ar123110gres.htm

DECEMBER 31, 2010

Annual Report to Shareholders

DWS RREEF Global Real Estate Securities Fund

Contents

4 Performance Summary

7 Information About Your Fund's Expenses

9 Portfolio Management Review

13 Portfolio Summary

15 Investment Portfolio

21 Statement of Assets and Liabilities

23 Statement of Operations

24 Statement of Changes in Net Assets

25 Financial Highlights

29 Notes to Financial Statements

39 Report of Independent Registered Public Accounting Firm

40 Tax Information

41 Investment Management Agreement Approval

46 Summary of Management Fee Evaluation by Independent Fee Consultant

50 Board Members and Officers

54 Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. Stocks may decline in value. See the prospectus for details.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance Summary December 31, 2010

Average Annual Total Returns as of 12/31/10
Unadjusted for Sales Charge	1-Year	3-Year	Life of Fund*
Class A	17.16%	-6.30%	-1.32%
Class C	16.19%	-7.11%	-2.17%
Adjusted for the Maximum Sales Charge
Class A (max 5.75% load)	10.43%	-8.13%	-2.61%
Class C (max 1.00% CDSC)	16.19%	-7.11%	-2.17%
No Sales Charges
Class S	17.20%	-6.10%	-1.12%
Institutional Class	17.59%	-5.92%	-.99%
FTSE EPRA/NAREIT Developed Real Estate Index+	19.63%	-5.26%	-.32%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.

Performance in the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated May 1, 2010 are 1.75%, 2.56%, 1.83% and 1.24% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

[] DWS RREEF Global Real Estate Securities Fund — Class A

[] FTSE EPRA/NAREIT Developed Real Estate Index+

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

* The Fund commenced operations on July 5, 2006. Index returns began on June 30, 2006.

+ The FTSE EPRA/NAREIT Developed Real Estate Index is an unmanaged, market-weighted index designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. The index includes a range of regional and country indices, Dividend+ indices, Global Sectors, Investment Focus, and a REITs and Non-REITs series. The Index is calculated using closing market prices and translates into US dollars using Reuters closing price.

Net Asset Value and Distribution Information
	Class A		Class C		Class S		Institutional Class
Net Asset Value: 12/31/10	$	7.51	$	7.54	$	7.49	$	7.50
12/31/09	$	6.73	$	6.75	$	6.71	$	6.72
Distribution Information Twelve Months as of 12/31/10: Income Dividends	$	.34	$	.28	$	.35	$	.38

Lipper Rankings — Global Real Estate Funds Category as of 12/31/10
Period	Rank		Number of Fund Classes Tracked	Percentile Ranking (%)
Class A 1-Year	77	of	100	77
3-Year	58	of	71	81
Class C 1-Year	86	of	100	86
3-Year	64	of	71	89
Class S 1-Year	75	of	100	75
3-Year	57	of	71	80
Institutional Class 1-Year	65	of	100	65
3-Year	54	of	71	75

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2010 to December 31, 2010).

The tables illustrate your Fund's expenses in two ways:

•Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

• Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2010
Actual Fund Return*	Class A		Class C		Class S		Institutional Class
Beginning Account Value 7/1/10	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 12/31/10	$	1,245.20	$	1,240.40	$	1,245.70	$	1,247.70
Expenses Paid per $1,000*	$	8.21	$	12.71	$	7.64	$	5.61
Hypothetical 5% Fund Return	Class A		Class C		Class S		Institutional Class
Beginning Account Value 7/1/10	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value 12/31/10	$	1,017.90	$	1,013.86	$	1,018.40	$	1,020.21
Expenses Paid per $1,000*	$	7.37	$	11.42	$	6.87	$	5.04

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
DWS RREEF Global Real Estate Securities Fund	1.45%	2.25%	1.35%	.99%

For more information, please refer to the Fund's prospectuses.

Portfolio Management Review

DWS RREEF Global Real Estate Securities Fund:

A Team Approach to Investing

Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS RREEF Global Real Estate Securities Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. RREEF America L.L.C. ("RREEF"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the subadvisor for the fund.

Pursuant to agreements between RREEF and Deutsche Alternatives Asset Management (Global) Limited, Deutsche Asset Management (Hong Kong) Limited and Deutsche Investments Australia Limited (the "sub-subadvisors"), these entities act as sub-subadvisors to the fund. The sub-subadvisors, which are indirect, wholly owned subsidiaries of Deutsche Bank AG, act under the supervision of the Board, DIMA and RREEF. RREEF allocates, and reallocates as it deems appropriate, the fund's assets among the sub-subadvisors.

Deutsche Alternatives Asset Management (Global) Limited evaluates stock selections for the European portion of the fund's portfolio. Deutsche Asset Management (Hong Kong) Limited and Deutsche Investments Australia Limited evaluate stock selections for the Asian and Australian portions of the fund's portfolio, respectively.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.

DWS Investments is the retail brand name in the US for the asset management activities of Deutsche Bank AG and DIMA. As such, DWS is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.

Portfolio Management Team

John F. Robertson, CFA Lead Portfolio Manager
Jerry W. Ehlinger, CFA Daniel Ekins John Hammond Portfolio Managers	William Leung Ross McGlade John W. Vojticek

Market Overview and Fund Performance

The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Global real estate investment securities endured a weak start to the year 2010 as investor risk aversion prompted a pullback in prices. However, global REITs rebounded over the remainder of the first quarter based on better-than-expected economic results and optimism over the prospects for global growth. In July 2010, relief that the tense European economic situation was being remediated through government austerity programs and measures by the European Central Bank, backed up by surprisingly strong economic data from the Eurozone, provided a boost to the global real estate market.1 Real estate securities in much of Asia also performed well early in the third quarter as Singapore's government reported robust gross domestic product (GDP) growth.2 In the closing months of 2010, global real estate securities advanced as the worldwide economy continued to show improvement, and the announcement of additional quantitative easing by the US Federal Reserve Board (the Fed) sparked rallies in stock markets around the world. During November 2010, global investment markets had been hurt by renewed worries regarding troubled banks, excessive debt and rising bond yields in peripheral Eurozone countries, including Greece, Ireland, Spain and Portugal. However, assurances from European officials calmed the markets, and UK and Continental Europe real estate securities rebounded. Japanese real estate issues performed especially well based on the Bank of Japan's favorably received asset purchase program, which encouraged additional investment in high-quality real estate issues there. Lastly, US REITs enjoyed positive performance to close the year based on encouraging economic signals, including stronger US consumer demand, increased manufacturing activity and additional hiring by corporations.

For its most recent fiscal year ended December 31, 2010, DWS RREEF Global Real Estate Securities Fund returned 17.16%. (Class A shares; returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 6 for the performance of other share classes and for more complete performance information.) In comparison, the fund's benchmark, the FTSE EPRA/NAREIT Developed Real Estate Index, returned 19.63%.3

Over the calendar year, both stock selection and regional allocation detracted from relative performance. The largest detractor from a regional allocation standpoint was an overweight to the underperforming Asia ex-Japan region, while our underweight to the outperforming Europe ex-UK region also detracted.4 Those factors more than offset favorable regional allocation deriving from the fund's underweight to the underperforming Australia region. Stock selection was positive in Asia ex-Japan and the Americas, but this was offset by weak stock selection within the UK and Japan.

Positive Contributors to Fund Performance

For the period, our overweight position in the Philippine residential and office company Megaworld Corp. contributed significantly to performance. Megaworld has benefited from the growth in business process outsourcing to Filipino workers. In addition, an overweight to the Hong Kong office and retail company Hysan Development Co. Ltd. contributed significantly to returns. As a leading real estate firm in the region, Hysan has been a prime beneficiary of recent office and retail growth, supported by the strong economy in Hong Kong and healthy tourist spending there.

Negative Contributors to Fund Performance

The fund's overweight position in China Overseas Land & Investment Ltd., one of the largest property companies on the Chinese mainland, detracted from performance. The company was negatively affected by the Chinese government's moves during 2010 to tighten economic policy in order to restrain inflation. Another detractor came from holdings in Nippon Building Fund Inc., as our overweight there was not well timed, the recovery of the Japanese office market took longer than anticipated and rent decreases within Nippon's properties as well as a lack of acquisitions by the company disappointed investors.

Outlook and Positioning

As the global economy advances toward firmer footing, issues deriving from the 2008 financial crisis will inevitably spark occasional sell-offs. Government austerity will test investor resolve, inflation is a potential problem for emerging markets and geopolitical uncertainty is an issue for many regions of the world. However, accelerating improvement in most economies bodes well for real estate fundamentals and should also serve to offset rising interest rates.

Following 2010's strong bounce back for the global real estate securities market, led by the United States, Hong Kong and Japan, markets in the best-performing regions appear fairly valued, while laggards such as the UK, Continental Europe and Australia remain attractively valued but lack catalysts to ignite returns. However, dividends for many global real estate issues are rising, and earnings growth has resumed across the board. In our view, given favorable global economic momentum, in the coming months positive earnings surprises for the majority of listed real estate securities firms seem more likely than disappointments.

The fund's largest regional overweight is to Asia (ex-Japan), the area of the world that was least affected by the global financial crisis, and where GDP growth and macroeconomic factors are most favorable. Our largest underweight is to Europe (ex-UK). Sovereign debt concerns continue to plague the region, and economic headwinds that will make recovery slow at best persist.

1 The Eurozone refers to a currency union among the European Union member states that have adopted the euro as their sole currency.

2 Gross domestic product is the value of goods and services produced in an economy.

3 The FTSE EPRA/NAREIT Developed Real Estate Index is an unmanaged, market-weighted index designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. The index includes a range of regional and country indices, Dividend+ indices, Global Sectors, Investment Focus, and a REITs and Non-REITs series. The index is calculated using closing market prices and translates into US dollars using Reuter's closing price.

4 "Overweight" means that a fund holds a higher weighting in a given sector compared with its benchmark index. "Underweight" means that a fund holds a lower weighting in a given sector.

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	12/31/10	12/31/09

Common Stocks	99%	99%
Cash Equivalents	1%	1%
	100%	100%

Sector Diversification (As a % of Common Stocks and Warrants)	12/31/10	12/31/09

Diversified	43%	49%
Office	18%	11%
Shopping Centers	11%	13%
Apartments	7%	6%
Regional Malls	7%	6%
Health Care	5%	7%
Hotels	3%	2%
Storage	3%	4%
Industrials	3%	2%
	100%	100%

Geographical Diversification (As a % of Common Stocks and Warrants)	12/31/10	12/31/09

United States	41%	38%
Hong Kong	17%	19%
Japan	11%	9%
Australia	8%	10%
United Kingdom	6%	8%
Singapore	4%	5%
France	4%	4%
Canada	4%	3%
Netherlands	2%	2%
Other	3%	2%
	100%	100%

Asset allocation, sector diversification and geographical diversification are subject to change.

Ten Largest Equity Holdings at December 31, 2010 (29.0% of Net Assets)	Country	Percent
1. Sun Hung Kai Properties Ltd. Specializes in premium-quality residential and commercial projects for sale and investment	Hong Kong	5.6%
2. Simon Property Group, Inc. Owner and operator of regional shopping malls	United States	4.5%
3. Mitsui Fudosan Co., Ltd. Builds, sells, leases and manages real estate properties	Japan	3.0%
4. Westfield Group Invests in, leases and manages shopping centers	Australia	2.6%
5. AvalonBay Communities, Inc. Self-managed, multifamily real estate investment trust	United States	2.5%
6. Boston Properties, Inc. Developer of commercial and industrial real estate	United States	2.5%
7. Hongkong Land Holdings Ltd. Invests in and develops commercial properties	Hong Kong	2.3%
8. Sumitomo Realty & Development Co., Ltd. Developer, manager and seller of homes and condominiums	Japan	2.0%
9. Wharf Holdings Ltd. Develops and invests in real estate properties	Hong Kong	2.0%
10. SL Green Realty Corp. Owns and operates office buildings	United States	2.0%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 15. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.

Investment Portfolio as of December 31, 2010

	Shares		Value ($)

Common Stocks 98.0%
Australia 8.3%
CFS Retail Property Trust		1,681,313		3,026,579
Charter Hall Group		525,489		1,332,926
Charter Hall Office REIT		1,439,206		4,195,258
Dexus Property Group		4,676,177		3,802,322
Goodman Group		10,196,274		6,778,689
GPT Group		2,836,133		8,528,345
ING Office Fund		2,249,946		1,277,191
Mirvac Group		4,881,770		6,116,518
Stockland		2,006,260		7,387,212
Westfield Group (Units)		2,466,981		24,172,532
Westfield Retail Trust*		3,395,080		8,924,296
(Cost $69,566,718)				75,541,868
Bermuda 0.0%
Hongkong Land Holdings Ltd. (Cost $362,290)		60,000		429,600
Brazil 0.2%
Aliansce Shopping Centers SA (Cost $1,445,446)		294,150		2,427,849
Canada 3.4%
Boardwalk Real Estate Investment Trust (a)		118,500		4,916,147
Boardwalk Real Estate Investment Trust (a)		31,000		1,282,625
Canadian Real Estate Investment Trust		167,900		5,243,181
Chartwell Seniors Housing Real Estate Investment Trust (a)		314,450		2,577,743
Chartwell Seniors Housing Real Estate Investment Trust (a)		636,500		5,236,418
H&R Real Estate Investment Trust (Units)		391,950		7,659,246
InnVest Real Estate Investment Trust		660,650		4,484,952
(Cost $30,536,043)				31,400,312
Channel Islands 0.5%
Camper & Nicholsons Marina Investments Ltd.*		1,550,000		495,404
LXB Retail Properties PLC*		2,480,000		3,818,234
(Cost $5,710,628)				4,313,638
China 0.8%
Agile Property Holdings Ltd. (Cost $6,127,826)		4,906,000		7,258,517
Finland 0.2%
Technopolis Oyj (Cost $2,296,190)		310,000		1,691,269
France 3.7%
Fonciere des Regions		15,768		1,525,524
ICADE		60,000		6,121,590
Klepierre		230,000		8,296,886
Unibail-Rodamco SE		88,800		17,562,188
(Cost $32,898,141)				33,506,188
Germany 0.2%
Alstria Office REIT-AG (Cost $1,355,768)		124,000		1,738,961
Hong Kong 16.9%
China Overseas Land & Investment Ltd.		8,116,480		15,036,706
Hang Lung Properties Ltd.		1,605,000		7,464,588
Henderson Land Development Co., Ltd.		2,003,500		13,648,277
Hongkong Land Holdings Ltd.		2,951,000		21,306,220
Hysan Development Co., Ltd.		2,477,000		11,695,386
Kerry Properties Ltd.		1,015,146		5,263,275
New World Development Co., Ltd.		3,663,000		6,889,803
Sun Hung Kai Properties Ltd.		3,067,000		50,743,130
The Link REIT		1,329,500		4,130,741
Wharf Holdings Ltd.		2,378,000		18,295,132
(Cost $132,041,310)				154,473,258
Italy 0.4%
Immobiliare Grande Distribuzione (Cost $3,286,623)		1,825,000		3,553,325
Japan 10.3%
Daikyo, Inc.* (b)		2,772,000		5,632,128
Japan Real Estate Investment Corp.		1,331		13,802,538
Mitsubishi Estate Co., Ltd.		736,000		13,640,780
Mitsui Fudosan Co., Ltd.		1,354,000		26,971,439
Nippon Building Fund, Inc.		1,494		15,321,584
Sumitomo Realty & Development Co., Ltd.		783,000		18,680,467
(Cost $85,313,306)				94,048,936
Malta 0.0%
BGP Holdings PLC* (Cost $0)		9,642,377		9
Netherlands 1.9%
Corio NV		94,600		6,069,768
Eurocommercial Properties NV (CVA)		66,155		3,045,039
Wereldhave NV		85,000		8,298,556
(Cost $15,325,594)				17,413,363
Norway 0.3%
Norwegian Property ASA* (Cost $3,095,251)		1,519,133		2,696,140
Philippines 0.7%
Megaworld Corp. (Cost $2,954,244)		107,548,670		6,084,451
Singapore 3.8%
CapitaLand Ltd.		1,045,500		3,022,406
CapitaMall Trust		6,564,000		9,973,741
CDL Hospitality Trusts		3,246,000		5,260,981
Keppel Land Ltd.		2,776,000		10,382,826
Suntec Real Estate Investment Trust		5,240,000		6,124,596
(Cost $31,236,708)				34,764,550
Sweden 0.3%
Kungsleden AB (Cost $1,832,108)		275,000		2,514,421
United Kingdom 5.8%
Big Yellow Group PLC		300,000		1,638,925
Capital & Regional PLC*		3,422,338		1,720,784
Conygar Investment Co. PLC		655,000		1,133,543
Derwent London PLC		106,500		2,591,948
Development Securities PLC		765,000		2,683,600
Hansteen Holdings PLC		1,280,000		1,626,452
Land Securities Group PLC		900,000		9,457,496
Max Property Group PLC*		996,109		1,793,753
Metric Property Investments PLC*		967,919		1,622,263
NR Nordic & Russia Properties Ltd.		750,000		410,912
Primary Health Properties PLC		217,530		1,136,155
Quintain Estates & Development PLC*		2,850,000		1,866,242
Safestore Holdings PLC		1,929,038		3,909,830
Segro PLC		2,600,000		11,609,676
Songbird Estates PLC*		828,461		1,824,460
South African Property Opportunities PLC*		1,700,000		1,842,007
Terrace Hill Group PLC*		2,000,000		639,231
UNITE Group PLC*		1,750,000		5,295,870
(Cost $58,260,843)				52,803,147
United States 40.3%
AMB Property Corp. (REIT)		28,000		887,880
Apartment Investment & Management Co. "A" (REIT)		346,100		8,943,224
AvalonBay Communities, Inc. (REIT) (b)		204,643		23,032,570
Boston Properties, Inc. (REIT)		267,250		23,010,225
Brandywine Realty Trust (REIT)		685,700		7,988,405
BRE Properties, Inc. (REIT) (b)		327,512		14,246,772
Brookdale Senior Living, Inc.*		356,948		7,642,257
Brookfield Properties Corp. (b)		738,400		12,944,152
Campus Crest Communities, Inc. (REIT)		179,450		2,515,889
Cogdell Spencer, Inc. (REIT)		400,000		2,320,000
Colonial Properties Trust (REIT)		402,102		7,257,941
CommonWealth REIT (REIT)		250,131		6,380,842
DCT Industrial Trust, Inc. (REIT)		697,650		3,704,521
Developers Diversified Realty Corp. (REIT) (b)		898,100		12,654,229
Digital Realty Trust, Inc. (REIT)		276,000		14,225,040
Douglas Emmett, Inc. (REIT)		366,900		6,090,540
Equity Lifestyle Properties, Inc. (REIT)		50,650		2,832,854
Extra Space Storage, Inc. (REIT)		438,150		7,623,810
General Growth Properties, Inc. (REIT)		215,100		3,329,748
Glimcher Realty Trust (REIT)		442,850		3,719,940
HCP, Inc. (REIT)		271,700		9,995,843
Host Hotels & Resorts, Inc. (REIT) (b)		980,005		17,512,689
Hudson Pacific Properties, Inc. (REIT)		82,750		1,245,387
Kimco Realty Corp. (REIT)		476,600		8,597,864
LTC Properties, Inc. (REIT)		171,350		4,811,508
Nationwide Health Properties, Inc. (REIT)		73,700		2,681,206
Pebblebrook Hotel Trust (REIT)		242,475		4,927,092
Post Properties, Inc. (REIT)		222,150		8,064,045
ProLogis (REIT)		1,171,350		16,914,294
PS Business Parks, Inc. (REIT)		38,550		2,148,006
Public Storage (REIT) (b)		151,350		15,349,917
Ramco-Gershenson Properties Trust (REIT)		267,037		3,324,611
Regency Centers Corp. (REIT) (b)		327,319		13,825,955
Sabra Health Care REIT, Inc. (REIT)		88,949		1,636,662
Senior Housing Properties Trust (REIT)		489,723		10,744,523
Simon Property Group, Inc. (REIT)		417,653		41,552,297
SL Green Realty Corp. (REIT)		265,651		17,934,099
Strategic Hotels & Resorts, Inc. (REIT)*		795,100		4,206,079
Tanger Factory Outlet Centers, Inc. (REIT)		70,250		3,596,097
Taubman Centers, Inc. (REIT)		160,950		8,124,756
(Cost $315,794,269)				368,543,769
Total Common Stocks (Cost $799,439,306)				895,203,571

Closed-End Investment Company 0.3%
Luxembourg
ProLogis European Properties* (Cost $2,159,366)		350,000		2,249,661

Securities Lending Collateral 4.4%
Daily Assets Fund Institutional, 0.27% (c) (d) (Cost $40,593,440)		40,593,440		40,593,440

Cash Equivalents 1.1%
Central Cash Management Fund, 0.19% (c) (Cost $9,800,280)		9,800,280		9,800,280

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $851,992,392)+		103.8			947,846,952
Other Assets and Liabilities, Net		(3.8	)		(34,540,551	)
Net Assets		100.0			913,306,401

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.

* Non-income producing security.

+ The cost for federal income tax purposes was $926,883,444. At December 31, 2010, net unrealized appreciation for all securities based on tax cost was $20,963,508. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $110,598,602 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $89,635,094.

(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 (see Notes to Financial Statements). The value of all securities loaned at December 31, 2010 amounted to $39,503,585, which is 4.3% 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.

CVA: Certificaten Van Aandelen

REIT: Real Estate Investment Trust

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 December 31, 2010 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total

Common Stocks
Australia	$	—	$	75,541,868	$	—	$	75,541,868
Bermuda		429,600		—		—		429,600
Brazil		2,427,849		—		—		2,427,849
Canada		31,400,312		—		—		31,400,312
Channel Islands		—		4,313,638		—		4,313,638
China		—		7,258,517		—		7,258,517
Finland		—		1,691,269		—		1,691,269
France		—		33,506,188		—		33,506,188
Germany		—		1,738,961		—		1,738,961
Hong Kong		—		154,473,258		—		154,473,258
Italy		—		3,553,325		—		3,553,325
Japan		—		94,048,936		—		94,048,936
Malta		—		—		9		9
Netherlands		—		17,413,363		—		17,413,363
Norway		—		2,696,140		—		2,696,140
Philippines		—		6,084,451		—		6,084,451
Singapore		—		34,764,550		—		34,764,550
Sweden		—		2,514,421		—		2,514,421
United Kingdom		—		52,803,147		—		52,803,147
United States		368,543,769		—		—		368,543,769
Closed-End Investment Company		—		2,249,661		—		2,249,661
Short-Term Investments (e)		50,393,720		—		—		50,393,720
Total	$	453,195,250	$	494,651,693	$	9	$	947,846,952

There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements during the year ended December 31, 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 Stock
	United Kingdom			Malta			Total
Balance as of December 31, 2009	$	1,400,379		$	—		$	1,400,379
Net realized gain (loss)		—			—			—
Change in unrealized appreciation (depreciation)		—			0			0
Amortization premium/discount		—			—			—
Net purchases (sales)		—			—			—
Transfers into Level 3		—			9	(g)		9
Transfers (out) of Level 3		(1,400,379	) (f)		—			(1,400,379	)
Balance as of December 31, 2010	$	—		$	9		$	9
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2010	$	—		$	0		$	0

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

(f) The investment was transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs.

(g) 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.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of December 31, 2010
Assets
Investments: Investments in securities, at value (cost $801,598,672) — including $39,503,585 of securities loaned	$	897,453,232
Investment in Daily Assets Fund Institutional (cost $40,593,440)*		40,593,440
Investment in Central Cash Management Fund (cost $9,800,280)		9,800,280
Total investments, at value (cost $851,992,392)		947,846,952
Foreign currency, at value (cost $4,765,962)		4,816,867
Receivable for investments sold		1,957,950
Receivable for Fund shares sold		3,056,854
Interest receivable		12,728
Dividends receivable		2,190,257
Foreign taxes recoverable		50,594
Other assets		35,668
Total assets		959,967,870
Liabilities
Payable for investments purchased		3,507,780
Payable upon return of securities loaned		40,593,440
Payable for Fund shares redeemed		970,846
Accrued management fee		599,715
Other accrued expenses and payables		989,688
Total liabilities		46,661,469
Net assets, at value	$	913,306,401
Net Assets Consist of
Accumulated distributions in excess of net investment income		(20,276,713	)
Net unrealized appreciation (depreciation) on: Investments		95,854,560
Foreign currency		62,041
Accumulated net realized gain (loss)		(413,732,776	)
Paid-in capital		1,251,399,289
Net assets, at value	$	913,306,401

* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of December 31, 2010 (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($499,802,186 ÷ 66,578,632 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	7.51
Maximum offering price per share (100 ÷ 94.25 of $7.51)	$	7.97
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($23,046,158 ÷ 3,058,485 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	7.54
Class S Net Asset Value, offering and redemption price(a) per share ($118,475,339 ÷ 15,820,123 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	7.49
Institutional Class Net Asset Value, offering and redemption price(a) per share ($271,982,718 ÷ 36,256,406 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$	7.50

(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the year ended December 31, 2010
Investment Income
Income: Dividends (net of foreign taxes withheld of $1,129,527)	$	26,238,246
Interest		32,659
Income distributions — Central Cash Management Fund		10,217
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		212,351
Total income		26,493,473
Expenses: Management fee		7,811,680
Administration fee		785,450
Services to shareholders		1,843,706
Custodian fee		257,682
Distribution and service fees		1,303,310
Professional fees		71,608
Trustees' fees and expenses		29,638
Reports to shareholders		111,330
Registration fees		97,884
Other		71,126
Total expenses before expense reductions		12,383,414
Expense reductions		(1,896,083	)
Total expenses after expense reductions		10,487,331
Net investment income		16,006,142
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		95,328,962
Capital gain dividends received		977,698
Foreign currency		664,155
		96,970,815
Change in net unrealized appreciation (depreciation) on: Investments		19,013,467
Foreign currency		48,691
		19,062,158
Net gain (loss)		116,032,973
Net increase (decrease) in net assets resulting from operations	$	132,039,115

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets

	Years Ended December 31,
Increase (Decrease) in Net Assets	2010			2009
Operations: Net investment income	$	16,006,142		$	12,187,160
Net realized gain (loss)		96,970,815			(167,036,165	)
Change in net unrealized appreciation (depreciation)		19,062,158			335,301,022
Net increase (decrease) in net assets resulting from operations		132,039,115			180,452,017
Distributions to shareholders from: Net investment income: Class A		(21,616,609	)		(31,152,545	)
Class C		(866,370	)		(1,934,678	)
Class S		(5,413,355	)		(8,465,764	)
Institutional Class		(13,321,125	)		(18,487,710	)
Total distributions		(41,217,459	)		(60,040,697	)
Fund share transactions: Proceeds from shares sold		303,815,545			264,152,194
Reinvestment of distributions		37,452,178			53,793,467
Cost of shares redeemed		(216,855,248	)		(230,445,845	)
Redemption fees		11,534			7,078
Net increase (decrease) in net assets from Fund share transactions		124,424,009			87,506,894
Increase (decrease) in net assets		215,245,665			207,918,214
Net assets at beginning of period		698,060,736			490,142,522
Net assets at end of period (including accumulated distributions in excess of net investment income of $20,276,713 and $29,182,917, respectively)	$	913,306,401		$	698,060,736

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Class A Years Ended December 31,	2010			2009			2008			2007				2006	a
Selected Per Share Data
Net asset value, beginning of period	$	6.73		$	5.38		$	10.50		$	12.22		$	10.00
Income (loss) from investment operations: Net investment incomeb		.13			.13			.16			.13			.08
Net realized and unrealized gain (loss)		.99			1.84			(5.27	)		(1.05	)		2.34
Total from investment operations		1.12			1.97			(5.11	)		(.92	)		2.42
Less distributions from: Net investment income		(.34	)		(.62	)		(.00	)***		(.63	)		(.15	)
Net realized gains		—			—			—			(.17	)		(.05	)
Return of capital		—			—			(.01	)		—			—
Total distributions		(.34	)		(.62	)		(.01	)		(.80	)		(.20	)
Redemption fee		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	7.51		$	6.73		$	5.38		$	10.50		$	12.22
Total Return (%)c,d		17.16			36.71			(48.64	)		(7.84	)		24.26	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		500			371			226			424			288
Ratio of expenses before expense reductions (%)		1.67			1.75			1.73			1.71			1.97	*
Ratio of expenses after expense reductions (%)		1.47			1.44			1.50			1.51			1.51	*
Ratio of net investment income (%)		1.91			2.22			1.92			1.14			1.39	*
Portfolio turnover rate (%)		104			114			77			71			28	**
a For the period from July 5, 2006 (commencement of operations) to December 31, 2006. b Based on average shares outstanding during the period. c Total return does not reflect the effect of any sales charges. d Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.005.

Class C Years Ended December 31,	2010			2009			2008			2007				2006	a
Selected Per Share Data
Net asset value, beginning of period	$	6.75		$	5.40		$	10.62		$	12.23		$	10.00
Income (loss) from investment operations: Net investment incomeb		.08			.10			.09			.03			.02
Net realized and unrealized gain (loss)		.99			1.81			(5.31	)		(1.06	)		2.35
Total from investment operations		1.07			1.91			(5.22	)		(1.03	)		2.37
Less distributions from: Net investment income		(.28	)		(.56	)		—			(.41	)		(.09	)
Net realized gains		—			—			—			(.17	)		(.05	)
Total distributions		(.28	)		(.56	)		—			(.58	)		(.14	)
Redemption fee		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	7.54		$	6.75		$	5.40		$	10.62		$	12.23
Total Return (%)c,d		16.19			35.68			(49.15	)		(8.67	)		23.75	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		23			25			30			90			27
Ratio of expenses before expense reductions (%)		2.47			2.56			2.49			2.42			2.51	*
Ratio of expenses after expense reductions (%)		2.25			2.21			2.26			2.40			2.45	*
Ratio of net investment income (%)		1.12			1.45			1.16			.25			.45	*
Portfolio turnover rate (%)		104			114			77			71			28	**
a For the period from July 5, 2006 (commencement of operations) to December 31, 2006. b Based on average shares outstanding during the period. c Total return does not reflect the effect of any sales charges. d Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.005.

Class S Years Ended December 31,	2010			2009			2008			2007				2006	a
Selected Per Share Data
Net asset value, beginning of period	$	6.71		$	5.37		$	10.50		$	12.23		$	10.00
Income (loss) from investment operations: Net investment incomeb		.14			.14			.18			.16			.08
Net realized and unrealized gain (loss)		.99			1.84			(5.27	)		(1.06	)		2.36
Total from investment operations		1.13			1.98			(5.09	)		(.90	)		2.44
Less distributions from: Net investment income		(.35	)		(.64	)		(.03	)		(.66	)		(.16	)
Net realized gains		—			—			—			(.17	)		(.05	)
Return of capital		—			—			(.01	)		—			—
Total distributions		(.35	)		(.64	)		(.04	)		(.83	)		(.21	)
Redemption fee		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	7.49		$	6.71		$	5.37		$	10.50		$	12.23
Total Return (%)c		17.20			37.13			(48.48	)		(7.72	)		24.41	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		118			96			77			123			20
Ratio of expenses before expense reductions (%)		1.86			1.83			1.87			1.70			1.50	*
Ratio of expenses after expense reductions (%)		1.35			1.29			1.26			1.35			1.41	*
Ratio of net investment income (%)		2.02			2.37			2.16			1.29			1.49	*
Portfolio turnover rate (%)		104			114			77			71			28	**
a For the period from July 5, 2006 (commencement of operations) to December 31, 2006. b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.005.

Institutional Class Years Ended December 31,	2010			2009			2008			2007				2006	a
Selected Per Share Data
Net asset value, beginning of period	$	6.72		$	5.38		$	10.49		$	12.23		$	10.00
Income (loss) from investment operations: Net investment incomeb		.17			.15			.18			.17			.09
Net realized and unrealized gain (loss)		.99			1.83			(5.25	)		(1.07	)		2.35
Total from investment operations		1.16			1.98			(5.07	)		(.90	)		2.44
Less distributions from: Net investment income		(.38	)		(.64	)		(.03	)		(.67	)		(.16	)
Net realized gains		—			—			—			(.17	)		(.05	)
Return of capital		—			—			(.01	)		—			—
Total distributions		(.38	)		(.64	)		(.04	)		(.84	)		(.21	)
Redemption fee		.00	***		.00	***		.00	***		.00	***		.00	***
Net asset value, end of period	$	7.50		$	6.72		$	5.38		$	10.49		$	12.23
Total Return (%)c		17.59			37.07			(48.34	)		(7.64	)		24.35	**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		272			206			158			180			5
Ratio of expenses before expense reductions (%)		1.20			1.24			1.27			1.30			1.46	*
Ratio of expenses after expense reductions (%)		1.00			1.17			1.26			1.29			1.36	*
Ratio of net investment income (%)		2.37			2.49			2.16			1.35			1.54	*
Portfolio turnover rate (%)		104			114			77			71			28	**
a For the period from July 5, 2006 (commencement of operations) to December 31, 2006. b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.005.

Notes to Financial Statements

A. Organization and Significant Accounting Policies

DWS RREEF Global Real Estate Securities Fund (the "Fund") is a diversified series of DWS Advisor Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class C shares are offered to investors without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

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.

Equity securities and closed-end investment companies are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which they trade and are categorized as Level 1 securities. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), futures contracts and certain indices and these securities are categorized as Level 2.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities; the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Foreign Currency Translations. The books and records of the Fund are maintained in US dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into US dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the disposition of forward foreign currency exchange contracts and foreign currencies, and the difference between the amount of net investment income accrued and the US dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. The Fund lends securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Additionally, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

At December 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $356,480,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2016 ($114,101,000), December 31, 2017 ($242,185,000) and December 31, 2018 ($194,000) the respective expiration dates, whichever occurs first.

In addition, from November 1, 2010 through December 31, 2010, the Fund incurred approximately $3,229,000 of losses from passive foreign investment companies and $204,000 of net realized currency losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending December 31, 2011.

The Fund has reviewed the tax positions for the open tax years as of December 31, 2010 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in passive foreign investment companies, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain securities sold at a loss. With respect to the Fund's investment in passive foreign investment companies, for US tax purposes, such investments may, among other things, cause the Fund to recognize and distribute taxable income without a corresponding receipt of cash as a result of recognizing certain unrealized gains at year end as ordinary income that would have otherwise been treated as capital gain upon disposition. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At December 31, 2010, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:

Capital loss carryforwards		$	(356,480,000	)
Net unrealized appreciation (depreciation) on investments		$	20,963,508

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended December 31,
	2010		2009
Distributions from ordinary income*	$	41,217,459	$	60,040,697

* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.

Redemption Fees. The Fund imposes a redemption fee of 2% of the total redemption amount on the Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

Expenses. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Real Estate Investment Trusts. The Fund periodically recharacterizes distributions received from a United States Real Estate Investment Trust ("US REIT") investment based on information provided by the US REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available timely from a US REIT, the recharacterization will be estimated for financial reporting purposes and a recharacterization will be made to the accounting records in the following year when such information becomes available. Distributions received from US REITs in excess of income are recorded as either a reduction of cost of investments or realized gains. The Fund distinguishes between dividends on a tax basis and a financial reporting basis and only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. With respect to the distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, such amounts are included in dividend income without any recharacterization.

Other. Investment transactions are accounted for on the trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the year ended December 31, 2010, purchases and sales of investment securities (excluding short-term investments) aggregated $897,955,737 and $801,841,309, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund or delegates such responsibility to the Fund's subadvisor.

Under the Investment Management Agreement, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $500 million of the Fund's average daily net assets	1.000	%
Next $500 million of such net assets	.985	%
Next $1 billion of such net assets	.960	%
Over $2 billion of such net assets	.945	%

RREEF America L.L.C. ("RREEF"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the subadvisor for the Fund. While DIMA is the investment advisor to the Fund, the day-to-day activities of managing the Fund's portfolio have been delegated to RREEF. DIMA compensates RREEF out of the management fee it receives from the Fund.

Pursuant to investment subadvisory agreements between RREEF and Deutsche Alternatives Asset Management (Global) Limited, Deutsche Asset Management (Hong Kong) Limited and Deutsche Investments Australia Limited (the "sub-subadvisors"), these entities act as sub-subadvisors to the Fund. The sub-subadvisors are indirect, wholly owned subsidiaries of Deutsche Bank AG. As sub-subadvisors, under the supervision of the Board of Trustees, DIMA and RREEF, the sub-subadvisors manage the Fund's investments in specific foreign markets. The subadvisor pays each sub-subadvisor for its services from the investment advisory fee it receives from the Advisor.

For the period from January 1, 2010 through April 30, 2010, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	1.60%
Class C	2.35%
Class S	1.35%
Institutional Class	1.35%

For the period from May 1, 2010 through September 30, 2010, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	1.66%
Class C	2.41%
Class S	1.41%
Institutional Class	1.41%

In addition, for the period from January 1, 2010 through December 31, 2010, the Advisor voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A	1.50%
Class C	2.25%
Class S	1.35%
Institutional Class	1.25%

For the period from January 1, 2010 through September 30, 2011, the Advisor has contractually agreed to waive a portion of its management fee in the amount of 0.20% of the Fund's average daily net assets.

Accordingly, for the year ended December 31, 2010, the Advisor waived a portion of its management fee aggregating $1,570,900 and the amount charged aggregated $6,240,780, which was equivalent to an annual effective rate of 0.79% of the Fund's average daily net assets.

Administration Fee. Pursuant to an Administration Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administration Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended December 31, 2010, the Administration Fee was $785,450, of which $75,484 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended December 31, 2010, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated		Waived		Unpaid at December 31, 2010
Class A	$	662,242	$	—	$	185,911
Class C		47,080		3,510		16,095
Class S		462,760		321,673		47,545
Institutional Class		10,014		—		958
	$	1,182,096	$	325,183	$	250,509

Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan, DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended December 31, 2010, the Distribution Fee was as follows:

Distribution Fee		Total Aggregated				Unpaid at December 31, 2010
Class C		$	172,403			$	14,490

In addition, DIDI provides information and administration services for a fee ("Service Fee") to Class A and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DIDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the year ended December 31, 2010, the Service Fee was as follows:

Service Fee	Total Aggregated		Unpaid at December 31, 2010		Annual Effective Rate
Class A	$	1,072,443	$	308,753		.25	%
Class C		58,464		9,517		.25	%
	$	1,130,907	$	318,270

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended December 31, 2010 aggregated $6,222.

In addition, DIDI receives any contingent deferred sales charge ("CDSC") from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on a rate of 1% for Class C, of the value of the shares redeemed. For the year ended December 31, 2010, the CDSC for Class C shares aggregated $1,463. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the year ended December 31, 2010, DIDI received $135 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended December 31, 2010, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $18,566, of which $1,895 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of the underlying money market funds. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.

D. Concentration of Ownership

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At December 31, 2010, DWS Alternative Asset Allocation Fund held approximately 11% of the outstanding shares of the Fund.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 20 percent of its net assets under the agreement.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Year Ended December 31, 2010						Year Ended December 31, 2009
	Shares			Dollars			Shares			Dollars
Shares sold
Class A		23,560,576		$	163,807,855			25,696,850		$	149,015,583
Class C		394,411			2,771,008			527,691			3,394,516
Class S		7,450,027			52,212,526			5,611,914			32,198,258
Institutional Class		12,331,387			85,024,156			14,578,613			79,543,837
				$	303,815,545					$	264,152,194
Shares issued to shareholders in reinvestment of distributions
Class A		2,976,603		$	21,223,608			4,631,428		$	30,474,809
Class C		95,884			682,978			222,905			1,473,402
Class S		636,493			4,528,961			1,050,522			6,902,053
Institutional Class		1,545,032			11,016,631			2,271,003			14,943,203
				$	37,452,178					$	53,793,467
Shares redeemed
Class A		(15,113,024	)	$	(105,278,302	)		(17,090,052	)	$	(94,396,167	)
Class C		(1,092,578	)		(7,566,396	)		(2,557,742	)		(13,398,471	)
Class S		(6,643,477	)		(46,363,021	)		(6,559,399	)		(35,551,977	)
Institutional Class		(8,239,299	)		(57,647,529	)		(15,680,533	)		(87,099,230	)
				$	(216,855,248	)				$	(230,445,845	)
Redemption fees				$	11,534					$	7,078
Net increase (decrease)
Class A		11,424,155		$	79,762,067			13,238,226		$	85,095,317
Class C		(602,283	)		(4,111,944	)		(1,807,146	)		(8,530,533	)
Class S		1,443,043			10,380,292			103,037			3,553,719
Institutional Class		5,637,120			38,393,594			1,169,083			7,388,391
				$	124,424,009					$	87,506,894

G. Real Estate Concentration Risk

Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting real estate securities, including REITs, will have a significant impact on the fund's performance. In particular, real estate companies can be affected by the risks associated with direct ownership of real estate, such as general or local economic conditions, increases in property taxes and operating expenses, liability or losses owing to environmental problems, falling rents (whether owing to poor demand, increased competition, overbuilding, or limitations on rents), zoning changes, rising interest rates, and losses from casualty or condemnation. In addition, many real estate companies, including REITs, utilize leverage (and some may be highly leveraged), which increases investment risk. Further, REITs are dependent upon management skills and may not be diversified.

H. Fund Merger

The Board of Trustees of the Fund has approved a proposal by DIMA to merge DWS RREEF World Real Estate Fund, Inc. into the Fund (the "Proposed Merger"). On January 12, 2011, the shareholders of DWS RREEF World Real Estate Fund, Inc. also approved the Proposed Merger. Completion of the Proposed Merger is expected to occur on or about February 28, 2011.

Report of Independent Registered Public Accounting Firm

To the Trustees of DWS Advisor Funds and Shareholders of DWS RREEF Global Real Estate Securities Fund:

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS RREEF Global Real Estate Securities Fund (the "Fund") at December 31, 2010, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Boston, Massachusetts

February 24, 2011

PricewaterhouseCoopers LLP

Tax Information (Unaudited)

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 621-1048.

Investment Management Agreement Approval

The Board of Trustees, including the Independent Trustees, approved the renewal of your Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS"), the sub-advisory agreement (the "Sub-Advisory Agreement") between DWS and RREEF America LLC ("RREEF"), an affiliate of DWS, and the sub-sub-advisory agreements (the "Sub-Sub-Advisory Agreements," and together with the Agreement and Sub-Advisory Agreement, the "Agreements") between RREEF and each of Deutsche Alternatives Asset Management (Global) Limited, Deutsche Asset Management (Hong Kong) Limited and Deutsche Investments Australia Limited (the "Sub-Sub-Advisors"), all affiliates of DWS, in September 2010.

In terms of the process that the Board followed prior to approving the Agreements, shareholders should know that:

• In September 2010, all of the Fund's Trustees were independent of DWS and its affiliates.

• The Trustees meet frequently to discuss fund matters. Each year, the Trustees dedicate substantial time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Equity Oversight Committee, reviewed comprehensive materials received from DWS, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.

• The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").

• In connection with reviewing the Agreements, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

• Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Independent Trustees as a group. The Independent Trustees reviewed the Contract Committee's findings and recommendations and presented their recommendations to the full Board.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund. DWS, RREEF and the Sub-Sub-Advisors are part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant advantages to being part of a global asset management business that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.

While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's, RREEF's and the Sub-Sub-Advisors' personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreements, including the scope of advisory services provided under the Agreements. The Board noted that, under the Agreements, DWS, RREEF and the Sub-Sub-Advisors provide portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the Fund's performance and compared those returns to various agreed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by Lipper), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one- and three-year periods ended December 31, 2009, the Fund's performance (Class A shares) was in the 2nd quartile and 3rd quartile, respectively, of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has underperformed its benchmark in the one- and three-year periods ended December 31, 2009. The Board observed that there were significant limitations to the usefulness of the comparative data provided by Lipper, noting that the applicable Lipper universe for the Fund included funds that pursue substantially different investment programs as compared to that pursued by the Fund. As a result, the Board gave increased weight to the Fund's performance relative to its benchmark than some of the additional comparative data.

On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DWS, RREEF and the Sub-Sub-Advisors historically have been and continue to be satisfactory.

Fees and Expenses. The Board considered the Fund's investment management fee schedule, sub-advisory and sub-sub-advisory fee schedules, operating expenses, and total expense ratios, and comparative information provided by Lipper and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include the 0.10% fee paid to DWS under the Fund's administrative services agreement, were higher than the median (4th quartile) of the applicable Lipper peer group (based on Lipper data provided as of December 31, 2009). With respect to the sub-advisory and sub-sub-advisory fees paid to RREEF and the Sub-Sub-Advisors, the Board noted that the fees are paid by DIMA and RREEF, respectively, out of their fees and not directly by the Fund. The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2009, and analyzing Lipper expense universe Class A expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper Universe Expenses. The Trustees also observed that the Lipper expense universe for the Fund included funds that pursue substantially different investment programs as compared to that pursued by the Fund. The Board considered the Fund's management fee rate as compared to fees charged by DWS and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board also noted that the expense limitations agreed to by DWS helped to ensure that the Fund's total (net) operating expenses would remain competitive. The Board noted that, in connection with the 2010 contract renewal process, DWS agreed to waive a portion (0.20%) of the Fund's management fee through September 30, 2011.

The information considered by the Board as part of its review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS US mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Europe funds made it difficult to compare such fees.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DWS, RREEF and the Sub-Sub-Advisors.

Profitability. The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DWS and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DWS and its affiliates, including any fees received by DWS for administrative services provided to the Fund and any fees received by an affiliate of DWS for distribution services. The Board also considered benefits to DWS related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DWS related to DWS Funds advertising and cross-selling opportunities among DWS products and services. The Board concluded that management fees were reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreements is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreements.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 3, 2010

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds (formerly the DWS Scudder Funds). My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2010, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007, 2008, and 2009.

Qualifications

For more than 35 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past ten years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors, from Harvard University and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds and have served in various leadership and financial oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 publicly offered Fund portfolios in the DWS Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

Quality of Service — Performance

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.

Thomas H. Mack

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the Trust as of December 31, 2010. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the board of one or more DWS funds now overseen by the Board.

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1	Business Experience and Directorships During the Past Five Years	Number of Funds in DWS Fund Complex Overseen
Paul K. Freeman (1950) Chairperson since 2009 Board Member since 1993	Consultant, World Bank/Inter-American Development Bank; Executive and Governing Council of the Independent Directors Council (education committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)	122
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International	122
Henry P. Becton, Jr. (1943) Board Member since 1990	Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Lead Director, Becton Dickinson and Company3 (medical technology company); Lead Director, Belo Corporation3 (media company); Public Radio International; Public Radio Exchange (PRX); The PBS Foundation. Former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service	122
Dawn-Marie Driscoll (1946) Board Member since 1987	President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	122
Keith R. Fox (1954) Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive International Corporation (kitchen goods importer and distributor); BoxTop Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies	122
Kenneth C. Froewiss (1945) Board Member since 2001	Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	122
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007); Independent Director of Barclays Bank Delaware (since September 2010). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)	122
William McClayton (1944) Board Member since 2004+	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival	122
Rebecca W. Rimel (1951) Board Member since 1995	President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Director, CardioNet, Inc.2 (2009-present) (health care). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care2 (January 2007-June 2007); Trustee, Pro Publica (charitable organization) (2007-2010)	122
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003)	122
Jean Gleason Stromberg (1943) Board Member since 1997	Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)	122
Robert H. Wadsworth (1940) Board Member since 1999	President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association	125

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5	Principal Occupation(s) During Past 5 Years and Other Directorships Held
Michael G. Clark6 (1965) President, 2006-present	Managing Director3, Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)
Ingo Gefeke7 (1967) Executive Vice President since 2010	Managing Director3, Deutsche Asset Management; Global Head of Distribution and Product Management, DWS Global Head of Trading and Securities Lending. Member of the Board of Directors of DWS Investment GmbH Frankfurt (since July 2009) and DWS Holding & Service GmbH Frankfurt (since January 2010); formerly, Global Chief Administrative Officer, Deutsche Asset Management (2004-2009); Global Chief Operating Officer, Global Transaction Banking, Deutsche Bank AG, New York (2001-2004); Chief Operating Officer, Global Banking Division Americas, Deutsche Bank AG, New York (1999-2001); Central Management, Global Banking Services, Deutsche Bank AG, Frankfurt (1998-1999); Relationship Management, Deutsche Bank AG, Tokyo, Japan (1997-1998)
John Millette8 (1962) Vice President and Secretary, 1999-present	Director3, Deutsche Asset Management
Paul H. Schubert6 (1963) Chief Financial Officer, 2004-present Treasurer, 2005-present	Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson8 (1962) Chief Legal Officer, April 2010-present	Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin9 (1970) Assistant Secretary, 2009-present	Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca8 (1957) Assistant Treasurer, 2007-present	Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark8 (1967) Assistant Treasurer, 2007-present	Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally8 (1966) Assistant Treasurer, 2007-present	Director3, Deutsche Asset Management
John Caruso9 (1965) Anti-Money Laundering Compliance Officer, 2010-present	Managing Director3, Deutsche Asset Management
Robert Kloby9 (1962) Chief Compliance Officer, 2006-present	Managing Director3, Deutsche Asset Management

1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.

2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

3 Executive title, not a board directorship.

4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.

5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.

6 Address: 100 Plaza One, Jersey City, NJ 07311.

7 Effective January 11, 2011, Mr. Gefeke, Executive Vice President, resigned as an officer of the fund.

The mailing address of Mr. Gefeke is 345 Park Avenue, New York, New York 10154. Mr. Gefeke was an interested Board Member of certain DWS funds by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Gefeke received no compensation from the fund.

8 Address: One Beacon Street, Boston, MA 02108.

9 Address: 60 Wall Street, New York, New York 10005.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.

Account Management Resources


For More Information		The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Investments representative by calling the appropriate number below: For shareholders of Classes A, C and Institutional Class: (800) 621-1048 For shareholders of Class S: (800) 728-3337
Web Site		www.dws-investments.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
Written Correspondence		DWS Investments PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting		The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter		If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	RRGAX	RRGCX	RRGTX	RRGIX
CUSIP Number	23336Y 672	23336Y 664	23336Y 649	23336Y 656
Fund Number	456	756	2365	811

Date of fiscal year end:	12/31

Date of reporting period:	12/31/2010


ITEM 2.	CODE OF ETHICS

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended December 31,	Audit Fees Billed to Fund		Audit-Related Fees Billed to Fund		Tax Fees Billed to Fund		All Other Fees Billed to Fund
2010	$	64,631	$	0	$	0	$	1,602
2009	$	58,631	$	0	$	0	$	2,823

Fiscal Year December 31,	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2010	$	7,500	$	0	$	0
2009	$	2,000	$	0	$	0

Fiscal Year Ended December 31,	Total Non-Audit Fees Billed to Fund (A)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)		Total of (A), (B) and (C)
2010	$	1,602	$	0	$	0	$	1,602
2009	$	2,823	$	0	$	100,000	$	102,823


ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.

ITEM 11.	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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	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.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS RREEF Global Real Estate Securities Fund, a series of DWS Advisor Funds


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

Date:	March 1, 2011