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:  10/31

Date of reporting period: 1/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of January 31, 2009  (Unaudited)** |
|----------------------|-----------------------------------------|

 

 

**DWS International Select Equity Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Value ($)** |
|--------|-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 91.9%** |  
**Australia 1.5%**

 
BHP Billiton Ltd.  (Cost $1,670,004)

 

81,000 

 

**1,525,361**

**Austria 2.4%**

 
Intercell AG*  (Cost $2,104,452)

 

74,463 

 

**2,451,929**

**Brazil 1.7%**

 
Petroleo Brasileiro SA (ADR)  (Cost $2,897,368)

 

66,400 

 

**1,739,680**

**Canada 1.5%**

 
Potash Corp. of Saskatchewan, Inc.  (Cost $2,367,251)

 

20,615 

 

**1,550,816**

 

 

 

**China 2.6%**

 
China Life Insurance Co., Ltd. "H"  (Cost $3,845,395)

 

1,004,900 

 

**2,662,545**

**Denmark 4.9%**

 
Carlsberg AS "B" (a) 

 

40,875 

 

1,349,629 

Novo Nordisk AS "B"  

 

69,500 

 

3,708,531 

(Cost $8,688,621)

 

**5,058,160**

**Finland 2.7%**

 
Fortum Oyj  

 

89,100 

 

1,739,499 

Nokia Oyj  

 

82,600 

 

1,013,723 

(Cost $5,721,529)

 

**2,753,222**

**France 10.1%**

 
Alstom SA  

 

19,818 

 

961,626 

AXA SA  

 

144,379 

 

2,249,347 

BNP Paribas  

 

51,594 

 

1,976,732 

Societe Generale  

 

27,551 

 

1,161,657 

Total SA  

 

57,923 

 

2,897,408 

Vallourec SA  

 

10,808 

 

1,063,250 

(Cost $13,501,989)

 

**10,310,020**

**Germany 15.1%**

 
Allianz SE (Registered)  

 

17,720 

 

1,491,376 

BASF SE  

 

52,500 

 

1,519,797 

Bayer AG (a) 

 

73,227 

 

3,908,510 

Deutsche Boerse AG  

 

21,200 

 

1,065,983 

Deutsche Telekom AG (Registered) (a) 

 

174,400 

 

2,107,938 

E.ON AG  

 

53,106 

 

1,708,593 

Linde AG  

 

23,900 

 

1,593,521 

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)  

 

15,600 

 

2,074,392 

(Cost $16,972,837)

 

**15,470,110**

**Hong Kong 2.0%**

 
China Mobile Ltd.  (Cost $2,443,356)

 

230,500 

 

**2,079,334**

**Ireland 1.0%**

 
CRH PLC  (Cost $1,199,347)

 

43,700 

 

**1,016,627**

**Italy 2.4%**

 
Intesa Sanpaolo  

 

316,300 

 

996,615 

Saipem SpA  

 

95,000 

 

1,449,858 

(Cost $3,542,354)

 

**2,446,473**

**Japan 14.9%**

 
Astellas Pharma, Inc.  

 

57,700 

 

2,175,827 

Canon, Inc.  

 

71,150 

 

1,912,283 

East Japan Railway Co.  

 

21,370 

 

1,447,936 

Japan Tobacco, Inc.  

 

592 

 

1,691,576 

Mitsubishi Corp.  

 

143,700 

 

1,901,498 

Mitsubishi UFJ Financial Group, Inc.  

 

280,700 

 

1,556,780 

Nintendo Co., Ltd.  

 

5,500 

 

1,691,975 

Nippon Telegraph & Telephone Corp.  

 

32,595 

 

1,571,559 

Seven & I Holdings Co., Ltd.  

 

50,000 

 

1,332,569 

(Cost $20,301,912)

 

**15,282,003**

**Luxembourg 1.3%**

 
ArcelorMittal (a) (Cost $2,868,149)

 

58,069 

 

**1,304,210**

 

 

 

**Mexico 0.9%**

 
America Movil SAB de CV "L" (ADR)  (Cost $1,762,466)

 

31,600 

 

**900,916**

**Norway 2.5%**

 
StatoilHydro ASA  (Cost $4,067,604)

 

150,300 

 

**2,591,991**

**Russia 1.2%**

 
Gazprom (ADR) (Cost $3,553,373)

 

91,500 

 

**1,187,573**

**Singapore 1.3%**

 
United Overseas Bank Ltd.  (Cost $2,468,998)

 

173,000 

 

**1,339,793**

**Spain 2.4%**

 
Telefonica SA  (Cost $2,445,272)

 

136,154 

 

**2,422,008**

**Switzerland 11.0%**

 
ABB Ltd. (Registered)*  

 

128,362 

 

1,668,607 

Lonza Group AG (Registered)  

 

17,949 

 

1,637,477 

Nestle SA (Registered)  

 

62,035 

 

2,144,808 

Novartis AG (Registered)  

 

31,859 

 

1,318,240 

Roche Holding AG (Genusschein)  

 

21,934 

 

3,084,055 

Xstrata PLC  

 

167,283 

 

1,374,283 

(Cost $14,572,573)

 

**11,227,470**

**United Kingdom 8.5%**

 
AMEC PLC  

 

139,045 

 

1,136,372 

Babcock International Group PLC  

 

86,043 

 

630,267 

BG Group PLC  

 

203,629 

 

2,810,838 

HSBC Holdings PLC  

 

193,204 

 

1,507,670 

Vodafone Group PLC  

 

1,401,213 

 

2,611,400 

(Cost $11,097,598)

 

**8,696,547**

**Total Common Stocks** (Cost $128,092,448)

 

**94,016,788**

 

**Exchange Traded Fund 4.4%**

 
**Japan**

 
iShares MSCI Japan Index Fund  (Cost $6,214,746)

 

539,268 

 

**4,546,029**

 

**Securities Lending Collateral 8.8%**

 
Daily Assets Fund Institutional, 1.25% (b) (c)(Cost $9,000,454)

 

 

9,000,454

 

**9,000,454**

 

**Cash Equivalents 6.8%**

 
Cash Management QP Trust, 1.12% (b)(Cost $6,943,571)

 

 

6,943,571

 

**6,943,571**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $150,251,219) †

111.9

 

**114,506,842**

**Other Assets and Liabilities, Net**

(11.9)

 

**(12,168,646)**

**Net Assets**

100.0

 

**102,338,196**

*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 $152,812,962.  At January 31, 2009, net unrealized depreciation for all securities based on tax cost was $38,306,120.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,464,469 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $41,770,589.*

 

 

 

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at January 31, 2009 amounted to $8,202,900 which is 8.0% 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.*

*(c)*

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

*ADR: American Depositary Receipt*

*MSCI: Morgan Stanley Capital International*

 

*At January 31, 2009, the DWS International Select Equity Fund had the following sector diversification:*

 

**Sector**

**Market Value ($)**

 

**As a % of                  Common Stocks**

Health Care

 

18,284,569

 

19.5

%

Financials

 

18,082,890

 

19.2

%

Energy

 

13,813,720

 

14.7

%

Telecommunication Services

 

11,693,155

 

12.4

%

Materials

 

9,884,615

 

10.5

%

Industrials

 

7,673,184

 

8.2

%

Consumer Staples

 

6,518,582

 

6.9

%

Information Technology

 

4,617,981

 

4.9

%

Utilities

 

3,448,092

 

3.7

%

**Total**

 

**94,016,788**

 

**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 January 31, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                   17,995,998

Level 2 

96,510,844   

Level 3 

-   

**Total**

**$                 114,506,842**

 

 

 

**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 International Select Equity Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 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 International Select Equity Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

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