UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

One South Street

Baltimore, MD  21202

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154

(Name and address of agent for service)

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

Date of fiscal year end:  09/30

Date of reporting period: 12/31/07

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of December 31, 2007  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Small Cap Growth Fund**

 

|   | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | **Value ($)** |
|--------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|        |
|   | **Common Stocks 97.4%** |  
**Consumer Discretionary 19.6%**

 
**Hotels Restaurants & Leisure 8.7%**

 
Buffalo Wild Wings, Inc.* (a) 

 

306,780 

 

7,123,432 

Chipotle Mexican Grill, Inc. "A"* (a) 

 

58,830 

 

8,652,128 

Einstein Noah Restaurant Group, Inc.*  

 

166,800 

 

3,027,420 

Orient-Express Hotels Ltd. "A"  

 

219,110 

 

12,603,207 

 

**31,406,187**

**Specialty Retail 9.4%**

 
bebe stores, inc. (a) 

 

446,460 

 

5,741,475 

Cabela's, Inc.* (a) 

 

242,900 

 

3,660,503 

Citi Trends, Inc.* (a) 

 

198,400 

 

3,063,296 

 

 

 

 

Guess?, Inc.  

 

436,200 

 

16,527,618 

Zumiez, Inc.* (a) 

 

192,500 

 

4,689,300 

 

**33,682,192**

**Textiles, Apparel & Luxury Goods 1.5%**

 
Volcom, Inc.* (a) 

 

247,100 

 

**5,443,613**

**Consumer Staples 2.1%**

 
**Personal Products**

American Oriental Bioengineering, Inc.* (a) 

 

691,100 

 

**7,657,388**

**Energy 11.2%**

 
**Energy Equipment & Services 6.0%**

 
Atwood Oceanics, Inc.* (a) 

 

166,600 

 

16,699,984 

Dril-Quip, Inc.*  

 

89,900 

 

5,003,834 

 

**21,703,818**

**Oil, Gas & Consumable Fuels 5.2%**

 
Carrizo Oil & Gas, Inc.* (a) 

 

251,340 

 

13,760,865 

EXCO Resources, Inc.*  

 

328,010 

 

5,077,595 

 

**18,838,460**

**Financials 7.5%**

 
**Capital Markets 3.8%**

 
FCStone Group, Inc.* (a) 

 

129,300 

 

5,951,679 

Waddell & Reed Financial, Inc. "A"  

 

216,100 

 

7,799,049 

 

**13,750,728**

**Diversified Financial Services 2.0%**

 
Portfolio Recovery Associates, Inc. (a) 

 

181,890 

 

**7,215,576**

**Insurance 1.7%**

 
eHealth, Inc.*  

 

192,078 

 

**6,167,625**

**Health Care 12.5%**

 
**Health Care Equipment & Supplies 3.6%**

 
Orthofix International NV*  

 

136,294 

 

7,900,963 

West Pharmaceutical Services, Inc.  

 

125,890 

 

5,109,875 

 

**13,010,838**

**Health Care Providers & Services 7.0%**

 
inVentiv Health, Inc.*  

 

243,110 

 

7,526,686 

Nighthawk Radiology Holdings, Inc.* (a) 

 

356,140 

 

7,496,747 

Providence Service Corp.* (a) 

 

356,770 

 

10,039,508 

 

**25,062,941**

**Life Sciences Tools & Services 1.9%**

 
Kendle International, Inc.* (a) 

 

139,300 

 

**6,814,556**

**Industrials 14.8%**

 
**Aerospace & Defense 4.0%**

 
BE Aerospace, Inc.*  

 

272,140 

 

**14,396,206**

**Commercial Services & Supplies 6.4%**

 
EnergySolutions*  

 

70,200 

 

1,894,698 

Fuel Tech, Inc.* (a) 

 

224,900 

 

5,093,985 

Hill International, Inc.*  

 

423,500 

 

6,000,995 

Huron Consulting Group, Inc.* (a) 

 

123,400 

 

9,949,742 

 

**22,939,420**

**Construction & Engineering 0.9%**

 
Aecom Technology Corp.*  

 

114,500 

 

**3,271,265**

 

 

 

 

**Electrical Equipment 1.8%**

 
Baldor Electric Co.  

 

164,800 

 

5,547,168 

Orion Energy Systems, Inc.*  

 

59,900 

 

1,117,734 

 

**6,664,902**

**Machinery 1.7%**

 
Astec Industries, Inc.*  

 

160,443 

 

**5,966,875**

**Information Technology 28.2%**

 
**Communications Equipment 2.0%**

 
Foundry Networks, Inc.*  

 

415,100 

 

**7,272,552**

**Electronic Equipment & Instruments 3.9%**

 
Itron, Inc.* (a) 

 

145,670 

 

**13,979,950**

**Internet Software & Services 4.3%**

 
Bankrate, Inc.* (a) 

 

163,600 

 

7,867,524 

LoopNet, Inc.* (a) 

 

533,500 

 

7,495,675 

 

**15,363,199**

**IT Services 3.7%**

 
CyberSource Corp.* (a) 

 

475,300 

 

8,446,081 

Forrester Research, Inc.*  

 

173,700 

 

4,867,074 

 

**13,313,155**

**Semiconductors & Semiconductor Equipment 9.4%**

 
Atheros Communications*  

 

226,000 

 

6,902,040 

FormFactor, Inc.*  

 

290,410 

 

9,612,571 

Netlogic Microsystems, Inc.* (a) 

 

132,900 

 

4,279,380 

Standard Microsystems Corp.*  

 

161,800 

 

6,321,526 

Tessera Technologies, Inc.*  

 

166,100 

 

6,909,760 

 

**34,025,277**

**Software 4.9%**

 
Blackboard, Inc.* (a) 

 

174,100 

 

7,007,525 

Informatica Corp.*  

 

223,000 

 

4,018,460 

THQ, Inc.*  

 

242,920 

 

6,847,915 

 

**17,873,900**

**Materials 1.5%**

 
**Metals & Mining**

Brush Engineered Materials, Inc.*  

 

87,900 

 

3,254,058 

Haynes International, Inc.*  

 

32,500 

 

2,258,750 

 

**5,512,808**

**Total Common Stocks** (Cost $291,558,706)

 

**351,333,431**

 

**Securities Lending Collateral 34.4%**

 
Daily Assets Fund Institutional, 5.03%  (b) (c)(Cost $123,988,294)

 

 

123,988,294

 

**123,988,294**

 

**Cash Equivalents 3.9%**

 
Cash Management QP Trust, 4.67%  (b)(Cost $14,191,838)

 

 

14,191,838

 

**14,191,838**

 

 

 

 

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $429,738,838) 

135.7

 

**489,513,563**

**Other Assets and Liabilities, Net**

(35.7)

 

**(128,808,985)**

**Net Assets**

100.0

 

**360,704,578**

 

*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.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at December 31, 2007 amounted to $120,793,383 which is 33.5% of net assets.*

*(b)*

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

*(c)*

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

 

 

 

 

**ITEM 2.**

**CONTROLS AND PROCEDURES**

 

 

 

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

 

 

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last half-year (the registrant’s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

**ITEM 3.**

**EXHIBITS**

 

 

 

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

 

**SIGNATURES**

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: 

DWS Small Cap Growth Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 21, 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 Small Cap Growth Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

February 21, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        February 21, 2008

 

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