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: 3/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of March 31, 2009  (Unaudited)** |
|----------------------|---------------------------------------|

 

 

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

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Common Stocks 74.3%** |  
**Australia 13.9%**

 
Abacus Property Group 

 

939,358 

 

179,943 

Abacus Property Group*  

 

1,016,934 

 

194,459 

Aspen Group  

 

853,840 

 

243,784 

CFS Retail Property Trust 

 

655,224 

 

743,284 

Charter Hall Group  

 

543,839 

 

106,084 

Commonwealth Property Office Fund   

 

316,638 

 

200,009 

Compass Hotel Group Ltd.  

 

2,010,839 

 

111,160 

Dexus Property Group 

 

2,357,980 

 

1,233,753 

GEO Property Group  

 

915,554 

 

54,273 

Goodman Group  

 

1,402,681 

 

319,119 

GPT Group   

 

559,949 

 

170,226 

 

 

 

ING Office Fund  

 

2,048,074 

 

608,630 

Macquarie CountryWide Trust  

 

679,799 

 

114,103 

Macquarie Leisure Trust Group  

 

352,799 

 

277,507 

Macquarie Office Trust  

 

4,433,556 

 

530,470 

Mirvac Group   

 

374,786 

 

222,522 

Stockland   

 

560,820 

 

1,213,235 

Westfield Group   

 

480,801 

 

3,354,817 

(Cost $16,665,659)

 

**9,877,378**

**Belgium 0.9%**

 
Befimmo SCA  

 

4,000 

 

318,780 

Cofinimmo  

 

3,000 

 

319,939 

(Cost $992,326)

 

**638,719**

**Canada 1.8%**

 
Allied Properties Real Estate Investment Trust 

 

60,300 

 

614,574 

Extendicare Real Estate Investment Trust 

 

185,450 

 

629,542 

(Cost $1,541,053)

 

**1,244,116**

**France 7.1%**

 
Fonciere des Murs  

 

2,641 

 

34,741 

Fonciere des Regions  

 

8,000 

 

375,281 

Klepierre   

 

29,750 

 

523,760 

Societe de la Tour Eiffel  

 

4,223 

 

97,572 

Unibail-Rodamco   

 

28,000 

 

3,983,893 

(Cost $7,089,295)

 

**5,015,247**

**Hong Kong 10.9%**

 
China Overseas Land & Investment Ltd.  

 

584,000 

 

916,873 

Hongkong Land Holdings Ltd.  

 

298,000 

 

680,180 

Kerry Properties Ltd.  

 

163,000 

 

393,442 

Sun Hung Kai Properties Ltd.  

 

100,000 

 

897,710 

The Link REIT  

 

2,447,500 

 

4,839,460 

(Cost $9,113,307)

 

**7,727,665**

**Japan 12.6%**

 
AEON Mall Co., Ltd.  

 

31,400 

 

401,635 

Japan Prime Realty Investment Corp. 

 

80 

 

149,706 

Japan Real Estate Investment Corp.  

 

153 

 

1,181,456 

Japan Retail Fund Investment Corp.  

 

161 

 

619,360 

Mitsubishi Estate Co., Ltd.  

 

229,400 

 

2,618,606 

Mitsui Fudosan Co., Ltd.  

 

90,000 

 

987,195 

Nippon Building Fund, Inc.  

 

173 

 

1,496,680 

Nomura Real Estate Office Fund, Inc. 

 

162 

 

906,992 

TOKYU REIT, Inc.  

 

108 

 

580,306 

(Cost $14,140,677)

 

**8,941,936**

**Netherlands 2.1%**

 
Corio NV   

 

25,000 

 

1,032,497 

Wereldhave NV*  

 

7,000 

 

490,693 

(Cost $1,649,841)

 

**1,523,190**

**Singapore 6.6%**

 
Ascendas India Trust  

 

778,000 

 

268,725 

Ascendas Real Estate Investment Trust  

 

1,328,000 

 

1,066,780 

CapitaLand Ltd.  

 

676,500 

 

1,039,859 

CapitaMall Trust  

 

1,812,610 

 

1,576,079 

Frasers Centrepoint Trust 

 

1,100,000 

 

455,847 

Macquarie Prime REIT  

 

430,000 

 

128,690 

Suntec Real Estate Investment Trust  

 

404,000 

 

167,429 

(Cost $8,407,087)

 

**4,703,409**

 

 

 

**Sweden 0.5%**

 
Castellum AB (Cost $394,582)

 

60,000 

 

**337,356**

**United Kingdom 9.0%**

 
Big Yellow Group PLC  

 

25,000 

 

68,310 

British Land Co. PLC   

 

155,833 

 

804,894 

Capital & Regional PLC  

 

375,000 

 

91,476 

Conygar Investment Co. PLC*  

 

140,000 

 

182,800 

Derwent London PLC  

 

50,000 

 

476,400 

Equest Balkan Properties PLC*  

 

412,500 

 

82,863 

Great Portland Estates PLC  

 

30,000 

 

104,818 

Hammerson PLC  

 

307,200 

 

1,128,787 

Hansteen Holdings PLC  

 

500,000 

 

412,519 

Helical Bar PLC  

 

100,000 

 

411,943 

Land Securities Group PLC  

 

269,500 

 

1,687,214 

London & Stamford Property Ltd.  

 

200,000 

 

321,410 

NR Nordic & Russia Properties Ltd.  

 

2,500,000 

 

299,855 

Segro PLC  

 

142,915 

 

47,078 

Unite Group PLC  

 

300,000 

 

293,861 

(Cost $15,791,512)

 

**6,414,228**

**United States 8.9%**

 
AvalonBay Communities, Inc. (REIT)  

 

7,050 

 

331,773 

BioMed Realty Trust, Inc. (REIT)  

 

49,500 

 

335,115 

BRE Properties, Inc. (REIT)  

 

14,400 

 

282,672 

Camden Property Trust (REIT)  

 

18,700 

 

403,546 

CBL & Associates Properties, Inc. (REIT)  

 

26,500 

 

62,540 

Cogdell Spencer, Inc. (REIT)  

 

69,000 

 

351,900 

Colonial Properties Trust (REIT)  

 

150 

 

572 

DCT Industrial Trust, Inc. (REIT)  

 

61,400 

 

194,638 

Duke Realty Corp. (REIT)  

 

60,250 

 

331,375 

Extra Space Storage, Inc. (REIT)  

 

49,200 

 

271,092 

Hospitality Properties Trust (REIT)  

 

29,600 

 

355,200 

HRPT Properties Trust (REIT)  

 

180,850 

 

576,911 

Liberty Property Trust (REIT)  

 

29,050 

 

550,207 

Mack-Cali Realty Corp. (REIT)  

 

17,700 

 

350,637 

Medical Properties Trust, Inc. (REIT)  

 

78,700 

 

287,255 

ProLogis (REIT)  

 

34,550 

 

224,575 

Regency Centers Corp. (REIT)  

 

18,650 

 

495,530 

Senior Housing Properties Trust (REIT)  

 

27,925 

 

391,509 

Simon Property Group, Inc. (REIT)  

 

7,617 

 

263,853 

Weingarten Realty Investors (REIT)  

 

29,200 

 

277,984 

(Cost $12,340,070)

 

**6,338,884**

**Total Common Stocks** (Cost $88,125,409)

 

**52,762,128**

 

**Closed-End Investment Companies 1.7%**

 
**Luxembourg 0.4%**

 
ProLogis European Properties (Cost $1,079,066)

 

160,000 

 

**289,149**

**Netherlands 0.6%**

 
Nieuwe Steen Investments NV (Cost $681,800)

 

25,669 

 

**409,281**

**United Kingdom 0.7%**

 
Kenmore European Industrial Fund Ltd. (Cost $1,137,740)

 

2,000,000 

 

**509,857**

**Total Closed-End Investment Companies** (Cost $2,898,606)

 

**1,208,287**

 

 

 

 

**Preferred Stocks 10.8%**

 
**United States**

Apartment Investment & Management Co., 8.0%, Series V (REIT)  

 

6,250 

 

67,688 

BioMed Realty Trust, Inc., 7.375%, Series A (REIT)  

 

147,500 

 

1,582,675 

Corporate Office Properties Trust, 7.625%, Series J (REIT)  

 

41,500 

 

747,415 

Digital Realty Trust, Inc., 7.875%, Series B (REIT)  

 

17,350 

 

279,075 

Kilroy Realty Corp., 7.5%, Series F (REIT)  

 

16,600 

 

212,480 

LaSalle Hotel Properties, 7.25%, Series G (REIT)  

 

36,300 

 

344,850 

PS Business Parks, Inc., 6.7%, Series P (REIT)  

 

19,950 

 

284,487 

Public Storage, 6.625%, Series M (REIT)  

 

40,900 

 

719,431 

Public Storage, 7.25%, Series K (REIT)  

 

40,950 

 

787,468 

Regency Centers Corp., 7.25%, Series D (REIT)  

 

28,950 

 

456,541 

SL Green Realty Corp., 7.625%, Series C (REIT)  

 

29,650 

 

292,053 

Tanger Factory Outlet Centers, Inc., 7.5%, Series C (REIT)  

 

60,400 

 

975,460 

Taubman Centers, Inc., 7.625%, Series H (REIT)  

 

12,000 

 

183,120 

Taubman Centers, Inc., 8.0%, Series G (REIT)  

 

17,800 

 

270,738 

Vornado Realty Trust, 6.625%, Series I (REIT)  

 

15,400 

 

233,310 

Vornado Realty Trust, 6.75%, Series H (REIT)  

 

16,750 

 

239,525 

**Total Preferred Stocks** (Cost $13,640,506)

 

**7,676,316**

 

**Rights 0.3%**

 
**United Kingdom**

Segro PLC, Expiration Date 4/6/2009* (Cost $349,085)

 

2,872,000 

 

**197,803**

 

**Principal****Amount ($)(a)**

 

**Value ($)**

 

**Corporate Bonds 2.2%**

 
**Italy 1.5%**

 
Immobiliare Grande Distribuzione, 2.5%, 6/28/2012 (Cost $1,139,120)

EUR

 

1,000,000 

 

**1,057,898**

**United Kingdom 0.7%**

 
Liberty International PLC, Series LII, 3.95%, 9/30/2010 (Cost $569,213)

GBP

 

500,000 

 

**513,856**

**Total Corporate Bonds** (Cost $1,708,333)

 

**1,571,754**

 

**Government & Agency Obligations 3.2%**

 
**US Treasury Obligations**

US Treasury Bills:

 
 

0.13% **, 6/11/2009 (b) 

 

1,382,000 

 

1,381,504 

 

0.29% **, 6/18/2009 (b) 

 

901,000 

 

900,687 

**Total Government & Agency Obligations** (Cost $2,282,079)

 

**2,282,191**

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 1.4%**

 
Cash Management QP Trust, 0.53% (c)(Cost $1,002,473)

 

 

1,002,473

 

**1,002,473**

 

**% of**

**Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $110,006,491) †

93.9

 

**66,700,952**

**Other Assets and Liabilities, Net**

6.1

 

**4,352,690**

**Net Assets**

100.0

 

**71,053,642**

*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 $116,984,275.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $50,283,323.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $510,761 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $50,794,084.*

*(a)*

*Principal amount stated in US dollars unless otherwise noted.*

*(b)*

*At March 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

*(c)*

*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 March 31, 2009, open futures contracts purchased were as follows:*

**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

10 Year Australian Treasury Bond 

 

6/15/2009 

 

10 

 

790,934 

 

784,578 

 

(6,356)

 
10 Year US Treasury Note 

 

6/19/2009 

 

8 

 

969,648 

 

992,625 

 

22,977

 
2 Year US Treasury Note 

 

6/30/2009 

 

35 

 

7,586,895 

 

7,626,172 

 

39,277

 
AEX Index 

 

4/17/2009 

 

7 

 

385,799 

 

401,582 

 

15,783

 
ASX SPI 200 Index 

 

6/18/2009 

 

8 

 

471,499 

 

495,924 

 

24,425

 
DAX Index 

 

6/19/2009 

 

1 

 

132,614 

 

136,248 

 

3,634

 
DJ Euro Stoxx 50 Index 

 

6/19/2009 

 

4 

 

104,601 

 

105,916 

 

1,315

 
Federal Republic of Germany Euro-Schatz 

 

6/8/2009 

 

66 

 

9,507,205 

 

9,496,128 

 

(11,077)

 
FTSE 100 Index 

 

6/19/2009 

 

36 

 

1,949,605 

 

2,006,781 

 

57,176

 
Hang Seng Index 

 

4/29/2009 

 

6 

 

532,960 

 

524,708 

 

(8,252)

 
NASDAQ E-Mini 100 Index 

 

6/19/2009 

 

18 

 

420,540 

 

445,500 

 

24,960

 
S&P E-Mini 500 Index 

 

6/19/2009 

 

21 

 

792,274 

 

834,540 

 

42,266

 
United Kingdom Long Gilt Bond 

 

6/26/2009 

 

36 

 

6,224,840 

 

6,364,363 

 

139,523

 
**Total net unrealized appreciation**

**345,651**

 
*At March 31, 2009, open futures contracts sold were as follows:*

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

10 Year Canadian Government Bond 

 

6/19/2009 

 

18 

 

1,783,232 

 

1,808,852 

 

(25,619)

 
10 Year Japanese Government Bond 

 

6/11/2009 

 

6 

 

8,408,872 

 

8,373,996 

 

34,876

 
CAC 40 Index 

 

4/17/2009 

 

14 

 

509,567 

 

522,206 

 

(12,639)

 
 

 

 

Federal Republic of Germany Euro-Bund 

 

6/8/2009 

 

14 

 

2,293,496 

 

2,314,448 

 

(20,952)

 
IBEX 35 Index 

 

4/17/2009 

 

7 

 

704,728 

 

724,811 

 

(20,083)

 
Russell E-Mini 2000 Index 

 

6/19/2009 

 

41 

 

1,605,259 

 

1,727,330 

 

(122,071)

 
S&P TSE 60 Index 

 

6/18/2009 

 

2 

 

161,806 

 

166,878 

 

(5,072)

 
TOPIX Index 

 

6/12/2009 

 

20 

 

1,406,274 

 

1,569,935 

 

(163,661)

 
**Total net unrealized depreciation**

**(335,221)**

 
 

 

 
*As of March 31, 2009, the Fund had the following open forward foreign currency exchange contracts:*

 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

**Unrealized****Appreciation ($)**

 
 
 
 
USD

395,963

 

CAD

510,000

 

4/15/2009

 

8,552

 
 
USD

1,062,147

 

SEK

9,318,000

 

4/15/2009

 

71,386

 
 
USD

1,348,695

 

AUD

2,091,000

 

4/15/2009

 

103,544

 
 
USD

585,936

 

NZD

1,143,000

 

4/15/2009

 

65,425

 
 
**Total unrealized appreciation**

 

 

 

 

 

**248,907**

 
 
 
 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

**Unrealized****Depreciation ($)**

 
 
 
 
USD

2,037,629

 

JPY

198,026,000

 

4/15/2009

 

(36,637)

 
 
GBP

531,000

 

USD

730,683

 

4/15/2009

 

(31,252)

 
 
EUR

2,151,000

 

USD

2,756,162

 

4/15/2009

 

(101,549)

 
 
NOK

1,393,000

 

USD

200,308

 

4/15/2009

 

(6,828)

 
 
**Total unrealized depreciation**

 

 

 

 

 

**(176,266)**

 
 
 
***Currency Abbreviations*****

 **

 **

 
*AUD***

*Australian Dollar***

*NOK***

*Norwegian Krone***

 
*CAD***

*Canadian Dollar***

*NZD***

*New Zealand Dollar***

 
*EUR***

*Euro***

*SEK***

*Swedish Krona***

 
*GBP***

*British Pound***

*USD***

*United States Dollar***

 
*JPY***

*Japanese Yen***

* *

* *

 
 

*At March 31, 2009, the DWS RREEF World Real Estate & Tactical Strategies Fund, Inc. had the following sector diversification:*

**Sector**

**Market Value ($)**

 

**As a % of Common and Preferred Stocks, Corporate Bonds, and Rights**

Diversified

 

27,768,679 

 

44.6

%

Shopping Centers

 

14,530,266 

 

23.4

%

Office

 

12,411,158 

 

19.9

%

Storage

 

1,846,301 

 

3.0

%

Health Care

 

1,660,206 

 

2.7

%

Industrial

 

1,381,939 

 

2.2

%

Apartments

 

1,017,991 

 

1.6

%

Hotels

 

811,210 

 

1.3

%

Regional Malls

 

780,251 

 

1.3

%

**Total**

 

**62,208,001**

 

**100.0**

**%**

 

 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy for measuring fair value 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, and credit risk). 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.*

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Fund's investments.*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$              16,716,054

$                    10,430   

Level 2 

49,984,898

72,641   

Level 3 

-

-   

**Total**

**$              66,700,952**

**$                    83,071**

 

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

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures and forward foreign currency exchange contracts.*

 

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Futures**

**Forward Currency Contracts**

Interest Rate Contracts

$          172,649

$                     - 

Foreign Exchange Contracts

$                      -

$           72,641   

Credit Contracts

$                      -

$                     - 

Equity Contracts

$        (162,219)

$                     - 

Commodity Contracts

$                      -

$                     - 

Other Contracts

$                      -

$                     - 

 

*Futures.  The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  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 tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use futures contracts to gain exposure to changes in interest rates, and take advantage of short-term inefficiencies and relative mispricings within the global equity, bond and currency markets.  Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an 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 underlyingsecurity.   Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.*

 

*Forward Foreign Currency Exchange Contracts. Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. 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.   Changes in exchange rates between foreign currencies and the US dollar may affect the US dollar value of foreign securities or the income or gains received on these securities. To reduce the effect of currency fluctuations, the Fund may enter into forward foreign currency exchange contracts. The Fund may also invest in forward currency contracts as part of its global tactical asset allocation overlay strategy. The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy. Aspart of this strategy, the Fund may use forward currency exchange contracts to gain exposure to changes in the value of foreign currencies, and to take advantage of short-term and medium-term mispricings within the currency markets.  Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum*

 

*counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the fund.*

 

 

 

**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.

 

Registrant: 

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

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 20, 2009

 

 

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

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 20, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        May 20, 2009

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