<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 921770
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000 F000000 Y
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000 H000000 N
000 I000000 3.0
000 J000000 A
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002 D010000 60181
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007 C010300 3
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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
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 HOUSTON
013 B020001 TX
<PAGE> PAGE 2
013 B030001 77002
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-00733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-00728181
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 118
019 C000000 VANKAMPENA
020 A000001 LEHMAN BROTHERS
020 B000001 13-2518466
020 C000001 60
020 A000002 MONTGOMERY SECURITIES
020 B000002 94-1701676
020 C000002 57
020 A000003 MERRILL LYNCH
020 B000003 13-5674085
020 C000003 38
020 A000004 GOLDMAN SACHS
020 B000004 13-5108880
020 C000004 34
020 A000005 PRUDENTIAL SECURITIES
020 B000005 22-2347336
020 C000005 23
020 A000006 DONALDSON LUFKIN JENNRETTE
020 B000006 13-2741729
020 C000006 16
020 A000007 (ALEX) BROWN & SONS
020 B000007 52-1319768
020 C000007 15
020 A000008 J.P. MORGAN
020 B000008 13-3224016
020 C000008 15
020 A000009 GREEN STREET ADVISORS, INC
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020 C000009 14
020 A000010 PAINE WEBBER
020 B000010 13-2638166
020 C000010 13
021 000000 383
022 A000001 BA SECURITIES
022 B000001 95-4035346
022 C000001 239840
022 D000001 0
022 A000002 DONALDSON LUFKIN JENNRETTE
<PAGE> PAGE 3
022 B000002 13-2741729
022 C000002 147638
022 D000002 598
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 147514
022 D000003 0
022 A000004 SBC WARBURG DILLON READ
022 B000004 13-1339216
022 C000004 110154
022 D000004 0
022 A000005 PRUDENTIAL SECURITIES
022 B000005 22-2347336
022 C000005 32529
022 D000005 0
022 A000006 STATE STREET BANK & TRUST
022 B000006 04-1867445
022 C000006 20970
022 D000006 0
022 A000007 MONTGOMERY SECURITIES
022 B000007 94-1701676
022 C000007 2816
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022 A000008 SMITH BARNEY
022 B000008 13-1912900
022 C000008 1353
022 D000008 686
022 A000009 FRIEDMAN BILLINGS RAMSEY
022 B000009 52-1630477
022 C000009 408
022 D000009 0
022 A000010 FURMAN SEIZ INC.
022 B000010 13-3856626
022 C000010 0
022 D000010 146
023 C000000 703222
023 D000000 1551
024 000000 Y
025 A000001 BANKAMERICA
025 B000001 95-4035346
025 C000001 D
025 D000001 2730
025 D000002 0
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025 D000004 0
025 D000005 0
025 D000006 0
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026 A000000 Y
026 B000000 Y
<PAGE> PAGE 4
026 C000000 Y
026 D000000 Y
026 E000000 N
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026 G010000 N
026 G020000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 A020000 Y
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
<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> REAL ESTATE A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 139,959,235 <F1>
<INVESTMENTS-AT-VALUE> 141,899,310 <F1>
<RECEIVABLES> 6,796,305 <F1>
<ASSETS-OTHER> 2,861 <F1>
<OTHER-ITEMS-ASSETS> 18,258 <F1>
<TOTAL-ASSETS> 148,716,734 <F1>
<PAYABLE-FOR-SECURITIES> 806,035 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 527,984 <F1>
<TOTAL-LIABILITIES> 1,334,019 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,501,666
<SHARES-COMMON-STOCK> 4,079,655
<SHARES-COMMON-PRIOR> 3,715,666
<ACCUMULATED-NII-CURRENT> 744,390 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 2,370,319 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 1,940,075 <F1>
<NET-ASSETS> 51,860,346
<DIVIDEND-INCOME> 3,855,914 <F1>
<INTEREST-INCOME> 191,931 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,501,959)<F1>
<NET-INVESTMENT-INCOME> 2,545,886 <F1>
<REALIZED-GAINS-CURRENT> 2,529,165 <F1>
<APPREC-INCREASE-CURRENT> (12,856,686)<F1>
<NET-CHANGE-FROM-OPS> (7,781,635)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (754,964)
<DISTRIBUTIONS-OF-GAINS> (868,204)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,792,340
<NUMBER-OF-SHARES-REDEEMED> (4,538,005)
<SHARES-REINVESTED> 109,654
<NET-CHANGE-IN-ASSETS> 546,778
<ACCUMULATED-NII-PRIOR> (21,901)<F1>
<ACCUMULATED-GAINS-PRIOR> 2,266,205 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 725,689 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,501,959 <F1>
<AVERAGE-NET-ASSETS> 52,275,024
<PER-SHARE-NAV-BEGIN> 13.810
<PER-SHARE-NII> 0.258
<PER-SHARE-GAIN-APPREC> (0.944)
<PER-SHARE-DIVIDEND> (0.190)
<PER-SHARE-DISTRIBUTIONS> (0.222)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.712
<EXPENSE-RATIO> 1.58
<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> 12
<NAME> REAL ESTATE B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 139,959,235 <F1>
<INVESTMENTS-AT-VALUE> 141,899,310 <F1>
<RECEIVABLES> 6,796,305 <F1>
<ASSETS-OTHER> 2,861 <F1>
<OTHER-ITEMS-ASSETS> 18,258 <F1>
<TOTAL-ASSETS> 148,716,734 <F1>
<PAYABLE-FOR-SECURITIES> 806,035 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 527,984 <F1>
<TOTAL-LIABILITIES> 1,334,019 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,950,271
<SHARES-COMMON-STOCK> 6,051,600
<SHARES-COMMON-PRIOR> 5,304,248
<ACCUMULATED-NII-CURRENT> 744,390 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 2,370,319 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 1,940,075 <F1>
<NET-ASSETS> 76,871,703
<DIVIDEND-INCOME> 3,855,914 <F1>
<INTEREST-INCOME> 191,931 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,501,959)<F1>
<NET-INVESTMENT-INCOME> 2,545,886 <F1>
<REALIZED-GAINS-CURRENT> 2,529,165 <F1>
<APPREC-INCREASE-CURRENT> (12,856,686)<F1>
<NET-CHANGE-FROM-OPS> (7,781,635)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (829,394)
<DISTRIBUTIONS-OF-GAINS> (1,263,468)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,367,088
<NUMBER-OF-SHARES-REDEEMED> (751,559)
<SHARES-REINVESTED> 131,823
<NET-CHANGE-IN-ASSETS> 3,673,145
<ACCUMULATED-NII-PRIOR> (21,901)<F1>
<ACCUMULATED-GAINS-PRIOR> 2,266,205 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 725,689 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,501,959 <F1>
<AVERAGE-NET-ASSETS> 76,224,847
<PER-SHARE-NAV-BEGIN> 13.800
<PER-SHARE-NII> 0.208
<PER-SHARE-GAIN-APPREC> (0.941)
<PER-SHARE-DIVIDEND> (0.142)
<PER-SHARE-DISTRIBUTIONS> (0.222)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.703
<EXPENSE-RATIO> 2.34
<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> 13
<NAME> REAL ESTATE C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 139,959,235 <F1>
<INVESTMENTS-AT-VALUE> 141,899,310 <F1>
<RECEIVABLES> 6,796,305 <F1>
<ASSETS-OTHER> 2,861 <F1>
<OTHER-ITEMS-ASSETS> 18,258 <F1>
<TOTAL-ASSETS> 148,716,734 <F1>
<PAYABLE-FOR-SECURITIES> 806,035 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 527,984 <F1>
<TOTAL-LIABILITIES> 1,334,019 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,875,994
<SHARES-COMMON-STOCK> 1,469,322
<SHARES-COMMON-PRIOR> 1,264,396
<ACCUMULATED-NII-CURRENT> 744,390 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> 2,370,319 <F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 1,940,075 <F1>
<NET-ASSETS> 18,650,666
<DIVIDEND-INCOME> 3,855,914 <F1>
<INTEREST-INCOME> 191,931 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,501,959)<F1>
<NET-INVESTMENT-INCOME> 2,545,886 <F1>
<REALIZED-GAINS-CURRENT> 2,529,165 <F1>
<APPREC-INCREASE-CURRENT> (12,856,686)<F1>
<NET-CHANGE-FROM-OPS> (7,781,635)<F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (195,237)
<DISTRIBUTIONS-OF-GAINS> (293,379)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 306,062
<NUMBER-OF-SHARES-REDEEMED> (131,554)
<SHARES-REINVESTED> 30,418
<NET-CHANGE-IN-ASSETS> 1,215,186
<ACCUMULATED-NII-PRIOR> (21,901)<F1>
<ACCUMULATED-GAINS-PRIOR> 2,266,205 <F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 725,689 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,501,959 <F1>
<AVERAGE-NET-ASSETS> 17,762,665
<PER-SHARE-NAV-BEGIN> 13.790
<PER-SHARE-NII> 0.206
<PER-SHARE-GAIN-APPREC> (0.939)
<PER-SHARE-DIVIDEND> (0.142)
<PER-SHARE-DISTRIBUTIONS> (0.222)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.693
<EXPENSE-RATIO> 2.34
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>