<PAGE> PAGE 1
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000 F000000 Y
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011 C030001 60181
012 A000001 VAN KAMPEN INVESTOR SERVICES, INC.
012 B000001 84-01621
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
013 A000001 PRICEWATERHOUSECOOPERS LLP
<PAGE> PAGE 2
013 B010001 CHICAGO
013 B020001 IL
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
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020 A000001 MERRILL LYNCH INC.
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020 C000001 28
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<PAGE> PAGE 3
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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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SIGNATURE SARA L. BADLER
TITLE ATTORNEY
Report of Independent Accountants
To the Shareholders and Board of Trustees of the Van Kampen Real Estate
Securities Fund:
In planning and performing our audit of the financial statements of Van Kampen
Real Estate Securities Fund (the "Fund") 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 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 controls may become inadequate
because of changes in conditions or that the effectiveness of their 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 internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 as of
December 31, 1999.
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 and is
not intended to be and should not be used by anyone other than these specified
parties.
Chicago, Illinois
February 11, 2000
REAL ESTATE SECURITIES FUND
A Joint Special Meeting of the Shareholders of the Portfolio was held on
December 15, 1999 where shareholders voted on the election of Trustees and the
ratification of PricewaterhouseCooper, as the independent public accountants.
With regard to the election of J. Miles Branagan, as elected trustee by the
shareholders of the Portfolio, 7,351,662.942 shares were voted in the
affirmative and 92,051.470 shares were withheld. With regard to the election of
Jerry D. Choate, as elected trustee by the shareholders of the Portfolio,
7,343,615.393 voted in the affirmative and 100,099.019 shares were withheld.
With regard to the election of Linda Hutton Heagy, as elected trustee by the
shareholders of the Portfolio, 7,351,469.204 shares were voted in the
affirmative and 92,245.208 shares were withheld. With regard to the election of
R. Craig Kennedy, as elected trustee by the shareholders of the Portfolio,
7,352,911.899 shares were voted in the affirmative and 90,802.513 shares were
withheld. With regard to the election of Mitchell M. Merin, as elected trustee
by the shareholders of the Portfolio, 7,344,086.182 shares were voted in the
affirmative and 99,628.230 shares were withheld. With regard to the election of
Jack E. Nelson, as elected trustee by the shareholders of the Portfolio,
7,344,087.393 shares were voted in the affirmative and 99,627.019 shares were
withheld. With regard to the election of Richard F. Powers, III, as elected
trustee by the shareholders of the Portfolio, 7,342,513.258 shares were voted in
the affirmative and 101,201.154 shares were withheld. With regard to the
election of Phillip B. Rooney, as elected trustee by the shareholders of the
Portfolio, 7,343,564.393 shares were voted in the affirmative and 100,150.019
shares were withheld. With regard to the election of Fernando Sisto, as elected
trustee by the shareholders of the Portfolio, 7,338,951.783 shares were voted in
the affirmative and 104,762.629 shares were withheld. With regard to the
election of Wayne W. Whalen, as elected trustee by the shareholders of the
Portfolio, 7,353,038.899 shares were voted in the affirmative and 90,675.513
shares were withheld. With regard to the election of Suzanne H. Woolsey, as
elected trustee by the shareholders of the Portfolio, 7,343,802.854 shares were
voted in the affirmative and 99,911.558 shares were withheld. With regard to the
election of Paul G. Yovovich, as elected trustee by the shareholders of the
Portfolio 7,344,087.393 shares were voted in the affirmative and 99,627.019
shares were withheld. With regard to the ratification of PricewaterhouseCooper
to act as independent public accountants for the Portfolio, 7,351,017.217 shares
were voted in the affirmative and 14,890.440 shares were voted against the
proposal and 77,806.755 shares abstained from voting.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> REAL ESTATE A
<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> 136,667,959 <F1>
<INVESTMENTS-AT-VALUE> 121,290,902 <F1>
<RECEIVABLES> 1,906,938 <F1>
<ASSETS-OTHER> 6,490 <F1>
<OTHER-ITEMS-ASSETS> 1,208,748 <F1>
<TOTAL-ASSETS> 124,413,078 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 898,722 <F1>
<TOTAL-LIABILITIES> 898,722 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,837,751
<SHARES-COMMON-STOCK> 4,869,581
<SHARES-COMMON-PRIOR> 3,601,174
<ACCUMULATED-NII-CURRENT> 1,384,264 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (7,565,245)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (15,376,563)<F1>
<NET-ASSETS> 52,778,708
<DIVIDEND-INCOME> 6,881,907 <F1>
<INTEREST-INCOME> 132,906 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (2,975,071)<F1>
<NET-INVESTMENT-INCOME> 4,039,742 <F1>
<REALIZED-GAINS-CURRENT> (1,804,103)<F1>
<APPREC-INCREASE-CURRENT> (10,108,436)<F1>
<NET-CHANGE-FROM-OPS> (7,872,797) <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (1,871,853)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,355,606
<NUMBER-OF-SHARES-REDEEMED> (2,237,017)
<SHARES-REINVESTED> 149,818
<NET-CHANGE-IN-ASSETS> 11,082,691
<ACCUMULATED-NII-PRIOR> 1,307,574 <F1>
<ACCUMULATED-GAINS-PRIOR> (4,126,271)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 1,379,893 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 3,338,891 <F1>
<AVERAGE-NET-ASSETS> 54,213,515
<PER-SHARE-NAV-BEGIN> 11.578
<PER-SHARE-NII> 0.404
<PER-SHARE-GAIN-APPREC> (0.764)
<PER-SHARE-DIVIDEND> (0.380)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.838
<EXPENSE-RATIO> 1.68
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> REAL ESTATE B
<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> 136,667,959 <F1>
<INVESTMENTS-AT-VALUE> 121,290,902 <F1>
<RECEIVABLES> 1,906,938 <F1>
<ASSETS-OTHER> 6,490 <F1>
<OTHER-ITEMS-ASSETS> 1,208,748 <F1>
<TOTAL-ASSETS> 124,413,078 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 898,722 <F1>
<TOTAL-LIABILITIES> 898,722 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 64,674,821
<SHARES-COMMON-STOCK> 4,958,916
<SHARES-COMMON-PRIOR> 5,561,643
<ACCUMULATED-NII-CURRENT> 1,384,264 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (7,565,245)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (15,376,563)<F1>
<NET-ASSETS> 53,778,615
<DIVIDEND-INCOME> 6,881,907 <F1>
<INTEREST-INCOME> 132,906 <F1>
<OTHER-INCOME> 0 <F1>
<EXPENSES-NET> (2,975,071)<F1>
<NET-INVESTMENT-INCOME> 4,039,742 <F1>
<REALIZED-GAINS-CURRENT> (1,804,103)<F1>
<APPREC-INCREASE-CURRENT> (10,108,436)<F1>
<NET-CHANGE-FROM-OPS> (7,872,797) <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (1,627,111)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,049,755
<NUMBER-OF-SHARES-REDEEMED> (2,768,841)
<SHARES-REINVESTED> 116,359
<NET-CHANGE-IN-ASSETS> (10,594,361)
<ACCUMULATED-NII-PRIOR> 1,307,574 <F1>
<ACCUMULATED-GAINS-PRIOR> (4,126,271)<F1>
<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 1,379,893 <F1>
<INTEREST-EXPENSE> 0 <F1>
<GROSS-EXPENSE> 3,338,891 <F1>
<AVERAGE-NET-ASSETS> 65,648,972
<PER-SHARE-NAV-BEGIN> 11.574
<PER-SHARE-NII> 0.289
<PER-SHARE-GAIN-APPREC> (0.735)
<PER-SHARE-DIVIDEND> (0.284)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.844
<EXPENSE-RATIO> 2.46
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<F1> This item relates to the Fund on a composite
basis and not on a class basis
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> REAL ESTATE C
<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> 136,667,959 <F1>
<INVESTMENTS-AT-VALUE> 121,290,902 <F1>
<RECEIVABLES> 1,906,938 <F1>
<ASSETS-OTHER> 6,490 <F1>
<OTHER-ITEMS-ASSETS> 1,208,748 <F1>
<TOTAL-ASSETS> 124,413,078 <F1>
<PAYABLE-FOR-SECURITIES> 0 <F1>
<SENIOR-LONG-TERM-DEBT> 0 <F1>
<OTHER-ITEMS-LIABILITIES> 898,722 <F1>
<TOTAL-LIABILITIES> 898,722 <F1>
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,559,328
<SHARES-COMMON-STOCK> 1,564,469
<SHARES-COMMON-PRIOR> 1,474,850
<ACCUMULATED-NII-CURRENT> 1,384,264 <F1>
<OVERDISTRIBUTION-NII> 0 <F1>
<ACCUMULATED-NET-GAINS> (7,565,245)<F1>
<OVERDISTRIBUTION-GAINS> 0 <F1>
<ACCUM-APPREC-OR-DEPREC> (15,376,563)<F1>
<NET-ASSETS> 16,957,033
<DIVIDEND-INCOME> 6,881,907 <F1>
<INTEREST-INCOME> 132,906 <F1>
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<EXPENSES-NET> (2,975,071)<F1>
<NET-INVESTMENT-INCOME> 4,039,742 <F1>
<REALIZED-GAINS-CURRENT> (1,804,103)<F1>
<APPREC-INCREASE-CURRENT> (10,108,436)<F1>
<NET-CHANGE-FROM-OPS> (7,872,797) <F1>
<EQUALIZATION> 0 <F1>
<DISTRIBUTIONS-OF-INCOME> (461,820)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 822,432
<NUMBER-OF-SHARES-REDEEMED> (766,987)
<SHARES-REINVESTED> 34,174
<NET-CHANGE-IN-ASSETS> (103,503)
<ACCUMULATED-NII-PRIOR> 1,307,574 <F1>
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<OVERDISTRIB-NII-PRIOR> 0 <F1>
<OVERDIST-NET-GAINS-PRIOR> 0 <F1>
<GROSS-ADVISORY-FEES> 1,379,893 <F1>
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<GROSS-EXPENSE> 3,338,891 <F1>
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<PER-SHARE-NAV-BEGIN> 11.568
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.839
<EXPENSE-RATIO> 2.46
</TABLE>
