<PAGE> PAGE 1
000 B000000 10/31/95
000 C000000 0000934588
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 AEW COMMERCIAL MORTGAGE SECURITIES FUND, INC
001 B000000 811-8920
001 C000000 6175578732
002 A000000 73 TREMONT STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02108
002 D020000 3913
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 ALDRICH, EASTMAN & WALTCH L.P.
008 B000001 A
008 C000001 801-000000
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
010 A000001 THE CHASE MANHATTAN BANK, N.A.
010 C010001 BOSTON
010 C020001 MA
010 C030001 02108
010 C040001 3913
013 A000001 PRICE WATERHOUSE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
015 A000001 MORGAN GUARANTY TRUST COMPANY OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
<PAGE> PAGE 2
015 C020001 NY
015 C030001 10260
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 J.P. MORGAN SECURITIES, INC.
022 B000001 13-3224016
022 C000001 290757
022 D000001 0
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 74501
022 D000002 19518
022 A000003 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000003 13-2747129
022 C000003 38297
022 D000003 23051
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 44478
022 D000004 0
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 9752
022 D000005 22711
022 A000006 SMITH BARNEY, HARRIS, UPHAM & CO., INC.
022 B000006 13-1912900
022 C000006 4574
022 D000006 5485
022 A000007 PRYOR MCLENDON
022 C000007 2933
022 D000007 3258
022 A000008 NOMURA
022 B000008 13-2642206
022 C000008 3031
022 D000008 1057
022 A000009 UNITED STATES TRUST COMPANY OF NEW YORK
022 B000009 13-5459866
022 C000009 2889
<PAGE> PAGE 3
022 D000009 0
022 A000010 MERRILL LYNCH & CO., INC.
022 B000010 13-5674085
022 C000010 2020
022 D000010 0
023 C000000 474231
023 D000000 76099
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.650
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
<PAGE> PAGE 4
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.4
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 26.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 71.3
062 R000000 0.0
063 A000000 0
<PAGE> PAGE 5
063 B000000 13.3
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 180585
071 B000000 76209
071 C000000 106102
071 D000000 72
072 A000000 10
072 B000000 8517
072 C000000 0
<PAGE> PAGE 6
072 D000000 0
072 E000000 0
072 F000000 608
072 G000000 107
072 H000000 0
072 I000000 0
072 J000000 21
072 K000000 0
072 L000000 0
072 M000000 5
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 17
072 S000000 5
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 36
072 X000000 799
072 Y000000 50
072 Z000000 7768
072AA000000 3534
072BB000000 0
072CC010000 4383
072CC020000 0
072DD010000 7328
072DD020000 0
072EE000000 0
073 A010000 0.7100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 1615
074 C000000 0
074 D000000 112680
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 16
074 K000000 0
074 L000000 1668
074 M000000 51
074 N000000 116031
074 O000000 0
074 P000000 202
074 Q000000 0
<PAGE> PAGE 7
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 33
074 S000000 0
074 T000000 115796
074 U010000 10704
074 U020000 0
074 V010000 10.82
074 V020000 0.00
074 W000000 0.0000
074 X000000 106
074 Y000000 0
075 A000000 0
075 B000000 108419
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 RELIANCE INSURANCE COMPANY
080 C000000 2500
081 A000000 Y
081 B000000 35
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 10704
086 A020000 107439
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE ROBERT H. FLAHERTY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000934588
<NAME> AEW COMMERCIAL MORTGAGE SECURITIES FUND, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> DEC-21-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 109,912
<INVESTMENTS-AT-VALUE> 114,295
<RECEIVABLES> 1,684
<ASSETS-OTHER> 51
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 116,031
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 235
<TOTAL-LIABILITIES> 235
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 107,439
<SHARES-COMMON-STOCK> 10,704
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 440
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,534
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,383
<NET-ASSETS> 115,796
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,517
<OTHER-INCOME> 0
<EXPENSES-NET> (749)
<NET-INVESTMENT-INCOME> 7,768
<REALIZED-GAINS-CURRENT> 3,534
<APPREC-INCREASE-CURRENT> 4,383
<NET-CHANGE-FROM-OPS> 15,685
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,328)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,011
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 693
<NET-CHANGE-IN-ASSETS> 115,796
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 608
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 799
<AVERAGE-NET-ASSETS> 108,419
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.75
<PER-SHARE-GAIN-APPREC> 0.78
<PER-SHARE-DIVIDEND> (0.71)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.82
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
