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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
Report of Independent Auditors
To the Shareholders and
Board of Trustees of Van Kampen American Capital Bond Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Bond Fund for the year ended June 30, 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.
The management of Van Kampen American Capital Bond 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 controls. Generally, controls 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 controls 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 deterioriate.
Our consideration of the internal control would not necessarily disclose all
matters in the 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 one or
more of the 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 the internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above at June 30, 1997.
This report is intended solely for the information and use of the board of
trustees and management of Van Kampen American Capital Bond Fund and the
Securities and Exchange Commission.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
Houston, Texas
July 25, 1997
NSAR ITEM 77C
Van Kampen American Capital Bond Fund
(a) An Annual Meeting of Shareholders was held on October 29,1996.
(b) The election of Trustees of Van Kampen American Capital Bond Fund
(the "Fund") included:
Stephen R. Gross, Alan G. Merten, Ph.D., F. Robert Paulsen, Ph.D. and
Don G. Powell
(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 8,960,610 Against 154,718
(4) For each AC Fund, to Ratify the Selection of Ernst & Young LLP
Independent Public Accountants for its Current Fiscal Year.
For 9,304,828 Against 50,058
NSAR ITEM 77O
Van Kampen American Capital Bond Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares
Underwriting # Underwriting Purchased From Purchased % of Underwriting Date of Purchase
<S> <C> <C> <C> <C> <C>
1 A.H. Belo Salomon Brothers 1,250,000 0.167% 06/10/97
Corporation
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Bear, Stearns & Co. Inc.
Goldman, Sachs & Co.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Salomon Brothers Inc.
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