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  811-04760

DWS Advisor Funds

(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 Global Real Estate Securities Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Value ($)** |
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|        |
|   | **Common Stocks 95.4%** |  
**Australia 7.4%**

 
CFS Retail Property Trust 

 

2,150,129 

 

2,439,100 

Commonwealth Property Office Fund  

 

1,925,123 

 

1,216,034 

Dexus Property Group  

 

3,928,732 

 

2,055,608 

Goodman Group  

 

3,394,274 

 

772,220 

GPT Group 

 

3,936,476 

 

1,196,703 

ING Office Fund 

 

1,001,704 

 

297,678 

Lend Lease Corp., Ltd.  

 

22,250 

 

101,163 

Macquarie CountryWide Trust 

 

722,506 

 

121,271 

Macquarie Leisure Trust Group  

 

235,197 

 

185,003 

Macquarie Office Trust  

 

2,323,409 

 

277,993 

Mirvac Group 

 

1,252,067 

 

743,389 

Stockland 

 

1,686,853 

 

3,649,208 

 

 

 

Westfield Group 

 

2,142,362 

 

14,948,454 

(Cost $42,395,817)

 

**28,003,824**

**Austria 0.3%**

 
Conwert Immobilien Invest SE*  (Cost $1,919,312)

 

200,000 

 

**1,265,461**

**Canada 2.3%**

 
Allied Properties Real Estate Investment Trust 

 

175,800 

 

1,791,744 

Boardwalk Real Estate Investment Trust 

 

65,300 

 

1,346,605 

Extendicare Real Estate Investment Trust 

 

474,500 

 

1,610,771 

RioCan Real Estate Investment Trust 

 

391,500 

 

3,896,990 

(Cost $12,270,044)

 

**8,646,110**

**Channel Islands 0.2%**

 
Aseana Properties Ltd.*  

 

1,466,682 

 

154,001 

Camper & Nicholsons Marina Investments Ltd.*  

 

1,550,000 

 

489,284 

(Cost $3,327,234)

 

**643,285**

**Finland 0.4%**

 
Technopolis Oyj (a) (Cost $3,482,365)

 

450,000 

 

**1,403,427**

**France 5.1%**

 
Fonciere des Murs  

 

49,500 

 

651,151 

Fonciere des Regions (a) 

 

30,000 

 

1,407,304 

Klepierre 

 

102,500 

 

1,804,552 

Societe de la Tour Eiffel (a) 

 

5,279 

 

121,970 

Unibail-Rodamco 

 

109,500 

 

15,579,868 

(Cost $26,127,784)

 

**19,564,845**

**Hong Kong 18.5%**

 
China Overseas Land & Investment Ltd.  

 

5,936,480 

 

9,320,206 

China Resources Land Ltd.  

 

4,562,000 

 

7,140,959 

Hang Lung Properties Ltd.  

 

2,526,000 

 

5,966,168 

Henderson Land Development Co., Ltd.  

 

1,319,500 

 

5,040,866 

Hongkong Land Holdings Ltd.  

 

2,013,000 

 

4,594,636 

Kerry Properties Ltd.  

 

738,146 

 

1,781,706 

New World China Land Ltd.  

 

5,595,200 

 

1,913,751 

New World Development Co., Ltd.  

 

2,694,770 

 

2,688,707 

Sino Land Co., Ltd.  

 

1,474,000 

 

1,476,487 

Sun Hung Kai Properties Ltd.  

 

2,586,000 

 

23,214,773 

The Link REIT  

 

3,642,500 

 

7,202,342 

(Cost $107,207,187)

 

**70,340,601**

**Japan 15.4%**

 
AEON Mall Co., Ltd.  

 

238,800 

 

3,054,472 

Japan Real Estate Investment Corp. 

 

826 

 

6,378,321 

Japan Retail Fund Investment Corp. 

 

669 

 

2,573,614 

Kenedix Realty Investment Corp. 

 

153 

 

281,161 

Mitsubishi Estate Co., Ltd.  

 

1,530,000 

 

17,464,982 

Mitsui Fudosan Co., Ltd.  

 

1,299,000 

 

14,248,520 

Nippon Building Fund, Inc. 

 

928 

 

8,028,432 

NTT Urban Development Corp.  

 

890 

 

715,062 

ORIX JREIT, Inc. 

 

68 

 

277,537 

Sumitomo Realty & Development Co., Ltd. (a) 

 

499,000 

 

5,571,304 

(Cost $115,795,478)

 

**58,593,405**

**Netherlands 1.5%**

 
Corio NV (a) 

 

105,000 

 

4,336,491 

Wereldhave NV* (a) 

 

20,000 

 

1,401,979 

(Cost $6,884,908)

 

**5,738,470**

 

 

 

**Norway 0.0%**

 
Scandinavian Property Development ASA*  (Cost $1,977,504)

 

275,645 

 

**65,628**

**Singapore 3.8%**

 
Ascendas India Trust  

 

5,238,320 

 

1,809,343 

Ascendas Real Estate Investment Trust 

 

4,745,000 

 

3,811,652 

CapitaLand Ltd.  

 

3,415,500 

 

5,250,020 

CapitaMall Trust 

 

2,813,900 

 

2,446,708 

Suntec Real Estate Investment Trust 

 

2,552,000 

 

1,057,620 

(Cost $27,404,166)

 

**14,375,343**

**Sweden 0.5%**

 
Hufvudstaden AB "A" (a) 

 

200,000 

 

1,030,641 

Lennart Wallenstam Byggnads AB "B"  

 

110,000 

 

912,722 

(Cost $3,481,836)

 

**1,943,363**

**United Kingdom 8.1%**

 
Big Yellow Group PLC  

 

400,000 

 

1,092,962 

British Land Co. PLC (a) 

 

730,000 

 

3,770,528 

Capital & Regional PLC  

 

1,235,653 

 

301,420 

Derwent London PLC (a) 

 

283,859 

 

2,704,606 

Equest Balkan Properties PLC*  

 

700,000 

 

140,615 

Great Portland Estates PLC (a) 

 

200,000 

 

698,783 

Hammerson PLC (a) 

 

1,200,000 

 

4,409,326 

Hansteen Holdings PLC  

 

1,000,000 

 

825,039 

Helical Bar PLC  

 

425,000 

 

1,750,758 

Land Securities Group PLC (a) 

 

1,150,000 

 

7,199,616 

Liberty International PLC (a) 

 

150,000 

 

831,882 

London & Stamford Property Ltd.  

 

1,000,000 

 

1,607,049 

Minerva PLC*  

 

833,000 

 

80,570 

NR Nordic & Russia Properties Ltd.  

 

1,300,000 

 

155,925 

Safestore Holdings PLC  

 

1,000,000 

 

769,932 

Segro PLC (a) 

 

1,301,735 

 

428,805 

South African Property Opportunities PLC*  

 

1,700,000 

 

1,646,490 

Terrace Hill Group PLC  

 

2,000,000 

 

544,761 

Unite Group PLC  

 

1,900,000 

 

1,861,122 

(Cost $63,490,324)

 

**30,820,189**

**United States 31.9%**

 
AMB Property Corp. (REIT)  

 

378,472 

 

5,449,997 

American Campus Communities, Inc. (REIT)  

 

166,750 

 

2,894,780 

AvalonBay Communities, Inc. (REIT) (a) 

 

167,658 

 

7,889,985 

BioMed Realty Trust, Inc. (REIT)  

 

179,100 

 

1,212,507 

Boston Properties, Inc. (REIT)  

 

242,100 

 

8,480,763 

BRE Properties, Inc. (REIT)  

 

66,000 

 

1,295,580 

Camden Property Trust (REIT)  

 

126,200 

 

2,723,396 

DCT Industrial Trust, Inc. (REIT)  

 

35,650 

 

113,011 

Digital Realty Trust, Inc. (REIT) (a) 

 

163,750 

 

5,433,225 

DuPont Fabros Technology, Inc. (REIT)  

 

11,750 

 

80,840 

Equity Lifestyle Properties, Inc. (REIT)  

 

50,650 

 

1,929,765 

Equity Residential (REIT)  

 

396,050 

 

7,267,518 

Extra Space Storage, Inc. (REIT)  

 

169,800 

 

935,598 

Federal Realty Investment Trust (REIT) (a) 

 

120,200 

 

5,529,200 

HCP, Inc. (REIT)  

 

118,600 

 

2,117,010 

Health Care REIT, Inc. (REIT)  

 

73,950 

 

2,262,131 

Hospitality Properties Trust (REIT)  

 

47,050 

 

564,600 

Host Hotels & Resorts, Inc. (REIT)  

 

541,650 

 

2,123,268 

Kilroy Realty Corp. (REIT) (a) 

 

82,800 

 

1,423,332 

Liberty Property Trust (REIT)  

 

107,150 

 

2,029,421 

 

 

 

LTC Properties, Inc. (REIT)  

 

76,245 

 

1,337,337 

Medical Properties Trust, Inc. (REIT) (a) 

 

296,363 

 

1,081,725 

Nationwide Health Properties, Inc. (REIT) (a) 

 

226,036 

 

5,015,739 

ProLogis (REIT) (a) 

 

423,950 

 

2,755,675 

Public Storage (REIT) (a) 

 

123,500 

 

6,823,375 

Regency Centers Corp. (REIT) (a) 

 

282,569 

 

7,507,858 

Saul Centers, Inc. (REIT) (a) 

 

24,547 

 

563,845 

Senior Housing Properties Trust (REIT) (a) 

 

326,820 

 

4,582,016 

Simon Property Group, Inc. (REIT) (a) 

 

322,063 

 

11,156,262 

SL Green Realty Corp. (REIT)  

 

169,350 

 

1,828,980 

Taubman Centers, Inc. (REIT)  

 

66,850 

 

1,139,124 

UDR, Inc. (REIT)  

 

122,450 

 

1,054,295 

Ventas, Inc. (REIT)  

 

299,576 

 

6,773,413 

Vornado Realty Trust (REIT) (a) 

 

239,714 

 

7,968,093 

(Cost $192,258,911)

 

**121,343,664**

**Total Common Stocks** (Cost $608,022,870)

 

**362,747,615**

 

**Principal**

**Amount ($) (b)**

 

**Value ($)**

 

**Corporate Bonds 0.4%**

 
**Germany 0.0%**

 
Colonia Real Estate AG, 1.875%, 12/7/2011 (Cost $167,927)

EUR

 

126,000 

 

**40,731**

**United Kingdom 0.4%**

 
Liberty International PLC, Series LII, 3.95%, 9/30/2010 (Cost $1,653,321)

GBP

 

1,450,000 

 

**1,490,181**

**Total Corporate Bonds** (Cost $1,821,248)

 

**1,530,912**

 

**Shares**

 

**Value ($)**

 

**Closed-End Investment Companies 0.4%**

 
**Luxembourg 0.3%**

 
ProLogis European Properties  (Cost $4,152,964)

 

500,000 

 

**903,592**

**United Kingdom 0.1%**

 
ARGO Real Estate Opportunities Fund Ltd.*  (Cost $2,787,012)

 

2,000,000 

 

**465,010**

**Total Closed-End Investment Companies** (Cost $6,939,976)

 

**1,368,602**

 

**Rights 0.4%**

 
**United Kingdom**

Segro PLC, Expiration Date 4/6/2009*  (Cost $1,830,557)

 

22,530,000 

 

**1,551,704**

 

**Securities Lending Collateral 20.7%**

 
Daily Assets Fund Institutional, 0.78% (c) (d)(Cost $78,497,320)

 

 

78,497,320

 

**78,497,320**

 

**Cash Equivalents 1.5%**

 
Cash Management QP Trust, 0.53% (c)(Cost $5,758,503)

 

 

5,758,503

 

**5,758,503**

 

**% of****Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $702,870,474) †

118.8

 

**451,454,656**

**Other Assets and Liabilities, Net**(a)

(18.8)

 

**(71,393,671)**

**Net Assets**

100.0

 

**380,060,985**

*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 $788,393,340.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $336,938,684.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,110,069 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $338,048,753.*

*(a)*

*All or a portion of these securities were on loan amounting to $80,433,120. In addition, included in other assets and liabilities, net is a pending sale, amounting to $230,015 that is also on loan. The value of all securities loaned at March 31, 2009 amounted to $80,663,135 which is 21.2% of net assets.*

*(b)*

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

*(c)*

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

*(d)*

*Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.*

*REIT: Real Estate Investment Trust*

 

***Currency Abbreviations*****

 **

 **

*EUR***

*Euro***

*GBP***

*British Pound***

 

 

*At March 31, 2009, the DWS RREEF Global Real Estate Securities Fund, had the following sector diversification:*

 

 

**Sector**

**Market Value ($)**

 

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

Diversified

 

176,296,046

 

48.2%

Office

 

51,834,580

 

14.2%

Shopping Centers

 

50,585,274

 

13.8%

Health Care

 

24,780,142

 

6.8%

Apartments

 

24,626,160

 

6.7%

Regional Malls

 

12,295,386

 

3.4%

Industrial

 

11,173,143

 

3.1%

Storage

 

9,621,867

 

2.6%

Hotels

 

2,687,868

 

0.7%

Manufactured Homes

 

1,929,765

 

0.5%

**Total**

 

**365,830,231**

 

**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**

Level 1 

$              210,336,475   

Level 2 

241,118,181   

Level 3 

-   

**Total**

**$              451,454,656**

 

 

**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 Global Real Estate Securities Fund 

, a series of DWS Advisor Funds

 

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 Global Real Estate Securities Fund 

, a series of DWS Advisor Funds

 

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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