UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

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

Date of fiscal year end:  10/31

Date of reporting period: 7/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of July 31, 2009  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS Short Duration Fund**

 

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

**Corporate Bonds 49.9%**

 
**Consumer Discretionary 2.2%**

 
AutoZone, Inc., 5.75%, 1/15/2015 

 

 

540,000 

 

557,694 

 
Fortune Brands, Inc., 6.375%, 6/15/2014 

 

 

675,000 

 

686,602 

 
JC Penney Corp., Inc., 9.0%, 8/1/2012 

 

 

500,000 

 

525,156 

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

 

 

115,000 

 

118,162 

 
Time Warner Cable, Inc., 5.4%, 7/2/2012 

 

 

550,000 

 

587,308 

 
Viacom, Inc., 5.75%, 4/30/2011 

 

 

1,185,000 

 

1,238,041 

 
 

**3,712,963**

 
**Consumer Staples 4.0%**

 
Anheuser-Busch InBev Worldwide, Inc., 144A, 5.375%, 11/15/2014 

 

 

770,000 

 

804,939 

 
Campbell Soup Co., 3.375%, 8/15/2014 

 

 

740,000 

 

752,040 

 
 

 

Coca-Cola Enterprises, Inc., 3.75%, 3/1/2012 

 

 

455,000 

 

473,013 

 
CVS Caremark Corp.:

 
 

0.968% **, 6/1/2010 

 

2,252,000 

 

2,244,593 

 
 

6.302%, 6/1/2037 

 

915,000 

 

704,550 

 
H.J. Heinz Co., 5.35%, 7/15/2013 

 

 

700,000 

 

736,772 

 
PepsiAmericas, Inc., 4.375%, 2/15/2014 

 

 

210,000 

 

216,331 

 
Procter & Gamble Co., 4.6%, 1/15/2014 

 

 

600,000 

 

641,426 

 
 

**6,573,664**

 
**Energy 4.0%**

 
Anadarko Petroleum Corp.:

 
 

5.75%, 6/15/2014 

 

70,000 

 

73,590 

 
 

7.625%, 3/15/2014 

 

500,000 

 

561,940 

 
Canadian Natural Resources Ltd., 5.15%, 2/1/2013 

 

 

620,000 

 

640,777 

 
Chevron Corp., 3.45%, 3/3/2012 

 

 

1,000,000 

 

1,036,233 

 
ConocoPhillips, 4.75%, 2/1/2014 

 

 

810,000 

 

861,759 

 
Devon Energy Corp., 5.625%, 1/15/2014 

 

 

400,000 

 

428,571 

 
Enterprise Products Operating LLP:

 
 

4.6%, 8/1/2012 

 

480,000 

 

494,230 

 
 

Series M, 5.65%, 4/1/2013 

 

100,000 

 

104,713 

 
 

Series B, 7.5%, 2/1/2011 

 

80,000 

 

84,730 

 
Hess Corp., 7.0%, 2/15/2014 

 

 

230,000 

 

254,204 

 
Husky Energy, Inc., 5.9%, 6/15/2014 

 

 

340,000 

 

365,480 

 
Kinder Morgan Energy Partners LP, 5.625%, 2/15/2015 

 

 

300,000 

 

316,976 

 
Korea National Oil Corp., 144A, 5.375%, 7/30/2014 

 

 

585,000 

 

597,431 

 
Marathon Oil Corp., 6.5%, 2/15/2014 

 

 

340,000 

 

374,879 

 
Plains All American Pipeline LP, 4.25%, 9/1/2012 

 

 

400,000 

 

407,502 

 
 

**6,603,015**

 
**Financials 24.2%**

 
African Development Bank, 3.0%, 5/27/2014 

 

 

770,000 

 

764,214 

 
American Express Bank, FSB, 5.55%, 10/17/2012 

 

 

1,000,000 

 

1,021,459 

 
American General Finance Corp., Series H, 4.625%, 9/1/2010 

 

 

625,000 

 

482,260 

 
Anglo American Capital PLC, 144A, 9.375%, 4/8/2014 

 

 

520,000 

 

582,400 

 
ANZ National (Int'l) Ltd., 144A, 3.25%, 4/2/2012 

 

 

230,000 

 

236,520 

 
Asian Development Bank, 2.75%, 5/21/2014 

 

 

368,000 

 

365,390 

 
Australia & New Zealand Banking Group Ltd.:

 
 

144A, 0.893% **, 6/18/2012 

 

230,000 

 

229,061 

 
 

144A, 1.314% **, 12/17/2010 

 

770,000 

 

769,594 

 
Bank of New York Mellon Corp., Series G, 4.95%, 11/1/2012 

 

 

1,200,000 

 

1,282,486 

 
Barclays Bank PLC:

 
 

1.424% **, 3/16/2012 

 

400,000 

 

404,676 

 
 

144A, 2.7%, 3/5/2012 

 

890,000 

 

902,150 

 
 

5.2%, 7/10/2014 

 

380,000 

 

394,092 

 
BB&T Corp., 6.5%, 8/1/2011 

 

 

1,000,000 

 

1,034,545 

 
Berkshire Hathaway Finance Corp., 144A, 4.0%, 4/15/2012 

 

 

500,000 

 

517,363 

 
Capital One Financial Corp., 7.375%, 5/23/2014 

 

 

540,000 

 

585,417 

 
Caterpillar Financial Services Corp., Series F, 4.85%, 12/7/2012 

 

 

500,000 

 

522,949 

 
CME Group, Inc., 5.75%, 2/15/2014 

 

 

445,000 

 

483,988 

 
Commonwealth Bank of Australia:

 
 

144A, 1.03% **, 12/10/2012 

 

255,000 

 

255,051 

 
 

1.292% **, 7/27/2012 

 

800,000 

 

810,464 

 
 

144A, 2.5%, 12/10/2012 

 

540,000 

 

543,811 

 
Countrywide Financial Corp., 5.8%, 6/7/2012 

 

 

1,000,000 

 

1,026,376 

 
Credit Suisse New York, 5.5%, 5/1/2014 

 

 

820,000 

 

872,113 

 
Daimler Finance North America LLC, 6.5%, 11/15/2013 

 

 

800,000 

 

846,256 

 
Deutsche Telekom International Finance BV, 4.875%, 7/8/2014 

 

 

770,000 

 

799,512 

 
 

 

Dexia Credit Local, 144A, 1.262% **, 9/23/2011 

 

 

770,000 

 

767,702 

 
Discover Financial Services, 1.169% **, 6/11/2010 

 

 

560,000 

 

538,304 

 
Encana Holdings Finance Corp., 5.8%, 5/1/2014 

 

 

520,000 

 

565,879 

 
European Bank for Reconstruction & Development, 1.25%, 6/10/2011 

 

 

770,000 

 

768,302 

 
General Electric Capital Corp., 5.9%, 5/13/2014 

 

 

770,000 

 

818,900 

 
HSBC Finance Corp., 5.25%, 1/15/2014 

 

 

800,000 

 

796,783 

 
Inter-American Development Bank, 1.5%, 6/23/2011 

 

 

760,000 

 

762,128 

 
JPMorgan Chase & Co., 4.65%, 6/1/2014 

 

 

1,150,000 

 

1,197,854 

 
Lloyds TSB Bank PLC, 144A, 2.3%, 4/1/2011 

 

 

380,000 

 

383,212 

 
Macquarie Group Ltd., 144A, 7.3%, 8/1/2014 (a) 

 

 

565,000 

 

567,684 

 
Merrill Lynch & Co., Inc., 5.77%, 7/25/2011 

 

 

960,000 

 

990,826 

 
Monumental Global Funding II, 144A, 0.659% **, 9/22/2009 

 

 

700,000 

 

697,511 

 
Morgan Stanley:

 
 

Series F, 5.625%, 1/9/2012 

 

750,000 

 

780,845 

 
 

6.0%, 5/13/2014 

 

320,000 

 

341,550 

 
Northern Trust Corp., 4.625%, 5/1/2014 

 

 

230,000 

 

243,128 

 
Novartis Capital Corp., 4.125%, 2/10/2014 

 

 

525,000 

 

547,526 

 
PC Financial Partnership, 5.0%, 11/15/2014 

 

 

800,000 

 

823,892 

 
Pricoa Global Funding I, 144A, 5.45%, 6/11/2014 

 

 

445,000 

 

455,063 

 
Principal Financial Group, Inc., 7.875%, 5/15/2014 

 

 

770,000 

 

813,828 

 
Prudential Financial, Inc., 6.2%, 1/15/2015 

 

 

230,000 

 

236,364 

 
Rabobank Nederland - Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 144A, 4.2%, 5/13/2014 

 

 

770,000 

 

786,360 

 
Rio Tinto Finance (USA) Ltd.:

 
 

5.875%, 7/15/2013 

 

300,000 

 

317,759 

 
 

8.95%, 5/1/2014 

 

570,000 

 

662,343 

 
Simon Property Group LP, (REIT), 5.375%, 6/1/2011 

 

 

400,000 

 

410,478 

 
Societe Financement de L'Economie Francaise, 144A, 2.25%, 6/11/2012 

 

 

770,000 

 

770,616 

 
Sovereign Bancorp., Inc., 4.8%, 9/1/2010 

 

 

500,000 

 

489,405 

 
Suncorp-Metway Ltd., 144A, 0.989% **, 12/17/2010 

 

 

1,000,000 

 

1,000,487 

 
Telecom Italia Capital SA:

 
 

5.25%, 11/15/2013 

 

400,000 

 

412,957 

 
 

6.175%, 6/18/2014 

 

510,000 

 

547,896 

 
 

6.2%, 7/18/2011 

 

1,432,000 

 

1,517,446 

 
The Goldman Sachs Group, Inc.:

 
 

3.625%, 8/1/2012 

 

280,000 

 

284,943 

 
 

6.0%, 5/1/2014 

 

700,000 

 

758,512 

 
Verizon Wireless Capital LLC:

 
 

144A, 3.75%, 5/20/2011 

 

380,000 

 

391,441 

 
 

144A, 5.25%, 2/1/2012 

 

750,000 

 

800,441 

 
Wachovia Bank NA, 7.8%, 8/18/2010 

 

 

850,000 

 

895,665 

 
Westpac Securities NZ Ltd., 144A, 2.5%, 5/25/2012 

 

 

395,000 

 

394,885 

 
Woori Bank, 144A, 7.0%, 2/2/2015 

 

 

285,000 

 

297,825 

 
Xstrata Finance Canada Ltd., 144A, 5.5%, 11/16/2011 

 

 

613,000 

 

599,640 

 
 

**40,168,527**

 
**Health Care 3.0%**

 
CareFusion Corp., 144A, 4.125%, 8/1/2012 

 

 

110,000 

 

111,615 

 
Eli Lilly & Co., 3.55%, 3/6/2012 

 

 

530,000 

 

550,365 

 
Express Scripts, Inc.:

 
 

5.25%, 6/15/2012 

 

380,000 

 

401,332 

 
 

6.25%, 6/15/2014 

 

150,000 

 

163,658 

 
McKesson Corp., 6.5%, 2/15/2014 

 

 

185,000 

 

200,316 

 
Medtronic, Inc., 4.5%, 3/15/2014 

 

 

445,000 

 

469,409 

 
Merck & Co., Inc., 1.875%, 6/30/2011 

 

 

590,000 

 

594,723 

 
Pfizer, Inc., 4.45%, 3/15/2012 

 

 

800,000 

 

846,955 

 
Roche Holdings, Inc., 144A, 4.5%, 3/1/2012 

 

 

965,000 

 

1,011,856 

 
 

 

Wyeth, 5.5%, 2/1/2014 

 

 

620,000 

 

676,205 

 
 

**5,026,434**

 
**Industrials 1.9%**

 
3M Co., 4.65%, 12/15/2012 

 

 

540,000 

 

582,753 

 
BAE Systems Holdings, Inc., 144A, 4.95%, 6/1/2014 

 

 

385,000 

 

396,111 

 
Burlington Northern Santa Fe Corp., 7.0%, 2/1/2014 

 

 

1,250,000 

 

1,402,142 

 
General Dynamics Corp., 1.8%, 7/15/2011 

 

 

300,000 

 

299,918 

 
Ingersoll-Rand Global Holding Co., Ltd., 9.5%, 4/15/2014 

 

 

190,000 

 

220,525 

 
Northrop Grumman Corp., 3.7%, 8/1/2014 

 

 

255,000 

 

256,612 

 
 

**3,158,061**

 
**Information Technology 3.1%**

 
Cisco Systems, Inc., 5.25%, 2/22/2011 

 

 

850,000 

 

899,684 

 
Dell, Inc., 3.375%, 6/15/2012 

 

 

160,000 

 

163,651 

 
Hewlett-Packard Co.:

 
 

2.25%, 5/27/2011 

 

240,000 

 

243,521 

 
 

2.95%, 8/15/2012 

 

130,000 

 

133,177 

 
 

4.25%, 2/24/2012 

 

1,000,000 

 

1,052,104 

 
Oracle Corp., 3.75%, 7/8/2014 

 

 

500,000 

 

515,653 

 
Xerox Corp., 7.125%, 6/15/2010 

 

 

2,000,000 

 

2,060,178 

 
 

**5,067,968**

 
**Materials 0.9%**

 
Bemis Co., Inc., 5.65%, 8/1/2014 

 

 

160,000 

 

167,696 

 
Dow Chemical Co., 7.6%, 5/15/2014 

 

 

750,000 

 

814,964 

 
Potash Corp. of Saskatchewan, Inc., 5.25%, 5/15/2014 

 

 

480,000 

 

507,776 

 
 

**1,490,436**

 
**Telecommunication Services 1.9%**

 
British Telecommunications PLC, 9.125%, 12/15/2010 

 

 

1,879,000 

 

2,020,004 

 
Centennial Cellular Operating Co., 10.125%, 6/15/2013 

 

 

265,000 

 

270,962 

 
France Telecom SA, 4.375%, 7/8/2014 

 

 

900,000 

 

939,090 

 
 

**3,230,056**

 
**Utilities 4.7%**

 
Ameren Corp., 8.875%, 5/15/2014 (b) 

 

 

202,000 

 

216,201 

 
Consolidated Edison Co. of New York, 5.55%, 4/1/2014 

 

 

780,000 

 

842,572 

 
Consumers Energy Co.:

 
 

Series F, 4.0%, 5/15/2010 

 

1,500,000 

 

1,519,165 

 
 

Series J, 6.0%, 2/15/2014 

 

730,000 

 

780,277 

 
DTE Energy Co., 7.625%, 5/15/2014 

 

 

290,000 

 

309,175 

 
Duke Energy Corp., 6.3%, 2/1/2014 

 

 

540,000 

 

593,850 

 
FirstEnergy Corp., Series B, 6.45%, 11/15/2011 

 

 

770,000 

 

821,374 

 
Florida Power Corp., 4.8%, 3/1/2013 

 

 

900,000 

 

943,293 

 
Korea Electric Power Corp., 144A, 5.5%, 7/21/2014 

 

 

720,000 

 

736,200 

 
Korea Gas Corp., 144A, 6.0%, 7/15/2014 

 

 

122,000 

 

126,800 

 
MidAmerican Energy Holdings Co., 144A, 3.15%, 7/15/2012 

 

 

900,000 

 

907,614 

 
 

**7,796,521**

 
**Total Corporate Bonds** (Cost $80,115,161)

 

**82,827,645**

 
 

**Mortgage-Backed Securities Pass-Throughs 4.2%**

 
Federal Home Loan Mortgage Corp.:

 
 

5.5%, 3/1/2010 

 

90,395 

 

91,502 

 
 

6.0%, 11/1/2009 

 

3,674 

 

3,694 

 
 

7.0%, 3/1/2013 

 

25,163 

 

26,173 

 
Federal National Mortgage Association:

 
 

 

 

5.298% **, 9/1/2038 

 

1,309,244 

 

1,378,697 

 
 

6.0%, 11/1/2017 

 

1,709,649 

 

1,817,740 

 
 

7.0%, 4/1/2038 

 

570,053 

 

622,004 

 
Government National Mortgage Association:

 
 

6.5%,with various maturities from 8/20/2034 until 2/20/2039 

 

2,698,193 

 

2,876,929 

 
 

7.0%,with various maturities from 6/20/2038 until 10/20/2038 

 

159,955 

 

172,595 

 
**Total Mortgage-Backed Securities Pass-Throughs** (Cost $6,830,162)

 

**6,989,334**

 
 

**Asset-Backed 10.2%**

 
**Automobile Receivables 4.6%**

 
AmeriCredit Automobile Receivables Trust:

 
 

"A4", Series 2004-DF, 3.43%, 7/6/2011 

 

129,436 

 

130,549 

 
 

"A2", Series 2006-RM, 5.42%, 8/8/2011 

 

515,168 

 

524,267 

 
 

"A3A", Series 2007-DF, 5.49%, 7/6/2012 

 

389,726 

 

392,729 

 
Capital One Prime Auto Receivables Trust, "A3", Series 2007-1, 5.47%, 6/15/2011 

 

 

448,866 

 

454,461 

 
Credit Acceptance Auto Dealer Loan Trust, "A1A", Series 2007-2, 144A, 6.16%, 4/15/2013 

 

 

741,239 

 

736,805 

 
Daimler Chrysler Auto Trust, "A2A", Series 2008-B, 3.81%, 7/8/2011 

 

 

744,356 

 

751,796 

 
Ford Credit Auto Owner Trust, "A2", Series 2009-B, 2.1%, 11/15/2011 

 

 

192,000 

 

193,037 

 
Hyundai Auto Receivables Trust:

 
 

"A3A", Series 2007-A, 5.04%, 1/17/2012 

 

1,094,429 

 

1,117,529 

 
 

"D", Series 2006-A, 5.52%, 11/15/2012 

 

127,562 

 

128,852 

 
LAI Vehicle Lease Securitization Trust, "A", Series 2005-A, 144A, 4.56%, 11/15/2012 

 

 

57,584 

 

49,188 

 
Long Beach Auto Receivables Trust, "A3", Series 2006-B, 5.17%, 8/15/2011 

 

 

163,961 

 

164,244 

 
Nissan Auto Receivables Owner Trust, "A4", Series 2005-C, 4.31%, 3/15/2011 

 

 

502,717 

 

504,751 

 
Triad Auto Receivables Owner Trust, "A4", Series 2005-A, 4.22%, 6/12/2012 

 

 

401,866 

 

402,370 

 
Wachovia Auto Loan Owner Trust, "A3", Series 2006-2A, 144A, 5.23%, 8/22/2011 

 

 

254,197 

 

255,380 

 
WFS Financial Owner Trust, "D", Series 2005-3, 4.76%, 5/17/2013 

 

 

710,000 

 

698,227 

 
World Omni Auto Receivables Trust, "A3A", Series 2007-B, 5.28%, 1/17/2012 

 

 

1,052,251 

 

1,073,117 

 
 

**7,577,302**

 
**Credit Card Receivables 1.3%**

 
Bank One Issuance Trust, "B2", Series 2004-B2, 4.37%, 4/15/2012 

 

 

1,430,000 

 

1,431,032 

 
Capital One Multi-Asset Execution Trust, "A2", Series 2009-A2, 3.2%, 4/15/2014 

 

 

770,000 

 

771,630 

 
 

**2,202,662**

 
**Home Equity Loans 2.1%**

 
Carrington Mortgage Loan Trust, "A1", Series 2006-NC4, 0.335% **, 10/25/2036 

 

 

240,085 

 

228,284 

 
Citifinancial Mortgage Securities, Inc., "AF2", Series 2004-1, 2.645%, 4/25/2034 

 

 

96,318 

 

92,054 

 
Credit-Based Asset Servicing and Securitization LLC:

 
 

"A4", Series 2004-CB4, 5.497%, 5/25/2035 

 

40,055 

 

38,834 

 
 

"A2A", Series 2007-CB2, 5.891%, 2/25/2037 

 

437,287 

 

360,471 

 
First Franklin Mortgage Loan Asset-Backed Certificates, "A2A", Series 2007-FFC, 0.435% **, 6/25/2027 

 

 

613,597 

 

254,650 

 
 

Household Home Equity Loan Trust:

 
 

"A2F", Series 2006-4, 5.32%, 3/20/2036 

 

590,000 

 

549,688 

 
 

"A1F", Series 2006-4, 5.79%, 3/20/2036 

 

44,094 

 

43,574 

 
 

"A1F", Series 2006-3, 5.98%, 3/20/2036 

 

58,889 

 

58,358 

 
JPMorgan Mortgage Acquisition Corp., "AF1B", Series 2007-CH1, 5.935%, 11/25/2036 

 

 

424,086 

 

410,303 

 
Renaissance Home Equity Loan Trust:

 
 

"AF3", Series 2005-2, 4.499%, 8/25/2035 

 

462,710 

 

438,381 

 
 

"AF1", Series 2006-4, 5.545%, 1/25/2037 

 

138,884 

 

134,675 

 
 

"AF2", Series 2006-3, 5.58%, 11/25/2036 

 

455,396 

 

394,925 

 
 

"AF1", Series 2007-2, 5.893%, 6/25/2037 

 

442,626 

 

404,274 

 
Securitized Asset-Backed NIM Trust, "NIM", Series 2005-FR4, 144A, 6.0%, 1/25/2036 * 

 

 

209,756 

 

21 

 
Southern Pacific Secured Assets Corp., "A8", Series 1998-2, 6.37%, 7/25/2029 

 

 

52,101 

 

39,282 

 
 

**3,447,774**

 
**Miscellaneous 2.2%**

 
Caterpillar Financial Asset Trust, "A2A", Series 2008-A, 4.09%, 12/27/2010 

 

 

804,395 

 

810,271 

 
CNH Equipment Trust, "A3A", Series 2008-B, 4.78%, 7/16/2012 

 

 

2,280,000 

 

2,336,302 

 
Duane Street CLO, "A", Series 2005-1A, 144A, 1.224% **, 11/8/2017 

 

 

644,050 

 

537,781 

 
 

**3,684,354**

 
**Total Asset-Backed** (Cost $17,582,611)

 

**16,912,092**

 
 

**Commercial Mortgage-Backed Securities 11.3%**

 
Banc of America Commercial Mortgage, Inc., "A1", Series 2005-4, 4.432%, 7/10/2045 

 

 

261,480 

 

261,990 

 
Bear Stearns Commercial Mortgage Securities, Inc.:

 
 

"A1", Series 2002-PBW1, 3.97%, 11/11/2035 

 

146,623 

 

147,343 

 
 

"A1", Series 2002-TOP8, 4.06%, 8/15/2038 

 

372,395 

 

374,095 

 
 

"A2", Series 2001-TOP2, 6.48%, 2/15/2035 

 

750,000 

 

776,093 

 
CS First Boston Mortgage Securities Corp.:

 
 

"A3", Series 2002-CKN2, 6.133%, 4/15/2037 

 

925,000 

 

957,874 

 
 

"A4", Series 2001-CP4, 6.18%, 12/15/2035 

 

662,315 

 

686,434 

 
 

"F", Series 2001-CK1, 144A, 6.65%, 12/18/2035

 

1,300,000 

 

1,261,642 

 
GMAC Commercial Mortgage Securities, Inc., "A2", Series 2001-C1, 6.465%, 4/15/2034 

 

 

565,487 

 

586,657 

 
Greenwich Capital Commercial Funding Corp.:

 
 

"A2", Series 2005-GG5, 5.117%, 4/10/2037 

 

1,000,000 

 

1,009,489 

 
 

"A2", Series 2007-GG9, 5.381%, 3/10/2039 

 

1,433,000 

 

1,432,924 

 
JPMorgan Chase Commercial Mortgage Securities Corp.:

 
 

"A2", Series 2004-CB8, 3.837%, 1/12/2039 

 

580,000 

 

571,613 

 
 

"A2", Series 2004-PNC1, 4.555%, 6/12/2041 

 

104,733 

 

104,680 

 
 

"A2", Series 2005-LDP1, 4.625%, 3/15/2046 

 

275,991 

 

275,969 

 
 

"A2", Series 2002-C1, 4.914%, 7/12/2037 

 

484,588 

 

491,637 

 
LB-UBS Commercial Mortgage Trust:

 
 

"A2", Series 2003-C7, 4.064%, 9/15/2027 

 

1,365,280 

 

1,365,034 

 
 

"A3", Series 2002-C4, 4.071%, 9/15/2026 

 

423,391 

 

426,285 

 
 

"A3", Series 2001-C7, 5.642%, 12/15/2025 

 

558,146 

 

571,521 

 
Morgan Stanley Capital I:

 
 

"A2", Series 2005-HQ5, 4.809%, 1/14/2042 

 

1,391,508 

 

1,403,487 

 
 

"A2", Series 2007-HQ11, 5.359%, 2/12/2044 

 

900,000 

 

899,468 

 
Morgan Stanley Dean Witter Capital I, "A4", Series 2001-TOP1, 6.66%, 2/15/2033 

 

 

411,651 

 

424,173 

 
Prudential Securities Secured Financing Corp., "F", Series 1999-C2, 7.577% **, 6/16/2031 

 

 

1,500,000 

 

1,499,325 

 
TIAA Real Estate CDO Ltd., "A4", Series 2001-C1A, 144A, 6.68%, 6/19/2031 

 

 

218,935 

 

221,844 

 
Wachovia Bank Commercial Mortgage Trust:

 
 

"A2", Series 2005-C17, 4.782%, 3/15/2042 

 

1,304,121 

 

1,309,519 

 
 

"A1", Series 2007-C30, 5.031%, 12/15/2043 

 

1,599,302 

 

1,608,388 

 
**Total Commercial Mortgage-Backed Securities** (Cost $18,124,829)

 

**18,667,484**

 
 

 

 

**Collateralized Mortgage Obligations 8.5%**

 
Banc of America Mortgage Securities:

 
 

"1A1", Series 2004-G, 4.165% **, 8/25/2034 

 

322,571 

 

288,906 

 
 

"2A2", Series 2003-1, 5.25%, 2/25/2018 

 

113,267 

 

113,302 

 
 

"1A1O", Series 2005-4, 5.25%, 5/25/2035 

 

180,000 

 

177,459 

 
Cendant Mortgage Corp., "A5", Series 2003-1, 5.5%, 2/25/2033 

 

 

162,918 

 

162,474 

 
Chase Mortgage Finance Corp., "2A1", Series 2004-S3, 5.25%, 3/25/2034 

 

 

118,309 

 

117,919 

 
Citicorp Mortgage Securities, Inc.:

 
 

"1A1", Series 2005-7, 5.5%, 10/25/2035 

 

292,024 

 

264,510 

 
 

"1A2", Series 2006-5, 6.0%, 10/25/2036 

 

312,532 

 

294,262 

 
Countrywide Alternative Loan Trust:

 
 

"2A1", Series 2004-28CB, 5.0%, 1/25/2035 

 

107,338 

 

102,155 

 
 

"3A3", Series 2005-20CB, 5.5%, 7/25/2035 

 

289,325 

 

256,335 

 
 

"A4", Series 2002-11, 6.25%, 10/25/2032 

 

56,478 

 

55,227 

 
Countrywide Home Loan Mortgage Pass-Through Trust:

 
 

"A15", Series 2002-34, 4.75%, 1/25/2033 

 

223,535 

 

214,183 

 
 

"2A17", Series 2004-13, 5.75%, 8/25/2034 

 

327,906 

 

327,010 

 
Countrywide Home Loans:

 
 

"3A6", Series 2003-56, 4.49%, 12/25/2033 

 

231,306 

 

225,856 

 
 

"5A1", Series 2005-HY10, 5.572% **, 2/20/2036 

 

612,105 

 

333,230 

 
Federal Home Loan Mortgage Corp.:

 
 

"ND", Series 2715, 4.5%, 3/15/2016 

 

1,398,151 

 

1,422,275 

 
 

"WJ", Series 2557, 5.0%, 7/15/2014 

 

82,349 

 

82,323 

 
 

"QA", Series 3113, 5.0%, 11/15/2025 

 

501,079 

 

513,042 

 
 

"HL", Series 3176, 5.0%, 2/15/2028 

 

1,587,472 

 

1,617,876 

 
 

"QP", Series 3149, 5.0%, 10/15/2031 

 

500,000 

 

514,782 

 
 

"DC", Series 2541, 5.05%, 3/15/2031 

 

340,724 

 

348,563 

 
 

"AB", Series 3197, 5.5%, 8/15/2013 

 

569,579 

 

584,888 

 
 

"LA", Series 1343, 8.0%, 8/15/2022 

 

197,158 

 

219,401 

 
 

"PK", Series 1751, 8.0%, 9/15/2024 

 

606,163 

 

675,508 

 
Federal National Mortgage Association:

 
 

"QK", Series 2003-37, 4.0%, 7/25/2027 

 

211,992 

 

211,443 

 
 

"BX", Series 2005-77, 4.5%, 7/25/2028 

 

1,158,615 

 

1,174,615 

 
GSR Mortgage Loan Trust, "1A2" Series 2004-7, 3.721% **, 6/25/2034 

 

 

223,226 

 

117,104 

 
JPMorgan Mortgage Trust, "3A2", Series 2005-A4, 5.166% **, 7/25/2035 

 

 

39,080 

 

38,712 

 
MLCC Mortgage Investors, Inc., "1A", Series 2004-1, 4.556% **, 12/25/2034 

 

 

169,095 

 

154,004 

 
Provident Funding Mortgage Loan Trust, "2A1", Series 2005-1, 4.382% **, 5/25/2035 

 

 

524,093 

 

477,281 

 
Residential Accredit Loans, Inc., "A6", Series 2002-QS19, 5.125%, 12/25/2032 

 

 

467,294 

 

444,825 

 
Residential Asset Mortgage Products, Inc., "A4", Series 2004-SL4, 7.0%, 7/25/2032 

 

 

567,627 

 

515,476 

 
Residential Asset Securitization Trust, "2A1", Series 2003-A15, 5.25%, 2/25/2034 

 

 

87,375 

 

85,505 

 
Residential Funding Mortgage Securities I, Inc., "A2", Series 2003-S3, 5.25%, 2/25/2018 

 

 

41,259 

 

41,101 

 
Structured Asset Securities Corp.:

 
 

"3A2", 2003-24A, 3.63% **, 7/25/2033 

 

848,966 

 

722,019 

 
 

"2A16", Series 2005-6, 5.5%, 5/25/2035 

 

360,426 

 

311,188 

 
Wells Fargo Mortgage-Backed Securities Trust:

 
 

"3A1", Series 2004-EE, 4.474% **, 12/25/2034 

 

516,231 

 

486,658 

 
 

"1A1", Series 2005-9, 4.75%, 10/25/2035 

 

385,861 

 

367,148 

 
**Total Collateralized Mortgage Obligations** (Cost $14,581,580)

 

**14,058,565**

 
 

**Government & Agency Obligations 12.8%**

 
**Other Government Related 1.8%**

 
GMAC, Inc., FDIC Guaranteed, 2.2%, 12/19/2012 

 

 

590,000 

 

591,752 

 
HSBC USA, Inc., FDIC Guaranteed, 3.125%, 12/16/2011 

 

 

500,000 

 

517,487 

 
KeyBank NA, FDIC Guaranteed, 3.2%, 6/15/2012 

 

 

500,000 

 

518,295 

 
Sovereign Bank, FDIC Guaranteed, 2.75%, 1/17/2012 

 

 

680,000 

 

688,824 

 
 

 

Wells Fargo & Co., FDIC Guaranteed, 2.125%, 6/15/2012 

 

 

570,000 

 

573,869 

 
 

**2,890,227**

 
**Sovereign Bonds 1.5%**

 
Export Development Canada:

 
 

2.375%, 3/19/2012 

 

550,000 

 

558,088 

 
 

3.125%, 4/24/2014 

 

405,000 

 

410,609 

 
Instituto de Credito Oficial, Series 192, 4.625%, 10/26/2010 

 

 

380,000 

 

395,264 

 
Japan Finance Corp., 2.0%, 6/24/2011 

 

 

382,000 

 

385,533 

 
Province of Ontario Canada, 4.1%, 6/16/2014 

 

 

770,000 

 

801,349 

 
 

**2,550,843**

 
**US Government Sponsored Agencies 3.8%**

 
Federal Home Loan Bank:

 
 

1.375%, 5/16/2011 

 

460,000 

 

462,213 

 
 

1.625%, 7/27/2011 

 

835,000 

 

841,411 

 
 

1.75%, 8/22/2012 

 

685,000 

 

680,791 

 
 

1.875%, 6/20/2012 

 

800,000 

 

800,262 

 
Federal Home Loan Mortgage Corp.:

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