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011 C020001 TX
011 C030001 77056
012 A000001 ACCESS INVESTOR SERVICES, INC.
012 B000001 84-01621
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<PAGE> PAGE 2
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013 B030001 77002
015 A000001 STATE STREET BANK & TRUST CO.
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015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
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019 B000000 34
019 C000000 ACFHOUSTON
020 A000001 MORGAN STANLEY & CO., INC.
020 B000001 13-2655998
020 C000001 35
020 A000002 MERRILL LYNCH, INC.
020 B000002 13-5674085
020 C000002 32
020 A000003 LEHMAN BROTHERS, INC.
020 B000003 13-2518466
020 C000003 31
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020 B000004 13-5659485
020 C000004 30
020 A000005 SMITH BARNEY, INC.
020 B000005 13-1912900
020 C000005 24
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020 B000008 13-2638166
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020 B000010 13-3299429
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<PAGE> PAGE 3
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022 C000003 161199
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022 B000004 13-2518466
022 C000004 128102
022 D000004 7386
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022 B000005 22-2347336
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022 B000006 94-1687665
022 C000006 28643
022 D000006 0
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022 B000007 04-1867445
022 C000007 22550
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022 B000009 13-5659485
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022 C000010 8887
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SIGNATURE TONYA LODEN
TITLE CONTROLLER
<PAGE> 1
N-SAR ITEM 77C
a) A Special Meeting of Shareholders was held on December 16, 1994.
b) Inapplicable
c) The following was voted on at the meeting:
1) Approval of a new investment advisory agreement between the Registrant
and American Capital Asset Management, Inc. to take effect upon the
closing of the proposed acquisition of American Capital Management &
Research, Inc. by The Van Kampen Merritt Companies, Inc.
For 10,233,821.230 Against 352,452.757
d) Inapplicable
<PAGE> 1
EXHIBIT 77 0
AMERICAN CAPITAL GROWTH & INCOME FUND, INC.
Underwritings Pursuant to Rule 10f-3
1. Name of Issuer: Amerisource
Securities Acquired From: DLJ
Syndicate Members: See attached
Principal Amount in Offering: 6,600,000
Principal Amount Purchased: 4,500
Price Per Share: $21.00
Purchase Date: 4-3-95
2. Name of Issuer: PMI Group, Inc.
Securities Acquired From: Goldman Sachs
Syndicate Members: See attached
Principal Amount in Offering: 21,500,000
Principal Amount Purchased: 26,000
Price Per Share: $34.00
Purchase Date: 4-10-95
3. Name of Issuer: PMI Group, Inc.
Securities Acquired From: Dean Witter
Syndicate Members: See attached
Principal Amount in Offering: 21,500,000
Principal Amount Purchased: 1,000
Price Per Share: $34.00
Purchase Date: 4-10-95
4. Name of Issuer: Repsol S.A. ADR
Securities Acquired From: Goldman Sachs
Syndicate Members: See attached
Principal Amount in Offering: 8,500,000
Principal Amount Purchased: 25,000
Price Per Share: $28.830
Purchase Date: 4-11-95
5. Name of Issuer: Nabisco Holdings Corp.
Securities Acquired From: Goldman Sachs
Syndicate Members: See attached
Principal Amount in Offering: 45,000,000
Principal Amount Purchased: 24,100
Price Per Share: $24.50
Purchase Date: 1-19-95
<PAGE> 2
AMERI SOURCE
<TABLE>
<S> <C>
US UNDERWRITERS
Donaldson, Lufkin & Jenrette Securities Corporation .......................
Smith Barney Inc. .........................................................
BT Securities Corporation .................................................
Dean Witter Reynolds Inc. .................................................
Dillon, Read & Co. Inc. ...................................................
A.G. Edwards & Sons, Inc. .................................................
Merrill Lynch, Pierce, Fenner & Smith Incorporated ........................
Montgomery Securities .....................................................
Morgan Stanley & Co. Incorporated .........................................
Oppenheimer & Co., Inc. ...................................................
PaineWebber Incorporated ..................................................
Wheat First Butcher Singer ................................................
Advest, Inc. ..............................................................
Arnhold and S. Bleichroeder, Inc. .........................................
William Blair & Company ...................................................
Cleary Gull Reiland & McDevitt Inc. .......................................
Cowen & Company ...........................................................
Crowell, Weedon & Co. .....................................................
Fahnestock & Co. Inc. .....................................................
First of Michigan Corporation .............................................
Furman Selz Incorporated ..................................................
J.J.B. Hilliard, W.T. Lyons, Inc. .........................................
Interstate/Johnson Lane Corporation .......................................
Janney Montgomery Scott Inc. ..............................................
Johnston, Lemon & Co. Incorporated ........................................
Ladenburg, Thalmann & Co. Inc. ............................................
C.J. Lawrence/Deutsche Bank Securities Corporation ........................
McDonald & Company Securities, Inc. .......................................
The Ohio Company ..........................................................
Parker/Hunter Incorporated ................................................
Pennsylvania Merchant Group Ltd. ..........................................
Ragen MacKenzie Incorporated ..............................................
Raymond James & Associates, Inc. ..........................................
The Robinson-Humphrey Company, Inc. .......................................
Roney & Co. ...............................................................
Scott & Stringfellow, Inc. ................................................
Stephens Inc. .............................................................
Sutro & Co. Incorporated ..................................................
Tucker Anthony Incorporated ................................................
Dabney/Resnick, Inc. ......................................................
Ferris, Baker Watts, Incorporated .........................................
Freimark Blair & Company Inc. .............................................
C.L. King & Associates, Inc. ..............................................
Monness Crespi Hardt & Co. Inc. ...........................................
Pryor, McClendon, Counts & Co., Inc. ......................................
INTERNATIONAL UNDERWRITERS
Donaldson, Lufkin & Jenrette Securities Corporation .......................
Smith Barney Inc. .........................................................
Bankers Trust International PLC ...........................................
Cazenove & Co. ............................................................
Credit Lyonnais Securities ................................................
Deutsche Bank Aktiengesellschaft ..........................................
Internationale Nederlanden Bank N.V. ......................................
Kleinwort Benson Limited ..................................................
Paribas Capital Markets ...................................................
Societe Generale ..........................................................
</TABLE>
<PAGE> 3
PMI GROUP, INC.
<TABLE>
<S> <C>
Goldman, Sachs & Co. ......................................................
Dean Witter Reynolds Inc. .................................................
Morgan Stanley & Co. Incorporated .........................................
Salomon Brothers Inc. .....................................................
Robert W. Baird & Co. Incorporated ........................................
Bear, Stearns & Co. Inc. ..................................................
Sanford C. Bernstein & Co., Inc. ..........................................
J.C. Bradford & Co. .......................................................
Alex. Brown & Sons Incorporated ...........................................
The Chicago Corporation ...................................................
Cleary Gull Reiland & McDevitt Inc. .......................................
Conning & Company .........................................................
CS First Boston Corporation ...............................................
Donaldson, Lufkin & Jenrette Securities Corporation .......................
Fox-Pitt, Kelton Inc. .....................................................
Johnston, Lemon & Co. Incorporated ........................................
Lehman Brothers Inc. ......................................................
Luther, Smith & Small, Inc. ...............................................
Merrill Lynch, Pierce, Fenner & Smith Incorporated ........................
Montgomery Securities .....................................................
Neuberger & Berman ........................................................
Northington Capital Markets, Inc. .........................................
Oppenheimer & Co., Inc. ...................................................
PaineWebber Incorporated ..................................................
Prudential Securities Incorporated ........................................
Pryor, McClendon, Counts & Co., Inc. ......................................
Samuel A. Ramirez & Co., Inc. .............................................
Muriel Siebert & Co., Inc. ................................................
Smith Barney Inc. .........................................................
Stifel, Nicolaus & Company, Incorporated ..................................
Wasserstein Perella Securities, Inc. ......................................
</TABLE>
<PAGE> 4
REPSOL S.A. ADR
<TABLE>
<S> <C>
Goldman, Sachs & Co. ......................................................
CS First Boston Corporation ...............................................
Merrill Lynch, Pierce, Fenner & Smith Incorporated ........................
Morgan Stanley & Co. Incorporated .........................................
Howard, Weil, Labouisse, Friedrichs Incorporated ..........................
Bear, Stearns & Co. Inc. ..................................................
Donaldson, Lufkin & Jenrette Securities Corporation .......................
Kleinwort Benson North America Inc. .......................................
C.J. Lawrence/Deutsche Bank Securities Corporation ........................
Lehman Brothers Inc. ......................................................
McDonald & Company Securities, Inc. .......................................
J.P. Morgan Securities, Inc. ..............................................
NatWest Securities Limited ................................................
PaineWebber Incorporated ..................................................
Rauscher Pierce Refsnes, Inc. .............................................
Smith Barney Inc. .........................................................
S.G. Warburg & Co., Inc. ..................................................
</TABLE>
<PAGE> 5
NABISCO HOLDINGS CORP.
<TABLE>
<S> <C>
Goldman, Sachs & Co. ......................................................
Bear, Stearns & Co., Inc. .................................................
Merrill Lynch, Pierce, Fenner & Smith Incorporated ........................
Morgan Stanley & Co. Incorporated .........................................
Advest, Inc. ..............................................................
Sanford C. Bernstein & Co., Inc. ..........................................
CS First Boston Corporation ...............................................
Cleary Gull Reiland & McDevitt Inc. .......................................
Dain Bosworth Incorporated ................................................
Dean Witter Reynolds Inc. .................................................
Dillon, Read & Co., Inc. ..................................................
Doft & Co., Inc. ..........................................................
Donaldson, Lufkin & Jenrette Securities Corporation .......................
A. G. Edwards & Sons, Inc. ................................................
Interstate/Johnson Lane Corporation .......................................
Janney Montgomery Scott Inc. ..............................................
Johnston, Lemon & Co. Incorporated ........................................
Edward D. Jones & Co. .....................................................
Kemper Securities, Inc. ...................................................
C.J. Lawrence/Deutsche Bank Securities Corporation ........................
Lazard Freres & Co. .......................................................
Lehman Brothers, Inc. .....................................................
McDonald & Company Securities, Inc. .......................................
J.P. Morgan Securities Inc. ...............................................
Oppenheimer & Co., Inc. ...................................................
PaineWebber Incorporated ..................................................
Prudential Securities Incorporated ........................................
Pryor, McClendon, Counts & Co., Inc. ......................................
Rauscher Pierce Refsnes, Inc. .............................................
The Robinson-Humphrey Company, Inc. .......................................
Salomon Brothers Inc. .....................................................
Smith Barney Inc. .........................................................
Sutro & Co. Incorporated ..................................................
Tucker Anthony Incorporated ...............................................
Wasserstein Perella Securities, Inc. ......................................
Wertheim Schroder & Co. Incorporated ......................................
Wheat, First Securities, Inc. .............................................
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000039451
<NAME> GROWTH & INCOME
<SERIES>
<NUMBER> 1
<NAME> CLASS A SHARES
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<PERIOD-START> DEC-01-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 246,814,684
<INVESTMENTS-AT-VALUE> 279,380,775
<RECEIVABLES> 8,628,166
<ASSETS-OTHER> 2,310
<OTHER-ITEMS-ASSETS> 6,599
<TOTAL-ASSETS> 288,017,850
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<PAID-IN-CAPITAL-COMMON> 237,320,186
<SHARES-COMMON-STOCK> 18,592,133
<SHARES-COMMON-PRIOR> 16,756,959
<ACCUMULATED-NII-CURRENT> 1,657,634
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,067,878
<NET-ASSETS> 280,473,540
<DIVIDEND-INCOME> 3,169,540
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<NET-CHANGE-FROM-OPS> 40,043,001
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<DISTRIBUTIONS-OF-GAINS> 15,006,137
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<NUMBER-OF-SHARES-SOLD> 1,722,752
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<NET-CHANGE-IN-ASSETS> 53,094,792
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<FN>
<F1>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000039451
<NAME> AC GROWTH & INCOME
<SERIES>
<NUMBER> 2
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<FN>
<F1>
EXPENSE RATIO IS ANNUALIZED
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000039451
<NAME> AC GROWTH & INCOME
<SERIES>
<NUMBER> 3
<NAME> CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 390,077
<SHARES-COMMON-PRIOR> 286,471
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 35,722
<DISTRIBUTIONS-OF-GAINS> 257,766
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 129,509
<NUMBER-OF-SHARES-REDEEMED> 43,818
<SHARES-REINVESTED> 17,915
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 4,070,847
<PER-SHARE-NAV-BEGIN> 12.26
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> 1.77
<PER-SHARE-DIVIDEND> .118
<PER-SHARE-DISTRIBUTIONS> .892
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.14
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>
EXPENSE RATIO IS ANNUALIZED
</TABLE>
