SRO Dws Rreef

Consolidated Investment Portfolio

as of September 30, 2009 (Unaudited)

Shares

Value ($)

Common Stocks 105.5%

Real Estate Investment Trusts (“REITs”) 105.5%

Apartments 16.1%

AvalonBay Communities, Inc.

29,100

2,116,443

BRE Properties, Inc.

62,650

1,960,945

Equity Residential

76,600

2,351,620

6,429,008

Diversified 17.9%

Digital Realty Trust, Inc.

11,782

538,555

Duke Realty Corp.

210,550

2,528,705

Starwood Property Trust, Inc.

115,750

2,343,938

Washington Real Estate Investment Trust

58,850

1,694,880

7,106,078

Health Care 19.4%

Cogdell Spencer, Inc.

144,528

693,734

HCP, Inc.

74,700

2,146,878

Health Care REIT, Inc.

27,600

1,148,712

LTC Properties, Inc.

48,350

1,162,334

Medical Properties Trust, Inc.

140,150

1,094,572

Senior Housing Properties Trust

78,200

1,494,402

7,740,632

Hotels 9.0%

Canyon Ranch Holdings LLC (Units) (a)

864,000

1,814,400

Hospitality Properties Trust

87,200

1,776,264

3,590,664

Industrial 11.4%

AMB Property Corp.

54,150

1,242,742

Liberty Property Trust

16,250

528,613

ProLogis

233,600

2,784,512

4,555,867

Office 8.3%

BioMed Realty Trust, Inc.

55,450

765,210

Government Properties Income Trust*

21,950

527,019

HRPT Properties Trust

94,296

709,106

Kilroy Realty Corp.

46,700

1,295,458

3,296,793

Regional Malls 5.6%

Simon Property Group, Inc.

32,187

2,234,743

Shopping Centers 12.5%

Inland Real Estate Corp.

199,650

1,748,934

Ramco-Gershenson Properties Trust

31,350

279,642

Regency Centers Corp.

49,350

1,828,418

Weingarten Realty Investors

56,700

1,129,464

4,986,458

Storage 5.3%

Sovran Self Storage, Inc.

68,850

2,095,106

Total Common Stocks (Cost $55,541,428)

42,035,349

Preferred Stocks 31.7%

Real Estate Investment Trusts 31.7%

Apartments 6.9%

Associated Estates Realty Corp., Series II, 8.7%

118,300

2,763,488

Diversified 3.9%

NorthStar Realty Finance Corp., Series B, 8.25%

125,100

1,570,005

Health Care 0.2%

LTC Properties, Inc., Series F, 8.0%

3,000

70,200

Hotels 7.1%

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

43,100

517,200

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

91,800

2,295,000

2,812,200

Shopping Centers 13.6%

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

154,000

3,126,200

Saul Centers, Inc., Series B, 9.0%

94,200

2,272,104

5,398,304

Total Preferred Stocks (Cost $15,470,244)

12,614,197

Cash Equivalents 0.2%

Cash Management QP Trust, 0.18% (b)
(Cost $67,548)

67,548

67,548

% of
Net Assets

Value ($)

Total Consolidated Investment Portfolio (Cost $71,079,220) †

137.4

54,717,094

Other Assets and Liabilities, Net

(2.2)

(897,363)

Preferred Stock, at Liquidation Value

(35.2)

(14,000,000)

Net Assets Applicable to Common Shareholders

100.0

39,819,731

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 $74,552,923. At September 30, 2009, net unrealized depreciation for all securities based on tax cost was $19,835,829. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,958,649 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $27,794,478.

(a)

The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of
Restricted Securities

Acquisition Date

Acquisition Cost

Value ($)

Value as %
of Net Assets

(b)

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

At September 30, 2009, open interest rate swap contracts were as follows:

Effective/
Expiration
Dates

Notional
Amount ($)

Cash Flows
Paid by
the Fund

Cash Flows
Received by
the Fund

Unrealized
Depreciation ($)

Counterparty:

1

UBS Securities LLC

BBA: British Bankers' Association

LIBOR: London InterBank Offered Rate

Level 1

Level 2

Level 3

Total

Assets

Common Stock and/or Other Equity Investments

Apartments

$ 9,192,496

$ —

$ —

$ 9,192,496

Diversified

8,676,083

—

—

8,676,083

Health Care

7,810,832

—

—

7,810,832

Hotels

4,588,464

—

1,814,400

6,402,864

Industrial

4,555,867

—

—

4,555,867

Office

3,296,793

—

—

3,296,793

Regional Malls

2,234,743

—

—

2,234,743

Shopping Centers

10,384,762

—

—

10,384,762

Storage

2,095,106

—

—

2,095,106

Short-Term Investments

—

67,548

—

67,548

Total

$ 52,835,146

$ 67,548

$ 1,814,400

$ 54,717,094

Liabilities

Derivatives ^(c)

$ —

$ (1,069,937)

$ —

$ (1,069,937)

Total

$ —

$ (1,069,937)

$ —

$ (1,069,937)

(c)

Derivatives include unrealized appreciation (depreciation) on open interest rate swap contracts.

Investments in Securities

Balance as of December 31, 2008

$ 1,887,200

Total realized gain (loss)

14,954,105

Change in unrealized appreciation (depreciation)

(14,323,694)

Amortization premium/discount

—

Net purchases (sales)

(703,211)

Net transfers in (out) of Level 3

—

Balance as of September 30, 2009

$ 1,814,400

Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2009

$ —

Swaps

Interest Rate Contracts

$ (1,069,937)

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.

Registrant:

DWS RREEF Real Estate Fund II, Inc.

By:

/s/Michael G. Clark

Michael G. Clark

President

Date:

November 19, 2009

Registrant:

DWS RREEF Real Estate Fund II, Inc.

By:

/s/Michael G. Clark

Michael G. Clark

President

Date:

November 19, 2009

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:

November 19, 2009