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  811-22046

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

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(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 World Real Estate & Tactical Strategies Fund, Inc.**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 77.6%** |  
**Australia 13.0%**

 
Abacus Property Group  

 

310,188 

 

225,074 

Aspen Group  

 

849,335 

 

775,464 

Babcock & Brown Japan Property Trust  

 

372,998 

 

177,455 

Becton Property Group  

 

530,964 

 

223,009 

Charter Hall Group  

 

80,979 

 

57,840 

Compass Hotel Group Ltd.  

 

2,010,839 

 

818,369 

Dexus Property Group  

 

823,870 

 

957,977 

Galileo Japan Trust  

 

1,110,300 

 

247,915 

GEO Property Group

 

2,238,057 

 

469,115 

Goodman Group  

 

503,619 

 

1,015,162 

GPT Group  

 

144,018 

 

208,051 

 

 

 

ING Industrial Fund (Unit)  

 

456,267 

 

576,835 

ING Real Estate Community Living Group (Unit)  

 

1,213,215 

 

307,390 

ING Real Estate Entertainment Fund (Unit)  

 

575,390 

 

259,690 

Macquarie CountryWide Trust  

 

277,056 

 

217,119 

Macquarie DDR Trust  

 

268,100 

 

67,698 

Macquarie Leisure Trust Group  

 

662,132 

 

787,844 

Macquarie Office Trust  

 

637,000 

 

404,220 

Mirvac Industrial Trust (Unit)

 

1,211,000 

 

174,379 

Stockland  

 

510,512 

 

2,279,250 

Valad Property Group  

 

652,323 

 

158,883 

Westfield Group  

 

468,330 

 

6,390,700 

(Cost $28,171,915)

 

**16,799,439**

**Belgium 1.5%**

 
Befimmo SCA  

 

10,000 

 

1,014,959 

Cofinimmo  

 

5,000 

 

873,917 

(Cost $2,002,977)

 

**1,888,876**

**Canada 1.8%**

 
H&R Real Estate Investment Trust (Unit)  (Cost $3,565,081)

 

161,050 

 

**2,266,882**

**China 0.3%**

 
Shui On Land Ltd.  (Cost $760,746)

 

823,500 

 

**341,088**

**Finland 0.9%**

 
Sponda Oyj  (Cost $2,630,586)

 

200,000 

 

**1,209,616**

**France 7.0%**

 
Fonciere des Murs  

 

15,000 

 

422,132 

Fonciere des Regions  

 

18,881 

 

1,970,298 

Societe de la Tour Eiffel  

 

20,000 

 

1,776,885 

Unibail-Rodamco  

 

24,000 

 

4,889,232 

(Cost $11,746,706)

 

**9,058,547**

**Hong Kong 10.0%**

 
Champion Real Estate Investment Trust  

 

5,256,000 

 

2,163,317 

Hongkong Land Holdings Ltd.  

 

621,000 

 

1,866,256 

Kerry Properties Ltd.  

 

386,000 

 

1,258,859 

The Link REIT  

 

3,666,500 

 

7,586,173 

(Cost $16,201,775)

 

**12,874,605**

**Japan 10.8%**

 
AEON Mall Co., Ltd.  

 

26,700 

 

794,854 

Japan Real Estate Investment Corp.  

 

294 

 

2,362,743 

Japan Retail Fund Investment Corp.  

 

198 

 

813,841 

Mitsubishi Estate Co., Ltd.  

 

287,400 

 

5,647,898 

Nippon Building Fund, Inc.  

 

295 

 

2,834,387 

Nomura Real Estate Office Fund, Inc.  

 

222 

 

1,517,082 

(Cost $18,791,867)

 

**13,970,805**

**Singapore 8.2%**

 
Ascendas India Trust  

 

1,718,000 

 

627,207 

Ascendas Real Estate Investment Trust  

 

1,660,148 

 

2,198,901 

CapitaCommercial Trust  

 

906,000 

 

838,349 

CapitaLand Ltd.  

 

491,000 

 

1,070,049 

CapitaMall Trust  

 

1,722,953 

 

2,743,809 

Lippo-Mapletree Indonesia Retail Trust  

 

1,272,000 

 

455,608 

Macquarie Prime REIT  

 

2,130,000 

 

1,227,757 

Suntec Real Estate Investment Trust  

 

1,786,000 

 

1,454,724 

(Cost $17,021,414)

 

**10,616,404**

 

 

 

**Sweden 0.2%**

 
Klovern AB  (Cost $523,442)

 

127,500 

 

**327,130**

**United Kingdom 10.7%**

 
Big Yellow Group PLC  

 

25,000 

 

145,825 

British Land Co. PLC  

 

72,000 

 

963,228 

Brixton PLC  

 

200,000 

 

746,616 

Capital & Regional PLC  

 

305,232 

 

927,988 

Conygar Investment Co. PLC*  

 

140,000 

 

317,346 

Derwent London PLC  

 

35,010 

 

654,020 

Equest Balkan Properties PLC  

 

412,500 

 

451,835 

Great Portland Estates PLC  

 

76,516 

 

458,279 

Hansteen Holdings PLC  

 

500,000 

 

848,924 

Helical Bar PLC  

 

150,000 

 

815,737 

Land Securities Group PLC  

 

66,500 

 

1,500,814 

Local Shopping REIT PLC  

 

581,000 

 

559,042 

London & Stamford Property Ltd.  

 

380,000 

 

684,028 

Mapeley Ltd.  

 

50,000 

 

805,929 

Minerva PLC*  

 

110,316 

 

68,957 

NR Nordic & Russia Properties Ltd. 

 

2,500,00

 

1,830,140

Segro PLC  

 

226,308 

 

1,693,088 

Unite Group PLC  

 

78,050 

 

317,233 

(Cost $20,973,769)

 

**13,789,029**

**United States 13.2%**

 
BioMed Realty Trust, Inc. (REIT)  

 

65,000 

 

1,719,250 

Camden Property Trust (REIT)  

 

14,700 

 

674,142 

CBL & Associates Properties, Inc. (REIT)  

 

33,950 

 

681,716 

Cogdell Spencer, Inc. (REIT)  

 

42,300 

 

678,492 

Colonial Properties Trust (REIT)  

 

23,750 

 

443,888 

DCT Industrial Trust, Inc. (REIT)  

 

68,650 

 

514,189 

Developers Diversified Realty Corp. (REIT)  

 

20,700 

 

655,983 

Duke Realty Corp. (REIT)  

 

50,800 

 

1,248,664 

Extra Space Storage, Inc. (REIT)  

 

55,300 

 

849,408 

FelCor Lodging Trust, Inc. (REIT)  

 

43,600 

 

312,176 

General Growth Properties, Inc. (REIT)  

 

31,550 

 

476,405 

Host Hotels & Resorts, Inc. (REIT)  

 

66,950 

 

889,766 

Inland Real Estate Corp. (REIT)  

 

79,650 

 

1,249,708 

Liberty Property Trust (REIT)  

 

30,000 

 

1,129,500 

Mack-Cali Realty Corp. (REIT)  

 

31,550 

 

1,068,598 

Medical Properties Trust, Inc. (REIT)  

 

20,600 

 

233,810 

OMEGA Healthcare Investors, Inc. (REIT)  

 

52,600 

 

1,034,116 

Senior Housing Properties Trust (REIT)  

 

35,475 

 

845,369 

Simon Property Group, Inc. (REIT)  

 

8,450 

 

819,650 

UDR, Inc. (REIT)  

 

58,350 

 

1,525,852 

(Cost $19,029,548)

 

**17,050,682**

**Total Common Stocks** (Cost $141,419,826)

 

**100,193,103**

 

**Closed End Investment Companies 4.3%**

 
**Canada 1.5%**

Calloway Real Estate Investment Trust (Cost $2,724,601) 

 

114,300 

 

**2,004,076**

**Luxembourg 1.4%**

ProLogis European Properties (Cost $2,576,077)

 

200,000 

 

**1,793,589**

**Netherlands 1.0%**

Nieuwe Steen Investments NV  

 

50,000 

 

1,119,281 

Vastned Offices/Industrial NV  

 

10,000 

 

208,854 

 

 

 

(Cost $1,735,186)

 

**1,328,135**

**United Kingdom 0.4**

Kenmore European Industrial Fund Ltd. (Cost $922,911) 

 

1,000,000 

 

**492,431**

**Total Closed End Investment Companies** (Cost $7,958,775)

 

**5,618,231**

 

**Preferred Stocks 8.8%**

 
**United States Real Estate Investment Trusts (“REITs”)**

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

 

7,200 

 

121,680 

Ashford Hospitality Trust, 8.45%, Series D

 

43,350 

 

479,560 

BioMed Realty Trust, Inc., 7.375%, Series A

 

153,200 

 

2,731,556 

Corporate Office Properties Trust, 7.625%, Series J

 

46,400 

 

997,136 

Digital Realty Trust, Inc., 7.875%, Series B 

 

18,800 

 

360,960 

Kilroy Realty Corp., 7.50%, Series F  

 

18,600 

 

293,880 

LaSalle Hotel Properties, 7.25%, Series G 

 

39,300 

 

534,480 

PS Business Parks, Inc., 6.70%, Series P  

 

26,600 

 

432,250 

Public Storage, 6.625%, Series M 

 

50,300 

 

880,250 

Public Storage, 7.25%, Series K  

 

46,900 

 

874,685 

Regency Centers Corp., 7.25%, Series D

 

31,000 

 

566,060 

SL Green Realty Corp., 7.625%, Series C  

 

31,100 

 

532,743 

Tanger Factory Outlet Centers, Inc., 7.50%, Series C  

 

69,700 

 

1,394,000 

Taubman Centers, Inc., 7.625%, Series H  

 

12,300 

 

246,000 

Taubman Centers, Inc., 8.0%, Series G 

 

18,400 

 

395,600 

Vornado Realty Trust, 6.625%, Series I  

 

17,400 

 

287,100 

Vornado Realty Trust, 6.75%, Series H 

 

17,100 

 

285,912 

**Total Preferred Stocks** (Cost $16,113,119)

 

**11,413,852**

 

**Principal Amount ($)**

 

**Value ($)**

 

**Corporate Bonds 0.5%**

 
**Italy**

Immobiliare Grande Distribuzione, 2.5%, 6/28/2012  (Cost $770,480)

 

600,000 

 

**583,674**

 

**Government & Agency Obligation 4.5%**

 
**US Treasury Obligation**

US Treasury Bill, 1.35% **, 10/16/2008 (a) (Cost $5,813,728)

 

5,817,000 

 

**5,814,138**

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 2.9%**

 
Cash Management QP Trust, 2.38% (b) (Cost $3,731,602)

 

3,731,602 

 

**3,731,602**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $175,807,530) †

98.6

 

**127,354,600**

**Other Assets and Liabilities, Net**

1.4

 

**1,791,002**

**Net Assets**

100.0

 

**129,145,602**

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.

*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.*

***

*Non-income producing security.*

****

*Annualized yield at time of purchase; not a coupon rate.*

 

 

 

*†*

*The cost for federal income tax purposes was $176,039,288.  At September 30, 2008, net unrealized depreciation for all securities based on tax cost was $48,684,688.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $748,426 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $49,433,114.*

*(a)*

*At September 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 September 30, 2008, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10 Year Australian Bond 

 

12/15/2008 

 

47 

 

5,522,990 

 

5,593,019 

 

70,029

 
10 Year US Treasury Note 

 

12/19/2008 

 

319 

 

36,976,979 

 

36,565,375 

 

(411,604)

 
2 Year US Treasury Note 

 

12/30/2008 

 

24 

 

5,091,442 

 

5,122,500 

 

31,058

 
EOE Dutch Stock Index  

 

12/19/2008 

 

5 

 

517,951 

 

468,094 

 

(49,857)

 
Hang Seng Stock Index 

 

10/30/2008 

 

38 

 

4,632,585 

 

4,424,528 

 

(208,057)

 
IBEX 35 Index 

 

10/17/2008 

 

7 

 

1,071,259

 

1,079,325 

 

8,066

 
S&P MIB Index 

 

12/19/2008 

 

26 

 

4,858,899 

 

4,700,899 

 

(158,000)

 
S&P 500 E-Mini 

 

12/19/2008 

 

127 

 

7,596,311 

 

7,423,150 

 

(173,161)

 
S&P TSE 60 Index 

 

12/18/2008 

 

3 

 

412,559 

 

399,211 

 

(13,348)

 
SPI 200 Index 

 

12/18/2008 

 

1 

 

93,568 

 

92,558 

 

(1,010)

 
United Kingdom Treasury Bond 

 

12/29/2008 

 

135 

 

26,838,316 

 

26,917,101 

 

78,785

 
**Total net unrealized depreciation**

**(827,099)**

 
 

 

 

 

 

 

 

 

 

 

*At September 30, 2008, open futures contracts sold were as follows:*

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

**Aggregated****Face****Value ($)**

 

**Value ($)**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10 Year Canadian Government Bond 

 

12/18/2008 

 

25 

 

2,794,821 

 

2,752,408 

 

42,413

 
10 Year Federal Republic of Germany Bond

 

12/8/2008 

 

221 

 

35,483,242 

 

35,801,024 

 

(317,782)

 
10 Year Japanese Government Bond 

 

12/11/2008 

 

15 

 

19,410,940 

 

19,398,242 

 

12,698

 
CAC 40 Index  

 

10/17/2008 

 

78 

 

4,477,219 

 

4,442,300 

 

34,919

 
DAX Index 

 

12/19/2008 

 

11 

 

2,318,837 

 

2,279,510 

 

39,327

 
 

 

 

DJ Euro Stoxx 50 Index  

 

12/19/2008 

 

74 

 

3,219,267 

 

3,189,907 

 

29,360

FTSE 100 Index 

 

12/19/2008 

 

19 

 

1,692,082 

 

1,679,838 

 

12,244

Russell E-Mini 2000 Index 

 

12/19/2008 

 

38 

 

2,625,616 

 

2,577,920 

 

47,696

Topix Index 

 

12/12/2008 

 

35 

 

3,997,743 

 

3,573,880 

 

423,863

**Total net unrealized appreciation**

**324,738**

 

*As of September 30, 2008, the Fund had the following open forward foreign currency exchange contracts:*

**Contracts to Deliver**

**In Exchange For**

**Settlement Date**

**Unrealized**

**Appreciation ($)**

 
USD

1,273,862

CAD

1,368,000

12/15/2008

14,668

 
USD

840,644

JPY

89,091,000

12/15/2008

6,361

 
USD

6,464,640

NZD

10,101,000

12/15/2008

233,306

 
USD

35,817,406

SGD

51,629,000

12/15/2008

246,187

 
**Total unrealized appreciation**

 

 

**500,522**

 
 

**Contracts to Deliver**

**In Exchange For**

**Settlement Date**

**Unrealized**

**Depreciation ($)**

AUD

35,000

USD

27,534

12/15/2008

(23)

CHF

5,697,000

USD

5,006,151

12/15/2008

(99,076)

DKK

27,529,000

USD

5,133,039

12/15/2008

(81,651)

EUR

10,157,000

USD

14,128,793

12/15/2008

(216,500)

GBP

8,353,000

USD

14,581,916

12/15/2008

(308,814)

HKD

10,682,000

USD

1,372,126

12/15/2008

(5,197)

USD

21,575,616

NOK

126,637,000

12/15/2008

(121,899)

USD

1,665,793

SEK

11,443,000

12/15/2008

(11,685)

**Total unrealized depreciation**

 

 

**(844,845)**

 

 

 

 

 

**Currency Abbreviations**

 

 

AUD

Australian Dollar

JPY

Japanese Yen

 
CAD 

Canadian Dollar

NOK

Norwegian Krone

 
CHF

Swiss Franc

NZD

New Zealand Dollar

 
DKK

Danish Krone

SEK 

Swedish Krona

 
EUR

Euro

SGD

Singapore Dollar

 
GBP

British Pound

USD

United States Dollar

 
HKD

Hong Kong Dollar

 

 

 
 

 

*At September 30, 2008 the DWS RREEF World Real Estate & Tactical Strategies Fund, Inc. had the following*

 

 

*real estate sector diversification:*

 

 

**Sector**

**Market Value ($)**

**As a % of Common and Preferred Stocks**

Diversified

 

45,311,118

 

40.6%

Shopping Centers

 

25,582,642

 

22.9%

Office

 

17,720,335

 

15.9%

Industrial

 

5,336,330

 

4.8%

Hotels

 

3,294,041

 

2.9%

Storage

 

2,791,787

 

2.5%

Health Care

 

2,750,168

 

2.5%

Apartments

 

2,731,556

 

2.5%

Life Sciences Tools & Services

 

2,681,763

 

2.4%

Regional Malls

 

2,619,371

 

2.3%

Leisure Equipment & Products

 

787,844

 

0.7%

**Total Common and Preferred Stocks**

**111,606,955**

 

**100.0%**

 

***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 

$                36,467,093   

$              (502,361)   

Level 2 

90,887,507   

(344,323)   

Level 3 

-   

-   

**Total**

**$              127,354,600**

**$              (846,684)**

 

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

*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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