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:  10/31

Date of reporting period: 1/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Short-Term Municipal Bond Fund**

 

|   | **Principal****Amount ($)**         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **Value ($)** |
|--------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Bonds and Notes 91.2%** |  
**Alabama 3.9%**

 
Auburn, AL, General Obligation, 144A, 4.85%, 11/1/2011 

 

336,438

 

330,345

Jefferson County, AL, Sewer Revenue, Capital Improvement Warrants, Prerefunded:

 
 

5.0%, 2/1/2041 (a) (b) 

 

8,000,000 

 

8,755,440 

 

Series A, 5.75%, 2/1/2038 (a) 

 

5,000,000 

 

5,050,750 

 

**14,136,535**

**Alaska 1.3%**

 
Alaska, State Housing Finance Corp., Home Mortgage, Series A, AMT, 5.0%, 6/1/2036 (a) 

 

4,520,000

 

**4,528,452**

**Arizona 2.2%**

 
Arizona, Health Facilities Authority Revenue, Banner Health, Series A, 5.0%, 1/1/2019 

 

2,000,000

 

2,077,400

Arizona, Health Facilities, Authority Hospital System Revenue, ETM, 6.25%, 9/1/2011 (a) 

 

250,000

 

263,088

 

 

 

Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Revenue, Series 2B, AMT, 5.55%, 3/1/2028 

 

65,000

 

64,370

Pima County, AZ, Higher Education Revenue, Industrial Development Authority, Series A, 5.0%, 5/1/2013 (a) 

 

1,645,000

 

1,255,184

Scottsdale, AZ, Municipal Property Corp., Excise Tax Revenue, 5.0%, 7/1/2014 

 

3,320,000

 

3,840,178

Snowflake, AZ, Sales & Special Tax Revenue, 4.0%, 7/1/2013 

 

420,000

 

429,471

 

**7,929,691**

**Arkansas 0.2%**

 
Chicot County, AR, Sales & Special Tax Revenue, Sales & Use Tax, 4.15%, 7/1/2026 (a) 

 

205,000

 

171,468

Little Rock, AR, Residential Housing & Public Facility Board, Series B, Zero Coupon, 7/15/2011 

 

25,000

 

21,016

Rogers, AR, Sales & Special Tax Revenue, Series A, 4.125%, 9/1/2023 (a) 

 

625,000

 

611,894

Springdale, AR, Residential Housing & Healthcare Facility Board, Series A, 7.65%, 9/1/2011 

 

3,549

 

3,640

 

**808,018**

**California 2.7%**

 
California, State Department of Water Resources Power Supply Revenue, Series G-4, 5.0%, 5/1/2016 

 

2,500,000

 

2,809,750

California Statewide, Communities Development Authority, Multi-Family Housing Revenue, AMT, 4.7%, 10/15/2012 

 

680,000

 

701,706

California Statewide, Communities Development Authority, Multi-Family Housing Revenue, Citrus Gardens Apartments Project, 4.25%, 7/1/2012 

 

250,000

 

257,852

Carlsbad, CA, Multi-Family Housing Revenue, Series A, AMT, 3.7%, 2/1/2013 

 

385,000

 

390,582

Delta Counties, CA, Home Mortgage Finance Authority, Single Family Mortgage Revenue, Pacific Mortgage-Backed Securities, Series A, AMT, 6.7%, 6/1/2024 (a) 

 

10,000

 

10,137

Placer County, CA, Water Agency, Middle Fork Project, 3.75%, 7/1/2012 

 

135,000

 

132,281

Sacramento, CA, City Financing Authority Revenue, Convention Center Hotel, Series A, Prerefunded, 6.25%, 1/1/2030 

 

1,970,000

 

2,053,981

San Diego, CA, Housing Authority Multi-Family Housing Revenue, Hollywood Palms Apartments, Series C, AMT, 5.1%, 11/1/2013 

 

720,000

 

759,017

San Joaquin County, CA, Certificates of Participation, General Hospital Project, 5.25%, 9/1/2014 (a) 

 

2,475,000

 

2,546,181

 

**9,661,487**

**Colorado 2.1%**

 
Arvada, CO, Industrial Development Authority, Wanco, Inc. Project, AMT:

 
 

144A, 5.6%, 12/1/2012, US Bank NA (c) 

 

205,000 

 

198,083 

 

144A, 5.8%, 12/1/2017, US Bank NA (c) 

 

355,000 

 

319,124 

Aurora, CO, Industrial Development Revenue, Series A, 5.375%, 12/1/2011 

 

365,000

 

365,186

Central Platte Valley, CO, Core City, General Obligation, Metropolitan District, Series A, 5.0%, 12/1/2031, BNP Paribas (c) 

 

1,750,000

 

1,794,642

Colorado, Health Facilities Authority Revenue, Catholic Health, Series C-6, 3.95%, 9/1/2036 

 

1,610,000

 

1,664,933

Colorado, Housing Finance Authority, Single Family Program, Series B-2, AMT, 6.4%, 11/1/2024 

 

45,000

 

47,065

Colorado, Single Family Housing Revenue, Housing & Finance Authority:

 
 

AMT, 5.0%, 5/1/2032 (a) 

 

840,000 

 

797,647 

 

Series A-2, AMT, 7.25%, 5/1/2027 

 

40,000 

 

40,728 

Denver, CO, City & County Airport Revenue, Series A1, AMT, 5.0%, 11/15/2009 

 

1,500,000

 

1,527,840

El Paso County, CO, Public Housing Revenue, Series A, AMT, 4.1%, 12/20/2012 

 

315,000

 

317,728

Pueblo County, CO, Certificates of Participation, ETM, 6.25%, 12/1/2010 

 

485,000

 

511,622

 

**7,584,598**

**District of Columbia 0.1%**

 
District of Columbia, Housing Finance Agency, Multi-Family Housing Revenue, Rockburne Estates, AMT, 5.2%, 2/20/2009 

 

30,000

 

30,041

District of Columbia, Housing Finance Agency, Multi-Family Housing Revenue, Stanton Glenn Apartments, AMT, 5.6%, 11/1/2010 

 

375,000

 

387,154

 

**417,195**

 

 

 

**Florida 3.9%**

 
Brevard County, FL, Housing Finance Authority, Homeowner Mortgage Revenue, Series B, 6.5%, 9/1/2022 

 

122,000

 

131,122

Broward County, FL, Airport Systems Revenue, AMT, Series E, 5.25%, 10/1/2012 (a) 

 

6,000,000

 

6,065,160

Florida, Citizens Property Insurance Corp., High Risk Account, Series A, 5.0%, 3/1/2009 (a) 

 

3,000,000

 

3,005,820

Hillsborough County, FL, Special Assessment Revenue, 5.0%, 3/1/2014 (a) 

 

2,135,000

 

2,220,742

South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021 

 

2,500,000

 

2,428,525

 

**13,851,369**

**Georgia 4.0%**

 
Augusta-Richmond County, GA, Coliseum Revenue Authority, ETM, 6.3%, 2/1/2010 

 

50,000

 

51,322

Carroll County, GA, School District, Sales Tax, 5.0%, 4/1/2010 

 

2,000,000

 

2,102,140

Cobb County, GA, Housing Authority, Multi-Family Housing Revenue, Oakley Run Apartments Project, 4.75%, 3/1/2032 

 

2,715,000

 

2,754,639

Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:

 
 

Series A, 5.0%, 3/15/2009 

 

3,000,000 

 

2,998,440 

 

Series A, 5.0%, 3/15/2010 

 

4,000,000 

 

3,978,800 

Monroe County, GA, Development Authority Pollution Control Revenue, Georgia Power Co. Plant Scherer, First Series, 4.5%, 7/1/2025 

 

2,640,000

 

2,655,022

 

**14,540,363**

**Hawaii 1.5%**

 
Hawaii, State General Obligation, Series DK, 5.0%, 5/1/2012 

 

4,000,000

 

4,416,840

Hawaii, State Housing Finance & Development Corp., Single Family Mortgage Revenue, Series A, AMT, 5.2%, 7/1/2012 

 

1,075,000

 

1,086,578

 

**5,503,418**

**Idaho 0.4%**

 
Idaho, Housing Agency, Single Family Mortgage, AMT:

 
 

Series G-2, 5.75%, 1/1/2014 

 

15,000 

 

15,382 

 

Series E, 5.95%, 7/1/2020 

 

55,000 

 

56,759 

Idaho, Housing Agency, Single Family Mortgage, AMT, Series H-2:

 
 

5.1%, 7/1/2020 

 

105,000 

 

105,022 

 

5.85%, 1/1/2014 

 

90,000 

 

92,573 

Idaho, Housing Agency, Single Family Mortgage, Class III, AMT:

 
 

5.1%, 7/1/2023 

 

200,000 

 

191,138 

 

5.15%, 7/1/2023 

 

470,000 

 

448,122 

 

5.4%, 7/1/2021 

 

110,000 

 

111,029 

 

5.95%, 7/1/2019 

 

440,000 

 

454,071 

 

**1,474,096**

**Illinois 7.8%**

 
Chicago, IL, O'Hare International Airport Revenue, Series A, 5.0%, 1/1/2015 (a) 

 

4,500,000

 

5,073,120

Chicago, IL, Single Family Mortgage Revenue, AMT, 6.3%, 9/1/2029 

 

200,000

 

206,330

Huntley, IL, Project Revenue, Installment Contract, 5.85%, 12/1/2015 

 

1,020,000

 

1,064,268

Huntley, IL, Sales & Special Tax Revenue, Prerefunded, 7.75%, 3/1/2029 

 

4,588,000

 

4,707,976

Illinois, Finance Authority Revenue, University of Chicago, Series B, 5.0%, 7/1/2017 

 

5,000,000

 

5,739,050

Illinois, Health Facilities Authority Revenue, 5.25%, 11/15/2013 (a) 

 

665,000

 

670,340

Lake County, IL, Forest Preserve District, Series A, 1.818% *, 12/15/2020 

 

5,000,000

 

3,425,000

McCook, IL, Hospital & Healthcare Revenue, British Home Project, 4.25%, 12/1/2014, LaSalle Bank NA (c) (d) 

 

670,000

 

671,803

McLean & Woodford Counties, IL, Community Unit School District No. 5, Prerefunded, 6.375%, 12/1/2016 (a) 

 

4,820,000

 

5,512,634

Normal, IL, Multi-Family Housing Revenue, AMT, 3.75%, 12/1/2013 

 

935,000

 

955,149

 

**28,025,670**

 

 

 

**Indiana 4.6%**

 
Indiana, Bond Bank Revenue, State Revolving Fund, Series B, Prerefunded, 5.25%, 8/1/2019 

 

4,000,000

 

4,308,720

Indiana, Finance Authority Health Systems Revenue, Sisters of St. Francis Health, Series C, 5.0%, 11/1/2014 

 

2,000,000

 

2,163,120

Indiana, Health Facilities Funding Authority, Series A, ETM, 5.75%, 9/1/2015 

 

2,930,000

 

3,000,262

Indiana, Health Facility Financing Authority Revenue, Ascension Health, Series A-1, 5.0%, 11/1/2027 

 

1,000,000

 

1,060,650

Indiana, Transportation Finance Authority, Highway Revenue, Series A, Prerefunded, 5.25%, 6/1/2016 (a) 

 

5,000,000

 

5,796,750

Tipton, IN, School District General Obligation, School Building Corp., 5.55%, 7/15/2012 (a) 

 

300,000

 

319,794

Wells County, IN, Hospital Authority Revenue, ETM, 7.25%, 4/1/2009 

 

15,000

 

15,085

 

**16,664,381**

**Kansas 0.3%**

 
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue, Series B-4, AMT, 4.25%, 6/1/2023 

 

730,000

 

685,083

Shawnee, KS, Multi-Family Housing Revenue, Prairie Lakes Apartments, AMT, 4.35%, 2/1/2013 

 

520,000

 

529,287

 

**1,214,370**

**Kentucky 0.9%**

 
Kentucky, Economic Development Finance Authority Revenue, Catholic Health, Series 04-D, 3.5%, 5/1/2034 

 

1,000,000

 

1,022,380

Kentucky, Housing Corp. Revenue, Series G, AMT, 5.0%, 7/1/2030 

 

2,195,000

 

2,109,285

Louisville, KY, Multi-Family Housing Revenue, 5.15%, 7/1/2009 

 

5,000

 

5,062

 

**3,136,727**

**Louisiana 0.2%**

 
Louisiana, State Health Education Authority, Lease Rent Revenue, Tulane University Medical Center, ETM, 7.875%, 7/1/2009 

 

45,000

 

46,392

Orleans, LA, Water & Sewer Revenue, Levee District, 5.95%, 11/1/2015 (a) 

 

480,000

 

481,296

 

**527,688**

**Maine 0.3%**

 
Maine, Finance Revenue Authority, Electronic Rate Stabilization, AMT, 5.2%, 7/1/2018 (a) 

 

1,005,000

 

**1,008,226**

**Maryland 3.8%**

 
Maryland, State Community Development Administration, Department of Housing & Community Development, Series E, AMT, 5.5%, 3/1/2032 

 

1,925,000

 

1,901,111

Maryland, State Department of Transportation & Conservation, 5.0%, 2/15/2018 

 

5,000,000

 

5,892,900

Maryland, University of Maryland, Systems Auxiliary Facility & Tuition Revenue, Series A, 5.0%, 4/1/2012 

 

5,000,000

 

5,542,900

Prince Georges County, MD, Housing Authority, Single Family Mortgage Revenue:

 
 

Series A, AMT, 3.9%, 8/20/2012 

 

235,000 

 

239,357 

 

Series A, AMT, 5.6%, 12/1/2034 

 

60,000 

 

57,447 

 

Series A, AMT, 7.0%, 8/1/2033 

 

70,000 

 

71,722 

 

Series A, AMT, 7.4%, 8/1/2032 

 

35,000 

 

35,601 

 

**13,741,038**

**Massachusetts 0.7%**

 
Massachusetts, Bay Transportation Authority Revenue, Series A, Prerefunded, 5.25%, 7/1/2030 

 

2,170,000

 

2,309,032

Massachusetts, Development Finance Agency, Curry College, Series A, 4.6%, 3/1/2009 (a) 

 

25,000

 

25,023

 

**2,334,055**

**Michigan 0.9%**

 
Detroit, MI, Sewer Disposal Revenue, Series D, 1.561% *, 7/1/2032 (a) 

 

4,105,000

 

2,504,050

Detroit, MI, Water Supply System, ETM, 6.25%, 7/1/2012 (a) 

 

150,000

 

162,843

Michigan, Strategic Fund, Limited Obligation Revenue, United Jewish Project, 5.75%, 1/1/2012, Bank One NA (c) 

 

600,000

 

570,624

 

**3,237,517**

 

 

 

**Minnesota 0.5%**

 
Coon Rapids, MN, Multi-Family Housing Revenue, Brown Meadow Manor, Series A, AMT, 3.875%, 7/1/2014 

 

600,000

 

587,628

Minnesota, Single Family Housing Revenue, Housing Finance Agency, 5.2%, 1/1/2017 

 

1,145,000

 

1,172,285

 

**1,759,913**

**Mississippi 0.2%**

 
Mississippi, Single Family Housing Revenue, AMT, 6.3%, 6/1/2031 

 

595,000

 

**617,646**

**Missouri 3.6%**

 
Brentwood, MO, Tax Increment Revenue, 4.7%, 4/1/2019 (a) 

 

75,000

 

76,542

Jackson County, MO, Hospital & Healthcare Revenue, St. Joseph Hospital, ETM, 7.5%, 6/1/2010 

 

430,000

 

451,775

Kansas City, MO, Core City General Obligation, Streetlight Project, Series A, Prerefunded, 5.75%, 2/1/2012 

 

100,000

 

106,184

Missouri, Bi-State Development Agency, Illinois Metropolitan District Revenue, Metrolink, Series A, 3.95%, 10/1/2035, JPMorgan Chase Bank (c) 

 

2,000,000

 

2,046,320

Missouri, Development Finance Board, Greater St. Louis Project, 4.9%, 9/1/2010, Bank of America NA (c) 

 

685,000

 

686,706

Missouri, Housing Development Community, Single Family Mortgage, Series C, 6.55%, 9/1/2028 

 

80,000

 

83,106

Missouri, Housing Development Community, Single Family Mortgage, AMT, 7.45%, 9/1/2031 

 

120,000

 

123,172

Missouri, Single Family Housing Revenue, Housing Development, Series B-2, AMT, 5.75%, 3/1/2019 

 

15,000

 

15,355

Missouri, Single Family Housing Revenue, Housing Development Community Mortgage, Series C, AMT, 7.25%, 9/1/2026 

 

5,000

 

5,151

Missouri, State Highways & Transit Commission, State Road Revenue, Series A, Prerefunded, 5.0%, 2/1/2014 

 

5,000,000

 

5,554,350

Missouri, State Housing Development, Commission Single Family Mortgage Revenue, Homeownership Loan Program, Series C, AMT, 5.6%, 9/1/2035 

 

2,110,000

 

2,113,756

St. Charles County, MO, Industrial Development Authority, Health Care Facilities Revenue, Garden View Care Center Project, AMT, 5.4%, 11/15/2016, US Bank NA (c) 

 

1,480,000

 

1,480,340

 

**12,742,757**

**Nebraska 0.9%**

 
Clay County, NE, Industrial Development Revenue, Hybrids Cooperative Project, AMT:

 
 

4.75%, 3/15/2009, US Bank NA (c) 

 

215,000 

 

214,903 

 

5.25%, 3/15/2014, US Bank NA (c) 

 

1,610,000 

 

1,516,974 

Fillmore County, NE, Industrial Development Revenue, Omalley Grain, Inc. Project, AMT:

 
 

5.0%, 12/1/2010, US Bank NA (c) 

 

45,000 

 

44,683 

 

5.0%, 12/1/2011, US Bank NA (c) 

 

180,000 

 

172,980 

 

5.1%, 12/1/2012, US Bank NA (c) 

 

135,000 

 

130,205 

 

5.2%, 12/1/2013, US Bank NA (c) 

 

195,000 

 

184,860 

Nebraska, Nebhelp, Inc., Student Loan Program, Series B, AMT, 5.875%, 6/1/2014 (a) 

 

885,000

 

886,124

 

**3,150,729**

**Nevada 1.9%**

 
Clark County, NV, School District General Obligation, 5.5%, 6/15/2013 (a) 

 

4,700,000

 

5,350,386

Nevada, Housing Division, Single Family Housing Revenue, Series B-1, 5.25%, 10/1/2017 

 

330,000

 

332,538

Nevada, Housing Division, Single Family Mortgage, Series A, AMT, 5.15%, 10/1/2014 

 

30,000

 

30,731

Nevada, Single Family Housing Revenue, Housing Division, Series A-2, AMT, 5.2%, 10/1/2018 

 

200,000

 

200,192

Washoe, NV, Public Safety Training, 4.875%, 9/1/2010 (a) 

 

1,055,000

 

1,057,479

 

**6,971,326**

**New Hampshire 0.0%**

 
New Hampshire, Housing Finance Authority, AMT, 6.125%, 1/1/2018, Landesbank Hessen-Thuringen (c) 

 

15,000

 

**15,017**

 

 

 

**New Jersey 6.1%**

 
Gloucester County, NJ, Public Improvement Authority, Electric Mobility Project, AMT, 5.0%, 11/1/2010 

 

215,000

 

215,348

Keansburg, NJ, Elderly Housing Mortgage Revenue, HUD Section 8, 5.625%, 3/1/2011 

 

130,000

 

129,988

Livingston, NJ, School District Revenue, Board of Education, 144A, 3.8%, 8/1/2014 

 

797,959

 

801,151

New Jersey, Economic Development Authority Revenue, School Facilities Construction:

 
 

Series W, 5.0%, 3/1/2012 

 

2,375,000 

 

2,565,238 

 

Series J-4, 5.0%, 9/1/2029 (a) 

 

5,000,000 

 

5,489,900 

New Jersey, State Transportation Trust Fund Authority:

 
 

Series C, ETM, 5.0%, 6/15/2011 

 

5,000,000 

 

5,463,850 

 

Series A, Prerefunded, 6.125%, 6/15/2015 

 

6,650,000 

 

7,153,538 

 

**21,819,013**

**New Mexico 0.0%**

 
New Mexico, Mortgage Finance Authority, Second Mortgage Program, AMT, 144A, 6.5%, 1/1/2018 

 

119,800

 

**121,156**

**New York 4.6%**

 
New York, State Tollway Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2012 

 

1,000,000

 

1,094,050

New York, Tobacco Settlement Financing Corp.:

 
 

Series B, 5.0%, 6/1/2011 

 

4,500,000 

 

4,787,460 

 

Series C-1, 5.25%, 6/1/2013 

 

10,000,000 

 

10,011,800 

New York, NY, Higher Education Revenue, Dormitory Authority, Series A, 5.25%, 5/15/2013 

 

585,000

 

646,168

 

**16,539,478**

**North Carolina 2.1%**

 
North Carolina, Housing Finance Agency, Home Ownership, Series 22-A, AMT, 5.5%, 7/1/2036 

 

2,800,000

 

2,798,684

North Carolina, Municipal Power Agency, Number 1 Catawba Electric Revenue, Series A, 5.25%, 1/1/2013 

 

2,500,000

 

2,728,725

North Carolina, Municipal Power Agency, Number 1 Catawba Electric Revenue, Series B, 6.375%, 1/1/2013 

 

2,075,000

 

2,162,067

 

**7,689,476**

**Ohio 3.7%**

 
Bowling Green, OH, Multi-Family Revenue, Village Apartments, Series A, 4.75%, 9/20/2011 

 

120,000

 

125,423

Buckeye, OH, Tobacco Settlement Financing Authority, Series A-1, 5.0%, 6/1/2015 

 

4,500,000

 

4,104,405

Franklin County, OH, Multi-Family Revenue, Lincoln Park Project, Series A, AMT, 5.65%, 4/20/2013 

 

190,000

 

198,364

Hancock County, OH, Multi-Family Revenue, Crystal Glen Apartments, Series C, AMT, 5.05%, 1/1/2010, Federal Home Loan Bank (c) 

 

165,000

 

165,016

Mason, OH, Health Care Facilities, MCV Health Care Facilities Project, 5.25%, 2/20/2020 

 

45,000

 

45,761

Montgomery County, OH, Catholic Health Revenue, Series C-2, 4.1%, 10/1/2041 

 

1,135,000

 

1,195,791

Ohio, American Municipal Power, Inc., Electricity Purchase Revenue, Series A, 5.0%, 2/1/2011 

 

5,000,000

 

4,760,400

Ohio, Housing Finance Agency, Single Family Mortgage Revenue, Series A, 5.75%, 4/1/2016 (a)

 

25,000

 

25,047

Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2019 

 

2,500,000

 

2,717,750

 

**13,337,957**

**Oklahoma 0.1%**

 
Bryan County, OK, Economic Development Revenue Authority, Single Family Mortgage, Series A, 8.6%, 7/1/2010 

 

30,000

 

20,923

Comanche County, OK, Home Finance Authority Mortgage Revenue, Multi-Family FHA Diplomat, Series A, 5.2%, 12/1/2013 

 

375,000

 

383,201

 

**404,124**

**Pennsylvania 3.8%**

 
Allentown, PA, Hospital Authority, ETM, 8.0%, 3/1/2009 

 

30,000

 

30,195

 

 

 

Chester, PA, Core City General Obligation, Series B, 5.8%, 12/1/2013 (a) 

 

980,000

 

909,783

Langhorne, PA, Hospital Revenue, Franciscan Health, St. Mary's Hospital Authority, Series A, 7.0%, 6/15/2015 (a) 

 

1,770,000

 

1,772,283

Pennsylvania, Financing Authority Revenue, AMT, 5.0%, 6/1/2010 (a) 

 

1,090,000

 

1,110,841

Pennsylvania, Housing Finance Agency, Single Family Mortgage, Series 90A, AMT, 5.0%, 10/1/2035 

 

2,030,000

 

1,982,214

Pennsylvania, State General Obligation, First Series, 5.0%, 1/1/2014 (a) 

 

5,000,000

 

5,590,750

Pennsylvania, TJHU System Project, 6.0%, 1/11/2011 (d) 

 

488,239

 

487,657

Philadelphia, PA, Industrial Development Revenue, Authority for Individual Development Senior Living Revenue:

 
 

Series A, 4.7%, 7/1/2013 

 

200,000 

 

183,506 

 

Series C, 4.7%, 7/1/2013 

 

190,000 

 

174,331 

 

Series E, 4.7%, 7/1/2013 

 

220,000 

 

201,857 

Philadelphia, PA, Multi-Family Housing Revenue, Series B, AMT, 4.5%, 10/1/2013 

 

845,000

 

771,907

Pittsburgh, PA, Industrial Development Revenue, Urban Redevelopment Authority, Series A, 144A, 6.0%, 12/1/2011, PNC Bank NA (c) 

 

285,000

 

285,564

York County, PA, Housing Redevelopment Mortgage Corp., Series A, 6.875%, 11/1/2009 

 

160,000

 

160,490

 

**13,661,378**

**Puerto Rico 1.2%**

 
Commonwealth of Puerto Rico, Public Improvement, Series A, 5.0%, 7/1/2011 

 

930,000

 

923,704

Puerto Rico, Municipal Finance Agency, Series A, 5.0%, 8/1/2009 

 

3,500,000

 

3,512,320

 

**4,436,024**

**South Carolina 1.1%**

 
South Carolina, State Public Service Authority Revenue, Series D, 5.25%, 1/1/2014 (a) 

 

3,500,000

 

**3,900,085**

**South Dakota 0.2%**

 
South Dakota, Hospital & Healthcare Revenue, 5.4%, 8/1/2013 (a) 

 

810,000

 

**822,166**

**Tennessee 2.5%**

 
Jackson, TN, Hospital Revenue, Jackson-Madison County Project, 5.25%, 4/1/2014 

 

1,290,000

 

1,391,730

Sullivan County, TN, Health Educational & Housing Facilities Board, Multi-Family Housing Authority, Maple Oaks Apartment Project, AMT, 3.0%, 12/1/2009 

 

45,000

 

45,162

Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.0%, 9/1/2009 

 

5,000,000

 

4,925,800

Tennessee, Housing Development Agency, Homeownership Program, AMT, Series 2006-3, 5.75%, 7/1/2037 

 

2,645,000

 

2,665,816

 

**9,028,508**

**Texas 10.3%**

 
Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Series A, 6.0%, 6/1/2009 (a) 

 

210,000

 

212,092

Harris County, TX, Hospital District Mortgage Revenue, 7.4%, 2/15/2010 (a) 

 

610,000

 

629,270

Houston, TX, Utility System Revenue, Series C-2A, 5.0%, 5/15/2034 (a) 

 

1,630,000

 

1,728,615

North Texas, Tollway Authority Revenue:

 
 

Series G, 5.0%, 1/1/2038 

 

2,860,000 

 

2,926,380 

 

Series E-2, 5.25%, 1/1/2038 

 

5,000,000 

 

5,110,950 

 

Series L-2, 6.0%, 1/1/2038 

 

2,000,000 

 

2,048,860 

San Antonio, TX, Electric & Gas Revenue, Series A, 5.5%, 2/1/2013 

 

4,000,000

 

4,525,280

Tarrant County, TX, Multi-Family Housing Revenue, Housing Financial Corp., Series A, AMT, 3.7%, 12/20/2013 

 

625,000

 

611,894

Tarrant County, TX, Public Housing Revenue, Housing Financial Corp., Series A, AMT, 3.85%, 1/20/2013 

 

580,000

 

590,591

Texas, Lower Colorado River Authority Revenue, Series A, 5.0%, 5/15/2016 

 

3,500,000

 

3,915,590

Texas, Multi-Family Housing Revenue, Wintergreen Project, AMT, 4.85%, 9/20/2012 

 

95,000

 

98,362

Texas, Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, 2.037% *, 9/15/2017 

 

7,000,000

 

5,705,000

Texas, Trinity River Authority, Regional Wastewater Systems Revenue, 5.0%, 8/1/2014 

 

4,805,000

 

5,491,202

 

 

 

Wichita Falls, TX, Water & Sewer Revenue, Prerefunded, 5.375%, 8/1/2024 (a) 

 

3,000,000

 

3,316,140

 

**36,910,226**

**Utah 1.0%**

 
Intermountain Power Agency, UT, Power Supply Revenue, Series A, ETM, 6.15%, 7/1/2014 (a) 

 

245,000

 

253,394

Utah, Housing Finance Agency, Single Family Mortgage:

 
 

Series A-2, Class III, AMT, 5.2%, 7/1/2011 

 

15,000 

 

15,164 

 

Series B-2, Class III, AMT, 5.25%, 7/1/2011 

 

10,000 

 

10,113 

 

Series A-2, Class II, AMT, 5.4%, 7/1/2016 

 

45,000 

 

45,650 

 

Series C, Class III, AMT, 6.25%, 7/1/2014 

 

85,000 

 

86,672 

Utah, Single Family Housing Revenue, Series D-2, AMT, 5.0%, 7/1/2018 

 

720,000

 

726,725

Utah, Single Family Housing Revenue, Mortgage Revenue, Series G, AMT, 4.875%, 1/1/2019 

 

1,500,000

 

1,488,765

Utah, Single Family Housing Revenue, Single Family Mortgage, AMT, 3.875%, 7/1/2014 

 

935,000

 

904,435

 

**3,530,918**

**Vermont 0.3%**

 
Vermont, Housing Finance Agency, Single Family, Series 23, AMT, 5.0%, 5/1/2034 (a) 

 

1,235,000

 

**1,187,304**

**Virginia 0.5%**

 
Virginia, State Resource Authority Infrastructure Revenue, Pooled Financing Program, Series B, 5.0%, 11/1/2016 

 

1,300,000

 

1,545,154

Virginia, Water & Sewer Systems Revenue, Series B, 8.7%, 11/1/2011 

 

275,000

 

275,943

 

**1,821,097**

**Washington 1.1%**

 
Washington, Energy Northwest Electric Revenue, Project No. 3, Series A, 5.5%, 7/1/2013 

 

3,500,000

 

4,010,825

Washington, Housing Finance Authority, Nonprofit Housing Revenue, Series B, 5.1%, 7/1/2010, US Bank NA (c) 

 

60,000

 

60,662

 

**4,071,487**

**Wisconsin 3.7%**

 
Wisconsin, Housing & Economic Development Authority, Home Ownership Revenue, Series D, AMT, 4.875%, 3/1/2036 

 

2,830,000

 

2,700,584

Wisconsin, State General Obligation, Series A, Prerefunded, 5.75%, 5/1/2020 (b) 

 

10,000,000

 

10,636,700

 

**13,337,284**

**Total Municipal Bonds and Notes** (Cost $326,946,031)

 

**328,199,963**

 

 

 

 

 

**Shares**

 

**Value ($)**

 

**Open End Investment Company 6.8%**

 
BlackRock Liquidity Funds MuniCash Portfolio, 0.94% ** (Cost $24,502,189)

 

 

24,502,189

 

**24,502,189**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $351,448,220) †

98.0

 

**352,702,152**

**Other Assets and Liabilities, Net**

2.0

 

**7,272,520**

**Net Assets**

100.0

 

**359,974,672**

*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.*

***

*Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.  These securities are shown at their current rate as of January 31, 2009.*

****

*Current yield; not a coupon rate.*

 

 

 

*†*

*The cost for federal income tax purposes was $351,453,703.  At January 31, 2009, net unrealized appreciation for all securities based on tax cost was $1,248,449.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $9,194,857 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,946,408.*

*(a)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

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

 
Ambac Financial Group, Inc.

2.7

 
American Capital Assurance

0.9

 
Financial Guaranty Insurance Co.

4.8

 
Financial Security Assurance, Inc.

10.4

 
MBIA Corp.

7.0

 
*(b)*

*At January 31, 2009, this security has been pledged, in whole or in part, as collateral for open interest rate swaps.*

*(c)*

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

*(d)*

*Taxable issue.*

*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.*

*ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.*

*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.*

*At January 31, 2009, open interest rate swap contracts were as follows:*

**Effective/****Expiration****Dates**

 

**Notional****Amount ($)**

 

**Cash Flows****Paid by****the Fund**

 

**Cash Flows****Received by****the Fund**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

5/11/2009

9/12/2013

 

26,000,0001

 

Fixed — 2.44%

Floating — BMA

86,330

 
2/19/2009

2/19/2020

 

16,200,0001

 

Fixed — 3.724%

Floating — BMA

(1,137,352)

 
**Total net unrealized depreciation**

**(1,051,022)**

 
 

*Counterparty:*

*1*

*Citigroup Global Markets, Inc.*

*BMA: Represents the Bond Market Association Municipal Swap Index*

 

 

***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.*

*The following is a summary of the inputs used as of January 31, 2009 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**

**Other Financial Instruments***††*

Level 1 

$                24,502,189   

$                              -   

Level 2 

328,199,963   

(1,051,022)  

Level 3 

-   

-   

**Total**

**$              352,702,152**

**$            (1,052,022)**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

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

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

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

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Short-Term Municipal Bond Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

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

 

Registrant: 

DWS Short-Term Municipal Bond Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

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