<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 943734
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 RREEF REAL ESTATE SECURITIES FUND
001 B000000 811-9016
001 C000000 8009099234
002 A000000 875 NORTH MICHIGAN AVENUE SUITE 4114
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60611
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 RREEF REAL ESTATE SECURITIES FUND
007 C030100 N
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 RREEF REAL ESTATE SECURITIES ADVISERS L.P.
008 B00AA01 A
008 C00AA01 801-43791
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94108
010 A00AA01 INVESTORS BANK & TRUST COMPANY
010 C01AA01 BOSTON
010 C02AA01 MA
010 C03AA01 02111
012 A00AA01 INVESTORS BANK & TRUST COMPANY
012 B00AA01 85-720
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02111
013 A00AA01 DELOITTE & TOUCHE L.L.P.
013 B01AA01 BOSTON
<PAGE> PAGE 2
013 B02AA01 MA
013 B03AA01 02111
015 A00AA01 INVESTORS BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02111
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 PRUDENTIAL SECURITIES
020 B000001 22-2347336
020 C000001 10
020 A000002 JEFFERIES & COMPANY
020 B000002 22-2347336
020 C000002 4
020 A000003 REGIONAL OPERATIONS GROUP
020 C000003 3
020 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000004 13-5674085
020 C000004 3
020 A000005 CHICAGO CORPORATION
020 C000005 2
020 A000006 GOLDMAN SACHS & CO
020 B000006 13-5108880
020 C000006 1
020 A000007 PAINEWEBBER INC
020 B000007 13-2638116
020 C000007 1
020 A000008 NATIONAL FINANCIAL SERVICES
020 C000008 1
020 A000009 LEHMAN BROTHERS INC
020 B000009 13-2518466
020 C000009 1
020 A000010 CANTOR FITZGERALD & COMPANY
020 B000010 13-3680184
020 C000010 1
021 000000 33
022 A000001 GOLDMAN SACHS & CO
022 B000001 13-5108880
022 C000001 1002
022 D000001 0
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022 B000002 13-5674085
022 C000002 520
022 D000002 0
022 A000003 LEHMAN BROTHERS INC
022 B000003 13-2518466
022 C000003 403
022 D000003 0
<PAGE> PAGE 3
022 A000004 PRUDENTIAL SECURITIES
022 B000004 22-2347336
022 C000004 371
022 D000004 0
022 A000005 SCOTT & STRINGFELLOW
022 B000005 95-2524501
022 C000005 103
022 D000005 0
022 A000006 DEAN WITTER REYNOLDS INC
022 C000006 12
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE
TITLE
<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 April 30, 1997 and is
qualified in its entirety by refernce to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 18,959,307
<INVESTMENTS-AT-VALUE> 20,117,994
<RECEIVABLES> 116,411
<ASSETS-OTHER> 66,398
<OTHER-ITEMS-ASSETS> 957,874
<TOTAL-ASSETS> 21,258,677
<PAYABLE-FOR-SECURITIES> 651,895
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,483
<TOTAL-LIABILITIES> 684,378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,705,538
<SHARES-COMMON-STOCK> 1,490,611
<SHARES-COMMON-PRIOR> 586,383
<ACCUMULATED-NII-CURRENT> 216,119
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 493,955
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,158,687
<NET-ASSETS> 20,574,299
<DIVIDEND-INCOME> 316,403
<INTEREST-INCOME> 31,107
<OTHER-INCOME> 0
<EXPENSES-NET> 60,471
<NET-INVESTMENT-INCOME> 287,039
<REALIZED-GAINS-CURRENT> 489,389
<APPREC-INCREASE-CURRENT> 415,430
<NET-CHANGE-FROM-OPS> 1,191,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 158,728
<DISTRIBUTIONS-OF-GAINS> 195,877
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 884,670
<NUMBER-OF-SHARES-REDEEMED> 3,164
<SHARES-REINVESTED> 22,722
<NET-CHANGE-IN-ASSETS> 13,364,943
<ACCUMULATED-NII-PRIOR> 87,808
<ACCUMULATED-GAINS-PRIOR> 198,658
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 192,938
<AVERAGE-NET-ASSETS> 12,194,640
<PER-SHARE-NAV-BEGIN> 12.29
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> (0.24)
<PER-SHARE-DISTRIBUTIONS> (0.29)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.80
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
RREEF REAL ESTATE SECURITIES FUND (the "Fund")
Supplement dated April 30, 1997 to
Prospectus dated March 1, 1997
On April 16, 1997, the Board of Directors of the Fund approved a proposed
merger of the Fund whereby the Fund would be merged into and become a new
series of American Century Capital Portfolios, Inc. The new fund is called
the American Century Real Estate Fund (the "ACRE Fund") and the class of
shares of RREEF shareholders will receive are Investor Class shares. The
proposal will be submitted to the shareholders of the Fund for approval at
a meeting expected to be held on June 13, 1997. If the proposed merger is
approved by the shareholders, each shareholder of record as of the close of
business on June 13, 1997 would receive one share of the ACRE Fund for every
share of the Fund that they own.
American Century Investment Management, Inc. ("ACIM") will be the adviser an
administrator of the ACRE Fund. RREEF Real Estate Securities Advisers, L.P.
("RREEF"), the current adviser of the Fund, has agreed to act as the
Subadviser of the ACRE Fund. As the Subadviser, it is expected that RREEF
will manage the ACRE Fund in substantially the same manner and with
substantially similar investment policies as the current Fund. The fee level
of the ACRE Fund, however, is higher than the fee level of the Fund. The
total expenses of the Fund are currently limited to 1% per annum of average
net assets, while the total expense ratio of the ACRE Fund, Investor Class
will be 1.20% per annum.
Only those shareholders who are shareholders of record as of the close of
business on April 25, 1997, will be entitled to vote on the proposed merger.
Any decision regarding a proposed investment in the Fund should be made in
light of the proposed merger.
