FLAG INVESTORS REAL ESTATE EQUITY FUND INC
NSAR-B, 1996-03-01
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000922844
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 FLAG INVESTORS REAL ESTATE SECURITIES FUND
001 B000000 811-8500
001 C000000 4107271700
002 A000000 135 E. BALTIMORE STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  1
020 A000001 MORGAN STANLEY & CO. INCORPORATED
020 B000001 13-2655998
020 C000001      8
020 A000002 GREEN STREET ADVISORS
020 B000002 33-0275837
020 C000002      4
020 A000003 LEHMAN BROTHERS, INC.
020 B000003 13-2518466
020 C000003      3
020 A000004 SALOMON BROTHERS, INC.
020 B000004 13-3082694
020 C000004      2
020 A000005 GOLDMAN, SACHS & CO.
020 B000005 13-5108880
020 C000005      2
020 A000006 PRUDENTIAL SECURITIES INCORPORATED
020 B000006 22-2347336
020 C000006      2
020 A000007 BROWN (ALEX.) & SONS INCORPORATED
020 B000007 52-1319768
020 C000007      2
020 A000008 PAINEWEBBER INCORPORATED
020 B000008 13-2638166
020 C000008      2
020 A000009 JEFFERIES & COMPANY, INC.
020 B000009 95-2622900
020 C000009      1
020 C000010      0
021  000000       28
<PAGE>      PAGE  2
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001     17607
022 D000001        90
022 A000002 BROWN (ALEX.) & SONS INCORPORATED
022 B000002 52-1319768
022 C000002       235
022 D000002        26
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000003 13-5674085
022 C000003       188
022 D000003         0
022 A000004 CANTOR FITZGERALD & COMPANY
022 B000004 13-3680184
022 C000004       181
022 D000004         0
022 A000005 SALOMON BROTHERS INC.
022 B000005 13-3082694
022 C000005         0
022 D000005       164
022 A000006 SMITH BARNEY
022 B000006 13-1912900
022 C000006       136
022 D000006         0
022 A000007 PAINEWEBBER
022 B000007 13-2638166
022 C000007        79
022 D000007         0
022 A000008 SCOTT AND STRINGFELLOW
022 B000008 54-0957557
022 C000008        66
022 D000008         0
022 A000009 JEFFERIES & COMPANY, INC.
022 B000009 95-2622900
022 C000009        42
022 D000009         0
022 A000010 PRUDENTIAL SECURITIES
022 B000010 22-2347336
022 C000010         8
022 D000010         0
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077 A000000 Y
077 B000000 Y
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080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00     9000
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084 B00AA00        0
SIGNATURE   EDWARD J. VEILLEUX                           
TITLE       VICE PRESIDENT      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000922844
<NAME> FLAG INVESTORS REAL ESTATE SECURITIES FUND, INC.
       
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</TABLE>


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