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<PAGE> PAGE 10
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
NSAR ITEM 77C
Van Kampen American Capital Municipal Opportunity Trust
(a) A Special Meeting of Shareholders was held on October 23,
1996.
(b) The election of Trustees of Van Kampen American Capital
Municipal Opportunity Trust (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 9,169,142 Against 189,681
2) Approval of changes to Fundamental Investment Policies with
respect to investments in other investment companies.
For 5,095,431 Against 239,159
<TABLE>
NSAR ITEM 77O
Van Kampen American Capital Municipal Opportunity Trust
1Of-3 Transactions
<CAPTION>
Underwriting Purchased From Amount Purchased % of Underwriting Date of Purchase
<S> <C> <C> <C> <C>
New York City G.O. Lehman Brothers $5,000,000 0.368% 12/19/96
</TABLE>
Other Firms participating in Underwriting #1:
1. Bear, Stearns & Co. Inc.
2. Merrill Lynch & Co.
3. Prudential Securities Incorporated
4. Smith Barney Inc.
5. Artermis Capital Group, Inc.
6. First Albany Corporation
7. J.P. Morgan & Co. Incorporated
8. Morgan Stanley & Co. Incorporated
9. Samuel A. Ramirez & Co., Inc.
10. Advest, Inc.
11. M.R. Beal & Company
12. Cambridge Partners L.L.C.
13. A.G. Edwards & Sons, Inc.
14. Oppenheimer & Co., Inc.
15. PaineWebber Incorporated
16. Roosevelt & Cross Incorporated
17. Siebert Bradford Shank & Co.
18. William Simon
19. Pryor, McClerdon, Counts & Co., Inc.
20. Lebenthal & Co., Inc.
21. William E. Simon & Sons Municipal Securities Inc.
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</TABLE>
