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:  09/30

Date of reporting period: 06/30/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of June 30, 2008  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS Small Cap Growth Fund**

 

|   | **Shares**               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | **Value ($)** |
|--------|--------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 101.0%** |  
**Consumer Discretionary 24.8%**

 
**Diversified Consumer Services 0.8%**

 
Capella Education Co.* (a) 

 

30,700 

 

**1,831,255**

**Hotels Restaurants & Leisure 8.7%**

 
Buffalo Wild Wings, Inc.* (a) 

 

247,280 

 

6,139,962 

McCormick & Schmick's Seafood Restaurants, Inc.* (a) 

 

178,600 

 

1,721,704 

Orient-Express Hotels Ltd. "A"  

 

174,110 

 

7,563,339 

Pinnacle Entertainment, Inc.* (a) 

 

188,600 

 

1,978,414 

Red Robin Gourmet Burgers, Inc.* (a) 

 

79,400 

 

2,202,556 

 

**19,605,975**

**Specialty Retail 13.2%**

 
bebe stores, inc. (a) 

 

362,060 

 

3,479,396 

 

 

 

 

Cabela's, Inc.* (a) 

 

195,000 

 

2,146,950 

Children's Place Retail Stores, Inc.*  

 

124,700 

 

4,501,670 

Citi Trends, Inc.* (a) 

 

188,700 

 

4,275,942 

Guess?, Inc.  

 

333,600 

 

12,493,320 

Zumiez, Inc.* (a) 

 

161,400 

 

2,676,012 

 

**29,573,290**

**Textiles, Apparel & Luxury Goods 2.1%**

 
Volcom, Inc.* (a) 

 

200,200 

 

**4,790,786**

**Consumer Staples 3.8%**

 
**Food Products 1.3%**

 
Green Mountain Coffee Roasters, Inc.* (a) 

 

79,700 

 

**2,994,329**

**Personal Products 2.5%**

 
American Oriental Bioengineering, Inc.* (a) 

 

562,300 

 

**5,549,901**

**Energy 13.3%**

 
**Energy Equipment & Services 6.1%**

 
Atwood Oceanics, Inc.*  

 

67,700 

 

8,417,818 

Dril-Quip, Inc.*  

 

72,200 

 

4,548,600 

Tesco Corp.*  

 

23,400 

 

747,630 

 

**13,714,048**

**Oil, Gas & Consumable Fuels 7.2%**

 
Carrizo Oil & Gas, Inc.* (a) 

 

103,440 

 

7,043,230 

EXCO Resources, Inc.*  

 

173,810 

 

6,415,327 

Holly Corp.  

 

77,000 

 

2,842,840 

 

**16,301,397**

**Financials 7.7%**

 
**Capital Markets 4.5%**

 
E*TRADE Financial Corp.* (a) 

 

635,500 

 

1,995,470 

FCStone Group, Inc.*  

 

69,200 

 

1,932,756 

Waddell & Reed Financial, Inc. "A"  

 

174,500 

 

6,109,245 

 

**10,037,471**

**Diversified Financial Services 1.5%**

 
Portfolio Recovery Associates, Inc.* (a) 

 

91,090 

 

**3,415,875**

**Insurance 1.7%**

 
eHealth, Inc.* (a) 

 

218,600 

 

**3,860,476**

**Health Care 11.0%**

 
**Health Care Providers & Services**

Air Methods Corp.*  

 

72,000 

 

1,800,000 

Centene Corp.*  

 

136,700 

 

2,295,193 

Genoptix, Inc.*  

 

70,800 

 

2,233,740 

Gentiva Health Services, Inc.*  

 

132,500 

 

2,524,125 

inVentiv Health, Inc.* (a) 

 

166,810 

 

4,635,650 

Providence Service Corp.* (a) 

 

283,070 

 

5,975,608 

Psychiatric Solutions, Inc.*  

 

83,200 

 

3,148,288 

WellCare Health Plans, Inc.*  

 

61,500 

 

2,223,225 

 

**24,835,829**

**Industrials 11.1%**

 
**Aerospace & Defense 3.3%**

 
BE Aerospace, Inc.*  

 

215,240 

 

5,012,940 

Curtiss-Wright Corp.  

 

53,500 

 

2,393,590 

 

**7,406,530**

 

 

 

 

**Commercial Services & Supplies 6.0%**

 
Heidrick & Struggles International, Inc.  

 

98,400 

 

2,719,776 

Hill International, Inc.*  

 

240,900 

 

3,960,396 

Huron Consulting Group, Inc.*  

 

97,200 

 

4,407,048 

Korn/Ferry International* (a) 

 

153,900 

 

2,420,847 

 

**13,508,067**

**Electrical Equipment 1.8%**

 
Baldor Electric Co. (a) 

 

116,900 

 

**4,089,162**

**Information Technology 28.0%**

 
**Communications Equipment 2.0%**

 
Foundry Networks, Inc.*  

 

376,900 

 

**4,454,958**

**Electronic Equipment & Instruments 3.5%**

 
Itron, Inc.*  

 

79,270 

 

**7,796,204**

**Internet Software & Services 7.6%**

 
Bankrate, Inc.* (a) 

 

53,100 

 

2,074,617 

DealerTrack Holdings, Inc.* (a) 

 

176,400 

 

2,489,004 

Equinix, Inc.* (a) 

 

31,100 

 

2,774,742 

LoopNet, Inc.* (a) 

 

416,800 

 

4,709,840 

Omniture, Inc.*  

 

139,000 

 

2,581,230 

Perficient, Inc.* (a) 

 

268,400 

 

2,592,744 

 

**17,222,177**

**IT Services 4.2%**

 
CyberSource Corp.*  

 

358,800 

 

6,002,724 

Forrester Research, Inc.*  

 

111,900 

 

3,455,472 

 

**9,458,196**

**Semiconductors & Semiconductor Equipment 6.3%**

 
Atheros Communications* (a) 

 

167,900 

 

5,037,000 

Cavium Networks, Inc.* (a) 

 

105,300 

 

2,211,300 

Netlogic Microsystems, Inc.* (a) 

 

104,600 

 

3,472,720 

Tessera Technologies, Inc.*  

 

217,000 

 

3,552,290 

 

**14,273,310**

**Software 4.4%**

 
Blackboard, Inc.*  

 

142,500 

 

5,447,775 

FalconStor Software, Inc.* (a) 

 

329,200 

 

2,330,736 

Informatica Corp.*  

 

143,400 

 

2,156,736 

 

**9,935,247**

**Materials 1.3%**

 
**Chemicals**

Flotek Industries, Inc.* (a) 

 

139,000 

 

**2,866,180**

**Total Common Stocks** (Cost $223,852,921)

 

**227,520,663**

 

**Warrants 0.0%**

 
Lantronix, Inc., Expiration Date 2/9/2011*  (Cost $0)

 

865 

 

**150**

 

**Securities Lending Collateral 27.9%**

 
Daily Assets Fund Institutional, 2.74% (b) (c)(Cost $62,774,496)

 

 

62,774,496

 

**62,774,496**

 

**Cash Equivalents 1.7%**

 
Cash Management QP Trust, 2.49% (b)(Cost $3,792,403)

 

 

3,792,403

 

**3,792,403**

 

 

 

 

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $290,419,820) †

130.6

 

**294,087,712**

**Other Assets and Liabilities, Net**

(30.6)

 

**(68,846,947)**

**Net Assets**

100.0

 

**225,240,765**

*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.*

*†*

*The cost for federal income tax purposes was $290,427,054.  At June 30, 2008, net unrealized appreciation for all securities based on tax cost was $3,660,658.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $41,283,075 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $37,622,417.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at June 30, 2008 amounted to $60,298,963 which is 26.8% of net assets.*

*(b)*

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

*(c)*

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

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

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

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last 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 Small Cap Growth Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

August 20, 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 Small Cap Growth Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

August 20, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        August 20, 2008

 

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