SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. __)
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[ ] Soliciting Material Pursuant to 240.14a-11(c) or 240.14a-12
DWS RREEF Real Estate Fund, Inc.
(Name of Registrants as Specified in Its Charter)
SUSAN L. CICIORA TRUST
c/o Stephen C. Miller, Esq.
and Joel L. Terwilliger, Esq.
2344 Spruce Street, Suite A
Boulder, CO 80302
(303)442-2156
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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SUSAN L. CICIORA TRUST
c/o Stephen C. Miller, P.C.
2344 Spruce Street, Suite A
Boulder, CO 80302
May 11, 2009
Fellow Stockholders of DWS RREEF Real Estate Fund, Inc. ("SRQ")
Dear Fellow Stockholder:
Vote AGAINST the plan of liquidation. We believe that SRQ's board of
directors is using "anti-shareholder tactics" - at shareholder expense - to
ramrod their liquidation proposal past us, the shareholders. Recently, a leading
independent analyst publication, The Investor's Guide to Closed-End Funds,
pointed out in its May 2009 issue that:
>> SRQ's board of directors' tactics include potentially capping shareholder
voting rights and adopting a "poison pill" rights plan; these types of
tactics as previously used by another closed-end fund was "widely
criticized" because they used fund assets "to finance the fight."
>> "What puzzles us most is management's motivation to fight [the Trust] so
hard. Management is devoting significant legal and proxy expense to fight
[the Trust], but if they win, the ultimate outcome gives them no future
benefit[.]"
>> If the liquidation proposal were voted down by shareholders and the Trust
took over management of the fund, "the fund would retain its large capital
gains loss carry forwards [estimated at $178 million] to offset future
gains."
>> Another fund, European Warrant Fund, avoided liquidating its assets for
partly the same reason, to avoid losing valuable capital gains loss carry
forwards.
As a fellow shareholder, I am appalled that SRQ's board of directors is
spending shareholders' money - our money - to finance their fight. Let me
restate this point - the board of directors is using OUR money to pay for THEIR
fight!!
Many other shareholders have sent letters, called, or emailed supporting
our position.
Vote AGAINST liquidation!
Only your last vote counts. Even if you have already voted "for" their plan
of liquidation, you can still change your vote to "AGAINST" by voting again
using the proxy you received earlier, or:
To vote by telephone, call toll-free: 1-800-454-8683
To vote by internet, go to www.proxyvote.com
Whether you vote by telephone or internet, use your 12 digit Control Number
as shown on the right side of your proxy card. If you cannot locate your proxy
card, call 1-800-662-5200 for assistance.
If you have questions why the Trust is AGAINST the plan of liquidation,
please contact Joel Terwilliger immediately at (303) 442-2156. Best wishes from
a fellow stockholder.
Yours truly,
Stewart R. Horejsi
Representative for the Susan L. Ciciora Trust
The Investor's Guide to Closed-End Funds is a leading and objective independent
analyst publication published by Thomas J. Herzfeld Advisers, Inc.; all rights
reserved. Thomas J. Herzfeld Advisers, Inc. serves as an independent consulting
firm to closed-end funds and has previously provided independent consulting work
to the Boulder Growth & Income Fund, Inc.
The Susan L. Ciciora Trust (the "Trust") has filed a proxy statement in
connection with the 2009 special meeting of DWS RREEF Real Estate Fund
stockholders. Stockholders are strongly advised to read the Trust's proxy
statement and the accompanying GREEN proxy card, as they contain important
information, including information relating to the participants in such proxy
solicitation. Stockholders can obtain this proxy statement, any amendments or
supplements to the proxy statement and other documents filed by the Trust with
the Securities and Exchange Commission (SEC) for free at the internet website
maintained by the SEC at www.sec.gov.