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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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SIGNATURE NICK DALMASO
TITLE ASSISTANT SECRETARY
EXHIBIT 77B
[PRICE WATERHOUSE LLP LETTERHEAD]
January 29, 1998
To the Shareholders and Board of Trustees of
the Van Kampen American Capital Enterprise Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Enterprise 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
the internal control structure.
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
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 the 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
EXHIBIT 77C
NSAR ITEM 77C
Van Kampen American Capital Enterprise Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Enterprise 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 63,615,433 Against 1,296,470
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its Current
Fiscal Year.
For 64,728,914 Against 566,263
NSAR ITEM 77O
VKAC Enterprise Fund
10f-3 Transactions
UNDERWRITING # UNDERWRITING PURCHASED FROM
1 BA Merchant Services Goldman, Sachs
2 American Stores Company Goldman Sachs
3 Wellpoint Health Networks, Inc. Salomon Brothers
4 Corestaff Inc. Alex Brown
5 Corestaff Inc. Donaldson, Lufkin &
Jenrette
6 Corestaff Inc. Montgomery Securities
AMOUNT OF SHARES % OF UNDERWRITING DATE OF PURCHASE
PURCHASED
4,500 0.032% 12/18/97
57,000 0.370% 04/02/97
120,000 1.200% 04/07/97
3,013 0.050% 08/11/97
22,262 0.371% 08/11/97
20,625 0.344% 08/11/97
Other Firms participating in Underwriting:
Underwriting for #1
Goldman, Sachs & Co.
Montgomery Securities
Salomon Brothers Inc.
Robert W. Baird & Co., Incorporated
Sanford C. Bernstein & Co., Inc.
Alex, Brown & Sons Incorporated
Chase Securities Inc.
Cowen & Company
Dain Bosworth Incorporated
Dean Witter Reynolds Inc.
A.G. Edwards & Sons, Inc.
Furman Selz LLC
Gerard Klauer Mattison & Co., LLC
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker Incorporated
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
Robertson, Stephens & Company LLC
Wasserstein Perella Securities, Inc.
Wheat First Butcher Singer
Underwriting for #2
Goldman, Sachs & Co.
J.P. Morgan Securities Inc.
Donaldson, Lufkin & Jenrette Securities Corp.
Morgan Stanley & Co. Inc.
Smith Barney Inc.
ABN AMRO Chicago Corp.
BancAmerica Securities, Inc.
Chase Securities Inc.
Credit Suisse First Boston Corp.
Lehman Brothers Inc.
Merrill Lynch Inc.
Salomon Brothers Inc.
Tucker Anthony Inc.
Underwriting for #3
Salomon Brothers Inc.
Merrill Lynch, Inc.
Bear, Stearns & Co.
Morgan Stanley & Co., Inc.
Underwriting for #4, 5 & 6
Morgan Stanley & Co., Inc.
Goldman, Sachs & Co.
Alex, Brown & Sons Inc.
Donaldson, Lufkin & Jenrette Securities Corp.
Montogomery Securities
The Robinson-Humphrey Company, Inc.
Bear, Stearns & Co., Inc.
William Blair & Company, L.L.C.
J.C. Bradford & Co.
Cleary Gull Reiland & McDevitt Inc.
A.G. Edwards & Sons, Inc.
Gerard Klauer Manison & Co., Inc.
Janney Montgomery Scott Inc.
Jefferies & Company, Inc.
Legg Mason Wood Walker, Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Smith Barney Inc.
Stephens Inc.
Unterberg Harris, L.P.
Wasserstein Perella Securities, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Enterprise Class A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 1,750,280,901<F1>
<INVESTMENTS-AT-VALUE> 2,366,104,784<F1>
<RECEIVABLES> 20,378,209<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 24,236<F1>
<TOTAL-ASSETS> 2,386,507,229<F1>
<PAYABLE-FOR-SECURITIES> 21,733,700<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 59,627,413<F1>
<TOTAL-LIABILITIES> 81,361,113<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,151,319,844
<SHARES-COMMON-STOCK> 97,969,116
<SHARES-COMMON-PRIOR> 84,453,156
<ACCUMULATED-NII-CURRENT> 2,045,226<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 17,873,144<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 615,523,511<F1>
<NET-ASSETS> 1,706,054,737
<DIVIDEND-INCOME> 16,619,010<F1>
<INTEREST-INCOME> 12,699,511<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (22,449,267)<F1>
<NET-INVESTMENT-INCOME> 6,869,254<F1>
<REALIZED-GAINS-CURRENT> 213,595,434<F1>
<APPREC-INCREASE-CURRENT> 255,744,332<F1>
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<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (5,354,359)
<DISTRIBUTIONS-OF-GAINS> (162,962,079)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (158,703,531)
<SHARES-REINVESTED> 9,059,256
<NET-CHANGE-IN-ASSETS> 429,115,248
<ACCUMULATED-NII-PRIOR> 530,331<F1>
<ACCUMULATED-GAINS-PRIOR> 25,349,192<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 9,423,365<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 22,449,267<F1>
<AVERAGE-NET-ASSETS> 1,523,325,087
<PER-SHARE-NAV-BEGIN> 15.120
<PER-SHARE-NII> 0.087
<PER-SHARE-GAIN-APPREC> 4.113
<PER-SHARE-DIVIDEND> (0.060)
<PER-SHARE-DISTRIBUTIONS> (1.846)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.414
<EXPENSE-RATIO> .93
<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> Enterprise Class B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 1,750,280,901<F1>
<INVESTMENTS-AT-VALUE> 2,366,104,784<F1>
<RECEIVABLES> 20,378,209
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 24,236<F1>
<TOTAL-ASSETS> 2,386,507,229<F1>
<PAYABLE-FOR-SECURITIES> 21,733,700<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 59,627,413<F1>
<TOTAL-LIABILITIES> 81,361,113<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 468,845,571
<SHARES-COMMON-STOCK> 31,783,576
<SHARES-COMMON-PRIOR> 20,497,944
<ACCUMULATED-NII-CURRENT> 2,045,226<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 17,873,144<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 615,523,511<F1>
<NET-ASSETS> 542,185,197
<DIVIDEND-INCOME> 16,619,010<F1>
<INTEREST-INCOME> 12,699,511<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (22,449,267)<F1>
<NET-INVESTMENT-INCOME> 6,869,254<F1>
<REALIZED-GAINS-CURRENT> 213,595,434<F1>
<APPREC-INCREASE-CURRENT> 255,744,332<F1>
<NET-CHANGE-FROM-OPS> 476,209,020<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (52,681,023)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,384,289
<NUMBER-OF-SHARES-REDEEMED> (29,133,822)
<SHARES-REINVESTED> 3,035,164
<NET-CHANGE-IN-ASSETS> 236,575,426
<ACCUMULATED-NII-PRIOR> 530,331<F1>
<ACCUMULATED-GAINS-PRIOR> 25,349,192<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 9,423,365<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 22,449,267<F1>
<AVERAGE-NET-ASSETS> 429,135,634
<PER-SHARE-NAV-BEGIN> 14.909
<PER-SHARE-NII> (0.021)
<PER-SHARE-GAIN-APPREC> 4.017
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.846)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.059
<EXPENSE-RATIO> 1.75
<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> Enterprise Class C
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1997<F1>
<PERIOD-START> JAN-01-1997<F1>
<PERIOD-END> DEC-31-1997<F1>
<INVESTMENTS-AT-COST> 1,750,280,901<F1>
<INVESTMENTS-AT-VALUE> 2,366,104,784<F1>
<RECEIVABLES> 20,378,209<F1>
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<OTHER-ITEMS-ASSETS> 24,236<F1>
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<PAYABLE-FOR-SECURITIES> 21,733,700<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 59,627,413<F1>
<TOTAL-LIABILITIES> 81,361,113<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,538,820
<SHARES-COMMON-STOCK> 3,310,265
<SHARES-COMMON-PRIOR> 2,026,647
<ACCUMULATED-NII-CURRENT> 2,045,226<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 17,873,144<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
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<NET-ASSETS> 56,906,182
<DIVIDEND-INCOME> 16,619,010<F1>
<INTEREST-INCOME> 12,699,511<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (22,449,267)<F1>
<NET-INVESTMENT-INCOME> 6,869,254<F1>
<REALIZED-GAINS-CURRENT> 213,595,434<F1>
<APPREC-INCREASE-CURRENT> 255,744,332<F1>
<NET-CHANGE-FROM-OPS> 476,209,020<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (5,428,380)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,816,449
<NUMBER-OF-SHARES-REDEEMED> (3,835,319)
<SHARES-REINVESTED> 302,489
<NET-CHANGE-IN-ASSETS> 26,490,474
<ACCUMULATED-NII-PRIOR> 530,331<F1>
<ACCUMULATED-GAINS-PRIOR> 25,349,192<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 9,423,365<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 22,449,267<F1>
<AVERAGE-NET-ASSETS> 44,630,840
<PER-SHARE-NAV-BEGIN> 15.008
<PER-SHARE-NII> (0.023)
<PER-SHARE-GAIN-APPREC> 4.052
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.846)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.191
<EXPENSE-RATIO> 1.75
<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>