SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. __)
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DWS RREEF Real Estate Fund, Inc.
(Name of Registrants as Specified in Its Charter)
SUSAN L. CICIORA TRUST
c/o Stephen C. Miller, Esq.
and Joel L. Terwilliger, Esq.
2344 Spruce Street, Suite A
Boulder, CO 80302
(303)442-2156
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SUSAN L. CICIORA TRUST
c/o Stephen C. Miller, P.C.
2344 Spruce Street, Suite A, Boulder, CO 80302
June 2, 2009
Fellow Stockholders of DWS RREEF Real Estate Fund, Inc. ("SRQ"):
The Stockholders Have Spoken, But is the Board Listening?
Thanks to your vote against SRQ's ill-fated liquidation proposal, we soundly
defeated management's attempt to liquidate our fund by more than a 2-to-1 vote.
Unlike SRQ's investment managers Deutsche Asset Management, Inc. and RREEF
America, LLC, we aren't ready to call it quits.
The final results? AGAINST: 5,995,333 and FOR: 2,898,268
Clearly, the stockholders have spoken. 66.5% of those voting voted against the
Board's recommendation. But will the Board listen and terminate Deutsche Asset
Management, Inc. and RREEF America, LLC and avoid further losses to SRQ?
The Trust has communicated with the Board recommending termination of Deutsche
Asset Management, Inc. and RREEF America, LLC immediately and replacement of
members of the Board. It is the Board's fiduciary duty to make a change, as
Deutsche Asset Management, Inc. and RREEF America, LLC clearly have shown that
they are no longer fit to manage SRQ.
By recommending liquidation of SRQ, the Board essentially told stockholders that
they have no confidence in Deutsche Asset Management, Inc. and RREEF America,
LLC to run our fund! Every day that passes during which Deutsche Asset
Management, Inc. and RREEF America, LLC continue to manage SRQ is in direct
contravention to what the Board told stockholders.
The Board has a duty to save what little is left in SRQ and embrace the changes
that stockholders supported. An independent adviser, RiskMetrics Group, stated
that it believed the Trust, through its affiliations with the Boulder-based
advisers, may be able to "effectuate change that is critical to improving the
performance of [SRQ], rather than liquidating."* Stockholders have voted, an
independent adviser has weighed in, and the conclusion is overwhelming:
terminate the investment management agreement with Deutsche Asset Management,
Inc. and RREEF America, LLC, hire the Trust's investment managers, and replace
the current Board with directors who have greater confidence in the Fund's
future.
It's Time to Take the Steps Necessary to Rebuild SRQ
Now it's time for us to take back SRQ. The Trust heard you speak - emails,
letters, phone calls, faxes, and so on all have a similar message - replace the
advisers and current members of the Board with new members nominated by the
Trust. You also voiced frustration and anger at the Board's decision to adopt a
poison pill plan and other impediments that by their design could thwart the
will of stockholders and are an affront to basic standards of good corporate
governance. The Trust appreciates your support and has submitted various
proposals to the Board to give us - the stockholders - what we want; a new
direction in SRQ. However, the Board has not responded and continues to ignore
the overwhelming voice of stockholders.
We hope the Board does the right thing and responds positively to our proposals.
However, if the Board elects not to pursue this course of action, the Trust
intends to pursue these and other stockholder-supported proposals in a proxy
contest at the upcoming annual meeting.
Soon, you will receive materials from the Trust, seeking your support for
various proposals which we believe will be beneficial for SRQ and its
stockholders. Please read those materials carefully as they directly impact the
future of SRQ. Together, we can do it again. Together we can get this fund back
on the road to recovery. We invite your participation and comments at
WWW.SRQSRO.COM, a soon-to-be-active web-blog-site dedicated solely to taking
back SRQ.
Best wishes from a fellow stockholder. Yours truly,
Stewart R. Horejsi
Representative for the Susan L. Ciciora Trust
The Susan L. Ciciora Trust (the "Trust") will soon file a preliminary joint
proxy statement in connection with the 2009 annual meeting of DWS RREEF Real
Estate Fund and DWS RREEF Real Estate Fund II stockholders. Stockholders are
strongly advised to read the Trust's joint proxy statement and the accompanying
GREEN proxy card, as they will contain important information, including
information relating to the participants in such joint proxy solicitation.
Stockholders can obtain this joint proxy statement, any amendments or
supplements to the proxy statement and other documents filed by the Trust with
the Securities and Exchange Commission (SEC) for free at the internet website
maintained by the SEC at www.sec.gov.
Stockholders will also be able to access more information regarding taking back
our investments in SRQ by going to www.SRQSRO.com.
*Permission to use quotation neither sought nor obtained.