Investment Portfolio

as of March 31, 2007 (Unaudited)

Shares

Value ($)

Common Stocks 113.4%

Real Estate Investment Trusts (“REITs”) 112.8%

Apartments 16.8%

American Campus Communities, Inc.

736,602

22,311,675

Apartment Investment & Management Co. "A" (a)

534,600

30,841,074

AvalonBay Communities, Inc.

171,600

22,308,000

Home Properties, Inc. (a)

62,300

3,290,063

78,750,812

Diversified 5.8%

iStar Financial, Inc.

521,600

24,426,528

NorthStar Realty Finance Corp.

202,700

3,083,067

27,509,595

Health Care 12.4%

OMEGA Healthcare Investors, Inc.

407,550

6,989,483

Senior Housing Properties Trust

613,700

14,667,430

Ventas, Inc.

868,800

36,602,544

58,259,457

Hotels 12.7%

Ashford Hospitality Trust

979,850

11,699,409

Canyon Ranch Holdings LLC (Units)

230,400

6,297,929

DiamondRock Hospitality Co.

471,000

8,949,000

Eagle Hospitality Properties Trust, Inc.

220,400

2,457,460

FelCor Lodging Trust, Inc.

25,600

664,832

Hersha Hospitality Trust

872,700

10,280,406

Highland Hospitality Corp.

56,200

1,000,360

Hospitality Properties Trust

76,100

3,561,480

Innkeepers USA Trust

901,333

14,673,701

59,584,577

Industrial 10.2%

First Industrial Realty Trust, Inc. (a)

376,200

17,041,860

Liberty Property Trust

633,900

30,883,608

47,925,468

Office 20.4%

American Financial Realty Trust

224,700

2,264,976

Digital Realty Trust, Inc.

409,500

16,339,050

Highwoods Properties, Inc.

481,500

19,014,435

HRPT Properties Trust

1,775,271

21,835,833

Lexington Realty Trust (a)

659,100

13,926,783

Mack-Cali Realty Corp.

468,800

22,328,944

95,710,021

Other 2.1%

Crystal River Capital, Inc. 144A

167,500

4,495,700

Deerfield Triarc Capital Corp.

357,300

5,355,927

9,851,627

Regional Malls 18.7%

Feldman Mall Properties, Inc.

435,300

5,284,542

Glimcher Realty Trust (a)

1,024,050

27,669,831

Simon Property Group, Inc.

419,597

46,680,166

The Macerich Co.

91,000

8,404,760

88,039,299

Shopping Centers 8.7%

Inland Real Estate Corp. (a)

363,700

6,670,258

National Retail Properties, Inc.

204,250

4,940,808

Realty Income Corp. (a)

227,750

6,422,550

Regency Centers Corp.

274,000

22,892,700

40,926,316

Storage 5.0%

Extra Space Storage, Inc.

1,233,797

23,368,115

Total Real Estate Investment Trust (“REITs”)

529,925,287

Other 0.6%

Quadra Realty Trust, Inc. * (a)

222,000

2,894,880

Total Common Stocks (Cost $301,772,259)

532,820,167

Preferred Stocks 17.6%

Real Estate Investment Trusts 17.6%

Apartments 1.2%

Associated Estates Realty Corp., 8.70%, Series II

221,000

5,763,680

Diversified Financial Services 0.4%

Northstar Realty Finance Corp., 8.25%, Series B

68,400

1,658,700

Health Care 1.2%

LTC Properties, Inc., 8.0%, Series F

225,000

5,737,500

Hotels 6.0%

Eagle Hospitality Properties Trust, Inc., 8.25%, Series A

176,800

4,342,650

Equity Inns, Inc., 8.750%, Series B

498,000

12,916,875

Strategic Hotels & Resorts, Inc. 8.25%, Series B

59,600

1,514,215

Strategic Hotels & Resorts, Inc. 8.5%, 144A

167,500

4,250,313

Sunstone Hotel Investors, Inc., 8.0%, Series A

196,500

5,053,744

28,077,797

Office 1.0%

Digital Realty Trust, Inc., 8.5%, Series A

183,300

4,748,625

Regional Malls 0.9%

Taubman Centers, Inc., 8.0%, Series G

170,747

4,410,395

Shopping Centers 6.8%

Cedar Shopping Centers, Inc., 8.875%

150,000

3,936,000

Ramco-Gershenson Properties Trust, 9.5%, Series B (a)

208,000

5,278,000

The Mills Corp., 8.75%, Series E

190,000

4,979,900

The Mills Corp., 9.0%, Series C

364,400

9,542,725

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

75,000

8,107,035

31,843,660

Storage 0.1%

Public Storage, Inc., 10.00%, Series A

12,800

339,200

Total Preferred Stocks (Cost $79,543,183)

82,579,557

Securities Lending Collateral 10.9%

Daily Assets Fund Institutional, 5.35% (b) (c)
(Cost $51,197,400)

51,197,400

51,197,400

Cash Equivalents 0.4%

Cash Management QP Trust, 5.33% (d)
(Cost $1,720,975)

1,720,975

1,720,975

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $ 434,233,817)

142.3

668,318,099

Other Assets and Liabilities, Net

(8.2)

(38,554,751)

Preferred Stock, at Liquidation Value

(34.1)

(160,000,000)

Net Assets Applicable to Common Shareholders

100.0

469,763,348

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.

(a)

All or a portion of these securities were on loan amounting to $43,055,576. In addition, included in other assets & liabilities are pending sales amounting to $6,817,200, that is also on loan. The value of all securities loaned at March 31, 2007 amounted to $49,872,776 which is 10.6% of net assets.

(b)

Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c)

Represents collateral held in connection with securities lending.

(d)

Cash Management QP Trust, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

At March 31, 2007, open interest rate swaps were as follows:

Effective/
Expiration
Dates

Notional
Amount ($)

Cash Flows Paid
by the Fund

Cash Flows
Received by
the Fund

Net Unrealized
Appreciation ($)

7/14/2004
1/14/2008

40,000,000 1

Fixed — 2.992%

USD — Floating
LIBOR BBA

720,948

9/17/2004
1/28/2008

40,000,000 1

Fixed — 3.247%

USD — Floating
LIBOR BBA

668,012

9/17/2004
1/28/2010

40,000,000 1

Fixed — 3.769%

USD — Floating
LIBOR BBA

1,132,828

9/17/2004
1/28/2010

40,000,000 1

Fixed — 4.258%

USD — Floating
LIBOR BBA

1,333,804

Total net unrealized appreciation

3,855,592

Counterparty:

1 USB AG

BBA: British Bankers’ Association

LIBOR: Represents the London InterBank Offered Rate.

REIT: Real Estate Investment Trust

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 half-year (the registrant’s second fiscal half-year in the case of the annual report) 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

Date:

May 23, 2007

Registrant:

DWS RREEF Real Estate Fund, Inc.

By:

/s/Michael G. Clark

Michael G. Clark

Date:

May 23, 2007

By:

/s/Paul Schubert

Paul Schubert