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Please file this Prospectus Supplement with your records
SECURITY CAPITAL REAL ESTATE MUTUAL FUNDS INCORPORATED
SECURITY CAPITAL EUROPEAN REAL ESTATE SHARES
Supplement dated November 15, 1999
To
Class I Prospectus and Statement of Additional Information dated May 1, 1999
Class R Prospectus and Statement of Additional Information dated May 1, 1999
Effective November 15, 1999, SC-European shares will be available only to
residents of Colorado, Maryland, New York, New Jersey, Nevada and Texas.
Investors may purchase shares directly from the Fund or through a limited number
of intermediaries.
Security Capital Global Capital Management Group Incorporated ("GCMG"), the
Fund's investment adviser, is currently in the process of consolidating its
investment advisory operations with those of certain of its affiliates. In
connection with this business reorganization, GCMG will terminate its investment
sub-advisory agreement with the Fund's sub-adviser, Security Capital Global
Capital Management Group (Europe) S.A. ("GCMG-Europe"), effective November 15,
1999. Thereafter, services previously provided by GCMG-Europe will be furnished
solely by GCMG, and substantially the same personnel will continue to manage the
Fund. Research services will be performed by GCMG with the assistance of
Security Capital (EU) Management Group S.A. Accordingly, all references in the
above-referenced Prospectuses and Statement of Additional Information to
"Security Capital Global Capital Management Group (Europe) S.A.," "GCMG-Europe,"
the "Sub-Adviser," the "Sub-Advisory Agreement," and information relating to an
"annual management fee" paid to GCMG-Europe, are hereby deleted.
The date of this Prospectus Supplement is November 15, 1999
