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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE NICHOLAS DALMASO
TITLE ASSISTANT SECRETARY
[PRICE WATERHOUSE LLP LETTERHEAD]
Item 77B
January 12, 1998
To the Shareholders and Board of Trustees of
the Van Kampen American Capital High Yield Municipal Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital High Yield Municipal Fund (the "Fund"), a series of the Van
Kampen American Capital Tax-Exempt Trust, for the year ended November 30, 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 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. 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 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 November 30, 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.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
NSAR ITEM 77C
Van Kampen American Capital High Yield Municipal Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital High Yield
Municipal 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 72,713,725 Against 1,135,424
Approval of New Subadvisory Agreement with Van Kampen American
Capital Advisors, Inc.
For 73,262,048 Against 1,122,094
4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP as
Independent Public Accountants for its Current Fiscal Year.
For 74,233,926 Against 468,917
<PAGE>
HIGH YIELD MUNICIPAL FUND
A Special Meeting of Shareholders of the Fund was held on May 28, 1997
where shareholders voted on a new investment advisory agreement, a new
subadvisory agreement, the election of Trustees, and the ratification of Price
Waterhouse LLP as independent public accountants. With regard to the approval
of a new investment advisory agreement between Van Kampen American Capital
Asset Management, Inc. and the Fund, 72,713,725 shares voted for the proposal,
1,135,424 shares voted against and 3,073,542 shares abstained. With regard to
the approval of a new subadvisory agreement between Van Kampen American Capital
Advisors, Inc. and the Fund, 73,262,048 shares voted for the proposal,
1,122,094 shares voted against and 2,538,550 shares abstained. With regard to
the election of J. Miles Branagan as elected trustee of the Fund, 75,820,419
shares voted in his favor and 1,102,272 shares withheld. With regard to the
election of Richard M. DeMartini as elected trustee of the Fund, 75,821,115
shares voted in his favor and 1,101,577 shares withheld. With regard to the
election of Linda Hutton Heagy as elected trustee of the Fund, 75,831,342
shares voted in her favor and 1,091,349 shares withheld. With regard to the
election of R. Craig Kennedy as elected trustee of the Fund, 75,831,437 shares
voted in his favor and 1,091,255 shares withheld. With regard to the election
of Jack E. Nelson as elected trustee of the Fund, 75,830,290 shares voted in
his favor and 1,092,402 shares withheld. With regard to the election of Jerome
L. Robinson as elected trustee of the Fund, 75,825,025 shares voted in his
favor and 1,097,667 shares withheld. With regard to the election of Phillip B.
Rooney as elected trustee of the Fund, 75,828,074 shares voted in his favor and
1,094,617 shares withheld. With regard to the election of Fernando Sisto as
elected trustee of the Fund, 75,799,184 shares voted in his favor and 1,123,507
shares withheld. With regard to the election of Wayne W. Whalen as elected
trustee of the Fund, 75,830,175 shares voted in his favor and 1,092,516 shares
withheld. With regard to the ratification of Price Waterhouse LLP as
independent public accountants for the Fund's current fiscal year, 74,233,926
shares voted for the proposal, 468,917 shares voted against and 2,219,850
shares abstained.
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<SERIES>
<NUMBER> 11
<NAME> HIGH YIELD MUNICIPAL FUND CLASS A
<S> <C>
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<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1,225,421,636<F1>
<INVESTMENTS-AT-VALUE> 1,290,193,821<F1>
<RECEIVABLES> 51,092,146<F1>
<ASSETS-OTHER> 48,440<F1>
<OTHER-ITEMS-ASSETS> 73,883<F1>
<TOTAL-ASSETS> 1,341,408,290<F1>
<PAYABLE-FOR-SECURITIES> 38,450,937<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6,204,758<F1>
<TOTAL-LIABILITIES> 44,655,695<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 757,169,936
<SHARES-COMMON-STOCK> 68,085,219
<SHARES-COMMON-PRIOR> 55,746,099
<ACCUMULATED-NII-CURRENT> 487,485<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (23,691,720)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 64,464,321<F1>
<NET-ASSETS> 779,884,248
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 78,709,930<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (13,147,338)<F1>
<NET-INVESTMENT-INCOME> 65,562,592<F1>
<REALIZED-GAINS-CURRENT> (1,648,737)<F1>
<APPREC-INCREASE-CURRENT> 31,524,325<F1>
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<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (41,904,414)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (7,837,512)
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<ACCUMULATED-NII-PRIOR> 113,411<F1>
<ACCUMULATED-GAINS-PRIOR> (24,717,110)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
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<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 13,148,838<F1>
<AVERAGE-NET-ASSETS> 648,882,998
<PER-SHARE-NAV-BEGIN> 11.139
<PER-SHARE-NII> 0.729
<PER-SHARE-GAIN-APPREC> 0.312
<PER-SHARE-DIVIDEND> (0.726)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.454
<EXPENSE-RATIO> 0.95
<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> HIGH YIELD MUNICIPAL FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1,225,421,636<F1>
<INVESTMENTS-AT-VALUE> 1,290,193,821<F1>
<RECEIVABLES> 51,092,146<F1>
<ASSETS-OTHER> 48,440<F1>
<OTHER-ITEMS-ASSETS> 73,883<F1>
<TOTAL-ASSETS> 1,341,408,290<F1>
<PAYABLE-FOR-SECURITIES> 38,450,937<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6,204,758<F1>
<TOTAL-LIABILITIES> 44,655,695<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 410,171,761
<SHARES-COMMON-STOCK> 37,162,826
<SHARES-COMMON-PRIOR> 29,077,037
<ACCUMULATED-NII-CURRENT> 487,485<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (23,691,720)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 64,464,321<F1>
<NET-ASSETS> 425,577,694
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 78,709,930<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (13,147,338)<F1>
<NET-INVESTMENT-INCOME> 65,562,592<F1>
<REALIZED-GAINS-CURRENT> (1,648,737)<F1>
<APPREC-INCREASE-CURRENT> 31,524,325<F1>
<NET-CHANGE-FROM-OPS> 95,438,180<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (19,909,861)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,089,692
<NUMBER-OF-SHARES-REDEEMED> (2,749,344)
<SHARES-REINVESTED> 745,441
<NET-CHANGE-IN-ASSETS> 101,766,477
<ACCUMULATED-NII-PRIOR> 113,411<F1>
<ACCUMULATED-GAINS-PRIOR> (24,717,110)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 5,728,036<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 13,148,838<F1>
<AVERAGE-NET-ASSETS> 348,775,752
<PER-SHARE-NAV-BEGIN> 11.136
<PER-SHARE-NII> 0.645
<PER-SHARE-GAIN-APPREC> 0.313
<PER-SHARE-DIVIDEND> (0.642)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.452
<EXPENSE-RATIO> 1.71
<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> HIGH YIELD MUNICIPAL FUND CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1,225,421,636<F1>
<INVESTMENTS-AT-VALUE> 1,290,193,821<F1>
<RECEIVABLES> 51,092,146<F1>
<ASSETS-OTHER> 48,440<F1>
<OTHER-ITEMS-ASSETS> 73,883<F1>
<TOTAL-ASSETS> 1,341,408,290<F1>
<PAYABLE-FOR-SECURITIES> 38,450,937<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 6,204,758<F1>
<TOTAL-LIABILITIES> 44,655,695<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 88,150,812
<SHARES-COMMON-STOCK> 7,979,623
<SHARES-COMMON-PRIOR> 4,490,533
<ACCUMULATED-NII-CURRENT> 487,485<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (23,691,720)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 64,464,321<F1>
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<INTEREST-INCOME> 78,709,930<F1>
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<EXPENSES-NET> (13,147,338)<F1>
<NET-INVESTMENT-INCOME> 65,562,592<F1>
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<NET-CHANGE-FROM-OPS> 95,438,180<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (3,388,275)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,036,766
<NUMBER-OF-SHARES-REDEEMED> (723,574)
<SHARES-REINVESTED> 175,898
<NET-CHANGE-IN-ASSETS> 41,329,942
<ACCUMULATED-NII-PRIOR> 113,411<F1>
<ACCUMULATED-GAINS-PRIOR> (24,717,110)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 5,728,036<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 13,148,838<F1>
<AVERAGE-NET-ASSETS> 59,551,281
<PER-SHARE-NAV-BEGIN> 11.126
<PER-SHARE-NII> 0.644
<PER-SHARE-GAIN-APPREC> 0.312
<PER-SHARE-DIVIDEND> (0.642)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.440
<EXPENSE-RATIO> 1.70
<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>
