Please file this Supplement with your records
SECURITY CAPITAL REAL ESTATE MUTUAL FUNDS INCORPORATED
SECURITY CAPITAL U.S. REAL ESTATE SHARES
SECURITY CAPITAL EUROPEAN REAL ESTATE SHARES
Supplement dated January 2, 2001
To
Prospectus and Statement of Additional Information dated April 28, 2000
Effective January 2, 2001, Macquarie Capital Partners LLC ("MCP") will
succeed to the business of Security Capital Markets Group Incorporated,
including serving as distributor for Security Capital U.S. Real Estate Shares
and Security Capital European Real Estate Shares (each, a "Fund"). MCP will be
owned, in part, by Security Capital Group Incorporated and will have the same
management as Security Capital Markets Group Incorporated.
There will be no change in your ability to invest in or redeem shares
of either Fund. You may still obtain information by calling 1-888-SECURITY (toll
free).
The date of this Supplement is January 2, 2001
