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<PAGE> PAGE 2
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SIGNATURE NICK DALMASO
TITLE ATTORNEY
Report of Independent Auditors
To the Shareholders and
Board of Trustees of
Van Kampen Income Trust
In planning and performing our audit of the financial statements of Van Kampen
Income Trust (the "Trust") for the year ended December 31, 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, and not to provide assurance on the internal control.
The management of the Trust 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
controls. Generally, controls 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 controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at December 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of Van Kampen Income Trust and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Houston, Texas ERNST & YOUNG LLP
February 4, 1999
EXHIBIT 77C
INCOME TRUST
An Annual Meeting of Shareholders of the Trust was held on July 28, 1998,
where shareholders voted on the election of trustees and the ratification of
Ernst & Young LLP as independent auditors. With regard to the election of David
C. Arch as elected trustee by the common shareholders of the Trust 11,493,720
shares voted in his favor, 196,526 shares withheld. With regard to the election
of Howard J Kerr as elected trustee by the shareholders of the Trust 11,494,220
shares voted in his favor and 196,026 shares withheld. With regard to the
election of Dennis J. McDonnell as elected trustee by the shareholders of the
Trust 11,494,623 shares voted in his favor and 195,624 shares withheld. The
other trustees of the Fund whose terms did not expire in 1998 as Rod Dammeyer,
Theodore A. Myers, Dr. Steven Muller, Ph.D., Hugo Sonnenschein, Don G. Powell
and Wayne W. Whalen. With regard to the ratification of Ernst & Young LLP as
independent auditors for the Trust, 11,474,136 shares voted in favor of the
proposal, 76,982 shares voted against and 139,129 shares abstained.
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC Income Trust
10f-3 Transactions
Underwriting # Underwriting Purchased From Amount of shares % of Date of
Purchased Underwriting Purchase
<S> <C> <C> <C> <C> <C>
1 NTL Inc. Donaldson, Lufkin & 5,000,000 0.125% 03/06/98
Jenrette
2 Terex Corporation First Boston 200,000 0.133% 03/24/98
3 The Republic of Korea Notes Goldman Sachs 200,000 0.020% 04/08/98
4 IXC Communications Inc. First Boston 200,000 0.047% 04/16/98
5 PSI NET DLJ 1,000,000 0.500% 10/28/98
6 Centennial Cellular Merrill Lynch 400,000 0.100% 12/10/98
</TABLE>
Other Firms participating in Underwriting:
Underwriting for #1
Morgan Stanley & Co. International Limited
BT Alex Brown International
Chase Securities Inc.
Salomon Brothers International Limited
Underwriting for #2
CIBC Oppenheimer Corp.
Morgan Stanley & Co. Incorporated
Salomon Brothers Inc.
BancBoston Securities Inc.
Underwriting for #3
Salomon Brothers Inc.
Bear, Stearns International Limited
Chase Securities Inc.
Citicorp Securities, Inc.
Deutsche Bank AG London
The Hongkong Shanghai Banking Corporation Limited
ING Bank NV London Branch
Lehman Brothers International (Europe)
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Nomura International plc
Societe Generale Securities Corporation
Tokyo-Mitsubishi International plc
UBS Securities LLC
Underwriting for #4
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities LLC
<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> INCOME TRUST
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 118,647,289 <F1>
<INVESTMENTS-AT-VALUE> 118,363,714 <F1>
<RECEIVABLES> 2,280,871 <F1>
<ASSETS-OTHER> 0 <F1>
<OTHER-ITEMS-ASSETS> 56,810 <F1>
<TOTAL-ASSETS> 120,701,395 <F1>
<PAYABLE-FOR-SECURITIES> 500,000 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 218,800 <F1>
<TOTAL-LIABILITIES> 718,800 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,397,633
<SHARES-COMMON-STOCK> 15,308,194
<SHARES-COMMON-PRIOR> 15,290,019
<ACCUMULATED-NII-CURRENT> 386,440 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (12,517,903)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (283,575)<F1>
<NET-ASSETS> 119,982,595
<DIVIDEND-INCOME> 76,789 <F1>
<INTEREST-INCOME> 11,147,058 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (1,182,662)<F1>
<NET-INVESTMENT-INCOME> 10,041,185 <F1>
<REALIZED-GAINS-CURRENT> 422,724 <F1>
<APPREC-INCREASE-CURRENT> (3,842,124)<F1>
<NET-CHANGE-FROM-OPS> 6,621,785 <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (9,863,152)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 18,175
<NET-CHANGE-IN-ASSETS> (3,099,667)
<ACCUMULATED-NII-PRIOR> 213,167 <F1>
<ACCUMULATED-GAINS-PRIOR> (21,822,763)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 798,802 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 1,182,662 <F1>
<AVERAGE-NET-ASSETS> 122,900,082
<PER-SHARE-NAV-BEGIN> 8.050
<PER-SHARE-NII> 0.657
<PER-SHARE-GAIN-APPREC> (0.224)
<PER-SHARE-DIVIDEND> (0.645)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 7.838
<EXPENSE-RATIO> 0.96
<AVG-DEBT-OUTSTANDING> 0 <F1>
<AVG-DEBT-PER-SHARE> 0 <F1>
</TABLE>
