Investment Portfolio

as of September 30, 2008 (Unaudited)

Shares

Value ($)

Common Stocks 145.0%

Real Estate Investment Trusts (“REITs”) 145.0%

Apartments 21.8%

American Campus Communities, Inc.

276,704

9,374,732

Apartment Investment & Management Co. "A"

42,759

1,497,420

AvalonBay Communities, Inc.

142,200

13,995,324

Camden Property Trust

347,300

15,927,178

UDR, Inc.

448,050

11,716,507

52,511,161

Diversified 17.1%

Annaly Capital Management, Inc.

642,450

8,640,952

Capstead Mortgage Corp.

306,400

3,355,080

Colonial Properties Trust

424,900

7,941,381

Duke Realty Corp.

681,900

16,761,102

Hatteras Financial Corp.

55,000

1,276,000

Hatteras Financial Corp. 144A

135,050

3,133,160

41,107,675

Health Care 21.3%

Cogdell Spencer, Inc.

366,500

5,878,660

Medical Properties Trust, Inc.

183,840

2,086,584

OMEGA Healthcare Investors, Inc.

325,200

6,393,432

Senior Housing Properties Trust

613,700

14,624,471

Ventas, Inc.

454,350

22,453,977

51,437,124

Hotels 8.3%

Ashford Hospitality Trust

98,900

400,545

Canyon Ranch Holdings LLC (Units) (a)

230,400

4,801,017

DiamondRock Hospitality Co.

660,050

6,006,455

FelCor Lodging Trust, Inc.

998,300

7,147,828

Hospitality Properties Trust

76,100

1,561,572

19,917,417

Industrial 12.7%

DCT Industrial Trust, Inc.

906,350

6,788,562

Liberty Property Trust

633,900

23,866,335

30,654,897

Office 19.3%

BioMed Realty Trust, Inc.

209,500

5,541,275

Highwoods Properties, Inc.

364,650

12,966,954

HRPT Properties Trust

1,775,271

12,231,617

Mack-Cali Realty Corp.

468,800

15,878,256

46,618,102

Regional Malls 18.2%

CBL & Associates Properties, Inc.

762,064

15,302,245

General Growth Properties, Inc.

378,450

5,714,595

Simon Property Group, Inc.

174,747

16,950,459

The Macerich Co.

91,000

5,792,150

43,759,449

Shopping Centers 18.4%

Developers Diversified Realty Corp.

188,200

5,964,058

Inland Real Estate Corp.

806,700

12,657,123

National Retail Properties, Inc.

204,250

4,891,788

Realty Income Corp.

227,750

5,830,400

Regency Centers Corp.

223,216

14,886,275

44,229,644

Storage 7.9%

Extra Space Storage, Inc.

1,233,797

18,951,122

Total Common Stocks (Cost $310,176,546)

349,186,591

Preferred Stocks 20.3%

Real Estate Investment Trusts 20.3%

Apartments 1.9%

Associated Estates Realty Corp., 8.7%, Series II

221,000

4,475,250

Diversified Financial Services 0.3%

NorthStar Realty Finance Corp., 8.25%, Series B

68,400

623,808

Health Care 1.9%

LTC Properties, Inc., 8.0%, Series F

223,200

4,664,880

Hotels 5.3%

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

176,800

1,821,162

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

167,500

2,043,500

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

59,600

685,400

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

196,500

2,880,690

W2007 Grace Acquisition I, Inc., 8.75%, Series B

489,000

5,286,945

12,717,697

Office 1.4%

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

183,300

3,409,838

Regional Malls 1.5%

Taubman Centers, Inc., 8.0%, Series G

170,747

3,671,061

Shopping Centers 7.9%

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

150,000

3,300,000

Kimco Realty Corp., 7.75%, Series G

219,300

4,475,913

Saul Centers, Inc., 9.0%, Series B

193,750

4,165,625

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

75,000

7,059,375

19,000,913

Storage 0.1%

Public Storage, Inc., 10.0%, Series A

12,800

333,312

Total Preferred Stocks (Cost $66,445,539)

48,896,759

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $376,622,085) †

165.3

398,083,350

Notes Payable

(0.1)

(150,000)

Other Assets and Liabilities, Net

1.2

2,894,704

Preferred Stock, at Liquidation Value

(66.4)

(160,000,000)*

Net Assets Applicable to Common Shareholders

100.0

240,828,054**

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.

*

As previously announced, the DWS RREEF Real Estate Fund, Inc. (the “Fund”) has made a partial redemption of the Preferred Stock. As of November 25, 2008, the Fund has redeemed $85 million of the outstanding $160 million of Preferred Stock. In addition to this redemption, the Fund’s Board has also authorized such additional Preferred Stock redemptions as may be necessary to ensure the Fund’s compliance with applicable Preferred Stock asset coverage requirements.

**

At November 25, 2008, as a result of recent market volatility, the net assets applicable to common shareholders are $45,511,860.

†

The cost for federal income tax purposes was $376,630,403. At September 30, 2008, net unrealized appreciation for all securities based on tax cost was $21,452,947. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $81,172,841 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $59,719,894.

(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 a % of Net Assets

Canyon Ranch Holdings LLC

January 2005

5,760,000

4,801,017

2.0

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 September 30, 2008, 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
Appreciation/
(Depreciation) ($)

Total net unrealized appreciation

320,820

Counterparty:

¹

UBS Securities LLC

BBA: British Bankers’ Association

LIBOR: Represents the London InterBank Offered Rate.

REIT: Real Estate Investment Trust

Valuation Inputs

Investments in Securities

Other Financial Instruments††

Level 1

$ 388,328,011

$ -

Level 2

-

320,820

Level 3

9,755,339

-

Total

$ 398,083,350

$ 320,820

Investments in Securities

Balance as of January 1, 2008

$ 11,521,508

Total realized gain (loss)

-

Change in unrealized appreciation (depreciation)

(1,766,169)

Amortization Premium/Discount

-

Net purchases (sales)

-

Net transfers in (out) of Level 3

-

Balance as of September 30, 2008

$ 9,755,339

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.

By:

/s/Michael G. Clark

Michael G. Clark

Date:

November 14, 2008

By:

/s/Michael G. Clark

Michael G. Clark

Date:

November 14, 2008

By:

/s/Paul Schubert

Paul Schubert

Date:

November 14, 2008