<PAGE> 1
VAN KAMPEN REAL ESTATE SECURITIES FUND
SUPPLEMENT DATED JANUARY 8, 2001 TO THE
PROSPECTUS DATED APRIL 28, 2000,
SUPERSEDING ALL PRIOR SUPPLEMENTS
The Prospectus is hereby supplemented as follows:
(1) The information on the inside back cover of the Prospectus under the
heading "BOARD OF TRUSTEES AND OFFICERS-TRUSTEES" is hereby amended by deleting
Fernando Sisto, effective December 31, 2000.
(2) The information on the inside back cover of the Prospectus under the
heading "BOARD OF TRUSTEES AND OFFICERS-OFFICERS" is hereby amended by deleting
all information pertaining to Peter W. Hegel*, effective May 31, 2000, and by
adding John R. Reynoldson, Vice President and Richard A. Ciccarone, Vice
President, effective June 7, 2000.
(3) The information on the inside back cover of the Prospectus under the
heading "FOR MORE INFORMATION-INDEPENDENT ACCOUNTANTS" is hereby deleted and
replaced with the following:
Independent Auditors
ERNST & YOUNG LLP
233 South Wacker Drive
Chicago, Illinois 60606
RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MF SPT MAY
65176
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VAN KAMPEN REAL ESTATE SECURITIES FUND
SUPPLEMENT DATED JANUARY 8, 2001 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED APRIL 28, 2000,
SUPERSEDING ALL PRIOR SUPPLEMENTS
The Statement of Additional Information is hereby supplemented as follows:
(1) The first and second paragraph in the section entitled "INITIAL AND
VARIATION MARGIN" under the "OPTIONS, FUTURES CONTRACTS AND RELATED
OPTIONS -- FUTURES CONTRACTS" section is hereby deleted in its entirety and
replaced with the following:
INITIAL AND VARIATION MARGIN. In contrast to the purchase or sale of a
security, no price is paid or received upon the purchase or sale of a futures
contract. Initially, the Fund is required to deposit an amount of cash or liquid
securities equal to a percentage (which will normally range between 1% and 10%)
of the contract amount with either a futures commission merchant pursuant to
rules and regulations promulgated under the 1940 Act or with its custodian in an
account in the broker's name. This amount is known as initial margin. The nature
of initial margin in futures transactions is different from that of margin in
securities transactions in that futures contract margin does not involve the
borrowing of funds by the customer to finance the transaction. Rather, the
initial margin is in the nature of a performance bond or good faith deposit on
the contract, which is returned to the Fund upon termination of the futures
contract and satisfaction of its contractual obligations. Subsequent payments to
and from the broker, called variation margin, are made on a daily basis as the
price of the underlying securities or index fluctuates, making the long and
short positions in the futures contract more or less valuable, a process known
as marking to market.
For example, when the Fund purchases a futures contract and the price of
the underlying security or index rises, that position increases in value, and
the Fund receives a variation margin payment equal to that increase in value.
Conversely, where the Fund purchases a futures contract and the value of the
underlying security or index declines, the position is less valuable, and the
Fund is required to make a variation margin payment.
(2) The section entitled "TRUSTEES AND OFFICERS -- TRUSTEES" is hereby
amended by deleting all information pertaining to Fernando Sisto, effective
December 31, 2000.
(3) The section entitled "TRUSTEES AND OFFICERS -- OFFICERS" is hereby
amended by deleting all information pertaining to Peter W. Hegel, effective May
31, 2000, and by adding the following:
<TABLE>
<S> <C>
Richard A. Ciccarone................. Senior Vice President and Co-head of the Fixed Income
Date of Birth: 06/15/52 Department of the Advisers, Van Kampen Management Inc. and
Vice President Van Kampen Advisors Inc. Prior to May 2000, he served as
Age: 48 Co-head of Municipal Investments and Director of Research of
the Advisers, Van Kampen Management Inc. and Van Kampen
Advisors Inc. Mr. Ciccarone first joined the Adviser in June
1983, and worked for the Adviser until May 1989, with his
last position being a Vice President. From June 1989 to
April 1996, he worked at EVEREN Securities (formerly known
as Kemper Securities), with his last position at EVEREN
being an Executive Vice President. Since April 1996, Mr.
Ciccarone has been a Senior Vice President of the Advisers,
Van Kampen Management Inc. and Van Kampen Advisors Inc.
John R. Reynoldson................... Senior Vice President and Co-head of the Fixed Income
Date of Birth: 05/15/53 Department of the Advisers, Van Kampen Management Inc. and
Vice President Van Kampen Advisors Inc. Prior to May 2000, he managed the
Age: 47 investment grade taxable group for the Adviser since July
1999. From July 1988 to June 1999, he managed the government
securities bond group for Asset Management. Mr. Reynoldson
has been with Asset Management since April 1987, and has
been a Senior Vice President of Asset Management since July
1988. He has been a Senior Vice President of the Adviser and
Van Kampen Management Inc. since June 1995 and Senior Vice
President of Van Kampen Advisors Inc. since June 2000.
</TABLE>
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(4) The last paragraph in the section entitled "DISTRIBUTION AND SERVICE"
is hereby amended by adding Buck Consultants, Inc. and The Vanguard Group, Inc.
to the list of firms that have entered into agreements with the Distributor to
offer shares of the Fund pursuant to such firm's retirement plan alliance
program(s).
(5) The section entitled "OTHER INFORMATION -- CUSTODY OF ASSETS" is hereby
deleted in its entirety and replaced with the following:
Except for segregated assets held by a futures commission merchant pursuant
to rules and regulations promulgated under the 1940 Act, all securities owned by
the Fund and all cash, including proceeds from the sale of shares of the Fund
and of securities in the Fund's investment portfolio, are held by State Street
Bank and Trust Company, 225 Franklin Street, Boston, Massachusetts 02110, as
custodian. The custodian also provides accounting services to the Fund.
(6) The information in the section entitled "OTHER
INFORMATION -- INDEPENDENT ACCOUNTANTS" is hereby deleted in its entirety and
replaced with the following:
INDEPENDENT AUDITORS
Independent auditors for the Fund perform an annual audit of the Fund's
financial statements. The Fund's Board of Trustees has engaged Ernst & Young
LLP, located at 233 South Wacker Drive, Chicago, Illinois 60606, to be the
Fund's independent auditors, effective May 18, 2000. PricewaterhouseCoopers LLP,
located at 200 East Randolph Drive, Chicago, Illinois 60601 ("PWC"), ceased
being the Fund's independent auditors effective May 18, 2000. The cessation of
the client-auditor relationship between the Fund and PWC was based solely on a
possible future business relationship by PWC with an affiliate of the Fund's
investment adviser. The change in independent auditors was approved by the
Fund's audit committee and the Fund's Board of Trustees, including Trustees who
are not "interested persons" of the Fund (as defined in the 1940 Act).
RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MF SPT SAI 1
