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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE SARA L. BADLER
TITLE ATTORNEY
Report of Independent Auditors
The Board of Trustees
Van Kampen Convertible Securities Fund
In planning and performing our audit of the financial statements of the Van
Kampen Convertible Securities Funds for the year ended December 31, 1999, 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, not to provide assurance on internal control.
The management of the Van Kampen Convertible Securities 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 misstatements caused by 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, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of the 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.
ERNST & YOUNG LLP
Chicago, Illinois
February 15, 2000
CONVERTIBLE SECURITIES FUND
An Annual Meeting of Shareholders of the Fund was held on June 16,
1999, where shareholders voted on the election of trustees and the ratification
of Ernst & Young LLP as the independent public accountants. With regards to the
election of Wayne W. Whalen as elected trustee by the shareholders of the Fund
2,573,676 shares voted in his favor and 65,738 shares withheld. With regards to
the election of Steve Muller as elected trustee by the shareholders of the Fund
2,572,876 shares voted in his favor and 66,538 shares withheld. With regards to
the election of Rod Dammeyer as elected trustee by the shareholders of the Fund
2,573,786 shares voted in his favor and 65,628 shares withheld. The other
trustees whose terms did not expire in 1999 were: David C. Arch, Howard J Kerr,
Don G. Powell, Dennis J. McDonnell, Theodore A. Myers and Hugo F. Sonnenschein.
With regards to the ratification of Ernst & Young LLP as the independent public
accountants for the Fund 2,596,597 shares voted in favor of the proposal, 18,599
shares voted against and 24,218 shares abstained.
NSAR ITEM 77O
1999
VK Convertible Securities Fund
10f-3 Transactions
<TABLE>
<CAPTION>
UNDERWRITING # UNDERWRITING PURCHASED FROM AMOUNT OF SHARES % OF UNDERWRITING DATE OF PURCHASE
PURCHASED
<S> <C> <C> <C> <C> <C>
1 Amazon.com DLJ 447,000 0.036% 01/29/99
2 LSI Logic Robertson Stephens 300,000 0.100% 03/16/99
3 Ziff-Davis Inc.-ZDNet Hambrecht & Quist 6,300 0.063% 03/30/99
4 Sanmina Corp. Montgomery Securities 153,000 0.051% 04/30/99
5 Interpublic Group of Companies, Inc. Goldman Sachs 471,000 0.150% 05/26/99
6 The Seagram Company Bear Stearns 15,700 0.085% 06/15/99
7 Wellpoint Health Networks CS First Boston 474,000 0.182% 06/28/99
8 Conexant Systems, Inc. Lehman Bros. 309,000 0.103% 05/07/99
9 Copper Mountain Networks, Inc. Robertson Stephens 1,000 0.025% 05/12/99
10 Brocade Communications Dain Rauscher 1,000 0.031% 05/24/99
11 Genetech, Inc. Goldman Sachs 4,400 0.022% 07/20/99
12 McLeod USA Inc. Goldman Sachs 2,550 0.255% 08/06/99
13 Cox Communications Feline Prides Montgomery Securities 12,300 0.095% 08/09/99
14 Veritas Software Corp. DLJ 319,000 0.079% 08/09/99
15 CoreComm Limited Goldman Sachs 743,000 0.495% 10/01/99
16 Martha Stewart Living Omnimedia, Inc. Bear Stearns 2,400 0.033% 10/18/99
17 Genetech, Inc. Goldman Sachs 7,700 0.039% 10/21/99
18 Lattice Semiconductor Corp. Robertson Stephens 318,000 0.138% 10/29/99
19 ASM Lithography ABN AMRO 160,000 0.036% 11/19/99
20 America Online, Inc. Goldman Sachs 2,019,000 0.089% 12/01/99
21 Exodus Communications, Inc. DLJ 969,000 0.242% 12/02/99
22 UnitedGlobalCom, Inc. Goldman Sachs 12,900 0.258% 12/02/99
Convertible Preferred
23 12 Technologies, Inc. CS First Boston 476,000 0.159% 12/06/99
</TABLE>
Other Underwriters in the Syndicate for #1
- ------------------------------------------
Morgan Stanley Dean Witter
Credit Suisse First Boston
Donaldson, Lufkin & Jenrette
<PAGE>
Other Underwriters in the Syndicate for #2
- ------------------------------------------
Morgan Stanley Dean Witter
BancBoston Robertson Stephens
J.P. Morgan & Co.
Other Underwriters in the Syndicate for #3
- ------------------------------------------
Goldman, Sachs & Co.
Donaldson, Lifkin & Jenrette Securities Corp.
Hambrecht & Quist LLC
ABNAMRO Incorporated
CIBC Oppenheimer Corp.
LaSalle St. Securities, Inc.
Lazard Freres & Co.
Merrill Lynch, Pierce, Fenner & Smith Inc.
Morgan Stanley & Co. Inc.
Wit Capital Corporation
Other Underwriters in the syndicate for #4
- ------------------------------------------
Morgan Stanley Dean Witter
Donaldson, Lufkin & Jenrette
Nationsbanc Montgomery Securities LLC
Other Underwriters in the syndicate for #5
- ------------------------------------------
Morgan Stanley Dean Witter
Goldman, Sachs & Co.
Salomon Smith Barney
Other Underwriters in the syndicate for #6
- ------------------------------------------
Goldman, Sachs & Co.
Bear, Stearns & Co. Inc.
Merrill Lynch & Co.
Morgan Stanley Dean Witter
Other Underwriters in the syndicate for #7
- ------------------------------------------
Morgan Stanley & Co. Incorporated
Bear, Stearns & Co. Inc.
Credit Suisse First Boston Corporation
Other Underwriters in the syndicate for #9
- ------------------------------------------
Morgan Stanley & Co. Incorp.
BancBoston Robertson Stephens, Inc.
Dain Rauscher Wessels
Hambrecht & Quist LLC
Hoefer & Arnett, Incorporated
Edward D. Jones & Co.
Ladenburg Thalmann & Co.
NationsBanc Montgomery Securities LLC
Brad Peery Inc.
Raymond James & Associates, Inc.
U.S. Bancorp Piper Jaffray Inc.
Wasserstein Perella Securities, Inc.
Other Underwriters in the syndicate for #10
- -------------------------------------------
Morgan Stanley & Co. Incorporated
BT Alex Brown Incorporated
Dain Rauscher Wessels
Banc of America Securities LLC
BancBoston Robertson Stephens Inc.
L.H. Friend, Weinress, Frankson & Presson
Edward D. Jones & Co., L.P.
Morgan Keegan & Company, Inc.
Needham & Company, Inc.
Brad Peery Inc.
Soundview Technology Group, Inc.
U.S. Bancorp Piper Jaffray Inc.
Other Underwriters in the syndicate for #11
- -------------------------------------------
J.P. Morgan & Co.
Goldman, Sachs & Co.
Merrill Lynch & Co.
Warburg Dillon Read LLC
BancBoston Robertson Stephens
Bank Am Bellevue
Bear, Stearns & Co. Inc.
CIBC World Markets Corp.
Credit Suisse First Boston Corporation
Donaldson, Lufkin & Jenrette Securities Corp.
Hambrecht & Quist LLC
Lehman Brothers Inc.
Morgan Stanley & Co. Incorporated
Salomon Smith Barney Inc.
Adams, Harkness & Hill, Inc.
Gerard Kauer Mattison & Co.
U.S. Bancorp Piper Jaffray Inc.
Other Underwriters in the syndicate for #12
- -------------------------------------------
Salomon Smith Barney
Goldman Sachs & Co.
Morgan Stanley Dean Witter
Other Underwriters in the syndicate for #13
- -------------------------------------------
Merrill Lynch, Pierce, Fenner & Smith
Morgan Stanley & Co.
Banc of America Securities
J.P. Morgan Securities Inc.
Other Underwriters in the syndicate for #14
- -------------------------------------------
Morgan Stanley Dean Witter
Credit Suisse First Boston
Donaldson, Lufkin & Jenrette
SG Cowen
Other Underwriters in the syndicate for #16
- -------------------------------------------
Morgan Stanley & Co.
Merrill Lynch Pierce, Fenner & Smith
Bear Stearns & Co. Inc.
Donaldson, Lufkin & Jenrette Securities
Banc of America Securities LLC
Advest, Inc.
Robert W. Baird & Co. Incorporated
Sanford C. Bernstein & Co. Inc.
Blaylock & Partners, L.P.
Chatsworth Securities LLC
CIBC World Markets Corp.
Crowell, Weedon & Co.
D.A. Davidson & Co. Incorporated
A.G. Edwards & Sons, Inc.
Fahnestoci & Co.
First Union Securities, Inc.
Gabelli & Company, Inc.
Gerard Klauer Mattison & Co., Inc.
Goldman, Sachs & Co.
Janny Montgomery Scott LLC
Edward D. Jones & Co., L.P.
Legg Mason Wood Walker, Incorporated
McDonald Investments Inc.
Monness, Crespi, Hardt & Co. Inc.
PaineWebber Incorporated
Ramirez & Company
Raymond James & Associates, Inc.
Schroder & Co. Inc.
Muriel Siebert & Co.
Salomon Smith Barney Inc.
Wasserstein Perella Securities, Inc.
Other Underwriters in the syndicate for #17
- -------------------------------------------
J.P. Morgan & Co.
Goldman Sachs & Co.
Merrill Lynch & Co.
Warburg Dillon Read LLC
Robertson Stephens
Other Underwriters in the syndicate for #18
- -------------------------------------------
Morgan Stanley Dean Witter
Goldman Sachs & Co.
Robertson Stephens
ABN AMRO Rothschild
Other Underwriters in the syndicate for #19
- -------------------------------------------
Morgan Stanley Dean Witter
Credit Suisse First Boston
ABN AMRO Rothschild
Commerzbank
Kempen & Co.
SG Investment Banking
Other Underwriters in the syndicate for #20
- -------------------------------------------
Salomon Smith Barney
Bear, Stearns & Co.
Morgan Stanley Dean Witter
Lehman Brothers
Goldman, Sachs & Co.
Other Underwriters in the syndicate for #21
- -------------------------------------------
Goldman Sachs & Co.
Donaldson, Lufkin & Jenrette
Morgan Stanley Dean Witter
Other Underwriters in the syndicate for #21
- -------------------------------------------
Goldman Sachs & Co.
Morgan Stanley & Co
Credit Suisse First Boston Corporation
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> CONVERTIBLE SECS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 69,031,009
<INVESTMENTS-AT-VALUE> 108,332,952
<RECEIVABLES> 1,434,875
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 583,421
<TOTAL-ASSETS> 110,351,248
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,986
<TOTAL-LIABILITIES> 154,986
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,278,518
<SHARES-COMMON-STOCK> 3,241,824
<SHARES-COMMON-PRIOR> 3,241,824
<ACCUMULATED-NII-CURRENT> 359,245
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (748,512)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,307,011
<NET-ASSETS> 110,196,262
<DIVIDEND-INCOME> 1,316,551
<INTEREST-INCOME> 1,949,698
<OTHER-INCOME> 0
<EXPENSES-NET> (657,037)
<NET-INVESTMENT-INCOME> 2,609,212
<REALIZED-GAINS-CURRENT> 2,434,961
<APPREC-INCREASE-CURRENT> 33,080,192
<NET-CHANGE-FROM-OPS> 38,124,365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,724,759)
<DISTRIBUTIONS-OF-GAINS> (2,579,925)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 32,819,681
<ACCUMULATED-NII-PRIOR> 258,861
<ACCUMULATED-GAINS-PRIOR> (392,524)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 428,479
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 659,067
<AVERAGE-NET-ASSETS> 86,238,068
<PER-SHARE-NAV-BEGIN> 23.868
<PER-SHARE-NII> 0.804
<PER-SHARE-GAIN-APPREC> 10.954
<PER-SHARE-DIVIDEND> (0.840)
<PER-SHARE-DISTRIBUTIONS> (0.794)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 33.992
<EXPENSE-RATIO> 0.76
</TABLE>
