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)

 

One South Street

Baltimore, MD  21202

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154

(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: 12/31/07

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of December 31, 2007  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Mid Cap Growth Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Value ($)** |
|--------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 98.9%** |  
**Consumer Discretionary 13.6%**

 
**Specialty Retail 11.1%**

 
Dick's Sporting Goods, Inc.*  

 

726,900 

 

20,178,744 

Guess?, Inc. (a) 

 

783,700 

 

29,694,393 

Tiffany & Co.  

 

332,800 

 

15,318,784 

Urban Outfitters, Inc.*  

 

1,609,700 

 

43,880,422 

 

**109,072,343**

**Textiles, Apparel & Luxury Goods 2.5%**

 
Crocs, Inc.*  

 

334,200 

 

12,301,902 

Phillips-Van Heusen Corp.  

 

312,400 

 

11,515,064 

 

**23,816,966**

 

 

 

 

**Consumer Staples 1.9%**

 
**Food & Staples Retailing 0.9%**

 
Whole Foods Market, Inc. (a) 

 

226,300 

 

**9,233,040**

**Personal Products 1.0%**

 
Herbalife Ltd.  

 

235,100 

 

**9,469,828**

**Energy 11.4%**

 
**Energy Equipment & Services 5.2%**

 
FMC Technologies, Inc.*  

 

270,500 

 

15,337,350 

National-Oilwell Varco, Inc.*  

 

269,900 

 

19,826,854 

Rowan Companies, Inc.  

 

394,500 

 

15,566,970 

 

**50,731,174**

**Oil, Gas & Consumable Fuels 6.2%**

 
Southwestern Energy Co.*  

 

547,500 

 

30,506,700 

Ultra Petroleum Corp.*  

 

423,300 

 

30,265,950 

 

**60,772,650**

**Financials 9.0%**

 
**Capital Markets**

Affiliated Managers Group, Inc.* (a) 

 

277,200 

 

32,559,912 

Eaton Vance Corp.  

 

333,800 

 

15,157,858 

T. Rowe Price Group, Inc.  

 

434,600 

 

26,458,448 

Waddell & Reed Financial, Inc. "A"  

 

380,800 

 

13,743,072 

 

**87,919,290**

**Health Care 11.5%**

 
**Health Care Equipment & Supplies 2.7%**

 
Hologic, Inc.* (a) 

 

381,500 

 

**26,186,160**

**Health Care Providers & Services 3.1%**

 
Pediatrix Medical Group, Inc.*  

 

448,900 

 

**30,592,535**

**Life Sciences Tools & Services 4.0%**

 
Covance, Inc.* (a) 

 

249,200 

 

21,585,704 

Pharmaceutical Product Development, Inc.  

 

450,700 

 

18,194,759 

 

**39,780,463**

**Pharmaceuticals 1.7%**

 
Mylan, Inc. (a) 

 

1,176,500 

 

**16,541,590**

**Industrials 17.5%**

 
**Aerospace & Defense 2.5%**

 
BE Aerospace, Inc.*  

 

467,900 

 

**24,751,910**

**Commercial Services & Supplies 1.1%**

 
Huron Consulting Group, Inc.* (a) 

 

132,700 

 

**10,699,601**

**Construction & Engineering 0.9%**

 
Aecom Technology Corp.*  

 

312,400 

 

**8,925,268**

**Electrical Equipment 3.4%**

 
General Cable Corp.*  

 

164,600 

 

12,061,888 

Roper Industries, Inc.  

 

331,700 

 

20,744,518 

 

**32,806,406**

**Industrial Conglomerates 1.6%**

 
McDermott International, Inc.*  

 

256,000 

 

**15,111,680**

**Machinery 8.0%**

 
Harsco Corp.  

 

185,700 

 

11,897,799 

Manitowoc Co., Inc.  

 

278,100 

 

13,579,623 

 

 

 

 

Oshkosh Truck Corp.  

 

289,300 

 

13,672,318 

Terex Corp.*  

 

604,800 

 

39,656,736 

 

**78,806,476**

**Information Technology 26.1%**

 
**Communications Equipment 4.3%**

 
F5 Networks, Inc.*  

 

803,400 

 

22,912,968 

Foundry Networks, Inc.*  

 

1,127,400 

 

19,752,048 

 

**42,665,016**

**Semiconductors & Semiconductor Equipment 15.2%**

 
FormFactor, Inc.* (a) 

 

310,600 

 

10,280,860 

Lam Research Corp.*  

 

285,200 

 

12,329,196 

MEMC Electronic Materials, Inc.*  

 

858,200 

 

75,942,118 

NVIDIA Corp.*  

 

510,900 

 

17,380,818 

Tessera Technologies, Inc.*  

 

420,800 

 

17,505,280 

Varian Semiconductor Equipment Associates, Inc.*  

 

417,000 

 

15,429,000 

 

**148,867,272**

**Software 6.6%**

 
Activision, Inc.*  

 

1,101,100 

 

32,702,670 

Citrix Systems, Inc.*  

 

467,900 

 

17,784,879 

FactSet Research Systems, Inc.  

 

255,100 

 

14,209,070 

 

**64,696,619**

**Materials 2.9%**

 
**Metals & Mining**

Allegheny Technologies, Inc.  

 

110,800 

 

9,573,120 

Gerdau Ameristeel Corp. (a) 

 

1,357,300 

 

19,300,806 

 

**28,873,926**

**Telecommunication Services 5.0%**

 
**Wireless Telecommunication Services**

NII Holdings, Inc.*  

 

541,600 

 

26,170,112 

SBA Communications Corp. "A"*  

 

687,200 

 

23,254,848 

 

**49,424,960**

**Total Common Stocks** (Cost $725,261,300)

 

**969,745,173**

 

**Securities Lending Collateral 7.2%**

 
Daily Assets Fund Institutional, 5.03%  (b) (c)(Cost $70,232,400)

 

 

70,232,400

 

**70,232,400**

 

**Cash Equivalents 2.4%**

 
Cash Management QP Trust, 4.67%  (b)(Cost $23,612,420)

 

 

23,612,420

 

**23,612,420**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $819,106,120) 

108.5

 

**1,063,589,993**

**Other Assets and Liabilities, Net**

(8.5)

 

**(83,411,754)**

**Net Assets**

100.0

 

**980,178,239**

 

*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.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at December 31, 2007 amounted to $68,653,457 which is 7.0% 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.*

 

 

**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 half-year (the registrant’s second fiscal half-year in the case of the annual report) 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:

February 21, 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.

 

Registrant: 

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

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 21, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        February 21, 2008

 

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