X0203 3 2010-05-21 0 0001395999 DWS RREEF World Real Estate & Tactical Strategies Fund, Inc. DRP 0001257108 LIPSON ARTHUR D 7050 S. UNION PARK CENTER SUITE 590 MIDVALE UT 84047 0 0 1 0 0001443721 Western Investment Hedged Partners L.P. 7050 S. UNION PARK CENTER SUITE 590 MIDVALE UT 84047 0 0 1 0 0001286207 WESTERN INVESTMENT LLC 7050 S. UNION PARK CENTER SUITE 590 MIDVALE UT 84047 0 0 1 0 0001443719 Western Investment Total Return Partners L.P. 7050 S. UNION PARK CENTER SUITE 590 MIDVALE UT 84047 0 0 1 0 0001443720 Western Investment Total Return Fund Ltd. 7050 S. UNION PARK CENTER SUITE 590 MIDVALE UT 84047 0 0 1 0 Common Stock, par value $0.01 500 D Common Stock, par value $0.01 162675 I By Western Investment Hedged Partners Common Stock, par value $0.01 1000 I By Western Investment LLC Common Stock, par value $0.01 162600 I By Western Investment Total Return Fund Common Stock, par value $0.01 162644 I By Western Investment Total Return Ptnrs This Form 3 is filed jointly by Western Investment LLC ("WILLC"), Western Investment Hedged Partners L.P. ("WIHP"), Western Investment Total Return Fund Ltd. ("WITRL"), Western Investment Total Return Partners L.P. ("WITRP") and Arthur D. Lipson (collectively the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group with respect to the securities of the Issuer that beneficially owns in excess of 10% of the Issuer's outstanding Shares. As members of the group, each of the Reporting Persons may be deemed to beneficially own the securities of the Issuer beneficially owned by the other members of the group. The Reporting Persons disclaim beneficial ownership of the securities of the Issuer beneficially owned by the other members of the group except to the extent of their pecuniary interest therein. Shares owned directly by WIHP. As the general partner of WIHP, WILLC may be deemed to beneficially own the Shares owned by WIHP. As the managing member of WILLC, Mr. Lipson may be deemed to beneficially own the Shares owned by WIHP. Mr. Lipson and WILLC disclaim beneficial ownership of such Shares except to the extent of their pecuniary interest therein. Shares owned directly by WILLC. As the managing member of WILLC, Arthur D. Lipson may be deemed to beneficially own the Shares owned by WILLC. Mr. Lipson disclaims beneficial ownership of such Shares except to the extent of his pecuniary interest therein. Shares owned directly by WITRL. As the investment manager of WITRL, WILLC may be deemed to beneficially own the Shares owned by WITRL. As the managing member of WILLC, Mr. Lipson may be deemed to beneficially own the Shares owned by WITRL. Mr. Lipson and WILLC disclaim beneficial ownership of such Shares except to the extent of their pecuniary interest therein. Shares owned directly by WITRP. As the general partner of WITRP, WILLC may be deemed to beneficially own the Shares owned by WITRP. As the managing member of WILLC, Mr. Lipson may be deemed to beneficially own the Shares owned by WITRP. Mr. Lipson and WILLC disclaim beneficial ownership of such Shares except to the extent of their pecuniary interest therein. /s/ Lipson, Arthur D. 2010-05-21 By: Western Investment Hedged Partners L.P., By: Western Investment LLC, General Partner, By: /s/ Arthur D. Lipson, Managing Member 2010-05-21 By: Western Investment LLC, By: /s/ Arthur D. Lipson, Managing Member 2010-05-21 By: Western Investment Total Return Partners L.P., By: Western Investment LLC, General Partner, By: /s/ Arthur D. Lipson, Managing Member 2010-05-21 By: Western Investment Total Return Fund Ltd., By: Western Investment LLC, Investment Manager, By: /s/ Arthur D. Lipson, Managing Member 2010-05-21