<PAGE> PAGE 1
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002 D010000 60181
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007 C010700 7
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008 B000001 A
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008 D020001 IL
008 D030001 60181
011 A000001 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC
011 B000001 8-19412
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011 C020001 IL
011 C030001 60181
012 A000001 ACCESS INVESTOR SERVICES, INC.
012 B000001 84-01621
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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022 C000007 230365
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022 A000008 STATE STREET BANK & TRUST
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022 A000010 HONG KONG SHANGHAI (HSBC)
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022 C000010 44715
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023 C000000 7505738
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025 A000001 MERRILL LYNCH
025 B000001 -----
025 C000001 D
025 D000001 1529
025 A000002 JP MORGAN SECURITIES
025 B000002 13-2224016
025 C000002 E
025 D000002 6418
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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 8
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<PAGE> PAGE 10
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
Price Waterhouse LLP
January 15, 1997
To the Board of Trustees of the
Van Kampen American Capital
Growth and Income Fund
In planning and performing our audit of the financial statements of the Van
Kampen American Capital Growth and Income Fund (the "Fund") for the year
ended November 30, 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.
January 15, 1997
To the Board of Trustees
Page 2
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of November 30, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
NSAR ITEM 77C
Van Kampen American Capital Growth and Income Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Growth and Income
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 28,387,256 Against 692,982
2) Approval of changes to Fundamental Investment Policies with respect
to investments in other investment companies.
For 21,757,008 Against 891,319
4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP
as Independent Public Accountants for its Current Fiscal Year.
For 28,818,036 Against 382,735
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> VKAC Growth and Income Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 684560841<F1>
<INVESTMENTS-AT-VALUE> 818601245<F1>
<RECEIVABLES> 13314554<F1>
<ASSETS-OTHER> 2310<F1>
<OTHER-ITEMS-ASSETS> 3578<F1>
<TOTAL-ASSETS> 831921687<F1>
<PAYABLE-FOR-SECURITIES> 12364145<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2630094<F1>
<TOTAL-LIABILITIES> 14994239<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 432775305
<SHARES-COMMON-STOCK> 34824767
<SHARES-COMMON-PRIOR> 25770987
<ACCUMULATED-NII-CURRENT> 2561634<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 47995589<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 138408479<F1>
<NET-ASSETS> 584559555
<DIVIDEND-INCOME> 12183414<F1>
<INTEREST-INCOME> 5272973<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (7962094)<F1>
<NET-INVESTMENT-INCOME> 9494293<F1>
<REALIZED-GAINS-CURRENT> 49514009<F1>
<APPREC-INCREASE-CURRENT> 75055070<F1>
<NET-CHANGE-FROM-OPS> 134063372<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (7590031)
<DISTRIBUTIONS-OF-GAINS> (22535642)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14595033
<NUMBER-OF-SHARES-REDEEMED> (7456132)
<SHARES-REINVESTED> 1914879
<NET-CHANGE-IN-ASSETS> 202972612
<ACCUMULATED-NII-PRIOR> 2053946<F1>
<ACCUMULATED-GAINS-PRIOR> 27588525<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2617996<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7977094<F1>
<AVERAGE-NET-ASSETS> 476625639
<PER-SHARE-NAV-BEGIN> 14.81
<PER-SHARE-NII> 0.243
<PER-SHARE-GAIN-APPREC> 2.851
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> (0.868)
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 16.786
<EXPENSE-RATIO> 1.04
<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> VKAC Growth and Income Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 684560841<F1>
<INVESTMENTS-AT-VALUE> 818601245<F1>
<RECEIVABLES> 13314554<F1>
<ASSETS-OTHER> 2310<F1>
<OTHER-ITEMS-ASSETS> 3578<F1>
<TOTAL-ASSETS> 831921687<F1>
<PAYABLE-FOR-SECURITIES> 12364145<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2630094<F1>
<TOTAL-LIABILITIES> 14994239<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 176702906
<SHARES-COMMON-STOCK> 12577125
<SHARES-COMMON-PRIOR> 6662719
<ACCUMULATED-NII-CURRENT> 2561634<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 47995589<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 138408479<F1>
<NET-ASSETS> 210298088
<DIVIDEND-INCOME> 12183414<F1>
<INTEREST-INCOME> 5272973<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (7962094)<F1>
<NET-INVESTMENT-INCOME> 9494293<F1>
<REALIZED-GAINS-CURRENT> 49514009<F1>
<APPREC-INCREASE-CURRENT> 75055070<F1>
<NET-CHANGE-FROM-OPS> 134063372<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1336135)
<DISTRIBUTIONS-OF-GAINS> (5929783)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7221613
<NUMBER-OF-SHARES-REDEEMED> (1753404)
<SHARES-REINVESTED> 446197
<NET-CHANGE-IN-ASSETS> 111877147
<ACCUMULATED-NII-PRIOR> 2053946<F1>
<ACCUMULATED-GAINS-PRIOR> 27588525<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2617996<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7977094<F1>
<AVERAGE-NET-ASSETS> 148882558
<PER-SHARE-NAV-BEGIN> 14.77
<PER-SHARE-NII> 0.142
<PER-SHARE-GAIN-APPREC> 2.827
<PER-SHARE-DIVIDEND> (0.150)
<PER-SHARE-DISTRIBUTIONS> (0.868)
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 16.721
<EXPENSE-RATIO> 1.83
<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> VKAC Growth and Income Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 684560841<F1>
<INVESTMENTS-AT-VALUE> 818601245<F1>
<RECEIVABLES> 13314554<F1>
<ASSETS-OTHER> 2310<F1>
<OTHER-ITEMS-ASSETS> 3578<F1>
<TOTAL-ASSETS> 831921687<F1>
<PAYABLE-FOR-SECURITIES> 12364145<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 2630094<F1>
<TOTAL-LIABILITIES> 14994239<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 18483535
<SHARES-COMMON-STOCK> 1318799
<SHARES-COMMON-PRIOR> 703701
<ACCUMULATED-NII-CURRENT> 2561634<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 47995589<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 138408479<F1>
<NET-ASSETS> 22069805
<DIVIDEND-INCOME> 12183414<F1>
<INTEREST-INCOME> 5272973<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (7962094)<F1>
<NET-INVESTMENT-INCOME> 9494293<F1>
<REALIZED-GAINS-CURRENT> 49514009<F1>
<APPREC-INCREASE-CURRENT> 75055070<F1>
<NET-CHANGE-FROM-OPS> 134063372<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (139054)
<DISTRIBUTIONS-OF-GAINS> (615197)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 769530
<NUMBER-OF-SHARES-REDEEMED> (190946)
<SHARES-REINVESTED> 36514
<NET-CHANGE-IN-ASSETS> 11667332
<ACCUMULATED-NII-PRIOR> 2053946<F1>
<ACCUMULATED-GAINS-PRIOR> 27588525<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2617996<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 7977094<F1>
<AVERAGE-NET-ASSETS> 15347900
<PER-SHARE-NAV-BEGIN> 14.78
<PER-SHARE-NII> 0.139
<PER-SHARE-GAIN-APPREC> 2.833
<PER-SHARE-DIVIDEND> (0.150)
<PER-SHARE-DISTRIBUTIONS> (0.868)
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 16.734
<EXPENSE-RATIO> 1.83
<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>
