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 Mid Cap Growth Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **Value ($)** |
|--------|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 98.0%** |  
**Consumer Discretionary 18.5%**

 
**Diversified Consumer Services 1.0%**

 
Strayer Education, Inc. (a) 

 

34,500 

 

**7,212,915**

**Hotels Restaurants & Leisure 2.0%**

 
Darden Restaurants, Inc.  

 

234,000 

 

7,473,960 

Starwood Hotels & Resorts Worldwide, Inc.  

 

151,600 

 

6,074,612 

 

**13,548,572**

**Specialty Retail 13.3%**

 
American Eagle Outfitters, Inc. (a) 

 

385,700 

 

5,257,091 

Chico's FAS, Inc.* (a) 

 

1,042,000 

 

5,595,540 

Children's Place Retail Stores, Inc.* (a) 

 

393,000 

 

14,187,300 

Guess?, Inc.  

 

645,800 

 

24,185,210 

 

 

 

 

Tiffany & Co. (a) 

 

274,200 

 

11,173,650 

Urban Outfitters, Inc.* (a) 

 

982,500 

 

30,644,175 

 

**91,042,966**

**Textiles, Apparel & Luxury Goods 2.2%**

 
Coach, Inc.*  

 

204,500 

 

5,905,960 

Phillips-Van Heusen Corp.  

 

257,400 

 

9,425,988 

 

**15,331,948**

**Consumer Staples 2.6%**

 
**Food & Staples Retailing 0.9%**

 
Whole Foods Market, Inc. (a) 

 

251,500 

 

**5,958,035**

**Personal Products 1.7%**

 
Herbalife Ltd. (a) 

 

309,800 

 

**12,004,750**

**Energy 13.7%**

 
**Energy Equipment & Services 5.9%**

 
Cameron International Corp.*  

 

145,500 

 

8,053,425 

FMC Technologies, Inc.*  

 

222,900 

 

17,147,697 

Rowan Companies, Inc.  

 

325,100 

 

15,198,425 

 

**40,399,547**

**Oil, Gas & Consumable Fuels 7.8%**

 
Holly Corp.  

 

223,000 

 

8,233,160 

Southwestern Energy Co.*  

 

456,700 

 

21,743,487 

Ultra Petroleum Corp.*  

 

237,400 

 

23,312,680 

 

**53,289,327**

**Financials 8.5%**

 
**Capital Markets 7.7%**

 
Affiliated Managers Group, Inc.* (a) 

 

228,400 

 

20,569,704 

E*TRADE Financial Corp.* (a) 

 

1,901,600 

 

5,971,024 

T. Rowe Price Group, Inc. (a) 

 

267,200 

 

15,088,784 

Waddell & Reed Financial, Inc. "A"  

 

313,800 

 

10,986,138 

 

**52,615,650**

**Real Estate Management & Development 0.8%**

 
Jones Lang LaSalle, Inc.  

 

92,600 

 

**5,573,594**

**Health Care 9.7%**

 
**Health Care Equipment & Supplies 1.4%**

 
Hologic, Inc.*  

 

431,500 

 

**9,406,700**

**Health Care Providers & Services 2.2%**

 
Humana, Inc.*  

 

202,500 

 

8,053,425 

WellCare Health Plans, Inc.* (a) 

 

196,100 

 

7,089,015 

 

**15,142,440**

**Life Sciences Tools & Services 4.2%**

 
Covance, Inc.*  

 

152,700 

 

13,135,254 

Pharmaceutical Product Development, Inc.  

 

371,400 

 

15,933,060 

 

**29,068,314**

**Pharmaceuticals 1.9%**

 
Mylan, Inc. (a) 

 

1,047,900 

 

**12,648,153**

**Industrials 14.9%**

 
**Aerospace & Defense 2.3%**

 
BE Aerospace, Inc.*  

 

385,600 

 

8,980,624 

Curtiss-Wright Corp.  

 

157,500 

 

7,046,550 

 

**16,027,174**

 

 

 

 

**Commercial Services & Supplies 2.1%**

 
Huron Consulting Group, Inc.* (a) 

 

165,100 

 

7,485,634 

Robert Half International, Inc.  

 

280,900 

 

6,733,173 

 

**14,218,807**

**Electrical Equipment 3.8%**

 
General Cable Corp.* (a) 

 

135,600 

 

8,251,260 

Roper Industries, Inc.  

 

273,300 

 

18,005,004 

 

**26,256,264**

**Industrial Conglomerates 1.9%**

 
McDermott International, Inc.*  

 

211,000 

 

**13,058,790**

**Machinery 4.8%**

 
Harsco Corp.  

 

153,000 

 

8,324,730 

Manitowoc Co., Inc.  

 

229,200 

 

7,455,876 

Oshkosh Corp. (a) 

 

204,400 

 

4,229,036 

Terex Corp.*  

 

249,800 

 

12,832,226 

 

**32,841,868**

**Information Technology 18.0%**

 
**Communications Equipment 4.5%**

 
F5 Networks, Inc.* (a) 

 

662,000 

 

18,814,040 

Foundry Networks, Inc.*  

 

1,018,100 

 

12,033,942 

 

**30,847,982**

**Computers & Peripherals 0.9%**

 
NetApp, Inc.* (a) 

 

286,500 

 

**6,205,590**

**Internet Software & Services 3.6%**

 
Akamai Technologies, Inc.* (a) 

 

252,300 

 

8,777,517 

Equinix, Inc.* (a) 

 

91,300 

 

8,145,786 

Omniture, Inc.*  

 

408,900 

 

7,593,273 

 

**24,516,576**

**IT Services 1.4%**

 
Cognizant Technology Solutions Corp. "A"* (a) 

 

288,100 

 

**9,366,131**

**Semiconductors & Semiconductor Equipment 3.2%**

 
MEMC Electronic Materials, Inc.*  

 

110,000 

 

6,769,400 

NVIDIA Corp.*  

 

306,500 

 

5,737,680 

Tessera Technologies, Inc.* (a) 

 

561,700 

 

9,195,029 

 

**21,702,109**

**Software 4.4%**

 
Blackboard, Inc.* (a) 

 

209,600 

 

8,013,008 

Citrix Systems, Inc.* (a) 

 

221,300 

 

6,508,433 

FactSet Research Systems, Inc. (a) 

 

284,500 

 

16,034,420 

 

**30,555,861**

**Materials 4.9%**

 
**Chemicals 1.0%**

 
Intrepid Potash, Inc.*  

 

104,300 

 

**6,860,854**

**Metals & Mining 3.9%**

 
Allegheny Technologies, Inc.  

 

91,300 

 

5,412,264 

Gerdau Ameristeel Corp. (a) 

 

1,118,500 

 

21,587,050 

 

**26,999,314**

**Telecommunication Services 7.2%**

 
**Wireless Telecommunication Services**

Crown Castle International Corp.*  

 

335,500 

 

12,993,915 

NII Holdings, Inc.*  

 

446,300 

 

21,194,787 

 

 

 

 

SBA Communications Corp. "A"*  

 

416,500 

 

14,998,165 

 

**49,186,867**

**Total Common Stocks** (Cost $601,831,210)

 

**671,887,098**

 

**Securities Lending Collateral 22.2%**

 
Daily Assets Fund Institutional, 2.74% (b) (c)(Cost $152,152,345)

 

 

152,152,345

 

**152,152,345**

 

**Cash Equivalents 2.4%**

 
Cash Management QP Trust, 2.49% (b)(Cost $16,488,576)

 

 

16,488,576

 

**16,488,576**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $770,472,131) †

122.6

 

**840,528,019**

**Other Assets and Liabilities, Net**

(22.6)

 

**(154,899,319)**

**Net Assets**

100.0

 

**685,628,700**

*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 $770,601,758.  At June 30, 2008, net unrealized appreciation for all securities based on tax cost was $69,926,261.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $141,139,882 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $71,213,621.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at June 30, 2008 amounted to $146,669,171 which is 21.4% 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 Mid 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 Mid 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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