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450 Fifth S reet, N.W.
SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG Peat Marwick LLP
Peat Marwick Plaza
303 East Wacker Drive
Chicago, IL 50601-5255
The Board of Trustees and Shareholders of
Van Kampen American Capital Municipal Trust:
In planning and performing our audit of the financial statements of Van Kampen
American Capital Municipal Trust (the "Trust") for the year ended August 31,
1997, we considered its internal control structure, including procedures 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 the internal
control structure.
The management of the Trust 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 safeguarded against
loss from unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit the
preparation of financial statements in accordance with generally accepted
accounting principles.
Because of inherent limitations in any system of 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
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. 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 August 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG Peat Marwick LLP
October 8, 1997
NSAR ITEM 77C
Van Kampen American Capital Municipal Trust (VKQ)
(a) A Special Meeting of Shareholders was held on October 23, 1996.
(b) The election of Trustees of Van Kampen American Capital Municipal Trust
(the "Trust") included:
None
(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 28,097,793 Against 622,320
2) Approval of changes to Fundamental Investment Policies with respect
to investments in other investment companies.
For 14,700,310 Against 887,645
NSAR ITEM 77C
Van Kampen American Capital Municipal Trust (VKQ)
(a) An Annual Meeting of Shareholders was held on May 28, 1997.
(b) The election of Trustees of Van Kampen American Capital Municipal Trust
(the "Trust") included:
Rod Dammeyer 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 30,592,365 Against 482,368
4) For each VK Fund, to Ratify the Selection of KPMG Peat Marwick LLP
Independent Public Accountants for its Current Fiscal Year.
For 31,211,841 Against 132,562
NSAR ITEM 77O
<TABLE>
Van Kampen American Capital Municipal Trust
10f-3 Transactions
<CAPTION>
Amount of % of Date of
Underwriting # Underwriting Purchased From shares Purchased Underwriting Purchase
- -------------- ------------ -------------- ---------------- ------------ --------
<S> <C> <C> <C> <C> <C>
1 New York
City GO Smith Barney 5,000,000 0.553% 04/11/97
2 NY City Water Paine Webber 2,000,000 0.690% 08/05/97
</TABLE>
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
