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:  12/31

Date of reporting period: 09/30/07

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of September 30, 2007  (Unaudited)** |
|----------------------|-------------------------------------------|

 

 

**NY Tax Free Money Fund**

 

|   | **Principal****Amount ($)**     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Value ($)** |
|--------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Investments 98.6%** |  
**New York 96.1%**

 
Austin, NY, Trust Various States, Series 2007-132, 144A, 3.89% *, 6/15/2030 

 

6,000,000

 

6,000,000

Broome County, NY, Industrial Development Agency Revenue, Parlor City Paper Box Co., AMT, 3.92% *, 10/1/2016, NBT Bank NA (a) 

 

710,000

 

710,000

Erie County, NY, Industrial Development Agency, Civic Facility Revenue, Suburban Adult Services, Inc., 3.92% *, 6/1/2022, KeyBank NA (a) 

 

3,400,000

 

3,400,000

Guilderland, NY, Industrial Development Agency, Civic Facility Revenue, Multi-Mode-Wildwood Project, Series A, 3.92% *, 7/1/2032, KeyBank NA (a) 

 

5,200,000

 

5,200,000

Hempstead, NY, Industrial Development Agency Revenue, Series 92-G, 144A, AMT, 3.91% *, 10/1/2045 

 

3,000,000

 

3,000,000

 

 

 

 

Nassau County, NY, Industrial Development Agency Revenue, Series 75-G, 144A, AMT, 3.92% *, 12/1/2033 

 

2,000,000

 

2,000,000

New Rochelle, NY, City School District, Tax Anticipation Notes, 4.25%, 6/30/2008 

 

3,500,000

 

3,514,108

New York, General Obligation:

 
 

Series A-5, 3.8% *, 8/1/2031, Bank of Nova Scotia (a) 

 

500,000 

 

500,000 

 

Series C-2, 3.83% *, 8/1/2020, Bayerische Landesbank (a) 

 

1,500,000 

 

1,500,000 

 

Series 1318, 144A, 3.9% *, 6/1/2013 (b) 

 

1,495,000 

 

1,495,000 

 

Series 1996, 144A, 3.9% *, 4/1/2014  

 

4,000,000 

 

4,000,000 

 

Series I-8, 4.02% *, 4/1/2036, Bank of America NA (a) 

 

4,200,000 

 

4,200,000 

New York, Hudson Yards Infrastructure Corp. Revenue, Series 1649, 144A, 3.9% *,    8/15/2014 (b) 

 

1,135,000

 

1,135,000

New York, Metropolitan Transportation Authority Revenue:

 
 

3.71%*, 11/16/2007  

 

2,500,000 

 

2,500,000 

 

3.73%*, 12/6/2007  

 

4,000,000 

 

4,000,000 

 

Series 848-D, 144A, 3.9% *, 11/15/2021 (b) 

 

789,500 

 

789,500 

 

Series B-16, 144A, 3.92% *, 11/15/2027  

 

1,800,000 

 

1,800,000 

 

"A", 3.92% *, 11/15/2030 (b) 

 

3,680,000 

 

3,680,000 

New York, Municipal Securities Trust Certificates, "A", Series 5020, 144A, 3.94% *, 7/1/2018 

 

2,015,000

 

2,015,000

New York, State Dormitory Authority Revenue:

 
 

Series PA-541, 144A, 3.9% *, 8/1/2038 (b) 

 

8,670,000 

 

8,670,000 

 

Series B09, 144A, 3.92% *, 3/15/2023 (b) 

 

695,000 

 

695,000 

New York, State Dormitory Authority Revenue, Park Ridge Hospital, Inc., 3.87% *, 7/1/2029, JPMorgan Chase Bank (a) 

 

3,130,000

 

3,130,000

New York, State Dormitory Authority Revenue, Secondary Issues, Series 1971, 144A, 3.9% *, 7/1/2027 

 

5,000,500

 

5,000,500

New York, State Energy Research & Development Authority Facilities Revenue, Consolidated Edison Co., Series C-3, AMT, 3.91% *, 11/1/2039, Citibank NA (a) 

 

2,600,000

 

2,600,000

New York, State Environmental Facilities Corp., Clean Drinking Water, Series D, 4.5%, 3/15/2008 

 

2,790,000

 

2,799,819

New York, State Environmental Facilities Corp., Pollution Control Revenue, Series PA-1261, 144A, 3.9% *, 12/15/2009 (b) 

 

1,385,000

 

1,385,000

New York, State General Obligation Series B, 3.7% *, 3/15/2030, Dexia Credit Local France (a)

 

3,000,000 

 

3,000,000 

New York, State Housing Finance Agency Revenue, Series A, AMT, 3.82% *, 5/1/2029 

 

2,000,000

 

2,000,000

New York, State Housing Finance Agency Revenue, 316 Eleventh Ave. Housing, Series A, AMT, 3.9% *, 5/15/2041 

 

8,000,000

 

8,000,000

New York, State Housing Finance Agency Revenue, Avalon Bowery Place II, Series A, AMT, 3.86% *, 11/1/2039, Bank of America NA (a) 

 

2,500,000

 

2,500,000

New York, State Housing Finance Agency Revenue, West 38 Street, Series A, AMT, 3.85% *, 5/15/2033 

 

1,400,000

 

1,400,000

New York, State Thruway Authority, Personal Income Tax Revenue, Series PT-3027, 144A, 3.9% *, 3/15/2025 (b) 

 

1,995,000

 

1,995,000

 

 

New York, Tobacco Settlement Financing Corp.:

 
 

Series R-2033, 144A, 3.92% *, 6/1/2021 (b) 

 

1,945,000 

 

1,945,000 

 

Series R-6500, 144A, 3.92% *, 6/1/2021 (b) 

 

2,610,000 

 

2,610,000 

New York, Triborough Bridge & Tunnel Authority Revenue, Series B-13, 144A, 3.92% *, 11/15/2021 (b) 

 

2,060,000

 

2,060,000

New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, 1090 Franklin Ave., AMT, Series A, 3.9% *, 12/1/2037, Citibank NA (a) 

 

700,000

 

700,000

New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, 201 Pearl Street Development, Series A, 3.83% *, 10/15/2041 

 

1,500,000

 

1,500,000

New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, Boricua Village Apartments, Site A-2, AMT, 3.95% *, 9/1/2042, Citibank NA (a) 

 

4,000,000

 

4,000,000

New York City, NY, Industrial Development Agency Revenue, Series 1997, 144A, 3.9% *, 3/1/2027 (b) 

 

5,000,000

 

5,000,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Abraham Joshua Heschel Project, 3.92% *, 4/1/2032, Allied Irish Bank PLC (a) 

 

1,365,000

 

1,365,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Allen Stevenson School, 3.87% *, 12/1/2034, Allied Irish Bank PLC (a) 

 

1,105,000

 

1,105,000

 

 

 

 

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Congregation Lev Bais Yaakov, 3.9% *, 7/1/2037, KeyBank NA (a) 

 

3,525,000

 

3,525,000

New York City, NY, Industrial Development Agency, Civic Facility Revenue, Jewish Board of Family Services, 3.87% *, 7/1/2025, Allied Irish Bank PLC (a) 

 

4,000,000

 

4,000,000

New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Series 1289, 3.9% *, 12/15/2013 

 

1,000,000

 

1,000,000

New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution:

 
 

Series CC-1, 3.97% *, 6/15/2038  

 

3,000,000 

 

3,000,000 

 

Series CC-2, 3.97% *, 6/15/2038  

 

7,000,000 

 

7,000,000 

New York City, NY, Transitional Finance Authority Building Aid Revenue, Series A, 144A, 3.92% *, 7/15/2036 (b) 

 

3,380,000

 

3,380,000

New York City, NY, Transitional Finance Authority Revenue:

 
 

Series A, 144A, 3.9% *, 11/1/2030  

 

1,000,000 

 

1,000,000 

 

Series A-40, 144A, 3.92% *, 11/1/2026 (b) 

 

945,000 

 

945,000 

Niagara County, NY, Industrial Development Agency, Civic Facility Revenue, NYSARC, Inc., Series A, 3.92% *, 9/1/2021, KeyBank NA (a) 

 

465,000

 

465,000

Onondaga County, NY, Industrial Development Agency, Civic Facility Revenue, YMCA of Greater Syracuse, Series A, 3.92% *, 11/1/2025, Citizens Bank NA (a) 

 

2,500,000

 

2,500,000

Ontario County, NY, Industrial Development Agency, Civic Facility Revenue, F. Thompson Hospital, Series B, 3.87% *, 7/1/2030, KeyBank of New York (a) 

 

3,000,000

 

3,000,000

Otsego County, NY, Industrial Development Agency, Civic Facility Revenue, Noonan Community Service Corp. Project, Series A, 3.93% *, 3/1/2025, Wilber National Bank (a) 

 

1,200,000

 

1,200,000

Otsego County, NY, Industrial Development Agency, Civic Facility Revenue, Templeton Foundation Project, Series A, 3.92% *, 6/1/2027, KeyBank NA (a) 

 

3,375,000

 

3,375,000

Port Authority of New York & New Jersey, 3.67%, 10/11/2007 

 

4,500,000

 

4,500,000

Schoharie County, NY, Industrial Development Agency, Civic Facility Revenue, Bassett Hospital Project, Series A, 3.92% *, 2/1/2021, KeyBank NA (a) 

 

410,000

 

410,000

Seneca County, NY, Industrial Development Agency, Solid Waste Disposal Revenue, Macon Trust, Series W, 144A, AMT, 3.96% *, 10/1/2035 

 

3,500,000

 

3,500,000

Smithtown, NY, Center School District, Tax Anticipation Notes, 4.0%, 6/27/2008

 

3,000,000

 

3,012,900

Tompkins County, NY, Industrial Development Agency Revenue, Civic Facilities, Series A, 3.88% *, 12/1/2021, Citizens Bank NA (a) 

 

1,105,000

 

1,105,000

Tompkins County, NY, Industrial Development Agency Revenue, Civic Facilities, Tomkins Cortland, 3.88% *, 1/1/2037, Citizens Bank NA (a) 

 

6,860,000

 

6,860,000

Yates County, NY, Industrial Development Agency, Civic Facility Revenue, Series B, 3.87% *, 9/1/2015, KeyBank NA (a) 

 

1,835,000

 

1,835,000

 

**170,511,827**

**Puerto Rico 2.5%**

 
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Central Facilities, Bristol-Myers Squibb Project, AMT, 3.89% *, 12/1/2030 

 

4,500,000

 

**4,500,000**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $175,011,827) 

98.6

 

**175,011,827**

**Other Assets and Liabilities, Net**

1.4

 

**2,471,453**

**Net Assets**

100.0

 

**177,483,280**

 

*For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.*

***

*Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of September 30, 2007.*

*(a)*

*Security incorporates a letter of credit from a major bank.*

*(b)*

*Bond is insured by one of these companies:*

 

***Insurance Coverage*****

***As a % of Total***

***Investment Portfolio*****

*Ambac Financial Group, Inc.***

*8.4***

 

 

 

 

*Financial Guaranty Insurance Company***

*5.6***

*Financial Security Assurance, Inc.***

*3.2***

*MBIA Corp.***

*3.2***

 

 

 

*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.*

*AMT: Subject to alternative minimum tax.*

 

 

**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: 

NY Tax Free Money Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

November 16, 2007

 

 

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: 

NY Tax Free Money Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

November 16, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        November 16, 2007

 

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