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
  

 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $814,952,402) †
105.9
  
901,044,614
  
Other Assets and Liabilities, Net
(5.9)
  
(49,844,847)
  
 
Net Assets
100.0
  
851,199,767
  

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