UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  10/31

Date of reporting period: 07/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of July 31, 2008  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS High Income Plus Fund**

 

 

|   | **Principal****Amount ($) (a)** |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **Value ($)** |
|--------|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Corporate Bonds 86.4%**       |  
**Consumer Discretionary 14.3%**

 
AMC Entertainment, Inc., 8.0%, 3/1/2014 

 

 

1,743,000 

 

1,553,449 

American Achievement Corp., 8.25%, 4/1/2012 

 

 

350,000 

 

343,000 

American Achievement Group Holding Corp., 14.75%, 10/1/2012 (PIK)

 

 

650,884 

 

595,559 

Asbury Automotive Group, Inc.:

 
 

7.625%, 3/15/2017 

 

 

830,000 

 

613,163 

 

8.0%, 3/15/2014 

 

 

345,000 

 

282,900 

Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015 

 

 

790,000 

 

691,250 

Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014 

 

 

330,000 

 

243,788 

Cablevision Systems Corp., Series B, 7.133% ***, 4/1/2009 

 

 

409,000 

 

411,556 

CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015 

 

 

575,000 

 

445,625 

 

 

 

 

Carrols Corp., 9.0%, 1/15/2013 

 

 

355,000 

 

305,300 

Charter Communications Holdings LLC, 11.0%, 10/1/2015 (b) 

 

 

463,000 

 

350,723 

Charter Communications Operating LLC, 144A, 10.875%, 9/15/2014 

 

 

1,870,000 

 

1,944,800 

Cirsa Capital Luxembourg SA, 144A, 7.875%, 7/15/2012 

EUR

 

330,000 

 

420,809 

Cooper-Standard Automotive, Inc., 7.0%, 12/15/2012 

 

 

415,000 

 

342,375 

CSC Holdings, Inc.:

 
 

6.75%, 4/15/2012 

 

 

570,000 

 

542,925 

 

Series B, 7.625%, 4/1/2011 

 

 

605,000 

 

598,194 

 

Series B, 8.125%, 7/15/2009 

 

 

645,000 

 

651,450 

 

Series B, 8.125%, 8/15/2009 

 

 

1,290,000 

 

1,302,900 

Denny's Holdings, Inc., 10.0%, 10/1/2012 

 

 

230,000 

 

221,950 

DIRECTV Holdings LLC, 144A, 7.625%, 5/15/2016 (b) 

 

 

1,710,000 

 

1,697,175 

Dollarama Group LP, 8.883% ***, 8/15/2012 (g) 

 

 

532,000 

 

481,460 

EchoStar DBS Corp.:

 
 

6.375%, 10/1/2011 

 

 

815,000 

 

789,531 

 

6.625%, 10/1/2014 

 

 

973,000 

 

892,727 

 

7.125%, 2/1/2016 

 

 

785,000 

 

724,162 

Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015 

 

 

735,000 

 

389,550 

General Motors Corp.:

 
 

7.4%, 9/1/2025 

 

 

385,000 

 

177,100 

 

8.375%, 7/15/2033 

 

 

1,795,000 

 

884,037 

Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015 

 

 

690,000 

 

658,950 

Group 1 Automotive, Inc., 8.25%, 8/15/2013 

 

 

345,000 

 

313,950 

Hertz Corp., 8.875%, 1/1/2014 

 

 

1,995,000 

 

1,830,412 

Idearc, Inc., 8.0%, 11/15/2016 

 

 

1,470,000 

 

668,850 

Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012 

 

 

450,000 

 

364,500 

Isle of Capri Casinos, Inc., 7.0%, 3/1/2014 

 

 

670,000 

 

465,650 

Kabel Deutschland GmbH, 10.625%, 7/1/2014 

 

 

985,000 

 

1,007,162 

Lamar Media Corp., Series C, 6.625%, 8/15/2015 

 

 

450,000 

 

405,000 

Liberty Media LLC:

 
 

5.7%, 5/15/2013 

 

 

150,000 

 

134,998 

 

8.25%, 2/1/2030 

 

 

850,000 

 

752,939 

 

8.5%, 7/15/2029 

 

 

1,135,000 

 

1,004,078 

MediMedia USA, Inc., 144A, 11.375%, 11/15/2014 

 

 

345,000 

 

345,000 

MGM MIRAGE:

 
 

6.75%, 9/1/2012 

 

 

955,000 

 

838,012 

 

8.375%, 2/1/2011 

 

 

600,000 

 

541,500 

MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010 

 

 

1,005,000 

 

994,950 

Norcraft Holdings LP, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012   

 

 

1,830,000 

 

1,665,300 

Penske Automotive Group, Inc., 7.75%, 12/15/2016 

 

 

1,345,000 

 

1,109,625 

Pinnacle Entertainment, Inc., 8.75%, 10/1/2013 

 

 

729,000 

 

696,195 

Quebecor Media, Inc., 7.75%, 3/15/2016 

 

 

455,000 

 

419,738 

Quebecor World, Inc., 144A, 9.75%, 1/15/2015** 

 

 

565,000 

 

257,075 

Quiksilver, Inc., 6.875%, 4/15/2015 

 

 

915,000 

 

718,275 

Reader's Digest Association, Inc., 9.0%, 2/15/2017 

 

 

500,000 

 

282,500 

Sabre Holdings Corp., 8.35%, 3/15/2016 

 

 

625,000 

 

437,500 

Seminole Hard Rock Entertainment, Inc., 144A, 5.276% ***, 3/15/2014 

 

 

820,000 

 

664,200 

Shaw Communications, Inc., 8.25%, 4/11/2010 

 

 

1,125,000 

 

1,155,937 

Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015 

 

 

565,000 

 

457,650 

Simmons Co.:

 
 

Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014   

 

 

2,320,000 

 

1,571,800 

 

7.875%, 1/15/2014 

 

 

230,000 

 

188,600 

Sinclair Television Group, Inc., 8.0%, 3/15/2012 

 

 

351,000 

 

351,000 

Sirius Satellite Radio, Inc., 9.625%, 8/1/2013 

 

 

1,380,000 

 

1,131,600 

Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013 

 

 

680,000 

 

544,000 

Station Casinos, Inc., 6.5%, 2/1/2014 

 

 

235,000 

 

113,388 

 

 

 

 

Travelport LLC:

 
 

7.307% ***, 9/1/2014 

 

 

520,000 

 

403,000 

 

9.875%, 9/1/2014 

 

 

580,000 

 

487,200 

Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015 

 

 

525,000 

 

258,563 

United Components, Inc., 9.375%, 6/15/2013 

 

 

110,000 

 

99,550 

Unity Media GmbH:

 
 

144A, 8.75%, 2/15/2015

EUR

 

1,050,000

 

1,494,532

 

144A, 10.375%, 2/15/2015

 

 

430,000

 

410,650

Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK)

 

 

520,000 

 

396,500 

UPC Holding BV:

 
 

144A, 7.75%, 1/15/2014 

EUR

 

670,000 

 

930,139 

 

144A, 8.0%, 11/1/2016 

EUR

 

335,000 

 

453,260 

Videotron Ltd., 144A, 9.125%, 4/15/2018 

 

 

265,000 

 

276,263 

Vitro SAB de CV:

 
 

9.125%, 2/1/2017 

 

 

2,070,000 

 

1,536,975 

 

11.75%, 11/1/2013 

 

 

260,000 

 

249,600 

Young Broadcasting, Inc., 8.75%, 1/15/2014 

 

 

3,217,000 

 

1,375,267 

 

**48,359,291**

**Consumer Staples 2.6%**

 
Alliance One International, Inc., 8.5%, 5/15/2012 

 

 

355,000 

 

332,813 

Delhaize America, Inc.:

 
 

8.05%, 4/15/2027 

 

 

185,000 

 

193,583 

 

9.0%, 4/15/2031 

 

 

1,542,000 

 

1,771,633 

General Nutrition Centers, Inc., 7.199% ***, 3/15/2014 (PIK)

 

 

390,000 

 

331,500 

Harry & David Operations Corp., 7.682% ***, 3/1/2012 

 

 

510,000 

 

392,700 

North Atlantic Trading Co., 144A, 10.0%, 3/1/2012 

 

 

2,684,000 

 

2,160,620 

Smithfield Foods, Inc., 7.75%, 7/1/2017 

 

 

440,000 

 

376,200 

Viskase Companies, Inc., 11.5%, 6/15/2011 

 

 

3,620,000 

 

3,149,400 

 

**8,708,449**

**Energy 12.6%**

 
Atlas Energy Resources LLC, 144A, 10.75%, 2/1/2018 

 

 

1,395,000 

 

1,426,387 

Belden & Blake Corp., 8.75%, 7/15/2012 

 

 

3,114,000 

 

3,145,140 

Bristow Group, Inc., 7.5%, 9/15/2017 

 

 

685,000 

 

674,725 

Chaparral Energy, Inc.:

 
 

8.5%, 12/1/2015 

 

 

1,020,000 

 

879,750 

 

8.875%, 2/1/2017 

 

 

385,000 

 

332,063 

Chesapeake Energy Corp.:

 
 

6.25%, 1/15/2018 

 

 

435,000 

 

399,113 

 

6.875%, 1/15/2016 

 

 

2,159,000 

 

2,075,339 

 

7.25%, 12/15/2018 

 

 

1,180,000 

 

1,156,400 

 

7.5%, 6/15/2014 

 

 

295,000 

 

297,581 

Cimarex Energy Co., 7.125%, 5/1/2017 

 

 

565,000 

 

556,525 

Delta Petroleum Corp., 7.0%, 4/1/2015 

 

 

1,405,000 

 

1,166,150 

Dynegy Holdings, Inc.:

 
 

6.875%, 4/1/2011 

 

 

230,000 

 

227,125 

 

8.375%, 5/1/2016 

 

 

1,265,000 

 

1,255,512 

El Paso Corp.:

 
 

7.25%, 6/1/2018 

 

 

925,000 

 

915,750 

 

9.625%, 5/15/2012 

 

 

460,000 

 

499,025 

EXCO Resources, Inc., 7.25%, 1/15/2011 

 

 

915,000 

 

905,850 

Forest Oil Corp., 144A, 7.25%, 6/15/2019 

 

 

345,000 

 

324,300 

Frontier Oil Corp., 6.625%, 10/1/2011 

 

 

490,000 

 

475,300 

KCS Energy, Inc., 7.125%, 4/1/2012 

 

 

2,580,000 

 

2,476,800 

Mariner Energy, Inc.:

 
 

7.5%, 4/15/2013 

 

 

560,000 

 

530,600 

 

 

 

 

 

8.0%, 5/15/2017 

 

 

715,000 

 

673,888 

Newfield Exploration Co., 7.125%, 5/15/2018 

 

 

1,050,000 

 

992,250 

OPTI Canada, Inc.:

 
 

7.875%, 12/15/2014 

 

 

875,000 

 

868,437 

 

8.25%, 12/15/2014 

 

 

1,725,000 

 

1,737,937 

Petrohawk Energy Corp.:

 

 

 

 

 

 

144A, 7.875%, 6/1/2015

 

 

700,000 

 

677,250 

 

9.125%, 7/15/2013

 

 

640,000 

 

648,000 

Plains Exploration & Production Co.:

 
 

7.0%, 3/15/2017 

 

 

590,000 

 

551,650 

 

7.625%, 6/1/2018 

 

 

1,180,000 

 

1,144,600 

Quicksilver Resources, Inc., 7.125%, 4/1/2016 

 

 

1,345,000 

 

1,160,062 

Range Resources Corp., 7.25%, 5/1/2018 

 

 

115,000 

 

112,125 

Sabine Pass LNG LP, 7.5%, 11/30/2016 

 

 

2,075,000 

 

1,784,500 

SandRidge Energy, Inc., 144A, 8.0%, 6/1/2018 

 

 

460,000 

 

455,400 

Stallion Oilfield Services, 144A, 9.75%, 2/1/2015 

 

 

385,000 

 

304,150 

Stone Energy Corp.:

 
 

6.75%, 12/15/2014 

 

 

1,190,000 

 

1,032,325 

 

8.25%, 12/15/2011 

 

 

1,870,000 

 

1,823,250 

Tennessee Gas Pipeline Co., 7.625%, 4/1/2037 

 

 

570,000 

 

595,144 

Tesoro Corp., 6.5%, 6/1/2017 

 

 

485,000 

 

412,250 

Whiting Petroleum Corp.:

 
 

7.0%, 2/1/2014 

 

 

685,000 

 

659,313 

 

7.25%, 5/1/2012 

 

 

1,200,000 

 

1,179,000 

 

7.25%, 5/1/2013 

 

 

285,000 

 

278,588 

Williams Companies, Inc.:

 
 

8.125%, 3/15/2012 

 

 

2,110,000 

 

2,257,700 

 

8.75%, 3/15/2032 

 

 

2,742,000 

 

3,112,170 

Williams Partners LP, 7.25%, 2/1/2017 

 

 

580,000 

 

578,550 

 

**42,757,974**

**Financials 10.3%**

 
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015 

 

 

1,780,000 

 

1,673,200 

Ashton Woods USA LLC, 9.5%, 10/1/2015 

 

 

1,765,000 

 

1,059,000 

Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014 

 

 

345,000 

 

200,100 

Conproca SA de CV, Series REG S, 12.0%, 6/16/2010 

 

 

2,643,300 

 

2,960,496 

Eaton Vance Corp., CDO II, Series C-X, 13.68%, 7/15/2012** 

 

 

3,030,090 

 

0 

Ford Motor Credit Co., LLC:

 
 

7.25%, 10/25/2011 

 

 

4,400,000 

 

3,326,294 

 

7.375%, 10/28/2009 

 

 

6,205,000 

 

5,651,917 

 

7.875%, 6/15/2010 

 

 

2,170,000 

 

1,848,109 

GMAC LLC, 6.875%, 9/15/2011 

 

 

9,040,000 

 

5,969,130 

Hawker Beechcraft Acquisition Co., LLC:

 
 

8.5%, 4/1/2015 

 

 

1,165,000 

 

1,165,000 

 

8.875%, 4/1/2015 (PIK)

 

 

1,065,000 

 

1,051,688 

 

9.75%, 4/1/2017 (b) 

 

 

1,345,000 

 

1,328,187 

Hexion US Finance Corp., 9.75%, 11/15/2014 

 

 

325,000 

 

277,063 

Inmarsat Finance PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012   

 

 

1,940,000 

 

1,949,700 

iPayment, Inc., 9.75%, 5/15/2014 

 

 

645,000 

 

540,188 

Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)

 

 

570,000 

 

433,200 

New ASAT (Finance) Ltd., 9.25%, 2/1/2011 

 

 

920,000 

 

588,800 

Qwest Capital Funding, Inc., 7.0%, 8/3/2009 

 

 

570,000 

 

564,300 

Rainbow National Services LLC, 144A, 10.375%, 9/1/2014 

 

 

143,000 

 

151,401 

Tropicana Entertainment LLC, 9.625%, 12/15/2014** 

 

 

1,790,000 

 

483,300 

UCI Holdco, Inc., 10.276% ***, 12/15/2013 (PIK)

 

 

828,930 

 

658,999 

Universal City Development Partners, 11.75%, 4/1/2010 

 

 

2,930,000 

 

2,988,600 

 

**34,868,672**

 

 

 

 

**Health Care 5.3%**

 
Advanced Medical Optics, Inc., 7.5%, 5/1/2017 

 

 

1,320,000 

 

1,188,000 

Bausch & Lomb, Inc., 144A, 9.875%, 11/1/2015 

 

 

945,000 

 

968,625 

Boston Scientific Corp., 6.0%, 6/15/2011 

 

 

815,000 

 

804,812 

Community Health Systems, Inc., 8.875%, 7/15/2015 

 

 

4,570,000 

 

4,604,275 

HCA, Inc.:

 
 

9.125%, 11/15/2014 

 

 

895,000 

 

921,850 

 

9.25%, 11/15/2016 

 

 

2,605,000 

 

2,683,150 

 

9.625%, 11/15/2016 (PIK)

 

 

925,000 

 

952,750 

HEALTHSOUTH Corp., 10.75%, 6/15/2016 

 

 

455,000 

 

486,850 

IASIS Healthcare LLC, 8.75%, 6/15/2014 

 

 

685,000 

 

686,712 

Psychiatric Solutions, Inc., 7.75%, 7/15/2015 

 

 

595,000 

 

581,613 

Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)

 

 

685,000 

 

597,663 

The Cooper Companies, Inc., 7.125%, 2/15/2015 

 

 

1,145,000 

 

1,099,200 

Vanguard Health Holding Co. I LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015   

 

 

770,000 

 

677,600 

Vanguard Health Holding Co. II LLC, 9.0%, 10/1/2014 

 

 

1,845,000 

 

1,798,875 

 

**18,051,975**

**Industrials 10.4%**

 
Actuant Corp., 6.875%, 6/15/2017 

 

 

450,000 

 

437,625 

Allied Security Escrow Corp., 11.375%, 7/15/2011 

 

 

950,000 

 

950,000 

Allied Waste North America, Inc., 6.5%, 11/15/2010 

 

 

390,000 

 

390,000 

American Color Graphics, Inc., 144A, Promissory Note due 9/15/2008 (c)

 

 

63,300

 

0

American Color Graphics, Inc., 10.0%, 6/15/2010 **

 

 

1,055,000

 

255,838

American Railcar Industries, Inc., 7.5%, 3/1/2014 

 

 

640,000 

 

592,000 

ARAMARK Corp.:

 
 

6.373% ***, 2/1/2015 

 

 

785,000 

 

722,200 

 

8.5%, 2/1/2015 

 

 

225,000 

 

224,156 

Baldor Electric Co., 8.625%, 2/15/2017 

 

 

570,000 

 

571,425 

BE Aerospace, Inc., 8.5%, 7/1/2018 

 

 

1,195,000 

 

1,233,837 

Belden, Inc., 7.0%, 3/15/2017 

 

 

585,000 

 

554,288 

Bombardier, Inc., 144A, 6.75%, 5/1/2012 

 

 

100,000 

 

98,500 

Browning-Ferris Industries, Inc., 7.4%, 9/15/2035 

 

 

1,862,000 

 

1,675,800 

Building Materials Corp. of America, 7.75%, 8/1/2014 

 

 

785,000 

 

612,300 

Cenveo Corp., 144A, 10.5%, 8/15/2016 

 

 

580,000 

 

571,300 

Congoleum Corp., 8.625%, 8/1/2008** 

 

 

1,188,000 

 

891,000 

DRS Technologies, Inc.:

 
 

6.625%, 2/1/2016 

 

 

295,000 

 

297,950 

 

6.875%, 11/1/2013 

 

 

1,625,000 

 

1,633,125 

 

7.625%, 2/1/2018 

 

 

1,940,000 

 

2,017,600 

Education Management LLC, 8.75%, 6/1/2014 

 

 

550,000 

 

495,000 

Esco Corp.:

 
 

144A, 6.651% ***, 12/15/2013 

 

 

560,000 

 

526,400 

 

144A, 8.625%, 12/15/2013 

 

 

1,130,000 

 

1,127,175 

General Cable Corp.:

 
 

5.166% ***, 4/1/2015 

 

 

875,000 

 

770,000 

 

7.125%, 4/1/2017 

 

 

590,000 

 

557,550 

Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015 

 

 

570,000 

 

473,100 

Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013 

 

 

460,000 

 

417,450 

Harland Clarke Holdings Corp., 9.5%, 5/15/2015 

 

 

565,000 

 

460,475 

K. Hovnanian Enterprises, Inc.:

 
 

8.875%, 4/1/2012 

 

 

2,135,000 

 

1,430,450 

 

144A, 11.5%, 5/1/2013 

 

 

115,000 

 

116,438 

Kansas City Southern de Mexico SA de CV:

 
 

7.375%, 6/1/2014 

 

 

965,000 

 

928,812 

 

 

 

 

 

7.625%, 12/1/2013 

 

 

1,520,000 

 

1,489,600 

 

9.375%, 5/1/2012 

 

 

1,755,000 

 

1,812,037 

Kansas City Southern Railway Co.:

 
 

7.5%, 6/15/2009 

 

 

420,000 

 

424,725 

 

8.0%, 6/1/2015 

 

 

1,080,000 

 

1,090,800 

Mobile Services Group, Inc., 9.75%, 8/1/2014 

 

 

685,000 

 

657,600 

Moog, Inc., 144A, 7.25%, 6/15/2018 

 

 

230,000 

 

224,825 

Navios Maritime Holdings, Inc., 9.5%, 12/15/2014 

 

 

920,000 

 

899,300 

Ply Gem Industries, Inc., 144A, 11.75%, 6/15/2013 

 

 

415,000 

 

371,425 

R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017 

 

 

1,900,000 

 

912,000 

RBS Global & Rexnord Corp., 9.5%, 8/1/2014 

 

 

515,000 

 

491,825 

Seitel, Inc., 9.75%, 2/15/2014 

 

 

350,000 

 

311,500 

Titan International, Inc., 8.0%, 1/15/2012 

 

 

1,975,000 

 

1,925,625 

TransDigm, Inc., 7.75%, 7/15/2014 

 

 

345,000 

 

336,375 

U.S. Concrete, Inc., 8.375%, 4/1/2014 

 

 

630,000 

 

522,900 

United Rentals North America, Inc.:

 
 

6.5%, 2/15/2012 

 

 

1,140,000 

 

1,028,850 

 

7.0%, 2/15/2014 

 

 

1,540,000 

 

1,189,650 

Vought Aircraft Industries, Inc., 8.0%, 7/15/2011 

 

 

350,000 

 

322,875 

 

**35,043,706**

**Information Technology 3.8%**

 
Alion Science & Technology Corp., 10.25%, 2/1/2015 

 

 

555,000 

 

383,644 

Freescale Semiconductor, Inc., 8.875%, 12/15/2014 

 

 

1,815,000 

 

1,538,213 

L-3 Communications Corp.:

 
 

5.875%, 1/15/2015 

 

 

1,905,000 

 

1,766,887 

 

Series B, 6.375%, 10/15/2015 

 

 

885,000 

 

831,900 

 

7.625%, 6/15/2012 

 

 

2,060,000 

 

2,085,750 

Lucent Technologies, Inc., 6.45%, 3/15/2029 

 

 

1,894,000 

 

1,335,270 

MasTec, Inc., 7.625%, 2/1/2017 

 

 

805,000 

 

688,275 

NXP BV, 7.713% ***, 10/15/2013 

EUR

 

820,000 

 

978,494 

Sanmina-SCI Corp., 144A, 5.526% ***, 6/15/2010 

 

 

281,000 

 

278,190 

Seagate Technology HDD Holdings, 6.8%, 10/1/2016 

 

 

1,080,000 

 

972,000 

SunGard Data Systems, Inc., 10.25%, 8/15/2015 

 

 

1,480,000 

 

1,502,200 

Vangent, Inc., 9.625%, 2/15/2015 

 

 

455,000 

 

383,906 

 

**12,744,729**

**Materials 11.0%**

 
Appleton Papers, Inc., Series B, 8.125%, 6/15/2011 

 

 

325,000 

 

309,563 

ARCO Chemical Co., 9.8%, 2/1/2020 

 

 

4,802,000 

 

3,553,480 

Cascades, Inc., 7.25%, 2/15/2013 

 

 

1,716,000 

 

1,458,600 

Chemtura Corp., 6.875%, 6/1/2016 

 

 

1,215,000 

 

1,026,675 

Clondalkin Acquisition BV, 144A, 4.776% ***, 12/15/2013 

 

 

750,000 

 

624,375 

CPG International I, Inc., 10.5%, 7/1/2013 

 

 

1,265,000 

 

999,350 

Exopack Holding Corp., 11.25%, 2/1/2014 

 

 

1,875,000 

 

1,668,750 

Freeport-McMoRan Copper & Gold, Inc.:

 
 

8.25%, 4/1/2015 

 

 

1,165,000 

 

1,214,512 

 

8.375%, 4/1/2017 

 

 

2,535,000 

 

2,655,412 

GEO Specialty Chemicals, Inc.:

 
 

144A, 7.5% ***, 3/31/2015 (PIK)

 

 

1,181,096 

 

884,346 

 

144A, 10.698% ***, 12/31/2009 

 

 

1,970,000 

 

1,475,037 

Georgia-Pacific LLC:

 
 

144A, 7.125%, 1/15/2017 

 

 

405,000 

 

373,613 

 

9.5%, 12/1/2011 

 

 

470,000 

 

473,525 

Hexcel Corp., 6.75%, 2/1/2015 

 

 

2,370,000 

 

2,292,975 

Huntsman LLC, 11.625%, 10/15/2010 

 

 

2,810,000 

 

2,922,400 

Innophos, Inc., 8.875%, 8/15/2014 

 

 

265,000 

 

265,000 

 

 

 

 

Jefferson Smurfit Corp., 8.25%, 10/1/2012 

 

 

1,050,000 

 

921,375 

Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014   

 

 

1,615,000 

 

1,453,500 

Metals USA Holdings Corp., 8.791% ***, 7/1/2012 (PIK)

 

 

385,000 

 

353,238 

Millar Western Forest Products Ltd., 7.75%, 11/15/2013 

 

 

290,000 

 

169,650 

Momentive Performance Materials, Inc., 9.75%, 12/1/2014 

 

 

1,230,000 

 

1,088,550 

NewMarket Corp., 7.125%, 12/15/2016 

 

 

1,390,000 

 

1,348,300 

NewPage Corp., 10.0%, 5/1/2012 

 

 

1,095,000 

 

1,048,462 

OI European Group BV, 144A, 6.875%, 3/31/2017 

EUR

 

680,000 

 

954,629 

Pliant Corp., 11.85%, 6/15/2009 (PIK)

 

 

5 

 

5 

Radnor Holdings Corp., 11.0%, 3/15/2010** 

 

 

290,000 

 

363 

Rhodia SA, 144A, 7.713% ***, 10/15/2013 

EUR

 

705,000 

 

989,725 

Smurfit-Stone Container Enterprises, Inc.:

 
 

8.0%, 3/15/2017 

 

 

875,000 

 

715,312 

 

8.375%, 7/1/2012 

 

 

555,000 

 

489,788 

Steel Dynamics, Inc.:

 
 

6.75%, 4/1/2015 

 

 

900,000 

 

846,000 

 

7.375%, 11/1/2012 

 

 

210,000 

 

207,900 

Terra Capital, Inc., Series B, 7.0%, 2/1/2017 

 

 

1,230,000 

 

1,214,625 

The Mosaic Co., 144A, 7.375%, 12/1/2014 

 

 

1,780,000 

 

1,833,400 

Witco Corp., 6.875%, 2/1/2026 

 

 

490,000 

 

311,150 

Wolverine Tube, Inc., 10.5%, 4/1/2009 

 

 

980,000 

 

908,950 

 

**37,052,535**

**Telecommunication Services 7.2%**

 
BCM Ireland Preferred Equity Ltd., 144A, 11.856% ***, 2/15/2017 (PIK)

EUR

 

650,245 

 

502,507 

Centennial Communications Corp.:

 
 

10.0%, 1/1/2013 

 

 

430,000 

 

447,200 

 

10.125%, 6/15/2013 

 

 

895,000 

 

930,800 

Cincinnati Bell, Inc.:

 
 

7.25%, 7/15/2013 

 

 

1,144,000 

 

1,103,960 

 

8.375%, 1/15/2014 

 

 

658,000 

 

626,745 

Cricket Communications, Inc.:

 
 

9.375%, 11/1/2014 

 

 

1,265,000 

 

1,239,700 

 

144A, 10.0%, 7/15/2015 

 

 

1,180,000 

 

1,188,850 

Embratel, Series B, 11.0%, 12/15/2008 

 

 

244,000 

 

248,880 

Grupo Iusacell Celular SA de CV, 10.0%, 3/31/2012 

 

 

268,302 

 

246,838 

Hellas Telecommunications Luxembourg III, 144A, 8.5%, 10/15/2013 

EUR

 

135,000 

 

174,781 

Hellas Telecommunications Luxembourg V, 144A, 8.463% ***, 10/15/2012 

EUR

 

190,000 

 

262,289 

Intelsat Corp.:

 
 

144A, 9.25%, 8/15/2014 

 

 

235,000 

 

232,063 

 

144A, 9.25%, 6/15/2016 

 

 

915,000 

 

898,988 

Intelsat Subsidiary Holding Co., Ltd., 144A, 8.875%, 1/15/2015 

 

 

1,410,000 

 

1,388,850 

iPCS, Inc., 4.998% ***, 5/1/2013 

 

 

290,000 

 

258,100 

MetroPCS Wireless, Inc., 9.25%, 11/1/2014 

 

 

1,615,000 

 

1,566,550 

Millicom International Cellular SA, 10.0%, 12/1/2013 

 

 

1,025,000 

 

1,078,812 

Nortel Networks Ltd.:

 
 

7.041% ***, 7/15/2011 

 

 

1,055,000 

 

994,337 

 

144A, 10.75%, 7/15/2016 

 

 

810,000 

 

793,800 

Orascom Telecom Finance, 144A, 7.875%, 2/8/2014 

 

 

420,000 

 

385,350 

Qwest Corp.:

 
 

7.25%, 9/15/2025 

 

 

200,000 

 

161,000 

 

7.875%, 9/1/2011 

 

 

1,600,000 

 

1,576,000 

Rural Cellular Corp., 9.875%, 2/1/2010 

 

 

1,000,000 

 

1,022,500 

Sprint Nextel Corp., 6.0%, 12/1/2016 

 

 

580,000 

 

488,650 

Stratos Global Corp., 9.875%, 2/15/2013 

 

 

450,000 

 

472,500 

Telesat Canada, 144A, 11.0%, 11/1/2015 

 

 

1,685,000 

 

1,575,475 

US Unwired, Inc., Series B, 10.0%, 6/15/2012 

 

 

1,374,000 

 

1,387,740 

 

 

 

 

Virgin Media Finance PLC:

 
 

8.75%, 4/15/2014 

 

 

1,370,000 

 

1,277,525 

 

8.75%, 4/15/2014 

EUR

 

965,000 

 

1,362,257 

West Corp., 9.5%, 10/15/2014 

 

 

675,000 

 

580,500 

 

**24,473,547**

**Utilities 8.9%**

 
AES Corp.:

 
 

8.0%, 10/15/2017 

 

 

1,130,000 

 

1,113,050 

 

144A, 8.0%, 6/1/2020 

 

 

1,160,000 

 

1,116,500 

 

144A, 8.75%, 5/15/2013 

 

 

3,715,000 

 

3,854,313 

 

9.5%, 6/1/2009 

 

 

630,000 

 

645,750 

Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012 

 

 

5,034,000 

 

5,285,700 

CMS Energy Corp., 8.5%, 4/15/2011 

 

 

2,680,000 

 

2,828,842 

Edison Mission Energy, 7.0%, 5/15/2017 

 

 

1,230,000 

 

1,162,350 

Energy Future Holdings Corp., 144A, 10.875%, 11/1/2017 

 

 

1,700,000 

 

1,751,000 

IPALCO Enterprises, Inc., 144A, 7.25%, 4/1/2016 

 

 

535,000 

 

536,338 

Knight, Inc., 6.5%, 9/1/2012 

 

 

320,000 

 

316,800 

Mirant Americas Generation LLC, 8.3%, 5/1/2011 

 

 

1,305,000 

 

1,331,100 

Mirant North America LLC, 7.375%, 12/31/2013 

 

 

420,000 

 

420,000 

NRG Energy, Inc.:

 
 

7.25%, 2/1/2014 

 

 

1,345,000 

 

1,311,375 

 

7.375%, 2/1/2016 

 

 

980,000 

 

950,600 

Oncor Electric Delivery Co., 7.0%, 9/1/2022 

 

 

485,000 

 

467,929 

Orion Power Holdings, Inc., 12.0%, 5/1/2010 

 

 

660,000 

 

711,150 

Regency Energy Partners LP, 8.375%, 12/15/2013 

 

 

800,000 

 

816,000 

Reliant Energy, Inc., 7.875%, 6/15/2017 (b) 

 

 

1,350,000 

 

1,302,750 

Sierra Pacific Resources:

 
 

6.75%, 8/15/2017 

 

 

1,345,000 

 

1,311,271 

 

8.625%, 3/15/2014 

 

 

249,000 

 

260,828 

Texas Competitive Electric Holdings Co., LLC, 144A, 10.25%, 11/1/2015 

 

 

2,495,000 

 

2,495,000 

 

**29,988,646**

**Total Corporate Bonds** (Cost $322,573,680)

 

**292,049,524**

 

**Senior Loans *** 7.0%**

 
Advanced Medical Optics, Inc., Term Loan B, LIBOR plus 1.75%, 5.003%, 4/2/2014

 

 

335,750

 

309,309

Algoma Steel, Inc., Term Loan, LIBOR plus 2.5%, 5.753%, 6/30/2013 

 

 

184,701 

 

171,772 

Alliance Mortgage Cycle Loan, Term Loan, LIBOR plus 7.25%, 10.503%, 6/4/2010 ** 

 

 

700,000 

 

0 

Bausch & Lomb, Inc.:

 
 

Term Delay Draw, LIBOR plus 3.25%, 6.503%, 4/11/2015 

 

 

157,500 

 

153,474

 

Term Loan B, LIBOR plus 3.25%, 6.503%, 4/11/2015 

 

 

900,475 

 

877,459 

Buffets, Inc.:

 
 

Letter of Credit, 4.73%, 5/1/2013 

 

 

196,838 

 

106,686

 

Term Loan B, 9.713%, 1/13/2011 

 

 

1,473,539 

 

798,659

Charter Communications Operations:

 
 

Term Loan, LIBOR plus 2.0%, 5.253%, 3/6/2014 

 

 

1,057,350 

 

1,046,586 

 

Term Loan B, LIBOR plus 3.25%, 6.503%, 4/27/2011 

 

 

1,615,946 

 

1,421,936 

Energy Future Holdings Corp.:

 
 

Term Loan B1, LIBOR plus 3.5%, 6.753%, 10/10/2014 

 

 

5,183,950 

 

4,869,984 

 

Term Loan B3, LIBOR plus 3.5%, 6.753%, 10/10/2014 

 

 

3,387,975 

 

3,187,187 

Ford Motor Co., Term Loan B, LIBOR plus 3.0%, 6.253%, 12/16/2013 

 

 

595,000 

 

470,630 

General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 5.503%, 9/16/2013 

 

 

337,437 

 

307,911 

Golden Nugget, Term Loan, 5.72%, 6/16/2014 

 

 

665,000 

 

425,600 

 

 
 

 
Hawker Beechcraft, Inc.:

 
 

Letter of Credit, LIBOR plus 2.0%, 5.253%, 3/26/2014 

 

 

18,703 

 

17,581 

 

 

 

 

 

Term Loan B, LIBOR plus 2.0%, 5.253%, 3/26/2014 

 

 

320,137 

 

298,613 

HCA, Inc., Term Loan A1, 4.301%, 11/18/2012 

 

 

1,825,441 

 

1,714,773 

Hexion Specialty Chemicals:

 
 

Term Loan C1, LIBOR plus 2.25%, 5.503%, 5/5/2013 

 

 

1,873,769 

 

1,642,555 

 

Term Loan C2, LIBOR plus 2.25%, 5.503%, 5/5/2013 

 

 

557,725 

 

488,905 

IASIS Healthcare LLC, Term Loan, 8.043%, 6/15/2014 

 

 

726,373 

 

639,208 

Longview Power LLC:

 
 

Demand Draw, 5.063%, 4/1/2014 

 

 

225,667 

 

204,510 

 

Letter of Credit, 5.063%, 4/1/2014 

 

 

62,333 

 

56,490 

 

Term Loan B, 5.063%, 4/1/2014 

 

 

192,000 

 

174,000 

NewPage Corp., Term Loan B, LIBOR plus 3.0%, 6.253%, 11/5/2014 

 

 

129,350 

 

128,042 

Sabre, Inc., Term Loan B, LIBOR plus 2.25%, 5.503%, 9/30/2014 

 

 

549,071 

 

432,737 

Symbion, Inc.:

 
 

Term Loan A, 6.149%, 8/23/2013 

 

 

264,138 

 

234,092 

 

Term Loan B, 6.149%, 8/23/2014 

 

 

264,138 

 

234,092 

Telesat Canada, Inc.:

 
 

Term Loan, 5.9%, 9/1/2014 

 

 

399,213 

 

381,775 

 

Term Loan B, LIBOR plus 3.0%, 6.253%, 10/31/2014 

 

 

1,230,118 

 

1,176,388 

Toys "R" Us, Term Loan, 6.969%, 7/1/2012 

 

 

995,025 

 

953,980 

Tribune Co., Term Loan, 5.786%, 5/24/2014 

 

 

1,118,700 

 

799,406 

**Total Senior Loan** (Cost $26,722,155)

 

**23,724,340**

 

**Preferred Securities 0.3%**

 
Citigroup, Inc., Series E, 8.4%, 4/30/2018 (d) 

 

 

630,000 

 

539,431 

Xerox Capital Trust I, 8.0%, 2/1/2027 

 

 

430,000 

 

409,896 

**Total Preferred Securities** (Cost $1,068,965)

 

**949,327**

 

**Shares**

 

**Value ($)**

 

**Warrants 0.0%**

 
Dayton Superior Corp., 144A, Expiration Date 6/15/2009*  

 

648 

 

0****

DeCrane Aircraft Holdings, Inc., 144A, Expiration Date 9/30/2008*  

 

1,230 

 

0****

New ASAT (Finance) Ltd., Expiration Date 2/1/2011*  

 

182,000 

 

42,725****

**Total Warrants** (Cost $11,461)

 

**42,725**

 

**Units**

 

**Value ($)**

 

**Other Investments 0.3%**

 
Hercules, Inc. (Bond Unit), 6.5%, 6/30/2029  (Cost $923,120)

 

1,219,000 

 

**999,580**

 

**Shares**

 

**Value ($)**

 

**Convertible Preferred Stock 0.0%**

 
ION Media Networks, Inc.:

 
 

144A, 12.0%*

 

 

40,003

 

2,210

 

Series AI, 144A, 12.0%*

 

 

40,000

 

260

**Total Convertible Preferred Stocks** (Cost $52,522)

 

**2,470**

 

**Common Stocks 0.0%**

 
GEO Specialty Chemicals, Inc.*  

 

18,710 

 

15,903 

GEO Specialty Chemicals, Inc. 144A*  

 

1,703 

 

1,448 

**Total Common Stocks** (Cost $215,108)

 

**17,351**

 

**Securities Lending Collateral 1.1%**

 
Daily Assets Fund Institutional, 2.69% (e) (f)(Cost $3,544,150)

 

 

3,544,150

 

**3,544,150**

 

 

 

 

 
 

**Cash Equivalents 3.9%**

 
 
Cash Management QP Trust, 2.42% (e)(Cost $13,238,926)

 

 

13,238,926

 

**13,238,926**

 
 

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

 

**Value ($)**

 
 
**Total Investment Portfolio** (Cost $368,350,087) †

99.0

 

**334,568,393**

 
**Other Assets and Liabilities, Net**

1.0

 

**3,489,182**

 
 
**Net Assets**

100.0

 

**338,057,575**

 
*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.*

 
****

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

***Securities*****

***Coupon*****

***Maturity Date*****

***Principal Amount*****

***Acquisition***

***Cost ($)*****

***Value ($)*****

 
*Alliance Mortgage Cycle Loan***

*10.503%***

*6/4/2010***

*700,000***

*USD***

*708,969***

*0***

 
*American Color Graphics, Inc.***

*10.0%***

*6/15/2010***

*1,055,000***

*USD***

*740,638***

*255,838***

 
*Congoleum Corp.***

*8.625%***

*8/1/2008***

*1,188,000***

*USD***

*1,048,695***

*891,000***

 
*Eaton Vance Corp., CDO II***

*13.68%***

*7/15/2012***

*3,030,090***

*USD***

*2,037,287***

*0***

 
*Quebecor World, Inc.***

*9.75%***

*1/15/2015***

*565,000***

*USD***

*565,000***

*257,075***

 
*Radnor Holdings Corp.***

*11.0%***

*3/15/2010***

*290,000***

*USD***

*186,538***

*363***

 
*Tropicana Entertainment LLC***

*9.625%***

*12/15/2014***

*1,790,000***

*USD***

*1,346,099***

*483,300***

 
 **

 **

 **

 **

 **

***6,633,226*****

***1,887,576*****

 
 
*****

*Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.  These securities are shown at their current rate as of July 31, 2008.*

 
*†*

*The cost for federal income tax purposes was $369,071,816.  At July 31, 2008, net unrealized depreciation for all securities based on tax cost was $34,503,423.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,315,550 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $35,818,973.*

 
*(a)*

*Principal amount stated in US dollars unless otherwise noted.*

 
*(b)*

*All or a portion of these securities were on loan.  The value of all securities loaned at July 31, 2008 amounted to $3,384,712 which is 1.0% of net assets.*

 
*(c)*

*Security issued in lieu of interest payment due 12/15/2007, which has been deferred until 9/15/2008.  This security is deemed to be non-income producing.*

 
*(d)*

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

 
*(e)*

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

 
*(f)*

*Represents collateral held in connection with securities lending.  Income earned by the Fund is net of borrower rebates.*

 
*(g)*

*Security has deferred its 6/15/2008 interest payment until 12/15/2008.  This security is deemed to be non-income producing.*

 
*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.*

 
*CDO: Collateralized Debt Obligation*

 
*LIBOR: Represents the London InterBank Offered Rate.*

 
*PIK: Denotes that all or a portion of the income is paid in kind.*

 

*At July 31, 2008, the Fund had unfunded loan commitments of $145,868 which could be extended at the option of the borrower, pursuant to the following loan agreement:*

* *

***Unfunded Loan*****

* *

***Unrealized*****

 
***Borrower*****

***Commitment ($)*****

***Value ($)*****

***Depreciation ($)*****

 
 

 

 

 

*Bausch & Lomb, Inc., Term Delay Draw, 4/11/2015***

*89,775***

*87,699***

*(2,076)***

*Telesat Canada, Inc., Term Loan B, 10/31/2014***

*56,093***

*54,297***

*(1,796)***

***Total*****

***145,868*****

***141,996*****

***(3,872)*****

 

*At July 31, 2008, open credit default swaps contracts sold were as follows:*

**Effective/****Expiration****Dates**

 

**Notional****Amount ($)**

 

**Cash Flows Received****by the Fund**

 

**Underlying Debt Obligation**

 

**Unrealized****Appreciation/****(Depreciation) ($)**

 

10/3/2007

12/20/2008

 

565,0001

 

Fixed — 3.2%

 

General Motors Corp., 7.125%, 7/15/2013 

 

(22,558)

 
10/4/2007

12/20/2008

 

595,0001

 

Fixed — 2.6%

 

General Motors Corp., 7.125%, 7/15/2013

 

(25,129)

 
10/23/2007

12/20/2008

 

1,120,0002

 

Fixed — 3.0%

 

General Motors Corp., 7.125%, 7/15/2013

 

(45,578)

 
10/4/2007

12/20/2008

 

565,0001

 

Fixed — 3.1%

 

Ford Motor Co.,

6.5%, 8/1/2018 

 

(15,441)

 
10/5/2007

12/20/2008

 

340,0001

 

Fixed — 3.15%

 

Ford Motor Co.,

6.5%, 8/1/2018

 

(9,226)

 
10/23/2007

12/20/2008

 

1,300,0002

 

Fixed — 3.4%

 

Ford Motor Co.,

6.5%, 8/1/2018

 

(34,010)

 
11/21/2007

12/20/2008

 

590,0003

 

Fixed — 4.02%

 

Tenet Healthcare Corp., 7.375%, 2/1/2013

 

4,772

 
2/19/2008

3/20/2009

 

1,785,0003

 

Fixed — 3.8%

 

HCA, Inc.,

7.7%, 3/20/2009

 

21,230

 
2/26/2008

3/20/2009

 

1,370,0003

 

Fixed — 5.0%

 

Tenet Healthcare Corp., 7.375%, 2/1/2013

 

26,094

 
10/23/2007

12/20/2009

 

640,0002

 

Fixed — 4.65%

 

Ford Motor Co.,

6.5%, 8/1/2018

 

(95,301)

 
12/13/2007

12/20/2009

 

585,0003

 

Fixed — 5.05%

 

Ford Motor Co.,

6.5%, 8/1/2018

 

(60,001)

 
**Total net unrealized depreciation**

**(255,148)**

 
*At July 31, 2008, open credit default swaps contracts purchased were as follows:*

**Effective/****Expiration****Dates**

 

**Notional****Amount ($)**

 

**Cash Flows Paid****by the Fund**

 

**Underlying Debt Obligation**

 

**Unrealized****Appreciation ($)**

 

5/6/2008

6/20/2013

 

590,0003

 

Fixed — 7.25%

 

ARCO Chemical Co., 9.8%, 2/1/2020

 

**48,032**

 
*Counterparties:*

 
*1*

*JPMorgan Chase Securities, Inc.*

 
*2*

*Morgan Stanley Co., Inc.*

 
*3*

*Merrill Lynch, Pierce, Fenner & Smith, Inc.*

 
 

*As of July 31, 2008, the Fund had the following open  forward foreign currency exchange contracts:*

***Contracts to Deliver*****

***In Exchange For*****

***Settlement Date*****

***Unrealized***

***Appreciation ($)*****

 
*EUR***

*5,585,400***

*USD***

*8,736,487***

*8/11/2008***

***29,263*****

 
 

***Currency Abbreviations***

 

 

*EUR***

*Euro***

*USD***

*United States Dollar***

 

 

 

 

**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 High Income Plus Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 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 High Income Plus Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        September 16, 2008

 

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