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)** |
|----------------------|-------------------------------------------|

 

 

**Tax Free Money Fund Investment**

 

|   | **Principal****Amount ($)**      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | **Value ($)** |
|--------|----------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Investments 101.6%** |  
**California 3.7%**

 
California, Municipal Securities Trust Certificates, Golden State Tobacco, "A", Series 7046, 144A, 3.94% *, 6/1/2047 

 

4,000,000

 

**4,000,000**

**Colorado 3.5%**

 
Colorado, Educational & Cultural Facilities Authority Revenue, National Jewish Federal Bond Program, Series A1, 4.04% *, 9/1/2033, Bank of America NA (a) 

 

1,345,000

 

1,345,000

Colorado, Postsecondary Educational Facilities Authority Revenue, Mullen High School Project, 3.94% *, 8/1/2017, Wells Fargo Bank NA (a) 

 

2,465,000

 

2,465,000

 

**3,810,000**

 

 

 

 

**Florida 11.3%**

 
Florida, Higher Educational Facilities Financing Authority Revenue, St. Thomas University Project, 4.02% *, 1/1/2019, SunTrust Bank (a) 

 

800,000

 

800,000

Florida, State Board of Education Lottery Revenue, Series R-542, 144A, 3.92% *, 7/1/2025 (b) 

 

695,000

 

695,000

Highlands County, FL, Health Facilities Authority Revenue, Adventist Health System, Series B, 3.88% *, 11/15/2009, SunTrust Bank (a) 

 

2,300,000

 

2,300,000

Miami-Dade County, FL, General Obligation, 3.78%, 12/5/2007 

 

1,000,000

 

1,000,000

Orlando, FL, Government Financing, 3.55%, 1/10/2008 

 

3,720,000

 

3,720,000

Palm Beach County, FL, Health Facilities Authority Revenue, Bethesda Healthcare System Project, 4.02% *, 12/1/2031, SunTrust Bank (a) 

 

2,600,000

 

2,600,000

Palm Beach County, FL, Jewish Community Campus Project Revenue, 3.86% *, 3/1/2030, Northern Trust Co. (a) 

 

1,110,000

 

1,110,000

 

**12,225,000**

**Georgia 0.4%**

 
Athens-Clarke County, GA, Government Development Authority Revenue, University of Georgia Athletic Association, Series B, 4.1% *, 7/1/2035, Bank of America NA (a) 

 

465,000

 

**465,000**

**Illinois 7.4%**

 
Crestwood, IL, Trinity Christian College Revenue, 3.88% *, 9/1/2028, Fifth Third Bank (a) 

 

2,670,000

 

2,670,000

Illinois, Health Facilities Authority Revenue, Northwestern Memorial Hospital, Series C, 4.04%*, 8/15/2032 

 

2,350,000

 

2,350,000

Illinois, State General Obligation, 4.25%, 11/9/2007 

 

3,000,000

 

3,001,560

 

**8,021,560**

**Iowa 0.9%**

 
Iowa, Finance Authority Small Business Development Revenue, Corp. Center Associates LP Project, 3.91% *, 9/1/2015, Wells Fargo Bank NA (a) 

 

1,000,000

 

**1,000,000**

**Kentucky 4.7%**

 
Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust, 3.93%*, 3/1/2030, US Bank NA (a) 

 

3,620,000

 

3,620,000

Lexington-Fayette Urban County, KY, Industrial Development Revenue, YMCA Central Kentucky, Inc. Project, 3.96% *, 7/1/2019, Bank One Kentucky NA (a) 

 

1,460,000

 

1,460,000

 

**5,080,000**

**Louisiana 2.8%**

 
Louisiana, UBS Municipal (CRVS), Various States, Series 07-1023, 144A, 3.92% *,     6/1/2041 (b) 

 

3,000,000

 

**3,000,000**

**Massachusetts 4.3%**

 
Massachusetts, Puttable Floating Option Tax-Exempt Receipts, Series PT-4303, 144A, 3.93% *, 8/1/2030 (b) 

 

3,000,000

 

3,000,000

Massachusetts, State Development Finance Agency Revenue, Buckingham Brown & Nichols, 3.87% *, 6/1/2036, JPMorgan Chase Bank (a) 

 

1,600,000

 

1,600,000

 

**4,600,000**

**Michigan 4.2%**

 
Holt, MI, General Obligation, Public Schools, 3.8% *, 5/1/2030 

 

1,200,000

 

1,200,000

Michigan, General Obligation, 3.6%, 10/10/2007 

 

2,500,000

 

2,499,729

Michigan, Municipal Securities Trust Certificates, Michigan State Building, "A", Series 2006-277, 144A, 4.05% *, 10/7/2014 (b) 

 

825,000

 

825,000

 

**4,524,729**

**Minnesota 1.8%**

 
Minnesota, Rochester Health, 3.72%, 10/11/2007 

 

2,000,000

 

**2,000,000**

**Mississippi 1.9%**

 
Jackson County, MS, Port Facilities Revenue, Chevron USA, Inc. Project, 4.1% *, 6/1/2023 

 

2,000,000

 

**2,000,000**

 

 

 

 

**Missouri 1.9%**

 
Missouri, State Public Utilities Commission Revenue, Interim Construction Notes, 4.75%, 9/1/2008 

 

2,000,000

 

**2,016,889**

**New Jersey 6.4%**

 
New Jersey, State Transportation Corp. Certificates, Series PA-785, 144A, 3.95% *,    9/15/2015 (b) 

 

2,800,000

 

2,800,000

New Jersey, State Transportation Trust Fund Authority Revenue, Series PA-802, 144A, 3.89%*, 12/15/2009 (b) 

 

1,590,000

 

1,590,000

New Jersey, Toms River School District, 3.7%, 11/21/2007 

 

2,500,000

 

2,500,190

 

**6,890,190**

**New York 2.8%**

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

 

3,000,000

 

**3,000,000**

**Ohio 8.6%**

 
Akron, Bath & Copley, OH, Joint Township Hospital District Revenue, Health Care Facility, Summner Project, 3.91% *, 12/1/2032, KBC Bank NV (a) 

 

1,300,000

 

1,300,000

Cleveland, OH, Clinic Health System, 3.75%, 10/3/2007 

 

4,000,000

 

4,000,000

Ohio, State Air Quality Development Authority Revenue, Pollution Control, FirstEnergy Generation, Series A, 3.85% *, 12/1/2023, KeyBank NA (a) 

 

3,000,000

 

3,000,000

Ohio, State Higher Educational Facility Community Revenue, Pooled Program, Series A, 3.96%*, 9/1/2020, Fifth Third Bank (a) 

 

1,000,000

 

1,000,000

 

**9,300,000**

**Oregon 3.2%**

 
Oregon, State General Obligation, Veterans Welfare, Series 83, 3.86% *, 12/1/2039 

 

1,500,000

 

1,500,000

Portland, OR, Sewer System Revenue, Series PT-2435, 144A, 3.95% *, 10/1/2023 (b) 

 

1,990,000

 

1,990,000

 

**3,490,000**

**Pennsylvania 9.1%**

 
Allegheny County, PA, Hospital Development Authority Revenue, Health Care Dialysis Clinic, 3.87% *, 12/1/2019, Bank of America NA (a) 

 

1,200,000

 

1,200,000

Berks County, PA, Industrial Development Authority Revenue, Richard J. Caron Foundation Project, 3.96% *, 9/1/2025, Wachovia Bank NA (a) 

 

2,480,000

 

2,480,000

Delaware Valley, PA, Regional Financing Authority, Locating Government Revenue, Series B, 3.82% *, 6/1/2042, Bayerische Landesbank (a) 

 

1,000,000

 

1,000,000

Latrobe, PA, Industrial Development Authority Revenue, Greensburg Diocese, 3.9% *, 6/1/2033, Allied Irish Bank PLC (a) 

 

2,180,000

 

2,180,000

Philadelphia, PA, General Obligation, School District, Tax & Revenue Anticipation Notes, Series A, 4.5%, 6/27/2008, Bank of America NA (a) 

 

3,000,000

 

3,016,699

 

**9,876,699**

**Texas 11.2%**

 
City of Houston, TX, General Obligation, 3.75%, 11/8/2007 

 

1,800,000

 

1,800,000

Harris County, TX, Health Facilities Development Corp. Revenue, Texas Children's Hospital, Series B-1, 4.07% *, 10/1/2029 (b) 

 

1,540,000

 

1,540,000

Harris County, TX, Tax Anticipation Notes, 4.5%, 2/29/2008 

 

2,000,000

 

2,006,769

Texas, Hidalgo Willacy Housing Finance Corp., Multi-Family Housing Revenue, Series F18J, 144A, 3.95% *, 1/1/2039 

 

2,685,000

 

2,685,000

Texas, State Tax & Revenue Anticipation Notes, 4.5%, 8/28/2008 

 

4,000,000

 

4,028,003

 

**12,059,772**

**Vermont 1.9%**

 
Vermont, State Student Assistance Corp., Student Loan Revenue, 3.86% *, 1/1/2008, State Street Bank & Trust Co. (a) 

 

2,000,000

 

**2,000,000**

**Washington 3.8%**

 
Spokane, WA, Public Facilities District Hotel, Motel & Sales Use Tax, Series R-2041, 144A, 3.92% *, 12/1/2023 (b) 

 

3,110,000

 

3,110,000

 

 

 

 

Washington, State Housing Finance Commission, Nonprofit Housing Revenue, Mirabella Project, Series A, 4.06% *, 3/1/2036, HSH Nordbank AG (a) 

 

960,000

 

960,000

 

**4,070,000**

**Wisconsin 1.8%**

 
Milwaukee, WI, General Obligation, Series V8, 3.85% *, 2/1/2025 

 

1,900,000

 

**1,900,000**

**Multi-State 4.0%**

 
Lehman Municipal Trust Receipts, Various States, Series P84W-D, 144A, 4.15% *, 7/1/2045 

 

1,300,000

 

1,300,000

UBS Municipal (CRVS), Various States, 144A, 3.94% *, 8/1/2036 

 

3,050,000

 

3,050,000

 

**4,350,000**

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $109,679,839) 

101.6

 

**109,679,839**

**Other Assets and Liabilities, Net**

(1.6)

 

**(1,701,965)**

**Net Assets**

100.0

 

**107,977,874**

 

*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.***

*5.9***

 
 
*Financial Guaranty Insurance Company***

*6.2***

 
 
*Financial Security Assurance, Inc.***

*3.3***

 
 
*MBIA Corp.***

*4.2***

 
 

 

*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.*

*CRVS: Custodial Residual and Variable Securities*

 

 

**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: 

Tax Free Money Fund Investment, 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: 

Tax Free Money Fund Investment, 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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