UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 5)
DWS RREEF Real Estate Fund, Inc. (SRQ)
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(Name of Issuer)
COMMON STOCK
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(Title of class of securities)
233384106
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(CUSIP NUMBER)
Susan L. Ciciora Trust
c/o Stephen C. Miller, Esq.
and Joel L. Terwilliger, Esq.
2344 Spruce Street, Suite A
Boulder, Colorado 80302
(303) 442-2156
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 2, 2009
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 233384106
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1 NAME OF REPORTING PERSONS
Susan L. Ciciora Trust
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See instructions)
WC OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Alaska
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NUMBER OF 7 SOLE VOTING POWER
SHARES 2,596,016
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 2, 596,016
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PERSON WITH 10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2, 596,016
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.52%
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14 TYPE OF REPORTING PERSON*
OO
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CUSIP NO. 233384106
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1 NAME OF REPORTING PERSONS
Stewart R. Horejsi
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See instructions)
Not applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON
IN
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CUSIP NO. 233384106
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1 NAME OF REPORTING PERSONS
Alaska Trust Company
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See instructions)
Not applicable
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
ALASKA
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
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PERSON WITH 10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON
OO
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Amendment No. 5 to Statement on Schedule 13D
This amended statement on Schedule 13D relates to the Common Stock of DWS
RREEF Real Estate Fund, Inc. (the "Issuer"), a Maryland corporation. Items 3, 4
and 5 of this statement, previously filed by the Susan L. Ciciora Trust (the
"Trust"), as the direct beneficial owner of shares and, by virtue of certain
relationships previously described in this statement, by Stewart R. Horejsi and
by the Alaska Trust Company ("ATC," together with Mr. Horejsi and the Trust
collectively referred to herein as the "Reporting Persons"), are hereby amended
as set forth below.
Item 3. Source and Amount of Funds or Other Consideration
No change except for the addition of the following:
The total amount of funds required by the Trust to purchase the Shares as
reported in Item 5(c) was $724,034.88. Such funds were provided by the Trust's
cash on hand. Cash requirements for future purchases of the Shares may come from
cash on hand and/or inter-trust advances made through a Revolving Credit Loan
Agreement previously described in this statement.
Item 4. Purpose of Transaction.
No change except for the addition of the following:
On March 18, 2009, the board of directors of the Issuer announced that the
Issuer would present a proposal to liquidate and dissolve the Issuer at a
special meeting of shareholders currently expected to be held on May 20, 2009
(the "Liquidation Plan"). The Trust opposes any such Liquidation Plan and
expects to file an opposing proxy with the Securities and Exchange Commission
urging stockholders to vote against the Liquidation Plan. The Trust currently
intends to vote its shares against any Liquidation Plan brought before
shareholders at the special meeting. To this end, the Trust anticipates
acquiring, through privately-negotiated transactions, additional Shares having
the authority to vote at the special meeting.
Presently, the Trust intends to acquire sufficient shares to (i) block any
Liquidation Plan, (ii) effect the changes presented to the Issuer in the
Proposals (as defined in the Reporting Persons' original filing on Schedule 13D)
and (iii) effect a change of control with respect to the Issuer's Board of
Directors. However, depending upon their evaluation of the Issuer's investments
and prospects, and upon future developments (including, but not limited to,
performance of the Shares in the market, effective yield on the Shares,
availability of funds, alternative uses of funds, and money, stock market and
general economic conditions), any of the Reporting Persons or other entities
that may act with the Reporting Persons (collectively referred to as the "Other
Entities") may from time to time dispose of all or a portion of the Shares held
by such person, or cease buying or selling Shares. Any such additional purchase
or sale of the Shares may be in open market, in privately-negotiated
transactions, or otherwise. The Reporting Persons do not anticipating purchasing
more than 50% of the Shares.
Item 5. Interest in Securities of the Issuer.
No change except for the addition of the following:
(a) The Trust is the direct beneficial owner of 2,596,016 shares or
approximately 16.52% of the 15,715,597 Shares outstanding as of January 26, 2009
(the "Outstanding Shares"), according to information contained in the Issuer's
publicly available reports distributed to stockholders. By virtue of the
relationships reported in this Statement, ATC and Mr. Horejsi may be deemed to
share indirect beneficial ownership of the Shares directly beneficially owned by
the Trust. ATC and Mr. Horejsi disclaim all such beneficial ownership.
(c) The table below sets forth information relating to the purchases of
Shares by the Trust since April 2, 2009. Such purchases were effected by the
Trust through a privately-negotiated transaction.
Date Number of Shares Purchase Price
4/2/2009 416,112 $1.74
SIGNATURE
After reasonable inquiry and to the best of his knowledge and belief, the
undersigned certifies that the information set forth in this Statement is true,
complete and correct.
Date: April 3, 2009
/s/ Stewart R. Horejsi
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Stewart R. Horejsi
/s/ Douglas Blattmachr
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Douglas Blattmachr, as President of Alaska Trust Company, trustee of the Trust