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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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SIGNATURE EDWIN SPICKLER
TITLE MANAGER FUND ADMIN
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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[DESCRIPTION]Auditors Report of Internal
Control
December 31, 1998
Report of Independent Public Accountants
To the board of directors and shareholders
of
Security Capital U.S. Real Estate Shares:
We have audited the accompanying statement
of assets and liabilities of Security
Capital U.S. Real Estate Shares (a
separate portfolio of Security Capital
Real Estate Mutual Funds Incorporated, a
Maryland corporation), including the
schedule of investments, as of December
31, 1998, and the related statement of
operations for the year then ended, the
statements of changes in net assets for
each of the two years in the period then
ended, and the financial highlights for
the years ended December 31, 1998 and 1997
and the period from December 20, 1996
(date of inception) to December 31, 1996.
These financial statements and financial
highlights are the responsibility of the
Companys management. Our responsibility
is to express an opinion on these
financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with
generally accepted auditing standards.
Those standards require that we plan and
perform the audit to obtain reasonable
assurance about whether the financial
statements and financial highlights are
free of material misstatement. An audit
includes examining, on a test basis,
evidence supporting the amounts and
disclosures in the financial statements.
Our procedures included confirmation of
securities owned as of December 31, 1998,
by correspondence with the custodian. An
audit also includes assessing the
accounting principles used and significant
estimates made by management, as well as
evaluating the overall financial statement
presentation. We believe our audits
provide a reasonable basis for our
opinion.
In our opinion, the financial statements
and financial highlights referred to above
present fairly, in all material respects,
the financial position of Security Capital
U.S. Real Estate Shares as of December 31,
1998, the results of its operations for
the year then ended, the changes in its
net assets for each of the two years in
the period then ended, and the financial
highlights for the years ended December
31, 1998 and 1997 and the period from
December 20, 1996 (date of inception) to
December 31, 1996, in conformity with
generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Chicago, Illinois
February 15, 1999
[DESCRIPTION]Auditors Report of Internal
Control
December 31, 1998
Report of Independent Public Accountants
To the board of directors and shareholders
of
Security Capital European Real Estate
Shares:
We have audited the accompanying statement
of assets and liabilities of Security
Capital European Real Estate Shares (a
separate portfolio of Security Capital
Real Estate Mutual Funds Incorporated, a
Maryland corporation), including the
schedule of investments, as of December
31, 1998, and the related statements of
operations and changes in net assets and
the financial highlights for the period
from June 30, 1998 (date of inception) to
December 31, 1998. These financial
statements and financial highlights are
the responsibility of the Companys
management. Our responsibility is to
express an opinion on these financial
statements and financial highlights based
on our audit.
We conducted our audit in accordance with
generally accepted auditing standards.
Those standards require that we plan and
perform the audit to obtain reasonable
assurance about whether the financial
statements and financial highlights are
free of material misstatement. An audit
includes examining, on a test basis,
evidence supporting the amounts and
disclosures in the financial statements.
Our procedures included confirmation of
securities owned as of December 31, 1998,
by correspondence with the custodian. An
audit also includes assessing the
accounting principles used and significant
estimates made by management, as well as
evaluating the overall financial statement
presentation. We believe our audit
provides a reasonable basis for our
opinion.
In our opinion, the financial statements
and financial highlights referred to above
present fairly, in all material respects,
the financial position of Security Capital
European Real Estate Shares as of December
31, 1998, the results of its operations,
the changes in its net assets, and the
financial highlights for the period from
June 30, 1998 (date of inception) to
December 31, 1998, in conformity with
generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Chicago, Illinois
February 15, 1999
