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:10/31

Date of reporting        period:01/31/08

 

ITEM 1.        SCHEDULE OF INVESTMENTS

 

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

         

**DWS        Short Duration Fund**

 

|                                                                       | **Principal****Amount ($)** |   | **Value                        ($)** |
|----------------------------------------------------------------------------|-----------------------------|--------|--------------------------------------|
|                                                                            |
|                                                                       | **Corporate Bonds 13.4%**   |   |
| **Consumer Discretionary 3.3%**                                            |                        |
| Comcast Cable Communications LLC, 6.875%,                        6/15/2009 |                        |   | 1,295,000                            |   | 1,341,023 |
| Time Warner Cable, Inc., 5.4%, 7/2/2012                                    |                        |   | 2,243,000                            |   | 2,277,374 |
| Viacom, Inc., 5.75%, 4/30/2011                                             |                        |   | 1,185,000                            |   | 1,214,456 |
|                                                                            |
|                                                                       | **4,832,853**               |
| **Consumer Staples 1.5%**                                                  |                        |
| CVS Caremark Corp., 5.441% *, 6/1/2010                                     |                        |   | 2,252,000                            |   | **2,199,972** |
| **Energy 0.1%**                                                            |                        |
| Enterprise Products Operating LP, 7.5%,                        2/1/2011    |                        |   | 80,000                               |   | **86,429** |
|                                                                            |                             |        |                                      |  |  |  |  |  |

| **Financials 5.4%**                                                                                           |                                        |
|---------------------------------------------------------------------------------------------------------------|---------------------------------------------|
| American General Finance Corp., Series H, 4.625%,                        9/1/2010                             |                                        |   | 625,000 |   | 631,196 |
| Banco Mercantil del Norte SA, Series A, 144A, 6.135%,                        10/13/2016                       |                                        |   | 357,000 |   | 348,253 |
| Capital One Bank, 5.0%, 6/15/2009                                                                             |                                        |   | 400,000 |   | 397,462 |
| Discover Financial Services, 144A, 5.663% *,                        6/11/2010                                 |                                        |   | 560,000 |   | 516,354 |
| Erac USA Finance Co., 144A, 5.8%, 10/15/2012                                                                  |                                        |   | 1,275,000 |   | 1,288,482 |
| Goldman Sachs Capital II, 5.793%, 12/29/2049                                                                  |                                        |   | 1,420,000 |   | 1,098,752 |
| Oil Insurance Ltd., 144A, 7.558%, 12/29/2049                                                                  |                                        |   | 1,325,000 |   | 1,338,157 |
| Stoneheath Re, 6.868%, 12/29/2049                                                                             |                                        |   | 525,000 |   | 470,715 |
| USB Capital IX, 6.189%, 4/15/2049                                                                             |                                        |   | 115,000 |   | 91,425 |
| Wachovia Capital Trust III, 5.8%, 3/15/2042                                                                   |                                        |   | 1,242,000 |   | 981,180 |
| Xstrata Finance Canada Ltd., 144A, 5.5%,                        11/16/2011                                    |                                        |   | 613,000 |   | 634,959 |
|                                                                                                               |
|                                                                                                          | **7,796,935**                               |
| **Information Technology 0.2%**                                                                               |                                        |
| Tyco Electronics Group SA, 144A, 6.0%,                        10/1/2012                                       |                                        |   | 305,000 |   | **319,994** |
| **Telecommunication Services 1.3%**                                                                           |                                        |
| Nextel Communications, Inc., Series D, 7.375%,                        8/1/2015                                |                                        |   | 527,000 |   | 482,092 |
| Telecom Italia Capital, 6.2%, 7/18/2011                                                                       |                                        |   | 1,432,000 |   | 1,492,416 |
|                                                                                                               |
|                                                                                                          | **1,974,508**                               |
| **Utilities 1.6%**                                                                                            |                                        |
| Commonwealth Edison Co., Series 98, 6.15%,                        3/15/2012                                   |                                        |   | 140,000 |   | 146,134 |
| Dominion Resources, Inc., Series 06-B, 6.3%,                        9/30/2066                                 |                                        |   | 1,600,000 |   | 1,519,578 |
| Entergy Gulf States, Inc., 5.12%, 8/1/2010                                                                    |                                        |   | 605,000 |   | 604,440 |
|                                                                                                               |
|                                                                                                          | **2,270,152**                               |
|                                                                                                               |
| **Total Corporate Bonds**(Cost                        $20,060,572)                                            |                                        | **19,480,843** |
|                                                                                                          | **Asset Backed 19.0%**                      |   |
| **Automobile Receivables 11.1%**                                                                              |                                        |
| AmeriCredit Automobile Receivables Trust:                                                                     |                                        |
|                                                                                                          | "A4", Series 2004-DF, 3.43%, 7/6/2011       |   | 422,158 |   | 421,805 |
|                                                                                                          | "A2", Series 2006-RM, 5.42%, 8/8/2011       |   | 1,210,000 |   | 1,207,211 |
|                                                                                                          | "A2", Series 2007-CM, 5.43%, 11/8/2010      |   | 2,000,000 |   | 1,982,234 |
|                                                                                                          | "A3A", Series 2007-DF, 5.49%, 7/6/2012      |   | 550,000 |   | 561,404 |
| AmeriCredit Prime Automobile Receivables                        Trust:                                        |                                        |
|                                                                                                          | "A3", Series 2007-2M, 5.22%, 6/8/2012       |   | 1,925,000 |   | 1,932,193 |
|                                                                                                          | "A2A", Series 2007-2M, 5.34%, 11/8/2010     |   | 1,425,000 |   | 1,429,232 |
| Credit Acceptance Auto Dealer Loan Trust, "A1A", Series                        2007-2, 144A, 6.16%, 4/15/2013 |                                        |   | 2,550,000 |   | 2,452,700 |
| Drive Auto Receivables Trust:                                                                                 |                                        |
|                                                                                                          | "A2", Series 2006-2, 144A, 5.3%, 7/15/2011  |   | 1,021,232 |   | 1,021,131 |
|                                                                                                          | "A3", Series 2006-1, 144A, 5.49%, 5/15/2011 |   | 836,944 |   | 837,336 |
| Hyundai Auto Receivables Trust, "D", Series 2006-A,                        5.52%, 11/15/2012                  |                                        |   | 634,591 |   | 632,244 |
| LAI Vehicle Lease Securitization Trust, "A", Series                        2005-A, 144A, 4.56%, 11/15/2012    |                                        |   | 383,527 |   | 387,098 |
| Long Beach Auto Receivables Trust, "A3", Series 2006-B,                        5.17%, 8/15/2011               |                                        |   | 920,000 |   | 923,084 |
| Triad Auto Receivables Owner Trust, "A2", Series 2007-A,                        5.35%, 3/14/2011              |                                        |   | 1,043,245 |   | 1,042,976 |
| WFS Financial Owner Trust:                                                                                    |                                        |
|                                                                                                          | "D", Series 2005-1, 4.09%, 8/17/2012        |   | 594,315 |   | 595,471 |
|                                                                                                          | "D", Series 2005-3, 4.76%, 5/17/2013        |   | 710,000 |   | 689,324 |
|                                                                                                               |
|                                                                                                          | **16,115,443**                              |
| **Home Equity Loans 7.9%**                                                                                    |                                        |
| Bayview Financial Acquistion Trust, "1A1", Series 2006-C,                        6.035%, 11/28/2036           |                                        |   | 555,466 |   | 561,021 |
| Carrington Mortgage Loan Trust, "A1", Series 2006-NC4,                        3.426% *, 10/25/2036            |                                        |   | 646,299 |   | 632,931 |
| Centex Home Equity, "AV2", Series 2005-D, 3.646% *,                        10/25/2035                         |                                        |   | 219,348 |   | 218,987 |
|                                                                                                               |                                             |  |  |  |  |  |  |  |  |

| Chase Funding Mortgage Loan Asset-Backed Certificates,                        "1A3", Series 2003-6, 3.34%, 5/25/2026        |                                                                                  |           | 261,593   |   | 260,256   |
|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|----------------|-----------|--------|-----------|
| Citifinancial Mortgage Securities, Inc., "AF2", Series                        2004-1, 2.645%, 4/25/2034                     |                                                                                  |           | 342,343   |   | 337,016   |
| Countrywide Asset-Backed Certificates:                                                                                      |                                                                                  |
|                                                                                                                        | "2A3", Series 2005-12, 5.069%, 2/25/2036                                              |           | 705,000   |   | 685,500   |
|                                                                                                                        | "A1B", Series 2007-S1, 5.888%, 11/25/2036                                             |           | 811,939   |   | 800,568   |
| Credit-Based Asset Servicing and Securitization                        LLC:                                                 |                                                                                  |
|                                                                                                                        | "A4", Series 2004-CB4, 5.497%, 5/25/2035                                              |           | 40,055    |   | 40,539    |
|                                                                                                                        | "A2A", Series 2007-CB2, 5.891%, 2/25/2037                                             |           | 907,632   |   | 913,115   |
| First Franklin Mortgage Loan Asset Backed Certificate,                        "2A2", Series 2005-FFH4, 3.566% *, 12/25/2035 |                                                                                  |           | 668,936   |   | 666,515   |
| Household Home Equity Loan Trust:                                                                                           |                                                                                  |
|                                                                                                                        | "A2F", Series 2006-4, 5.32%, 3/20/2036                                                |           | 590,000   |   | 587,614   |
|                                                                                                                        | "A1F", Series 2006-4, 5.79%, 3/20/2036                                                |           | 257,344   |   | 258,062   |
|                                                                                                                        | "A1F", Series 2006-3, 5.98%, 3/20/2036                                                |           | 413,683   |   | 412,389   |
| JPMorgan Mortgage Acquisition Corp., "AF1B", Series                        2007-CH1, 5.935%, 11/25/2036                     |                                                                                  |           | 1,363,085 |   | 1,354,549 |
| Merrill Lynch Mortgage Investors Trust, Inc., "N1",                        Series 2005-NC1N, 144A, 5.0%, 10/25/2035         |                                                                                  |           | 12,612    |   | 12,632    |
| New Century Home Equity Loan Trust, "A2", Series 2005-A,                        4.461%, 8/25/2035                           |                                                                                  |           | 130,451   |   | 129,923   |
| Renaissance Home Equity Loan Trust:                                                                                         |                                                                                  |
|                                                                                                                        | "AF3", Series 2005-2, 4.499%, 8/25/2035                                               |           | 1,005,189 |   | 1,002,736 |
|                                                                                                                        | "AF2", Series 2005-3, 4.723%, 11/25/2035                                              |           | 120,245   |   | 119,991   |
|                                                                                                                        | "AF1", Series 2006-4, 5.545%, 1/25/2037                                               |           | 457,998   |   | 455,165   |
|                                                                                                                        | "AF2", Series 2006-3, 5.58%, 11/25/2036                                               |           | 660,000   |   | 654,985   |
|                                                                                                                        | "AF1", Series 2007-2, 5.893%, 6/25/2037                                               |           | 852,868   |   | 858,384   |
|                                                                                                                        | "AF1", Series 2006-3, 5.917%, 11/25/2036                                              |           | 197,021   |   | 196,327   |
| Residential Asset Securities Corp., "AI3", Series                        2004-KS9, 3.79%, 8/25/2029                         |                                                                                  |           | 80,982    |   | 80,171    |
| Securitized Asset Backed NIM Trust, "NIM", Series                        2005-FR4, 144A, 6.0%, 1/25/2036                    |                                                                                  |           | 209,756   |   | 98,127    |
| Southern Pacific Secured Assets Corp., "A8", Series                        1998-2, 6.37%, 7/25/2029                         |                                                                                  |           | 99,047    |   | 96,827    |
|                                                                                                                             |
|                                                                                                                        | **11,434,330**                                                                        |
|                                                                                                                             |
| **Total Asset Backed**(Cost                        $27,682,898)                                                             |                                                                                  | **27,549,773** |
|                                                                                                                        | **Mortgage Backed Securities Pass-Throughs                        1.1%**              |           |
| Federal Home Loan Mortgage Corp.:                                                                                           |                                                                                  |
|                                                                                                                        | 5.5%, 3/1/2010                                                                        |           | 141,368   |   | 144,865   |
|                                                                                                                        | 6.0%, with various maturities from 10/1/2008 until                        11/1/2009   |           | 69,083    |   | 70,351    |
|                                                                                                                        | 7.0%, 3/1/2013                                                                        |           | 71,328    |   | 74,120    |
| Federal National Mortgage Association:                                                                                      |                                                                                  |
|                                                                                                                        | 6.0%, with various maturities from 6/1/2009 until                        2/1/2010     |           | 132,381   |   | 134,586   |
|                                                                                                                        | 8.5%, 10/1/2010                                                                       |           | 1,968     |   | 1,984     |
| Government National Mortgage Association, 6.5%,                        8/20/2034                                            |                                                                                  |           | 1,149,988 |   | 1,195,988 |
|                                                                                                                             |
| **Total Mortgage Backed Securities                        Pass-Throughs**(Cost $1,643,487)                                  |                                                                                  | **1,621,894**  |
|                                                                                                                        | **Commercial and Non-Agency Mortgage-Backed Securities                        36.2%** |           |
| ABN AMRO Mortgage Corp., "A5", Series 2003-4, 4.75%,                        3/25/2033                                       |                                                                                  |           | 240,773   |   | 241,716   |
| American Home Mortgage Investment Trust, "5A3", Series                        2005-2, 5.077%, 9/25/2035                     |                                                                                  |           | 770,000   |   | 746,593   |
| Banc of America Commercial Mortgage, Inc., "A1A", Series                        2000-1, 7.109%, 11/15/2031                  |                                                                                  |           | 157,770   |   | 158,105   |
| Banc of America Mortgage Securities:                                                                                        |                                                                                  |
|                                                                                                                        | "2A2", Series 2003-1, 5.25%, 2/25/2018                                                |           | 363,395   |   | 372,873   |
|                                                                                                                        | "1A1", Series 2004-G, 6.085% *, 8/25/2034                                             |           | 525,426   |   | 527,474   |
| Bear Stearns Adjustable Rate Mortgage Trust, "A1", Series                        2006-1, 4.625% *, 2/25/2036                |                                                                                  |           | 661,727   |   | 661,234   |
| Bear Stearns Alternative-A Trust, "6A1", Series 2004-9,                        6.781% *, 9/25/2034                          |                                                                                  |           | 295,475   |   | 295,241   |
| Cendant Mortgage Corp.:                                                                                                     |                                                                                  |
|                                                                                                                        | "1A1", Series 2003-9, 5.25%, 11/25/2033                                               |           | 615,575   |   | 620,090   |
|                                                                                                                             |                                                                                       |                |           |        |           |  |  |  |  |

|                                                                                                                      | "A5", Series 2003-1, 5.5%, 2/25/2033          |   | 542,115   |   | 547,627   |
|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------|--------|-----------|--------|-----------|
| Chase Mortgage Finance Corp., "2A1", Series 2004-S3,                        5.25%, 3/25/2034                              |                                          |   | 1,148,897 |   | 1,157,255 |
| Citicorp Mortgage Securities, Inc.:                                                                                       |                                          |
|                                                                                                                      | "1A1", Series 2003-5, 5.5%, 4/25/2033         |   | 202,387   |   | 204,127   |
|                                                                                                                      | "1A1", Series 2004-8, 5.5%, 10/25/2034        |   | 983,655   |   | 992,044   |
| Citigroup Mortgage Loan Trust, Inc.:                                                                                      |                                          |
|                                                                                                                      | "1A2", Series 2006-AR2, 5.531% *, 3/25/2036   |   | 2,643,217 |   | 2,684,107 |
|                                                                                                                      | "1A4A", Series 2006-AR7, 5.784% *, 11/25/2036 |   | 980,676   |   | 995,341   |
|                                                                                                                      | "1CB2", Series 2004-NCM2, 6.75%, 8/25/2034    |   | 669,751   |   | 695,076   |
| Commercial Mortgage Pass-Through Certificates, "A2",                        Series 1999-1, 6.455%, 5/15/2032              |                                          |   | 1,304,692 |   | 1,309,530 |
| Countrywide Alternative Loan Trust:                                                                                       |                                          |
|                                                                                                                      | "1A1", Series 2004-2CB, 4.25%, 3/25/2034      |   | 452,933   |   | 448,661   |
|                                                                                                                      | "A2", Series 2003-6T2, 5.0%, 6/25/2033        |   | 135,354   |   | 135,850   |
|                                                                                                                      | "2A1", Series 2004-28CB, 5.0%, 1/25/2035      |   | 268,915   |   | 267,740   |
|                                                                                                                      | "A2", Series 2004-29CB, 5.0%, 1/25/2035       |   | 379,495   |   | 375,378   |
|                                                                                                                      | "A2", Series 2002-18, 5.25%, 2/25/2033        |   | 696,506   |   | 698,547   |
|                                                                                                                      | "1A5", Series 2003-J1, 5.25%, 10/25/2033      |   | 340,468   |   | 343,115   |
|                                                                                                                      | "1A15", Series 2005-J10, 5.5%, 10/25/2035     |   | 609,742   |   | 607,081   |
|                                                                                                                      | "1A1", Series 2004-J1, 6.0%, 2/25/2034        |   | 109,150   |   | 109,525   |
|                                                                                                                      | "A4", Series 2002-11, 6.25%, 10/25/2032       |   | 174,260   |   | 174,738   |
| Countrywide Home Loan Mortgage Pass-Through                        Trust:                                                 |                                          |
|                                                                                                                      | "A15", Series 2002-34, 4.75%, 1/25/2033       |   | 557,780   |   | 555,037   |
|                                                                                                                      | "A2", Series 2004-19, 5.25%, 10/25/2034       |   | 117,738   |   | 117,732   |
|                                                                                                                      | "2A17", Series 2004-13, 5.75%, 8/25/2034      |   | 870,713   |   | 881,643   |
| Countrywide Home Loans:                                                                                                   |                                          |
|                                                                                                                      | "3A6", Series 2003-56, 4.49%, 12/25/2033      |   | 750,000   |   | 758,824   |
|                                                                                                                      | "5A1", Series 2005-HY10, 5.62% *, 2/20/2036   |   | 677,765   |   | 691,042   |
| Credit Suisse Mortgage Capital Certificates, Inc., "3A1",                        Series 2006-9, 6.0%, 11/25/2036          |                                          |   | 761,044   |   | 763,660   |
| CS First Boston Mortgage Securities Corp., "A1B", Series                        1998-C1, 6.48%, 5/17/2040                 |                                          |   | 579,253   |   | 580,719   |
| DLJ Commercial Mortgage Corp., "A1B", Series 1998-CG1,                        6.41%, 6/10/2031                            |                                          |   | 356,382   |   | 356,474   |
| First Franklin Mortgage Loan Asset Backed Certificate,                        "A2A", Series 2007-FFC, 3.526% *, 6/25/2027 |                                          |   | 944,974   |   | 893,199   |
| First Horizon Mortgage Pass-Through Trust:                                                                                |                                          |
|                                                                                                                      | "1A1", Series 2003-5, 5.25%, 4/25/2022        |   | 300,071   |   | 299,815   |
|                                                                                                                      | "1A1", Series 2007-AR1, 5.86% *, 5/25/2037    |   | 732,424   |   | 752,073   |
| GMAC Commercial Mortgage Securities, Inc.:                                                                                |                                          |
|                                                                                                                      | "A2", Series 1999-C1, 6.175%, 5/15/2033       |   | 882,217   |   | 889,903   |
|                                                                                                                      | "A2", Series 1998-C2, 6.42%, 5/15/2035        |   | 617,835   |   | 619,887   |
|                                                                                                                      | "C", Series 1998-C1, 6.806%, 5/15/2030        |   | 375,000   |   | 374,271   |
|                                                                                                                      | "A2", Series 1999-C3, 7.179%, 8/15/2036       |   | 1,184,713 |   | 1,220,162 |
|                                                                                                                      | "A1B", Series 1999-C3, 7.273%, 8/15/2036      |   | 897,984   |   | 925,305   |
| GSAA Home Equity Trust, "AF3", Series 2004-NC1, 3.519%,                        11/25/2033                                 |                                          |   | 38,668    |   | 38,596    |
|                                                                                                                      |                                          |   |      |   |      |
| GSR Mortgage Loan Trust:                                                                                                  |                                          |
|                                                                                                                      | "1A2" Series 2004-7, 5.294% *, 6/25/2034      |   | 338,459   |   | 332,313   |
|                                                                                                                      | "1A2", Series 2005-AR2, 6.46% *, 4/25/2035    |   | 656,023   |   | 640,875   |
|                                                                                                                      | "1A1", Series 2007-AR2, 5.79% *, 5/25/2047    |   | 732,992   |   | 743,624   |
|                                                                                                                      | "2A1", Series 2007-AR1, 6.02% *, 3/25/2037    |   | 758,436   |   | 770,811   |
| IndyMac INDA Mortgage Loan Trust, "1A1", Series 2006-AR3,                        5.346% *, 12/25/2036                     |                                          |   | 956,583   |   | 973,473   |
| IndyMac Index Mortgage Loan Trust, "3A1", Series                        2006-AR33, 5.78% *, 1/25/2037                     |                                          |   | 411,202   |   | 418,663   |
| JPMorgan Commercial Mortgage Finance Corp., "A2", Series                        1999-PLS1, 144A, 7.274% *, 2/15/2032      |                                          |   | 1,129,775 |   | 1,138,230 |
| Master Asset Securitization Trust, "2A1", Series 2004-4,                        5.0%, 4/25/2034                           |                                          |   | 731,208   |   | 732,460   |
| Merrill Lynch Mortgage Investors Trust, "A2", Series                        2005-A5, 4.566%, 6/25/2035                    |                                          |   | 110,000   |   | 110,914   |
| MLCC Mortgage Investors, Inc., "1A", Series 2004-1, 7.00%                        *, 12/25/2034                            |                                          |   | 284,897   |   | 286,731   |
|                                                                                                                           |                                               |        |           |        |           |  |  |

| Morgan Stanley Capital I, "A2", Series 2007-HQ11, 5.359%,                        2/12/2044                     |                                                                 |           | 900,000    |   | 897,132    |
|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------|------------|--------|------------|
| Morgan Stanley Mortgage Loan Trust, "5A2", Series                        2006-8AR, 5.427% *, 6/25/2036         |                                                                 |           | 962,733    |   | 980,006    |
| Nationslink Funding Corp., "B", Series 1998-2, 6.795%,                        8/20/2030                        |                                                                 |           | 1,115,000  |   | 1,121,354  |
| Residential Accredit Loans, Inc.:                                                                              |                                                                 |
|                                                                                                           | "A6", Series 2002-QS19, 5.125%, 12/25/2032                           |           | 723,550    |   | 724,033    |
|                                                                                                           | "1A1", Series 2004-QS16, 5.5%, 12/25/2034                            |           | 629,454    |   | 610,964    |
| Residential Asset Mortgage Products, Inc., "A4", Series                        2004-SL4, 7.0%, 7/25/2032       |                                                                 |           | 761,866    |   | 748,295    |
| Residential Asset Securitization Trust:                                                                        |                                                                 |
|                                                                                                           | "2A1", Series 2003-A15, 5.25%, 2/25/2034                             |           | 421,961    |   | 420,225    |
|                                                                                                           | "A1", Series 2004-A1, 5.25%, 4/25/2034                               |           | 442,108    |   | 430,000    |
| Residential Funding Mortgage Security I:                                                                       |                                                                 |
|                                                                                                           | "A2", Series 2003-S3, 5.25%, 2/25/2018                               |           | 440,605    |   | 446,604    |
|                                                                                                           | "2A2", Series 2007-SA1, 5.621% *, 2/25/2037                          |           | 733,034    |   | 749,480    |
| Sequoia Mortgage Trust:                                                                                        |                                                                 |
|                                                                                                           | "2AA1", Series 2007-3, 5.655% *, 7/20/2037                           |           | 1,199,506  |   | 1,209,116  |
|                                                                                                           | "4A1", Series 2007-1, 5.814% *, 9/20/2046                            |           | 976,539    |   | 993,229    |
| SunTrust Adjustable Rate Mortgage Loan Trust, "2A1",                        Series 2007-2, 5.689% *, 4/25/2037 |                                                                 |           | 1,002,153  |   | 1,008,713  |
| TIAA Real Estate CDO Ltd.:                                                                                     |                                                                 |
|                                                                                                           | "A3", Series 2001-C1A, 144A, 6.56%, 6/19/2026                        |           | 142,725    |   | 143,225    |
|                                                                                                           | "A4", Series 2001-C1A, 144A, 6.68%, 6/19/2031                        |           | 1,150,000  |   | 1,177,256  |
| Washington Mutual Mortgage Pass-Through                        Certificates:                                   |                                                                 |
|                                                                                                           | "A7", Series 2003-AR4, 3.95%, 5/25/2033                              |           | 877,226    |   | 863,848    |
|                                                                                                           | "2A1", Series 2002-S8, 4.5%, 1/25/2018                               |           | 87,212     |   | 87,117     |
|                                                                                                           | "1A1", Series 2006-AR18, 5.346% *, 1/25/2037                         |           | 531,612    |   | 540,587    |
|                                                                                                           | "4A1", Series 2007-HY3, 5.349% *, 3/25/2037                          |           | 759,894    |   | 771,597    |
|                                                                                                           | "1A1", Series 2007-HY4, 5.55% *, 4/25/2037                           |           | 751,890    |   | 763,058    |
|                                                                                                           | "1A1", Series 2006-AR16, 5.608% *, 12/25/2036                        |           | 638,578    |   | 643,994    |
|                                                                                                           | "1A1", Series 2007-HY2, 5.627% *, 12/25/2036                         |           | 595,267    |   | 599,408    |
|                                                                                                           | "3A1", Series 2007-HY7, 5.912% *, 7/25/2037                          |           | 766,218    |   | 767,362    |
| Wells Fargo Mortgage Backed Securities Trust:                                                                  |                                                                 |
|                                                                                                           | "1A1", Series 2005-9, 4.75%, 10/25/2035                              |           | 684,168    |   | 681,932    |
|                                                                                                           | "4A2", Series 2005-AR16, 4.994% *, 10/25/2035                        |           | 620,000    |   | 622,773    |
|                                                                                                           | "1A3", Series 2006-6, 5.75%, 5/25/2036                               |           | 1,295,156  |   | 1,308,912  |
|                                                                                                           | "A5", Series 2003-A, 6.85% *, 2/25/2033                              |           | 864,370    |   | 861,874    |
|                                                                                                                |
| **Total Commercial and Non-Agency Mortgage-Backed                        Securities**(Cost $52,182,167)        |                                                                 | **52,407,598** |
|                                                                                                           | **Collateralized Mortgage Obligations                        2.2%**  |           |
| Federal Home Loan Mortgage Corp.:                                                                              |                                                                 |
|                                                                                                           | "WJ", Series 2557, 5.0%, 7/15/2014                                   |           | 570,427    |   | 577,134    |
|                                                                                                           | "AB", Series 3197, 5.5%, 8/15/2013                                   |           | 950,567    |   | 965,417    |
|                                                                                                           | "N", Series 2141, 5.55%, 11/15/2027                                  |           | 124,167    |   | 124,208    |
|                                                                                                           | "QE", Series 2113, 6.0%, 11/15/2027                                  |           | 180,047    |   | 180,828    |
|                                                                                                           | "PE", Series 2123, 6.0%, 12/15/2027                                  |           | 59,861     |   | 60,001     |
|                                                                                                           | "LA", Series 1343, 8.0%, 8/15/2022                                   |           | 242,818    |   | 250,149    |
|                                                                                                           | "PK", Series 1751, 8.0%, 9/15/2024                                   |           | 831,438    |   | 859,672    |
| Federal National Mortgage Association, "A2", Series                        1998-M6, 6.32%, 8/15/2008           |                                                                 |           | 135,350    |   | 135,825    |
|                                                                                                                |
| **Total Collateralized Mortgage Obligations**(Cost $3,200,371)                                                 |                                                                 | **3,153,234**  |
|                                                                                                           | **Government & Agency Obligations                        23.4%** |           |
| **US Treasury Obligations**                                                                                    |                                                                 |
| US Treasury Notes:                                                                                             |                                                                 |
|                                                                                                           | 4.5%, 2/15/2009 (a)                                                  |           | 4,736,000  |   | 4,848,480  |
|                                                                                                           | 4.75%, 2/15/2010 (a)                                                 |           | 18,960,000 |   | 19,934,658 |
|                                                                                                           | 4.875%, 4/30/2011                                                    |           | 8,441,000  |   | 9,094,519  |
|                                                                                                                |
| **Total Government & Agency Obligations**(Cost $33,066,635)                                                |                                                                 | **33,877,657** |
|                                                                                                                |                                                                      |                |            |        |            |  |  |  |  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Municipal Bonds and Notes 1.1%**                                                                                                                                                                                                                                                                                                                                                                             |          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
| La Vernia, TX, Higher Education Finance Corp. Revenue,                        Southwest Winners, Series B, 144A, 5.7%, 2/15/2011 (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                           |          | 465,000 |   | 462,894 |
| New Orleans, LA, Finance Authority Revenue, 4.986% **,                        7/15/2021                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                           |          | 465,000 |   | 465,000 |
| Orlando, FL, Greater Orlando Aviation Authority, Airport                        Facilities Revenue, Series A, 5.42%, 10/1/2010 (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                           |          | 615,000 |   | 644,815 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Total Municipal Bonds and Notes**(Cost $1,546,767)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                           | **1,572,709** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Shares**                                                                                                                                                                                                                                                                                                                                                                                                     |          | **Value                        ($)** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Securities Lending Collateral 20.9%**                                                                                                                                                                                                                                                                                                                                                                        |          |
| Daily Assets Fund Institutional, 4.22% (c) (d)(Cost $30,276,590)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                           |          | 30,276,590 |   | **30,276,590** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Cash Equivalents 2.3%**                                                                                                                                                                                                                                                                                                                                                                                      |          |
| Cash Management QP Trust, 4.52% (c)(Cost $3,367,836)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                           |          | 3,367,836 |   | **3,367,836** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **%                        of****Net Assets**                                                                                                                                                                                                                                                                                                                                                                  |          | **Value                        ($)** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Total Investment Portfolio**(Cost $173,027,323)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 119.6                                                                                                                                                                                                                                                                                                                                                                                                          |          | **173,308,134** |
| **Other Assets and Liabilities, Net**(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | (19.6)                                                                                                                                                                                                                                                                                                                                                                                                         |          | **(28,357,030)** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| **Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 100.0                                                                                                                                                                                                                                                                                                                                                                                                          |          | **144,951,104** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | *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.*                                                                                                                             |
| ***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | *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 January 31, 2008.*                                                                                                |
| ****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | *Variable rate demand notes are securities whose                        interest rates are reset periodically at market levels. These securities                        are often payable on demand and are shown at their current rates as of                        January 31, 2008.*                                                                                                                       |
| *(a)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | *All or a portion of these securities were on loan                        amounting to $24,783,138. In addition, included in other assets and                        liabilities is a pending sale, amounting to $4,362,156, that is also on                        loan. The value of all securities loaned at January 31, 2008 amounted to                        $29,145,294 which is 20.1% of net assets.* |
| *(b)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | *Bond is insured by one of these                        companies:*                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ***As a % of Total***                                                                                                                                                                                                                                                                                                                                                                                          |          |
| ***Insurance Coverage***                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ***Investment Portfolio***                                                                                                                                                                                                                                                                                                                                                                                     |          |
| *American Capital Access*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | *0.2*                                                                                                                                                                                                                                                                                                                                                                                                          |          |
| *MBIA Corp.*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | *0.4*                                                                                                                                                                                                                                                                                                                                                                                                          |          |
| *(c)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | *Affiliated fund managed by Deutsche Investment                        Management Americas Inc. The rate shown is the annualized seven-day yield                        at period end.*                                                                                                                                                                                                                        |
| *(d)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | *Represents collateral held in connection with                        securities lending. Income earned by the Fund is net of borrower                        rebates.*                                                                                                                                                                                                                                        |
| *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.*                                                                                                                                                                                                                                                                                                                                         |
| *Included in the portfolio are investments in mortgage                        or asset-backed securities which are interests in separate pools of                        mortgages or assets. Effective maturities of these investments may be                        shorter than state maturities due to prepayments. Some separate investments                        in the Federal Home Loan Mortgage Corp. and Federal National Mortgage                        Association issues have similar coupon rates and have been aggregated for                        presentation purposes in the investment portfolio.* |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                |               |  |  |  |  |  |  |  |  |  |  |  |  |

| **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 Short Duration Fund, a series of DWS Advisor                        Funds |
|-------------|-------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 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 Short Duration Fund, a series of DWS Advisor                        Funds |
|-------------|-------------------------------------------------------------------------------|

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | March 17, 2008 |
|-------|----------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

| Date: | March 17, 2008 |
|-------|----------------|