ITEM 1.
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SCHEDULE OF INVESTMENTS
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Consolidated Investment Portfolio
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as of September 30, 2010 (Unaudited)
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Shares
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Value ($)
|
|||||||
Common Stock 100.5%
|
||||||||
Real Estate Investment Trusts (“REIT”) 100.5%
|
||||||||
Hotels
|
||||||||
Canyon Ranch Holdings LLC (Units) (a) (Cost $5,760,000)
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230,400
|
1,555,200
|
% of
Net Assets
|
Value ($)
|
|||||
Total Consolidated Investment Portfolio (Cost $5,760,000) †
|
100.5
|
1,555,200
|
||||
Other Assets and Liabilities, Net
|
(0.5)
|
(8,101)
|
||||
Net Assets
|
100.0
|
1,547,099
|
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.
|
|
†
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The cost for federal income tax purposes was $5,760,000. At September 30, 2010, net unrealized depreciation for all securities based on tax cost was $4,204,800. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $0 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,204,800.
|
(a)
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The Fund holds securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.
|
Restricted Securities
|
Acquisition Date
|
Acquisition Cost ($)
|
Value ($)
|
Value as %
of Net Assets
|
|||||||||
Canyon Ranch Holdings LLC
|
January 2005
|
5,760,000 | 1,555,200 | 100.5 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Common Stock
|
$ | $ | — | $ | 1,555,200 | $ | 1,555,200 | |||||||||
Total
|
$ | — | $ | — | $ | 1,555,200 | $ | 1,555,200 |
Common Stock
|
||||
Balance as of December 31, 2009
|
$ | 744,192 | ||
Realized gains (loss)
|
— | |||
Change in unrealized appreciation (depreciation)
|
811,008 | |||
Amortization premium/discount
|
— | |||
Net purchases (sales)
|
— | |||
Transfers into Level 3
|
— | |||
Transfers (out) of Level 3
|
— | |||
Balance as of September 30, 2010
|
$ | 1,555,200 | ||
Net change in unrealized appreciation (depreciation) from investments still held at September 30, 2010
|
$ | 811,008 |
ITEM 2.
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CONTROLS AND PROCEDURES
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(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.
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|
ITEM 3.
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EXHIBITS
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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.
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Registrant:
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DWS RREEF Real Estate Fund, Inc.
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By:
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/s/Michael G. Clark
Michael G. Clark
President
|
Date:
|
November 23, 2010
|
By:
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/s/Michael G. Clark
Michael G. Clark
President
|
Date:
|
November 23, 2010
|
By:
|
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
|
Date:
|
November 23, 2010
|