<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 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
January 31, 1997
To the Board of Trustees of the
Van Kampen American Capital Enterprise Fund
In planning and performing our audit of the financial statements of
the Van Kampen American Capital Enterprise 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
January 31, 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 Enterprise Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Enterprise
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 59,053,510 Against 1,342,168
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 51,541,096 Against 1,734,478
4) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP as Independent Public Accountants for its Current Fiscal
Year.
For 59,955,958 Against 711,947
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<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> VKAC - Enterprise Fund - A Shares
<MULTIPLIER> 1000
<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> 1290838<F1>
<INVESTMENTS-AT-VALUE> 1648764<F1>
<RECEIVABLES> 23029<F1>
<ASSETS-OTHER> 13<F1>
<OTHER-ITEMS-ASSETS> 19<F1>
<TOTAL-ASSETS> 1671825<F1>
<PAYABLE-FOR-SECURITIES> 35866<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 22994<F1>
<TOTAL-LIABILITIES> 58860<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 927135
<SHARES-COMMON-STOCK> 84453
<SHARES-COMMON-PRIOR> 79257
<ACCUMULATED-NII-CURRENT> 530<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 25350<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 359779<F1>
<NET-ASSETS> 1276939
<DIVIDEND-INCOME> 14506<F1>
<INTEREST-INCOME> 8213<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (16314)<F1>
<NET-INVESTMENT-INCOME> 6405<F1>
<REALIZED-GAINS-CURRENT> 104556<F1>
<APPREC-INCREASE-CURRENT> 183936<F1>
<NET-CHANGE-FROM-OPS> 294897<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (6114)
<DISTRIBUTIONS-OF-GAINS> (71743)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126043
<NUMBER-OF-SHARES-REDEEMED> (125592)
<SHARES-REINVESTED> 4745
<NET-CHANGE-IN-ASSETS> 241218
<ACCUMULATED-NII-PRIOR> 22<F1>
<ACCUMULATED-GAINS-PRIOR> 10915<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 6853<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 16331
<AVERAGE-NET-ASSETS> 1154530
<PER-SHARE-NAV-BEGIN> 13.07
<PER-SHARE-NII> 0.086
<PER-SHARE-GAIN-APPREC> 2.942
<PER-SHARE-DIVIDEND> (0.077)
<PER-SHARE-DISTRIBUTIONS> (0.901)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.120
<EXPENSE-RATIO> 1.01
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> VKAC - Enterprise Fund - B Shares
<MULTIPLIER> 1000
<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> 1290838<F1>
<INVESTMENTS-AT-VALUE> 1648764<F1>
<RECEIVABLES> 23029<F1>
<ASSETS-OTHER> 13<F1>
<OTHER-ITEMS-ASSETS> 19<F1>
<TOTAL-ASSETS> 1671825<F1>
<PAYABLE-FOR-SECURITIES> 35866<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 22994<F1>
<TOTAL-LIABILITIES> 58860<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 272686
<SHARES-COMMON-STOCK> 20498
<SHARES-COMMON-PRIOR> 14224
<ACCUMULATED-NII-CURRENT> 530<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 25350<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 359779<F1>
<NET-ASSETS> 1276939
<DIVIDEND-INCOME> 14506<F1>
<INTEREST-INCOME> 8213<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (16314)<F1>
<NET-INVESTMENT-INCOME> 6405<F1>
<REALIZED-GAINS-CURRENT> 104556<F1>
<APPREC-INCREASE-CURRENT> 183936<F1>
<NET-CHANGE-FROM-OPS> 294897<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (6114)
<DISTRIBUTIONS-OF-GAINS> (71743)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13738
<NUMBER-OF-SHARES-REDEEMED> (8555)
<SHARES-REINVESTED> 1091
<NET-CHANGE-IN-ASSETS> 121511
<ACCUMULATED-NII-PRIOR> 22<F1>
<ACCUMULATED-GAINS-PRIOR> 10915<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 6853<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 16331
<AVERAGE-NET-ASSETS> 234458
<PER-SHARE-NAV-BEGIN> 12.94
<PER-SHARE-NII> (0.012)
<PER-SHARE-GAIN-APPREC> 2.882
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.901)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.909
<EXPENSE-RATIO> 1.82
<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 - Enterprise Fund - C Shares
<MULTIPLIER> 1000
<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> 1290838<F1>
<INVESTMENTS-AT-VALUE> 1648764<F1>
<RECEIVABLES> 23029<F1>
<ASSETS-OTHER> 13<F1>
<OTHER-ITEMS-ASSETS> 19<F1>
<TOTAL-ASSETS> 1671825<F1>
<PAYABLE-FOR-SECURITIES> 35866<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 22994<F1>
<TOTAL-LIABILITIES> 58860<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 2027
<SHARES-COMMON-STOCK> 1207
<SHARES-COMMON-PRIOR> 14224
<ACCUMULATED-NII-CURRENT> 530<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 25350<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 359779<F1>
<NET-ASSETS> 30416
<DIVIDEND-INCOME> 14506<F1>
<INTEREST-INCOME> 8213<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (16314)<F1>
<NET-INVESTMENT-INCOME> 6405<F1>
<REALIZED-GAINS-CURRENT> 104556<F1>
<APPREC-INCREASE-CURRENT> 183936<F1>
<NET-CHANGE-FROM-OPS> 294897<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1643)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1581
<NUMBER-OF-SHARES-REDEEMED> (862)
<SHARES-REINVESTED> 101
<NET-CHANGE-IN-ASSETS> 14713
<ACCUMULATED-NII-PRIOR> 22<F1>
<ACCUMULATED-GAINS-PRIOR> 10915<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 6853<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 16331
<AVERAGE-NET-ASSETS> 22869
<PER-SHARE-NAV-BEGIN> 13.01
<PER-SHARE-NII> (0.013)
<PER-SHARE-GAIN-APPREC> 2.912
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.901)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.008
<EXPENSE-RATIO> 1.82
<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>
