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                                                                   EXHIBIT 17(B)
                                     PROXY
 
             VAN KAMPEN AMERICAN CAPITAL TEXAS TAX FREE INCOME FUND
 
                        SPECIAL MEETING OF SHAREHOLDERS
 
               PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES
 
     The undersigned holder of shares of beneficial interest, par value $.01 per
share (the "Shares"), of the VAN KAMPEN AMERICAN CAPITAL TEXAS TAX FREE INCOME
FUND, a Delaware business trust (the "Texas Fund"), hereby appoints Don G.
Powell, Dennis J. McDonnell and Ronald A. Nyberg, and each of them, with full
power of substitution and revocation, as proxies to represent the undersigned at
the Special Meeting of Shareholders to be held at the offices of Van Kampen
American Capital, Inc., One Parkview Plaza, Oakbrook Terrace, Illinois 60181, on
Tuesday, September 10, 1996 at 2:00 p.m., and any and all adjournments thereof
(the "Special Meeting"), and thereat to vote all Shares which the undersigned
would be entitled to vote, with all powers the undersigned would possess if
personally present, in accordance with the following instructions.
     If more than one of the proxies, or their substitutes, are present at the
Special Meeting or any adjournment thereof, they jointly (or, if only one is
present and voting then that one) shall have authority and may exercise all
powers granted hereby. This Proxy, when properly executed, will be voted in
accordance with the instructions marked hereon by the undersigned. IF NO
SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED "FOR" EACH OF THE PROPOSALS
DESCRIBED HEREIN AND IN THE DISCRETION OF THE PROXIES UPON SUCH OTHER BUSINESS
AS MAY PROPERLY COME BEFORE THE MEETING.
 
     Account No.     No. of Shares     Class of Shares     Proxy No.
 

                              
     1.      FOR      AGAINST    ABSTAIN
           ------     ------     ------      The proposal to approve the Agreement and Plan of
                                             Reorganization pursuant to which the Texas Fund would (i)
           ------     ------     ------      transfer all of its assets to the Van Kampen American
                                             Capital Municipal Income Fund (the "Municipal Fund") in
                                             exchange solely for Class A, B and C shares of beneficial
                                             interest of the Municipal Fund and the Municipal Fund's
                                             assumption of the liabilities of the Texas Fund, (ii)
                                             distribute such shares of the Municipal Fund to the
                                             holders of shares of the Texas Fund and (iii) be
                                             dissolved, all as more fully described in the
                                             Prospectus/Proxy Statement.
     2.      FOR      AGAINST    ABSTAIN
           ------     ------     ------      The proposal to approve a new investment advisory
                                             agreement for the Texas Fund, as more fully described in
           ------     ------     ------      the Prospectus/Proxy Statement.
     3.      FOR      AGAINST    ABSTAIN
           ------     ------     ------      To act upon any and all other business which may come
                                             before the Special Meeting or any adjournment thereof.
           ------     ------     ------

 
     The undersigned hereby acknowledges receipt of the accompanying Notice of
Special Meeting and Proxy Statement for the Special Meeting to be held on
September 10, 1996.
     Please sign this Proxy exactly as your name or names appear on the books of
the Texas Fund. When signing as attorney, trustee, executor, administrator,
custodian, guardian or corporate officer, please give full title. If shares are
held jointly, each holder should sign.
 

                                                       
- -----------------------------------------------------     ----------------------------------- ,
Shareholder signature                                     1996
                                                          Date
- -----------------------------------------------------     ----------------------------------- ,
Co-owner signature (if applicable)                        1996
                                                          Date