<PAGE> PAGE 1
000 B000000 11/30/98
000 C000000 0000076385
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 VAN KAMPEN TAX-EXEMPT TRUST
001 B000000 811-04746
001 C000000 6306846000
002 A000000 1 PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
002 D020000 5555
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010100 1
007 C020100 HIGH YIELD MUNICIPAL FUND
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 CHICAGO CORP
020 B000001 36-2549961
020 C000001 9
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 9
022 A000001 PAINEWEBBER INC.
022 B000001 13-2638166
022 C000001 96710
<PAGE> PAGE 2
022 D000001 199183
022 A000002 LEHMAN BROS
022 B000002 13-2518466
022 C000002 98349
022 D000002 186144
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 45280
022 D000003 49080
022 A000004 JP MORGAN SECURITIES
022 B000004 13-3224016
022 C000004 22913
022 D000004 60834
022 A000005 FIRST ALBANY CORP
022 B000005 14-1391446
022 C000005 27767
022 D000005 54991
022 A000006 SMITH BARNEY INC
022 B000006 13-1912900
022 C000006 29063
022 D000006 34941
022 A000007 ZIEGLER SECURITIES
022 B000007 39-0727640
022 C000007 46515
022 D000007 12967
022 A000008 WILLIAM R HOUGH & CO
022 B000008 59-2246010
022 C000008 27859
022 D000008 19243
022 A000009 PIPER JAFFRAY & HOPWOOD & CO
022 B000009 41-0953246
022 C000009 34790
022 D000009 6623
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022 B000010 13-5108880
022 C000010 16463
022 D000010 7154
023 C000000 445709
023 D000000 631160
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025 D000002 0
025 D000003 0
025 D000004 0
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<PAGE> PAGE 3
026 E000000 N
026 F000000 N
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026 H000000 N
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077 D000000 N
077 E000000 N
077 F000000 N
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077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
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086 B010000 0
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086 F020000 0
008 A000101 VAN KAMPEN ASSET MANAGEMENT, INC.
008 B000101 A
008 C000101 801-8286
008 D010101 OAKBROOK TERRACE
008 D020101 IL
008 D030101 60181
008 D040101 5555
008 A000102 VAN KAMPEN ADVISORS, INC.
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<PAGE> PAGE 4
008 D040102 5555
011 A000101 VAN KAMPEN FUNDS, INC.
011 B000101 8-19412
011 C010101 OAKBROOK TERRACE
011 C020101 IL
011 C030101 60181
011 C040101 5555
012 A000101 VAN KAMPEN INVESTOR SERVICES INC.
012 B000101 84-01621
012 C010101 KANSAS CITY
012 C020101 MO
012 C030101 64141
012 C040101 9256
013 A000101 PRICEWATERHOUSECOOPER
013 B010101 HOUSTON
013 B020101 TX
013 B030101 77002
014 A000101 MORGAN STANLEY & CO., INCORPORATED
014 B000101 8-733537
014 A000102 DEAN WITTER REYNOLDS, INC.
014 B000102 8-728181
015 A000101 STATE STREET BANK AND TRUST CO.
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02105
015 E010101 X
018 000100 Y
019 A000100 Y
019 B000100 118
019 C000100 VANKAMPENF
024 000100 N
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<PAGE> PAGE 5
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033 000100 0
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<PAGE> PAGE 6
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048 K010100 600000
048 K020100 0.500
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050 000100 N
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052 000100 N
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053 B000100 Y
054 A000100 Y
054 B000100 N
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
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054 O000100 Y
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
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<PAGE> PAGE 7
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063 B000100 20.6
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
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070 E020100 Y
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070 F020100 N
070 G010100 N
070 G020100 N
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070 I010100 N
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<PAGE> PAGE 8
070 Q020100 N
070 R010100 Y
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<PAGE> PAGE 9
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080 A000100 ICI MUTUAL INSURANCE COMPANY
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
To the Shareholders and
Board of Trustees of
the Van Kampen High Yield Municipal Fund
In planning and performing our audit of the financial statements of Van Kampen
High Yield Municipal Fund (the "Fund") for the year ended November 30, 1998, 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, 1998.
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.
PRICEWATERHOUSECOOPERS LLP
Chicago, Illinois
January 11, 1999
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC High Yield Municipal Fund
10f-3 Transactions
Underwriting # Underwriting Purchased From Amount of shares % of Underwriting Date of Purchase
Purchased
<S> <C> <C> <C> <C> <C>
1 Long Island Power Bear Stearns 5,000,000 0.148% 05/13/98
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> HIGH YIELD MUNI A
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 1,357,523,537 <F1>
<INVESTMENTS-AT-VALUE> 1,438,728,633 <F1>
<RECEIVABLES> 51,806,840 <F1>
<ASSETS-OTHER> 51,815 <F1>
<OTHER-ITEMS-ASSETS> 61,609 <F1>
<TOTAL-ASSETS> 1,490,648,897 <F1>
<PAYABLE-FOR-SECURITIES> 16,120,916 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 7,049,630 <F1>
<TOTAL-LIABILITIES> 23,170,546 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 867,776,273
<SHARES-COMMON-STOCK> 77,580,797
<SHARES-COMMON-PRIOR> 68,085,219
<ACCUMULATED-NII-CURRENT> (441,772)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (15,541,472)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 81,205,096 <F1>
<NET-ASSETS> 904,973,579
<DIVIDEND-INCOME> 0 <F1>
<INTEREST-INCOME> 96,316,419 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (16,849,548)<F1>
<NET-INVESTMENT-INCOME> 79,466,871 <F1>
<REALIZED-GAINS-CURRENT> 8,150,677 <F1>
<APPREC-INCREASE-CURRENT> 16,740,775 <F1>
<NET-CHANGE-FROM-OPS> 104,358,323 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (51,028,959)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,501,149
<NUMBER-OF-SHARES-REDEEMED> (7,951,196)
<SHARES-REINVESTED> 1,945,625
<NET-CHANGE-IN-ASSETS> 125,089,331
<ACCUMULATED-NII-PRIOR> 487,485 <F1>
<ACCUMULATED-GAINS-PRIOR> (23,691,720)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 7,402,566 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 16,849,548 <F1>
<AVERAGE-NET-ASSETS> 841,781,960
<PER-SHARE-NAV-BEGIN> 11.454
<PER-SHARE-NII> 0.699
<PER-SHARE-GAIN-APPREC> 0.217
<PER-SHARE-DIVIDEND> (0.706)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.664
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> HIGH YIELD MUNI B
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 1,357,523,537 <F1>
<INVESTMENTS-AT-VALUE> 1,438,728,633 <F1>
<RECEIVABLES> 51,806,840 <F1>
<ASSETS-OTHER> 51,815 <F1>
<OTHER-ITEMS-ASSETS> 61,609 <F1>
<TOTAL-ASSETS> 1,490,648,897 <F1>
<PAYABLE-FOR-SECURITIES> 16,120,916 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 7,049,630 <F1>
<TOTAL-LIABILITIES> 23,170,546 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 428,691,229
<SHARES-COMMON-STOCK> 38,760,934
<SHARES-COMMON-PRIOR> 37,162,826
<ACCUMULATED-NII-CURRENT> (441,772)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (15,541,472)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 81,205,096 <F1>
<NET-ASSETS> 451,891,305
<DIVIDEND-INCOME> 0 <F1>
<INTEREST-INCOME> 96,316,419 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (16,849,548)<F1>
<NET-INVESTMENT-INCOME> 79,466,871 <F1>
<REALIZED-GAINS-CURRENT> 8,150,677 <F1>
<APPREC-INCREASE-CURRENT> 16,740,775 <F1>
<NET-CHANGE-FROM-OPS> 104,358,323 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (23,908,632)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,190,835
<NUMBER-OF-SHARES-REDEEMED> (4,479,101)
<SHARES-REINVESTED> 886,374
<NET-CHANGE-IN-ASSETS> 26,313,611
<ACCUMULATED-NII-PRIOR> 487,485 <F1>
<ACCUMULATED-GAINS-PRIOR> (23,691,720)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 7,402,566 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 16,849,548 <F1>
<AVERAGE-NET-ASSETS> 447,225,504
<PER-SHARE-NAV-BEGIN> 11.452
<PER-SHARE-NII> 0.612
<PER-SHARE-GAIN-APPREC> 0.216
<PER-SHARE-DIVIDEND> (0.622)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.658
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> HIGH YIELD MUNI C
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-START> DEC-01-1997
<PERIOD-END> NOV-30-1998
<INVESTMENTS-AT-COST> 1,357,523,537 <F1>
<INVESTMENTS-AT-VALUE> 1,438,728,633 <F1>
<RECEIVABLES> 51,806,840 <F1>
<ASSETS-OTHER> 51,815 <F1>
<OTHER-ITEMS-ASSETS> 61,609 <F1>
<TOTAL-ASSETS> 1,490,648,897 <F1>
<PAYABLE-FOR-SECURITIES> 16,120,916 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 7,049,630 <F1>
<TOTAL-LIABILITIES> 23,170,546 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,788,997
<SHARES-COMMON-STOCK> 9,497,974
<SHARES-COMMON-PRIOR> 7,979,623
<ACCUMULATED-NII-CURRENT> (441,772)<F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (15,541,472)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> 81,205,096 <F1>
<NET-ASSETS> 110,613,467
<DIVIDEND-INCOME> 0 <F1>
<INTEREST-INCOME> 96,316,419 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (16,849,548)<F1>
<NET-INVESTMENT-INCOME> 79,466,871 <F1>
<REALIZED-GAINS-CURRENT> 8,150,677 <F1>
<APPREC-INCREASE-CURRENT> 16,740,775 <F1>
<NET-CHANGE-FROM-OPS> 104,358,323 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (5,458,966)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,003,857
<NUMBER-OF-SHARES-REDEEMED> (742,697)
<SHARES-REINVESTED> 257,191
<NET-CHANGE-IN-ASSETS> 19,322,814
<ACCUMULATED-NII-PRIOR> 487,485 <F1>
<ACCUMULATED-GAINS-PRIOR> (23,691,720)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 7,402,566 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 16,849,548 <F1>
<AVERAGE-NET-ASSETS> 102,188,921
<PER-SHARE-NAV-BEGIN> 11.440
<PER-SHARE-NII> 0.613
<PER-SHARE-GAIN-APPREC> 0.215
<PER-SHARE-DIVIDEND> (0.622)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.646
<EXPENSE-RATIO> 1.67
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
