AEW COMMERCIAL MORTGAGE SECURITIES FUND INC
NSAR-A, 1997-06-24
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<PAGE>     
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001 A000000  AEW COMMERCIAL MORTGAGE SECURITIES FUND, INC.
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008 D030001  02110
010 A000001  REICH & TANG ASSET MANAGEMENT, L.P.
010 C010001  NEW YORK
010 C020001  NY
010 C030001  10020
012 A000001  REICH & TANG SERVICES L.P.
012 B000001  84-2007
012 C010001  NEW YORK
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015 A000001  INVESTORS FIDUCIARY TRUST COMPANY
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<PAGE>     
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SIGNATURE    BERNADETTE N. FINN
TITLE        SECRETARY


<TABLE> <S> <C>

<ARTICLE>           6
<LEGEND>            The  schedule   contains   summary   financial   information
                    extracted  from  the  financial  statements  and  supporting
                    schedules  as of the end of the most  current  period and is
                    qualified in its  entirety by  reference  to such  financial
                    statements.
</LEGEND>
<CIK>              0000934588
<NAME>              AEW Commercial Mortgage Securities Fund, Inc.
       
<S>                               <C>    
<FISCAL-YEAR-END>             OCT-31-1997
<PERIOD-START>                NOV-01-1996
<PERIOD-END>                  APR-30-1997
<PERIOD-TYPE>                 6-MOS
<INVESTMENTS-AT-COST>         100369901
<INVESTMENTS-AT-VALUE>        105563314
<RECEIVABLES>                 6087686
<ASSETS-OTHER>                0
<OTHER-ITEMS-ASSETS>          57213
<TOTAL-ASSETS>                111708213
<PAYABLE-FOR-SECURITIES>      0
<SENIOR-LONG-TERM-DEBT>       0
<OTHER-ITEMS-LIABILITIES>     1523101
<TOTAL-LIABILITIES>           1523101
<SENIOR-EQUITY>               0
<PAID-IN-CAPITAL-COMMON>      117484838
<SHARES-COMMON-STOCK>         11657613
<SHARES-COMMON-PRIOR>         11657575
<ACCUMULATED-NII-CURRENT>     106927
<OVERDISTRIBUTION-NII>        0
<ACCUMULATED-NET-GAINS>       0
<OVERDISTRIBUTION-GAINS>      0
<ACCUM-APPREC-OR-DEPREC>      5193413
<NET-ASSETS>                  110185112
<DIVIDEND-INCOME>             0
<INTEREST-INCOME>             5368058
<OTHER-INCOME>                0
<EXPENSES-NET>                413625
<NET-INVESTMENT-INCOME>       4954433
<REALIZED-GAINS-CURRENT>      271754
<APPREC-INCREASE-CURRENT>     1973188
<NET-CHANGE-FROM-OPS>         7199375
<EQUALIZATION>                0
<DISTRIBUTIONS-OF-INCOME>     4847506
<DISTRIBUTIONS-OF-GAINS>      0
<DISTRIBUTIONS-OTHER>         0
<NUMBER-OF-SHARES-SOLD>       0
<NUMBER-OF-SHARES-REDEEMED>   0
<SHARES-REINVESTED>           660
<NET-CHANGE-IN-ASSETS>        2352529
<ACCUMULATED-NII-PRIOR>       0
<ACCUMULATED-GAINS-PRIOR>     0
<OVERDISTRIB-NII-PRIOR>       (698665)
<OVERDIST-NET-GAINS-PRIOR>    0
<GROSS-ADVISORY-FEES>         336970
<INTEREST-EXPENSE>            0
<GROSS-EXPENSE>               467618
<AVERAGE-NET-ASSETS>          109196725
<PER-SHARE-NAV-BEGIN>         9.25
<PER-SHARE-NII>               0.48
<PER-SHARE-GAIN-APPREC>       .13
<PER-SHARE-DIVIDEND>          .41
<PER-SHARE-DISTRIBUTIONS>     0
<RETURNS-OF-CAPITAL>          0
<PER-SHARE-NAV-END>           9.45
<EXPENSE-RATIO>               .76
<AVG-DEBT-OUTSTANDING>        0
<AVG-DEBT-PER-SHARE>          0
        

</TABLE>


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