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<PAGE> PAGE 2
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<PAGE> PAGE 5
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
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
as Independent Public Accountants for its Current Fiscal Year.
For 253,402,175 Against 3,922,006
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> VKAC Reserve Fund - Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 412809706<F1>
<INVESTMENTS-AT-VALUE> 412809706<F1>
<RECEIVABLES> 1101482<F1>
<ASSETS-OTHER> 43559<F1>
<OTHER-ITEMS-ASSETS> 130118<F1>
<TOTAL-ASSETS> 414084865<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 58297713<F1>
<TOTAL-LIABILITIES> 58297713<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 303004799
<SHARES-COMMON-STOCK> 303009952
<SHARES-COMMON-PRIOR> 440344423
<ACCUMULATED-NII-CURRENT> (16430)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (73136)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 302926543
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 13916042<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (3220407)<F1>
<NET-INVESTMENT-INCOME> 10695635<F1>
<REALIZED-GAINS-CURRENT> (1097)<F1>
<APPREC-INCREASE-CURRENT> 0<F1>
<NET-CHANGE-FROM-OPS> 10694538<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (8960038)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3260816879
<NUMBER-OF-SHARES-REDEEMED> 3407111388
<SHARES-REINVESTED> 8960038
<NET-CHANGE-IN-ASSETS> (137387419)
<ACCUMULATED-NII-PRIOR> 11822<F1>
<ACCUMULATED-GAINS-PRIOR> (53843)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1088975<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3229407<F1>
<AVERAGE-NET-ASSETS> 415528945
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.022)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.11
<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> VKAC Reserve Fund - Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 412809706<F1>
<INVESTMENTS-AT-VALUE> 412809706<F1>
<RECEIVABLES> 1101482<F1>
<ASSETS-OTHER> 43559<F1>
<OTHER-ITEMS-ASSETS> 130118<F1>
<TOTAL-ASSETS> 414084865<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 58297713<F1>
<TOTAL-LIABILITIES> 58297713<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 46306625
<SHARES-COMMON-STOCK> 46295086
<SHARES-COMMON-PRIOR> 81469679
<ACCUMULATED-NII-CURRENT> (16430)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (73136)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 46295317
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 13916042<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (3220407)<F1>
<NET-INVESTMENT-INCOME> 10695635<F1>
<REALIZED-GAINS-CURRENT> (1097)<F1>
<APPREC-INCREASE-CURRENT> 0<F1>
<NET-CHANGE-FROM-OPS> 10694538<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1596793)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 222927100
<NUMBER-OF-SHARES-REDEEMED> (259698486)
<SHARES-REINVESTED> 1596793
<NET-CHANGE-IN-ASSETS> (35169717)
<ACCUMULATED-NII-PRIOR> 11822<F1>
<ACCUMULATED-GAINS-PRIOR> (53843)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1088975<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3229407<F1>
<AVERAGE-NET-ASSETS> 89160395
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.018)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.84
<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> VKAC Reserve Fund - Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> NOV-30-1996
<INVESTMENTS-AT-COST> 412809706<F1>
<INVESTMENTS-AT-VALUE> 412809706<F1>
<RECEIVABLES> 1101482<F1>
<ASSETS-OTHER> 43559<F1>
<OTHER-ITEMS-ASSETS> 130118<F1>
<TOTAL-ASSETS> 414084865<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 58297713<F1>
<TOTAL-LIABILITIES> 58297713<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 6565294
<SHARES-COMMON-STOCK> 6565294
<SHARES-COMMON-PRIOR> 9710786
<ACCUMULATED-NII-CURRENT> (16430)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (73136)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 0<F1>
<NET-ASSETS> 6565292
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 13916042<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (3220407)<F1>
<NET-INVESTMENT-INCOME> 10695635<F1>
<REALIZED-GAINS-CURRENT> (1097)<F1>
<APPREC-INCREASE-CURRENT> 0<F1>
<NET-CHANGE-FROM-OPS> 10694538<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (185252)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 67577478
<NUMBER-OF-SHARES-REDEEMED> (70908222)
<SHARES-REINVESTED> 185252
<NET-CHANGE-IN-ASSETS> (3144965)
<ACCUMULATED-NII-PRIOR> 11822<F1>
<ACCUMULATED-GAINS-PRIOR> (53843)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1088975<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 3229407<F1>
<AVERAGE-NET-ASSETS> 10439095
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .018
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.018)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.85
<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>
