
