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: 07/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of July 31, 2008  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS Short Duration Fund**

 

 

|   | **Principal****Amount ($)** |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Value ($)** |
|--------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Corporate Bonds 10.7%**   |  
**Consumer Discretionary 2.3%**

 
Comcast Cable Communications LLC, 6.875%, 6/15/2009 

 

 

1,295,000 

 

1,327,230 

Time Warner Cable, Inc., 5.4%, 7/2/2012 

 

 

2,243,000 

 

2,229,414 

Viacom, Inc., 5.75%, 4/30/2011 

 

 

1,185,000 

 

1,173,891 

 

**4,730,535**

**Consumer Staples 1.1%**

 
CVS Caremark Corp., 2.982% *, 6/1/2010 

 

 

2,252,000 

 

**2,204,278**

**Energy 0.0%**

 
Enterprise Products Operating LP, 7.5%, 2/1/2011 

 

 

80,000 

 

**83,803**

 

 

 

**Financials 4.6%**

 
American General Finance Corp., Series H, 4.625%, 9/1/2010 

 

 

625,000 

 

584,377 

Discover Financial Services, 3.316% *, 6/11/2010 

 

 

560,000 

 

456,393 

Erac USA Finance Co., 144A, 5.8%, 10/15/2012 

 

 

1,275,000 

 

1,190,285 

JPMorgan Chase & Co., 4.85%, 6/16/2011 

 

 

4,330,000 

 

4,337,504 

Simon Property Group LP, (REIT), 5.375%, 6/1/2011 

 

 

2,305,000 

 

2,276,941 

Xstrata Finance Canada Ltd., 144A, 5.5%, 11/16/2011 

 

 

613,000 

 

603,522 

 

**9,449,022**

**Information Technology 0.2%**

 
Tyco Electronics Group SA, 6.0%, 10/1/2012 

 

 

305,000 

 

**306,939**

**Telecommunication Services 1.7%**

 
British Telecommunications PLC, 8.625%, 12/15/2010 

 

 

1,879,000 

 

2,018,339 

Telecom Italia Capital, 6.2%, 7/18/2011 

 

 

1,432,000 

 

1,467,146 

 

**3,485,485**

**Utilities 0.8%**

 
Commonwealth Edison Co., Series 98, 6.15%, 3/15/2012 

 

 

140,000 

 

143,518 

Dominion Resources, Inc., Series 06-B, 6.3%, 9/30/2066 

 

 

1,600,000 

 

1,445,230 

 

**1,588,748**

**Total Corporate Bonds** (Cost $22,249,980)

 

**21,848,810**

 

**Asset-Backed 27.0%**

 
**Automobile Receivables 20.8%**

 
AmeriCredit Automobile Receivables Trust:

 
 

"A4", Series 2004-DF, 3.43%, 7/6/2011 

 

299,954 

 

291,338 

 

"A2", Series 2006-RM, 5.42%, 8/8/2011 

 

1,074,575 

 

1,048,864 

 

"A2", Series 2007-CM, 5.43%, 11/8/2010 

 

986,064 

 

984,324 

 

"A3A", Series 2007-DF, 5.49%, 7/6/2012 

 

550,000 

 

541,016 

AmeriCredit Prime Automobile Receivables Trust:

 
 

"A3", Series 2007-2M, 5.22%, 6/8/2012 

 

1,925,000 

 

1,834,105 

 

"A2A", Series 2007-2M, 5.34%, 11/8/2010 

 

1,016,299 

 

1,011,025 

Capital One Prime Auto Receivables Trust, "A3", Series 2007-1, 5.47%, 6/15/2011 

 

 

1,000,000 

 

1,016,603 

Credit Acceptance Auto Dealer Loan Trust, "A1A", Series 2007-2, 144A, 6.16%, 4/15/2013 

 

 

2,550,000 

 

2,471,174 

Daimler Chrysler Auto Trust, "A2A", Series 2008-B, 3.81%, 7/8/2011 

 

 

1,280,000 

 

1,285,939 

Drive Auto Receivables Trust:

 
 

"A2", Series 2006-2, 144A, 5.3%, 7/15/2011 

 

518,914 

 

516,757 

 

"A3", Series 2006-1, 144A, 5.49%, 5/15/2011 

 

406,896 

 

407,048 

GS Auto Loan Trust, "A4", Series 2006-1, 5.38%, 1/15/2014 

 

 

1,375,000 

 

1,365,118 

Household Automotive Trust:

 
 

"A4", Series 2005-1, 4.35%, 6/18/2012 

 

1,000,000 

 

994,499 

 

"A4", Series 2005-3, 4.94%, 11/19/2012 

 

1,440,000 

 

1,451,668 

 

"A4", Series 2006-1, 5.52%, 3/18/2013 

 

1,590,000 

 

1,587,860 

Huntington Auto Trust, "A3A", Series 2008-1A, 144A, 4.81%, 4/16/2012 

 

 

3,000,000 

 

3,010,782 

Hyundai Auto Receivables Trust:

 
 

"A3", Series 2008-A, 4.93%, 12/17/2012 

 

1,975,000 

 

1,991,582 

 

"A3A", Series 2007-A, 5.04%, 1/17/2012 

 

1,685,000 

 

1,717,565 

 

"D", Series 2006-A, 5.52%, 11/15/2012 

 

483,537 

 

478,853 

LAI Vehicle Lease Securitization Trust, "A", Series 2005-A, 144A, 4.56%, 11/15/2012 

 

 

230,479 

 

231,883 

Long Beach Auto Receivables Trust, "A3", Series 2006-B, 5.17%, 8/15/2011 

 

 

698,591 

 

692,150 

Nissan Auto Receivables Owner Trust, "A4", Series 2005-C, 4.31%, 3/15/2011 

 

 

1,435,000 

 

1,445,157 

Triad Auto Receivables Owner Trust:

 
 

"A4", Series 2005-A, 4.22%, 6/12/2012 

 

822,996 

 

787,008 

 

"A4", Series 2006-A, 4.88%, 4/12/2013 

 

3,110,000 

 

2,883,700 

 

 

 

 

"A2", Series 2007-A, 5.35%, 3/14/2011 

 

524,487 

 

523,887 

Wachovia Auto Owner Trust:

 
 

"A4", Series 2005-A, 4.23%, 11/21/2011 

 

1,259,155 

 

1,264,941 

 

"A3A", Series 2008-A, 4.81%, 9/20/2012 

 

3,975,000 

 

3,994,073 

 

"A3", Series 2006-2A, 144A, 5.23%, 8/22/2011 

 

1,794,181 

 

1,807,289 

 

"A4", Series 2006-A, 5.38%, 3/20/2013 

 

1,635,000 

 

1,585,337 

WFS Financial Owner Trust:

 
 

"D", Series 2005-1, 4.09%, 8/17/2012 

 

185,817 

 

185,762 

 

"C", Series 2005-2, 4.62%, 11/19/2012 

 

1,000,000 

 

983,494 

 

"D", Series 2005-3, 4.76%, 5/17/2013 

 

710,000 

 

639,986 

World Omni Auto Receivables Trust, "A3A", Series 2007-B, 5.28%, 1/17/2012 

 

 

1,620,000 

 

1,642,157 

 

**42,672,944**

**Home Equity Loans 4.3%**

 
Bayview Financial Acquisition Trust, "1A1", Series 2006-C, 6.035%, 11/28/2036 

 

 

438,808 

 

430,580 

Carrington Mortgage Loan Trust, "A1", Series 2006-NC4, 2.511% *, 10/25/2036 

 

 

446,182 

 

441,224 

Centex Home Equity, "AV2", Series 2005-D, 2.731% *, 10/25/2035 

 

 

52,715 

 

52,290 

Chase Funding Mortgage Loan Asset-Backed Certificates, "1A3", Series 2003-6, 3.34%, 5/25/2026 

 

 

109,545 

 

109,235 

Citifinancial Mortgage Securities, Inc., "AF2", Series 2004-1, 2.645%, 4/25/2034 

 

 

242,666 

 

235,221 

Countrywide Asset-Backed Certificates:

 
 

"2A3", Series 2005-12, 5.069%, 2/25/2036 

 

531,340 

 

517,063 

 

"A1B", Series 2007-S1, 5.888%, 11/25/2036 

 

652,062 

 

571,671 

Credit-Based Asset Servicing and Securitization LLC:

 
 

"A4", Series 2004-CB4, 5.497%, 5/25/2035 

 

40,055 

 

39,751 

 

"A2A", Series 2007-CB2, 5.891%, 2/25/2037 

 

739,621 

 

728,953 

First Franklin Mortgage Loan Asset-Backed Certificates:

 
 

"A2A", Series 2007-FFC, 2.611% *, 6/25/2027

 

878,121 

 

494,171 

 

"2A2", Series 2005-FFH4, 2.651% *, 12/25/2035

 

279,305 

 

277,981 

Household Home Equity Loan Trust:

 
 

"A2F", Series 2006-4, 5.32%, 3/20/2036 

 

590,000 

 

567,727 

 

"A1F", Series 2006-4, 5.79%, 3/20/2036 

 

168,120 

 

167,381 

 

"A1F", Series 2006-3, 5.98%, 3/20/2036 

 

271,267 

 

271,017 

JPMorgan Mortgage Acquisition Corp., "AF1B", Series 2007-CH1, 5.935%, 11/25/2036 

 

 

956,054 

 

934,872 

New Century Home Equity Loan Trust, "A2", Series 2005-A, 4.461%, 8/25/2035 

 

 

42,326 

 

42,072 

Renaissance Home Equity Loan Trust:

 
 

"AF3", Series 2005-2, 4.499%, 8/25/2035 

 

642,238 

 

637,488 

 

"AF1", Series 2006-4, 5.545%, 1/25/2037 

 

276,962 

 

275,693 

 

"AF2", Series 2006-3, 5.58%, 11/25/2036 

 

630,029 

 

627,266 

 

"AF1", Series 2007-2, 5.893%, 6/25/2037 

 

648,673 

 

641,468 

Residential Asset Mortgage Products, Inc., "AI5", Series 2002-RS3, 5.572%, 6/25/2032 

 

 

781,703 

 

667,327 

Securitized Asset-Backed NIM Trust, "NIM", Series 2005-FR4, 144A, 6.0%, 1/25/2036 (a) 

 

 

209,756 

 

21 

Southern Pacific Secured Assets Corp., "A8", Series 1998-2, 6.37%, 7/25/2029 

 

 

74,843 

 

66,617 

 

**8,797,089**

**Miscellaneous 1.9%**

 
Caterpillar Financial Asset Trust, "A2A", Series 2008-A, 4.09%, 12/27/2010 

 

 

1,590,000 

 

1,596,805 

CNH Equipment Trust, "A3A", Series 2008-B, 4.78%, 7/16/2012 

 

 

2,280,000 

 

2,273,944 

 

**3,870,749**

**Total Asset-Backed** (Cost $56,123,736)

 

**55,340,782**

 

**Mortgage-Backed Securities Pass-Throughs 1.0%**

 
Federal Home Loan Mortgage Corp.:

 
 

5.5%, 3/1/2010 

 

134,219 

 

135,667 

 

6.0%, with various maturities from 10/1/2008 until 11/1/2009 

 

54,638 

 

55,133 

 

 

 

 

7.0%, 3/1/2013 

 

52,320 

 

53,673 

Federal National Mortgage Association:

 
 

6.0%, with various maturities from 6/1/2009 until 2/1/2010 

 

90,230 

 

90,891 

 

7.0%, 4/1/2038 

 

670,034 

 

701,573 

Government National Mortgage Association, 6.5%, 8/20/2034 

 

 

1,040,313 

 

1,077,334 

**Total Mortgage-Backed Securities Pass-Throughs** (Cost $2,144,627)

 

**2,114,271**

 

**Commercial and Non-Agency Mortgage-Backed Securities 34.2%**

 
ABN AMRO Mortgage Corp., "A5", Series 2003-4, 4.75%, 3/25/2033 

 

 

77,260 

 

77,149 

American Home Mortgage Investment Trust, "5A3", Series 2005-2, 5.077%, 9/25/2035 

 

 

770,000 

 

696,013 

Banc of America Commercial Mortgage, Inc., "A1", Series 2005-4, 4.432%, 7/10/2045 

 

 

565,628 

 

564,074 

Banc of America Mortgage Securities:

 
 

"3A1", Series 2003-H, 4.537% *, 9/25/2033 

 

1,008,169 

 

990,894 

 

"1A1", Series 2004-G, 5.075% *, 8/25/2034 

 

438,306 

 

414,940 

 

"2A2", Series 2003-1, 5.25%, 2/25/2018 

 

279,273 

 

284,004 

Bear Stearns Adjustable Rate Mortgage Trust:

 
 

"A1", Series 2006-1, 4.625% *, 2/25/2036 

 

814,984 

 

737,839 

 

"22A1", Series 2007-4, 6.001% *, 6/25/2047 

 

1,949,157 

 

1,648,157 

Bear Stearns Alternative-A Trust, "6A1", Series 2004-9, 6.329% *, 9/25/2034 

 

 

247,500 

 

145,617 

Cendant Mortgage Corp.:

 
 

"1A1", Series 2003-9, 5.25%, 11/25/2033 

 

421,726 

 

422,952 

 

"A5", Series 2003-1, 5.5%, 2/25/2033 

 

455,844 

 

454,134 

Chase Mortgage Finance Corp.:

 
 

"2A1", Series 2004-S3, 5.25%, 3/25/2034 

 

942,934 

 

943,962 

 

"3A1", Series 2005-A1, 5.283% *, 12/25/2035 

 

1,604,452 

 

1,455,570 

Citicorp Mortgage Securities, Inc.:

 
 

"1A1", Series 2003-5, 5.5%, 4/25/2033 

 

135,296 

 

135,787 

 

"1A1", Series 2004-8, 5.5%, 10/25/2034 

 

904,828 

 

874,891 

Citigroup Mortgage Loan Trust, Inc.:

 
 

"2A1", Series 2006-AR1, 4.7%, 3/25/2036 

 

851,903 

 

773,593 

 

"1A2", Series 2006-AR2, 5.523% *, 3/25/2036 

 

2,412,810 

 

2,150,275 

 

"1A4A", Series 2006-AR7, 5.765% *, 11/25/2036 

 

885,572 

 

752,038 

 

"1CB2", Series 2004-NCM2, 6.75%, 8/25/2034 

 

636,354 

 

615,077 

Countrywide Alternative Loan Trust:

 
 

"1A1", Series 2004-2CB, 4.25%, 3/25/2034 

 

364,924 

 

353,454 

 

"A2", Series 2003-6T2, 5.0%, 6/25/2033 

 

36,740 

 

36,675 

 

"2A1", Series 2004-28CB, 5.0%, 1/25/2035 

 

216,808 

 

209,856 

 

"A2", Series 2004-29CB, 5.0%, 1/25/2035 

 

339,835 

 

314,782 

 

"A2", Series 2002-18, 5.25%, 2/25/2033 

 

603,180 

 

586,176 

 

"1A5", Series 2003-J1, 5.25%, 10/25/2033 

 

299,953 

 

292,089 

 

"1A15", Series 2005-J10, 5.5%, 10/25/2035 

 

553,239 

 

530,751 

 

"1A1", Series 2004-J1, 6.0%, 2/25/2034 

 

92,427 

 

78,968 

 

"A4", Series 2002-11, 6.25%, 10/25/2032 

 

107,202 

 

104,493 

Countrywide Home Loan Mortgage Pass-Through Trust:

 
 

"A15", Series 2002-34, 4.75%, 1/25/2033 

 

484,247 

 

475,352 

 

"2A17", Series 2004-13, 5.75%, 8/25/2034 

 

735,098 

 

734,729 

Countrywide Home Loans:

 
 

"3A6", Series 2003-56, 4.49%, 12/25/2033 

 

629,283 

 

613,759 

 

"5A1", Series 2005-HY10, 5.613% *, 2/20/2036 

 

640,917 

 

622,946 

Credit Suisse First Boston Mortgage Securities Corp., "F", Series 2001-CK1, 144A, 6.65%, 12/18/2035 

 

 

1,300,000 

 

1,332,984 

Credit Suisse Mortgage Capital Certificates, Inc., "3A1", Series 2006-9, 6.0%, 11/25/2036 

 

 

732,535 

 

662,486 

First Horizon Mortgage Pass-Through Trust:

 
 

"1A1", Series 2003-5, 5.25%, 4/25/2022 

 

72,065 

 

71,869 

 

"1A1", Series 2007-AR1, 5.839% *, 5/25/2037 

 

665,363 

 

595,348 

GMAC Commercial Mortgage Securities, Inc.:

 
 

 

 

 

"A2", Series 1999-C1, 6.175%, 5/15/2033 

 

515,510 

 

516,596 

 

"A2", Series 1999-C3, 7.179%, 8/15/2036 

 

2,266,202 

 

2,308,819 

 

"A1B", Series 1999-C3, 7.273%, 8/15/2036 

 

826,339 

 

842,315 

GSR Mortgage Loan Trust:

 
 

"1A2" Series 2004-7, 4.516% *, 6/25/2034 

 

268,488 

 

249,372 

 

"1A1", Series 2007-AR2, 5.78% *, 5/25/2047 

 

693,752 

 

566,480 

 

"2A1", Series 2007-AR1, 6.0% *, 3/25/2047 

 

2,811,267 

 

2,308,492 

 

"1A2", Series 2005-AR2, 6.425% *, 4/25/2035 

 

410,965 

 

259,492 

IndyMac INDA Mortgage Loan Trust, "1A1", Series 2006-AR3, 5.337% *, 12/25/2036 

 

 

905,646 

 

794,305 

IndyMac Index Mortgage Loan Trust, "3A1", Series 2006-AR33, 5.768% *, 1/25/2037 

 

 

352,002 

 

306,730 

JPMorgan Alternative Loan Trust, "3A1A", Series 2006-S1, 5.35%, 3/25/2036 

 

 

490,098 

 

491,490 

JPMorgan Chase Commercial Mortgage Securities Corp., "A2", Series 2002-C1, 4.914%, 7/12/2037 

 

 

928,158 

 

926,022 

JPMorgan Commercial Mortgage Finance Corp., "A2", Series 1999-PLS1, 144A, 7.054% *, 2/15/2032 

 

 

112,432 

 

112,231 

JPMorgan Mortgage Trust:

 
 

"6A1", Series 2007-A1, 4.776% *, 7/25/2035 

 

1,109,446 

 

992,109 

 

"2A7", Series 2005-A8, 4.949% *, 11/25/2035 

 

990,000 

 

902,534 

 

"3A2", Series 2005-A4, 5.168% *, 7/25/2035 

 

1,078,615 

 

1,063,772 

LB-UBS Commercial Mortgage Trust:

 
 

"A2", Series 2003-C7, 4.064%, 9/15/2027 

 

1,493,448 

 

1,480,195 

 

"A3", Series 2001-C7, 5.642%, 12/15/2025 

 

1,404,005 

 

1,416,790 

Master Adjustable Rate Mortgages Trust, "3A6",Series 2004-13, 3.788% *, 11/21/2034 

 

 

1,640,000 

 

1,504,506 

Master Asset Securitization Trust, "2A1", Series 2004-4, 5.0%, 4/25/2034 

 

 

681,831 

 

674,858 

Merrill Lynch Mortgage Investors Trust, "A2", Series 2005-A5, 4.566%, 6/25/2035 

 

 

110,000 

 

100,081 

MLCC Mortgage Investors, Inc., "1A", Series 2004-1, 6.078% *, 12/25/2034 

 

 

191,725 

 

187,572 

Morgan Stanley Capital I:

 
 

"A2", Series 2005-HQ5, 4.809%, 1/14/2042 

 

1,650,000 

 

1,647,631 

 

"A2", Series 2007-HQ11, 5.359%, 2/12/2044 

 

900,000 

 

874,590 

Morgan Stanley Mortgage Loan Trust, "5A2", Series 2006-8AR, 5.423% *, 6/25/2036 

 

 

903,035 

 

826,728 

Prudential Securities Secured Financing Corp., "F", Series 1999-C2, 7.746% *, 6/16/2031 

 

 

1,500,000 

 

1,534,689 

Residential Accredit Loans, Inc.:

 
 

"A6", Series 2002-QS19, 5.125%, 12/25/2032 

 

647,489 

 

645,848 

 

"1A1", Series 2004-QS16, 5.5%, 12/25/2034 

 

562,846 

 

505,682 

 

"3A1", Series 2006-QS18, 5.75%, 12/25/2021 

 

165,664 

 

147,228 

Residential Asset Mortgage Products, Inc., "A4", Series 2004-SL4, 7.0%, 7/25/2032 

 

 

692,341 

 

675,249 

Residential Asset Securitization Trust:

 
 

"2A1", Series 2003-A15, 5.25%, 2/25/2034 

 

246,448 

 

246,223 

 

"A1", Series 2004-A1, 5.25%, 4/25/2034 

 

326,745 

 

304,173 

Residential Funding Mortgage Securities I, Inc.:

 
 

"A2", Series 2003-S3, 5.25%, 2/25/2018 

 

338,710 

 

339,227 

 

"2A2", Series 2007-SA1, 5.617% *, 2/25/2037 

 

673,756 

 

592,495 

Sequoia Mortgage Trust:

 
 

"2AA1", Series 2007-3, 5.645% *, 7/20/2037 

 

1,152,856 

 

1,019,978 

 

"4A1", Series 2007-1, 5.788% *, 9/20/2046 

 

922,677 

 

823,774 

Structured Asset Securities Corp., "3A2", 2003-24A, 4.91% *, 7/25/2033 

 

 

1,020,639 

 

922,936 

SunTrust Adjustable Rate Mortgage Loan Trust, "2A1", Series 2007-2, 5.687% *, 4/25/2037 

 

 

2,433,199 

 

2,049,751 

TIAA Real Estate CDO Ltd., "A4", Series 2001-C1A, 144A, 6.68%, 6/19/2031 

 

 

1,355,014 

 

1,376,481

Wachovia Bank Commercial Mortgage Trust, "A1", Series 2007-C30, 5.031%, 12/15/2043 

 

 

2,021,604 

 

1,994,417 

Washington Mutual Mortgage Pass-Through Certificates:

 
 

"1A3", Series 2005-AR16, 5.1% *, 12/25/2035 

 

390,000 

 

329,291 

 

"IA3A", Series 2005-AR18, 5.256% *, 1/25/2036 

 

1,550,000 

 

1,376,955 

 

"A7", Series 2003-AR4, 5.307% *, 5/25/2033 

 

453,214 

 

433,663 

 

"1A1", Series 2006-AR18, 5.341% *, 1/25/2037 

 

485,970 

 

430,199 

 

 

 

 

"4A1", Series 2007-HY3, 5.35% *, 3/25/2037 

 

1,244,350 

 

1,087,292 

 

"1A1", Series 2007-HY4, 5.55% *, 4/25/2037 

 

755,877 

 

662,931 

 

"1A1", Series 2006-AR16, 5.607% *, 12/25/2036 

 

1,684,007 

 

1,399,738 

 

"1A1", Series 2007-HY2, 5.621% *, 12/25/2036 

 

1,055,166 

 

941,087 

 

"1A3", Series 2006-AR8, 5.88% *, 8/25/2046 

 

1,165,000 

 

940,962 

 

"3A1", Series 2007-HY7, 5.909% *, 7/25/2037 

 

1,676,926 

 

1,390,489 

Wells Fargo Mortgage-Backed Securities Trust:

 
 

"1A1", Series 2005-9, 4.75%, 10/25/2035 

 

625,766 

 

602,546 

 

"4A2", Series 2005-AR16, 4.993% *, 10/25/2035 

 

1,105,000 

 

1,017,799 

 

"4A1", Series 2006-AR10, 5.561% *, 7/25/2036 

 

1,783,665 

 

1,633,821 

 

"1A3", Series 2006-6, 5.75%, 5/25/2036 

 

1,150,449 

 

1,125,766 

 

"A5", Series 2003-A, 6.862% *, 2/25/2033 

 

352,501 

 

346,496 

**Total Commercial and Non-Agency Mortgage-Backed Securities** (Cost $74,034,696)

 

**70,004,579**

 

**Collateralized Mortgage Obligations 1.4%**

 
Federal Home Loan Mortgage Corp.:

 
 

"WJ", Series 2557, 5.0%, 7/15/2014 

 

402,287 

 

405,521 

 

"AB", Series 3197, 5.5%, 8/15/2013 

 

818,773 

 

825,903 

 

"QE", Series 2113, 6.0%, 11/15/2027 

 

78,041 

 

78,310 

 

"PE", Series 2123, 6.0%, 12/15/2027 

 

28,089 

 

28,125 

 

"LA", Series 1343, 8.0%, 8/15/2022 

 

224,869 

 

227,733 

 

"PK", Series 1751, 8.0%, 9/15/2024 

 

746,185 

 

766,194 

Federal National Mortgage Association, "QK", Series 2003-37, 4.0%, 7/25/2027 

 

 

620,509 

 

618,179 

**Total Collateralized Mortgage Obligations** (Cost $2,994,962)

 

**2,949,965**

 

**Preferred Securities 1.6%**

 
**Financials**

 
Banco Mercantil del Norte SA, Series A, 144A, 6.135%, 10/13/2016

 

 

357,000 

 

349,029 

Goldman Sachs Capital II, 5.793%, 6/1/2012 (b) 

 

 

1,300,000 

 

860,398 

Oil Insurance Ltd., 144A, 7.558%, 6/30/2011 (b) 

 

 

1,325,000 

 

1,125,018 

Stoneheath Re, 6.868%, 10/15/2011 (b) 

 

 

525,000 

 

319,200 

Wachovia Capital Trust III, 5.8%, 3/15/2042 

 

 

1,242,000 

 

701,730 

**Total Preferred Securities** (Cost $4,668,776)

 

**3,355,375**

 

**Government & Agency Obligations 19.5%**

 
**US Treasury Obligations**

 
US Treasury Bill, 2.215% **, 12/4/2008 

 

 

610,000 

 

606,374 

US Treasury Notes:

 
 

3.375%, 7/31/2013 

 

65,000 

 

65,305 

 

3.625%, 6/15/2010 (c) 

 

35,309,000 

 

36,073,122 

 

4.875%, 4/30/2011 

 

3,043,000 

 

3,211,077 

**Total Government & Agency Obligations** (Cost $39,950,814)

 

**39,955,878**

 

**Municipal Bonds and Notes 0.8%**

 
La Vernia, TX, Higher Education Finance Corp. Revenue, Southwest Winners, Series B, 144A, 5.7%, 2/15/2011 (d) 

 

 

465,000 

 

462,499 

Sacramento County, CA, Airport System Revenue, Series C, 5.2%, 7/1/2012 (d) 

 

 

1,075,000 

 

1,082,213 

**Total Municipal Bonds and Notes** (Cost $1,542,050)

 

**1,544,712**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 17.8%**

 
Daily Assets Fund Institutional, 2.69% (e) (f)(Cost $36,417,070)

 

 

36,417,070

 

**36,417,070**

 

 

 

 

**Cash Equivalents 4.5%**

 
Cash Management QP Trust, 2.42% (e)(Cost $9,134,410)

 

 

9,134,410

 

**9,134,410**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $249,261,121) †

118.5

 

**242,665,852**

**Other Assets and Liabilities, Net**

(18.5)

 

**(37,816,133)**

**Net Assets**

100.0

 

**204,849,719**

*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 July 31, 2008.*

****

*Annualized yield at time of purchase; not a coupon rate.*

*†*

*The cost for federal income tax purposes was $249,288,202.  At July 31, 2008, net unrealized depreciation for all securities based on tax cost was $6,622,350.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $613,282 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,235,632.*

*(a)*

*Non-income producing security*

*(b)*

*Date shown is call date; not a maturity date for the perpetual preferred securities.*

*(c)*

*All or a portion of these securities were on loan.  The value of all securities loaned at July 31, 2008 amounted to $35,712,483 which is 17.4% of net assets.*

*(d)*

*Bond is insured by one of these companies:*

 

***Insurance Coverage*****

***As a % of Total***

***Investment Portfolio*****

*American Capital Access***

*0.2***

*Financial Security Assurance, Inc.***

*0.4***

 

*(e)*

*Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.*

*(f)*

*Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.*

*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.*

*CDO: Collateralized Debt Obligation*

*REIT: Real Estate Investment Trust*

*Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.  Effective maturities of these investments may be shorter than stated maturities due to prepayments.  Some separate investments in the Federal Home Loan Mortgage Corp., and the Federal National Mortgage Association issues have similar coupon rates and have been aggregated for presentation purposes in the investment portfolio.*

 

 

**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 Duration Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

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

 

Registrant: 

DWS Short Duration Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        September 16, 2008

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