<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000005100
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.
000 J000000 U
001 A000000 VAN KAMPEN AMERICAN CAPITAL EXCHANGE FUND
001 B000000 811-02611
001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 VAN KAMPEN AMERICAN CAPITAL ASSET MANAGEMENT
008 B000001 A
008 C000001 801-8286
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
011 A000001 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS INC
011 B000001 8-19903
011 C010001 OAKBROOK TERRACE
011 C020001 IL
011 C030001 60181
012 A000001 ACCESS INVESTOR SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77210
013 B040001 4545
014 A000001 MORGAN STANLEY & CO., INCORPORATED
014 B000001 8-
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 114
019 C000000 VANKAMPENA
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 GENERAL ELECTRIC CAPITAL CORP
022 B000001 06-1076552
022 C000001 144385
022 D000001 0
022 A000002 ASSOCIATES CORP OF NORTH AMERICA
022 B000002 74-1494554
022 C000002 33512
022 D000002 0
022 A000003 SBC CAPITAL MARKETS INC
022 B000003 13-2639550
022 C000003 1480
022 D000003 0
022 A000004 PRUDENTIAL SECURITIES
022 B000004 22-2347336
022 C000004 740
022 D000004 0
022 A000005 LEHMAN BROTHERS INC
022 B000005 13-2518466
022 C000005 705
022 D000005 0
022 A000006 BA SECURITIES
022 B000006 95-4035346
022 C000006 700
022 D000006 0
023 C000000 181522
<PAGE> PAGE 3
023 D000000 0
024 000000 Y
025 A000001 GENERAL ELECTRIC CAPITAL CORP
025 B000001 13-3082694
025 C000001 D
025 D000001 775
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 13
028 B030000 0
028 B040000 151
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 114
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 409
028 E010000 0
028 E020000 13
028 E030000 0
028 E040000 420
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 4
028 G010000 0
028 G020000 26
028 G030000 0
028 G040000 1098
<PAGE> PAGE 4
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
<PAGE> PAGE 5
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
<PAGE> PAGE 6
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 0
071 B000000 2304
071 C000000 52065
071 D000000 0
072 A000000 12
<PAGE> PAGE 7
072 B000000 39
072 C000000 910
072 D000000 0
072 E000000 0
072 F000000 264
072 G000000 0
072 H000000 0
072 I000000 16
072 J000000 12
072 K000000 0
072 L000000 18
072 M000000 67
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 50
072 R000000 15
072 S000000 21
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 29
072 X000000 492
072 Y000000 0
072 Z000000 457
072AA000000 1864
072BB000000 0
072CC010000 14427
072CC020000 0
072DD010000 394
072DD020000 0
072EE000000 0
073 A010000 1.2800
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 4
074 B000000 0
074 C000000 775
074 D000000 0
074 E000000 0
074 F000000 60988
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 84
074 M000000 1
074 N000000 61852
074 O000000 0
<PAGE> PAGE 8
074 P000000 26
074 Q000000 4
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 55
074 S000000 0
074 T000000 61767
074 U010000 301
074 U020000 0
074 V010000 205.35
074 V020000 0.00
074 W000000 0.0000
074 X000000 180
074 Y000000 0
075 A000000 0
075 B000000 52865
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 N/A
080 C000000 65000
081 A000000 Y
081 B000000 96
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
<PAGE> PAGE 9
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG Peat Marwick LLP
700 Louisiana
P.O. Box 4545
Houston, TX 77210-4545
Independent Auditors' Report On Internal Accounting Control
The Board of Directors
American Capital Exchange Fund (a California Limited Partnership)
In planning and performing our audit of the financial statements
of American Capital Exchange Fund (a California Limited Partnership)
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
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 American Capital Exchange Fund (a California
Limited Partnership) is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements 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 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 accordance with
generally accepted accounting principles.
Because of inherent limitations in any system of internal control
structure, errors or irregularities may occur and may 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
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/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
January 17, 1997
NSAR ITEM 77C
Van Kampen American Capital Exchange Fund
(a) An Annual Meeting of Partners was held on April 26, 1996 and a Special
Meeting of Partners was held on October 29, 1996.
(b) The election of Managing General Partners of Van Kampen American
Capital Exchange Fund (the "Fund") at the Annual Meeting on April 26,
1996 included:
Donald M. Carlton, Ph.D.
Stephen R. Gross
F. Robert Paulsen, Ph.D.
Don G. Powell
Alan B. Shepard, Jr.
(c) The following were voted on at the April 26, 1996 meeting:
1) Election of Managing General Partners
Donald M. Carlton, Ph.D. For 210,334 Withheld 2,407
Stephen R. Gross For 210,334 Withheld 2,407
F. Robert Paulsen, Ph.D For 210,334 Withheld 2,407
Don G. Powell For 210,334 Withheld 2,407
Alan B. Shepard, Jr. For 210,334 Withheld 2,407
2) To Ratify the Selection of KPMG Peat Marwick LLP as Independent
Auditors for its Current Fiscal Year.
For 211,481 Against 0
3) Approval of an amendment to the Restated Certificate and
Agreement of Limited Partnership changing the name and address
of the Fund.
For 210,334 Against 0
The following was voted on at the October 29, 1996 meeting:
2) Approval of a New Investment Advisory Agreement in the event of
a change of control of the Adviser.
For 215,145 Against 14,728
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1
<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> 8427092
<INVESTMENTS-AT-VALUE> 61762399
<RECEIVABLES> 84265
<ASSETS-OTHER> 679
<OTHER-ITEMS-ASSETS> 4445
<TOTAL-ASSETS> 61851788
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84954
<TOTAL-LIABILITIES> 84954
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> (36561774)
<SHARES-COMMON-STOCK> 300790
<SHARES-COMMON-PRIOR> 314415
<ACCUMULATED-NII-CURRENT> 2433418
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42559884
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53335307
<NET-ASSETS> 61766834
<DIVIDEND-INCOME> 910080
<INTEREST-INCOME> 38820
<OTHER-INCOME> 0
<EXPENSES-NET> 491526
<NET-INVESTMENT-INCOME> 457374
<REALIZED-GAINS-CURRENT> 1864174
<APPREC-INCREASE-CURRENT> 14427053
<NET-CHANGE-FROM-OPS> 16748601
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (393524)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (13938)
<SHARES-REINVESTED> 313
<NET-CHANGE-IN-ASSETS> 14012162
<ACCUMULATED-NII-PRIOR> 2369568
<ACCUMULATED-GAINS-PRIOR> 40695709
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 264323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 491526
<AVERAGE-NET-ASSETS> 52864660
<PER-SHARE-NAV-BEGIN> 151.88
<PER-SHARE-NII> 1.488
<PER-SHARE-GAIN-APPREC> 53.261
<PER-SHARE-DIVIDEND> (1.280)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 205.349
<EXPENSE-RATIO> .93
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
