<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 739714
000 D000000 N
000 E000000 NF
000 F000000 Y
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002 C000000 IL
002 D010000 60181
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004 000000 N
005 000000 N
006 000000 N
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014 A00AA01 MORGAN STANLEY & CO., INCORPORATED
014 B00AA01 8-00000
014 A00AA02 DEAN WITTER REYNOLDS, INC.
014 B00AA02 8-00000
014 A00AA03 MORGAN STANLEY & CO., INCORPORATED
014 B00AA03 8-00000
014 A00AA04 DEAN WITTER REYNOLDS, INC.
014 B00AA04 8-00000
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<PAGE> PAGE 2
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022 C000002 6723571
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022 A000006 FIRST CHICAGO CAPITAL MKTS
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022 C000006 2919336
022 D000006 0
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022 C000007 1515614
022 D000007 1352854
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<PAGE> PAGE 3
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010 A000101 VAN KAMPEN AMERICAN CAPTIAL U.S. GOVT.FUND
010 B000101 801-18161
010 C010101 OAK TERRANCE
010 C020101 IL
010 C030101 60181
011 A000101 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS INC.
011 B000101 8-19412
011 C010101 OAKBROOK TERRACE
011 C020101 IL
011 C030101 60181
012 A000101 ACCESS INVESTOR SERVICES, INC.
012 B000101 85-5003
012 C010101 KANSAS CITY
012 C020101 MO
012 C030101 64141
012 C040101 9256
013 A000101 KPMG PEAT MARWICK LLP
013 B010101 CHICAGO
013 B020101 IL
013 B030101 60601
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02105
<PAGE> PAGE 4
015 E010101 X
018 000100 Y
019 A000100 Y
019 B000100 118
019 C000100 VANKAMPENA
028 A010100 6031
028 A020100 7752
028 A030100 0
028 A040100 44571
028 B010100 5554
028 B020100 7674
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034 000100 Y
035 000100 1163
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039 000100 N
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041 000100 Y
<PAGE> PAGE 5
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042 D000100 65
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044 000100 0
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046 000100 N
047 000100 Y
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048 A020100 0.550
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048 B020100 0.525
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048 F010100 2000000
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048 K010100 9000000
048 K020100 0.400
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050 000100 N
051 000100 N
052 000100 N
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054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 N
054 I000100 Y
054 J000100 N
<PAGE> PAGE 6
054 K000100 N
054 L000100 N
054 M000100 N
054 N000100 Y
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
058 B000100 N
058 C000100 N
058 D000100 N
058 E000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 500
062 A000100 Y
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062 D000100 10.0
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<PAGE> PAGE 7
070 D010100 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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080 A000100 ICI MUTUAL INSURANCE CO
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SIGNATURE NICK DALMASO
TITLE ASSISTANT SECRETARY
EXHIBIT 77B
[KPMG PEAT MARWICK LLP LETTERHEAD]
The Board of Trustees and Shareholders of
Van Kampen American Capital U.S. Government Fund:
In planning and performing our audit of the financial statements of Van Kampen
American Capital U.S. Government Fund (the "Fund") for the year ended December
31, 1997, we considered its internal control structure, including procedures
for safeguarding securities, in order to determine our auditiing 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 the 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 safeguard 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 systems on 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 become inadequate becuase 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
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 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
January 29, 1998
NSAR ITEM 77C
Van Kampen American Capital U.S. Government Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital U.S.
Government Fund (the "Fund") included:
J. Miles Branagan, Richard M. DeMartini, Linda Hutton Heagy,
R. Craig Kennedy, Jack E. Nelson, Don G. Powell, 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 107,904,158 Against 2,023,787
4) For each VK Fund, to Ratify the Selection of KPMG Peat
Marwick LLP as Independent Public Accountants for its
Current Fiscal Year.
For 109,651,335 Against 1,137,458
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> U.S. GOVT CLASS A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,429,395,343<F1>
<INVESTMENTS-AT-VALUE> 2,510,235,203<F1>
<RECEIVABLES> 176,673,156<F1>
<ASSETS-OTHER> 1,724,695<F1>
<OTHER-ITEMS-ASSETS> 33,215<F1>
<TOTAL-ASSETS> 2,688,666,269<F1>
<PAYABLE-FOR-SECURITIES> 35,334,323<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 15,360,991<F1>
<TOTAL-LIABILITIES> 50,695,314<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,414,852,129
<SHARES-COMMON-STOCK> 154,862,967
<SHARES-COMMON-PRIOR> 177,061,820
<ACCUMULATED-NII-CURRENT> 9,233,367<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (279,326,858)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 82,098,885<F1>
<NET-ASSETS> 2,264,786,479
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 212,945,438<F1>
<OTHER-INCOME> 15,466,406<F1>
<EXPENSES-NET> (30,392,489)<F1>
<NET-INVESTMENT-INCOME> 198,019,355<F1>
<REALIZED-GAINS-CURRENT> (27,525,829)<F1>
<APPREC-INCREASE-CURRENT> 53,113,057<F1>
<NET-CHANGE-FROM-OPS> 223,606,583<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (170,044,954)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,151,088
<NUMBER-OF-SHARES-REDEEMED> (31,205,759)
<SHARES-REINVESTED> 5,855,818
<NET-CHANGE-IN-ASSETS> (295,272,284)
<ACCUMULATED-NII-PRIOR> 6,188,375<F1>
<ACCUMULATED-GAINS-PRIOR> (302,395,603)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 14,229,642<F1>
<INTEREST-EXPENSE> 2,129,020<F1>
<GROSS-EXPENSE> 30,392,489<F1>
<AVERAGE-NET-ASSETS> 2,378,581,457
<PER-SHARE-NAV-BEGIN> 14.459
<PER-SHARE-NII> 1.039
<PER-SHARE-GAIN-APPREC> 0.158
<PER-SHARE-DIVIDEND> (1.032)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.624
<EXPENSE-RATIO> 0.90
<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>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> U.S. GOVT CLASS B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,429,395,343<F1>
<INVESTMENTS-AT-VALUE> 2,510,235,203<F1>
<RECEIVABLES> 176,673,156<F1>
<ASSETS-OTHER> 1,724,695<F1>
<OTHER-ITEMS-ASSETS> 33,215<F1>
<TOTAL-ASSETS> 2,688,666,269<F1>
<PAYABLE-FOR-SECURITIES> 35,334,323<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 15,360,991<F1>
<TOTAL-LIABILITIES> 50,695,314<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 396,197,222
<SHARES-COMMON-STOCK> 24,572,368
<SHARES-COMMON-PRIOR> 28,710,235
<ACCUMULATED-NII-CURRENT> 9,233,367<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (279,326,858)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 82,098,885<F1>
<NET-ASSETS> 358,987,301
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 212,945,438<F1>
<OTHER-INCOME> 15,466,406<F1>
<EXPENSES-NET> (30,392,489)<F1>
<NET-INVESTMENT-INCOME> 198,019,355<F1>
<REALIZED-GAINS-CURRENT> (27,525,829)<F1>
<APPREC-INCREASE-CURRENT> 53,113,057<F1>
<NET-CHANGE-FROM-OPS> 223,606,583<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (24,106,451)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,391,041
<NUMBER-OF-SHARES-REDEEMED> (6,320,342)
<SHARES-REINVESTED> 791,434
<NET-CHANGE-IN-ASSETS> (55,785,272)
<ACCUMULATED-NII-PRIOR> 6,188,375<F1>
<ACCUMULATED-GAINS-PRIOR> (302,395,603)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 14,229,642<F1>
<INTEREST-EXPENSE> 2,129,020<F1>
<GROSS-EXPENSE> 30,392,489<F1>
<AVERAGE-NET-ASSETS> 379,588,365
<PER-SHARE-NAV-BEGIN> 14.447
<PER-SHARE-NII> 0.916
<PER-SHARE-GAIN-APPREC> 0.162
<PER-SHARE-DIVIDEND> (0.916)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.609
<EXPENSE-RATIO> 1.72
<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> 013
<NAME> U.S. GOVT CLASS C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,429,395,343<F1>
<INVESTMENTS-AT-VALUE> 2,510,235,203<F1>
<RECEIVABLES> 176,673,156<F1>
<ASSETS-OTHER> 1,724,695<F1>
<OTHER-ITEMS-ASSETS> 33,215<F1>
<TOTAL-ASSETS> 2,688,666,269<F1>
<PAYABLE-FOR-SECURITIES> 35,334,323<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 15,360,991<F1>
<TOTAL-LIABILITIES> 50,695,314<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,916,210
<SHARES-COMMON-STOCK> 971,893
<SHARES-COMMON-PRIOR> 993,209
<ACCUMULATED-NII-CURRENT> 9,233,367<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (279,326,858)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 82,098,885<F1>
<NET-ASSETS> 14,197,175
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 212,945,438<F1>
<OTHER-INCOME> 15,466,406<F1>
<EXPENSES-NET> (30,392,489)<F1>
<NET-INVESTMENT-INCOME> 198,019,355<F1>
<REALIZED-GAINS-CURRENT> (27,525,829)<F1>
<APPREC-INCREASE-CURRENT> 53,113,057<F1>
<NET-CHANGE-FROM-OPS> 223,606,583<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (869,235)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 400,545
<NUMBER-OF-SHARES-REDEEMED> (453,300)
<SHARES-REINVESTED> 31,439
<NET-CHANGE-IN-ASSETS> (152,599)
<ACCUMULATED-NII-PRIOR> 6,188,375<F1>
<ACCUMULATED-GAINS-PRIOR> (302,395,603)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 14,229,642<F1>
<INTEREST-EXPENSE> 2,129,020<F1>
<GROSS-EXPENSE> 30,392,489<F1>
<AVERAGE-NET-ASSETS> 13,697,644
<PER-SHARE-NAV-BEGIN> 14.448
<PER-SHARE-NII> 0.910
<PER-SHARE-GAIN-APPREC> 0.166
<PER-SHARE-DIVIDEND> (0.916)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.608
<EXPENSE-RATIO> 1.72
<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>
