<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000921770
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.
000 J000000 A
001 A000000 VKAC REAL ESTATE SECURITIES FUND
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001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
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007 C010400 4
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007 C010600 6
007 C010700 7
007 C010800 8
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007 C011000 10
008 A000001 VAN KAMPEN AMERICAN CAPITAL ASSET MGT., INC.
008 B000001 A
008 C000001 801-8286
008 D010001 OAKBROOK TERRACE
008 D020001 IL
008 D030001 60181
011 A000001 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC
011 B000001 8-19903
011 C010001 OAKBROOK TERRACE
011 C020001 IL
011 C030001 60181
012 A000001 ACCESS INVESTORS SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
012 C040001 9256
013 A000001 PRICE WATERHOUSE LLP
013 B010001 HOUSTON
<PAGE> PAGE 2
013 B020001 TX
013 B030001 77002
014 A000001 Morgan Stanley & Co., Incorporated
014 B000001 8-
014 A000002 Dean Witter Reynolds, Inc.
014 B000002 8-
015 A000001 STATE STREET BANK & TRUST CO.
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
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020 C000001 45
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020 C000002 30
020 A000003 ROBINSON-HUMPHREY CO, INC.
020 B000003 58-1472560
020 C000003 29
020 A000004 EVEREN CLEARING CORP.
020 B000004 36-3223831
020 C000004 29
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020 C000008 17
020 A000009 GREENSTREET ADVISORS, INC.
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020 C000010 13
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<PAGE> PAGE 3
022 A000002 BA SECURITIES
022 B000002 95-4035346
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022 C000010 1825
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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SIGNATURE DENNIS J MCDONNELL
TITLE PRES, CEO & TRUSTEE
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Real Estate Securities Fund Class A
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 87951393<F1>
<INVESTMENTS-AT-VALUE> 95272280<F1>
<RECEIVABLES> 5001631<F1>
<ASSETS-OTHER> 6058<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 100279969<F1>
<PAYABLE-FOR-SECURITIES> 418877<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 403525<F1>
<TOTAL-LIABILITIES> 822402<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 30901692
<SHARES-COMMON-STOCK> 2727196
<SHARES-COMMON-PRIOR> 1791710
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (213453)<F1>
<ACCUMULATED-NET-GAINS> 9041400<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 7320887<F1>
<NET-ASSETS> 37046310
<DIVIDEND-INCOME> 1583357<F1>
<INTEREST-INCOME> 204867<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (919478)<F1>
<NET-INVESTMENT-INCOME> 868746<F1>
<REALIZED-GAINS-CURRENT> 9066440<F1>
<APPREC-INCREASE-CURRENT> (4575705)<F1>
<NET-CHANGE-FROM-OPS> 5359481<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (483240)
<DISTRIBUTIONS-OF-GAINS> (51543)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1287506
<NUMBER-OF-SHARES-REDEEMED> (387479)
<SHARES-REINVESTED> 35459
<NET-CHANGE-IN-ASSETS> 13739557
<ACCUMULATED-NII-PRIOR> (7420)<F1>
<ACCUMULATED-GAINS-PRIOR> 107270<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 400938<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 919478<F1>
<AVERAGE-NET-ASSETS> 31001822
<PER-SHARE-NAV-BEGIN> 13.008
<PER-SHARE-NII> 0.159
<PER-SHARE-GAIN-APPREC> 0.628
<PER-SHARE-DIVIDEND> (0.190)
<PER-SHARE-DISTRIBUTIONS> (0.021)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.584
<EXPENSE-RATIO> 1.82
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Real Estate Securities Fund Class B
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 87951393<F1>
<INVESTMENTS-AT-VALUE> 95272280<F1>
<RECEIVABLES> 5001631<F1>
<ASSETS-OTHER> 6058<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 100279969<F1>
<PAYABLE-FOR-SECURITIES> 418877<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 403525<F1>
<TOTAL-LIABILITIES> 822402<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 41628670
<SHARES-COMMON-STOCK> 3647778
<SHARES-COMMON-PRIOR> 2038095
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (213453)<F1>
<ACCUMULATED-NET-GAINS> 9041400<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 7320887<F1>
<NET-ASSETS> 49543431
<DIVIDEND-INCOME> 1583357<F1>
<INTEREST-INCOME> 204867<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (919478)<F1>
<NET-INVESTMENT-INCOME> 868746<F1>
<REALIZED-GAINS-CURRENT> 9066440<F1>
<APPREC-INCREASE-CURRENT> (4575705)<F1>
<NET-CHANGE-FROM-OPS> 5359481<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (468101)
<DISTRIBUTIONS-OF-GAINS> (63616)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1996326
<NUMBER-OF-SHARES-REDEEMED> (415907)
<SHARES-REINVESTED> 29264
<NET-CHANGE-IN-ASSETS> 23032011
<ACCUMULATED-NII-PRIOR> (7420)<F1>
<ACCUMULATED-GAINS-PRIOR> 107270<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 400938<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 919478<F1>
<AVERAGE-NET-ASSETS> 39534465
<PER-SHARE-NAV-BEGIN> 13.008
<PER-SHARE-NII> 0.117
<PER-SHARE-GAIN-APPREC> 0.620
<PER-SHARE-DIVIDEND> (0.142)
<PER-SHARE-DISTRIBUTIONS> (0.021)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.582
<EXPENSE-RATIO> 2.57
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Real Estate Securities Fund Class C
<MULTIPLIER> 1
<CAPTION>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 87951393<F1>
<INVESTMENTS-AT-VALUE> 95272280<F1>
<RECEIVABLES> 5001631<F1>
<ASSETS-OTHER> 6058<F1>
<OTHER-ITEMS-ASSETS> 0<F1>
<TOTAL-ASSETS> 100279969<F1>
<PAYABLE-FOR-SECURITIES> 418877<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 403525<F1>
<TOTAL-LIABILITIES> 822402<F1>
<SENIOR-EQUITY> 0<F1>
<PAID-IN-CAPITAL-COMMON> 10778371
<SHARES-COMMON-STOCK> 948002
<SHARES-COMMON-PRIOR> 588677
<ACCUMULATED-NII-CURRENT> 0<F1>
<OVERDISTRIBUTION-NII> (213453)<F1>
<ACCUMULATED-NET-GAINS> 9041400<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 7320887<F1>
<NET-ASSETS> 12867826
<DIVIDEND-INCOME> 1583357<F1>
<INTEREST-INCOME> 204867<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (919478)<F1>
<NET-INVESTMENT-INCOME> 868746<F1>
<REALIZED-GAINS-CURRENT> 9066440<F1>
<APPREC-INCREASE-CURRENT> (4575705)<F1>
<NET-CHANGE-FROM-OPS> 5359481<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (123438)
<DISTRIBUTIONS-OF-GAINS> (17151)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 411882
<NUMBER-OF-SHARES-REDEEMED> (60528)
<SHARES-REINVESTED> 7971
<NET-CHANGE-IN-ASSETS> 5215701
<ACCUMULATED-NII-PRIOR> (7420)<F1>
<ACCUMULATED-GAINS-PRIOR> 107270<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 400938<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 919478<F1>
<AVERAGE-NET-ASSETS> 10585423
<PER-SHARE-NAV-BEGIN> 12.999
<PER-SHARE-NII> 0.117
<PER-SHARE-GAIN-APPREC> 0.621
<PER-SHARE-DIVIDEND> (0.142)
<PER-SHARE-DISTRIBUTIONS> (0.021)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.574
<EXPENSE-RATIO> 2.58
<AVG-DEBT-OUTSTANDING> 0<F1>
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>
This item relates to the Fund on a composite basis and not on a class basis.
</FN>
</TABLE>
NSAR ITEM 77C
Van Kampen American Capital Real Estate Securities Fund
(a) A Special Meeting of Shareholders was held on May 28,1997.
(b) The election of Trustees of Van Kampen American Capital Real Estate
Securities Fund (the "Fund") included:
J. Miles Branagan, Richard M. DeMartini, Linda Hutton Heagy,
R. Craig Kennedy, Jack E. Nelson, Jerome L. Robinson, Phillip B. Rooney,
Fernando Sisto and Wayne W. Whalen
(c) The following were voted on at the meeting:
(1) Approval of New Investment Advisory Agreement in the event of a
change of control of the Adviser.
For 4,450,620 Against 78,458
(4) For each AC Fund, to Ratify the Selection of Price Waterhouse LLP
Independent Public Accountants for its Current Fiscal Year.
For 4,557,286 Against 21,604
