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: 7/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Core Fixed Income Fund**

 

|   | **Principal****Amount ($)** |   | **Value ($)** |  
 

**Corporate Bonds 29.9%**

 
**Consumer Discretionary 4.6%**

 
British Sky Broadcasting Group PLC, 144A, 9.5%, 11/15/2018 

 

 

6,000,000 

 

7,500,450 

 
Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/2022 

 

 

843,000 

 

1,059,482 

 
Comcast Cable Holdings LLC, 10.125%, 4/15/2022 

 

 

1,980,000 

 

2,504,138 

 
Cox Communications, Inc., 7.125%, 10/1/2012 

 

 

4,900,000 

 

5,444,267 

 
News America, Inc., 6.4%, 12/15/2035 

 

 

2,830,000 

 

2,822,563 

 
TCI Communications, Inc., 8.75%, 8/1/2015 

 

 

4,430,000 

 

5,308,385 

 
Time Warner Cable, Inc.:

 
 

6.75%, 6/15/2039  

 

 

2,500,000 

 

2,704,405 

 
 

8.75%, 2/14/2019  

 

 

1,500,000 

 

1,861,333 

 
Time Warner, Inc.:

 
 

5.5%, 11/15/2011  

 

 

1,581,000 

 

1,675,243 

 
 

 

 

7.625%, 4/15/2031  

 

 

3,200,000 

 

3,470,720 

 
 

9.125%, 1/15/2013  

 

 

1,485,000 

 

1,719,333 

 
Viacom, Inc.:

 
 

5.75%, 4/30/2011  

 

 

3,095,000 

 

3,233,532 

 
 

6.25%, 4/30/2016  

 

 

3,311,000 

 

3,496,317 

 
 

6.875%, 4/30/2036  

 

 

2,777,000 

 

2,919,516 

 
Yum! Brands, Inc., 6.875%, 11/15/2037 

 

 

4,470,000 

 

4,721,040 

 
 

**50,440,724**

 
**Consumer Staples 3.2%**

 
Altria Group, Inc., 9.95%, 11/10/2038 

 

 

2,500,000 

 

3,185,313 

 
Anheuser-Busch InBev Worldwide, Inc., 144A, 7.75%, 1/15/2019 

 

 

6,500,000 

 

7,591,980 

 
ConAgra Foods, Inc., 7.0%, 4/15/2019 

 

 

3,200,000 

 

3,699,968 

 
CVS Caremark Corp.:

 
 

6.25%, 6/1/2027  

 

 

2,663,000 

 

2,834,572 

 
 

6.302%, 6/1/2037  

 

 

7,442,000 

 

5,730,340 

 
Dr. Pepper Snapple Group, Inc., 6.82%, 5/1/2018 

 

 

3,385,000 

 

3,740,811 

 
Kroger Co.:

 
 

6.15%, 1/15/2020  

 

 

1,800,000 

 

1,921,446 

 
 

6.8%, 4/1/2011  

 

 

260,000 

 

277,540 

 
 

7.0%, 5/1/2018  

 

 

10,000 

 

11,250 

 
 

7.5%, 1/15/2014  

 

 

3,600,000 

 

4,098,859 

 
Safeway, Inc., 7.45%, 9/15/2027 

 

 

1,910,000 

 

2,229,505 

 
 

**35,321,584**

 
**Energy 3.9%**

 
Anadarko Petroleum Corp., 6.45%, 9/15/2036 

 

 

2,490,000 

 

2,499,318 

 
ConocoPhillips, 6.0%, 1/15/2020 

 

 

3,000,000 

 

3,331,437 

 
DCP Midstream LLC, 144A, 9.75%, 3/15/2019 

 

 

2,880,000 

 

3,371,573 

 
Devon Energy Corp., 6.3%, 1/15/2019 (a) 

 

 

6,300,000 

 

6,910,331 

 
Enterprise Products Operating LLP:

 
 

Series M, 5.65%, 4/1/2013  

 

 

7,430,000 

 

7,780,131 

 
 

Series B, 7.5%, 2/1/2011  

 

 

1,525,000 

 

1,615,173 

 
Hess Corp., 8.125%, 2/15/2019 

 

 

3,300,000 

 

3,949,229 

 
Kinder Morgan Energy Partners LP, 5.625%, 2/15/2015 

 

 

846,000 

 

893,873 

 
Marathon Oil Corp., 7.5%, 2/15/2019 

 

 

2,800,000 

 

3,233,423 

 
ONEOK Partners LP, 8.625%, 3/1/2019 

 

 

3,925,000 

 

4,666,444 

 
Talisman Energy, Inc., 7.75%, 6/1/2019 

 

 

1,098,000 

 

1,284,252 

 
TransCanada PipeLines Ltd., 7.625%, 1/15/2039 

 

 

2,100,000 

 

2,667,090 

 
 

**42,202,274**

 
**Financials 11.9%**

 
American Express Co., 7.0%, 3/19/2018 

 

 

5,976,000 

 

6,133,952 

 
Bank of America Corp.:

 
 

5.75%, 12/1/2017  

 

 

4,310,000 

 

4,138,009 

 
 

Series L, 7.375%, 5/15/2014  

 

 

536,000 

 

583,871 

 
 

7.625%, 6/1/2019  

 

 

5,350,000 

 

5,802,749 

 
Bank of America NA, 5.3%, 3/15/2017 

 

 

2,260,000 

 

2,058,248 

 
Bank of New York Mellon Corp., 4.3%, 5/15/2014 

 

 

2,590,000 

 

2,685,483 

 
Barclays Bank PLC, 5.2%, 7/10/2014 

 

 

1,165,000 

 

1,208,203 

 
BB&T Corp., 6.85%, 4/30/2019 

 

 

2,900,000 

 

3,101,579 

 
Capital One Financial Corp., 7.375%, 5/23/2014 

 

 

2,090,000 

 

2,265,779 

 
Citigroup, Inc.:

 
 

6.875%, 3/5/2038  

 

 

3,256,000 

 

2,876,051 

 
 

8.125%, 7/15/2039  

 

 

4,715,000 

 

4,749,377 

 
 

8.5%, 5/22/2019  

 

 

5,162,000 

 

5,496,043 

 
Corp. Andina de Fomento:

 
 

 

 

5.75%, 1/12/2017  

 

 

2,300,000 

 

2,218,959 

 
 

6.875%, 3/15/2012  

 

 

1,300,000 

 

1,369,972 

 
Deutsche Telekom International Finance BV:

 
 

4.875%, 7/8/2014  

 

 

930,000 

 

965,644 

 
 

6.0%, 7/8/2019 (a)

 

 

5,590,000 

 

6,022,470 

 
General Electric Capital Corp., 5.625%, 5/1/2018 

 

 

8,752,000 

 

8,833,805 

 
Hartford Financial Services Group, Inc., 5.25%, 10/15/2011 

 

 

1,800,000 

 

1,771,528 

 
Jefferson-Pilot Corp., 4.75%, 1/30/2014 

 

 

750,000 

 

710,629 

 
JPMorgan Chase & Co.:

 
 

5.125%, 9/15/2014  

 

 

4,080,000 

 

4,222,368 

 
 

6.3%, 4/23/2019  

 

 

5,500,000 

 

5,975,084 

 
Merrill Lynch & Co., Inc., Series C, 5.45%, 7/15/2014 

 

 

445,000 

 

437,702 

 
MetLife, Inc., 6.75%, 6/1/2016 

 

 

1,667,000 

 

1,793,810 

 
Metropolitan Life Global Funding I, 144A, 5.125%, 4/10/2013 

 

 

4,670,000 

 

4,761,331 

 
Morgan Stanley:

 
 

Series F, 6.0%, 4/28/2015  

 

 

4,110,000 

 

4,254,886 

 
 

7.3%, 5/13/2019  

 

 

1,900,000 

 

2,140,272 

 
National City Corp., 4.0%, 2/1/2011 

 

 

4,015,000 

 

3,984,887 

 
National Rural Utilities Cooperative Finance Corp., Series C, 8.0%, 3/1/2032 

 

 

4,100,000 

 

4,732,343 

 
Principal Financial Group, Inc., 7.875%, 5/15/2014 

 

 

4,800,000 

 

5,073,211 

 
Prudential Financial, Inc.:

 
 

Series B, 5.1%, 9/20/2014  

 

 

1,120,000 

 

1,072,005 

 
 

7.375%, 6/15/2019  

 

 

460,000 

 

487,444 

 
Simon Property Group LP, (REIT), 6.75%, 5/15/2014 

 

 

945,000 

 

977,512 

 
Telecom Italia Capital SA:

 
 

5.25%, 11/15/2013  

 

 

3,671,000 

 

3,789,911 

 
 

6.175%, 6/18/2014  

 

 

1,120,000 

 

1,203,222 

 
 

7.175%, 6/18/2019  

 

 

1,050,000 

 

1,169,693 

 
Telefonica Emisiones SAU, 5.877%, 7/15/2019 

 

 

1,305,000 

 

1,431,190 

 
The Goldman Sachs Group, Inc.:

 
 

6.0%, 5/1/2014  

 

 

1,510,000 

 

1,636,218 

 
 

7.5%, 2/15/2019  

 

 

5,265,000 

 

6,166,126 

 
US Bancorp.:

 
 

LIBOR minus 1.46%, 0.00%, 12/11/2035  

 

 

2,415,000 

 

2,282,175 

 
 

LIBOR minus 1.75%, 0.00%, 9/20/2036  

 

 

315,000 

 

289,013 

 
Verizon Wireless Capital LLC, 144A, 7.375%, 11/15/2013 

 

 

3,000,000 

 

3,450,321 

 
Wachovia Corp., Series G, 5.5%, 5/1/2013 

 

 

5,850,000 

 

6,130,607 

 
 

**130,453,682**

 
 

 

 
**Health Care 1.9%**

 
Express Scripts, Inc.:

 
 

6.25%, 6/15/2014  

 

 

1,480,000 

 

1,614,756 

 
 

7.25%, 6/15/2019  

 

 

445,000 

 

512,778 

 
McKesson Corp., 7.5%, 2/15/2019 

 

 

2,600,000 

 

3,044,787 

 
Medco Health Solutions, Inc., 7.125%, 3/15/2018 

 

 

7,460,000 

 

8,390,978 

 
Merck & Co., Inc.:

 
 

5.0%, 6/30/2019  

 

 

1,840,000 

 

1,910,424 

 
 

5.85%, 6/30/2039  

 

 

423,000 

 

456,365 

 
Quest Diagnostics, Inc., 6.95%, 7/1/2037 

 

 

5,130,000 

 

5,264,247 

 
 

**21,194,335**

 
**Industrials 0.6%**

 
Northrop Grumman Corp., 5.05%, 8/1/2019 

 

 

1,415,000 

 

1,454,088 

 
Waste Management, Inc., 6.375%, 3/11/2015 

 

 

4,940,000 

 

5,221,185 

 
 

**6,675,273**

 
 

 

**Information Technology 0.2%**

 
Oracle Corp., 5.0%, 7/8/2019 

 

 

1,940,000 

 

**2,043,901**

 
**Telecommunication Services 1.1%**

 
AT&T, Inc.:

 
 

6.55%, 2/15/2039  

 

 

2,700,000 

 

2,997,702 

 
 

6.7%, 11/15/2013  

 

 

2,700,000 

 

3,050,735 

 
Qwest Corp., 7.625%, 6/15/2015 

 

 

5,334,000 

 

5,320,665 

 
Verizon Communications, Inc., 6.35%, 4/1/2019 

 

 

500,000 

 

563,366 

 
 

**11,932,468**

 
**Utilities 2.5%**

 
DPL, Inc., 6.875%, 9/1/2011 

 

 

3,384,000 

 

3,552,865 

 
DTE Energy Co., 7.625%, 5/15/2014 

 

 

1,227,000 

 

1,308,129 

 
Jersey Central Power & Light Co., 7.35%, 2/1/2019 

 

 

3,825,000 

 

4,434,479 

 
Pepco Holdings, Inc.:

 
 

6.125%, 6/1/2017  

 

 

3,000,000 

 

2,985,714 

 
 

6.45%, 8/15/2012  

 

 

3,202,000 

 

3,390,969 

 
Progress Energy, Inc., 7.05%, 3/15/2019 

 

 

2,700,000 

 

3,095,685 

 
PSE&G Power LLC, 5.5%, 12/1/2015 

 

 

2,935,000 

 

3,013,324 

 
Sempra Energy, 6.5%, 6/1/2016 

 

 

2,600,000 

 

2,854,176 

 
Southern Co., 4.15%, 5/15/2014 

 

 

2,512,000 

 

2,582,153 

 
 

**27,217,494**

 
**Total Corporate Bonds** (Cost $296,970,603)

 

**327,481,735**

 
 

**Mortgage-Backed Securities Pass-Throughs 33.6%**

 
Federal Home Loan Mortgage Corp.:

 
 

3.5%, 8/1/2035  

 

 

6,212,897 

 

5,834,784 

 
 

4.5%, 9/1/2020  

 

 

13,632,550 

 

14,038,800 

 
 

5.0%, with various maturities from 2/1/2021 until 4/1/2035 

 

 

33,762,468 

 

35,319,748 

 
 

5.5%, with various maturities from 10/1/2023 until 1/1/2034 

 

 

5,003,893 

 

5,213,040 

 
 

6.0%, 3/1/2038  

 

 

3,522,229 

 

3,697,652 

 
 

6.5%, with various maturities from 1/1/2035 until 8/1/2038 

 

 

16,374,705 

 

17,547,326 

 
Federal National Mortgage Association:

 
 

4.5%, with various maturities from 8/1/2033 until 10/1/2033 

 

 

7,021,732 

 

7,097,161 

 
 

5.0%, with various maturities from 5/1/2019 until 2/1/2038 (b) 

 

 

99,426,177 

 

102,547,910 

 
 

5.5%, with various maturities from 2/1/2024 until 4/1/2036 (b) 

 

 

121,210,000 

 

125,997,972 

 
 

6.0%, with various maturities from 10/1/2022 until 7/1/2037 

 

 

12,830,843 

 

13,530,351 

 
 

6.5%, with various maturities from 5/1/2023 until 4/1/2037 

 

 

30,679,031 

 

32,962,933 

 
Government National Mortgage Association, 5.5%, 1/15/2039 

 

 

3,866,153 

 

4,029,860 

 
**Total Mortgage-Backed Securities Pass-Throughs** (Cost $355,765,846)

 

**367,817,537**

 
 

**Asset-Backed 0.5%**

 
**Automobile Receivables 0.4%**

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

 

 

4,450,000 

 

**4,619,625**

 
**Home Equity Loans 0.0%**

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

 

 

487,805 

 

**49**

 
**Manufactured Housing Receivables 0.1%**

 
Green Tree Financial Corp., "A4", Series 1996-2, 7.2%, 4/15/2026 

 

 

366,982 

 

**361,224**

 
**Total Asset-Backed** (Cost $5,303,859)

 

**4,980,898**

 
 

**Commercial Mortgage-Backed Securities 4.7%**

 
Banc of America Commercial Mortgage, Inc.:

 
 

"A4", Series 2006-6, 5.356%, 10/10/2045  

 

 

10,155,000 

 

8,526,046 

 
 

 

 

"A4", Series 2007-3, 5.837% **, 6/10/2049  

 

 

11,925,000 

 

9,038,812 

 
 

"A4", Series 2007-4, 5.935% **, 2/10/2051  

 

 

6,989,022 

 

5,961,873 

 
Greenwich Capital Commercial Funding Corp., "A4", Series 2007-GG9, 5.444%, 3/10/2039 

 

 

14,707,280 

 

12,495,858 

 
GS Mortgage Securities Corp. II, "AAB", Series 2007-GG10, 5.805% **, 8/10/2045 

 

 

3,139,000 

 

2,760,618 

 
JPMorgan Chase Commercial Mortgage Securities Corp., "A4", Series 2007-LD12, 5.882% **, 2/15/2051 

 

 

4,413,000 

 

3,483,386 

 
LB-UBS Commercial Mortgage Trust, "A4", Series 2007-C6, 5.858%, 7/15/2040 

 

 

7,200,000 

 

5,571,751 

 
Merrill Lynch/Countrywide Commercial Mortgage Trust, "ASB", Series 2007-7, 5.745%, 6/12/2050 

 

 

4,534,000 

 

4,047,274 

 
**Total Commercial Mortgage-Backed Securities** (Cost $51,087,456)

 

**51,885,618**

 
 

**Collateralized Mortgage Obligations 3.0%**

 
Chase Mortgage Finance Corp., "A1", Series 2003-S2, 5.0%, 3/25/2018 

 

 

6,290 

 

6,280 

 
Federal Home Loan Mortgage Corp.:

 
 

"EG", Series 2836, 5.0%, 12/15/2032  

 

 

4,295,000 

 

4,413,194 

 
 

"NE", Series 2802, 5.0%, 2/15/2033  

 

 

90,000 

 

92,535 

 
 

"TE", Series 2827, 5.0%, 4/15/2033  

 

 

65,000 

 

66,696 

 
 

"PE", Series 2864, 5.0%, 6/15/2033  

 

 

40,000 

 

41,481 

 
 

"BG", Series 2869, 5.0%, 7/15/2033  

 

 

1,230,000 

 

1,262,668 

 
 

"PD", Series 2939, 5.0%, 7/15/2033  

 

 

3,414,000 

 

3,524,787 

 
 

"KE", Series 2934, 5.0%, 11/15/2033  

 

 

53,000 

 

54,625 

 
 

"NB", Series 2864, 5.5%, 7/15/2033  

 

 

4,007,000 

 

4,207,625 

 
 

"QB", Series 3242, 5.5%, 1/15/2034  

 

 

5,055,000 

 

5,333,600 

 
 

"PE", Series 2165, 6.0%, 6/15/2029  

 

 

4,038,355 

 

4,298,853 

 
Federal National Mortgage Association:

 
 

"BG", Series 2005-12, 5.0%, 10/25/2033  

 

 

2,457,000 

 

2,538,059 

 
 

"EC", Series 2005-15, 5.0%, 10/25/2033  

 

 

80,000 

 

82,683 

 
 

"HE", Series 2005-22, 5.0%, 10/25/2033  

 

 

25,000 

 

25,774 

 
 

"PE", Series 2005-14, 5.0%, 12/25/2033  

 

 

90,000 

 

92,974 

 
 

"J", Series 1998-36, 6.0%, 7/18/2028  

 

 

2,866,011 

 

2,985,953 

 
 

"PH", Series 1999-19, 6.0%, 5/25/2029  

 

 

3,791,981 

 

4,003,442 

 
**Total Collateralized Mortgage Obligations** (Cost $31,013,324)

 

**33,031,229**

 
 

**Government & Agency Obligations 19.1%**

 
**Other Government Related 7.0%**

 
American Express Bank, FSB, FDIC Guaranteed, 3.15%, 12/9/2011 

 

 

15,000,000 

 

15,507,600 

 
Citigroup, Inc., FDIC Guaranteed, 2.875%, 12/9/2011 

 

 

15,000,000 

 

15,423,645 

 
John Deere Capital Corp., Series D, FDIC Guaranteed, 2.875%, 6/19/2012 (a) 

 

 

15,000,000 

 

15,412,680 

 
JPMorgan Chase & Co., FDIC Guaranteed, 2.125%, 12/26/2012 (a) 

 

 

15,000,000 

 

15,047,025 

 
KeyBank NA, FDIC Guaranteed, 3.2%, 6/15/2012 

 

 

15,000,000 

 

15,548,865 

 
 

**76,939,815**

 
**US Treasury Obligations 12.1%**

 
US Treasury Bill, 0.15% ***, 9/17/2009 (c) 

 

 

2,853,000 

 

2,852,429 

 
US Treasury Notes:

 
 

1.375%, 2/15/2012 (a)

 

 

60,000,000 

 

59,962,500 

 
 

1.75%, 1/31/2014 (a)

 

 

40,000,000 

 

39,003,200 

 
 

3.125%, 5/15/2019  

 

 

30,000,000 

 

29,071,800 

 
 

4.875%, 5/31/2011  

 

 

800,000 

 

855,656 

 
 

**131,745,585**

 
**Total Government & Agency Obligations** (Cost $209,636,949)

 

**208,685,400**

 
 

**Municipal Bonds and Notes 4.4%**

 
Alameda, CA, Corridor Transportation Authority Revenue, Series C, 6.6%, 10/1/2029 (d) 

 

4,675,000

 

4,772,100

 
 

 

Arizona, Salt River Project, Agricultural Improvement & Power District, Electric Systems Revenue, Series A, 5.0%, 1/1/2038 

 

3,870,000

 

3,872,477

 
Indianapolis, IN, Local Public Improvement Bond Bank, Series A, 5.0%, 2/1/2038 

 

3,020,000

 

3,028,698

 
Los Angeles, CA, Community Redevelopment Agency, Community Redevelopment Financing Authority Revenue, Series L, 6.02%, 9/1/2021 (d) 

 

6,480,000

 

5,913,194

 
New Jersey, State Turnpike Authority Revenue, Build America Bonds, Series F, 7.414%, 1/1/2040 

 

2,140,000

 

2,513,986

 
Pomona, CA, Pension Obligation, Series AR, 5.732%, 7/1/2025 (d) 

 

2,245,000

 

1,937,502

 
Pueblo of Santa Ana, NM, Certificates of Participation, "A", 5.875%, 4/1/2024 

 

7,220,000

 

6,134,834

 
Rancho Cordova, CA, Certificates of Partnership, City Hall Acquisition, Series B, 5.65%, 2/1/2024 (d) 

 

4,340,000

 

3,751,236

 
Riverside, CA, Public Financing Authority, Tax Allocation Revenue, University Corridor, Series D, 5.89%, 8/1/2032 (d) 

 

925,000

 

583,398

 
Texas, Eagle Mountain & Saginaw Independent School District, School Building Improvements, 5.0%, 8/15/2038 

 

2,610,000

 

2,634,508

 
Texas, Pharr-San Juan-Alamo Independent School District, School Building Improvements, 5.0%, 2/1/2038 

 

2,445,000

 

2,458,447

 
West Virginia, State General Obligation, Jobs Inventory Trust Board:

 
 

Series A, Zero Coupon, 1/22/2012 

 

1,300,000 

 

1,107,561 

 
 

Series A, 144A, Zero Coupon, 6/12/2013 

 

1,500,000 

 

1,140,270 

 
 

Series C, 144A, Zero Coupon, 7/31/2013 

 

3,500,000 

 

2,629,760 

 
Wilkes Barre, PA, General Obligation, Series C, 5.48%, 11/15/2024 (d) 

 

6,315,000

 

5,332,765

 
**Total Municipal Bonds and Notes** (Cost $49,572,822)

 

**47,810,736**

 
 

**Preferred Security 0.5%**

 
**Financials**

 
PNC Preferred Funding Trust I, 144A, 8.7%, 3/15/2013 (e) (Cost $5,123,136)

 

 

6,400,000 

 

**5,531,200**

 
 

**Securities Lending Collateral 10.6%**

 
Daily Assets Fund Institutional, 0.39% (f) (g)(Cost $115,333,020)

 

 

115,333,020

 

**115,333,020**

 
 

**Shares**

 

**Value ($)**

 
 

**Cash Equivalents 9.5%**

 
Cash Management QP Trust, 0.27% (f)(Cost $104,177,369)

 

 

104,177,369

 

**104,177,369**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $1,223,984,384) †

115.8

 

**1,266,734,742**

 
**Other Assets and Liabilities, Net**

(15.8)

 

**(172,827,925)**

 
**Net Assets**

100.0

 

**1,093,906,817**

 
*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.  Issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.  The following table represents bonds that are in default:*

 
 

 

**Maturity**

**Principal**

**Acquisition**

 

 
**Security**

**Coupon**

**Date**

**Amount ($)**

**Cost ($)**

**Value ($)**

 
Securitized Asset-Backed NIM Trust, “NIM”, Series 2005-FR4, 144A

6.0%

1/25/2036

487,805

483,841

**49**

 
****

*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, 2009.*

*****

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

 

 

*†*

*The cost for federal income tax purposes was $1,224,464,299.  At July 31, 2009, net unrealized appreciation for all securities based on tax cost was $42,270,443.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $50,314,668 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $8,044,225.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at July 31, 2009 amounted to $112,937,558 which is 10.3% of net assets.*

*(b)*

*When-issued or delayed delivery security included.*

*(c)*

*At July 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for futures closed on July 31, 2009.*

*(d)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

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

 
Ambac Financial Group, Inc.

0.7

 
National Public Finance Guarantee Corp.

1.1

 
*Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies. As a result, most insured issues are now trading on the basis of the underlying credits.*

 
*(e)*

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

*(f)*

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

*(g)*

*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.*

*FDIC: Federal Deposit Insurance Corp.*

*FSB: Federal Savings Bank*

*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 Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.*

 

***Fair Value Measurements***

 

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

 

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.*

 

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

 

 

**Level 1**

**Level 2**

**Level 3**

**Total**

**Assets**

 

 

 

Fixed Income(h)

 

 

 

 

 

Corporate Bonds

$                    —

$       327,481,735

$                  —

$   327,481,735

 

Mortgage-Backed Securities Pass-Throughs

—

367,817,537

—

367,817,537

 

Asset-Backed

—

4,980,898

—

4,980,898

 

Commercial Mortgage-Backed Securities

—

51,885,618

—

51,885,618

 

Collateralized Mortgage Obligations

—

33,031,229

—

33,031,229

 

Government & Agency Obligations

—

205,832,971

—

205,832,971

 

Municipal Bonds and Notes

—

47,810,736

—

47,810,736

 

Preferred Security

—

5,531,200

—

5,531,200

Short-Term Investments(h)

115,333,020

107,029,798

—

222,362,818

**Total**

**$    115,333,020**

**$    1,151,401,722**

**$                  —**

**$ 1,266,734,742**

 
*(h)*

*See Investment Portfolio for additional detailed categorizations.*

 

**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 Core Fixed Income Fund, a series of DWS Advisor Funds

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

September 23, 2009

 

 

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

 

Registrant:

DWS Core Fixed Income Fund, a series of DWS Advisor Funds

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

September 23, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

September 23, 2009

 

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