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<PAGE> PAGE 2
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<PAGE> PAGE 4
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450 Fifth S reet, N.W.
SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
Price Waterhouse LLP
October 10, 1997
To the Shareholders and Board of Trustees of the Van Kampen American Capital
Emerging Growth Fund
In planning and performing our audit of the financial statements of the Van
Kampen American Capital Emerging Growth Fund (the "Fund" ) for the
year ended August 31, 1997, 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 Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements
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 statement for
external purposes that are fairly presented in conformity with generally
accepted accounting principals. Those 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 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 would not necessarily disclose all
matters in 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 functions. However, we noted no matters involving
internal control, including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above as of August 31,
1997.
This report is intended solely for the information and use of management and
the Board of Trustees of the Fund and the Securities and Exchange Commission.
Price Waterhouse LLP
NSAR ITEM 77C
Van Kampen American Capital Emerging Growth Fund
(a) A Special Meeting of Shareholders was held on October 25, 1996.
(b) The election of Trustees of Van Kampen American Capital Emerging
Growth 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 40,959,954 Against 891,174
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 30,608,277 Against 1,224,134
4) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP Independent Public Accountants for its Current Fiscal Year.
For 41,428,614 Against 506,309
NSAR ITEM 77C
Van Kampen American Capital Emerging Growth Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Emerging
Growth 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 46,072,440 Against 941,863
4) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP Independent Public Accountants for its Current Fiscal Year.
For 46,639,565 Against 449,370
NSAR ITEM 77O
<TABLE>
Van Kampen American Capital Emerging Growth Fund
10f-3 Transactions
<CAPTION>
Amount of % of Date of
Underwriting # Underwriting Purchased From shares Purchased Underwriting Purchase
- -------------- ------------ -------------- ---------------- ------------ --------
<S> <C> <C> <C> <C> <C>
1 Jacor Donaldson, Lufkin
Communications & Jenrette 65,000 0.977% 05/16/97
2 Jacor
Communications First Boston 1,000 0.015% 05/16/97
3 Santa Fe
International
Corp. Goldman Sachs 220,500 0.630% 06/09/97
4 Polo Ralph
Lauren
Corporation Goldman Sachs 166,800 0.565% 06/11/97
5 Furniture
Brands
International Smith Barney 113,600 1.033% 06/24/97
6 JLK Direct
Distribution
Inc. Merrill Lynch 30,000 0.705% 06/24/97
7 Cal Dive
International, Schroder & Co.
Inc. Inc. 5,000 0.225% 07/01/97
8 Frontier
Insurance
Group Merrill Lynch 44,000 1.100% 08/07/97
9 Frontier
Insurance
Group Everen Securities 1,000 0.025% 08/07/97
10 Corestaff Inc. Goldman Sachs 63,750 1.063% 08/11/97
11 Corestaff Inc. Wasserstein 3,000 0.050% 08/11/97
12 Corestaff Inc. Alex Brown 10,750 0.179% 08/11/97
13 E-Trade Robertson Stephens 133,000 1.642% 08/20/97
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1 & 2
- -----------------------
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Smith Barney Inc.
Goldman Sachs & Co.
Montgomery Securities
Genesis Merchant Group Securities
Jensen Securities Co.
Underwriting for #3
- -------------------
Credit Suisse First Boston Corporation
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Oppenheimer & Co., Inc.
PaineWebber Incorporated
Salomon Brothers Inc.
Wasserstein Perella Securities, Inc.
Simmons & Company International
Advest, Inc.
Robert W. Baird & Co. Incorporated
Crowell, Weedon & Co.
Jefferies & Company, Inc.
Johnson Rice & Company L.L.C.
Edward D. Jones & Co, L.P.
Principal Financial Securities, Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Scott & Stringfellow, Inc.
Southcoast Capital Corporation
Stephens Inc.
Underwriting for #4
- -------------------
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Advest, Inc.
Robert W. Baird & Co. Incorporated
Bear, Stearns & Co. Inc.
William Blair & Company, L.L.C.
Blaylock & Partners, L.P.
The Buckingham Research Group, Incorporated
Chase Securities Inc.
Dain Bosworth Incorporated
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
EVEREN Securities, Inc.
Furman Selz LLC
Gerard Klauer Mattison & Co., Inc.
J.J.B. Hilliard, W.L. Lyons, Inc.
Interstate/Johnson Lane Corporation
Edward D. Jones & Co., L.P.
Lazard Freres & Co. LLC
Legg Mason Wood Walker Incorporated
Montgomery Securities
J.P. Morgan Securities, Inc.
Principal Financial Securities, Inc.
Prudential Securities Incorporated
Rauscher Pierce Refsnes, Inc.
Robertson, Stephens & Company LLC
Roney & Co., LLC
Salomon Brothers Inc.
Charles Schwab & Co., Inc.
Scott & Stringfellow, Inc.
Muriel Siebert & Co., Inc.
Smith Barney Inc.
Stephens Inc.
Stifel, Nicolaus & Company, Incorporated
Sutro & Co. Incorporated
Tucker Anthony Incorporated
Wasserstein Perella Securities, Inc.
Underwriting for #5
- -------------------
Credit Suisse First Boston Corporation
Dillon, Read & Co. Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Salomon Brothers Inc.
Wheat, First Securities, Inc.
Underwriting for #6
- -------------------
Goldman, Sachs & Co.
Deutsche Morgan Grenfell
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Lazard Freres & Co. LLC
Lehman Brothers Inc.
Morgan Stanley & Co. Incorporated
Oppenheimer & Co., Inc.
Prudential Securities Incorporated
Schroder Wertheim & Co. Incorporated
William Blair & Company, L.L.C.
Underwriting for #7
- -------------------
Raymond James & Associates, Inc.
Simmons & Company International
Credit Suisse First Boston Corporation
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Prudential Securities Incorporated
Salomon Brothers Inc.
Smith Barney Inc.
Robert W. Baird & Co. Incorporated
Brean Murray & Co., Inc.
Dain Bosworth Incorporated
Hanifen, Imhoff Inc.
Janney Montgomery Scott Inc.
Jefferies & Company
Johnson Rice & Company L.L.C.
Petrie Parkman & Co.
Piper Jaffray Inc.
Principal Financial Securities Inc.
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Southcoast Capital Corp.
Van Kasper & Company
Underwriting for #8, 9
- ----------------------
Donaldson, Lufkin & Jenrette Securities Corporation
Oppenheimer & Co., Inc.
Smith Barney Inc.
Stephens Inc.
Credit Suisse First Boston Corporation
Deutsche Morgan Grenfell Inc.
Conning & Company
Dowling & Partners Securities, LLC
Hoefer & Arnett Incorporated
Moors & Cabot, Inc.
Underwriting for #10, 11 & 12
- -----------------------------
Goldman, Sachs & Co.
Alex Brown & Sons Incorporated
Donaldson, Lufkin & Jenrette Securities Corporation
Montgomery Securities
The Robinson-Humphrey Company, Inc.
Bear, Stearns & Co. Inc.
William Blair & Company, L.L.C.
J.C. Bradford & Co.
Cleary Gull Reiland & McDevitt Inc.
A.G. Edwards & Sons, Inc.
Gerard Klauer Manison & Co., Inc.
Janney Montgomery Scott Inc.
Jefferies & Company, Inc.
Legg Mason Wood Walker, Incorporated
Rauscher Pierce Refsnes, Inc.
Sanders Morris Mundy Inc.
Smith Barney Inc.
Stephens Inc.
Unterberg Harris, L.P.
Wasserstein Perella Securities, Inc.
Morgan Stanley & Co. International Limited
Goldman Sachs International
Alex Brown & Sons Incorporated
Donaldson, Lufkin & Jenrette International
Montgomery Securities
The Robinson-Humphrey Company, Inc.
Underwriting for #13
- --------------------
Hambrecht & Quist LLC
Deutsche Morgan Grenfell Inc.
Montogmery Securities
E-Trade Securities, Inc.
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporated
Oppenheimer & Co. Inc.
Piper Jaffray Inc.
Raymond James & Associates, Inc.
Wessels, Arnold & Henderson
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 11
<NAME> Emerging Growth Fund Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 2279330507<F1>
<INVESTMENTS-AT-VALUE> 3327605223<F1>
<RECEIVABLES> 81468270<F1>
<ASSETS-OTHER> 4245<F1>
<OTHER-ITEMS-ASSETS> 8866<F1>
<TOTAL-ASSETS> 3409086604<F1>
<PAYABLE-FOR-SECURITIES> 66081598<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 11980573<F1>
<TOTAL-LIABILITIES> 78062171<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 1099695317
<SHARES-COMMON-STOCK> 48248427
<SHARES-COMMON-PRIOR> 41881537
<ACCUMULATED-NII-CURRENT> (124673)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 178065625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1049651975<F1>
<NET-ASSETS> 1970700734
<DIVIDEND-INCOME> 7127217<F1>
<INTEREST-INCOME> 13686444<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (37833471)<F1>
<NET-INVESTMENT-INCOME> (17019810)<F1>
<REALIZED-GAINS-CURRENT> 211200349<F1>
<APPREC-INCREASE-CURRENT> 427587305<F1>
<NET-CHANGE-FROM-OPS> 621767844<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (68724698)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85481062
<NUMBER-OF-SHARES-REDEEMED> (81049033)
<SHARES-REINVESTED> 1934861
<NET-CHANGE-IN-ASSETS> 532190714
<ACCUMULATED-NII-PRIOR> (108644)<F1>
<ACCUMULATED-GAINS-PRIOR> 80843500<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 12830014<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 37839971<F1>
<AVERAGE-NET-ASSETS> 1697946481
<PER-SHARE-NAV-BEGIN> 34.347
<PER-SHARE-NII> (0.127)
<PER-SHARE-GAIN-APPREC> 8.177
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.553)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 40.844
<EXPENSE-RATIO> 1.05
<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> Emerging Growth Fund Class B
<MULTIPLIER> 1
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<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
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<INVESTMENTS-AT-VALUE> 3327605223<F1>
<RECEIVABLES> 81468270<F1>
<ASSETS-OTHER> 4245<F1>
<OTHER-ITEMS-ASSETS> 8866<F1>
<TOTAL-ASSETS> 3409086604<F1>
<PAYABLE-FOR-SECURITIES> 66081598<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 11980573<F1>
<TOTAL-LIABILITIES> 78062171<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 897875510
<SHARES-COMMON-STOCK> 31462288
<SHARES-COMMON-PRIOR> 22990616
<ACCUMULATED-NII-CURRENT> (124673)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 178065625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1049651975<F1>
<NET-ASSETS> 1220384465
<DIVIDEND-INCOME> 7127217<F1>
<INTEREST-INCOME> 13686444<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (37833471)<F1>
<NET-INVESTMENT-INCOME> (17019810)<F1>
<REALIZED-GAINS-CURRENT> 211200349<F1>
<APPREC-INCREASE-CURRENT> 427587305<F1>
<NET-CHANGE-FROM-OPS> 621767844<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (40777606)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12632143
<NUMBER-OF-SHARES-REDEEMED> (5352502)
<SHARES-REINVESTED> 1192031
<NET-CHANGE-IN-ASSETS> 463108223
<ACCUMULATED-NII-PRIOR> (108644)<F1>
<ACCUMULATED-GAINS-PRIOR> 80843500<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 12830014<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 37839971<F1>
<AVERAGE-NET-ASSETS> 966561964
<PER-SHARE-NAV-BEGIN> 32.938
<PER-SHARE-NII> (0.270)
<PER-SHARE-GAIN-APPREC> 7.674
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.553)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 38.789
<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>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Emerging Growth Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1997
<PERIOD-START> SEP-01-1996
<PERIOD-END> AUG-31-1997
<INVESTMENTS-AT-COST> 2279330507<F1>
<INVESTMENTS-AT-VALUE> 3327605223<F1>
<RECEIVABLES> 81468270<F1>
<ASSETS-OTHER> 4245<F1>
<OTHER-ITEMS-ASSETS> 8866<F1>
<TOTAL-ASSETS> 3409086604<F1>
<PAYABLE-FOR-SECURITIES> 66081598<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 11980573<F1>
<TOTAL-LIABILITIES> 78062171<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 105860679
<SHARES-COMMON-STOCK> 3556170
<SHARES-COMMON-PRIOR> 2467560
<ACCUMULATED-NII-CURRENT> (124673)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 178065625<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 1049651975<F1>
<NET-ASSETS> 139939234
<DIVIDEND-INCOME> 7127217<F1>
<INTEREST-INCOME> 13686444<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (37833471)<F1>
<NET-INVESTMENT-INCOME> (17019810)<F1>
<REALIZED-GAINS-CURRENT> 211200349<F1>
<APPREC-INCREASE-CURRENT> 427587305<F1>
<NET-CHANGE-FROM-OPS> 621767844<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (4475920)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2148596
<NUMBER-OF-SHARES-REDEEMED> (1178202)
<SHARES-REINVESTED> 118216
<NET-CHANGE-IN-ASSETS> 57562916
<ACCUMULATED-NII-PRIOR> (108644)<F1>
<ACCUMULATED-GAINS-PRIOR> 80843500<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 12830014<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 37839971<F1>
<AVERAGE-NET-ASSETS> 110237196
<PER-SHARE-NAV-BEGIN> 33.384
<PER-SHARE-NII> (0.273)
<PER-SHARE-GAIN-APPREC> 7.793
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (1.553)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 39.351
<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>
