UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-22046  DWS RREEF World Real Estate & Tactical Strategies Fund, Inc. (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        12/31
  Date of reporting period:
        06/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 JUNE 30, 2008
Semiannual Report
to StockholdersDWS RREEF World Real Estate &
Tactical Strategies Fund, Inc.
Ticker Symbol: DRPrwr_cover1a0 Contents click herePerformance Summary
click herePortfolio Management Review
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial Statements
click hereDividend Reinvestment and Cash Purchase Plan
click hereStockholder Meeting Results
click hereAccount Management Resources
click herePrivacy Statement Investments in funds involve risk. The fund is nondiversified and can take larger
positions in fewer companies, increasing its overall risk profile. The fund involves
additional risk due to its narrow focus. There are special risks associated with an
investment in real estate, including credit risk, interest rate fluctuations and the
impact of varied economic conditions. In addition, investing in foreign securities
presents certain risks, such as currency fluctuations, political and economic
changes, and market risks. Derivatives could produce disproportionate losses due
to a variety of factors, including the unwillingness or inability of the counterparty to
meet its obligations or unexpected price or interest-rate movements. All of these
factors may result in greater share price volatility. Closed-end funds, unlike
open-end funds, are not continuously offered. There is a one-time public offering
and once issued, shares of closed-end funds frequently trade at a discount to net
asset value. The price of the fund's shares is determined by a number of factors,
several of which are beyond the control of the fund. Therefore, the fund cannot
predict whether its shares will trade at, below or above net asset value. This report is sent to the stockholders ofDWSRREEF World Real Estate & Tactical
Strategies Fund, Inc. for their information. It is not a prospectus, circular, or representation
intended for use in the purchase or sale of shares of the fund or of any securities
mentioned in the report. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryJune 30, 2008 All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when sold,
shares may be worth more or less than their original cost. Current performance may
be lower or higher than the performance data quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance. Average Annual Returnsas of 6/30/086-Month
1-Year
Life of Fund*Based on Net Asset Value(a)
-14.44%
-22.97%
-22.87%Based on Market Value(a)
-8.50%
-32.61%
-32.27%UBS Global Real Estate Investors (US
Hedged) Index(b)
-12.40%
-23.69%
-23.69%Lipper Closed-End Real Estate Funds
Category(c)
-11.58%
-26.85%
-26.85% Sources: UBS and Deutsche Investment Management Americas Inc.   Total returns shown for periods less than one year are not annualized.  Net Asset Value and Market PriceAs of 6/30/08
As of 12/31/07Net Asset Value
$      13.30
$      16.46Market Price
$      12.21
$      14.13 Prices and Net Asset Value fluctuate and are not guaranteed. Distribution InformationSix months as of 6/30/08:Income Dividends
$      .80 Lipper Rankings  Closed-End Real Estate Funds Categoryas of 6/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
10
of
28
35 Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on net asset value total return with distributions reinvested. *  The Fund commenced operations on June 27, 2007. Index comparison began on June 30,
2007.  a  Total return based on net asset value reflects changes in the Fund's net asset value during
the period. Total return based on market value reflects changes in market value. Each
figure includes reinvestments of distributions. These figures will differ depending upon the
level of any discount from or premium to net asset value at which the Fund's shares trade
during the period.  b The UBS Global Real Estate Investors (US Hedged) Index is an unmanaged index that
allows investors to track the performance of global real estate securities based by investor,
asset type, and region. The index is calculated using closing market prices and translates
into US dollars by S&P. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees or expenses. It is not possible to invest directly into an
index.  c The Lipper Closed-End Real Estate Funds Category represents Funds that invest primarily
in equity securities of domestic and foreign companies engaged in the real estate industry.
Lipper figures represent the average of the total returns based on net asset value reported
by all of the closed-end funds designated by Lipper Inc. as falling into the Closed-End Real
Estate Funds Category. Category returns assume reinvestment of all distributions. It's not
possible to invest directly into a Lipper category.  Portfolio Management Review In the following interview, Lead Portfolio Manager John F. Robertson
discusses investment results for DWS RREEF World Real Estate &
Tactical Strategies Fund, Inc. as well as the outlook for and the fund's
positioning within the four regions of the global real estate market. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Q: How did the fund perform over the semiannual period? A:For the first six months of 2008, real estate securities prices
continued to be volatile, as bargain hunters snapped up depressed
European issues for a time while Asian real estate stocks were hit
hard by the dimming prospects for the global economy. As oil and
food prices increased dramatically in May and June, real estate
securities that had rebounded earlier in 2008 sold off sharply. For its
semiannual period ended June 30, 2008, DWS RREEF World Real
Estate & Tactical Strategies Fund, Inc. returned -14.44% on a net
asset value basis. (Past performance is no guarantee of future
results. Please see pages 4 through 5 for more complete
performance information.) For the same period, the fund's
benchmark, the UBS Global Real Estate Investors (US Hedged)
Index returned -12.40%.1 Based on market price, the fund posted a
-8.50% return. The fund had a closing value of $12.21 per share
based on market price ($13.30 per share based on net asset value)
as of June 30, 2008. 1 The UBS Global Real Estate Investors (US Hedged) Index is an unmanaged index that
allows investors to track the performance of global real estate securities based by investor,
asset type and region. The index is calculated using closing market prices and translates
into US dollars by S&P. Index returns assume reinvestment of dividends and, unlike fund
returns, do not reflect any fees or expenses. It is not possible to invest directly into an
index.  Q: Would you describe the process that the investment team uses
in managing DWS RREEF World Real Estate & Tactical Strategies
Fund, Inc.? A:In constructing the fund's investment portfolio, the managers
employ a disciplined two-step process. First, they select sectors and
geographic regions in which to invest, and determine the degree of
representation of these sectors and regions through a systematic
evaluation of public and private property market trends and
conditions. Second, the managers use an in-house valuation
process to identify investments that they believe have superior
income and growth potential relative to other similar real estate
issues. This process examines several factors, including property
values of the issuer's holdings, a company's capital structure and its
management and strategy. The managers seek to identify global real
estate investments that they believe will provide superior returns,
focusing on companies with strong cash flow growth potential and
the capacity for sustained dividend increases. To find these issuers,
the investment team tracks economic conditions and real estate
market performance in major international metropolitan areas
and analyzes the performance of various property types within
those regions. Consistent with the investment objective of high current income,
the fund employs a global portable alpha strategy to seek to
generate additional return. This strategy attempts to take advantage
of short-term inefficiencies and relative mispricings within global
equity, bond and currency markets. The global portable alpha
strategy is implemented through the use of derivatives, primarily
futures, forwards and swap contracts, and the return from these
holdings is expected to have a low correlation to the fund's real
estate securities holdings.2 Additionally, from time to time we may
hedge the foreign currency exposure of the fund's real estate
securities holdings (or remove hedges already in place). Such
hedging can to some extent forgo the possible appreciation that
would occur if a given foreign currency appreciated compared with
the US dollar. The fund's exposure to currency fluctuations is
subject to change over time. 2 Correlation is a measure of how closely two variables move over time.  Q: Would you discuss the investment environment and
performance of the four regions the fund covers  North America,
Europe, Australia and Asia? A:During early 2008, European real estate rebounded strongly as
value investors searched for bargains in that region. However, those
same securities were generally punished by investors during the
second quarter as economic weakness, combined with resurgent
inflation in Europe, darkened the near-term outlook for those
markets. The UK market was particularly hard hit as the London
office sector continues to suffer in the wake of the worldwide
freeze-up of the credit markets that has negatively affected a large
number of financial firms. In North America, real estate issues
generally declined in the early part of the year, but recovered late in
the first quarter and in April amid sentiment that commercial real
estate securities were oversold. However, as oil and food prices
continued to increase, inflation concerns expanded dramatically, and
many North American real estate stocks that had rebounded from
earlier declines once again sold off during May and June. In Asia and Australia, real estate shares declined in the first quarter
as investors once again linked real estate companies with the
prospects  now darkening  for the global economy. A flurry of
bargain hunting in April then ensued, until late in the second quarter,
when inflation reports for several Asian countries came in higher
than previously forecast, causing real estate markets in the region to
tumble. Q: What is your outlook concerning the global real estate
securities market in the coming months? A:Despite recent volatility and increasing concern over rising food
and fuel prices in Asia, we believe that real estate demand there 
along with economic growth  will continue to be strong. In North
America, we had expected to see a succession of news headlines
highlighting private commercial market write-downs, but instead a
lack of transactions has lessened risk within the private real estate
market. In addition, segments of European real estate appear to be
undervalued. For example, the environment for commercial real
estate in the UK is so negative at the moment that bargain hunters
are likely to pounce. Our outlook for the real estate market worldwide remains guarded
in the near term, based on investor concerns over rising crude oil
and food production prices. One question for investors is how much
inflationary pressures will affect consumers worldwide, and, in turn,
various real estate sectors. Going forward, we will continue to employ our globally strategic and
locally bottom-up process, focusing on high-quality assets
and markets that we believe have the best fundamental
characteristics. Portfolio Summary Asset Allocation(As a % of Investment Portfolio)
6/30/08
12/31/07Common Stocks
82%
82%Preferred Stocks
9%
7%Closed End Investment Companies
4%
5%Government & Agency Obligations
4%
3%Cash Equivalents
1%
3%100%
100% Sector Diversification(As a % of Common and Preferred Stocks)
6/30/08
12/31/07Diversified
45%
49%Shopping Centers
18%
14%Office
16%
14%Industrials
5%
5%Health Care
4%
3%Hotels
3%
4%Apartments
3%
4%Regional Malls
3%
2%Storage
2%
2%Leisure Equipment & Products
1%
2%Retail

1%100%
100% Geographical Diversification(As a % of Common Stocks)
6/30/08
12/31/07North America
18%
20%Asia
38%
38%Europe
28%
25%Australia
16%
17%100%
100% Asset allocation, sector diversification and geographical diversification are subject to change. Ten Largest Equity Holdings at June 30, 2008(27.3%
of Net Assets)
Country
Percent1.      The Link REIT
Owns and manages various shopping centers and parking
spaces
Hong Kong
5.6%2.      Mitsubishi Estate Co., Ltd.
Owner and developer of residential and office properties
Japan
4.0%3.      Unibail-Rodamco
Investor and developer of real estate investments
France
3.6%4.      Nippon Building Fund, Inc.
Invests in real estate and securitized real estate products
Japan
2.3%5.      CapitalMall Trust
Owns and invests in shopping centers
Singapore
2.1%6.      Westfield Group
Invests in, leases and manages shopping centers
Australia
2.0%7.      Japan Real Estate Investment Corp.
Invests in securitized real estate products
Japan
2.0%8.      Ascendas Real Estate Investment Trust
Owner of business and industrial properties
Singapore
1.9%9.      BioMed Realty Trust, Inc.
Owns and provides real estate to the life sciences industry
United States
1.9%10.     Stockland
A property trust which invests in and manages retail and
commercial properties
Australia
1.9% Portfolio holdings are subject to change. For more complete details about the Fund's investment portfolio, see page 12. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Fund as of
month end will be posted to www.dws-investments.com on or after the last day of the
following month. In addition, the Fund's top ten holdings and other information about the Fund
is posted on www.dws-investments.com as of the calendar quarter-end on or after the 15th
day following quarter-end. Please see the Account Management Resources section for contact
information. Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330. Investment Portfolioas of June 30, 2008 (Unaudited) (Ratios are shown as a percentage of Net Assets) Shares
Value ($)Common Stocks 78.8%Australia 12.7%Abacus Property Group
75,427
82,173Aspen Group
976,435
1,155,963Becton Property Group
550,964
749,308Compass Hotel Group Ltd.*
2,010,839
1,252,258FKP Property Group
186,883
879,462Galileo Japan Trust
1,186,000
454,415Goodman Group
649,655
1,929,202GPT Group
820,956
1,751,360ING Industrial Fund (Unit)
932,576
1,393,119ING Real Estate Community Living Group (Unit)
1,810,782
782,001ING Real Estate Entertainment Fund (Unit)
1,298,140
809,448Macquarie Leisure Trust Group
928,975
1,323,163MFS Diversified Group
2,672,179
666,038Stockland
567,707
2,928,547Valad Property Group
1,189,823
762,324Westfield Group*
207,101
3,226,647(Cost $30,457,169)
20,145,428Belgium 1.5%Befimmo SCA
10,000
1,055,858Cofinimmo
5,000
907,432Warehouses De Pauw SCA
6,169
371,654(Cost $2,417,773)
2,334,944Canada 3.4%Canadian Real Estate Investment Trust
90,800
2,606,370H&R Real Estate Investment Trust (Unit)
161,050
2,842,895(Cost $6,104,108)
5,449,265China 0.4%Shui On Land Ltd. (Cost $760,746)
823,500
680,940Finland 1.4%Sponda Oyj (Cost $3,358,637)
250,000
2,174,215France 7.4%Fonciere des Murs
30,000
1,082,985Fonciere des Regions
20,000
2,436,928Societe de la Tour Eiffel
20,000
2,360,352Unibail-Rodamco
25,000
5,771,682(Cost $12,765,971)
11,651,947Hong Kong 9.8%Champion Real Estate Investment Trust
5,120,000
2,367,561Hongkong Land Holdings Ltd.
582,000
2,471,053Kerry Properties Ltd.
346,500
1,815,545The Link REIT
3,879,000
8,824,732(Cost $16,422,736)
15,478,891Japan 11.2%AEON Mall Co., Ltd.
21,300
627,944Japan Real Estate Investment Corp.
296
3,128,801Japan Retail Fund Investment Corp.
134
771,115Mitsubishi Estate Co., Ltd.
274,400
6,264,918Nippon Building Fund, Inc.
311
3,651,310Nippon Commercial Investment Corp.
518
1,454,318Nomura Real Estate Office Fund, Inc.
257
1,927,424(Cost $21,166,375)
17,825,830Singapore 8.6%Ascendas India Trust
1,347,000
896,663Ascendas Real Estate Investment Trust
1,888,148
3,073,340CapitaCommercial Trust
775,000
1,084,557Capitaland Ltd.
466,000
1,957,273CapitaMall Trust
1,501,953
3,306,793Lippo-Mapletree Indonesia Retail Trust
1,400,000
558,475Macquarie Prime REIT
1,770,000
1,341,548Suntec Real Estate Investment Trust
1,330,000
1,332,481(Cost $16,611,399)
13,551,130Sweden 0.2%Klovern AB (Cost $523,442)
127,500
394,553United Kingdom 11.2%Big Yellow Group PLC
80,000
456,254British Land Co. PLC
100,000
1,401,832Brixton PLC
200,000
956,134Capital & Regional PLC
300,000
1,133,803Conygar Investment Co. PLC*
140,000
411,317Derwent London PLC
35,010
701,749Equest Balkan Properties PLC
412,500
665,476Great Portland Estates PLC
75,000
502,864Hansteen Holdings PLC
500,000
966,047Helical Bar PLC
150,000
879,051Land Securities Group PLC
66,500
1,621,634Local Shopping REIT PLC
600,000
813,626London & Stamford Property Ltd.*
380,000
800,425Mapeley Ltd.
50,000
1,292,416NR Nordic & Russia Properties Ltd.
2,500,000
2,440,399Segro PLC
230,000
1,790,046Unite Group PLC
200,000
925,451(Cost $22,763,941)
17,758,524United States 11.0%BioMed Realty Trust, Inc. (REIT)
66,700
1,636,151BRE Properties, Inc. (REIT)
7,900
341,912CBL & Associates Properties, Inc. (REIT)
33,950
775,418Cogdell Spencer, Inc. (REIT)
42,300
687,375DCT Industrial Trust, Inc. (REIT)
68,650
568,422Developers Diversified Realty Corp. (REIT)
20,700
718,497Duke Realty Corp. (REIT)
50,800
1,140,460Extra Space Storage, Inc. (REIT)
55,300
849,408General Growth Properties, Inc. (REIT)
31,550
1,105,196Home Properties, Inc. (REIT)
18,500
889,110Host Hotels & Resorts, Inc. (REIT)
66,950
913,868Inland Real Estate Corp. (REIT)
80,350
1,158,647Liberty Property Trust (REIT)
30,000
994,500Mack-Cali Realty Corp. (REIT)
31,550
1,078,063Medical Properties Trust, Inc. (REIT)
20,600
208,472Omega Healthcare Investors, Inc. (REIT)
52,600
875,790Senior Housing Properties Trust (REIT)
35,475
692,827Simon Property Group, Inc. (REIT)
8,450
759,571UDR, Inc. (REIT)
91,350
2,044,413(Cost $19,744,527)
17,438,100Total Common Stocks (Cost $153,096,824)
124,883,767Closed End Investment Companies 3.8%Canada 1.4%Calloway Real Estate Investment Trust (Cost $2,724,601)
114,300
2,196,999Luxembourg 0.9%ProLogis European Properties (Cost $1,492,346)
1,423,762
1,423,762Netherlands 1.0%Nieuwe Steen Investments NV
50,000
1,295,158Vastned Offices/Industrial NV
10,000
271,848(Cost $1,735,185)

1,567,006United Kingdom 0.5%Kenmore European Industrial Fund Ltd. (Cost $922,911)
1,000,000
838,363Total Closed End Investment Companies (Cost $6,875,043)
6,026,130Preferred Stocks 8.5%United States Real Estate Investment Trusts ("REITs")Apartment Investment & Management Co., 8.0%, Series V
7,200
164,160Ashford Hospitality Trust, 8.45%, Series D
43,350
770,871BioMed Realty Trust, Inc., 7.375%, Series A
153,200
3,064,000Corporate Office Properties Trust, 7.625%, Series J
46,400
1,006,880Digital Realty Trust, Inc., 7.875%, Series B
18,800
396,116Kilroy Realty Corp., 7.50%, Series F
18,600
409,665LaSalle Hotel Properties, 7.25%, Series G
39,300
724,692PS Business Parks, Inc., 6.70%, Series P
26,600
514,710Public Storage, 6.625%, Series M
50,300
999,461Public Storage, 7.25%, Series K
46,900
1,034,614Regency Centers Corp., 7.25%, Series D
31,000
668,050SL Green Realty Corp., 7.625%, Series C
31,100
693,686Tanger Factory Outlet Centers, Inc., 7.50%, Series C
69,700
1,580,099Taubman Centers, Inc., 7.625%, Series H
12,300
282,777Taubman Centers, Inc., 8.0%, Series G
18,400
430,560Vornado Realty Trust, 6.625%, Series I
17,400
337,734Vornado Realty Trust, 6.75%, Series H
17,100
338,067Total Preferred Stocks (Cost $16,058,598)
13,416,142 Principal
Amount ($)
Value ($)Corporate Bonds 0.4%ItalyImmobiliare Grande Distribuzione, 2.5%, 6/28/2012
(Cost $760,872)
600,000
697,639Government & Agency Obligations 3.7%US Treasury ObligationUS Treasury Bill, 1.08%**, 7/17/2008 (a) (Cost $5,814,208)
5,817,000
5,813,347 Shares
Value ($)Cash Equivalents 1.5%Cash Management QP Trust, 2.49% (b) (Cost $2,313,313)
2,313,313
2,313,313 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $184,918,858)+
96.7
153,150,338Other Assets and Liabilities, Net
3.3
5,233,393Net Assets
100.0
158,383,731 Portfolio holdings in real estate entities outside the United States are generally organized
as either corporations, trusts or partnerships subject to the tax laws of their country of
domicile. * Non-income producing security.  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $185,150,616. At June 30, 2008, net
unrealized depreciation for all securities based on tax cost was $32,000,278. This consisted
of aggregate gross unrealized appreciation for all securities in which there was an excess
of value over tax cost of $752,214 and aggregate gross unrealized depreciation for all
securities in which there was an excess of tax cost over value of $32,752,492.  (a) At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin
requirements for open futures contracts.  (b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate
shown is the annualized seven-day yield at period end.  REIT: Real Estate Investment Trust.  At June 30, 2008, open futures contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregated
Face
Value ($)
Value ($)
Unrealized
Depreciation ($)10 Year Canadian
Government Bond
9/19/2008
49
5,678,475
5,644,827
(33,648)10 Year US Treasury
Note
9/19/2008
392
44,694,363
44,657,375
(36,988)EOE Dutch Stock
Index
7/18/2008
9
1,317,856
1,207,572
(110,284)FTSE 100 Index
9/19/2008
58
6,839,634
6,524,980
(314,654)Hang Seng Stock
Index
7/30/2008
41
5,995,051
5,815,640
(179,411)S&P Canada 60
Index
9/18/2008
27
4,738,127
4,587,114
(151,013)S&P MIB 30 Index
9/19/2008
10
2,469,200
2,336,170
(133,030)S&P Mini 500 Index
9/19/2008
75
5,104,214
4,804,125
(300,089)SPI 200 Index
9/18/2008
16
2,060,615
1,991,307
(69,308)United Kingdom
Treasury Bond
9/26/2008
97
20,492,329
20,169,128
(323,201)Total unrealized depreciation
(1,651,626) At June 30, 2008, open futures contracts sold were as follows: Futures
Expiration
Date
Contracts
Aggregated
Face
Value ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)10 Year Federal
Republic of
Germany Bond
9/8/2008
253
44,383,816
44,044,025
339,79110 Year Japanese
Government Bond
9/10/2008
14
17,713,212
17,858,455
(145,243)2 Year Federal
Republic of
Germany Bond
9/8/2008
163
26,321,865
26,260,230
61,635CAC 40 10 Euro
Index
7/18/2008
115
8,532,195
8,046,390
485,805DAX Index
9/19/2008
17
4,632,735
4,336,038
296,697DJ Euro Stoxx 50
Index
9/19/2008
52
2,936,115
2,767,255
168,860IBEX 35 Index
7/18/2008
3
607,072
564,630
42,442Russell E Mini 2000
Index
9/19/2008
60
4,431,759
4,150,200
281,559Topix Index
9/12/2008
41
5,397,721
5,090,973
306,748Total net unrealized appreciation
1,838,294 At June 30, 2008, the Fund had the following open forward foreign currency exchange
contracts: Contracts to Deliver

In Exchange For

Settlement
Date
Unrealized
Appreciation ($)USD
6,365,232

EUR
4,059,000

9/17/2008
107,066USD
30,717,668

NOK
157,685,000

9/17/2008
459,963USD
3,284,542

NZD
4,365,000

9/17/2008
37,746USD
44,314,622

SGD
60,072,000

9/17/2008
358,160Total net unrealized appreciation
962,935 Contracts to Deliver

In Exchange For

Settlement
Date
Unrealized
Depreciation ($)AUD
2,957,000

USD
2,805,769

9/17/2008
(41,595)CHF
25,734,000

USD
25,208,561

9/17/2008
(429,723)DKK
17,845,000

USD
3,751,430

9/17/2008
(56,813)GBP
5,064,000

USD
10,026,480

9/17/2008
(174,467)HKD
19,388,000

USD
2,490,307

9/17/2008
(2,785)SEK
20,526,000

USD
3,393,581

9/17/2008
(8,687)Total net unrealized depreciation
(714,070) Currency AbbreviationsAUD     Australian DollarCHF     Swiss FrancDKK     Danish KroneEUR     Euro CurrencyGBP     Pound SterlingHKD     Hong Kong DollarNOK     Norwegian KroneNZD     New Zealand DollarSEK     Swedish KronaSGD     Singapore DollarUSD     United States Dollar Fair Value Measurements The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund's assets
carried at fair value. The inputs or methodology used for valuing securities may not be an
indication of the risk associated with investing in those securities. For information on the
Fund's policy regarding the valuation of investments and of the valuation inputs, and their
aggregate levels used in the table below, please refer to the Security Valuation section in the
accompanying Notes to Financial Statements. Valuation Inputs
Investments in
Securities at
Value
Net Unrealized
Appreciation on
Other Financial
Instruments++Level 1  Quoted Prices
$       40,852,336
$       186,668Level 2  Other Significant Observable Inputs
112,298,002
248,865Level 3  Significant Unobservable Inputs

Total
$    153,150,338
$    435,533 + + Other financial instruments are derivative instruments not reflected in the Portfolio of
Investments, such as future contracts, forward foreign currency exchange contracts, which
are valued at the unrealized appreciation/depreciation on the instrument.  The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2008 (Unaudited)AssetsInvestments:Investments in securities, at value (cost $182,605,545)
$       150,837,025Investment in Cash Management QP Trust (cost $2,313,313)
2,313,313Total investments, at value (cost $184,918,858)
153,150,338Cash
13,517Foreign currency, at value (cost $3,926,342)
3,930,678Deposit with broker on open futures
502,158Receivable for investments sold
276,586Receivable for variation margin on open futures contracts
334,152Unrealized appreciation on forward foreign currency exchange contracts
962,935Interest receivable
22,324Dividends receivable
1,240,875Foreign taxes recoverable
65,778Other assets
4,893Total assets
160,504,234LiabilitiesPayable for investments purchased
1,143,992Unrealized depreciation on forward foreign currency exchange contracts
714,070Accrued management fee
124,007Other accrued expenses and payables
138,434Total liabilities
2,120,503Net assets at value
$    158,383,731Net Assets Consist ofAccumulated distributions in excess of net investment income
(10,933,810)Net unrealized appreciation (depreciation) on:Investments
(31,768,520)Futures
186,668Foreign currency
225,839Accumulated net realized gain (loss)
(26,320,471)Paid-in capital
226,994,025Net assets at value
$    158,383,731Net Asset ValueNet Asset Value per common share ($158,383,731 ÷ 11,911,396 shares of
common stock outstanding, $.01 par value, 100,000,000 common shares
authorized)
$    13.30 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended June 30, 2008 (Unaudited)Investment IncomeIncome:Dividends (net of foreign taxes withheld of $627,984)
$       5,141,893Interest
42,438Interest  Cash Management QP Trust
58,331Total income
5,242,662Expenses:Management fee
801,064Administration fee
89,007Stock Exchange listing fees
6,188Services to shareholders
5,650Custodian fee
52,930Professional fees
60,403Directors' fees and expenses
5,889Reports to shareholders
48,697Other
72,825Total expenses, before expense reductions
1,142,653Expense reductions
(958)Total expenses after expense reductions
1,141,695Net investment income
4,100,967Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(17,103,200)Futures
943,883Foreign currency
(7,780,947)(23,940,264)Change in net unrealized appreciation (depreciation) on:Investments
(9,509,195)Futures
(1,173,550)Foreign currency
2,432,486(8,250,259)Net gain (loss)
(32,190,523)Net increase (decrease) in net assets resulting from operations
$    (28,089,556) The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Six Months
Ended June 30,
2008
(Unaudited)
Period Ended
December 31,
2007+Operations:Net investment income
$       4,100,967
$       3,332,748Net realized gain (loss)
(23,940,264)
(3,194,510)Change in net unrealized appreciation (depreciation)
(8,250,259)
(23,105,754)Net increase (decrease) in net assets resulting from
operations
(28,089,556)
(22,967,516)Distributions to shareholders from:Net investment income
(9,576,762)
(7,976,460)Fund share transactions:Offering costs from issuance of common shares

(475,000)Proceeds from shares sold

226,812,501Reinvestment of distributions

556,524Net increase (decrease) in net assets from Fund share
transactions

226,894,025Increase (decrease) in net assets
$    (37,666,318)
$    195,950,049Net assets at beginning of period
196,050,049
100,000*Net assets at end of period (including accumulated
distributions in excess of net investment income of
$10,933,810, and $5,458,015)
$    158,383,731
$    196,050,049Other InformationShares outstanding at beginning of period
11,911,396
5,236**Shares issued

11,875,000Shares issued to shareholders in reinvestment of
distributions

31,160Shares outstanding at end of period
11,911,396
11,911,396 +  For the period from June 27, 2007, (commencement of operations) to December 31, 2007.  * Initial Capital at June 27, 2007.  ** Shares issued from initial capital.  The accompanying notes are an integral part of the financial statements. Financial Highlights Period Ended December 31,
2008a
2007bSelected Per Share DataNet asset value, beginning of period
$    16.46
$    19.10cIncome (loss) from investment operations:
Net investment incomed
.34
0.29Net realized and unrealized gain (loss)
(2.70)
(2.22)Total from investment operations
(2.36)
(1.93)Offering costs charged to paid-in capital

(.04)Less distributions from:
Net investment income
(.80)
(.67)Net asset value, end of period
$    13.30
$    16.46Market price, end of period
$    12.21
$    14.13Total ReturnBased on net asset value (%)e
(14.44)**
(10.16)**Based on market price (%)e
(8.50)**
(26.34)**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($000s)
158
196Ratio of expenses (%)
1.28*
1.20*Ratio of net investment income (%)
2.29f**
3.11*Portfolio turnover rate (%)
34**
24**aFor the six months ended June 30, 2008 (Unaudited).bFor the period from June 27, 2007 (commencement of operations) to June 27, 2008.cBeginning per share amount reflects $20.00 initial public offering price net of sales load
($0.90 per share).dBased on average shares outstanding during the period.eTotal return based on net asset value reflects changes in the Fund's net asset value during
the period. Total return based on market value reflects changes in the market value. Each
figure assumes that dividend and capital gain distributions, if any, were reinvested. These
figures will differ depending upon the level of any discount from or premium to net asset
value at which the Fund's shares traded during the period.fThe ratio for the six months ended June 30, 2008 has not been annualized, since the Fund
believes it would not be appropriate because the Fund's dividends received may require
year-end adjustments and reclassifications.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS RREEF World Real Estate & Tactical Strategies Fund, Inc. (the ``Fund'')
is registered under the Investment Company Act of 1940, as amended (the
``1940 Act''), as a closed-end, non-diversified management investment
company organized as a Maryland corporation. The Fund is authorized to
issue 100,000,000 shares, all of which are currently classified as Common
Stock. The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities and closed-end investment
companies are valued at the most recent sale price or official closing price
reported on the exchange (US or foreign) or over-the-counter market on
which the security is traded most extensively. Securities for which no sales
are reported are valued at the calculated mean between the most recent bid
and asked quotations on the relevant market or, if a mean cannot be
determined, at the most recent bid quotation. Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day. Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Directors. The Fund may use a fair valuation model to value international
equity securities in order to adjust for events which may occur between the
close of the foreign exchanges and the close of the New York Stock
Exchange. The Fund adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements ("FAS
157"), which governs the application of generally accepted accounting
principles that require fair value measurements of the Fund's assets and
liabilities. Fair value is an estimate of the price the Fund would receive upon
selling a security in a timely transaction to an independent buyer in the
principal or most advantageous market of the security. FAS 157 established
a three-tier hierarchy to maximize the use of observable market data and
minimize the use of unobservable inputs and to establish classification of
fair value measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset or
liability, including assumptions about risk, for example, the risk inherent in a
particular valuation technique used to measure fair value including such a
pricing model and/or the risk inherent in the inputs to the valuation
technique. Inputs may be observable or unobservable. Observable inputs
are inputs that reflect the assumptions market participants would use in
pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs
that reflect the reporting entity's own assumptions about the assumptions
market participants would use in pricing the asset or liability developed
based on the best information available in the circumstances. Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels as follows: •    Level 1  quoted prices in active markets for identical securities •    Level 2  other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.) •    Level 3  significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments) For Level 1 inputs, the Fund uses unadjusted quoted prices in active
markets for assets or liabilities with sufficient frequency and volume to
provide pricing information as the most reliable evidence of fair value. The
Fund's Level 2 valuation techniques include inputs other than quoted prices
within Level 1 that are observable for an asset or liability, either directly or
indirectly. Level 2 observable inputs may include quoted prices for similar
assets and liabilities in active markets or quoted prices for identical or similar
assets or liabilities in markets that are not active in which there are few
transactions, the prices are not current, or price quotations vary
substantially over time or among market participants. Inputs that are
observable for the asset or liability in Level 2 include such factors as interest
rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities. For Level 3 valuation techniques, the Fund uses
unobservable inputs that reflect assumptions market participants would be
expected to use in pricing the asset or liability. Unobservable inputs are
used to measure fair value to the extent that observable inputs are not
available and are developed based on the best information available under
the circumstances. In developing unobservable inputs, market participant
assumptions are used if they are reasonably available without undue cost
and effort. The Fund may record changes to valuations based on the amount that might
reasonably be expected to receive for a security upon its current sale
consistent with the fair value measurement objective. Each determination is
based on a consideration of all relevant factors, which are likely to vary from
one pricing context to another. Examples of such factors may include, but
are not limited to the type of the security, the existence of any contractual
restrictions on the security's disposition, the price and extent of public
trading in similar securities of the issue or of comparable companies,
quotations or evaluated prices from broker-dealers and/or pricing services,
information obtained from the issuer, analysts, and/or the appropriate stock
exchange (for exchange-traded securities), an analysis of the company's
financial statements, an evaluation of the forces that influence the issuer
and the market(s) in which the security is purchased and sold, and with
respect to debt securities, the maturity, coupon, creditworthiness, currency
denomination, and the movement of the market in which the security is
normally traded. Because of the inherent uncertainties of valuation, the
values reflected in the financial statements may materially differ from the
value determined upon sale of those investments. New Accounting Pronouncement. In March 2008, FASB issued Statement
of Financial Accounting Standards No. 161 ("FAS 161") Disclosures about
Derivative Instruments and Hedging Activities, an amendment of FASB
Statement No. 133. FAS 161 requires enhanced disclosure about an entity's
derivative and hedging activities. FAS 161 is effective for fiscal years
beginning after November 15, 2008. Management is currently evaluating the
impact the adoption of FAS 161 will have on the Fund's financial statement
disclosures. Foreign Currency Translations. The books and records of the Fund are
maintained in US dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into US dollars at
the prevailing exchange rates at period end. Purchases and sales of
investment securities, income and expenses are translated into US dollars at
the prevailing exchange rates on the respective dates of the transactions. Net realized and unrealized gains and losses on foreign currency
transactions represent net gains and losses between trade and settlement
dates on securities transactions, the disposition of forward foreign currency
exchange contracts and foreign currencies, and the difference between the
amount of net investment income accrued and the US dollar amount
actually received. That portion of both realized and unrealized gains and
losses on investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed but is included with net realized
and unrealized gain/appreciation and loss/depreciation on investments. Forward Foreign Currency Exchange Contracts. A forward foreign currency
exchange contract ("forward currency contract") is a commitment to
purchase or sell a foreign currency at the settlement date at a negotiated
rate. The Fund may enter into forward currency contracts in order to hedge
its exposure to changes in foreign currency exchange rates on its foreign
currency denominated portfolio holdings and to facilitate transactions in
foreign currency denominated securities. The Fund may also invest in
forward foreign currency exchange contracts as part of its global portable
alpha strategy. Forward currency contracts are valued at the prevailing forward exchange
rate of the underlying currencies and unrealized gain (loss) is recorded daily.
Sales and purchases of forward currency contracts having the same
settlement date and broker are offset and any gain (loss) is realized on the
date of offset; otherwise, gain (loss) is realized on settlement date. Realized
and unrealized gains and losses which represent the difference between the
value of a forward currency contract to buy and a forward currency contract
to sell are included in net realized and unrealized gain (loss) from foreign
currency related transactions. Certain risks may arise upon entering into forward currency contracts from
the potential inability of counterparties to meet the terms of their contracts.
Additionally, when utilizing forward currency contracts to hedge, the Fund
gives up the opportunity to profit from favorable exchange rate movements
during the term of the contract. Futures. A futures contract is an agreement between a buyer or seller and
an established futures exchange or its clearinghouse in which the buyer or
seller agrees to take or make a delivery of a specific amount of a financial
instrument at a specified price on a specific date (settlement date). The
Fund may enter into futures contracts on equity and fixed-income securities,
including on financial indices, and security indices and on currency as part of
its global portable alpha strategy. Upon entering into a futures contract, the Fund is required to deposit with a
financial intermediary an amount ("initial margin") equal to a certain
percentage of the face value indicated in the futures contract. Subsequent
payments ("variation margin") are made or received by the Fund dependent
upon the daily fluctuations in the value of the underlying security and are
recorded for financial reporting purposes as unrealized gains or losses by
the Fund. When entering into a closing transaction, the Fund will realize a
gain or loss equal to the difference between the value of the futures
contract to sell and the futures contract to buy. Futures contracts are valued
at the most recent settlement price. Certain risks may arise upon entering into futures contracts, including the
risk that an illiquid secondary market will limit the Fund's ability to close out
a futures contract prior to the settlement date and that a change in the value
of a futures contract may not correlate exactly with the changes in the value
of the securities or currencies hedged. When utilizing futures contracts to
hedge, the Fund gives up the opportunity to profit from favorable price
movements in the hedged positions during the term of the contract. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies and to distribute all of its taxable income to
its shareholders. Additionally, based on the Fund's understanding of the tax rules and rates
related to income, gains and transactions for the foreign jurisdictions in
which it invests, the Fund will provide for foreign taxes and where
appropriate, deferred foreign taxes. From November 1, 2007 through December 31, 2007, the Fund incurred
approximately $2,391,000 of net realized capital losses and approximately
$5,921,000 of passive foreign investment companies losses. As permitted
by the tax regulations, the Fund intends to elect to defer these losses and
treat them as arising in the year ending December 31, 2008. The Fund has reviewed the tax positions as of December 31, 2007 and has
determined that no provision for income tax is required in the Fund's
financial statements. Distribution of Income and Gains. Distributions from net investment
income of the Fund, if any, is usually declared and distributed to
shareholders monthly. Net realized gains from investment transactions, in
excess of available capital loss carryforwards, would be taxable to the Fund
if not distributed, and, therefore, will be distributed to shareholders at least
annually. The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to
investments in foreign denominated investments, recognition of certain
foreign currency gains (losses) as ordinary income, investments in passive
foreign investment companies and certain securities sold at a loss. As a
result, net investment income and net realized gain (loss) on investment
transactions for a reporting period may differ significantly from distributions
during such period. Accordingly, the Fund may periodically make
reclassifications among certain of its capital accounts without impacting the
net asset value of the Fund. The Fund has a policy to make a level distribution each quarter to
shareholders. The Fund estimates that at times it will distribute more than
its income, therefore, a portion of the distributions may be a return of
capital. The tax character of current year distributions will be determined at the end
of the current fiscal year. Distribution notifications are posted on the Fund's
website at www.dws-investments.com. Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote. Real Estate Investment Trusts. The Fund recharacterizes distributions
received from a United States Real Estate Investment Trust ("US REIT")
investment based on information provided by the US REIT into the following
categories: ordinary income, long-term and short-term capital gains, and
return of capital. If information is not available timely from a US REIT, the
recharacterization will be estimated and a recharacterization will be made in
the following year when such information becomes available. Distributions
received from US REITs in excess of income are recorded as either a
reduction of cost of investments or realized gains. The Fund distinguishes
between dividends on a tax basis and a financial reporting basis and only
distributions in excess of tax basis earnings and profits are reported in the
financial statements as a tax return of capital. With respect to the
distributions received from foreign domiciled corporations, generally
determined to be passive foreign investment companies for tax reporting
purposes, such amounts are included in dividend income without any
recharacterization. Other. Investment transactions are accounted for on the trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date net of foreign withholding rates. Certain
dividends from foreign securities may be recorded subsequent to the
ex-dividend date as soon as the Fund is informed of such dividends. Realized
gains and losses from investment transactions are recorded on an identified
cost basis. B. Purchases and Sales of Securities During the six months ended June 30, 2008, purchases and sales of
investment securities (excluding short-term investments and US Treasury
Obligations) aggregated $58,933,926 and $68,683,270, respectively. C. Related Parties Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Investment Manager"), an indirect, wholly owned subsidiary of Deutsche
Bank AG, the Investment Manager is responsible for managing the Fund's
affairs and supervising all aspects of the Fund's operations, subject at all
times to the general supervision of the Fund's Board of Directors (the
"Board"). Pursuant to the Investment Management Agreement, the Investment
Manager has delegated the day-to-day management of the portion of the
Fund's investment portfolio invested in real estate securities, direct
investments in preferred stocks and bonds and related investment activities,
including management of cash assets, to RREEF America, L.L.C. (the
"Investment Advisor"), also an indirect wholly owned subsidiary of
Deutsche Bank AG and an affiliate of DB Real Estate, the real estate
investment management group of Deutsche Asset Management. Subject to
the general supervision of the Board and the Investment Manager, the
Investment Advisor is responsible for managing the real estate-related
investment operations of the Fund and the composition of the Fund's
holdings of securities and certain other investments. The Investment
Manager, not the Fund, compensates the Investment Advisor for its
services. The Investment Management Fee payable under the Investment
Management Agreement is equal to an annual rate of 0.90% of the Fund's
average daily total managed assets, computed and accrued daily and
payable monthly. Total managed assets equal the total asset value of the
common shares plus the liquidation preference of Preferred Shares, if any,
plus the principal amount of any borrowings, minus liabilities (other than
debt representing financial leverage). Pursuant to investment subadvisory agreements between the Investment
Advisor, RREEF Global Advisers Limited, Deutsche Asset Management
(Hong Kong) Limited and Deutsche Investments Australia Limited, indirect
wholly owned subsidiaries of Deutsche Bank AG (collectively, the
"subadvisors"), these entities act as subadvisors to the Investment Advisor
in relation to the Fund's investments. As subadvisors, under the supervision
of the Board of Directors, DIMA and RREEF, the subadvisors manage the
Fund's investments in specific foreign markets. The Investment Advisor pays
each subadvisor for its services from the investment advisory fee it receives
from the Investment Manager. Administration Fee.Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Investment Manager an annual fee ("Administration Fee") of 0.10% of the
Fund's average daily total managed assets (calculated as described above
under "Management Agreement"), computed and accrued daily and payable
monthly. For the six months ended June 30, 2008, the Administration Fee
was $89,007, of which $13,779 is unpaid. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Investment Manager and Investment Advisor, is the transfer
agent, dividend-paying agent and shareholder service agent for the Fund.
Pursuant to a sub-transfer agency agreement between DISC and DST
Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend
paying agent and shareholder service agent functions to DST. DISC
compensates DST out of the shareholder servicing fee it receives from the
Fund. For the six months ended June 30, 2008, the amount charged to the
Fund by DISC aggregated $6,308, all which is unpaid. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing certain regulatory filing services to the Fund.
For the six months ended June 30, 2008, the amount charged to the Fund
by DIMA included in the Statement of Operations under "reports to
shareholders" aggregated $6,188, of which $4,653 is unpaid. Directors' Fees and Expenses. The Fund paid each Director not affiliated
with the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson and Vice Chairperson. In connection with the board consolidation of the two DWS Funds Boards of
Directors, certain Independent Board Members retired prior to their normal
retirement date, and received a one-time retirement benefit. DIMA has
agreed to reimburse the Funds for the cost of this benefit. During the period
ended June 30, 2008, the Fund paid its allocated portion of the retirement
benefit of $958 to the non-continuing Independent Board Members, and
the Fund was reimbursed by DIMA for this payment. Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
"QP Trust"), and other affiliated funds managed by the Investment Manager.
The QP Trust seeks to provide as high a level of current income as is
consistent with the preservation of capital and the maintenance of liquidity.
The QP Trust does not pay the Investment Manager a management fee for
the affiliated funds' investments in the QP Trust. D. Line of Credit The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Fund may borrow for temporary or emergency purposes. The Participants
are charged an annual commitment fee which is allocated based on net
assets, among each of the Participants. Interest is calculated at the Federal
Funds Rate plus 0.35 percent. The Fund may borrow up to a maximum of 5
percent of its net assets under the agreement. E. Real Estate Concentration Risk The Fund concentrates its investments in real estate securities, including US
REITs. A fund with a concentrated portfolio is vulnerable to the risks of the
industry in which it invests and is subject to greater risks and market
fluctuations than funds investing in a broader range of industries. Real
estate securities are susceptible to the risks associated with direct
ownership of real estate such as declines in property values; increases in
property taxes, operating expenses, interest rates or competition; zoning
changes; and losses from casualty and condemnation. Dividend Reinvestment and Cash
Purchase Plan Computershare Inc. (the "Plan Agent"), including any successor Plan Agent,
has been appointed by the Board of Directors of the Fund to act as agent for
each shareholder who has not elected in writing to receive dividends and
distributions in cash (each a "Participant") under the Fund's Dividend
Reinvestment and Cash Purchase Plan (the "Plan"). Each shareholder who
has elected in writing to not participate in the Plan will receive all
distributions in cash. The Fund's transfer agent and dividend disbursing
agent (the "Transfer Agent") will open an account for each Participant under
the Plan in the same name in which such Participant's present shares are
registered, and put into effect for such Participant the dividend reinvestment
option of the Plan as of the first record date for a dividend or capital gains
distribution, and the cash purchase option of the Plan as of the next
appropriate date as provided below. Whenever the Fund declares an income dividend or a capital gains
distribution payable in common stock or cash at the option of the
stockholders, each Participant is deemed to have elected to take such
dividend or distribution entirely in additional shares of common stock of the
Fund, and the Transfer Agent shall record such shares, including fractions,
for the Participant's account. If the market price per share of the Fund's
common stock on the valuation date equals or exceeds the net asset value
per share on the valuation date, the number of additional shares to be
issued by the Fund and credited to the Participant's account shall be
determined by dividing the dollar amount of the dividend or capital gains
distribution payable on the Participant's shares by the greater of the
following amounts per share of the Fund's common stock on the valuation
date: (a) the net asset value; or (b) 95% of the market price. If the market
price per share of the Fund's common stock on the valuation date is less
than the net asset value per share on the valuation date, the Plan Agent
shall apply the dollar amount of the dividend or capital gains distribution on
such Participant's shares (less such Participant's pro rata share of brokerage
commissions incurred with respect to the Plan Agent's open-market
purchases in connection with the reinvestment of such dividend and
distribution) to the purchase on the open market of shares of the Fund's
common stock for the Participant's account. Such purchases will be made
on or shortly after the payment date for such dividend or distribution, and in
no event more than 45 days after such date except where temporary
curtailment or suspension of purchase is necessary to comply with
applicable provisions of federal securities law. The valuation date will be the
payment date for the dividend or capital gains distribution or, if such date is
not a New York Stock Exchange trading date, then the next preceding New
York Stock Exchange trading date. Should the Fund declare an income dividend or capital gains distribution
payable only in cash, the Plan Agent shall apply the amount of such dividend
or distribution on each Participant's shares (less such Participant's pro rata
share of brokerage commissions incurred with respect to the Plan Agent's
open-market purchases in connection with the reinvestment of such
dividend or distribution) to the purchase on the open market of shares of the
Fund's common stock for the Participant's account. Such purchases will be
made on or shortly after the payment date for such dividend or distribution,
and in no event more than 45 days after such date except where temporary
curtailment or suspension of purchase is necessary to comply with
applicable provisions of federal securities law. For all purposes of the Plan: (a) the market price of the Fund's common
stock on a particular date shall be the mean between the highest and lowest
sales prices on the New York Stock Exchange on that date, or, if there is no
sale on such Exchange on that date, then the mean between the closing bid
and asked quotations for such stock on such Exchange on such date
provided, however, that if the valuation date precedes the "ex-dividend" date
on such Exchange for a particular dividend and/or distribution, then the
market price on such valuation date shall be as determined above, less the
per share amount of the dividend and/or distribution; (b) net asset value per
share of the Fund's common stock on a particular date shall be as
determined by or on behalf of the Fund; and (c) all dividends, distributions
and other payments (whether made in cash or in shares) shall be made net
of any applicable withholding tax. Each Participant, semiannually, has the option of sending additional funds, in
any amount from $100 to $3,000for the purchase on the open market of
shares of the common stock of the Fund for such Participant's account.
Voluntary payments will be invested by the Plan Agent on or shortly after
the 15th of February and August, and in no event more than 45 days after
such dates except where temporary curtailment or suspension of purchases
is necessary to comply with applicable provisions of federal securities law.
Optional cash payments received from a Participant on or prior to the fifth
day preceding the 15th of February or August will be applied by the Plan
Agent to the purchase of additional shares of common stock as of that
investment date. Funds received after the fifth day preceding the 15th of
February or Augustand prior to the 30th day preceding the next investment
date will be returned to the Participant. No interest will be paid on optional
cash payments held until investment. Consequently, Participants are
strongly urged to make their optional cash payments shortly before the 15th
of February or August. However, Participants should allow sufficient time to
ensure that their payments are received by the Transfer Agent on or prior to
the fifth day preceding the 15th of February or August. Optional cash
payments should be in US funds and be sent by first-class mail, postage
prepaid, only to the following address: DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.
Dividend Reinvestment and Cash 
Purchase Plan 
210 West 10th Street
Kansas City, MO 64105
(800) 294-4366 Deliveries to any other address do not constitute valid delivery. Participants
may withdraw their entire voluntary cash payment by written notice
received by the Plan Agent not less than 48 hours before such payment is to
be invested. Investments of voluntary cash payments and other open-market purchases
provided for above may be made on any securities exchange where the
Fund's common stock is traded, in the over-the-counter market or in
negotiated transactions and may be on such terms as to price, delivery and
otherwise as the Plan Agent shall determine. Participants' funds held by the
Plan Agent or the Transfer Agent uninvested will not bear interest, and it is
understood that, in any event, the Plan Agent shall have no liability in
connection with any inability to purchase shares within 45 days after the
initial date of such purchase as herein provided, or with the timing of any
purchases effected. The Plan Agent shall have no responsibility as to the
value of the common stock of the Fund acquired for a Participant's account.
For the purposes of cash investments the Plan Agent or the Transfer Agent
may commingle Participants' funds, and the average price (including
brokerage commissions) of all shares purchased by the Plan Agent as Agent
shall be the price per share allocable to each Participant in connection
therewith. The Transfer Agent will record shares acquired pursuant to the Plan in
noncertificated form on the books of the Fund in the Participant's name. The
Transfer Agent will forward to each Participant any proxy solicitation
material. Upon a Participant's written request, the Transfer Agent will deliver
to such Participant, without charge, a certificate or certificates for the full
shares. The Transfer Agent will confirm to each Participant each acquisition made for
such Participant's account as soon as practicable but no later than 60 days
after the date thereof. The Transfer Agent will send to each Participant a
statement of account confirming the transaction and itemizing any previous
reinvestment activity for the calendar year. A statement reflecting the
amount of cash received by the Transfer Agent will be issued on receipt of
each cash deposit. The statements are the record of the costs of shares and
should be retained for tax purposes. Certificates representing shares will
not be issued to a Participant under the Plan unless such Participant so
requests in writing or unless his account is terminated. Although
Participants may from time to time have an undivided fractional interest
(computed to four decimal places) in a share of the Fund, no certificates for
a fractional share will be issued. However, dividends and distributions on
fractional shares will be credited to a Participant's account. In the event of
termination of a Participant's account under the Plan, the Transfer Agent will
adjust for any such undivided fractional interest in cash at the market value
of the Fund's shares at the time of termination less the pro rata expense of
any sale required to make such an adjustment. Any stock dividends or split shares distributed by the Fund on shares held
for a Participant under the Plan will be credited to such Participant's account.
In the event that the Fund makes available to its stockholders rights to
purchase additional shares or other securities, the shares held for a
Participant under the Plan will be added to other shares held by such
Participant in calculating the number of rights to be issued to such
Participant. The Plan Agent's and/or Transfer Agent's service fee for handling capital
gains distributions or income dividends will be paid by the Fund. Participants
will be charged a $1.00 service fee for each voluntary cash investment and a
pro rata share of brokerage commissions on all open market purchases. Participants may terminate their accounts under the Plan by notifying the
Transfer Agent in writing. Such termination will be effective immediately if
such Participant's notice is received by the Transfer Agent not less than ten
days prior to any dividend or distribution record date; otherwise such
termination will be effective as soon as practicable upon completion of the
reinvestment of capital gains distributions or income dividends. The Plan
may be terminated by the Fund upon notice in writing mailed to Participants
at least 30 days prior to any record date for the payment of any dividend or
distribution by the Fund. Upon any termination the Transfer Agent will cause
a certificate or certificates for the full number of shares held for each
Participant under the Plan and cash adjustment for any fraction to be
delivered to such Participant without charge. If a Participant elects by notice to the Plan Agent in writing in advance of
such termination to have the Plan Agent sell part or all of such Participant's
shares and remit the proceeds to such Participant, the Plan Agent is
authorized to deduct a fee of 5% of the gross proceeds, to a maximum of
$3.50, plus brokerage commissions for this transaction and any transfer
taxes. In such case, certificates for withdrawn shares will not be issued to
such Participant, and the Plan Agent will, within ten (10) business days after
receipt of such written notice, cause such shares to be sold at market prices
for such Participant's account. It should be noted, however, that the Fund's
share price may fluctuate during the period between a request for sale, its
receipt by the Plan Agent, and the ultimate sale in the open market within
10 business days. This risk should be evaluated by such Participant when
considering whether to request that the Plan Agent sell his or her shares.
The risk of a price decline is borne solely by such Participant. A check for the
proceeds will not be mailed prior to receipt by the Transfer Agent of
proceeds of the sale; settlement currently occurs three (3) business days
after the sale of shares. Information regarding the sale of shares will be
provided to the Internal Revenue Service (the "IRS"). The reinvestment of dividends and capital gains distributions does not
relieve the Participant of any income tax which may be payable on such
dividends and distributions. The Transfer Agent will report to each Participant
the taxable amount of dividends and distributions credited to his account.
Participants will be treated as receiving the amount of the distributions
made by the Fund, which amount generally will be either equal to the
amount of the cash distribution the stockholder would have received if the
stockholder had elected to receive cash or, for shares issued by the Fund,
the fair market value of the shares issued to the stockholder. Non-US stockholders who elect to have their dividends and distributions
reinvested and whose dividends and distributions are subject to United
States income tax withholding will have their dividends and distributions
reinvested net of withholding tax. US stockholders who elect to have their
dividends and distributions reinvested will have their dividends and
distributions reinvested net of the back-up withholding tax imposed under
Section 3406(a)(i) of the Internal Revenue Code of 1986, as amended, if
(i) such stockholder has failed to furnish to the Fund his taxpayer
identification number (the "TIN"), which for an individual is his social
security number; (ii) the IRS has notified the Fund that the TIN furnished by
the stockholder is incorrect; (iii) the IRS notifies the Fund that the
stockholder is subject to back-up withholding; or (iv) the stockholder has
failed to certify, under penalties of perjury, that he is not subject to back-up
withholding. Foreign non-corporate stockholders may also be subject to
back-up withholding tax with respect to long-term capital gains distributions
if they fail to make certain certifications. Stockholders have previously been
requested by the Fund or their brokers to submit all information and
certifications required in order to exempt them from back-up withholding if
such exemption is available to them. These terms and conditions may be amended or supplemented by the Fund
at any time or times but, except when necessary or appropriate to comply
with applicable law or the rules or policies of the Securities and Exchange
Commission, any securities exchange on which shares of the Fund are
listed, or any other regulatory authority, only by mailing to Participants
appropriate written notice at least 30 days prior to the effective date thereof.
The amendment or supplement shall be deemed to be accepted by a
Participant unless, prior to the effective date thereof, the Transfer Agent
receives written notice of the termination of such Participant's account
under the Plan. Any such amendment may include an appointment by the
Fund of a successor Plan Agent or Transfer Agent under these terms and
conditions, with full power and authority to perform all or any of the acts to
be performed by the Plan Agent or Transfer Agent under these terms and
conditions. Notwithstanding the above, if for any reason operation of the
Plan in accordance with its terms should become impracticable or
unreasonable under the circumstances then prevailing, or in the judgment of
the Fund's Board of Directors such operation would not be in the interests of
the Fund's stockholders generally, then the Fund's Board of Directors shall
have the authority to amend, effective immediately, the terms of the Plan to
the extent that such amendment does not adversely affect the interests of
Participants in any material respect. Appropriate written notice of such
amendment shall be given within 30 days of its effective date. Each of the Plan Agent and Transfer Agent shall at all times act in good faith
and agree to use its best efforts within reasonable limits to insure the
accuracy of all services performed under the Plan and to comply with
applicable law, but assumes no responsibility and shall not be liable for loss
or damage due to errors unless such error is caused by its negligence, bad
faith, or willful misconduct or that of its employees. These terms and conditions shall be governed by the laws of the State of
New York. Stockholder Meeting Results The Annual Meeting of Stockholders of DWS RREEF World Real Estate &
Tactical Strategies Fund, Inc. (the "Fund") was held on July 2, 2008. The
following matter was voted upon by the Stockholders of the Fund. 1.       The election of the following Class I Board Members to hold office for a
term of three years and until their respective successors have been duly
elected and qualified: Number of Votes:For
WithheldJohn W. Ballantine
10,624,230
366,270Henry P. Becton, Jr.
10,616,729
373,771Dawn-Marie Driscoll
10,621,790
368,710Paurl K. Freeman
10,623,211
367,289Keith R. Fox
10,622,711
367,789 Until recently, substantially all DWS open-end funds and most DWS
closed-end funds were overseen by one of two boards of directors or
trustees (the "Boards"). In 2007, each Board, including the Board that has
historically overseen the Fund (the "New York Board"), determined that the
formation of a single consolidated Board overseeing all DWS funds (the
"Consolidated Board") would be in the best interests of the funds.
Accordingly, each Board approved a plan to consolidate the New York Board
with the other primary DWS fund board (the "Chicago Board"). (The
geographic references in the preceding sentences merely indicate where
each Board historically held most of its meetings.) The Consolidated Board consists of nine members from the Fund's original
New York Board (Henry P. Becton, Jr., Dawn-Marie Driscoll, Keith R. Fox,
Kenneth C. Froewiss, Richard J. Herring, Rebecca W. Rimel, William N.
Searcy, Jr., Jean Gleason Stromberg and Axel Schwarzer) and four members
from the Chicago Board (John W. Ballantine, Paul K. Freeman, William
McClayton and Robert H. Wadsworth). Prior to consolidation, three
members of the Fund's original Board (Martin J. Gruber, Graham E. Jones
and Carl W. Vogt) resigned. Account Management Resources Automated
Information Line
DWS Investments Closed-End Fund Info Line
(800) 349-4281Web Site
www.dws-investments.com
Obtain quarterly fact sheets, financial reports, press releases and
webcasts when available.Written
Correspondence
Deutsche Investment Management Americas Inc.
345 Park AvenueNew York, NY 10154Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund voted proxies related to
its portfolio securities during the 12-month period endedJune 30are
available on our Web site  www.dws-investments.com (click on
"proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.Legal Counsel
Willkie Farr & Gallagher LLP
787 Seventh AvenueNew York, NY 10019Dividend
Re-Investment
Plan Agent
Computershare Inc.
P.O. Box 43078Providence, RI 02940-3078Transfer Agent
DWS Investments Service Company
P.O. Box 219066Kansas City, MO 64121-9066(800) 294-4366Custodian
Brown Brothers Harriman & Co.
40 Water StreetBoston, MA 02109Independent
Auditors
PricewaterhouseCoopers LLP
125 High StreetBoston, MA 02110NYSE Symbol
DRPCUSIP Number
23339T100 Privacy Statement This privacy statement is issued by DWS Investments Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor Services,
Inc., DWS Trust Company and the DWS Funds. We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the policies
and practices described below to protect current and former clients'
information.Internal policies are in place to protect confidentiality, while
allowing client needs to be served. Only individuals who need to do so in
carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with
federal and state standards to protect confidentiality. These safeguards
extend to all forms of interaction with us, including the Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third-party
service providers such as transfer agents, custodians, and broker-dealers to
assist us in processing transactions and servicing your account with us. In
addition, we may disclose all of the information we collect to companies
that perform marketing services on our behalf or to other financial
institutions with which we have joint marketing agreements. The
organizations described above that receive client information may only use it
for the purpose designated by the DWS Investments Companies listed in
the first paragraph of this Privacy Statement. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required or we
may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. Questions on this policy may be sent to: DWS Investments  
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415 September 2007 Notes Notes Notes Notes Notes Notes Notes rwr_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
  (a)
        (b)
        (c)
        (d)Period
        Total Number of Shares Purchased
        Average Price Paid per Share
        Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
        Maximum Number of Shares that May Yet Be Purchased Under the Plans or ProgramsJanuary 1 through January 31
        0
        $0
        n/a
        n/aFebruary 1 through February 29
        0
        $0
        n/a
        n/aMarch 1 through March 31
        0
        $0
        n/a
        n/aApril 1 through April 30
        0
        $0
        n/a
        n/aMay 1 through May 31
        0
        $0
        n/a
        n/aJune 1 through June 30
        0
        $0
        n/a
        n/aTotal
        0
        $0
        n/a
        n/a
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
  The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)   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.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  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.  Registrant:
        DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 29, 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.  Registrant:
        DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 29, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        August 29, 2008