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
<S> <C> <C> <C>
<PERIOD-TYPE> 6-MOS 6-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-2000 DEC-31-2000 DEC-31-2000
<PERIOD-END> JUN-30-2000 JUN-30-2000 JUN-30-2000
<INVESTMENTS-AT-COST> 25672542 25672542 25672542
<INVESTMENTS-AT-VALUE> 25636206 25636206 25636206
<RECEIVABLES> 464340 464340 464340
<ASSETS-OTHER> 99531 99531 99531
<OTHER-ITEMS-ASSETS> 0 0 0
<TOTAL-ASSETS> 26200077 26200077 26200077
<PAYABLE-FOR-SECURITIES> 0 0 0
<SENIOR-LONG-TERM-DEBT> 0 0 0
<OTHER-ITEMS-LIABILITIES>(67163) (67163) (67163)
<TOTAL-LIABILITIES> (67163) (67163) (67163)
<SENIOR-EQUITY> 0 0 0
<PAID-IN-CAPITAL-COMMON> 23794901 5448105 810986
<SHARES-COMMON-STOCK> 1697818 404190 48803
<SHARES-COMMON-PRIOR> 1903958 440894 53936
<ACCUMULATED-NII-CURRENT>0 0 0
<OVERDISTRIBUTION-NII> 48573 48573 48573
<ACCUMULATED-NET-GAINS> (3933316) (3933316) (3933316)
<OVERDISTRIBUTION-GAINS> 0 0 0
<ACCUM-APPREC-OR-DEPREC> (36335) (36335) (36335)
<NET-ASSETS> 26132914 26132914 26132914
<DIVIDEND-INCOME> 746053 746053 746053
<INTEREST-INCOME> 9685 9685 9685
<OTHER-INCOME> 0 0 0
<EXPENSES-NET> (174119) (174119) (174119)
<NET-INVESTMENT-INCOME> 581619 581619 581619
<REALIZED-GAINS-CURRENT> (2915582) (2915582) (2915582)
<APPREC-INCREASE-CURRENT>5961544 5961544 5961544
<NET-CHANGE-FROM-OPS> 3627581 3627581 3627581
<EQUALIZATION> 0 0 0
<DISTRIBUTIONS-OF-INCOME>(436923) (82466) (13657)
<DISTRIBUTIONS-OF-GAINS> 0 0 0
<DISTRIBUTIONS-OTHER> 0 0 0
<NUMBER-OF-SHARES-SOLD> 87649 55810 297
<NUMBER-OF-SHARES-REDEEMED>(327777) (102597) (6489)
<SHARES-REINVESTED> 33989 10083 1058
<NET-CHANGE-IN-ASSETS> 373919 373919 373919
<ACCUMULATED-NII-PRIOR> 0 0 0
<ACCUMULATED-GAINS-PRIOR>0 0 0
<OVERDISTRIB-NII-PRIOR> 0 0 0
<OVERDIST-NET-GAINS-PRIOR>0 0 0
<GROSS-ADVISORY-FEES> 82467 82467 82467
<INTEREST-EXPENSE> 0 0 0
<GROSS-EXPENSE> 279660 279660 279660
<AVERAGE-NET-ASSETS> 22485878 28988367 22933768
<PER-SHARE-NAV-BEGIN> 10.740 10.720 10.840
<PER-SHARE-NII> 0.260 0.220 0.280
<PER-SHARE-GAIN-APPREC> 1.390 1.380 1.420
<PER-SHARE-DIVIDEND> (0.240) (0.190) (0.250)
<PER-SHARE-DISTRIBUTIONS>0.000 0.000 0.000
<RETURNS-OF-CAPITAL> 0.000 0.000 0.000
<PER-SHARE-NAV-END> 12.150 12.130 12.290
<EXPENSE-RATIO> 1.250 2.000 1.000
</TABLE>
