<PAGE> PAGE 1
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000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
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000 J000000 A
001 A000000 VKAC REAL ESTATE SECURITIES FUND
001 B000000 811-08480
001 C000000 6306846000
002 A000000 ONE PARKVIEW PLAZA
002 B000000 OAKBROOK TERRACE
002 C000000 IL
002 D010000 60181
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010400 4
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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
013 A000001 PRICE WATERHOUSE LLP
013 B010001 CHICAGO
013 B020001 IL
<PAGE> PAGE 2
013 B030001 60601
014 A000001 MORGAN STANLEY & CO. INCORPORATED
014 B000001 8-733537
014 A000002 DEAN WITTER REYNOLDS, INC.
014 B000002 8-728181
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
019 B000000 118
019 C000000 VANKAMPENA
020 A000001 ING BARING
020 B000001 04-2455153
020 C000001 9
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020 B000002 94-1671384
020 C000002 8
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020 B000003 13-5492430
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020 C000009 3
020 A000010 GENESIS MERCHANT GROUP
020 B000010 94-3082467
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<PAGE> PAGE 3
022 B000002 13-3498485
022 C000002 366785
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022 A000003 DONALDSON LUFKIN JENNRETTE
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022 C000003 365388
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022 C000007 6094
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022 C000008 5934
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022 A000009 SMITH BARNEY
022 B000009 13-1912900
022 C000009 4667
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022 A000010 PAINE WEBBER
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022 C000010 3751
022 D000010 0
023 C000000 1790903
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025 A000001 SBC WARBURG
025 B000001 13-3498485
025 C000001 D
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025 D000002 0
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<PAGE> PAGE 4
026 C000000 Y
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026 E000000 N
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 N/A
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SIGNATURE MARY WIERSEMA
TITLE FUND COORDINATOR
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> REAL ESTATE A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 129,242,426<F1>
<INVESTMENTS-AT-VALUE> 144,039,187<F1>
<RECEIVABLES> 2,285,280<F1>
<ASSETS-OTHER> 4,403<F1>
<OTHER-ITEMS-ASSETS> 977<F1>
<TOTAL-ASSETS> 146,329,847<F1>
<PAYABLE-FOR-SECURITIES> 3,881,015<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 501,226<F1>
<TOTAL-LIABILITIES> 4,382,241<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,679,411
<SHARES-COMMON-STOCK> 3,715,666
<SHARES-COMMON-PRIOR> 1,791,710
<ACCUMULATED-NII-CURRENT> (21,901)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 2,266,205<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 14,796,761<F1>
<NET-ASSETS> 51,313,568
<DIVIDEND-INCOME> 4,183,631<F1>
<INTEREST-INCOME> 406,183<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2,266,257)<F1>
<NET-INVESTMENT-INCOME> 2,323,557<F1>
<REALIZED-GAINS-CURRENT> 15,177,147<F1>
<APPREC-INCREASE-CURRENT> 2,900,169<F1>
<NET-CHANGE-FROM-OPS> 20,400,873<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1,094,042)
<DISTRIBUTIONS-OF-GAINS> (4,664,049)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,170,889
<NUMBER-OF-SHARES-REDEEMED> (3,640,808)
<SHARES-REINVESTED> 393,875
<NET-CHANGE-IN-ASSETS> 28,006,815
<ACCUMULATED-NII-PRIOR> (7,420)<F1>
<ACCUMULATED-GAINS-PRIOR> 107,270<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,010,205<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2,266,257<F1>
<AVERAGE-NET-ASSETS> 37,527,037
<PER-SHARE-NAV-BEGIN> 13.008
<PER-SHARE-NII> 0.364
<PER-SHARE-GAIN-APPREC> 2.220
<PER-SHARE-DIVIDEND> (0.380)
<PER-SHARE-DISTRIBUTIONS> (1.402)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.810
<EXPENSE-RATIO> 1.77
<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 B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 129,242,426<F1>
<INVESTMENTS-AT-VALUE> 144,039,187<F1>
<RECEIVABLES> 2,285,280<F1>
<ASSETS-OTHER> 4,403<F1>
<OTHER-ITEMS-ASSETS> 977<F1>
<TOTAL-ASSETS> 146,329,847<F1>
<PAYABLE-FOR-SECURITIES> 3,881,015<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 501,226<F1>
<TOTAL-LIABILITIES> 4,382,241<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,025,381
<SHARES-COMMON-STOCK> 5,304,248
<SHARES-COMMON-PRIOR> 2,038,095
<ACCUMULATED-NII-CURRENT> (21,901)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 2,266,205<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 14,796,761<F1>
<NET-ASSETS> 73,198,558
<DIVIDEND-INCOME> 4,183,631<F1>
<INTEREST-INCOME> 406,183<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2,266,257)<F1>
<NET-INVESTMENT-INCOME> 2,323,557<F1>
<REALIZED-GAINS-CURRENT> 15,177,147<F1>
<APPREC-INCREASE-CURRENT> 2,900,169<F1>
<NET-CHANGE-FROM-OPS> 20,400,873<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (1,102,759)
<DISTRIBUTIONS-OF-GAINS> (6,626,846)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,529,184
<NUMBER-OF-SHARES-REDEEMED> (721,539)
<SHARES-REINVESTED> 458,508
<NET-CHANGE-IN-ASSETS> 46,687,138
<ACCUMULATED-NII-PRIOR> (7,420)<F1>
<ACCUMULATED-GAINS-PRIOR> 107,270<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,010,205<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2,266,257<F1>
<AVERAGE-NET-ASSETS> 50,584,864
<PER-SHARE-NAV-BEGIN> 13.008
<PER-SHARE-NII> 0.272
<PER-SHARE-GAIN-APPREC> 2.206
<PER-SHARE-DIVIDEND> (0.284)
<PER-SHARE-DISTRIBUTIONS> (1.402)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.800
<EXPENSE-RATIO> 2.52
<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 C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 129,242,426<F1>
<INVESTMENTS-AT-VALUE> 144,039,187<F1>
<RECEIVABLES> 2,285,280<F1>
<ASSETS-OTHER> 4,403<F1>
<OTHER-ITEMS-ASSETS> 977<F1>
<TOTAL-ASSETS> 146,329,847<F1>
<PAYABLE-FOR-SECURITIES> 3,881,015<F1>
<SENIOR-LONG-TERM-DEBT> 0<F1>
<OTHER-ITEMS-LIABILITIES> 501,226<F1>
<TOTAL-LIABILITIES> 4,382,241<F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,201,749
<SHARES-COMMON-STOCK> 1,264,396
<SHARES-COMMON-PRIOR> 588,677
<ACCUMULATED-NII-CURRENT> (21,901)<F1>
<OVERDISTRIBUTION-NII> 0<F1>
<ACCUMULATED-NET-GAINS> 2,266,205<F1>
<OVERDISTRIBUTION-GAINS> 0<F1>
<ACCUM-APPREC-OR-DEPREC> 14,796,761<F1>
<NET-ASSETS> 17,435,480
<DIVIDEND-INCOME> 4,183,631<F1>
<INTEREST-INCOME> 406,183<F1>
<OTHER-INCOME> 0<F1>
<EXPENSES-NET> (2,266,257)<F1>
<NET-INVESTMENT-INCOME> 2,323,557<F1>
<REALIZED-GAINS-CURRENT> 15,177,147<F1>
<APPREC-INCREASE-CURRENT> 2,900,169<F1>
<NET-CHANGE-FROM-OPS> 20,400,873<F1>
<EQUALIZATION> 0<F1>
<DISTRIBUTIONS-OF-INCOME> (279,139)
<DISTRIBUTIONS-OF-GAINS> (1,592,536)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 692,679
<NUMBER-OF-SHARES-REDEEMED> (127,832)
<SHARES-REINVESTED> 110,872
<NET-CHANGE-IN-ASSETS> 9,783,355
<ACCUMULATED-NII-PRIOR> (7,420)<F1>
<ACCUMULATED-GAINS-PRIOR> 107,270<F1>
<OVERDISTRIB-NII-PRIOR> 0<F1>
<OVERDIST-NET-GAINS-PRIOR> 0<F1>
<GROSS-ADVISORY-FEES> 1,010,205<F1>
<INTEREST-EXPENSE> 0<F1>
<GROSS-EXPENSE> 2,266,257<F1>
<AVERAGE-NET-ASSETS> 13,009,155
<PER-SHARE-NAV-BEGIN> 12.999
<PER-SHARE-NII> 0.271
<PER-SHARE-GAIN-APPREC> 2.206
<PER-SHARE-DIVIDEND> (0.284)
<PER-SHARE-DISTRIBUTIONS> (1.402)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.790
<EXPENSE-RATIO> 2.52
<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>
[PRICE WATERHOUSE LLP LETTERHEAD]
February 6, 1998
To the Shareholders and Board of Trustees of
the Van Kampen American Capital Real Estate Fund
In planning and performing our audit of the financial statements of Van Kampen
American Capital Real Estate Fund (the "Fund") for the year ended December 31,
1997, 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 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 cost of
control activities. Generally, control activities 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 control activities include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities 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, including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above as of December 31,
1997.
This report is intended solely for the information and use of management and
the Board of Trustees of the Fund and the Securities and Exchange Commission.
/S/ PRICE WATERHOUSE LLP
- ------------------------
PRICE WATERHOUSE LLP
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
