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025 B000501 94-1671384
025 C000501 E
025 D000501 163
025 A000502 SALOMON BROTHERS, INC.
025 B000502 13-3082694
025 C000502 D
025 D000502 3235
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
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028 A010500 135
028 A020500 0
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<PAGE> PAGE 21
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062 A000500 N
062 B000500 0.0
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062 D000500 0.0
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062 F000500 0.0
062 G000500 0.0
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066 C000500 N
066 D000500 N
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066 G000500 N
067 000500 N
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069 000500 N
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<PAGE> PAGE 22
070 D010500 N
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070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
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070 O010500 Y
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070 P020500 N
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070 Q020500 N
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071 A000500 93174
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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SIGNATURE TANYA LODEN
TITLE CONTROLLER
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[DESCRIPTION] Price Waterhouse LLP
<PAGE> 1
[LOGO]
[PRICE WATERHOUSE LLP LETTERHEAD]
February 13, 1995
To the Board of Trustees of
American Capital Life Investment Trust
In planning and performing our audit of the financial statements of the
American Capital Life Investment Trust (the Trust) for the year ended December
31, 1994, we considered its internal control structure, including procedures
for safeguarding securities, in order to determine our auditing procedures for
the purposes of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and 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 appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any 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 because of changes in conditions or that the degree of
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
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 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.
<PAGE> 2
[LOGO]
February 13, 1995
Page 2
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, 1994.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Price Waterhouse LLP
[DESCRIPTION] N-SAR Item 77C
<PAGE> 1
N-SAR ITEM 77C
a) A Special Meeting of Shareholders was held on December 16, 1994.
b) Inapplicable
c) The following was voted on at the meeting:
1) Approval of a new investment advisory agreement between the Registrant
and American Capital Asset Management, Inc. to take effect upon the
closing of the proposed acquisition of American Capital Management &
Research, Inc. by The Van Kampen Merritt Companies, Inc.
For 4,417,247.172 Against 112,988.906
d) Inapplicable
<PAGE> 2
N-SAR ITEM 77C
a) A Special Meeting of Shareholders was held on December 16, 1994.
b) Inapplicable
c) The following was voted on at the meeting:
1) Approval of a new investment advisory agreement between the Registrant
and American Capital Asset Management, Inc. to take effect upon the
closing of the proposed acquisition of American Capital Management &
Research, Inc. by The Van Kampen Merritt Companies, Inc.
For 2,341,998.599 Against 48,658.264
d) Inapplicable
<PAGE> 3
N-SAR ITEM 77C
a) A Special Meeting of Shareholders was held on December 16, 1994.
b) Inapplicable
c) The following was voted on at the meeting:
1) Approval of a new investment advisory agreement between the Registrant
and American Capital Asset Management, Inc. to take effect upon the
closing of the proposed acquisition of American Capital Management &
Research, Inc. by The Van Kampen Merritt Companies, Inc.
For 4,792,290.917 Against 65,229.052
d) Inapplicable
[DESCRIPTION] N-SAR Item 77Q
<PAGE> 1
N-SAR Item 77Q
* Subitem 77Q1(e) is incorporated herein by reference to Exhibit 5 to Form N-1A
of Registrant, Registration No. 33-628, Post Effective Amendment No. 17, filed
with the SEC on February 5, 1995.
[DESCRIPTION] Exhibit 77 O
<PAGE> 1
EXHIBIT 77 0
AMERICAN CAPITAL LIFE INVESTMENT TRUST - DOMESTIC STRATEGIC PORTFOLIO
Underwritings Pursuant to Rule 10f-3
<TABLE>
<S> <C> <C>
1. Name of Issuer: Valassis Communications, Inc.
Securities Acquired from: Salomon Brothers, Inc.
Syndicate Members: (See Attached Appendix 1)
Principal Amount in Offering: 255,000,000
Principal Amount Purchased: 500,000
Price Per Share: $.999
Purchase Date: 11/22/94
</TABLE>
<PAGE> 2
Appendix 1
VALASSIS COMMUNICATIONS, INC.
Salomon Brothers Inc.
Smith Barney Inc.
