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012 A000001 ACCESS INVESTORS SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
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<PAGE> PAGE 2
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014 A000002 DEAN WITTER REYNOLDS, INC.
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015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
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015 C020001 MA
015 C030001 02110
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<PAGE> PAGE 4
028 A030000 0
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
070 I020000 N
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SIGNATURE MARY WIERSEMA
TITLE FUND COORDINATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> LTD MAT GOVT A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 59,217,904<F1>
<INVESTMENTS-AT-VALUE> 59,642,846<F1>
<RECEIVABLES> 475,090<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 76,319<F1>
<TOTAL-ASSETS> 60,194,255<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 434,217<F1>
<TOTAL-LIABILITIES> 434,217<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,757,530
<SHARES-COMMON-STOCK> 3,229,486
<SHARES-COMMON-PRIOR> 3,310,283
<ACCUMULATED-NII-CURRENT> 20,201<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (9,269,360)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 453,759<F1>
<NET-ASSETS> 39,371,220
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4,173,792<F1>
<OTHER-INCOME> 81,585<F1>
<EXPENSES-NET> (983,700)<F1>
<NET-INVESTMENT-INCOME> 3,271,677<F1>
<REALIZED-GAINS-CURRENT> (147,652)<F1>
<APPREC-INCREASE-CURRENT> 184,520<F1>
<NET-CHANGE-FROM-OPS> 3,308,545<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2,049,150)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,697,413
<NUMBER-OF-SHARES-REDEEMED> (2,886,550)
<SHARES-REINVESTED> 108,340
<NET-CHANGE-IN-ASSETS> (852,499)
<ACCUMULATED-NII-PRIOR> (47,240)<F1>
<ACCUMULATED-GAINS-PRIOR> (9,446,236)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 303,812<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 983,700<F1>
<AVERAGE-NET-ASSETS> 37,731,242
<PER-SHARE-NAV-BEGIN> 12.151
<PER-SHARE-NII> 0.685
<PER-SHARE-GAIN-APPREC> 0.015
<PER-SHARE-DIVIDEND> (0.660)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.191
<EXPENSE-RATIO> 1.32
<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> LTD MAT GOVT B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 59,217,904<F1>
<INVESTMENTS-AT-VALUE> 59,642,846<F1>
<RECEIVABLES> 475,090<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 76,319<F1>
<TOTAL-ASSETS> 60,194,255<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 434,217<F1>
<TOTAL-LIABILITIES> 434,217<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,987,776
<SHARES-COMMON-STOCK> 1,323,283
<SHARES-COMMON-PRIOR> 1,848,447
<ACCUMULATED-NII-CURRENT> 20,201<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (9,269,360)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 453,759<F1>
<NET-ASSETS> 16,170,313
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4,173,792<F1>
<OTHER-INCOME> 81,585<F1>
<EXPENSES-NET> (983,700)<F1>
<NET-INVESTMENT-INCOME> 3,271,677<F1>
<REALIZED-GAINS-CURRENT> (147,652)<F1>
<APPREC-INCREASE-CURRENT> 184,520<F1>
<NET-CHANGE-FROM-OPS> 3,308,545<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (875,834)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 186,057
<NUMBER-OF-SHARES-REDEEMED> (752,883)
<SHARES-REINVESTED> 41,662
<NET-CHANGE-IN-ASSETS> (6,334,129)
<ACCUMULATED-NII-PRIOR> (47,240)<F1>
<ACCUMULATED-GAINS-PRIOR> (9,446,236)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 303,812<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 983,700<F1>
<AVERAGE-NET-ASSETS> 18,851,418
<PER-SHARE-NAV-BEGIN> 12.174
<PER-SHARE-NII> 0.598
<PER-SHARE-GAIN-APPREC> 0.012
<PER-SHARE-DIVIDEND> (0.564)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.220
<EXPENSE-RATIO> 2.11
<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> LTD MAT GOVT C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 59,217,904<F1>
<INVESTMENTS-AT-VALUE> 59,642,846<F1>
<RECEIVABLES> 475,090<F1>
<ASSETS-OTHER> 0<F1>
<OTHER-ITEMS-ASSETS> 76,319<F1>
<TOTAL-ASSETS> 60,194,255<F1>
<PAYABLE-FOR-SECURITIES> 0<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 434,217<F1>
<TOTAL-LIABILITIES> 434,217<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,810,132
<SHARES-COMMON-STOCK> 345,604
<SHARES-COMMON-PRIOR> 384,275
<ACCUMULATED-NII-CURRENT> 20,201<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> (9,269,360)<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 453,759<F1>
<NET-ASSETS> 4,218,505
<DIVIDEND-INCOME> 0<F1>
<INTEREST-INCOME> 4,173,792<F1>
<OTHER-INCOME> 81,585<F1>
<EXPENSES-NET> (983,700)<F1>
<NET-INVESTMENT-INCOME> 3,271,677<F1>
<REALIZED-GAINS-CURRENT> (147,652)<F1>
<APPREC-INCREASE-CURRENT> 184,520<F1>
<NET-CHANGE-FROM-OPS> 3,308,545<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (190,636)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 475,531
<NUMBER-OF-SHARES-REDEEMED> (526,585)
<SHARES-REINVESTED> 12,383
<NET-CHANGE-IN-ASSETS> (454,973)
<ACCUMULATED-NII-PRIOR> (47,240)<F1>
<ACCUMULATED-GAINS-PRIOR> (9,446,236)<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 303,812<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 983,700<F1>
<AVERAGE-NET-ASSETS> 4,102,327
<PER-SHARE-NAV-BEGIN> 12.162
<PER-SHARE-NII> 0.597
<PER-SHARE-GAIN-APPREC> 0.011
<PER-SHARE-DIVIDEND> (0.564)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.206
<EXPENSE-RATIO> 2.10
<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>
[PRICE WATERHOUSE LLP LETTERHEAD]
January 29, 1998
To the Shareholders and Board of Trustees of
the Van Kampen American Capital Limited Maturity Government Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Limited Maturity Government Fund (the "Fund") for the year
ended December 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 judgments
by management are required to assess the expected benefits and related cost 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 December 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.
/S/ PRICE WATERHOUSE LLP
- ------------------------
PRICE WATERHOUSE LLP
NSAR ITEM 77C
Van Kampen American Capital Limited Maturity Government Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Limited
Maturity Government 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 2,710,372 Against 72,991
4) For each AC Fund, to Ratify the Selection of Price Waterhouse
LLP Independent Public Accountants for its Current Fiscal
Year.
For 2,763,115 Against 21,394
