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:  12/31

Date of reporting period: 9/30/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of September 30, 2009  (Unaudited)** |
|----------------------|-------------------------------------------|

 

 

**Tax Free Money Fund Investment**

 

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

**Municipal Investments 100.7%**

 
**Arizona 1.5%**

 
Arizona, Salt River Pima-Maricopa Indian Community, 0.35% *, 10/1/2025, Bank of America NA (a) 

 

2,270,000

 

**2,270,000**

 
**California 1.9%**

 
California, Infrastructure & Economic Development Bank Revenue, Jserra Catholic High School, Series C, 0.34% *, 9/1/2034, Comerica Bank (a) 

 

1,500,000

 

1,500,000

 
Orange County, CA, Water District, 0.35%, 11/5/2009 

 

1,450,000

 

1,450,000

 
 

**2,950,000**

 
**Colorado 1.3%**

 
Colorado, Postsecondary Educational Facilities Authority Revenue, Mullen High School Project, 0.44% *, 8/1/2017, Wells Fargo Bank NA (a) 

 

1,980,000

 

**1,980,000**

 
 

 

 

**Connecticut 2.6%**

 
Connecticut, State Health & Educational Facilities Authority Revenue, Wesleyan University, Series D, 0.3% *, 7/1/2035 

 

4,000,000

 

**4,000,000**

 
**Delaware 1.5%**

 
Delaware, BB&T Municipal Trust, Series 5000, 144A, 0.49% *, 10/1/2028, Rabobank International (a) 

 

2,369,100

 

**2,369,100**

 
**Florida 5.8%**

 
Florida, Lee Memorial Health Systems, Hospital Revenue, Series C, 0.3% *, 4/1/2033, Northern Trust Co. (a) 

 

2,000,000

 

2,000,000

 
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare, Series F, 0.85% *, 10/1/2026, SunTrust Bank (a) 

 

5,800,000

 

5,800,000

 
Palm Beach County, FL, Jewish Community Campus Project Revenue, 0.48% *, 3/1/2030, Northern Trust Co. (a) 

 

1,110,000

 

1,110,000

 
 

**8,910,000**

 
**Georgia 3.2%**

 
Cobb County, GA, Tax Anticipation Notes, 1.25%, 12/31/2009 

 

5,000,000

 

**5,009,915**

 
**Illinois 7.5%**

 
Channahon, IL, Morris Hospital Revenue, Series A, 0.35% *, 12/1/2023, US Bank NA (a) 

 

1,400,000

 

1,400,000

 
Chicago, IL, Metropolitan Water Reclamation District, Greater Chicago, Series 2008-051, 144A, 1.3% *, 12/1/2028 

 

5,385,000

 

5,385,000

 
Illinois, Development Finance Authority Revenue, Regional Organization Bank of Illinois Project, 0.95% *, 12/1/2020, Bank One NA (a) 

 

3,000,000

 

3,000,000

 
Illinois, Finance Authority Revenue, Carle Foundation, Series C, 0.3% *, 2/15/2033, Northern Trust Co. (a) 

 

1,800,000

 

1,800,000

 
 

**11,585,000**

 
**Indiana 1.3%**

 
Indiana, Health Facility Financing Authority Revenue, Clark Memorial Hospital, Series A, 0.45% *, 4/1/2024, Bank One NA (a) 

 

2,000,000

 

**2,000,000**

 
**Iowa 0.7%**

 
Iowa, Finance Authority Small Business Development Revenue, Corporate Center Associates LP Project, 0.54% *, 9/1/2015, Wells Fargo Bank NA (a) 

 

1,000,000

 

**1,000,000**

 
**Kentucky 8.2%**

 
Jeffersontown, KY, Lease Program Revenue, Kentucky League of Cities Funding Trust,    0.31% *, 3/1/2030, US Bank NA (a) 

 

2,710,000

 

2,710,000

 
Lexington-Fayette Urban County, KY, Industrial Development Revenue, YMCA Central Kentucky, Inc. Project, 0.37% *, 7/1/2019, Bank One Kentucky NA (a) 

 

1,265,000

 

1,265,000

 
Mason County, KY, Pollution Control Revenue, East Kentucky Power Cooperative:

 
 

Series B-1, 1.08% *, 10/15/2014 

 

2,045,000 

 

2,045,000 

 
 

Series B-2, 1.08% *, 10/15/2014 

 

1,400,000 

 

1,400,000 

 
 

Series B-3, 1.08% *, 10/15/2014 

 

5,240,000 

 

5,240,000 

 
 

**12,660,000**

 
**Maryland 3.5%**

 
Maryland, State & Local Facilities, Series A, 5.25%, 3/1/2010 

 

1,545,000

 

1,575,480

 
Maryland, State Economic Development Corp. Revenue, YMCA of Central Maryland Project, 0.34% *, 4/1/2031, Branch Banking & Trust (a) 

 

3,800,000

 

3,800,000

 
 

**5,375,480**

 
**Massachusetts 6.1%**

 
Massachusetts, Macon Trust, Series 2007-310, 144A, 0.9% *, 6/15/2012, Bank of America    NA (a) 

 

3,375,000

 

3,375,000

 
Massachusetts, State Development Finance Agency Revenue, YMCA of Greater Worcester, 0.29% *, 9/1/2041, TD Bank NA (a) 

 

4,000,000

 

4,000,000

 
 

 

 

Massachusetts, State Health & Educational Facilities Authority Revenue, Hillcrest Extended Care, Series A, 0.31% *, 10/1/2026, Bank of America NA (a) 

 

2,040,000

 

2,040,000

 
 

**9,415,000**

 
**Michigan 0.5%**

 
Michigan, Higher Education Facilities Authority Revenue, Limited Obligation, Spring Arbor University, 0.4% *, 11/1/2030, Comerica Bank (a) 

 

780,000

 

**780,000**

 
**Minnesota 5.3%**

 
Big Lake, MN, Independent School District  No. 727, Aid Anticipation Certificates of Indebtedness, Series B, 2.0%, 9/13/2010 

 

3,955,000

 

4,007,192

 
Minneapolis, MN, Special School District No. 001, Series A, 4.0%, 2/1/2010 (b) 

 

2,790,000

 

2,821,586

 
Minnesota, State General Obligation, Prerefunded 6/1/2010 @ 100, 5.625%, 6/1/2019 

 

1,280,000

 

1,323,581

 
 

**8,152,359**

 
**Mississippi 2.0%**

 
Mississippi, State General Obligation, 5.0%, 12/1/2009 

 

3,000,000

 

**3,021,710**

 
**New Jersey 1.3%**

 
Brick Township, NJ, Bond Anticipation Notes, 2.0%, 9/30/2010 

 

2,000,000

 

**2,029,758**

 
**New Mexico 2.6%**

 
University of New Mexico, Systems Improvement Revenues, 0.37% *, 6/1/2026 

 

4,000,000

 

**4,000,000**

 
**New York 6.5%**

 
New York, State Dormitory Authority Revenues, Non State Supported Debt, United Health Hospitals:

 
 

3.0%, 2/1/2010 (c) 

 

535,000 

 

538,761 

 
 

3.0%, 8/1/2010 (c) 

 

620,000 

 

630,528 

 
New York, State General Obligation, Series A, 0.65% *, 3/13/2020, Dexia Credit Local (a) 

 

3,000,000

 

3,000,000

 
New York, State Urban Development Corp. Revenue, Series 2008-053, 144A, 1.3% *, 3/15/2023, Dexia Credit Local (a) 

 

1,995,000

 

1,995,000

 
New York City, NY, Transitional Finance Authority, Series 2B, 0.36% *, 11/1/2022 

 

1,450,000

 

1,450,000

 
Port Authority of New York & New Jersey, Series 2003-B, 0.35%, 10/7/2009 

 

2,360,000

 

2,360,000

 
 

**9,974,289**

 
**Ohio 4.8%**

 
Butler County, OH, Healthcare Facilities Revenue, Lifesphere Project, Series H, 0.35% *, 5/1/2030, US Bank NA (a) 

 

3,425,000

 

3,425,000

 
Cuyahoga County, OH, Bond Anticipation Notes, 1.5%, 5/13/2010 

 

4,000,000

 

4,014,582

 
 

**7,439,582**

 
**Pennsylvania 1.3%**

 
Crawford County, PA, Industrial Development Authority Revenue, Allegheny College, Series B, 0.31% *, 11/1/2039, PNC Bank NA (a) 

 

2,000,000

 

**2,000,000**

 
**Puerto Rico 2.1%**

 
Commonwealth of Puerto Rico, Special Obligation, Series 2009-1211X, 0.35% *, 10/1/2018 

 

3,200,000

 

**3,200,000**

 
**South Carolina 2.0%**

 
Spartanburg County, SC, School District No. 007, Bond Anticipation Notes, 2.0%, 3/12/2010 

 

3,000,000

 

**3,015,845**

 
**South Dakota 3.2%**

 
South Dakota, Conservancy District Revenue, State Revolving Fund Program, 0.7% *, 8/1/2029 

 

5,000,000

 

**5,000,000**

 
**Tennessee 2.3%**

 
Jackson, TN, Energy Authority, Water Systems Revenue, 0.25% *, 12/1/2023, US Bank NA (a) 

 

3,500,000

 

**3,500,000**

 
**Texas 13.1%**

 
Houston, TX, Utility Systems Revenue, Series B3, 0.5% *, 5/15/2034, Bank of America NA, Bank of New York Mellon Corp., Dexia Credit Local & State Street Bank & Trust Co. (a) 

 

1,535,000

 

1,535,000

 
 

 

 

Longview, TX, Independent School District, Series 3059, 144A, 0.35% *, 2/15/2016 

 

2,290,000

 

2,290,000

 
Lubbock, TX, Independent School District, School Building, 0.35% *, 2/1/2030 

 

650,000

 

650,000

 
North East, TX, Independent School District, Series 2355, 144A, 0.35% *, 8/1/2015 

 

1,180,000

 

1,180,000

 
Tarrant County, TX, Health Facilities Development Corp. Revenue, Cumberland Rest, Inc. Project, 0.5% *, 8/15/2036, HSH Nordbank AG (a) 

 

5,500,000

 

5,500,000

 
Texas, State Tax & Revenue Anticipation Notes, 2.5%, 8/31/2010 

 

4,000,000

 

4,073,920

 
University of Texas, Systems Revenue, Series F, 0.3%, 12/7/2009 

 

5,000,000

 

5,000,000

 
 

**20,228,920**

 
**Utah 0.9%**

 
Utah, Housing Corp., Single Family Mortgage Revenue, Series 3, 0.5% *, Mandatory Put 12/18/2009 @ 100, 7/1/2040 

 

1,400,000

 

**1,400,000**

 
**Virginia 4.8%**

 
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster-Canterbury, 0.34% *, 10/1/2037, Branch Banking & Trust (a) 

 

4,940,000

 

4,940,000

 
Virginia, College Building Authority, Educational Facilities Revenue, University of Richmond, Series B, 0.8% *, Mandatory Put 2/1/2010 @ 100, 2/26/2039 

 

2,500,000

 

2,500,000

 
 

**7,440,000**

 
**Washington 1.0%**

 
King County, WA, Housing Authority Revenue, Summerfield Apartments Project, 0.38% *, 9/1/2035, US Bank NA (a) 

 

1,615,000

 

**1,615,000**

 
**Wisconsin 0.6%**

 
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Series C, 0.35% *, 4/1/2028, US Bank NA (a) 

 

1,000,000

 

**1,000,000**

 
**Wyoming 1.3%**

 
Platte County, WY, Pollution Control Revenue, Tri-State Generation & Transmission Association, Inc., Series A, 0.8% *, 7/1/2014, National Rural Utilities Cooperative Finance Corp. (a) 

 

2,000,000

 

**2,000,000**

 
 

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

 

**Value ($)**

 
**Total Investment Portfolio** (Cost $155,321,958) †

100,.7

 

**155,321,958**

 
**Other Assets and Liabilities, Net**

(0.7)

 

**(1,025,977)**

 
**Net Assets**

100.0

 

**154,295,981**

 
*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, 2009.*

 
*†*

*The cost for federal income tax purposes was $155,321,958.*

 
*(a)*

*Security incorporates a letter of credit from the bank listed.*

 
*(b)*

*Bond is insured by one of these companies:*

 
**Insurance Coverage**

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

 
Financial Security Assurance, Inc.

1.8

 
*Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies.*

 
*(c)*

*When-issued security.*

 
*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.*

 
*Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.*

 
 

***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. Most securities held by a money market fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.*

 

*The following is a summary of the inputs used as of September 30, 2009 in valuing the Fund's investments:*

 

 

**Level 1**

**Level 2**

**Level 3**

**Total**

**Assets**

 

 

 

Municipal Investments(d)

$                  —

$     155,321,958

$                  —

$     155,321,958

**Total**

**$                  —**

**$     155,321,958**

**$                  —**

**$     155,321,958**

 
*(d)*

*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:

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

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

November 19, 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:

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

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

November 19, 2009

 

 

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

November 19, 2009

 

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