UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  09/30

Date of reporting period: 6/30/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Mid Cap Growth Fund**

 

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

**Common Stocks 97.4%**

 
**Consumer Discretionary 14.9%**

 
**Diversified Consumer Services 1.3%**

 
Strayer Education, Inc. (a) 

 

22,700 

 

**4,951,097**

 
**Hotels Restaurants & Leisure 2.9%**

 
Burger King Holdings, Inc.  

 

137,600 

 

2,376,352 

 
Darden Restaurants, Inc. (a) 

 

185,000 

 

6,101,300 

 
Penn National Gaming, Inc.*  

 

84,900 

 

2,471,439 

 
 

**10,949,091**

 
**Internet & Catalog Retail 1.3%**

 
Priceline.com, Inc.* (a) 

 

45,500 

 

**5,075,525**

 
**Specialty Retail 8.6%**

 
Advance Auto Parts, Inc.  

 

108,700 

 

4,509,963 

 
 

 

 

American Eagle Outfitters, Inc.  

 

375,000 

 

5,313,750 

 
Children's Place Retail Stores, Inc.* (a) 

 

204,500 

 

5,404,935 

 
Guess?, Inc. (a) 

 

220,300 

 

5,679,334 

 
Tiffany & Co. (a) 

 

141,700 

 

3,593,512 

 
Urban Outfitters, Inc.* (a) 

 

404,000 

 

8,431,480 

 
 

**32,932,974**

 
**Textiles, Apparel & Luxury Goods 0.8%**

 
Deckers Outdoor Corp.* (a) 

 

44,400 

 

**3,119,988**

 
**Consumer Staples 3.8%**

 
**Household Products 1.3%**

 
Church & Dwight Co., Inc. (a) 

 

94,600 

 

**5,137,726**

 
**Personal Products 2.5%**

 
Chattem, Inc.*  

 

42,200 

 

2,873,820 

 
Herbalife Ltd.  

 

207,900 

 

6,557,166 

 
 

**9,430,986**

 
**Energy 10.3%**

 
**Energy Equipment & Services 2.5%**

 
Cameron International Corp.*  

 

158,200 

 

4,477,060 

 
FMC Technologies, Inc.* (a) 

 

131,500 

 

4,941,770 

 
 

**9,418,830**

 
**Oil, Gas & Consumable Fuels 7.8%**

 
Alpha Natural Resources, Inc.* (a) 

 

146,600 

 

3,851,182 

 
Concho Resources, Inc.*  

 

119,700 

 

3,434,193 

 
Petrohawk Energy Corp.* (a) 

 

258,600 

 

5,766,780 

 
Range Resources Corp. (a) 

 

137,900 

 

5,710,439 

 
Southwestern Energy Co.*  

 

171,100 

 

6,647,235 

 
Ultra Petroleum Corp.* (a) 

 

116,800 

 

4,555,200 

 
 

**29,965,029**

 
**Financials 7.6%**

 
**Capital Markets 6.5%**

 
Jefferies Group, Inc.*  

 

89,900 

 

1,917,567 

 
Lazard Ltd. "A"  

 

151,900 

 

4,089,148 

 
Legg Mason, Inc. (a) 

 

133,600 

 

3,257,168 

 
T. Rowe Price Group, Inc. (a) 

 

116,400 

 

4,850,388 

 
TD Ameritrade Holding Corp.*  

 

296,500 

 

5,200,610 

 
Waddell & Reed Financial, Inc. "A" (a) 

 

204,600 

 

5,395,302 

 
 

**24,710,183**

 
**Diversified Financial Services 1.1%**

 
MSCI, Inc. "A"* (a) 

 

172,102 

 

**4,206,173**

 
**Health Care 14.5%**

 
**Biotechnology 2.4%**

 
Alexion Pharmaceuticals, Inc.*  

 

75,100 

 

3,088,112 

 
BioMarin Pharmaceutical, Inc.*  

 

137,800 

 

2,151,058 

 
Myriad Genetics, Inc.*  

 

109,200 

 

3,892,980 

 
Myriad Pharmaceuticals, Inc.*  

 

28,075 

 

130,549 

 
 

**9,262,699**

 
**Health Care Equipment & Supplies 1.5%**

 
Hologic, Inc.*  

 

232,700 

 

3,311,321 

 
Thoratec Corp.*  

 

94,300 

 

2,525,354 

 
 

**5,836,675**

 
 

 

 

**Health Care Providers & Services 2.7%**

 
AMERIGROUP Corp.* (a) 

 

100,600 

 

2,701,110 

 
Laboratory Corp. of America Holdings* (a) 

 

68,800 

 

4,663,952 

 
MEDNAX, Inc.*  

 

72,000 

 

3,033,360 

 
 

**10,398,422**

 
**Health Care Technology 0.8%**

 
Cerner Corp.*  

 

48,800 

 

**3,039,752**

 
**Life Sciences Tools & Services 5.1%**

 
Covance, Inc.* (a) 

 

78,600 

 

3,867,120 

 
Illumina, Inc.* (a) 

 

107,300 

 

4,178,262 

 
Life Technologies Corp.*  

 

104,000 

 

4,338,880 

 
Pharmaceutical Product Development, Inc.  

 

132,500 

 

3,076,650 

 
QIAGEN NV*  

 

203,200 

 

3,777,488 

 
 

**19,238,400**

 
**Pharmaceuticals 2.0%**

 
Mylan, Inc.* (a) 

 

572,200 

 

**7,467,210**

 
**Industrials 17.0%**

 
**Aerospace & Defense 0.6%**

 
Curtiss-Wright Corp.  

 

78,200 

 

**2,324,886**

 
**Commercial Services & Supplies 1.2%**

 
Stericycle, Inc.* (a) 

 

86,400 

 

**4,452,192**

 
**Construction & Engineering 1.9%**

 
Aecom Technology Corp.* (a) 

 

123,300 

 

3,945,600 

 
Quanta Services, Inc.*  

 

153,800 

 

3,557,394 

 
 

**7,502,994**

 
**Electrical Equipment 4.4%**

 
First Solar, Inc.*  

 

38,900 

 

6,306,468 

 
General Cable Corp.*  

 

148,000 

 

5,561,840 

 
Roper Industries, Inc.  

 

109,400 

 

4,956,914 

 
 

**16,825,222**

 
**Industrial Conglomerates 0.9%**

 
McDermott International, Inc.*  

 

164,200 

 

**3,334,902**

 
**Machinery 2.7%**

 
Harsco Corp.  

 

130,100 

 

3,681,830 

 
Joy Global, Inc. (a) 

 

122,100 

 

4,361,412 

 
Terex Corp.* (a) 

 

181,800 

 

2,194,326 

 
 

**10,237,568**

 
**Professional Services 3.6%**

 
FTI Consulting, Inc.* (a) 

 

69,100 

 

3,504,752 

 
Huron Consulting Group, Inc.* (a) 

 

87,000 

 

4,022,010 

 
Robert Half International, Inc. (a) 

 

273,100 

 

6,450,622 

 
 

**13,977,384**

 
**Road & Rail 1.7%**

 
Genesee & Wyoming, Inc. "A"*  

 

113,760 

 

3,015,777 

 
Knight Transportation, Inc. (a) 

 

210,300 

 

3,480,465 

 
 

**6,496,242**

 
**Information Technology 19.8%**

 
**Communications Equipment 2.8%**

 
F5 Networks, Inc.* (a) 

 

154,700 

 

5,351,073 

 
Juniper Networks, Inc.* (a) 

 

222,800 

 

5,258,080 

 
 

**10,609,153**

 
 

 

 

**Electronic Equipment, Instruments & Components 1.2%**

 
Itron, Inc.* (a) 

 

86,500 

 

**4,763,555**

 
**Internet Software & Services 1.9%**

 
Omniture, Inc.* (a) 

 

241,100 

 

3,028,216 

 
VeriSign, Inc.* (a) 

 

231,900 

 

4,285,512 

 
 

**7,313,728**

 
**IT Services 1.6%**

 
Cognizant Technology Solutions Corp. "A"*  

 

103,400 

 

2,760,780 

 
CyberSource Corp.* (a) 

 

124,500 

 

1,904,850 

 
ManTech International Corp. "A"* (a) 

 

32,500 

 

1,398,800 

 
 

**6,064,430**

 
**Semiconductors & Semiconductor Equipment 6.8%**

 
Altera Corp. (a) 

 

94,300 

 

1,535,204 

 
ARM Holdings PLC (ADR) (a) 

 

363,600 

 

2,170,692 

 
ASML Holding NV (NY Registered Shares)  

 

87,300 

 

1,890,045 

 
Broadcom Corp. "A"* (a) 

 

297,500 

 

7,375,025 

 
Cavium Networks, Inc.* (a) 

 

212,200 

 

3,567,082 

 
Marvell Technology Group Ltd.*  

 

385,300 

 

4,484,892 

 
MEMC Electronic Materials, Inc.*  

 

160,700 

 

2,862,067 

 
Xilinx, Inc. (a) 

 

105,800 

 

2,164,668 

 
 

**26,049,675**

 
**Software 5.5%**

 
Blackboard, Inc.*  

 

145,600 

 

4,202,016 

 
BMC Software, Inc.*  

 

54,600 

 

1,844,934 

 
Concur Technologies, Inc.* (a) 

 

108,000 

 

3,356,640 

 
Electronic Arts, Inc.*  

 

141,600 

 

3,075,552 

 
McAfee, Inc.*  

 

106,800 

 

4,505,892 

 
Salesforce.com, Inc.* (a) 

 

104,800 

 

4,000,216 

 
 

**20,985,250**

 
**Materials 6.7%**

 
**Chemicals 2.1%**

 
Airgas, Inc. (a) 

 

90,800 

 

3,680,124 

 
Intrepid Potash, Inc.* (a) 

 

155,900 

 

4,377,672 

 
 

**8,057,796**

 
**Construction Materials 1.0%**

 
Martin Marietta Materials, Inc. (a) 

 

48,300 

 

**3,809,904**

 
**Containers & Packaging 1.3%**

 
Owens-Illinois, Inc.*  

 

182,700 

 

**5,117,427**

 
**Metals & Mining 2.3%**

 
Gerdau Ameristeel Corp.  

 

788,901 

 

5,380,305 

 
Kinross Gold Corp.  

 

182,200 

 

3,306,930 

 
 

**8,687,235**

 
**Telecommunication Services 1.9%**

 
**Wireless Telecommunication Services**

 
American Tower Corp. "A"* (a) 

 

225,400 

 

**7,106,862**

 
**Utilities 0.9%**

 
**Electric Utilities**

 
Allegheny Energy, Inc.  

 

133,500 

 

**3,424,275**

 
**Total Common Stocks** (Cost $369,305,128)

 

**372,281,440**

 
 

**Exchange-Traded Fund 1.1%**

 
Midcap SPDR Trust, Series 1 (a) (Cost $3,513,592)

 

38,454 

 

**4,045,361**

 
 

 

 

 

**Securities Lending Collateral 39.8%**

 
Daily Assets Fund Institutional, 0.48% (b) (c)(Cost $152,085,513)

 

 

152,085,513

 

**152,085,513**

 
 

**Cash Equivalents 1.0%**

 
Cash Management QP Trust, 0.27% (b)(Cost $3,909,455)

 

 

3,909,455

 

**3,909,455**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $528,813,688) †

139.3

 

**532,321,769**

 
**Other Assets and Liabilities, Net**

(39.3)

 

**(150,137,619)**

 
**Net Assets**

100.0

 

**382,184,150**

 
*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

 
***

*Non-income producing security.*

 
*†*

*The cost for federal income tax purposes was $528,813,688.  At June 30, 2009, net unrealized appreciation for all securities based on tax cost was $3,508,081.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $46,822,302 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $43,314,221.*

 
*(a)*

*All or a portion of these securities were on loan. The value of all securities loaned at June 30, 2009 amounted to $146,835,263 which is 38.4% of net assets.*

 
*(b)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

 
*(c)*

*Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.*

 
*ADR: American Depositary Receipt*

 
*SPDR: Standard & Poor's Depositary Receipt*

 
 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” as amended, establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.*

 

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.*

 

*The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments:*

 

**Level 1**

**Level 2**

**Level 3**

**Total**

 
**Assets**

 

 

 

 

 
Common Stock and/or Other Equity Investments(d)

$   376,326,801   

$                        -   

$            -   

$     376,326,801   

 
Short-Term Investments(d)

152,085,513

3,909,455                                 

-

155,994,968

 
**Total**

**$   528,412,314**

**$         3,909,455**

**$            -**

**$    532,321,769**

 
 

 

 

 

 
 
*(d)*

*See Investment Portfolio for additional detailed categorizations.*

 

 

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)          There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

**SIGNATURES**

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant:

DWS Mid Cap Growth Fund, a series of DWS Advisor Funds

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

August 17, 2009

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Registrant:

DWS Mid Cap Growth Fund, a series of DWS Advisor Funds

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

August 17, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

August 17, 2009

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