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: 09/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of September 30, 2008  (Unaudited)** |
|----------------------|-------------------------------------------|

 

 

**Tax Free Money Fund Investment**

 

 

|   | **Principal****Amount ($)**      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Value ($)** |
|--------|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Investments 100.1%** |  
**Arizona 0.5%**

 
Apache County, AZ, Industrial Development Authority Revenue, Tucson Electric Power Co., Series 83C, 8.0% *, 12/15/2018, Bank of New York (a) 

 

1,200,000

 

**1,200,000**

**Colorado 1.7%**

 
Colorado, Educational & Cultural Facilities Authority Revenue, Trinity School Project,      8.05% *, 9/1/2026, Branch Banking & Trust (a) 

 

1,700,000

 

1,700,000

Colorado, Postsecondary Educational Facilities Authority Revenue, Mullen High School Project, 8.15% *, 8/1/2017, Wells Fargo Bank NA (a) 

 

2,230,000

 

2,230,000

 

**3,930,000**

 

 

 

**District of Columbia 1.4%**

 
District of Columbia, Family & Child Services Revenue, 7.25% *, 7/1/2041, Bank of America NA (a) 

 

2,460,000

 

2,460,000

District of Columbia, General Obligation, Series R-11386, 144A, 4.24% *, 6/1/2020 (b) 

 

800,000

 

800,000

 

**3,260,000**

**Florida 8.2%**

 
Florida, BB&T Municipal Trust, Series 1010, 144A, 3.96% *, 1/15/2019, Branch Banking & Trust (a) 

 

2,850,000

 

2,850,000

Highlands County, FL, Health Facilities Authority Revenue, Adventist Health Systems, 

 

 

 

 

 

Prerefunded, 5.25%, 11/15/2020

 

3,000,000

 

3,042,523

 

Series A, 8.0% *, 11/15/2032, SunTrust Bank (a)

 

1,650,000

 

1,650,000

Hillsborough County, FL, Finance Authority, Multi-Family Revenue, Hunt Club Apartments, 8.0% *, 8/15/2041, SunTrust Bank (a) 

 

6,000,000

 

6,000,000

Manatee County, FL, School District, Tax Anticipation Notes, 4.0%, 10/9/2008 

 

4,000,000

 

4,000,966

Palm Beach County, FL, Jewish Community Campus Project Revenue, 8.4% *, 3/1/2030, Northern Trust Co. (a) 

 

1,110,000

 

1,110,000

 

**18,653,489**

**Georgia 5.3%**

 
Fulton County, GA, Development Authority Revenue, Georgia Tech Facilities Project, Series A, 9.0% *, 5/1/2037, SunTrust Bank (a) 

 

1,125,000

 

1,125,000

Fulton County, GA, Development Authority Revenue, Mount Vernon Presbyterian School, 8.05% *, 8/1/2035, Branch Banking & Trust (a) 

 

2,700,000

 

2,700,000

Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, Series A, 8.3% *, 10/1/2036, Branch Banking & Trust (a) 

 

5,540,000

 

5,540,000

Georgia, Solar Eclipse Funding Trust, Series 2007-0072, 144A, 4.36% *, 6/1/2032, US Bank NA (a) 

 

1,045,000

 

1,045,000

Georgia, State General Obligation, Series R-11544, 144A, 3.66% *, 7/1/2024 

 

1,700,000

 

1,700,000

 

**12,110,000**

**Illinois 11.5%**

 
Channahon, IL, Morris Hospital Revenue, Series B, 8.0% *, 12/1/2032, US Bank NA (a) 

 

4,370,000

 

4,370,000

Chicago, IL, General Obligation, Series R-10267, 144A, 4.0% *, 1/1/2042 

 

7,520,000

 

7,520,000

Illinois, Development Finance Authority Revenue, Series B-1, 8.37% *, 10/1/2029, Comerica Bank (a) 

 

4,300,000

 

4,300,000

Illinois, Development Finance Authority Revenue, Regional Organization Bank of Illinois Project, 8.95% *, 12/1/2020, Bank One NA (a) 

 

3,250,000

 

3,250,000

Illinois, Regional Transportation, Series 2008-3043X, 144A, 7.71% *, 7/1/2026 

 

6,665,000

 

6,665,000

 

**26,105,000**

**Indiana 2.6%**

 
Indiana, Health & Educational Facility, Financing Authority Revenue, Greenwood Village South Project, Series A, 8.0% *, 5/1/2036, Sovereign Bank FSB (a) 

 

3,280,000

 

3,280,000

Indiana, State Educational Facilities Authority Revenue, St. Mary Woods Project, 8.95% *, 4/1/2024, Bank One NA (a) 

 

2,700,000

 

2,700,000

 

**5,980,000**

**Iowa 0.4%**

 
Iowa, Finance Authority Small Business Development Revenue, Corporate Center Associates LP Project, 7.55% *, 9/1/2015, Wells Fargo Bank NA (a) 

 

1,000,000

 

**1,000,000**

**Kentucky 2.1%**

 
Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust,    10.0% *, 3/1/2030, US Bank NA (a) 

 

3,415,000

 

3,415,000

Lexington-Fayette Urban County, KY, Industrial Development Revenue, YMCA Central Kentucky, Inc. Project, 8.1% *, 7/1/2019, Bank One Kentucky NA (a) 

 

1,365,000

 

1,365,000

 

**4,780,000**

 

 

 

**Louisiana 0.8%**

 
Louisiana, BB&T Municipal Trust, Series 4000, 144A, 8.04% *, 7/1/2018, Branch Banking & Trust (a) 

 

1,825,000

 

**1,825,000**

**Maryland 1.4%**

 
Maryland, State Economic Development Corp. Revenue, Howard Hughes Medical Institute, Series A, 7.77% *, 2/15/2043 

 

1,500,000

 

1,500,000

Maryland, State General Obligation, Series R-11545, 144A, 4.06% *, 7/15/2023 

 

1,670,000

 

1,670,000

 

**3,170,000**

**Massachusetts 13.0%**

 
Massachusetts, Bay Transportation Authority Revenue, Series SG-156, 144A, 4.5% *, 7/1/2030 

 

6,160,000

 

6,160,000

Massachusetts, State Development Finance Agency Revenue, Dean College, 8.28% *, 10/1/2038, RBS Citizens NA (a)

 

10,000,000

 

10,000,000

Massachusetts, State Health & Educational Facilities Authority Revenue, Tufts University, Series N-1, 5.5% *, 8/15/2040 

 

6,000,000

 

6,000,000

Massachusetts, State School Building Authority, Dedicated Sales Tax Revenue, Series R-10321, 144A, 4.55% *, 8/15/2024 (b) 

 

1,500,000

 

1,500,000

Massachusetts, University Building Authority Project Revenue, Series 1, 7.75% *, 5/1/2038, Lloyds TSB Bank PLC (a) 

 

6,000,000

 

6,000,000

 

**29,660,000**

**Michigan 1.3%**

 
Michigan, Kent Hospital Finance Authority Revenue, Spectrum Health System, Series C,  8.22% *, 1/15/2026, Bank of New York (a) 

 

3,000,000

 

**3,000,000**

**Missouri 4.0%**

 
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Project, 8.0% *, 2/1/2039, US Bank NA (a) 

 

9,000,000

 

**9,000,000**

**Nebraska 1.5%**

 
Nebraska, American Public Energy Agency, Gas Supply Revenue, National Public Gas Agency Project, Series A, 7.25% *, 2/1/2014 

 

3,400,000

 

**3,400,000**

**New Jersey 1.5%**

 
Oradell, NJ, Bond Anticipation Notes, 2.75%, 6/12/2009 

 

3,292,000

 

**3,308,838**

**New York 8.4%**

 
New York, State Housing Finance Agency Revenue, 100 Maiden Lane, Series A, 8.9% *, 5/15/2037 

 

5,850,000

 

5,850,000

New York City, NY, General Obligation:

 
 

Series H-2, 5.2% *, 1/1/2036, Dexia Credit Local (a) 

 

6,745,000 

 

6,745,000 

 

Series L-5, 9.0% *, 4/1/2035

 

3,000,000 

 

3,000,000 

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jewish Board of Family Services, 8.0% *, 7/1/2025, Allied Irish Bank PLC (a)

 

2,000,000

 

2,000,000

New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Series C, 7.5% *, 6/15/2033 

 

1,600,000

 

1,600,000

 

**19,195,000**

**North Carolina 3.5%**

 
North Carolina, Medical Care Commission, Retirement Facilities Revenue, First Mortgage Southminster, Inc., Series C, 8.01% *, 10/1/2014, Sovereign Bank FSB (a) 

 

8,000,000

 

**8,000,000**

**Ohio 2.3%**

 
Ohio, State General Obligation, Series R-1101, 144A, 5.0% *, 9/15/2020 

 

175,000

 

175,000

Ohio, State Higher Educational Facility Commission Revenue, University Hospitals Health System, Series A, 9.0% *, 1/15/2035, Allied Irish Bank PLC (a) 

 

5,125,000

 

5,125,000

 

**5,300,000**

**Oregon 0.1%**

 
Oregon, Munitops II Trust Certificates, Series 2007-38, 144A, 4.38% *, 6/15/2015 (b) 

 

326,000

 

**326,000**

 

 

 

 
**Pennsylvania 7.0%**

 
 
Allegheny County, PA, Hospital Development Authority Revenue, UPMC Senior Living Corp., 8.1% *, 7/15/2028 

 

835,000

 

835,000

 
 
Dauphin County, PA, General Authority Revenue, Series H, 8.75% *, 6/1/2026 (b) 

 

8,635,000

 

8,635,000

 
 
Montgomery County, PA, Redevelopment Authority, Muli-Family Housing Revenue, Forge Gate Apartments Project, Series A, 7.5% *, 8/15/2031 

 

1,410,000

 

1,410,000

 
 
Philadelphia, PA, Authority for Industrial Development Revenues, Retirement Care, Evangelical Manor, 8.00% *, 10/1/2038, Citizens Bank NA (a) 

 

5,000,000

 

5,000,000

 
 
 
 
 

**15,880,000**

 
 
**Texas 13.5%**

 
 
Austin, TX, Utility System, 1.55%, 11/6/2008 

 

1,000,000

 

1,000,000

 
 
Longview, TX, Independent School District, Series 3059, 144A, 5.25% *, 2/15/2016 

 

2,290,000

 

2,290,000

 
 
North East, TX, Independent School District, Series 2355, 144A, 4.9% *, 8/1/2015 

 

1,400,000

 

1,400,000

 
 
Tarrant County, TX, Health Facilities Development Corp. Revenue, Cumberland Rest, Inc. Project, 6.0% *, 8/15/2036, HSH Nordbank AG (a) 

 

10,000,000

 

10,000,000

 
 
Texas, A&M University Revenues, Series 944, 144A, 4.75% *, 5/15/2013 

 

1,500,000

 

1,500,000

 
 
Texas, Solar Eclipse Funding Trust, 144A, 7.96% *, 8/1/2037, US Bank NA (a) 

 

3,495,000

 

3,495,000

 
 
Texas, State Tax & Revenue Anticipation Notes, 3.0%, 8/28/2009 

 

6,000,000

 

6,073,890

 
 
University of Texas, Permanent Fund, 1.6%, 11/13/2008 

 

5,000,000

 

5,000,000

 
 
 
 
 

**30,758,890**

 
 
**Utah 2.1%**

 
 
Davis County, UT, Tax & Revenue Anticipation Notes, 3.0%, 12/30/2008 

 

4,750,000

 

**4,764,097**

 
 
**Virginia 0.5%**

 
 
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster-Canterbury, 8.05% *, 10/1/2037, Branch Banking & Trust (a) 

 

1,150,000

 

**1,150,000**

 
 
**Washington 1.6%**

 
 
Seattle, WA, Water Systems Revenue, Series 2170, 144A, 4.54% *, 2/1/2031 (b) 

 

2,530,000

 

2,530,000

 
 
Washington, State General Obligation, Series 2650Z, 144A, 8.11% *, 7/1/2013 (b) 

 

1,000,000

 

1,000,000

 
 
 
 
 

**3,530,000**

 
 
**Wisconsin 2.3%**

 
 
Wisconsin, State Transportation Revenue, Series 1, 5.5%, 7/1/2009 

 

5,000,000

 

**5,132,718**

 
 
**Wyoming 1.6%**

 
 
Sweetwater County, WY, 1.65%, 12/4/2008 

 

3,700,000

 

**3,700,000**

 
 
 

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

 

**Value ($)**

 
 
 
 
**Total Investment Portfolio** (Cost $228,119,032) †

100.1

 

**228,119,032**

 
 
**Other Assets and Liabilities, Net**

(0.1)

 

**(279,311)**

 
 
 
 
**Net Assets**

100.0

 

**227,839,721**

 
 
*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.*

 
 
***

*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 September 30, 2008.*

 
 
*†*

*The cost for federal income tax purposes was $228,119,032.*

 
 
*(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.

6.4

 
 

*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.*

 
 

 

 

*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***

 

*The following is a summary of the inputs used as of September 30, 2008 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below.*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1

$                                 -   

Level 2 

228,119,032  

Level 3 

-   

**Total**

**$              228,119,032**

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year. FAS* *157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs 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, credit risk, etc.).  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.*

 

**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.

 

DWS Global Commodities Stock Fund, Inc.

Daily Assets Fund Institutional, a series of DWS Institutional Funds

DWS Commodity Securities Fund, a series of DWS Institutional Funds

The European Equity Fund, Inc.

The New Germany Fund, Inc.

Cash Management Portfolio

Prime Series, a series of Cash Reserve Fund, Inc.

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

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

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

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

DWS Communications Fund, Inc.

DWS Equity 500 Index Portfolio

DWS RREEF Global Infrastructure Fund, a series of DWS Global/International Fund, Inc.

Cash Management Fund Institutional, a series of DWS Institutional Funds

Cash Reserves Fund Institutional, a series of DWS Institutional Funds

DWS EAFE Equity Index Fund, a series of DWS Institutional Funds

DWS Equity 500 Index Fund, a series of DWS Institutional Funds

DWS U.S. Bond Index Fund, a series of DWS Institutional Funds

DWS S&P 500 Index Fund, a series of DWS Investment Trust

DWS Equity 500 Index VIP, a series of DWS Investments VIT Funds

DWS Small Cap Index VIP, a series of DWS Investments VIT Funds

DWS Money Market Series, a series of DWS Money Market Trust

DWS RREEF Real Estate Fund II, Inc.

DWS RREEF Real Estate Fund, Inc.

DWS RREEF World Real Estate & Tactical Strategies Fund, Inc.

DWS Variable Series I

DWS Variable Series II

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

November 14, 2008

 

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

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

November 14, 2008

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

November 14, 2008

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