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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
NSAR ITEM 77C
Van Kampen American Capital Small Capitalization Fund
(a) A Special Meeting of Shareholders was held on October 25,
1996.
(b) The election of Trustees of Van Kampen American Capital
Small Capitalization Fund (the "Fund") 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: All Against: None
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For: All Against: None
3b) Approval of the selection of Price Waterhouse LLP as
independent accountants for the Fund.
For: All Against: None
d) Inapplicable
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 156027076<F1>
<INVESTMENTS-AT-VALUE> 184816529<F1>
<RECEIVABLES> 1695442<F1>
<ASSETS-OTHER> 23758<F1>
<OTHER-ITEMS-ASSETS> 5411<F1>
<TOTAL-ASSETS> 186541140<F1>
<PAYABLE-FOR-SECURITIES> 1606262<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 45844<F1>
<TOTAL-LIABILITIES> 1652106<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145765896
<SHARES-COMMON-STOCK> 14026448
<SHARES-COMMON-PRIOR> 14065878
<ACCUMULATED-NII-CURRENT> 933209<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 9400476<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 28789453<F1>
<NET-ASSETS> 184889034
<DIVIDEND-INCOME> 1260766<F1>
<INTEREST-INCOME> 133159<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (96170)<F1>
<NET-INVESTMENT-INCOME> 1297755<F1>
<REALIZED-GAINS-CURRENT> 9533495<F1>
<APPREC-INCREASE-CURRENT> (4149808)<F1>
<NET-CHANGE-FROM-OPS> 6681442<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (2779489)
<DISTRIBUTIONS-OF-GAINS> (11913960)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2090026
<NUMBER-OF-SHARES-REDEEMED> (3252808)
<SHARES-REINVESTED> 1123352
<NET-CHANGE-IN-ASSETS> (1306551)
<ACCUMULATED-NII-PRIOR> 2414943<F1>
<ACCUMULATED-GAINS-PRIOR> 11780941<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 0<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 486908<F1>
<AVERAGE-NET-ASSETS> 186238956
<PER-SHARE-NAV-BEGIN> 13.807
<PER-SHARE-NII> 0.108
<PER-SHARE-GAIN-APPREC> 0.392
<PER-SHARE-DIVIDEND> (0.213)
<PER-SHARE-DISTRIBUTIONS> (0.913)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.181
<EXPENSE-RATIO> 0.10
<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>
