<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000921770
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.
000 J000000 U
001 A000000 VKAC REAL ESTATE SECURITIES FUND
001 B000000 811-08480
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
007 B000000 0
007 C010100 1
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
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 INVESTORS SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-
014 B000002 8-
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
019 B000000 114
019 C000000 VANKAMPENA
020 A000001 GREENSTREET ADVISORS
020 B000001 33-0275837
020 C000001 27
020 A000002 PAINE WEBBER
020 B000002 13-2638166
020 C000002 27
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 14
020 A000004 SALOMON BROTHERS
020 B000004 13-3082694
020 C000004 14
020 A000005 NATWEST SECURITIES
020 B000005 14-9980001
020 C000005 13
020 A000006 ALEX, BROWN & SONS
020 B000006 52-1319768
020 C000006 6
020 A000007 SMITH BARNEY
020 B000007 13-1912900
020 C000007 5
020 A000008 J.P. MORGAN
020 B000008 13-3224016
020 C000008 5
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 4
020 A000010 EVEREN CLEARING CORP
020 B000010 36-3223831
020 C000010 3
021 000000 139
022 A000001 LEHMAN BROTHERS
022 B000001 13-2518466
022 C000001 98830
022 D000001 0
022 A000002 SBC CAPITAL MARKETS INC
<PAGE> PAGE 3
022 B000002 13-2639550
022 C000002 87102
022 D000002 0
022 A000003 STATE STREET BANK & TRUST
022 B000003 04-1867445
022 C000003 45305
022 D000003 0
022 A000004 BA SECURITIES
022 B000004 95-4035346
022 C000004 45260
022 D000004 0
022 A000005 DONALDSON LUFKIN JENNRETTE
022 B000005 13-2741729
022 C000005 33823
022 D000005 0
022 A000006 PRUDENTIAL SECURITIES
022 B000006 22-2347336
022 C000006 22351
022 D000006 0
022 A000007 MERRILL LYNCH
022 B000007 13-5674085
022 C000007 2654
022 D000007 0
022 A000008 MONTGOMERY SECURITIES
022 B000008 94-1701676
022 C000008 910
022 D000008 677
022 A000009 PAINE WEBBER
022 B000009 13-2638166
022 C000009 459
022 D000009 0
022 A000010 MORGAN KEEGAN & CO, INC
022 B000010 64-0474907
022 C000010 230
022 D000010 206
023 C000000 379912
023 D000000 358708
024 000000 Y
025 A000001 LEHMAN BROTHERS
025 B000001 13-2518466
025 C000001 D
025 D000001 3500
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
<PAGE> PAGE 4
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 686
028 A020000 0
028 A030000 0
028 A040000 460
028 B010000 3296
028 B020000 0
028 B030000 0
028 B040000 807
028 C010000 2513
028 C020000 206
028 C030000 0
028 C040000 518
028 D010000 3520
028 D020000 0
028 D030000 0
028 D040000 1090
028 E010000 4323
028 E020000 0
028 E030000 0
028 E040000 323
028 F010000 8495
028 F020000 1820
028 F030000 0
028 F040000 704
028 G010000 22833
028 G020000 2026
028 G030000 0
028 G040000 3902
028 H000000 10826
029 000000 Y
030 A000000 207
030 B000000 4.75
030 C000000 0.00
031 A000000 21
031 B000000 0
032 000000 186
033 000000 0
034 000000 Y
035 000000 52
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
<PAGE> PAGE 5
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 156
042 D000000 52
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 208
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
<PAGE> PAGE 6
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
<PAGE> PAGE 7
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 48040
071 B000000 29581
071 C000000 30383
071 D000000 97
072 A000000 12
072 B000000 70
072 C000000 1734
072 D000000 0
072 E000000 0
072 F000000 312
072 G000000 0
072 H000000 0
072 I000000 142
072 J000000 0
072 K000000 0
072 L000000 55
<PAGE> PAGE 8
072 M000000 16
072 N000000 84
072 O000000 0
072 P000000 0
072 Q000000 59
072 R000000 25
072 S000000 6
072 T000000 223
072 U000000 3
072 V000000 0
072 W000000 41
072 X000000 966
072 Y000000 5
072 Z000000 843
072AA000000 2149
072BB000000 0
072CC010000 9736
072CC020000 0
072DD010000 433
072DD020000 431
072EE000000 718
073 A010000 0.380
073 A020000 0.300
073 B000000 0.477
073 C000000 0.0000
074 A000000 2
074 B000000 3560
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 53020
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 1093
074 M000000 9
074 N000000 57684
074 O000000 0
074 P000000 91
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 123
074 S000000 0
074 T000000 57470
074 U010000 1792
074 U020000 2038
074 V010000 13.01
<PAGE> PAGE 9
074 V020000 13.01
074 W000000 0.000
074 X000000 4684
074 Y000000 0
075 A000000 0
075 B000000 31216
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 N/A
080 C000000 65000
081 A000000 Y
081 B000000 96
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
<PAGE> PAGE 10
086 F020000 0
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 Real Estate Fund
In planning and performing our audit of the financial statements of
the Van Kampen American Capital Real Estate 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 Real Estate Securities Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Real Estate
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 2,013,930 Against 13,377
4) Approval of New Investment Sub-Advisory Agreement with Hines
Interest Realty Advisers Limited Partnership
For 2,095,608 Against 25,325
6) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 1,305,362 Against 29,431
7) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP as Independent Public Accountants for its Current Fiscal
Year.
For 2,118,400 Against 5,937
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> VKAC Real Estate Securities Fund - 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> 44683617<F1>
<INVESTMENTS-AT-VALUE> 56580209<F1>
<RECEIVABLES> 1092842<F1>
<ASSETS-OTHER> 7800<F1>
<OTHER-ITEMS-ASSETS> 3146<F1>
<TOTAL-ASSETS> 57683997<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 213699<F1>
<TOTAL-LIABILITIES> 213699<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 18669483
<SHARES-COMMON-STOCK> 1791710
<SHARES-COMMON-PRIOR> 849470
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (7420)<F1>
<ACCUMULATED-NET-GAINS> 107270<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11896592<F1>
<NET-ASSETS> 23306753
<DIVIDEND-INCOME> 1733960<F1>
<INTEREST-INCOME> 70343<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 961772<F1>
<NET-INVESTMENT-INCOME> 842531<F1>
<REALIZED-GAINS-CURRENT> 2148797<F1>
<APPREC-INCREASE-CURRENT> 9735736<F1>
<NET-CHANGE-FROM-OPS> 12727064<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (433206)
<DISTRIBUTIONS-OF-GAINS> (717981)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1142133
<NUMBER-OF-SHARES-REDEEMED> (289138)
<SHARES-REINVESTED> 89245
<NET-CHANGE-IN-ASSETS> 14814800
<ACCUMULATED-NII-PRIOR> (3453)<F1>
<ACCUMULATED-GAINS-PRIOR> 2160856<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 312156<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 966272<F1>
<AVERAGE-NET-ASSETS> 11878147
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.351
<PER-SHARE-GAIN-APPREC> 3.514
<PER-SHARE-DIVIDEND> (0.380)
<PER-SHARE-DISTRIBUTIONS> (0.477)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.008
<EXPENSE-RATIO> 2.60
<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> 012
<NAME> VKAC Real Estate Securities Fund - 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> 44683617<F1>
<INVESTMENTS-AT-VALUE> 56580209<F1>
<RECEIVABLES> 1092842<F1>
<ASSETS-OTHER> 7800<F1>
<OTHER-ITEMS-ASSETS> 3146<F1>
<TOTAL-ASSETS> 57683997<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 213699<F1>
<TOTAL-LIABILITIES> 213699<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 20711364
<SHARES-COMMON-STOCK> 2038095
<SHARES-COMMON-PRIOR> 1204000
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (7420)<F1>
<ACCUMULATED-NET-GAINS> 107270<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11896592<F1>
<NET-ASSETS> 26511420
<DIVIDEND-INCOME> 1733960<F1>
<INTEREST-INCOME> 70343<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 961772<F1>
<NET-INVESTMENT-INCOME> 842531<F1>
<REALIZED-GAINS-CURRENT> 2148797<F1>
<APPREC-INCREASE-CURRENT> 9735736<F1>
<NET-CHANGE-FROM-OPS> 12727064<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (431231)
<DISTRIBUTIONS-OF-GAINS> (877571)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1012720
<NUMBER-OF-SHARES-REDEEMED> (265477)
<SHARES-REINVESTED> 86852
<NET-CHANGE-IN-ASSETS> 14471358
<ACCUMULATED-NII-PRIOR> (3453)<F1>
<ACCUMULATED-GAINS-PRIOR> 2160856<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 312156<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 966272<F1>
<AVERAGE-NET-ASSETS> 15088404
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.266
<PER-SHARE-GAIN-APPREC> 3.519
<PER-SHARE-DIVIDEND> (0.300)
<PER-SHARE-DISTRIBUTIONS> (0.477)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.008
<EXPENSE-RATIO> 3.37
<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> 013
<NAME> VKAC Real Estate Securities Fund - 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> 44683617<F1>
<INVESTMENTS-AT-VALUE> 56580209<F1>
<RECEIVABLES> 1092842<F1>
<ASSETS-OTHER> 7800<F1>
<OTHER-ITEMS-ASSETS> 3146<F1>
<TOTAL-ASSETS> 57683997<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 213699<F1>
<TOTAL-LIABILITIES> 213699<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 6093009
<SHARES-COMMON-STOCK> 588677
<SHARES-COMMON-PRIOR> 306526
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (7420)<F1>
<ACCUMULATED-NET-GAINS> 107270<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 11896592<F1>
<NET-ASSETS> 7652125
<DIVIDEND-INCOME> 1733960<F1>
<INTEREST-INCOME> 70343<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> 961772<F1>
<NET-INVESTMENT-INCOME> 842531<F1>
<REALIZED-GAINS-CURRENT> 2148797<F1>
<APPREC-INCREASE-CURRENT> 9735736<F1>
<NET-CHANGE-FROM-OPS> 12727064<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (122180)
<DISTRIBUTIONS-OF-GAINS> (252836)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 336995
<NUMBER-OF-SHARES-REDEEMED> (77881)
<SHARES-REINVESTED> 24037
<NET-CHANGE-IN-ASSETS> 4588501
<ACCUMULATED-NII-PRIOR> (87672)<F1>
<ACCUMULATED-GAINS-PRIOR> 1214862<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 312156<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 966272<F1>
<AVERAGE-NET-ASSETS> 4249065
<PER-SHARE-NAV-BEGIN> 9.99
<PER-SHARE-NII> 0.266
<PER-SHARE-GAIN-APPREC> 3.520
<PER-SHARE-DIVIDEND> (0.300)
<PER-SHARE-DISTRIBUTIONS> (0.477)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.999
<EXPENSE-RATIO> 3.38
<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>
