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 Real Estate Securities Fund**

 

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
|--------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 95.9%** |  
**Real Estate Investments Trusts (“REITs”) 95.9%**

 
**Apartments 18.2%**

 
American Campus Communities, Inc. (a) 

 

793,650 

 

13,777,764 

AvalonBay Communities, Inc. (a) 

 

752,256 

 

35,401,167 

BRE Properties, Inc.  

 

296,750 

 

5,825,203 

Camden Property Trust  

 

559,803 

 

12,080,549 

Equity Residential  

 

1,950,575 

 

35,793,051 

Post Properties, Inc. (a) 

 

267,484 

 

2,712,288 

UDR, Inc.  

 

597,600 

 

5,145,336 

 

**110,735,358**

 

 

 

**Diversified 0.1%**

 
DuPont Fabros Technology, Inc.  

 

51,900 

 

**357,072**

**Health Care 19.4%**

 
Cogdell Spencer, Inc.  

 

257,244 

 

1,311,944 

HCP, Inc. (a) 

 

646,950 

 

11,548,058 

Health Care REIT, Inc. (a) 

 

519,550 

 

15,893,034 

LTC Properties, Inc.  

 

477,638 

 

8,377,771 

Medical Properties Trust, Inc. (a) 

 

1,778,350 

 

6,490,978 

Nationwide Health Properties, Inc. (a) 

 

1,217,649 

 

27,019,631 

Senior Housing Properties Trust (a) 

 

1,507,908 

 

21,140,870 

Ventas, Inc. (a) 

 

1,158,142 

 

26,185,591 

 

**117,967,877**

**Hotels 2.3%**

 
Hospitality Properties Trust  

 

246,158 

 

2,953,896 

Host Hotels & Resorts, Inc. (a) 

 

2,720,144 

 

10,662,964 

 

**13,616,860**

**Industrial 8.1%**

 
AMB Property Corp. (a) 

 

1,904,700 

 

27,427,680 

DCT Industrial Trust, Inc.  

 

175,937 

 

557,720 

Liberty Property Trust  

 

409,152 

 

7,749,339 

ProLogis (a) 

 

2,019,882 

 

13,129,233 

 

**48,863,972**

**Manufactured Homes 1.4%**

 
Equity Lifestyle Properties, Inc.  

 

228,652 

 

**8,711,641**

**Office 19.1%**

 
BioMed Realty Trust, Inc.  

 

815,576 

 

5,521,449 

Boston Properties, Inc. (a) 

 

904,956 

 

31,700,609 

Digital Realty Trust, Inc. (a) 

 

802,920 

 

26,640,886 

Kilroy Realty Corp. (a) 

 

358,612 

 

6,164,540 

SL Green Realty Corp. (a) 

 

734,902 

 

7,936,942 

Vornado Realty Trust (a) 

 

1,150,189 

 

38,232,282 

 

**116,196,708**

**Regional Malls 10.3%**

 
Simon Property Group, Inc. (a) 

 

1,625,796 

 

56,317,574 

Taubman Centers, Inc. (a) 

 

381,402 

 

6,499,090 

 

**62,816,664**

**Shopping Centers 9.5%**

 
Federal Realty Investment Trust (a) 

 

444,765 

 

20,459,190 

Kite Realty Group Trust  

 

678,377 

 

1,662,024 

Regency Centers Corp. (a) 

 

1,196,400 

 

31,788,348 

Saul Centers, Inc.  

 

170,550 

 

3,917,533 

 

**57,827,095**

**Specialty Services 0.8%**

 
Entertainment Properties Trust  

 

315,523 

 

**4,972,642**

**Storage 6.7%**

 
Extra Space Storage, Inc.  

 

828,600 

 

4,565,586 

Public Storage (a) 

 

656,378 

 

36,264,885 

 

**40,830,471**

**Other 0.0%**

 
FrontLine Capital Group*  

 

12,400 

 

**0**

**Total Common Stocks** (Cost $796,053,511)

 

**582,896,360**

 

 

 

 

**Securities Lending Collateral 41.0%**

 
Daily Assets Fund Institutional, 0.78% (b) (c)(Cost $248,766,678)

 

 

248,766,678

 

**248,766,678**

 

**Cash Equivalents 1.9%**

 
Cash Management QP Trust, 0.53% (b)(Cost $11,752,535)

 

 

11,752,535

 

**11,752,535**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $1,056,572,724) †

138.8

 

**843,415,573**

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

(38.8)

 

**(235,691,035)**

**Net Assets**

100.0

 

**607,724,538**

*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 $1,156,845,591.  At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $313,430,018.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $15,846,955 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $329,276,973.*

*(a)*

*All or a portion of these securities were on loan amounting to $263,640,812. In addition, included in other assets and liabilities, net is a pending sale, amounting to $72,688 that is also on loan. The value of all securities loaned at March 31, 2009 amounted to $263,713,500 which is 43.4% 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***

 

*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 

$              831,663,038   

Level 2 

11,752,535   

Level 3 

0††   

**Total**

**$              843,385,573**

 

*††***

*Market value of security is $0.*

 

*The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at March 31, 2009:*

 

 

 

**Investments in  Securities**

**Balance as of December 31, 2008**

$                                 0

Total realized gain (loss)

-   

Change in unrealized appreciation (depreciation)

-   

Amortization premium/discount

-

Net purchases (sales)

-   

Net transfers in (out) of Level 3 

-   

**Balance as of March 31, 2009**

**$                                 0**

**Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2009**

**$                                  -**

**

 

 

**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:

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 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

  |