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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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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
NSAR lTEM 77C
Van Kampen American Capital Equity Income Fund
(a) A Special Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Equity Income
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 108,093,854 Against 1,724,366
(4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP
Independent Public Accountants for its Current Fiscal Year.
For 109,254,330 Against 894,935
77M Form N-SAR
For the Annual Period Ending June 30, 1997:
VAN KAMPEN AMERICAN CAPITAL BALANCED FUND
1. An Agreement and Plan of Reorganization* dated July 26, 1996
(the "Plan") between the Van Kampen American Capital Equity
Trust, on behalf of its series, the Van Kampen American Capital
Balanced Fund ("Balanced Fund"), and the Van Kampen American
Capital Equity Income Fund ("Equity Income Fund"), was approved
by the Board of Trustees of the Balanced Fund on July 26, 1996.
Following approval of the reorganization by the shareholders of
the Balanced Fund, the assets of the Balanced Fund were
transferred to the Equity Income Fund equal to the value of the
aggregate net assets of the Balanced Fund immediately prior to
the transfer of assets of the Balanced Fund to the Equity Income
Fund.
2. The above described reorganization was consummated on April 4,
1997 and the Balanced Fund distributed to its shareholders shares
of the Equity Income Fund received in the reorganization. The
Balanced Fund had no assets or liabilities after April 4, 1997
and is being terminated pursuant to Delaware law.
*As filed as part of Registrant's Proxy dated February 3, 1997.
NSAR ITEM 77O
Van Kampen American Capital Equity Income Fund
10f-3 Transactions
<TABLE>
<CAPTION>
Amount of shares
Underwriting # Underwriting Purchased From Purchased % of Underwriting Date of Purchase
<S> <C> <C> <C> <C> <C>
1 Washington
Mutual, Inc. Merrill Lynch 32,700 0.224% 01/22/97
2 Vail Resorts,
Inc. Bear Stearns 54,000 0.446% 02/03/97
3 Vail Resorts,
Inc. Furman Seiz 1,000 0.008% 02/03/97
4 Provident
Companies,
Inc. Salomon Brothers 36,100 0.610% 05/05/97
5 Nationwide
Financial
Services Inc. First Boston 55,500 0.270% 03/05/97
6 Provident
Companies, Inc. Fox-Pitt, Kelton 1,100 0.019% 05/05/97
7 Provident Sanford C.
Companies, Inc. Bernstein 10,000 0.169% 05/05/97
8 Provident Wasserstein
Companies, Inc. Perella 2,000 0.034% 05/05/97
9 Hartford Life,
Inc. Goldman Sachs 44,100 0.192% 05/21/97
10 Electricidade
de Portugal ADS Goldman Sachs 35,100 0.043% 06/16/97
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
- -------------------
Friedman, Billings, Ramsey & Co., Inc.
Bear, Stearns & Co. Inc.
Alex, Brown & Sons Incorporated
Credit Suisse First Boston Corporation
Dean Witter Reynolds Inc.
A.G. Edwards & Sons, Inc.
Keefe, Bruyette & Woods, Inc.
Lehman Brothers Inc.
Montgomery Securities
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Ragen MacKenzie Incorporated
Smith Barney Inc.
UBS Securities LLC
Wasserstein Perella Securities, Inc.
Sanford C. Bernstein & Co., Inc.
Dain Bosworth Incorporated
D.A. Davidson & Co.
Fox-Pitt, Kelton Inc.
Hoefer & Arnett Incorporated
Jenson Securities Co.
Legg Mason Wood Walker, Incorporated
Ormes Capital Markets, Inc.
Pacific Crest Securities
Piper Jaffray Inc.
Rodman & Renshaw, Inc.
Ryan, Beck & Co.
Sandler O'Neill & Partners L.P.
The Seidler Companies Incorporated
Southeast Research Partners, Inc.
Sutro & Co. Incorporated
Utendahl Capital Partners, L.P.
Underwriting for #2 & 3
- -----------------------
Goldman Sachs International
Salomon Brothers International Limited
J. Henry Schroder & Co. Limited
Smith Barney Inc.
Credit Lyonnais Securities
Deutsche Morgan Grenfell
Nomura International
SBC Warburg
UBS Limited
Underwriting for #4
- -------------------
Morgan Stanley & Co. Incorporated
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Bear, Stearns & Co. Inc.
Alex. Brown & Sons Incorporated
Dean Witter Reynolds Inc.
Deutsche Morgan Grenfell Inc.
Dillon, Read & Co. Inc.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Goldman, Sachs & Co.
Invemed Associates, Inc.
Lehman Brothers Inc.
J.P. Morgan Securities Inc.
Oppenheimer & Co. Inc.
PaineWebber Incorporated
Prudential Securities Incorporated
Salomon Brothers Inc.
Schroder Wertheim & Co. Incorporated
Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Conning & Company
Sanford C. Bernstein & Co., Inc.
Blaylock & Partners, L.P.
Dain Bosworth Incorporated
Doley Securities, Inc.
Dowling & Partners Securities, LLC
Everen Securities, Inc.
Fox-Pitt, Kelton Inc.
Furman Selz LLC
Janney Montgomery Scott Inc.
Ladenburg, Thalmann & Co. Inc.
WR Lazard, Laidlaw Inc.
McDonald & Company Securities, Inc.
Neuberger & Berman LLC
The Ohio Company
Ormes Capital Markets, Inc.
Paulsen Securities
Ragen MacKenzie Incorporated
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Sands Brothers & Co., Ltd.
Stephens Inc.
Trilon International Inc.
Utendahl Capital Partners, L.P.
Underwriting for #5, 6, 7 & 8
- -----------------------------
Morgan Stanley & Co. Incorporated
Advest, Inc.
J.C. Bradford & Co.
Donaldson, Lufkin & Jenrette Securities Corporation
A.G. Edwards & Sons, Inc.
Moors & Cabot, Inc.
The Robinson-Humphrey Company, Inc.
Underwriting for #9
- -------------------
Dean Witter Reynolds Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Smith Barney Inc.
Advest, Inc.
Sanford C. Bernstein & Co., Inc.
J.C. Bradford & Co.
Conning & Company
Credit Suisse First Boston Corporation
Dain Bosworth Incorporated
Dowling & Partners Securities, LLC
A.G. Edwards & Sons, Inc.
Fox-Pitt, Kelton Inc.
Interstate/Johnson Lane Corporation
Janney Montgomery Scott Inc.
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Incorporated
Lehman Brothers Inc.
Neuberger & Berman, LLC
PaineWebber Incorporated
Piper Jaffray Inc.
Principal Financial Securities, Inc.
Prudential Securities Incorporated
Raymond James & Associates, Inc.
The Robinson-Humphrey Company, Inc.
Stephens Inc.
Sutro & Co. Incorporated
Wheat, First Securities, Inc.
Underwriting for #10
- --------------------
ABN AMRO Chicago Corporation
Lehman Brothers Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
A.G. Edwards & Sons, Inc.
Morgan Stanley & Co. Incorporated
Prudential Securities Incorporated
Advest, Inc.
Dain Bosworth Incorporated
Edward D. Jones & Co., L.P.
McDonald & Company Securities, Inc.
Nesbitt Burns Securities Inc.
Stephens Inc.
Stifel, Nicolaus & Company, Incorporated
Sutro & Co. Incorporated
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Equity Income Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1165654573<F1>
<INVESTMENTS-AT-VALUE> 1429396861<F1>
<RECEIVABLES> 12839295<F1>
<ASSETS-OTHER> 272135<F1>
<OTHER-ITEMS-ASSETS> 5257<F1>
<TOTAL-ASSETS> 1442513548<F1>
<PAYABLE-FOR-SECURITIES> 1577162<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 5151706<F1>
<TOTAL-LIABILITIES> 6728868<F1>
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<ACCUMULATED-NII-CURRENT> 1992968<F1>
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<ACCUMULATED-NET-GAINS> 57256587<F1>
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<NET-ASSETS> 572753721
<DIVIDEND-INCOME> 9991492<F1>
<INTEREST-INCOME> 9425896<F1>
<OTHER-INCOME> 5000<F1>
<EXPENSES-NET> (8383817)<F1>
<NET-INVESTMENT-INCOME> 11038571<F1>
<REALIZED-GAINS-CURRENT> 59608249<F1>
<APPREC-INCREASE-CURRENT> 105154379<F1>
<NET-CHANGE-FROM-OPS> 175801199<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (5159274)
<DISTRIBUTIONS-OF-GAINS> (8201487)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14349873
<NUMBER-OF-SHARES-REDEEMED> (9965013)
<SHARES-REINVESTED> 1703830
<NET-CHANGE-IN-ASSETS> 100997852
<ACCUMULATED-NII-PRIOR> 969617<F1>
<ACCUMULATED-GAINS-PRIOR> 18003144<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 2404876<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 8383817<F1>
<AVERAGE-NET-ASSETS> 515406436
<PER-SHARE-NAV-BEGIN> 6.740
<PER-SHARE-NII> 0.074
<PER-SHARE-GAIN-APPREC> 0.899
<PER-SHARE-DIVIDEND> (0.070)
<PER-SHARE-DISTRIBUTIONS> (0.114)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.529
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
Indicates composite number of the Fund.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Equity Income Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1165654573<F1>
<INVESTMENTS-AT-VALUE> 1429396861<F1>
<RECEIVABLES> 12839295<F1>
<ASSETS-OTHER> 272135<F1>
<OTHER-ITEMS-ASSETS> 5257<F1>
<TOTAL-ASSETS> 1442513548<F1>
<PAYABLE-FOR-SECURITIES> 1577162<F1>
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<OTHER-ITEMS-LIABILITIES> 5151706<F1>
<TOTAL-LIABILITIES> 6728868<F1>
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<PAID-IN-CAPITAL-COMMON> 637425061
<SHARES-COMMON-STOCK> 106164085
<SHARES-COMMON-PRIOR> 94332981
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<ACCUMULATED-NET-GAINS> 57256587<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 264761205<F1>
<NET-ASSETS> 795827632
<DIVIDEND-INCOME> 9991492<F1>
<INTEREST-INCOME> 9425896<F1>
<OTHER-INCOME> 5000<F1>
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<APPREC-INCREASE-CURRENT> 105154379<F1>
<NET-CHANGE-FROM-OPS> 175801199<F1>
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<DISTRIBUTIONS-OF-INCOME> (4473137)
<DISTRIBUTIONS-OF-GAINS> (11185223)
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 2061057
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<ACCUMULATED-NII-PRIOR> 969617<F1>
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<GROSS-EXPENSE> 8383817<F1>
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<PER-SHARE-DIVIDEND> (0.044)
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<FN>
<F1>
Indicates composite number of the Fund.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Equity Income Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 1165654573<F1>
<INVESTMENTS-AT-VALUE> 1429396861<F1>
<RECEIVABLES> 12839295<F1>
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<TOTAL-ASSETS> 1442513548<F1>
<PAYABLE-FOR-SECURITIES> 1577162<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
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<ACCUMULATED-NII-CURRENT> 1992968<F1>
<OVERDISTRIBUTION-NII> 0<F1>
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<OVERDISTRIBUTION-GAINS> 0<F1>
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<INTEREST-INCOME> 9425896<F1>
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<EXPENSES-NET> (8383817)<F1>
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<FN>
<F1>
Indicates composite number of the Fund.
</FN>
</TABLE>
