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<PAGE> PAGE 2
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
KPMG Peat Marwick LLP
Peat Marwick Plaza Telephone 312 938 1000 Telefax 312 938 0449
303 East Wacker Drive 312 938 3959
Chicago, IL 60601-5255
The Board of Trustees and Shareholders of
Van Kampen American Capital Value Municipal Income Trust:
In planning and performing our audit of the financial statements of Van Kampen
American Capital Value Municipal Income Trust (the "Trust") for the year ended
October 31, 1996, 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 October 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
KPMG Peat Markwick LLP
December 4, 1996
Member Firm of
Klynveld Peat Markwick Goerdeler
NSAR ITEM 77C
Van Kampen American Capital Value Municipal Income Trust
(a) A Special Meeting of Shareholders was held on October 23, 1996.
(b) The election of Trustees of Van Kampen American Capital Value
Municipal Income 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 for the Adviser.
For 19,453,943 Against 523,233
(2) Inapplicable
(3) Approval of changes to Fundamental Investment Policies with respect to
investments in other investment companies.
For 9,296,686 Against 599,305
(4) Inapplicable
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