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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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SIGNATURE NICK DALMASO
TITLE ATTORNEY
Report of Independent Auditors
To the Shareholders and
Board of Trustees of
Van Kampen Convertible Securities Fund
In planning and performing our audit of the financial statements of Van Kampen
Convertible Securities Fund (the "Fund") for the year ended December 31, 1998,
we considered its internal control, including control activities 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, and not to provide assurance on the internal
control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the specific internal control components does not reduce to a relatively low
level the risk that errors or fraud 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 internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above at December 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of Van Kampen Convertible Securities Fund and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
Houston, Texas ERNST & YOUNG LLP
February 4, 1999
Convertible Securities Fund
An Annual Meeting of Shareholders of the Fund was held on July 28,
1998, where shareholders voted on the election of trustees, the ratification of
Ernst & Young LLP as independent auditors and to approve the proposed changes to
the Fund's fundamental investment restrictions. With regard to the election of
David C. Arch as elected trustee by the shareholders of the Fund 2,368,960
shares voted in his favor and 65,945 shares withheld. With regard to the
election of Howard J Kerr as elected trustee by the shareholders of the Fund
2,370,260 shares voted in his favor and 64,153 shares withheld. With regard to
the election of Dennis J. McDonnell as elected trustee by the shareholders of
the Fund 2,370,260 shares voted in his favor and 64,645 shares withheld. The
other trustees of the Fund whose terms did not expire in 1998 are Rod Dammeyer,
Theodore A. Myers, Steven Muller, Ph.D., Hugo Sonnenschein, Don G. Powell and
Wayne W. Whalen. With regard to the ratification of Ernst & Young LLP as
independent auditors for the Fund, 2,401,636 shares voted in favor of the
proposal, 8,749 shares voted against and 25,520 shares abstained. With regard to
the approval of the proposed changes to the Fund's fundamental investment
restrictions, the Meeting was adjourned until August 24, 1998.
An Adjournment Meeting of Shareholders of the Fund was held on August
24, 1998, where shareholders voted to approve the proposed changes to the Fund's
fundamental investment restrictions. With regard to approval of the proposed
changes, 1,631,246 shares voted in favor of the proposal, 172,949 shares voted
against, 77,689 shares abstained and 824,469 shares represented broker
non-votes.
<TABLE>
<CAPTION>
NSAR ITEM 77O
VKAC Convertible Securities Fund
10f-3 Transactions
Underwriting # Underwriting Purchased From Amount of shares % of Date of
Purchased Underwriting Purchase
<S> <C> <C> <C> <C> <C>
1 Western Digital Salomon Smith Barney 1,280,000 0.113% 02/11/98
2 Equity Corporation International Merrill Lynch 740,000 0.592% 02/19/98
3 Whole Foods Market BT Alex Brown 2,781,000 1.036% 02/25/98
4 El Paso Energy Capital Trust Donaldson, Lufkin & 22,500 0.375% 03/12/98
Jenrette
5 WinStar Communications, Inc. First Boston 14,200 0.355% 03/12/98
6 Healthsouth Corporation Salomon Smith Barney 1,000,000 0.200% 03/17/98
7 Chesapeake Energy Corp. Donaldson, Lufkin &
Jenrette 13,200 0.330% 04/17/98
8 Pride International, Inc. Salomon Smith Barney 1,877,000 0.367% 04/21/98
9 Texas Industires Merrill Lynch 15,000 0.375% 06/02/98
10 General Growth Properties, Inc. Lehman Brothers 17,600 0.147% 06/05/98
11 NTL Inc. DLJ 700,000 0.140% 12/11/98
MS Goldman Sachs
BT Alex Brown
Chase Securities
12 At Home Network Merrill Lynch 1,160,000 0.305% 12/21/98
MS Goldman Sachs
</TABLE>
<PAGE>
Other Firms participating in Underwriting:
Underwriting for #1
Morgan Stanley Dean Witter
Underwriting for #2
ABN AMRO Incorporated
Morgan Stanley & Co. Incorporated
Underwriting for #3
Morgan Stanley Dean Witter
Underwriting for #5
Salomon Smith Barney
Morgan Stanley Dean Witter
NationsBanc Montgomery Securities LLC
Underwriting for #6
Bear, Stearns & Co. Inc.
Cowen & Company
Credit Suisse First Boston Corporation
J.P. Morgan Securities Inc.
Morgan Stanley & Co. Incorporated
NationsBanc Montgomery Securities LLC
PaineWebber Incorporated
<PAGE>
Underwriting for #7
Donaldson, Lufkin & Jenrette
Lehman Brothers
JP Morgan & Co.
Morgan Stanley Dean Witter
Bear, Stearns & Co. Inc.
Underwriting for #8
Morgan Stanley & Co. Incorporated
Underwriting for #10
Goldman, Sachs & Co.
Morgan Stanley & Co. Incorporated
PaineWebber Incorporated
Prudential Securities Incorporated
SBC Warburg Dillon Read Inc.
UBS Securities LLC
BancAmerica Robertson Stephens
A.G. Edwards & Sons, Inc.
Everen Securities, Inc.
Advest, Inc.
Dain Rauscher Wessels
Fahnestock & Co. Inc.
Janney Montgomery Scott Inc.
Edward D. Jones & Co., LP
First of Michigan Corporation
Legg Mason Wood Walker, Incorporated
McDonald & Company Securities, Inc.
Piper Jaffray Inc.
Raymond James & Associates, Inc.
Stifel, Nicolaus & Company Incorporated
The Robinston-Humphrey Company, LLC
Sutro & Co. Incorporated
Tucker Anthony Incorporated
Wheat First Securities, Inc.
Underwriter for #11
Goldman Sachs
BT Alex Brown
Chase Securities
Underwriter for #12
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Morgan Stanley & Co. Incorporated
Goldman, Sachs & Co.
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 11
<NAME> CONVERTIBLE SECS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 70,947,991
<INVESTMENTS-AT-VALUE> 76,924,617
<RECEIVABLES> 1,064,925
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 47,845
<TOTAL-ASSETS> 78,037,387
<PAYABLE-FOR-SECURITIES> 186,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 474,452
<TOTAL-LIABILITIES> 660,806
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,283,425
<SHARES-COMMON-STOCK> 3,241,824
<SHARES-COMMON-PRIOR> 3,241,824
<ACCUMULATED-NII-CURRENT> 258,861
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (392,524)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,226,819
<NET-ASSETS> 77,376,581
<DIVIDEND-INCOME> 1,092,330
<INTEREST-INCOME> 2,452,889
<OTHER-INCOME> 0
<EXPENSES-NET> (640,407)
<NET-INVESTMENT-INCOME> 2,904,812
<REALIZED-GAINS-CURRENT> 910,780
<APPREC-INCREASE-CURRENT> 805,481
<NET-CHANGE-FROM-OPS> 4,621,073
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,851,284)
<DISTRIBUTIONS-OF-GAINS> (3,056,743)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,286,954)
<ACCUMULATED-NII-PRIOR> 205,333
<ACCUMULATED-GAINS-PRIOR> 1,753,439
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 387,209
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 640,407
<AVERAGE-NET-ASSETS> 77,459,036
<PER-SHARE-NAV-BEGIN> 24.265
<PER-SHARE-NII> 0.896
<PER-SHARE-GAIN-APPREC> 0.530
<PER-SHARE-DIVIDEND> (0.880)
<PER-SHARE-DISTRIBUTIONS> (0.943)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 23.868
<EXPENSE-RATIO> 0.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
