<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 943734
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000 F000000 Y
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001 A000000 RREEF REAL ESTATE SECURITIES FUND
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008 B00AA01 A
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008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
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010 A00AA01 INVESTORS BANK & TRUST COMPANY
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012 C03AA01 02111
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<PAGE> PAGE 2
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013 B03AA01 02111
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
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SIGNATURE KIM REDDING
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from RREEF Real
Estate Securities Fund form NSAR for the period ended October 31, 1996 and is
qualified in its entirety by refernce to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 6,233,686
<INVESTMENTS-AT-VALUE> 6,976,943
<RECEIVABLES> 301,662
<ASSETS-OTHER> 76,105
<OTHER-ITEMS-ASSETS> 73,465
<TOTAL-ASSETS> 7,428,175
<PAYABLE-FOR-SECURITIES> 159,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,938
<TOTAL-LIABILITIES> 218,819
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,177,848
<SHARES-COMMON-STOCK> 586,383
<SHARES-COMMON-PRIOR> 452,422
<ACCUMULATED-NII-CURRENT> 87,808
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 200,443
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 825,847
<NET-ASSETS> 7,209,356
<DIVIDEND-INCOME> 325,767
<INTEREST-INCOME> 13,162
<OTHER-INCOME> 0
<EXPENSES-NET> 49,577
<NET-INVESTMENT-INCOME> 289,352
<REALIZED-GAINS-CURRENT> 198,658
<APPREC-INCREASE-CURRENT> 825,847
<NET-CHANGE-FROM-OPS> 1,313,857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 155,292
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 272,098
<NUMBER-OF-SHARES-REDEEMED> 339
<SHARES-REINVESTED> 10,855
<NET-CHANGE-IN-ASSETS> 4,226,393
<ACCUMULATED-NII-PRIOR> 19,789
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37,182
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 338,468
<AVERAGE-NET-ASSETS> 4,956,171
<PER-SHARE-NAV-BEGIN> 9.82
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> 2.27
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.35)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.29
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Directors of
RREEF Real Estate Securities Fund:
In planning and performing our audit of the financial statements of RREEF Real
Estate Securities Fund (a series of RREEF Securities Fund, Inc.) for the year
ended October 31, 1996 (on which we have issued our report dated November 27,
1996), we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of RREEF Real Estate Securities Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
November 27, 1996
