UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF        REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number        811-04760

DWS        Advisor Funds

(Exact name of registrant as specified in        charter)

 

One        South Street

Baltimore, MD 21202

(Address of principal executive offices)                    (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for        service)

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

Date of fiscal year end:10/31

Date of reporting        period:01/31/08

 

ITEM 1.        SCHEDULE OF INVESTMENTS

 

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

         

**DWS        International Select Equity Fund**

 

|                                           | **Shares**              |           | **Value                        ($)** |
|------------------------------------------------|-------------------------|----------------|--------------------------------------|
|                                                |
|                                           | **Common Stocks 96.1%** |           |
| **Australia 2.0%**                             |                    |
| Leighton Holdings Ltd. (a) (Cost $3,978,986)   |                    | 103,000        |                                 | **4,691,295** |
| **Austria 2.4%**                               |                    |
| Erste Bank der oesterreichischen Sparkassen AG |                    | 40,400         |                                 | 2,197,257 |
| Wienerberger AG                                |                    | 77,666         |                                 | 3,595,034 |
|                                                |
| (Cost $7,246,794)                              |                    | **5,792,291**  |
| **Belgium 4.4%**                               |                    |
| InBev NV                                       |                    | 74,600         |                                 | 6,143,874 |
| KBC Groep NV                                   |                    | 33,900         |                                 | 4,322,652 |
|                                                |
| (Cost $10,376,534)                             |                    | **10,466,526** |
|                                                |                         |                |                                      |  |  |  |  |  |

| **Canada 2.5%**                                                                        |   |
|----------------------------------------------------------------------------------------|--------|
| Potash Corp of Saskatchewan, Inc.                                                      |   | 24,500 |   | 3,460,819 |
| Shoppers Drug Mart Corp.                                                               |   | 51,400 |   | 2,513,560 |
|                                                                                        |
| (Cost $5,624,766)                                                                      |   | **5,974,379** |
| **China 1.5%**                                                                         |   |
| China Infrastructure Machinery Holdings Ltd. (Cost                        $3,894,105)  |   | 2,462,000 |   | **3,527,859** |
| **Cyprus 1.0%**                                                                        |   |
| Bank of Cyprus PCL (b)                                                                 |   | 2,876 |   | 44,040 |
| Bank of Cyprus PCL (b)                                                                 |   | 152,391 |   | 2,418,289 |
|                                                                                        |
| (Cost $2,598,946)                                                                      |   | **2,462,329** |
| **Egypt 2.6%**                                                                         |   |
| Orascom Construction Industries (GDR) (REG S) (Cost                        $5,299,774) |   | 29,450 |   | **6,090,468** |
| **Finland 4.3%**                                                                       |   |
| Nokia Oyj                                                                              |   | 100,000 |   | 3,677,760 |
| Nokian Renkaat Oyj                                                                     |   | 196,650 |   | 6,682,317 |
|                                                                                        |
| (Cost $7,632,490)                                                                      |   | **10,360,077** |
| **Germany 9.6%**                                                                       |   |
| Bayer AG                                                                               |   | 72,727 |   | 5,982,846 |
| E.ON AG                                                                                |   | 26,002 |   | 4,780,375 |
| Gerresheimer AG*                                                                       |   | 69,199 |   | 3,476,557 |
| Linde AG                                                                               |   | 28,600 |   | 3,741,720 |
| Siemens AG (Registered) (a)                                                            |   | 37,100 |   | 4,807,195 |
|                                                                                        |
| (Cost $17,149,172)                                                                     |   | **22,788,693** |
| **Greece 1.6%**                                                                        |   |
| National Bank of Greece SA (Cost $2,501,383)                                           |   | 63,200 |   | **3,871,351** |
| **Hong Kong 4.7%**                                                                     |   |
| Esprit Holdings Ltd.                                                                   |   | 594,000 |   | 7,702,046 |
| Wharf Holdings Ltd.                                                                    |   | 661,000 |   | 3,615,271 |
|                                                                                        |
| (Cost $10,182,983)                                                                     |   | **11,317,317** |
| **India 2.4%**                                                                         |   |
| Bharti Airtel Ltd.*                                                                    |   | 219,798 |   | 4,844,454 |
| Suzlon Energy Ltd.                                                                     |   | 110,535 |   | 867,156 |
|                                                                                        |
| (Cost $6,313,188)                                                                      |   | **5,711,610** |
| **Italy 2.2%**                                                                         |   |
| UniCredito Italiano SpA (a) (Cost $5,406,723)                                          |   | 711,700 |   | **5,224,615** |
| **Japan 14.0%**                                                                        |   |
| Canon, Inc.                                                                            |   | 123,750 |   | 5,341,212 |
| Japan Tobacco, Inc.                                                                    |   | 1,433 |   | 7,632,338 |
| Komatsu Ltd.                                                                           |   | 135,000 |   | 3,258,789 |
| Mitsubishi Corp.                                                                       |   | 150,700 |   | 3,950,029 |
| Mitsui Fudosan Co., Ltd.                                                               |   | 118,000 |   | 2,704,736 |
| Nintendo Co., Ltd.                                                                     |   | 7,900 |   | 3,949,218 |
| Suzuki Motor Corp.                                                                     |   | 220,000 |   | 5,542,259 |
| Terumo Corp.                                                                           |   | 19,800 |   | 1,076,913 |
|                                                                                        |
| (Cost $31,703,979)                                                                     |   | **33,455,494** |
| **Kazakhstan 0.9%**                                                                    |   |
| KazMunaiGas Exploration Production (GDR) 144A (Cost                        $1,411,800) |   | 84,600 |   | **2,208,060** |
|                                                                                        |        |  |  |  |  |  |

| **Korea 1.7%**                                                            |                                   |
|---------------------------------------------------------------------------|----------------------------------------|
| Kookmin Bank (Cost $4,283,823)                                            |                                   | 60,100 |   | **3,978,629** |
| **Mexico 1.8%**                                                           |                                   |
| Empresas ICA SAB de CV*                                                   |                                   | 254,800 |   | 1,654,194 |
| Grupo Financiero Banorte SAB de CV "O"                                    |                                   | 610,300 |   | 2,536,224 |
|                                                                           |
| (Cost $3,904,416)                                                         |                                   | **4,190,418** |
| **Norway 1.8%**                                                           |                                   |
| StatoilHydro ASA (Cost $4,723,431)                                        |                                   | 169,000 |   | **4,418,594** |
| **Russia 4.9%**                                                           |                                   |
| Gazprom (ADR) (b)                                                         |                                   | 77,550 |   | 3,751,193 |
| Gazprom (ADR) (b)                                                         |                                   | 19,900 |   | 957,190 |
| Sberbank*                                                                 |                                   | 856,719 |   | 3,102,663 |
| Uralkali (GDR) 144A*                                                      |                                   | 119,000 |   | 3,778,250 |
|                                                                           |
| (Cost $11,792,340)                                                        |                                   | **11,589,296** |
| **Spain 7.5%**                                                            |                                   |
| Iberdrola Renovables*                                                     |                                   | 436,200 |   | 3,514,860 |
| Iberdrola SA                                                              |                                   | 383,301 |   | 5,860,278 |
| Telefonica SA                                                             |                                   | 292,762 |   | 8,572,668 |
|                                                                           |
| (Cost $15,619,594)                                                        |                                   | **17,947,806** |
| **Switzerland 9.4%**                                                      |                                   |
| Compagnie Financiere Richemont SA "A" (Unit)                              |                                   | 61,872 |   | 3,538,587 |
| Lonza Group AG (Registered)                                               |                                   | 35,305 |   | 4,523,143 |
| Nestle SA (Registered)                                                    |                                   | 9,456 |   | 4,226,194 |
| Roche Holding AG (Genusschein)                                            |                                   | 20,120 |   | 3,645,319 |
| Xstrata PLC                                                               |                                   | 84,396 |   | 6,451,821 |
|                                                                           |
| (Cost $17,135,719)                                                        |                                   | **22,385,064** |
| **United Arab Emirates 0.8%**                                             |                                   |
| DP World Ltd.*                                                            |                                   | 408,938 |   | 396,670 |
| Emaar Properties                                                          |                                   | 448,630 |   | 1,466,470 |
|                                                                           |
| (Cost $1,997,136)                                                         |                                   | **1,863,140** |
| **United Kingdom 12.1%**                                                  |                                   |
| 3i Group PLC                                                              |                                   | 301,125 |   | 5,610,776 |
| AMEC PLC                                                                  |                                   | 658,927 |   | 9,037,604 |
| BG Group PLC                                                              |                                   | 173,574 |   | 3,819,774 |
| Intertek Group PLC                                                        |                                   | 153,745 |   | 2,694,655 |
| Prudential PLC                                                            |                                   | 262,588 |   | 3,391,956 |
| Standard Chartered PLC                                                    |                                   | 126,663 |   | 4,212,422 |
|                                                                           |
| (Cost $27,939,314)                                                        |                                   | **28,767,187** |
|                                                                           |
| **Total Common Stocks**(Cost                        $208,717,396)         |                                   | **229,082,498** |
|                                                                      | **Preferred Stocks 2.6%**              |   |
| **Germany**                                                               |                                   |
| Porsche Automobil Holding SE (a) (Cost                        $4,892,856) |                                   | 3,423 |   | **6,158,005** |
|                                                                      | **Securities Lending Collateral 7.9%** |   |
| Daily Assets Fund Institutional, 4.22% (c) (d)(Cost $18,889,055)          |                                   |   | 18,889,055 |   | **18,889,055** |
|                                                                      | **Cash Equivalents 1.0%**              |   |
| Cash Management QP Trust, 4.52% (c)(Cost $2,249,426)                      |                                   |   | 2,249,426 |   | **2,249,426** |
|                                                                           |                                        |  |  |  |  |  |  |  |  |

|                                                                                                                                                                                                                                                                               | **%                        of****Net Assets**                                                                                                                                                                                                                                      |   | **Value                        ($)** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|
|                                                                                                                                                                                                                                                                                    |
| **Total Investment Portfolio**(Cost $234,748,733)                                                                                                                                                                                                                                  | 107.6                                                                                                                                                                                                                                                                              |   | **256,378,984**                      |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                                                                              | (7.6)                                                                                                                                                                                                                                                                              |   | **(18,028,719)**                     |
|                                                                                                                                                                                                                                                                                    |
| **Net Assets**                                                                                                                                                                                                                                                                     | 100.0                                                                                                                                                                                                                                                                              |   | **238,350,265**                      |
|                                                                                                                                                                                                                                                                               | *For information on the Fund's policies regarding the                        valuation of investments and other significant accounting policies, please                        refer to the Fund's most recent semi-annual or annual financial                        statements.* |
| ***                                                                                                                                                                                                                                                                                | *Non-income producing security.*                                                                                                                                                                                                                                                   |
| *(a)*                                                                                                                                                                                                                                                                              | *All or a portion of these securities were on loan. The                        value of all securities loaned at January 31, 2008 amounted to $18,047,555                        which is 7.6% of net assets.*                                                                     |
| *(b)*                                                                                                                                                                                                                                                                              | *Securities with the same description are the same                        corporate entity but trade on different stock exchanges.*                                                                                                                                                |
| *(c)*                                                                                                                                                                                                                                                                              | *Affiliated fund managed by Deutsche Investment                        Management Americas Inc. The rate shown is the annualized seven-day yield                        at period end.*                                                                                            |
| *(d)*                                                                                                                                                                                                                                                                              | *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.* |
| *ADR: American Depositary Receipt*                                                                                                                                                                                                                                                 |
| *GDR: Global Depositary Receipt*                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                               |
| *At January 31, 2008, the DWS International Select                        Equity Fund had the following sector diversification:*                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                    |        |                                      |  |  |  |

 

| ***Sector***                 | ***Market Value ($)*** | ***As a % of Common******and Preferred Stocks*** |
|------------------------------|------------------------|--------------------------------------------------|
| *Financials*                 | *48,697,351*           | *20.8%*                                          |
| *Industrials*                | *44,570,948*           | *18.9%*                                          |
| *Consumer Discretionary*     | *29,623,214*           | *12.6%*                                          |
| *Materials*                  | *23,415,456*           | *10.0%*                                          |
| *Consumer Staples*           | *20,515,966*           | *8.7%*                                           |
| *Energy*                     | *15,154,811*           | *6.4%*                                           |
| *Utilities*                  | *14,155,513*           | *6.0%*                                           |
| *Telecommunication Services* | *13,417,122*           | *5.7%*                                           |
| *Information Technology*     | *12,968,190*           | *5.5%*                                           |
| *Health Care*                | *12,721,932*           | *5.4%*                                           |
| ***Total***                  | ***235,240,503***      | ***100.0%***                                     |

 

| **ITEM 2.** | **CONTROLS AND PROCEDURES**                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|        | (a)                                 The Chief Executive                        and Financial Officers concluded that the Registrant’s Disclosure                        Controls and Procedures are effective based on the evaluation of the                        Disclosure Controls and Procedures as of a date within 90 days of the                        filing date of this report. |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|        | (b)                                 There have been no                        changes in the registrant’s internal control over financial reporting                        that occurred during the registrant’s last half-year (the                        registrant’s second fiscal half-year in the case of the annual                        report) that has materially affected, or is reasonably likely to materially                        affect, the registrant’s internal controls over financial                        reporting. |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **ITEM 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|        | Certification pursuant to Rule 30a-2(a) under the Investment                        Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as                        Exhibit 99.CERT.                                                                                                                                                                                                                                                                                                                                                                                                                 |

 

**SIGNATURES**

 

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

 

| Registrant: | DWS International Select Equity Fund, a series of DWS                        Advisor Funds |
|-------------|--------------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | March 17, 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 International Select Equity Fund, a series of DWS                        Advisor Funds |
|-------------|--------------------------------------------------------------------------------------------|

 

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

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

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

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

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

Chief Financial Officer and Treasurer

 

| Date: | March 17, 2008 |
|-------|----------------|