UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-21340

DWS RREEF Real Estate Fund II, Inc.

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  12/31

Date of reporting period: 09/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of September 30, 2008  (Unaudited)** |
|----------------------|-------------------------------------------|

 

 

**DWS RREEF Real Estate Fund II, Inc.**

 

 

|   | **Shares**               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | **Value ($)** |
|--------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 150.1%** |  
**Real Estate Investment Trusts (“REITs”) 150.1%**

**Apartments 21.4%**

 
Apartment Investment & Management Co. "A"   

 

83,410 

 

2,921,018 

Camden Property Trust   

 

738,350 

 

33,860,731 

Home Properties, Inc.   

 

231,700 

 

13,427,015 

Post Properties, Inc.   

 

314,300 

 

8,790,971 

UDR, Inc.   

 

855,700 

 

22,376,555 

 

**81,376,290**

**Diversified 20.0%**

 
Annaly Capital Management, Inc.   

 

750,150 

 

10,089,518 

Capstead Mortgage Corp.   

 

593,600 

 

6,499,920 

 

 

 

Colonial Properties Trust   

 

1,003,650 

 

18,758,218 

Duke Realty Corp.   

 

1,308,950 

 

32,173,991 

Hatteras Financial Corp.   

 

104,400 

 

2,422,080 

Hatteras Financial Corp. 144A   

 

259,950 

 

6,030,840 

 

**75,974,567**

**Health Care 20.6%**

 
Cogdell Spencer, Inc.   

 

1,158,600 

 

18,583,944 

Medical Properties Trust, Inc.   

 

345,060 

 

3,916,431 

OMEGA Healthcare Investors, Inc.   

 

938,300 

 

18,446,978 

Senior Housing Properties Trust   

 

1,569,100 

 

37,391,653 

 

**78,339,006**

**Hotels 15.1%**

 
Ashford Hospitality Trust   

 

187,000 

 

757,350 

Canyon Ranch Holdings LLC (Units) (a) 

 

864,000 

 

18,003,815 

DiamondRock Hospitality Co.   

 

1,037,050 

 

9,437,155 

FelCor Lodging Trust, Inc.   

 

2,421,077 

 

17,334,911 

Hospitality Properties Trust   

 

581,250 

 

11,927,250 

 

**57,460,481**

**Industrial 15.7%**

 
DCT Industrial Trust, Inc.   

 

1,766,550 

 

13,231,460 

Liberty Property Trust   

 

1,234,500 

 

46,478,925 

 

**59,710,385**

**Office 17.7%**

 
BioMed Realty Trust, Inc.   

 

407,200 

 

10,770,440 

HRPT Properties Trust   

 

4,121,700 

 

28,398,513 

Mack-Cali Realty Corp.   

 

839,382 

 

28,429,868 

 

**67,598,821**

**Regional Malls 13.5%**

 
CBL & Associates Properties, Inc.  

 

1,761,218 

 

35,365,257 

General Growth Properties, Inc.   

 

1,064,450 

 

16,073,195 

 

**51,438,452**

**Shopping Centers 16.8%**

 
Developers Diversified Realty Corp.   

 

985,700 

 

31,236,833 

Inland Real Estate Corp.   

 

938,200 

 

14,720,358 

National Retail Properties, Inc.   

 

395,750 

 

9,478,213 

Ramco-Gershenson Properties Trust   

 

379,000 

 

8,497,180 

 

**63,932,584**

**Specialty Services 2.3%**

 
Entertainment Properties Trust   

 

159,350 

 

**8,719,632**

**Storage 7.0%**

 
Extra Space Storage, Inc.   

 

1,736,603 

 

**26,674,222**

**Total Common Stocks** (Cost $654,810,444)

 

**571,224,440**

 

**Preferred Stocks 25.7%**

 
**Real Estate Investment Trusts 25.7%**

**Apartments 2.9%**

 
Apartment Investment & Management Co., 8.0%, Series T   

 

136,200 

 

2,417,550 

Associated Estates Realty Corp., 8.7%, Series II   

 

429,000 

 

8,687,250 

 

**11,104,800**

**Diversified Financial Services 0.3%**

 
NorthStar Realty Finance Corp., 8.25%, Series B   

 

131,600 

 

**1,200,192**

**Health Care 1.7%**

 
LTC Properties, Inc., 8.0%, Series F   

 

300,000 

 

**6,270,000**

 

 

 

 
**Hotels 8.4%**

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

 

348,200 

 

3,586,700 

 
FelCor Lodging Trust, Inc., 8.0%, Series C   

 

75,000 

 

825,000 

 
Host Hotels & Resorts, Inc., 8.875%, Series E   

 

204,400 

 

3,556,560 

 
LaSalle Hotel Properties, 8.375%, Series B   

 

270,000 

 

5,062,500 

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

 

332,500 

 

4,056,500 

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

 

115,400 

 

1,327,100 

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

 

633,500 

 

9,287,110 

 
W2007 Grace Acquisition I, Inc., 9.0 %, Series C  

 

379,800 

 

4,223,625 

 
 
 

**31,925,095**

 
**Manufactured Homes 0.2%**

 
 
American Land Lease, Inc., 7.75%, Series A   

 

51,000 

 

**816,000**

 
**Office 5.2%**

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

 

356,700 

 

6,635,512 

 
SL Green Realty Corp., 7.625%, Series C   

 

775,000 

 

13,275,750 

 
 
 

**19,911,262**

 
**Regional Malls 1.9%**

 
 
Taubman Centers, Inc., 8.0%, Series G   

 

329,253 

 

**7,078,940**

 
**Shopping Centers 5.1%**

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

 

300,000 

 

6,600,000 

 
Kimco Realty Corp., 7.75%, Series G  

 

425,700 

 

8,688,537 

 
Saul Centers, Inc., 9.0%, Series B  

 

186,250 

 

4,004,375 

 
 
 

**19,292,912**

 
 
**Total Preferred Stocks** (Cost $141,237,391)

 

**97,599,201**

 
 

**Cash Equivalents 13.9%**

 
 
Cash Management QP Trust, 2.38% (b)(Cost $53,049,348)

 

 

53,049,348

 

**53,049,348**

 
 

**% of****Net Assets**

 

**Value ($)**

 
 
**Total Investment Portfolio** (Cost $849,097,183) †

189.7

 

**721,872,989**

 
**Other Assets and Liabilities, Net**

2.3

 

**8,713,135**

 
**Preferred Stock, at Liquidation Value**

(92.0)

 

**(350,000,000)***

 
 
**Net Assets Applicable to Common Shareholders**

100.0

 

**380,586,124 ****

 
*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 II, Inc. (the “Fund”) has made a partial redemption of the Preferred Stock.  As of November 25, 2008, the Fund has redeemed $250 million of the outstanding $350 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 $45,160,163.*

 
*†*

*The cost for federal income tax purposes was $849,105,712.  At September 30, 2008, net unrealized depreciation for all securities based on tax cost was $127,232,723.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,089,336 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $158,322,059.*

 
*(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 thesesecurities.*

**Schedule of**

**Restricted Securities**

**Acquisition**

**Date**

**Acquisition**

**Cost ($)**

**Value ($)**

**Value as a % of**

**Net Assets**

 
 

 

 

Canyon Ranch Holdings LLC

January 2005

21,600,000

18,003,815

4.7

 
 
*(b)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

 
*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.*

 
*REIT: Real Estate Investment Trust*

 
*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) ($)**

 
 
 

 
11/26/2003

11/26/2008

 

87,500,0001

 

Fixed — 3.589%

 

USD—Floating 

LIBOR BBA 

 

12,959

 
 
11/26/2003

11/26/2010

 

87,500,0002

 

Fixed — 4.064%

 

USD—Floating 

LIBOR BBA 

 

(1,232,228)

 
 
11/26/2008

11/26/2013

 

87,500,0003

 

Fixed — 3.91%

 

USD—Floating 

LIBOR BBA 

 

897,549

 
 
1/29/2008

1/29/2015

 

87,500,0003

 

Fixed — 3.946%

 

USD—Floating 

LIBOR BBA 

 

1,418,436

 
 
1/29/2008

1/29/2018

 

87,500,0003

 

Fixed — 4.275%

 

USD—Floating 

LIBOR BBA 

 

1,182,265

 
 
**Total net unrealized appreciation**

**2,278,981**

 
 
 

*Counterparties:*

*1*

*Bank of America NA*

*2*

*State Street Corporation*

*3*

*UBS Securities LLC*

*BBA: British Bankers’ Association*

*LIBOR: Represents the London InterBank Offered Rate*

 

***Fair Value Measurements***

 

*The following is a summary of the inputs used as of September 30, 2008 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$              694,251,634   

$                              -   

Level 2 

-   

2,278,981   

Level 3 

27,621,355   

-   

**Total**

**$              721,872,989**

**$               2,278,981**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as future contracts, written options, forward foreign currency exchange contracts, unfunded loan commitments and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

*The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at September 30, 2008.*

 

 

**Investments in  Securities**

**Balance as of January 1, 2008**

$                32,860,061

Total realized gain (loss)

-   

Change in unrealized appreciation (depreciation)

(5,238,706)   

Amortization Premium/Discount

-

Net purchases (sales)

-   

 

 

 

Net transfers in (out) of Level 3 

-   

**Balance as of September 30, 2008**

**$                27,621,355**

**

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year. FAS* *157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and requires additional disclosure about the classification of fair value measurements.*

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels.  Level 1 includes quoted prices in active markets for identical securities.  Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).  Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.*

 

**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.

 

 

**SIGNATURES**

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

DWS Global Commodities Stock Fund, Inc.

Daily Assets Fund Institutional, a series of DWS Institutional Funds

DWS Commodity Securities Fund, a series of DWS Institutional Funds

The European Equity Fund, Inc.

The New Germany Fund, Inc.

Cash Management Portfolio

Prime Series, a series of Cash Reserve Fund, Inc.

DWS RREEF Global Real Estate Securities Fund, a series of DWS Advisor Funds

DWS RREEF Real Estate Securities Fund, a series of DWS Advisor Funds

NY Tax Free Money Fund, a series of DWS Advisor Funds

Tax Free Money Fund Investment, a series of DWS Advisor Funds

DWS Communications Fund, Inc.

DWS Equity 500 Index Portfolio

DWS RREEF Global Infrastructure Fund, a series of DWS Global/International Fund, Inc.

Cash Management Fund Institutional, a series of DWS Institutional Funds

Cash Reserves Fund Institutional, a series of DWS Institutional Funds

DWS EAFE Equity Index Fund, a series of DWS Institutional Funds

DWS Equity 500 Index Fund, a series of DWS Institutional Funds

DWS U.S. Bond Index Fund, a series of DWS Institutional Funds

DWS S&P 500 Index Fund, a series of DWS Investment Trust

DWS Equity 500 Index VIP, a series of DWS Investments VIT Funds

DWS Small Cap Index VIP, a series of DWS Investments VIT Funds

DWS Money Market Series, a series of DWS Money Market Trust

DWS RREEF Real Estate Fund II, Inc.

DWS RREEF Real Estate Fund, Inc.

DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.

DWS Variable Series I

DWS Variable Series II

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

November 14, 2008

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

November 14, 2008

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

November 14, 2008

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