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SIGNATURE SARA L. BADLER
TITLE ATTORNEY
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Directors and Shareholders
Van Kampen Exchange Fund (a California Limited Partnership):
In planning and performing our audit of the financial statements of the Van
Kampen Exchange Fund (a California Limited Partnership) for the year ended
December 31, 1999, 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 internal control.
The management of the Van Kampen Exchange 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, error or fraud 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 deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weakness 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 misstatements caused by error or fraud 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 internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Van Kampen Exchange Fund, and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
February 10, 2000
EXCHANGE FUND
An Annual Meeting of Partners of the Fund was held on June 16, 1999,
where shareholders vote to elect nine Managing General Partners and the
ratification of KPMG LLP as the independent public accountants. With regards to
the election of David C. Arch as elected Managing General Partner by the
partners of the Fund 141,626 shares voted in his favor and 8,500 shares
withheld. With regards to the election of Howard J Kerr as elected Managing
General Partner by the partners of the Fund 141,626 shares voted in his favor
and 8,500shares withheld. With regards to the election of Dennis J. McDonnell as
elected Managing General Partner by the partners of the Fund 141,626 shares
voted in his favor and 8,500 shares withheld. With regards to the election of
Rod Dammeyer as elected Managing General Partner by the partners of the Fund
141,626 shares voted in his favor and 8,500 shares withheld. With regards to the
election of Steven Muller as elected Managing General Partner by the partners of
the Fund 141,626 shares voted in his favor and 8,500 shares withheld. With
regards to the election of Theodore A. Myers as elected Managing General Partner
by the partners of the Fund 141,626 shares voted in his favor and 8,500 shares
withheld. With regards to the election of Don G. Powell as elected Managing
General Partner by the partners of the Fund 141,626 shares voted in his favor
and 8,500 shares withheld. With regards to the election of Hugo F. Sonnenschein
as elected Managing General Partner by the partners of the Fund 141,626 shares
voted in his favor and 8,500 shares withheld. With regards to the election of
Wayne W. Whalen as elected Managing General Partner by the partners of the Fund
141,626 shares voted in his favor and 8,500 shares withheld. With regards to the
ratification of KPMG LLP as the independent public accountants for the Fund
150,093 shares voted in favor of the proposal, 0 shares voted against and 33
shares abstained.
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