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 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
100 Plaza One
Jersey City, NJ 07311
(Name and address of agent for service)
 
Registrant's telephone number, including area code:   (201) 593-6408
 
Date of fiscal year end:   12/31
 
Date of reporting period: 9/30/10

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio
as of September 30, 2010  (Unaudited)


DWS RREEF World Real Estate Fund, Inc.

 
Shares
 
Value ($)
 
 
 
Common Stocks 115.7%
 
Australia 18.2%
 
Ardent Leisure Group
 
412,500
 
424,632
 
Aspen Group
 
1,483,353
 
645,460
 
Australand Property Group
 
112,753
 
295,351
 
CFS Retail Property Trust
 
728,364
 
1,334,100
 
Challenger Diversified Property Group
 
233,268
 
114,895
 
Charter Hall Group
 
417,988
 
236,352
 
Charter Hall Office REIT
 
302,151
 
712,613
 
Charter Hall Retail REIT
 
129,183
 
359,817
 
Commonwealth Property Office Fund
 
184,051
 
163,666
 
Dexus Property Group
 
553,606
 
457,516
 
Goodman Group
 
1,000,529
 
623,777
 
GPT Group
 
467,890
 
1,331,191
 
Mirvac Group
 
1,016,465
 
1,306,727
 
Stockland
 
553,402
 
2,054,032
 
Westfield Group
 
933,209
 
11,058,775
 
 
(Cost $19,165,101)
 
21,118,904
 
Belgium 0.6%
 
Cofinimmo  (Cost $790,171)
 
5,000
 
664,220
 
Canada 6.9%
 
Allied Properties Real Estate Investment Trust (a)
 
47,600
 
1,050,170
 
Allied Properties Real Estate Investment Trust (a)
 
13,300
 
293,430
 
Chartwell Seniors Housing Real Estate Investment Trust (a)
 
126,500
 
1,059,802
 
Chartwell Seniors Housing Real Estate Investment Trust (a)
 
43,600
 
380,954
 
Extendicare Real Estate Investment Trust (a)
 
173,150
 
1,724,937
 
Extendicare Real Estate Investment Trust (a)
 
5,050
 
50,308
 
InnVest Real Estate Investment Trust
 
182,300
 
1,273,921
 
RioCan Real Estate Investment Trust
 
99,100
 
2,207,573
 
 
(Cost $5,679,057)
 
8,041,095
 
Cayman Islands 1.9%
 
Soho China (b)  (Cost $2,125,828)
 
3,086,000
 
2,195,795
 
Channel Islands 0.8%
 
LXB Retail Properties PLC*  (Cost $931,796)
 
610,000
 
955,853
 
France 7.5%
 
ICADE (c)
 
12,500
 
1,314,155
 
Klepierre
 
61,083
 
2,361,433
 
Unibail-Rodamco SE
 
22,500
 
5,002,959
 
 
(Cost $7,228,354)
 
8,678,547
 
Germany 0.4%
 
Alstria Office REIT-AG (Cost $390,131)
 
36,347
 
504,831
 
Hong Kong 7.1%
 
Champion Real Estate Investment Trust
 
4,332,000
 
2,234,933
 
Sun Hung Kai Properties Ltd.
 
107,000
 
1,831,508
 
The Link REIT
 
1,418,000
 
4,199,889
 
 
(Cost $6,802,209)
 
8,266,330
 
Italy 0.5%
 
Immobiliare Grande Distribuzione (Cost $527,642)
 
320,000
 
525,053
 
Japan 14.3%
 
Advance Residence Investment
 
1,583
 
2,668,095
 
Japan Excellent, Inc.
 
258
 
1,291,406
 
Japan Real Estate Investment Corp.
 
209
 
1,902,297
 
Japan Retail Fund Investment Corp.
 
1,571
 
2,213,947
 
Kenedix Realty Investment Corp.
 
494
 
1,870,015
 
Nippon Building Fund, Inc.
 
309
 
2,705,829
 
Nomura Real Estate Office Fund, Inc.
 
327
 
1,815,676
 
United Urban Investment Corp.
 
319
 
2,198,909
 
 
(Cost $16,176,399)
 
16,666,174
 
Malta 0.0%
 
BGP Holdings PLC*  (Cost $0)
 
1,751,646
 
2
 
Netherlands 5.1%
 
Corio NV
 
29,000
 
1,983,700
 
Eurocommercial Properties NV (CVA)
 
30,000
 
1,392,122
 
VastNed Retail NV
 
7,500
 
510,813
 
Wereldhave NV
 
21,000
 
2,039,184
 
 
(Cost $4,953,670)
 
5,925,819
 
New Zealand 0.6%
 
DNZ Property Fund Ltd.*
 
200,000
 
162,881
 
Goodman Property Trust
 
249,989
 
174,221
 
Kiwi Income Property Trust
 
484,299
 
358,878
 
 
(Cost $600,587)
 
695,980
 
Norway 0.6%
 
Norwegian Property ASA*  (Cost $729,546)
 
410,000
 
708,309
 
Singapore 14.0%
 
Ascendas India Trust
 
1,139,000
 
865,344
 
Ascendas Real Estate Investment Trust
 
1,280,000
 
2,135,332
 
Cache Logistics Trust*
 
572,000
 
424,386
 
Cambridge Industrial Trust
 
2,000,000
 
829,280
 
CapitaCommercial Trust
 
1,614,000
 
1,817,984
 
CapitaMall Trust
 
1,398,610
 
2,288,428
 
CapitaRetail China Trust
 
1,121,000
 
1,066,385
 
CDL Hospitality Trusts
 
1,395,000
 
2,263,246
 
Fortune REIT
 
3,325,000
 
1,663,134
 
K-REIT Asia
 
650,000
 
638,232
 
Suntec Real Estate Investment Trust
 
1,988,000
 
2,284,357
 
 
(Cost $14,230,810)
 
16,276,108
 
Sweden 0.6%
 
Kungsleden AB  (Cost $577,542)
 
87,000
 
739,562
 
United Kingdom 9.3%
 
Big Yellow Group PLC
 
95,000
 
487,473
 
Capital & Regional PLC*
 
490,237
 
265,733
 
Conygar Investment Co. PLC*
 
160,000
 
263,351
 
Development Securities PLC
 
147,234
 
532,521
 
Great Portland Estates PLC
 
82,000
 
439,904
 
Hansteen Holdings PLC
 
600,000
 
690,934
 
Land Securities Group PLC
 
138,641
 
1,393,205
 
Metric Property Investments PLC*
 
300,000
 
499,753
 
NR Nordic & Russia Properties Ltd.
 
400,000
 
177,223
 
Primary Health Properties PLC
 
70,000
 
330,612
 
Quintain Estates & Development PLC*
 
610,000
 
415,453
 
Safestore Holdings PLC
 
350,000
 
681,047
 
Segro PLC
 
670,000
 
2,878,139
 
Songbird Estates PLC*
 
116,685
 
243,364
 
Unite Group PLC*
 
440,000
 
1,522,630
 
 
(Cost $11,196,425)
 
10,821,342
 
United States 27.3%
 
AvalonBay Communities, Inc. (REIT) (c)
 
16,300
 
1,694,059
 
Boston Properties, Inc. (REIT)
 
11,200
 
930,944
 
BRE Properties, Inc. (REIT) (c)
 
19,600
 
813,400
 
Camden Property Trust (REIT) (c)
 
27,050
 
1,297,589
 
Cedar Shopping Centers, Inc. (REIT)
 
94,600
 
2,431,220
 
Cogdell Spencer, Inc. (REIT)
 
47,100
 
297,672
 
CommonWealth REIT (REIT)
 
34,762
 
889,907
 
Digital Realty Trust, Inc. (REIT) (c)
 
15,050
 
928,585
 
Duke Realty Corp. (REIT)
 
171,350
 
1,985,946
 
First Industrial Realty Trust, Inc. (REIT)*
 
4,850
 
94,381
 
Home Properties, Inc.
 
35,200
 
1,862,080
 
Hospitality Properties Trust (REIT)
 
55,350
 
1,235,966
 
Inland Real Estate Corp. (REIT)
 
143,877
 
1,195,618
 
LaSalle Hotel Properties (REIT)
 
5,900
 
148,267
 
Mack-Cali Realty Corp. (REIT)
 
53,655
 
1,755,055
 
Medical Properties Trust, Inc. (REIT) (c)
 
58,250
 
590,655
 
Parkway Properties, Inc. (REIT)
 
9,100
 
232,050
 
Post Properties, Inc. (REIT)
 
16,750
 
467,660
 
ProLogis (REIT)
 
162,400
 
1,913,072
 
Ramco-Gershenson Properties Trust (REIT)
 
13,400
 
143,514
 
Regency Centers Corp. (REIT)
 
53,850
 
2,125,459
 
Senior Housing Properties Trust (REIT)
 
72,425
 
1,701,988
 
Simon Property Group, Inc. (REIT)
 
8,184
 
758,984
 
Sovran Self Storage, Inc. (REIT)
 
53,450
 
2,025,755
 
Taubman Centers, Inc. (REIT) (c)
 
24,600
 
1,097,406
 
The Macerich Co. (REIT)
 
58,800
 
2,525,460
 
Weingarten Realty Investors (REIT) (c)
 
24,950
 
544,409
 
 
(Cost $27,087,809)
 
31,687,101
 
 
Total Common Stocks (Cost $119,193,077)
 
134,471,025
 
 
 
Closed-End Investment Companies 1.3%
 
Alpha Pyrenees Trust Ltd.
 
1,500,000
 
719,023
 
ProLogis European Properties*
 
133,000
 
803,506
 
 
Total Closed-End Investment Companies (Cost $1,182,787)
 
1,522,529
 
 
 
Preferred Stocks 8.6%
 
United States
 
Apartment Investment & Management Co., Series U, 7.75% (REIT)
 
96,106
 
2,438,209
 
Apartment Investment & Management Co., Series Y, 7.875% (REIT)
 
8,400
 
214,368
 
Apartment Investment & Management Co., Series T, 8.0% (REIT)
 
8,550
 
218,025
 
Apartment Investment & Management Co., Series V, 8.0% (REIT)
 
16,550
 
422,191
 
CBL & Associates Properties, Inc., Series D, 7.375% (REIT)
 
84,000
 
2,002,560
 
Corporate Office Properties Trust, Series J, 7.625% (REIT) (c)
 
34,400
 
867,568
 
Developers Diversified Realty Corp., Series H, 7.375% (REIT)
 
13,800
 
331,062
 
Kilroy Realty Corp., Series F, 7.5% (REIT)
 
15,750
 
393,750
 
LaSalle Hotel Properties, Series G, 7.25% (REIT)
 
35,600
 
843,008
 
Omega Healthcare Investors, Inc., Series D, 8.375% (REIT)
 
9,500
 
244,150
 
Regency Centers Corp., Series D, 7.25% (REIT)
 
25,300
 
638,825
 
SL Green Realty Corp., Series C, 7.625% (REIT)
 
26,650
 
667,582
 
Sunstone Hotel Investors, Inc., Series A, 8.0% (REIT)
 
2,100
 
51,576
 
Taubman Centers, Inc., Series H, 7.625% (REIT)
 
12,250
 
310,293
 
Taubman Centers, Inc., Series G, 8.0% (REIT)
 
15,150
 
387,537
 
 
Total Preferred Stocks (Cost $9,318,226)
 
10,030,704
 
 
 
Securities Lending Collateral 4.9%
 
Daily Assets Fund Institutional, 0.29% (d) (e)
(Cost $5,655,780)
   
5,655,780
 
5,655,780
 
 
 
Cash Equivalents 0.0%
 
Central Cash Management Fund, 0.21% (d)
(Cost $42,698)
   
42,698
 
42,698
 

 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $135,392,568) †
130.5
 
151,722,736
 
Other Assets and Liabilities, Net
(30.5)
 
(35,445,463)
 
 
Net Assets
100.0
 
116,277,273
 

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.
†
The cost for federal income tax purposes was $158,538,469.  At September 30, 2010, net unrealized depreciation for all securities based on tax cost was $6,815,733.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $19,100,155 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $25,915,888.
(a)
Securities with the same description are the same corporate entity but trade on different stock exchanges.
(b)
Security is listed in country of domicile. Significant business activities of company are in China.
(c)
All or a portion of these securities were on loan.  The value of all securities loaned at September 30, 2010 amounted to $5,510,499 which is 4.7% of net assets.
(d)
Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.
(e)
Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.
CVA: Certificaten Van Aandelen
REIT: Real Estate Investment Trust
 
At September 30, 2010 the DWS RREEF World Real Estate Fund, Inc. had the following sector diversification:

   
Market Value ($)
 
As a % of Common & Preferred Stocks
Diversified
    50,203,982       34.7 %
Shopping Centers
    33,512,316       23.2 %
Office
    21,594,718       14.9 %
Apartments
    14,291,471       9.9 %
Regional Malls
    8,648,378       6.0 %
Health Care
    6,381,078       4.4 %
Hotels
    3,552,738       2.5 %
Storage
    3,194,275       2.2 %
Industrial
    3,122,773       2.2 %
Total
    144,501,729       100.0 %




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 September 30, 2010 in valuing the Fund's investments.

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Common Stocks and/or Other Equity Investments (f)
 
 
   
 
             
       Australia
  $ —     $ 21,118,904     $ —     $ 21,118,904  
       Belgium
    —       664,220       —       664,220  
       Canada
    8,041,095       —       —       8,041,095  
       Cayman Islands
    —       2,195,795       —       2,195,795  
       Channel Islands
    —       955,853       —       955,853  
       France
    —       8,678,547       —       8,678,547  
       Germany
    —       504,831       —       504,831  
       Hong Kong
    —       8,266,330       —       8,266,330  
       Italy
    —       525,053       —       525,053  
       Japan
    —       16,666,174       —       16,666,174  
       Malta
    —       —       2       2  
       Netherlands
    —       5,925,819       —       5,925,819  
       New Zealand
    —       695,980       —       695,980  
       Norway
    —       708,309       —       708,309  
       Singapore
    —       16,276,108       —       16,276,108  
       Sweden
    —       739,562       —       739,562  
       United Kingdom
    —       10,821,342       —       10,821,342  
       United States
    41,717,805       —       —       41,717,805  
Closed-End Investment Companies
    —       1,522,529       —       1,522,529  
Short-Term Investments (f)
    5,698,478       —       —       5,698,478  
Total
  $ 55,457,378     $ 96,265,356     $ 2     $ 151,722,736  

There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements during the period ended September 30, 2010.
 
(f)
See Investment Portfolio for additional detailed categorizations.

Level 3 Reconciliation

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:
   
Common Stocks and/or
Other Equity Investments
 
Balance as of  December 31, 2009
  $ —  
Realized gains (loss)
    —  
Change in unrealized appreciation (depreciation)
    0  
Amortization premium/ discount
    —  
Net purchases (sales)
    —  
Transfers into Level 3
    2 (g)
Transfers (out) of Level 3
    —  
Balance as of September 30, 2010
  $ 2  
Net change in unrealized appreciation (depreciation) from investments still held at    September 30, 2010
  $ 0  

Transfers between price levels are recognized at the beginning of the reporting period.
 
(g)
The investment was transferred from Level 2 to Level 3 because of the lack of observable inputs due to a spin-off from another company and there is no information available.


 

 
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 Fund, Inc.
   
By:
/s/Michael G. Clark
Michael G. Clark
President
   
Date:
November 23, 2010


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 23, 2010
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
November 23, 2010

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