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SIGNATURE NICK DALMASO
TITLE ASSISTANT SECRETARY
EXHIBIT 77B
[KPMG Peat Marwick LLP]
Managing General Partners of Van Kampen American Capital Exchange Fund
(a California Limited Partnership):
In planning and performing our audit of the financial statements of Van Kampen
American Capital Exchange Fund (a California Limited partnership) for the year
ended December 31, 1997, 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 Van Kampen American Capital Exchange 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 safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit the 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 not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
be come 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, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
February 4, 1998
NSAR ITEM 77C
Van Kampen American Capital Exchange Fund
(a) An Annual Meeting of Shareholders was held on December 18, 1997.
(b) The election of Trustees of Van Kampen American Capital Exchange Fund
(the "Fund") included:
David C. Arch, Rod Dammeyer, Howard J Kerr, Dennis J. McDonnell,
Steven Muller, Ph.D., Theodore A. Myers, Hugo F. Sonnenschein and
Wayne W. Whalen
(c) The following were voted on at the meeting:
4) For each VK Fund, to Ratify the Selection of KPMG Peat
Marwick LLP as Independent Public Accountants for its
Current Fiscal Year.
For 169,988 Against 0
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