SRQ Dws Rreef Real Est FD

Consolidated Investment Portfolio

as of September 30, 2009 (Unaudited)

Shares

Value ($)

Common Stocks 111.1%

Real Estate Investment Trusts (“REITs”) 111.1%

Apartments 16.0%

AvalonBay Communities, Inc.

46,300

3,367,399

BRE Properties, Inc.

90,850

2,843,605

Equity Residential

114,950

3,528,965

9,739,969

Diversified 17.6%

Digital Realty Trust, Inc.

17,750

811,353

Duke Realty Corp.

318,400

3,823,984

Starwood Property Trust, Inc.

175,900

3,561,975

Washington Real Estate Investment Trust

89,350

2,573,280

10,770,592

Health Care 19.1%

Cogdell Spencer, Inc.

224,550

1,077,840

HCP, Inc.

115,400

3,316,596

Health Care REIT, Inc.

47,500

1,976,950

LTC Properties, Inc.

40,450

972,418

Medical Properties Trust, Inc.

267,490

2,089,097

Senior Housing Properties Trust

116,450

2,225,359

11,658,260

Hotels 5.8%

Canyon Ranch Holdings LLC (Units) (a)

230,400

483,840

Hospitality Properties Trust

150,950

3,074,852

3,558,692

Industrial 11.5%

AMB Property Corp.

84,100

1,930,095

Liberty Property Trust

27,034

879,416

ProLogis

352,100

4,197,032

7,006,543

Office 14.5%

BioMed Realty Trust, Inc.

121,500

1,676,700

Government Properties Income Trust*

33,300

799,533

HRPT Properties Trust

507,521

3,816,558

Kilroy Realty Corp.

93,150

2,583,981

8,876,772

Regional Malls 7.3%

Simon Property Group, Inc.

64,349

4,467,751

Shopping Centers 14.0%

Inland Real Estate Corp.

340,250

2,980,590

Ramco-Gershenson Properties Trust

48,250

430,390

Regency Centers Corp.

77,300

2,863,965

Weingarten Realty Investors

113,650

2,263,908

8,538,853

Storage 5.3%

Sovran Self Storage, Inc.

106,538

3,241,951

Total Common Stocks (Cost $62,446,192)

67,859,383

Preferred Stocks 26.8%

Real Estate Investment Trusts 26.8%

Apartments 7.0%

Associated Estates Realty Corp., Series II, 8.7%

183,450

4,285,392

Diversified 1.4%

NorthStar Realty Finance Corp., Series B, 8.25%

68,000

853,400

Health Care 0.9%

LTC Properties, Inc., Series F, 8.0%

24,300

568,620

Shopping Centers 17.5%

Cedar Shopping Centers, Inc., Series A, 8.875%

117,850

2,392,355

Kimco Realty Corp., Series G, 7.75%

51,200

1,246,720

Saul Centers, Inc., Series B, 9.0%

141,200

3,405,744

Urstadt Biddle Properties, Inc., Series C, 8.5%

36,700

3,624,125

10,668,944

Total Preferred Stocks (Cost $17,889,866)

16,376,356

Cash Equivalents 0.4%

Cash Management QP Trust, 0.18% (b)
(Cost $219,369)

219,369

219,369

% of
Net Assets

Value ($)

Total Consolidated Investment Portfolio (Cost $80,555,427) †

138.3

84,455,108

Other Assets and Liabilities, Net

(2.3)

(1,384,497)

Preferred Stock, at Liquidation Value

(36.0)

(22,000,000)

Net Assets Applicable to Common Shareholders

100.0

61,070,611

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

*

Non-income producing security.

†

The cost for federal income tax purposes was $83,067,758. At September 30, 2009, net unrealized appreciation for all securities based on tax cost was $1,387,350. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $14,168,622 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $12,781,272.

(a)

The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of
Restricted Securities

Acquisition Date

Acquisition Cost

Value ($)

Value as %
of Net Assets

(b)

Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

At September 30, 2009, open interest rate swap contracts were as follows:

Effective/
Expiration
Dates

Notional
Amount ($)

Cash Flows
Paid by
the Fund

Cash Flows
Received by
the Fund

Unrealized
Depreciation ($)

Counterparty:

1

UBS Securities LLC

BBA: British Bankers' Association

LIBOR: London InterBank Offered Rate

Level 1

Level 2

Level 3

Total

Assets

Common Stock and/or Other Equity Investments

Apartments

$ 14,025,361

$ —

$ —

$ 14,025,361

Diversified

11,623,992

—

—

11,623,992

Health Care

12,226,880

—

—

12,226,880

Hotels

3,074,852

—

483,840

3,558,692

Industrial

7,006,543

—

—

7,006,543

Office

8,876,772

—

—

8,876,772

Regional Malls

4,467,751

—

—

4,467,751

Shopping Centers

19,207,797

—

—

19,207,797

Storage

3,241,951

—

—

3,241,951

Short-Term Investments

—

219,369

—

219,369

Total

$ 83,751,899

$ 219,369

$ 483,840

$ 84,455,108

Liabilities

Derivatives ^(c)

$ —

$ (1,673,091)

$ —

$ (1,673,091)

Total

$ —

$ (1,673,091)

$ —

$ (1,673,091)

(c)

Derivatives include unrealized appreciation (depreciation) on open interest rate swap contracts.

Common Stock and/or Other Equity Investments

Level 3 Reconciliation

Balance as of December 31, 2008

$ 550,420

Realized gains (loss)

(12,025,973)

Change in unrealized appreciation (depreciation)

12,398,607

Amortization premium/discount

-

Net purchase (sales)

(439,214)

Net transfers in (out) of Level 3

-

Balance as of September 30, 2009

$ 483,840

Net change in unrealized appreciation (depreciation) from investments still held at September 30, 2009

$ (5,276,160)

Swaps

Interest Rate Contracts

$ (1,673,091)

ITEM 2.

CONTROLS AND PROCEDURES

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.

EXHIBITS

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

Registrant:

DWS RREEF Real Estate Fund, Inc.

By:

/s/Michael G. Clark

Michael G. Clark

President

Date:

November 19, 2009

Registrant:

DWS RREEF Real Estate Fund, Inc.

By:

/s/Michael G. Clark

Michael G. Clark

President

Date:

November 19, 2009

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:

November 19, 2009