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<PAGE> PAGE 2
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<PAGE> PAGE 3
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025 B000006 22-2347336
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<PAGE> PAGE 5
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
1201 Louisiana, Suite 2900 Telephone 713 654 4100
Houston, TX 77002-5678 Facsimile 713 750 4717
Price Waterhouse LLP
July 14, 1997
To the Board of Directors of the
Van Kampen American Capital Reserve Fund
In planning and performing our audit of the financial statements of the
Van Kampen American Capital Reserve Fund (the "Fund") for the year ended
May 31, 1997, we considered its internal control, including control
activities 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 internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In ~lfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs of
control activities. Generally, control activities 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. The control activities 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 fliture 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 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 any
specific 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 frinctions. However, we noted no matters involving internal control,
including
July 14, 1997
To the Board of Directors
Page2
control activities for safeguarding securities, that we consider to be material
weaknesses as defined above as of May 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Houston, Texas
July 14, 1997
NSAR ITEM 77C
Van Kampen American Capital Reserve Fund
(a) A Special Meeting of Shareholders was held on October 25,
1996.
(b) The election of Trustees of Van Kampen American Capital
Reserve 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 248,643,827 Against 7,488,833
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 234,348,661 Against 9,471,740
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its
Current Fiscal Year.
For 253,402,175 Against 3,922,006
NSAR ITEM 77C
Van Kampen American Capital Reserve Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997
(b) The election of Trustees of Van Kampen American Capital
Reserve Fund (the "Fund") included:
J. Miles Branagan, Richard M. DeMartini, Linda Hutton Heagy,
R. Craig Kennedy, Jack E. Nelson, Jerome L. Robinson, Phillip
B. Rooney, Fernando Sisto and Wayne W. Whalen
(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 328,563,944 Against 7,083,419
4) For each AC Fund, to Ratify the Selection of Price
Waterhouse LLP Independent Public Accountants for its
Current Fiscal Year.
For 335,448,080 Against 3,047,030
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Reserve Fund Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 678910140<F1>
<INVESTMENTS-AT-VALUE> 678910140<F1>
<RECEIVABLES> 1323985<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 383761<F1>
<TOTAL-ASSETS> 680617886<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
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<OTHER-ITEMS-LIABILITIES> 117942555<F1>
<TOTAL-LIABILITIES> 117942555<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 451297333
<SHARES-COMMON-STOCK> 451309332
<SHARES-COMMON-PRIOR> 440344423
<ACCUMULATED-NII-CURRENT> 26309<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (69816)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 451260769
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 27897844<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (5925762)<F1>
<NET-INVESTMENT-INCOME> 21972082<F1>
<REALIZED-GAINS-CURRENT> (7692)<F1>
<APPREC-INCREASE-CURRENT> 0<F1>
<NET-CHANGE-FROM-OPS> 21964390<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (18710328)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7336711667
<NUMBER-OF-SHARES-REDEEMED> (7344457086)
<SHARES-REINVESTED> 18710328
<NET-CHANGE-IN-ASSETS> 10946807
<ACCUMULATED-NII-PRIOR> 11822<F1>
<ACCUMULATED-GAINS-PRIOR> (53843)<F1>
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<AVERAGE-NET-ASSETS> 426573846
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.044
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<PER-SHARE-DIVIDEND> (0.044)
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.02
<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> Reserve Fund Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 678910140<F1>
<INVESTMENTS-AT-VALUE> 678910140<F1>
<RECEIVABLES> 1323985<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 383761<F1>
<TOTAL-ASSETS> 680617886<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 117942555<F1>
<TOTAL-LIABILITIES> 117942555<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103038760
<SHARES-COMMON-STOCK> 103028995
<SHARES-COMMON-PRIOR> 81469679
<ACCUMULATED-NII-CURRENT> 26309<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (69816)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 103031346
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 27897844<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (5925762)<F1>
<NET-INVESTMENT-INCOME> 21972082<F1>
<REALIZED-GAINS-CURRENT> (7692)<F1>
<APPREC-INCREASE-CURRENT> 0<F1>
<NET-CHANGE-FROM-OPS> 21964390<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2925963)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 648076624
<NUMBER-OF-SHARES-REDEEMED> (629443316)
<SHARES-REINVESTED> 2926008
<NET-CHANGE-IN-ASSETS> 21566312
<ACCUMULATED-NII-PRIOR> 11822<F1>
<ACCUMULATED-GAINS-PRIOR> (53843)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2170578<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5936762<F1>
<AVERAGE-NET-ASSETS> 79265861
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.036
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.036)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.77
<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> Reserve Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 678910140<F1>
<INVESTMENTS-AT-VALUE> 678910140<F1>
<RECEIVABLES> 1323985<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 383761<F1>
<TOTAL-ASSETS> 680617886<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 117942555<F1>
<TOTAL-LIABILITIES> 117942555<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8382745
<SHARES-COMMON-STOCK> 8382947
<SHARES-COMMON-PRIOR> 9710786
<ACCUMULATED-NII-CURRENT> 26309<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (69816)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 8383216
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 27897844<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (5925762)<F1>
<NET-INVESTMENT-INCOME> 21972082<F1>
<REALIZED-GAINS-CURRENT> (7692)<F1>
<APPREC-INCREASE-CURRENT> 0<F1>
<NET-CHANGE-FROM-OPS> 21964390<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (339500)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 141950203
<NUMBER-OF-SHARES-REDEEMED> (143617542)
<SHARES-REINVESTED> 339500
<NET-CHANGE-IN-ASSETS> (1327041)
<ACCUMULATED-NII-PRIOR> 11822<F1>
<ACCUMULATED-GAINS-PRIOR> (53843)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2170578<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 5936762<F1>
<AVERAGE-NET-ASSETS> 9333024
<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-DIVIDEND> (0.036)
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.78
<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>
