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: 9/30/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of September 30, 2009  (Unaudited)** |
|----------------------|-------------------------------------------|

 

 

**DWS RREEF Real Estate Securities Fund**

 

|   | **Shares** |   | **Value ($)** |  
 

**Common Stocks 100.0%**

 
**Real Estate Investments Trusts (“REITs”) 99.5%**

 
**Apartments 16.6%**

 
American Campus Communities, Inc.

 

873,550 

 

23,454,818 

 
Apartment Investment & Management Co. "A" 

 

1,693,535 

 

24,979,641 

 
AvalonBay Communities, Inc. (a) 

 

537,106 

 

39,063,719 

 
BRE Properties, Inc.   

 

952,494 

 

29,813,062 

 
Education Realty Trust, Inc. 

 

1,142,000 

 

6,772,060 

 
Equity Residential  

 

1,404,325 

 

43,112,778 

 
Post Properties, Inc.  

 

549,553 

 

9,891,954 

 
 

**177,088,032**

 
 

 

 

**Diversified 9.3%**

 
Colonial Properties Trust   

 

429,679 

 

4,180,777 

 
Digital Realty Trust, Inc. (a) 

 

985,420 

 

45,043,548 

 
Duke Realty Corp.  

 

1,750,150 

 

21,019,302 

 
PS Business Parks, Inc.  

 

212,470 

 

10,903,960 

 
Washington Real Estate Investment Trust  

 

626,710 

 

18,049,248 

 
 

**99,196,835**

 
**Health Care 17.2%**

 
Cogdell Spencer, Inc.  

 

1,015,928 

 

4,876,454 

 
HCP, Inc. (a) 

 

1,918,894 

 

55,149,014 

 
Health Care REIT, Inc. (a) 

 

1,020,625 

 

42,478,412 

 
LTC Properties, Inc.  

 

220,291 

 

5,295,796 

 
Nationwide Health Properties, Inc. (a) 

 

1,331,349 

 

41,258,506 

 
Senior Housing Properties Trust 

 

1,785,658 

 

34,123,924 

 
 

**183,182,106**

 
**Hotels 4.5%**

 
DiamondRock Hospitality Co.*  

 

1,132,127 

 

9,170,229 

 
Host Hotels & Resorts, Inc.  

 

2,463,993 

 

29,001,197 

 
Sunstone Hotel Investors, Inc. (a) 

 

1,465,850 

 

10,407,535 

 
 

**48,578,961**

 
**Industrial 5.8%**

 
AMB Property Corp.   

 

1,273,050 

 

29,216,497 

 
ProLogis   

 

2,704,827 

 

32,241,538 

 
 

**61,458,035**

 
**Office 17.0%**

 
BioMed Realty Trust, Inc.   

 

1,446,676 

 

19,964,129 

 
Boston Properties, Inc.   

 

1,101,856 

 

72,226,661 

 
Government Properties Income Trust*  

 

224,600 

 

5,392,646 

 
Kilroy Realty Corp.  

 

626,616 

 

17,382,328 

 
SL Green Realty Corp. (a) 

 

611,794 

 

26,827,167 

 
Vornado Realty Trust (a) 

 

610,686 

 

39,334,285 

 
 

**181,127,216**

 
**Regional Malls 14.5%**

 
Simon Property Group, Inc. (a) 

 

1,972,295 

 

136,936,442 

 
Taubman Centers, Inc.  

 

428,012 

 

15,442,673 

 
The Macerich Co.   

 

79,629 

 

2,415,147 

 
 

**154,794,262**

 
**Shopping Centers 6.1%**

 
Kimco Realty Corp.  

 

461,167 

 

6,013,618 

 
Ramco-Gershenson Properties Trust  

 

602,400 

 

5,373,408 

 
Regency Centers Corp. (a) 

 

1,439,945 

 

53,349,962 

 
 

**64,736,988**

 
**Specialty Services 0.5%**

 
Entertainment Properties Trust (a) 

 

159,223 

 

**5,435,873**

 
**Storage 8.0%**

 
Public Storage (a) 

 

1,004,744 

 

75,596,939 

 
Sovran Self Storage, Inc.  

 

325,300 

 

9,898,879 

 
 

**85,495,818**

 
**Total Real Estate Investment Trusts (REITs)**

 

**1,061,094,126**

 
**Other 0.5%**

 
NRDC Acquisition Corp.*  

 

479,650 

 

**4,959,581**

 
**Total Common Stocks** (Cost $798,384,218)

 

**1,066,053,707**

 
 

 

 

 

**Securities Lending Collateral 25.5%**

 
Daily Assets Fund Institutional, 0.29% (b) (c)(Cost $272,135,105)

 

 

272,135,105

 

**272,135,105**

 
 

**Cash Equivalents 1.1%**

 
Cash Management QP Trust, 0.18% (b)(Cost $11,703,949)

 

 

11,703,949

 

**11,703,949**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $1,082,223,272) †

126.6

 

**1,349,892,761**

 
**Other Assets and Liabilities, Net**

(26.6)

 

**(283,384,638)**

 
**Net Assets**

100.0

 

**1,066,508,123**

 
*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 $1,182,496,139.  At September 30, 2009, net unrealized appreciation for all securities based on tax cost was $167,396,622.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $273,087,853 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $105,691,231.*

 
*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at September 30, 2009 amounted to $264,800,779 which is 24.8% 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.*

 
 

 

***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 September 30, 2009 in valuing the Fund's investments:*

 

 

**Level 1**

**Level 2**

**Level 3**

**Total**

**Assets**

 

 

 

Common Stock and/or Other Equity Investments(d)

$ 1,066,053,707  

$                      —

$                   —

$     1,066,053,707  

Short-Term Investments(d)

272,135,105

11,703,949

—

283,839,054

**Total**

**$ 1,338,188,812**

**$        11,703,949**

**$                   —**

**$     1,349,892,761**

 
*(d)*

*See Investment Portfolio for additional detailed categorizations.*

 
 

 

**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 Real Estate Securities Fund, a series of DWS Advisor Funds

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

November 19, 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 Real Estate Securities Fund, a series of DWS Advisor Funds

 

 

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

 

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