Investment Portfolio

as of September 30, 2007 (Unaudited)

Shares

Value ($)

Common Stocks 123.3%

Real Estate Investment Trusts (“REITs”) 123.3%

Apartments 20.4%

American Campus Communities, Inc.

736,602

21,575,073

Apartment Investment & Management Co. "A"

534,600

24,126,498

AvalonBay Communities, Inc. (a)

171,600

20,259,096

Home Properties, Inc.

62,300

3,250,814

UDR, Inc.

448,050

10,896,576

80,108,057

Diversified 9.2%

Crystal River Capital, Inc. 144A

167,500

2,815,675

Duke Realty Corp.

331,850

11,219,848

iStar Financial, Inc. (a)

521,600

17,729,184

NorthStar Realty Finance Corp. (a)

202,700

2,012,811

Quadra Realty Trust, Inc. (a)

222,000

2,115,660

35,893,178

Health Care 13.9%

OMEGA Healthcare Investors, Inc.

325,200

5,050,356

Senior Housing Properties Trust

613,700

13,538,222

Ventas, Inc.

868,800

35,968,320

54,556,898

Hotels 10.3%

Ashford Hospitality Trust

1,764,196

17,730,170

Canyon Ranch Holdings LLC (Units)

230,400

5,856,473

DiamondRock Hospitality Co.

660,050

11,491,470

FelCor Lodging Trust, Inc.

86,350

1,720,956

Hersha Hospitality Trust

32,350

320,265

Hospitality Properties Trust

76,100

3,093,465

40,212,799

Industrial 10.2%

First Industrial Realty Trust, Inc. (a)

376,200

14,622,894

Liberty Property Trust

633,900

25,489,119

40,112,013

Office 20.9%

BioMed Realty Trust, Inc.

209,500

5,048,950

Digital Realty Trust, Inc.

409,500

16,130,205

Highwoods Properties, Inc.

481,500

17,656,605

HRPT Properties Trust

1,775,271

17,557,430

Lexington Realty Trust (a)

318,150

6,366,182

Mack-Cali Realty Corp.

468,800

19,267,680

82,027,052

Other 0.8%

Deerfield Triarc Capital Corp.

357,300

3,233,565

Regional Malls 23.0%

CBL & Associates Properties, Inc.

250,450

8,778,272

Feldman Mall Properties, Inc.

90,100

681,156

Glimcher Realty Trust (a)

1,024,050

24,065,175

Pennsylvania Real Estate Investment Trust

171,400

6,674,316

Simon Property Group, Inc.

419,597

41,959,700

The Macerich Co.

91,000

7,969,780

90,128,399

Shopping Centers 9.7%

Inland Real Estate Corp.

363,700

5,633,713

National Retail Properties, Inc. (a)

204,250

4,979,615

Realty Income Corp. (a)

227,750

6,365,613

Regency Centers Corp.

274,000

21,029,500

38,008,441

Storage 4.9%

Extra Space Storage, Inc.

1,233,797

18,988,136

Total Common Stocks (Cost $324,287,212)

483,268,538

Preferred Stocks 15.6%

Real Estate Investment Trusts 15.6%

Apartments 1.4%

Associated Estates Realty Corp., 8.7%, Series II

221,000

5,635,500

Diversified Financial Services 0.3%

Northstar Realty Finance Corp., 8.25%, Series B

68,400

1,368,000

Health Care 1.4%

LTC Properties, Inc., 8.0%, Series F

223,200

5,414,832

Hotels 5.7%

AP AIMCAP Corp., 8.25%, Series A

176,800

3,464,184

Equity Inns, Inc., 8.75%, Series B

489,000

8,557,500

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

167,500

4,297,430

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

59,600

1,432,266

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

196,500

4,647,225

22,398,605

Office 1.2%

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

183,300

4,685,606

Regional Malls 1.1%

Taubman Centers, Inc., 8.0%, Series G

170,747

4,268,675

Shopping Centers 4.4%

Cedar Shopping Centers, Inc., 8.875%

150,000

3,789,000

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

208,000

5,201,040

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

75,000

8,245,312

17,235,352

Storage 0.1%

Public Storage, Inc., 10.00%, Series A

12,800

331,520

Total Preferred Stocks (Cost $65,415,640)

61,338,090

Securities Lending Collateral 13.2%

Daily Assets Fund Institutional, 5.38% (b) (c)
(Cost $51,546,050)

51,546,050

51,546,050

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $441,248,902)

152.1

596,152,678

Other Assets and Liabilities, Net

(11.3)

(44,303,056)

Preferred Stock, at Redemption Value

(40.8)

(160,000,000)

Net Assets, Applicable to Common Shareholders

100.0

391,849,622

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.

(a)

All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2007 amounted to $50,202,653 which is 12.8% of net assets.

(b)

Affiliated fund 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.

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, 2007, open interest rates swaps were as follows:

Effective/
Expiration
Dates

Notional
Amount ($)

Cash Flows Paid
by the Fund

Cash Flows
Received by
the Fund

Net Unrealized
Appreciation ($)

Total net unrealized appreciation

2,191,852

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:

November 16, 2007

Registrant:

DWS RREEF Real Estate Fund, Inc.

By:

/s/Michael G. Clark

Michael G. Clark

Date:

November 16, 2007

By:

/s/Paul Schubert

Paul Schubert