nq093010af_rgres.htm

% of

Net Assets

Total Investment Portfolio (Cost $814,952,402) †

Other Assets and Liabilities, Net

(49,844,847)

Net Assets

0000088053-10-001589.txt : 20101126 0000088053-10-001589.hdr.sgml : 20101125 20101126113116 ACCESSION NUMBER: 0000088053-10-001589 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101126 DATE AS OF CHANGE: 20101126 EFFECTIVENESS DATE: 20101126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS ADVISOR FUNDS CENTRAL INDEX KEY: 0000797657 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04760 FILM NUMBER: 101216485 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER ADVISOR FUNDS DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: BT INVESTMENT FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BT TAX FREE INVESTMENT TRUST DATE OF NAME CHANGE: 19880530

0000797657 S000012353 DWS RREEF Global Real Estate Securities Fund

C000033584 Class A

C000033585 Class C

C000033586 Class S

C000033587 Institutional Class

C000096043 Class M

N-Q 1 nq093010af_rgres.htm DWS RREEF GLOBAL REAL ESTATE SECURITIES FUND nq093010af_rgres.htm

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

100 Plaza One

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant's telephone number, including area code: (201) 593-6408

Date of fiscal year end: 12/31

Date of reporting period: 9/30/10

ITEM 1.

SCHEDULE OF INVESTMENTS

Investment Portfolio

as of September 30, 2010 (Unaudited)

DWS RREEF Global Real Estate Securities Fund

			Shares		Value ($)
	Common Stocks 97.7%
Australia 7.8%
CFS Retail Property Trust		2,592,889			4,749,236
Charter Hall Group		2,706,435			1,530,359
Charter Hall Office REIT		1,605,121			3,785,627
Commonwealth Property Office Fund		1,822,348			1,620,514
Dexus Property Group		3,473,388			2,870,508
Goodman Group		9,250,846			5,767,410
GPT Group		1,650,477			4,695,762
Mirvac Group		4,018,206			5,165,646
Stockland		2,278,012			8,455,175
Westfield Group (Units)		2,356,758			27,928,209

(Cost $61,943,549)					66,568,446
Bermuda 0.1%
Hongkong Land Holdings Ltd. (Cost $362,290)		60,000			364,200
Brazil 0.3%
Aliansce Shopping Centers SA (Cost $1,605,472)		327,400			2,515,485
Canada 3.9%
Allied Properties Real Estate Investment Trust		160,750			3,546,530
Boardwalk Real Estate Investment Trust(a)		154,050			7,036,981
Boardwalk Real Estate Investment Trust(a)		31,000			1,415,305
Chartwell Seniors Housing Real Estate Investment Trust(a)		360,350			3,018,968
Chartwell Seniors Housing Real Estate Investment Trust 144A*		332,500			2,785,645
Chartwell Seniors Housing Real Estate Investment Trust(a)		153,550			1,341,641
First Capital Realty, Inc.(a)		8,800			132,569
First Capital Realty, Inc.(a)		347,350			5,232,700
First Capital Realty, Inc. 144A*		93,200			1,404,024
InnVest Real Estate Investment Trust		1,057,450			7,389,509

(Cost $26,273,538)					33,303,872
Channel Islands 0.5%
Camper & Nicholsons Marina Investments Ltd.*		1,550,000			474,804
LXB Retail Properties PLC*		2,480,000			3,886,091

(Cost $5,710,628)					4,360,895
China 0.7%
Agile Property Holdings Ltd. (Cost $6,269,174)		5,074,000			5,740,273
Finland 0.2%
Technopolis Oyj (Cost $2,296,190)		310,000			1,726,737
France 4.0%
ICADE (b)		50,750			5,335,471
Klepierre		238,585			9,223,555
Unibail-Rodamco SE		88,800			19,745,012

(Cost $30,666,383)					34,304,038
Germany 0.3%
Alstria Office REIT-AG (b) (Cost $1,616,535)		146,735			2,038,032
Hong Kong 16.4%
China Overseas Land & Investment Ltd.		7,610,480			16,106,859
Hang Lung Properties Ltd.		1,592,000			7,733,389
Henderson Land Development Co., Ltd.		2,003,500			14,242,028
Hongkong Land Holdings Ltd.		2,837,000			17,633,291
Hysan Development Co., Ltd.		2,244,000			7,997,106
Kerry Properties Ltd.		1,809,146			9,759,065
Sun Hung Kai Properties Ltd.		2,744,000			46,968,759
The Link REIT		1,307,500			3,872,606
Wharf Holdings Ltd.		2,382,000			15,289,653

(Cost $118,287,645)					139,602,756
Italy 0.2%
Immobiliare Grande Distribuzione (Cost $2,077,334)		1,200,000			1,968,948
Japan 9.1%
AEON Mall Co., Ltd.		289,100			7,041,515
Daikyo, Inc.* (b)		2,772,000			3,763,500
Mitsubishi Estate Co., Ltd.		849,000			13,842,555
Mitsui Fudosan Co., Ltd.		1,434,000			24,187,796
Nippon Building Fund, Inc.		1,259			11,024,721
Sumitomo Realty & Development Co., Ltd.		854,000			17,691,141

(Cost $79,810,166)					77,551,228
Malta 0.0%
BGP Holdings PLC* (Cost $0)		9,642,377			9
Netherlands 2.5%
Corio NV		114,600			7,839,034
Eurocommercial Properties NV (CVA)		115,000			5,336,471
Wereldhave NV		85,000			8,253,839

(Cost $18,314,385)					21,429,344
Norway 0.3%
Norwegian Property ASA* (Cost $3,374,622)		1,650,000			2,850,511
Philippines 0.6%
Megaworld Corp. (Cost $2,954,245)		107,548,670			5,426,060
Singapore 4.6%
CapitaLand Ltd.		5,060,500			15,612,537
CapitaMall Trust		5,568,000			9,110,452
CDL Hospitality Trusts		2,206,000			3,579,011
Keppel Land Ltd.		2,212,000			6,806,437
Suntec Real Estate Investment Trust		3,292,000			3,782,749

(Cost $34,831,016)					38,891,186
Sweden 0.4%
Kungsleden AB (Cost $2,361,047)		355,000			3,017,754
United Kingdom 5.8%
Big Yellow Group PLC		390,000			2,001,206
Capital & Regional PLC*		3,422,338			1,855,078
Conygar Investment Co. PLC*		655,000			1,078,095
Derwent London PLC		106,500			2,519,636
Development Securities PLC		670,000			2,423,278
Great Portland Estates PLC		330,000			1,770,344
Hansteen Holdings PLC		1,280,000			1,473,993
Land Securities Group PLC		556,675			5,594,034
Max Property Group PLC*		850,000			1,344,049
Metric Property Investments PLC *		967,919			1,612,401
NR Nordic & Russia Properties Ltd.		1,000,000			443,056
Primary Health Properties PLC		240,000			1,133,528
Quintain Estates & Development PLC*		2,800,000			1,906,995
Safestore Holdings PLC		1,564,000			3,043,306
Segro PLC		2,690,000			11,555,513
Songbird Estates PLC*		828,463			1,727,889
South African Property Opportunities PLC*		1,700,000			1,725,162
Terrace Hill Group PLC*		2,000,000			573,378
UNITE Group PLC*		1,600,000			5,536,837

(Cost $55,446,587)					49,317,778
United States 40.0%
American Campus Communities, Inc. (REIT) (b)		23,250			707,730
AvalonBay Communities, Inc. (REIT) (b)		76,354			7,935,471
Boston Properties, Inc. (REIT) (b)		256,550			21,324,436
Brandywine Realty Trust (REIT)		597,300			7,316,925
BRE Properties, Inc. (REIT) (b)		253,312			10,512,448
Cogdell Spencer, Inc. (REIT)		400,000			2,528,000
Colonial Properties Trust (REIT)		410,550			6,646,805
CommonWealth REIT (REIT)		248,531			6,362,394
Developers Diversified Realty Corp. (REIT)		612,950			6,877,299
Digital Realty Trust, Inc. (REIT) (b)		318,250			19,636,025
Douglas Emmett, Inc. (REIT)		184,100			3,223,591
Equity Residential (REIT)		487,270			23,179,434
Extra Space Storage, Inc. (REIT)		537,050			8,614,282
Federal Realty Investment Trust (REIT)		13,300			1,086,078
First Industrial Realty Trust, Inc. (REIT)* (b)		23,850			120,920
Glimcher Realty Trust (REIT)		513,250			3,156,488
HCP, Inc. (REIT) (b)		311,450			11,205,971
Home Properties, Inc. (REIT) (b)		146,750			7,763,075
Host Hotels & Resorts, Inc. (REIT) (b)		1,366,505			19,786,992
Hudson Pacific Properties, Inc. (REIT)		66,100			1,082,057
Kimco Realty Corp. (REIT)		631,050			9,939,037
LTC Properties, Inc. (REIT)		166,800			4,256,736
Medical Properties Trust, Inc. (REIT)		304,750			3,090,165
Nationwide Health Properties, Inc. (REIT)		215,986			8,352,179
Pebblebrook Hotel Trust (REIT)*		143,225			2,579,482
Post Properties, Inc. (REIT)		295,350			8,246,172
ProLogis (REIT)		1,048,850			12,355,453
PS Business Parks, Inc. (REIT)		40,350			2,282,600
Public Storage (REIT) (b)		150,050			14,560,852
Ramco-Gershenson Properties Trust (REIT)		270,837			2,900,664
Regency Centers Corp. (REIT) (b)		320,969			12,668,646
Senior Housing Properties Trust (REIT)		528,870			12,428,445
Simon Property Group, Inc. (REIT)		493,653			45,781,379
SL Green Realty Corp. (REIT) (b)		269,301			17,054,832
Strategic Hotels & Resorts, Inc. (REIT)*		769,150			3,261,196
Sun Healthcare Group, Inc.*		226,500			1,918,455
UDR, Inc. (REIT)		9,250			195,360
Washington Real Estate Investment Trust (REIT) (b)		303,000			9,614,190

(Cost $291,730,190)					340,552,264

Total Common Stocks (Cost $745,930,996)				831,529,816
	Closed-End Investment Company 0.4%
Luxembourg
ProLogis European Properties* (Cost $2,648,136)		520,000			3,141,528
	Securities Lending Collateral 7.5%
Daily Assets Fund Institutional, 0.29% (c) (d) (Cost $63,902,460)		63,902,460			63,902,460
	Cash Equivalents 0.3%
Central Cash Management Fund, 0.21% (c) (Cost $2,470,810)		2,470,810			2,470,810

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 $959,126,558. At September 30, 2010, net unrealized depreciation for all securities based on tax cost was $58,081,944. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $105,564,803 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $163,646,747.
(a)	Securities with the same description are the same corporate entity but trade on different stock exchanges.
(b)	All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2010 amounted to $62,633,486 which is 7.4% of net assets.
(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.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
CVA: Certificaten Van Aandelen
REIT: Real Estate Investment Trust

At September 30, 2010 the DWS RREEF Global Real Estate Securities Fund had the following sector diversification:

	Market Value ($)		As a % of Common Stocks
Diversified		369,914,093		44.5	%
Office		119,512,957		14.4	%
Shopping Centers		97,313,598		11.7	%
Apartments		65,576,671		7.9	%
Regional Malls		50,550,268		6.1	%
Health Care		50,141,278		6.0	%
Hotels		33,017,179		4.0	%
Storage		28,219,646		3.4	%
Industrial		13,950,366		1.6	%
Health Care Providers & Services		1,918,455		0.2	%
Miscellaneous		1,415,305		0.2	%
Total		831,529,816		100.0	%

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, 2010 in valuing the Fund's investments.

	Level 1		Level 2		Level 3		Total
Assets
Common Stocks
Australia	$	—	$	66,568,446	$	—	$	66,568,446
Bermuda		364,200		—		—		364,200
Brazil		2,515,485		—		—		2,515,485
Canada		33,303,872		—		—		33,303,872
Channel Islands		—		4,360,895		—		4,360,895
China		—		5,740,273		—		5,740,273
Finland		—		1,726,737		—		1,726,737
France		—		34,304,038		—		34,304,038
Germany		—		2,038,032		—		2,038,032
Hong Kong		—		139,602,756		—		139,602,756
Italy		—		1,968,948		—		1,968,948
Japan		—		77,551,228		—		77,551,228
Malta		—		—		9		9
Netherlands		—		21,429,344		—		21,429,344
Norway		—		2,850,511		—		2,850,511
Philippines		—		5,426,060		—		5,426,060
Singapore		—		38,891,186		—		38,891,186
Sweden		—		3,017,754		—		3,017,754
United Kingdom		—		47,592,616		1,725,162		49,317,778
United States		340,552,264		—		—		340,552,264
Closed-End Investment Company		—		3,141,528		—		3,141,528
Short-Term Investments(e)		66,373,270		—		—		66,373,270
Total	$	443,109,091	$	456,210,352	$	1,725,171	$	901,044,614

There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements during the period ended September 30, 2010.
(e)	See Investment Portfolio for additional detailed categorizations.

Level 3 Reconciliation

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

	Common Stocks
	United Kingdom		Malta			Total
Balance as of December 31, 2009	$	1,400,379	$	—		$	1,400,379
Realized gains (loss)		—		—			—
Change in unrealized appreciation (depreciation)		324,783		1			324,784
Amortization premium/discount		—		—			—
Net purchase (sales)		—		—			—
Transfers into Level 3		—		8	(f)		8
Transfers (out) of Level 3		—		—			—
Balance as of September 30, 2010	$	1,725,162	$	9		$	1,725,171
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2010	$	324,783	$	1		$	324,784

Transfers between price levels are recognized at the beginning of the reporting period.

(f)	The investment was transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity.

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:	November 23, 2010

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.

By:	/s/Michael G. Clark Michael G. Clark President

Date:	November 23, 2010



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	November 23, 2010

EX-99.CERT 2 ex-99cert.htm CERTIFICATION ex-99cert.htm

CERTIFICATIONS

I, Michael G. Clark, certify that:

I have reviewed this report on Form N-Q of DWS RREEF Global Real Estate Securities Fund, a series of DWS Advisor Funds;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


By:	/s/Michael G. Clark Michael G. Clark President

Date:	November 23, 2010

CERTIFICATIONS

I, Paul Schubert, certify that:

I have reviewed this report on Form N-Q of DWS RREEF Global Real Estate Securities Fund, a series of DWS Advisor Funds;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	November 23, 2010