UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number 811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY 10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period:3/31/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

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

 

 

**Tax Free Money Fund Investment**

 

 

|                                                                                                           | **Principal****Amount ($)**      |      | **Value ($)** |
|----------------------------------------------------------------------------------------------------------------|----------------------------------|-----------|---------------|
|                                                                                                                |
|                                                                                                           | **Municipal Investments 103.0%** |      |
| **Arizona 3.7%**                                                                                               |                             |
| Arizona, BB&T Municipal Trust, Series 2012, 144A, 0.44% *, 7/1/2027                                        |                             | 2,075,000 |          | 2,075,000 |
| Arizona, Health Facilities Authority Revenue, Banner Health System, Series B, 0.3% *, 1/1/2035, Scotiabank (a) |                             | 3,500,000 |          | 3,500,000 |
|                                                                                                                |
|                                                                                                           | **5,575,000**                    |
| **California 3.3%**                                                                                            |                             |
| California, University of California Revenues, Series 2169, 144A, 0.44% *, 5/15/2031 (b)                       |                             | 1,000,000 |          | 1,000,000 |
| Orange County, CA, 1.35%, 4/1/2009                                                                             |                             | 4,000,000 |          | 4,000,000 |
|                                                                                                                |
|                                                                                                           | **5,000,000**                    |
|                                                                                                                |                                  |           |               |  |  |  |

 

 

 

| **Colorado 1.5%**                                                                                                                                   |                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
| Colorado, Postsecondary Educational Facilities Authority Revenue, Mullen High School Project, 0.57% *, 8/1/2017, Wells Fargo Bank NA (a)            |                                                | 2,230,000 |   | **2,230,000** |
| **Delaware 1.8%**                                                                                                                                   |                                                |
| Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.69% *, 10/1/2028, Rabobank International (a)                                               |                                                | 2,657,899 |   | **2,657,899** |
| **Florida 8.9%**                                                                                                                                    |                                                |
| Florida, BB&T Municipal Trust, Series 1031, 0.54% *, 8/1/2024, Branch Banking & Trust (a)                                                   |                                                | 1,895,000 |   | 1,895,000 |
| Florida, Lee Memorial Health Systems, Hospital Revenue, Series C, 0.58% *, 4/1/2033, Northern Trust Co. (a)                                         |                                                | 2,000,000 |   | 2,000,000 |
| Highlands County, FL, Health Facilities Authority Revenue, Adventist Health Systems, Series A, 0.6% *, 11/15/2032, SunTrust Bank (a)                |                                                | 1,650,000 |   | 1,650,000 |
| Palm Beach County, FL, Jewish Community Campus Project Revenue, 0.54% *, 3/1/2030, Northern Trust Co. (a)                                           |                                                | 1,110,000 |   | 1,110,000 |
| Tampa, FL, Health Care Facilities Revenue, LifeLink Foundation, Inc. Project, 0.68% *, 8/1/2022, SunTrust Bank (a)                                  |                                                | 6,700,000 |   | 6,700,000 |
|                                                                                                                                                     |
|                                                                                                                                                | **13,355,000**                                      |
| **Georgia 3.3%**                                                                                                                                    |                                                |
| Cobb County, GA, Tax Anticipation Notes, 1.25%, 12/31/2009 (c)                                                                                      |                                                | 5,000,000 |   | **5,029,200** |
| **Illinois 8.9%**                                                                                                                                   |                                                |
| Channahon, IL, Morris Hospital Revenue, Series A, 0.45% *, 12/1/2023, US Bank NA (a)                                                                |                                                | 1,400,000 |   | 1,400,000 |
| Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago, Series 2008-051, 144A, 3.0% *, 12/1/2028                                     |                                                | 5,390,000 |   | 5,390,000 |
| Illinois, Development Finance Authority Revenue, Regional Organization Bank of Illinois Project, 1.0% *, 12/1/2020, Bank One NA (a)                 |                                                | 3,000,000 |   | 3,000,000 |
| Illinois, Finance Authority Revenue, Carle Foundation:                                                                                              |                                                |
|                                                                                                                                                | Series C, 0.3% *, 2/15/2033, Northern Trust Co. (a) |   | 1,800,000 |   | 1,800,000 |
|                                                                                                                                                | Series B, 0.4% *, 2/15/2033, Northern Trust Co. (a) |   | 1,800,000 |   | 1,800,000 |
|                                                                                                                                                     |
|                                                                                                                                                | **13,390,000**                                      |
| **Indiana 1.3%**                                                                                                                                    |                                                |
| Indiana, Health Facility Financing Authority Revenue, Clark Memorial Hospital, Series A, 0.5% *, 4/1/2024, Bank One NA (a)                          |                                                | 2,000,000 |   | **2,000,000** |
| **Iowa 0.7%**                                                                                                                                       |                                                |
| Iowa, Finance Authority Small Business Development Revenue, Corporate Center Associates LP Project, 0.57% *, 9/1/2015, Wells Fargo Bank NA (a)      |                                                | 1,000,000 |   | **1,000,000** |
| **Kentucky 9.4%**                                                                                                                                   |                                                |
| Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust, 0.55% *, 3/1/2030, US Bank NA (a)                                |                                                | 2,810,000 |   | 2,810,000 |
| Lexington-Fayette Urban County, KY, Industrial Development Revenue, YMCA Central Kentucky, Inc. Project, 0.5% *, 7/1/2019, Bank One Kentucky NA (a) |                                                | 1,365,000 |   | 1,365,000 |
| Mason County, KY, Pollution Control Revenue, East Kentucky Power Cooperative:                                                                       |                                                |
|                                                                                                                                                | Series B-1, 1.2% *, 10/15/2014                      |   | 2,350,000 |   | 2,350,000 |
|                                                                                                                                                | Series B-2, 1.2% *, 10/15/2014                      |   | 1,600,000 |   | 1,600,000 |
|                                                                                                                                                | Series B-3, 1.2% *, 10/15/2014                      |   | 6,050,000 |   | 6,050,000 |
|                                                                                                                                                     |
|                                                                                                                                                | **14,175,000**                                      |
| **Louisiana 0.8%**                                                                                                                                  |                                                |
| Louisiana, BB&T Municipal Trust, Series 4000, 144A, 0.65% *, 7/1/2018, Branch Banking & Trust (a)                                           |                                                | 1,195,000 |   | **1,195,000** |
| **Maryland 1.1%**                                                                                                                                   |                                                |
| Maryland, State & Local Facilities, Series A, 5.25%, 3/1/2010                                                                                   |                                                | 1,545,000 |   | **1,612,419** |
|                                                                                                                                                     |                                                     |  |  |  |  |  |  |

 

 

 

| **Massachusetts 1.2%**                                                                                                                             |                                |
|----------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
| Massachusetts, State Health & Educational Facilities Authority Revenue, Northeastern University, Series W, 0.3% *, 10/1/2028, TD Bank NA (a)   |                                | 1,800,000 |   | **1,800,000** |
| **Michigan 0.5%**                                                                                                                                  |                                |
| Michigan, Higher Education Facilities Authority Revenue, Limited Obligation, Spring Arbor University, 0.75% *, 11/1/2030, Comerica Bank (a)        |                                | 780,000 |   | **780,000** |
| **Minnesota 1.9%**                                                                                                                                 |                                |
| Minneapolis, MN, Special School District No. 001, Series A, 4.0%, 2/1/2010 (b)                                                                     |                                | 2,790,000 |   | **2,868,580** |
| **Mississippi 2.1%**                                                                                                                               |                                |
| Mississippi, State General Obligation, 5.0%, 12/1/2009                                                                                             |                                | 3,000,000 |   | **3,086,841** |
| **New Jersey 2.2%**                                                                                                                                |                                |
| Oradell, NJ, Bond Anticipation Notes, 2.75%, 6/12/2009                                                                                             |                                | 3,292,000 |   | **3,296,773** |
| **New York 4.0%**                                                                                                                                  |                                |
| New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution:                                   |                                |
|                                                                                                                                               | Series 2008-BB-3, 3.9% *, 6/15/2034 |   | 1,000,000 |   | 1,000,000 |
|                                                                                                                                               | Series 2008-BB-4, 5.5% *, 6/15/2033 |   | 5,000,000 |   | 5,000,000 |
|                                                                                                                                                    |
|                                                                                                                                               | **6,000,000**                       |
| **Oklahoma 1.8%**                                                                                                                                  |                                |
| Oklahoma, State Turnpike Authority Revenue, Series D, 0.43% *, 1/1/2028                                                                            |                                | 2,650,000 |   | **2,650,000** |
| **Pennsylvania 4.8%**                                                                                                                              |                                |
| Allegheny County, PA, Hospital Development Authority Revenue, UPMC Senior Living Corp., 0.5% *, 7/15/2028                                          |                                | 835,000 |   | 835,000 |
| Cumberland County, PA, Municipal Authority Revenue, Asbury Pennsylvania Obligated Group, 0.55% *, 1/1/2043, KBC Bank NV (a)                        |                                | 3,855,000 |   | 3,855,000 |
| Delaware Valley, PA, Regional Finance Authority, Local Government Revenue, Series B, 0.3% *, 6/1/2042, Bayerische Landesbank (a)                   |                                | 1,115,000 |   | 1,115,000 |
| Montgomery County, PA, Redevelopment Authority, Multi-Family Housing Revenue, Forge Gate Apartments Project, Series A, 0.49% *, 8/15/2031          |                                | 1,410,000 |   | 1,410,000 |
|                                                                                                                                                    |
|                                                                                                                                               | **7,215,000**                       |
| **South Carolina 2.0%**                                                                                                                            |                                |
| Spartanburg County, SC, School District No. 007, Bond Anticipation Notes, 2.0%, 3/12/2010                                                          |                                | 3,000,000 |   | **3,033,744** |
| **South Dakota 3.3%**                                                                                                                              |                                |
| South Dakota, Conservancy District Revenue, State Revolving Fund Program, 1.0% *, 8/1/2029                                                         |                                | 5,000,000 |   | **5,000,000** |
| **Tennessee 2.2%**                                                                                                                                 |                                |
| Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-A, 0.47% *, 6/1/2030, Branch Banking & Trust (a) |                                | 2,000,000 |   | 2,000,000 |
| Clarksville, TN, Public Building Authority Revenue, Murfreesboro Loan, 0.58% *, 7/1/2024, SunTrust Bank (a)                                        |                                | 1,285,000 |   | 1,285,000 |
|                                                                                                                                                    |
|                                                                                                                                               | **3,285,000**                       |
| **Texas 14.4%**                                                                                                                                    |                                |
| Houston, TX, Higher Education Finance Corp., 0.45%, 5/7/2009                                                                                       |                                | 5,000,000 |   | 5,000,000 |
| Longview, TX, Independent School District, Series 3059, 144A, 0.52% *, 2/15/2016                                                                   |                                | 2,290,000 |   | 2,290,000 |
| North East, TX, Independent School District, Series 2355, 144A, 0.52% *, 8/1/2015                                                                  |                                | 1,180,000 |   | 1,180,000 |
| Texas, Solar Eclipse Funding Trust, 144A, 0.39% *, 8/1/2037                                                                                        |                                | 3,490,000 |   | 3,490,000 |
| Texas, State Municipal Securities Trust Receipts, Series SGA-92, 144A, 1.55% *, 8/1/2029 (b)                                                       |                                | 3,700,000 |   | 3,700,000 |
| Texas, State Tax & Revenue Anticipation Notes, 3.0%, 8/28/2009                                                                                 |                                | 6,000,000 |   | 6,033,262 |
|                                                                                                                                                    |
|                                                                                                                                               | **21,693,262**                      |
| **Utah 3.3%**                                                                                                                                      |                                |
| Utah, Transit Authority, Sales Tax Revenue, Series B, 2.75% *, 6/15/2036, Fortis Bank SA (a)                                                       |                                | 5,000,000 |   | **5,000,000** |
|                                                                                                                                                    |                                     |  |  |  |  |  |  |

 

 

 

| **Virginia 5.8%**                                                                                                                                                                                             |                                                                                                                                                                                                              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster-Canterbury, 0.55% *, 10/1/2037, Branch Banking & Trust (a)                                             |                                                                                                                                                                                                              | 6,150,000 |   | 6,150,000 |
| Virginia, College Building Authority, Educational Facilities Revenue, University of Richmond, Series B, 0.8% *, 2/26/2039                                                                                     |                                                                                                                                                                                                              | 2,500,000 |   | 2,500,000 |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **8,650,000**                                                                                                                                                                                                     |
| **Washington 2.8%**                                                                                                                                                                                           |                                                                                                                                                                                                              |
| King County, WA, Housing Authority Revenue, Summerfield Apartments Project, 0.68% *, 9/1/2035, US Bank NA (a)                                                                                                 |                                                                                                                                                                                                              | 1,655,000 |   | 1,655,000 |
| Seattle, WA, Water Systems Revenue, Series 2170, 144A, 0.44% *, 2/1/2031 (b)                                                                                                                                  |                                                                                                                                                                                                              | 2,530,000 |   | 2,530,000 |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **4,185,000**                                                                                                                                                                                                     |
| **Wisconsin 3.4%**                                                                                                                                                                                            |                                                                                                                                                                                                              |
| Wisconsin, State Transportation Revenue, Series 1, 5.5%, 7/1/2009                                                                                                                                             |                                                                                                                                                                                                              | 5,000,000 |   | **5,044,239** |
| **Wyoming 2.6%**                                                                                                                                                                                              |                                                                                                                                                                                                              |
| Platte County, WY, Pollution Control Revenue, Tri-State Generation & Transmission Association, Inc.:                                                                                                      |                                                                                                                                                                                                              |
|                                                                                                                                                                                                          | Series A, 1.0% *, 7/1/2014, National Rural Utilities Cooperative Finance Corp. (a)                                                                                                                                |   | 1,600,000 |   | 1,600,000 |
|                                                                                                                                                                                                          | Series B, 1.0% *, 7/1/2014, National Rural Utilities Cooperative Finance Corp. (a)                                                                                                                                |   | 2,300,000 |   | 2,300,000 |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **3,900,000**                                                                                                                                                                                                     |
|                                                                                                                                                                                                          | **% of****Net Assets**                                                                                                                                                                                            |   | **Value ($)** |
|                                                                                                                                                                                                               |
| **Total Investment Portfolio**(Cost $154,707,957) †                                                                                                                                                    | 103.0                                                                                                                                                                                                             |   | **154,707,957** |
| **Other Assets and Liabilities, Net**                                                                                                                                                                         | (3.0)                                                                                                                                                                                                             |   | **(4,576,802)** |
|                                                                                                                                                                                                               |
| **Net Assets**                                                                                                                                                                                                | 100.0                                                                                                                                                                                                             |   | **150,131,155** |
| *For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                           | *Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of March 31, 2009.* |
| *†*                                                                                                                                                                                                    | *The cost for federal income tax purposes was $154,707,957.*                                                                                                                                                      |
| *(a)*                                                                                                                                                                                                         | *Security incorporates a letter of credit from the bank listed.*                                                                                                                                                  |
|                                                                                                                                                                                                          |                                                                                                                                                                                                              |
|  

                                                                                                                                                                                                 |                                                                                                                                                                                                              |
|                                                                                                                                                                                                          |                                                                                                                                                                                                              |
|                                                                                                                                                                                                          |                                                                                                                                                                                                              |
| *(b)*                                                                                                                                                                                                         | *Bond is insured by one of these companies:*                                                                                                                                                                      |
| **Insurance Coverage**                                                                                                                                                                                        | **As a % of Total****Investment Portfolio**                                                                                                                                                                       |   |
| Financial Security Assurance, Inc.                                                                                                                                                                            | 4.1                                                                                                                                                                                                               |   |
| National Public Finance Guarantee Corp.                                                                                                                                                                       | 2.4                                                                                                                                                                                                               |   |
| *(c)*                                                                                                                                                                                                         | *When-issued security.*                                                                                                                                                                                           |
| *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.* |
|                                                                                                                                                                                                               |                                                                                                                                                                                                                   |  |  |  |  |  |  |  |  |  |

 

***Fair Value Measurements***

 

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

 

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including*

 

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

 

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

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ -                           |
| Level 2              | 154,707,957                   |
| Level 3              | -                             |
| **Total**            | **$**154,707,957              |

 

 

| **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: | Tax Free Money Fund Investment, a series of DWS Advisor Funds |
|-------------|---------------------------------------------------------------|

 

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 20, 2009 |
|-------|--------------|

 

 

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

 

| Registrant: | Tax Free Money Fund Investment, a series of DWS Advisor Funds |
|-------------|---------------------------------------------------------------|

 

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 20, 2009 |
|-------|--------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

Date:                                        May 20, 2009