UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  12/31

Date of reporting period: 3/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of March 31, 2009  (Unaudited)** |
|----------------------|---------------------------------------|

 

 

**NY Tax Free Money Fund**

 

 

|   | **Principal****Amount ($)**     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | **Value ($)** |
|--------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Investments 99.8%** |  
**New York 96.5%**

 
Albany County, NY, Airport Authority Revenue, Series A, AMT, 0.64% *, 12/15/2023, Bank of America NA (a) 

 

970,000

 

970,000

Albany, NY, Industrial Development Agency, Civic Facility Revenue, Albany College of Pharmacy, Series A, 0.4% *, 7/1/2038, TD Bank NA (a) 

 

7,330,000

 

7,330,000

Bethlehem, NY, Industrial Development Agency Housing Revenue, 467 Delware Ave. LLC Project, Series A, AMT, 0.53% *, 9/1/2033, Hudson River Bank & Trust Co. (a) 

 

10,470,000

 

10,470,000

Broome County, NY, Industrial Development Agency, Civic Facility Revenue, Elizabeth Church Manor, 0.42% *, 2/1/2029, Sovereign Bank FSB (a) 

 

3,110,000

 

3,110,000

Cohoes, NY, Industrial Development Agency, Urban Cultural Park Facility Revenue, Eddy Cohoes Project, 0.38% *, 12/1/2033, Bank of America NA (a) 

 

7,950,000

 

7,950,000

Commack, NY, Union Free School District, Tax Anticipation Notes, 2.75%, 6/30/2009 

 

5,000,000

 

5,013,744

 

 

 

Glen Cove, NY, Housing Authority Revenue, Series 57G, AMT, 144A, 0.85% *, 10/1/2026 

 

5,425,000

 

5,425,000

Hempstead, NY, Industrial Development Agency Revenue, Series 92G, 144A, AMT, 0.85% *, 10/1/2045 

 

15,345,000

 

15,345,000

Long Island, NY, Power Authority, Electric Systems Revenue, Series 3A, 0.4% *, 5/1/2033, JPMorgan Chase Bank & Landesbank Baden-Württemberg  (a) 

 

2,800,000

 

2,800,000

New York, Metropolitan Transportation Authority Revenue, Series E-2, 3.95% *, 11/1/2035, Fortis Bank SA (a) 

 

2,500,000

 

2,500,000

New York, Metropolitan Transportation Authority Revenue, Dedicated Tax Fund, Series B-4, 0.3% *, 11/1/2034, KBC Bank NV (a) 

 

3,000,000

 

3,000,000

New York, Metropolitan Transportation Authority, Commuter Facilities Revenue, Series C-1, Prerefunded, 5.375%, 7/1/2027 

 

5,685,000

 

5,878,734

New York, State Dormitory Authority Revenue, Secondary Issues, Series R-12121, 0.59% *, 3/15/2031 

 

2,100,000

 

2,100,000

New York, State Dormitory Authority Revenues, Non-State Supported Debt, Columbia University, Series A, 5.0%, 7/1/2009 

 

3,130,000

 

3,156,509

New York, State Dormitory Authority Revenues, Non-State Supported Debt, Royal Charter Properties-East, Series A, 0.32% *, 11/15/2036 

 

2,000,000

 

2,000,000

New York, State Dormitory Authority Revenues, Park Ridge Hospital, Inc., 0.54% *, 7/1/2029, JPMorgan Chase Bank (a) 

 

2,045,000

 

2,045,000

New York, State Housing Finance Agency Revenue, 100 Maiden Lane, Series A, 0.4% *, 5/15/2037 

 

20,000,000

 

20,000,000

New York, State Housing Finance Agency Revenue, Capitol Green Apartments, Series A, AMT, 0.55% *, 5/15/2036 

 

7,000,000

 

7,000,000

New York, State Housing Finance Agency Revenue, Helena Housing, Series A, AMT,     0.6% *, 5/15/2036 

 

3,950,000 

 

3,950,000 

New York, State Housing Finance Agency Revenue, West 38 Street, Series A, AMT, 0.55% *, 5/15/2033 

 

2,300,000

 

2,300,000

New York, State Housing Finance Agency, Service Contract Revenue, Series D, 0.45% *, 3/15/2026, State Street Bank & Trust Co. (a) 

 

700,000

 

700,000

New York, State Mortgage Agency Revenue, Series R-181, 144A, AMT, 0.68% *, 4/1/2032 

 

155,000

 

155,000

New York, State Revenue Bonds, Series 2008-3506, 144A, 0.79% *, 4/1/2016 (b) 

 

6,185,000

 

6,185,000

New York, State Urban Development Corp. Revenue:

 
 

Series A-5, 0.3% *, 1/1/2030, TD Bank NA (a) 

 

2,600,000 

 

2,600,000 

 

Series 2008-053, 144A, 3.0% *, 3/15/2023, Dexia Credit Local (a) 

 

16,420,000 

 

16,420,000 

 

Series 2008-054, 144A, 3.0% *, 3/15/2024, Dexia Credit Local (a)  

 

18,005,000 

 

18,005,000 

New York, Triborough Bridge & Tunnel Authority Revenues:

 
 

Series B-4, 0.45% *, 1/1/2032 

 

9,435,000 

 

9,435,000 

 

Series A-1, 2.0% *, 11/15/2038 

 

4,000,000 

 

4,049,289 

New York, Tsasc, Inc., Series 1, Prerefunded, 6.375%, 7/15/2039 

 

5,000,000

 

5,279,579

New York City, NY, Industrial Development Agency Revenue, Empowerment Zone, Tiago, AMT, 0.65% *, 1/1/2037, ING Bank NV (a) 

 

4,000,000

 

4,000,000

New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue:

 
 

Series 1289, 0.45% *, 12/15/2013 

 

705,000 

 

705,000 

 

Series 2008-BB-1, 3.05% *, 6/15/2036 

 

10,000,000 

 

10,000,000 

New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution, Series 2008-BB-3, 3.9% *, 6/15/2034 

 

11,900,000

 

11,900,000

New York City, NY, Municipal Water Finance Authority, Series 3092, 144A, 0.45% *, 6/15/2010 

 

4,620,000

 

4,620,000

New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue:

 
 

Series 1249, 144A, 0.59% *, 6/15/2033 

 

3,750,000 

 

3,750,000 

 

Series 1314, 144A, 0.59% *, 6/15/2039 

 

5,800,000 

 

5,800,000 

New York City, NY, Transitional Finance Authority Revenue:

 
 

Series A, 144A, 0.63% *, 11/1/2030 

 

1,000,000 

 

1,000,000 

 

Series B, 5.5%, 2/1/2010 

 

2,245,000 

 

2,336,787 

New York City, NY, Transitional Finance Authority Revenue, NYC Recovery, Series 1-1B, 0.3% *, 11/1/2022 

 

3,465,000

 

3,465,000

New York City, NY, Trust for Cultural Resource Revenue, Lincoln Center for the Performing Arts, Series B-1, 0.27% *, 11/1/2038, US Bank NA (a) 

 

3,750,000

 

3,750,000

New York, NY, General Obligation:

 
 

 

 

 

Series 2951, 144A, 0.45% *, 10/1/2013 

 

4,465,000 

 

4,465,000 

 

Series A-5, 0.45% *, 8/1/2031, Bank of Nova Scotia (a) 

 

1,710,000 

 

1,710,000 

 

Series O, 5.0%, 6/1/2009 

 

2,000,000 

 

2,009,012 

 

Series G, 5.0%, 8/1/2009 

 

12,000,000 

 

12,117,221 

Ontario County, NY, Industrial Development Agency, Civic Facility Revenue, Greater Canandaigua Family YMCA, 4.0% *, 10/1/2040, RBS Citizens NA (a) 

 

8,360,000

 

8,360,000

Otsego County, NY, Industrial Development Agency, Civic Facility Revenue, Noonan Community Service Corp. Project, Series A, 0.89% *, 3/1/2025, Wilber National Bank (a) 

 

1,200,000

 

1,200,000

Port Authority of New York & New Jersey, 0.55%, 6/18/2009 

 

4,620,000

 

4,620,000

Ulster County, NY, Industrial Development Agency, Civic Facility Revenue, Kingston Regional Senior Living Corp., Series C, 0.38% *, 9/15/2037, Sovereign Bank FSB (a) 

 

10,140,000

 

10,140,000

 

**271,120,875**

**Puerto Rico 3.3%**

 
Commonwealth of Puerto Rico, Special Obligation, Series 2009-1211X, 144A, 0.49% *, 10/1/2018 

 

4,600,000

 

4,600,000

Puerto Rico, Industrial Tourist Educational, Medical & Environmental Control Facilities, Bristol-Myers Squibb Project, AMT, 0.59% *, 12/1/2030 

 

4,500,000

 

4,500,000

 

**9,100,000**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $280,220,875) †

99.8

 

**280,220,875**

**Other Assets and Liabilities, Net**

0.2

 

**651,513**

**Net Assets**

100.0

 

**280,872,388**

*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.*

*†*

*The cost for federal income tax purposes was $280,220,875.*

***

*Variable rate demand notes are securities whose interest rates are reset periodically at market levels.  These securities are often payable on demand and are shown at their current rates as of March 31, 2009.*

*(a)*

*Security incorporates a letter of credit from the bank listed.*

*(b)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

**As a % of Total****Investment Portfolio**

 
Financial Security Assurance, Inc.

2.2

 
*144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*

*AMT: Subject to alternative minimum tax.*

*Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.*

 

***Fair Value Measurements***

 

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

 

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Securities held by a money market fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.*

 

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Fund's investments.*

 

 

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                                 -   

Level 2 

280,220,875   

Level 3 

-   

**Total**

**$              280,220,875**

 

 

 

 

**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: 

NY Tax Free Money Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 20, 2009

 

 

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

 

Registrant: 

NY Tax Free Money Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

May 20, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        May 20, 2009

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