<PAGE> 1
VAN KAMPEN AMERICAN CAPITAL
REAL ESTATE SECURITIES FUND
SUPPLEMENT DATED OCTOBER 12, 1995, TO PROSPECTUS DATED AUGUST 21, 1995
The section of the Prospectus captioned "Purchase of Shares -- NAV Purchase
Options" is hereby supplemented by adding the following:
(9) Participants with accounts established after October 12, 1995, in any
403(b)(7) program of a college or university system which permits only net
asset value mutual fund investments and for which Van Kampen American
Capital Trust Company serves as custodian. In connection with such
purchases, the Distributor may pay, out of its own assets, a commission to
brokers, dealers, or financial intermediaries as follows: one percent on
sales up to $5 million, plus 0.50% on the next $5 million, plus 0.25% on the
excess over $10 million.
