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:09/30 Date of reporting period:6/30/09  ITEM 1.  SCHEDULE OF INVESTMENTS  Investment Portfolio
        as of June 30, 2009  (Unaudited)
  DWS Short Duration Plus Fund  PrincipalAmount ($)
        
        Value ($)Corporate Bonds 44.3%Consumer Discretionary 2.2%AMC Entertainment, Inc., 8.0%, 3/1/2014
        
        
        54,000
        
        46,035Asbury Automotive Group, Inc.:7.625%, 3/15/2017
        
        
        35,000
        
        24,8508.0%, 3/15/2014
        
        
        20,000
        
        16,600Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015
        
        
        110,000
        
        93,775AutoZone, Inc., 5.75%, 1/15/2015
        
        
        6,660,000
        
        6,643,290Comcast Corp., 5.5%, 3/15/2011 (a)
        
        
        5,000,000
        
        5,202,680CSC Holdings, Inc.:6.75%, 4/15/2012
        
        
        50,000
        
        48,250Series B, 7.625%, 4/1/2011
        
        
        35,000
        
        34,650DirecTV Holdings LLC, 7.625%, 5/15/2016
        
        
        140,000
        
        136,150DISH DBS Corp.:
    6.375%, 10/1/2011
        
        
        85,000
        
        82,4506.625%, 10/1/2014
        
        
        59,000
        
        54,4277.125%, 2/1/2016
        
        
        50,000
        
        46,625Dollarama Group Holdings LP, 7.468% ***, 8/15/2012 (b)
        
        
        38,000
        
        35,150Fortune Brands, Inc., 6.375%, 6/15/2014
        
        
        8,075,000
        
        8,029,013Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015
        
        
        50,000
        
        44,000Group 1 Automotive, Inc., 8.25%, 8/15/2013
        
        
        30,000
        
        25,350Hertz Corp., 8.875%, 1/1/2014
        
        
        90,000
        
        82,800Home Depot, Inc., 0.749% ***, 12/16/2009
        
        
        2,665,000
        
        2,656,872Idearc, Inc., 8.0%, 11/15/2016 **
        
        
        115,000
        
        3,019Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012
        
        
        45,000
        
        34,875Isle of Capri Casinos, Inc., 7.0%, 3/1/2014
        
        
        31,000
        
        24,955JC Penney Corp., Inc., 9.0%, 8/1/2012
        
        
        4,000,000
        
        4,074,460Kabel Deutschland GmbH, 10.625%, 7/1/2014
        
        
        80,000
        
        82,500Lamar Media Corp., Series C, 6.625%, 8/15/2015
        
        
        30,000
        
        25,350MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010
        
        
        61,000
        
        58,407Norcraft Holdings LP, 9.75%, 9/1/2012
        
        
        10,000
        
        9,350Penske Automotive Group, Inc., 7.75%, 12/15/2016
        
        
        105,000
        
        84,787Seminole Hard Rock Entertainment, Inc., 144A, 3.129% ***, 3/15/2014
        
        
        55,000
        
        37,950Shaw Communications, Inc., 8.25%, 4/11/2010
        
        
        1,430,000
        
        1,469,325Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015
        
        
        40,000
        
        24,000Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013
        
        
        40,000
        
        28,000Target Corp., 1.111% ***, 8/7/2009
        
        
        5,000,000
        
        5,003,325Time Warner Cable, Inc., 6.2%, 7/1/2013
        
        
        4,445,000
        
        4,683,448Viacom, Inc., 5.75%, 4/30/2011
        
        
        5,000,000
        
        5,118,810Videotron Ltd., 9.125%, 4/15/2018
        
        
        15,000
        
        15,24444,080,772Consumer Staples 2.9%Alliance One International, Inc., 8.5%, 5/15/2012
        
        
        15,000
        
        14,813Anheuser-Busch InBev Worldwide, Inc., 144A, 5.375%, 11/15/2014
        
        
        9,230,000
        
        9,312,322Campbell Soup Co., 3.375%, 8/15/2014
        
        
        8,855,000
        
        8,844,861Coca-Cola Enterprises, Inc., 3.75%, 3/1/2012
        
        
        4,090,000
        
        4,244,704ConAgra Foods, Inc., 7.875%, 9/15/2010
        
        
        1,056,000
        
        1,119,135CVS Caremark Corp., 0.968% ***, 6/1/2010
        
        
        6,000,000
        
        5,957,454Delhaize America, Inc., 8.05%, 4/15/2027
        
        
        45,000
        
        46,239Dr. Pepper Snapple Group, Inc., 6.12%, 5/1/2013
        
        
        1,400,000
        
        1,449,339H.J. Heinz Co., 5.35%, 7/15/2013
        
        
        5,840,000
        
        6,106,059Kraft Foods, Inc., 1.456% ***, 8/11/2010
        
        
        5,000,000
        
        4,953,175PepsiAmericas, Inc., 4.375%, 2/15/2014
        
        
        1,915,000
        
        1,928,920Procter & Gamble Co., 4.6%, 1/15/2014
        
        
        4,735,000
        
        4,979,714Reynolds American, Inc.:1.329% ***, 6/15/2011
        
        
        5,000,000
        
        4,676,3306.5%, 7/15/2010
        
        
        5,000,000
        
        5,117,250Viskase Companies, Inc., 11.5%, 6/15/2011
        
        
        155,000
        
        113,15058,863,465Energy 2.8%Anadarko Petroleum Corp.:5.75%, 6/15/2014
        
        
        890,000
        
        904,8517.625%, 3/15/2014
        
        
        4,500,000
        
        4,878,499Atlas Energy Resources LLC, 144A, 10.75%, 2/1/2018
        
        
        100,000
        
        94,250Bristow Group, Inc., 7.5%, 9/15/2017
        
        
        65,000
        
        58,988Canadian Natural Resources Ltd., 5.15%, 2/1/2013
        
        
        7,435,000
        
        7,565,990Chaparral Energy, Inc., 8.5%, 12/1/2015
        
        
        10,000
        
        6,200Chesapeake Energy Corp.:
    6.25%, 1/15/2018
        
        
        35,000
        
        29,0506.875%, 1/15/2016
        
        
        155,000
        
        136,7877.25%, 12/15/2018
        
        
        105,000
        
        91,3507.5%, 6/15/2014
        
        
        40,000
        
        37,900Chevron Corp., 3.45%, 3/3/2012
        
        
        9,000,000
        
        9,283,482Devon Energy Corp., 5.625%, 1/15/2014
        
        
        4,600,000
        
        4,846,215El Paso Corp.:7.25%, 6/1/2018
        
        
        35,000
        
        32,3159.625%, 5/15/2012
        
        
        50,000
        
        50,350Enterprise Products Operating LLP:4.6%, 8/1/2012
        
        
        5,770,000
        
        5,809,4674.95%, 6/1/2010
        
        
        5,000,000
        
        5,073,815Series M, 5.65%, 4/1/2013
        
        
        1,175,000
        
        1,203,823Forest Oil Corp., 7.25%, 6/15/2019
        
        
        30,000
        
        26,850Frontier Oil Corp.:6.625%, 10/1/2011
        
        
        40,000
        
        39,0008.5%, 9/15/2016
        
        
        80,000
        
        80,600Hess Corp., 7.0%, 2/15/2014
        
        
        2,100,000
        
        2,274,386Husky Energy, Inc., 5.9%, 6/15/2014
        
        
        4,030,000
        
        4,215,984KCS Energy, Inc., 7.125%, 4/1/2012
        
        
        195,000
        
        183,787Kinder Morgan Energy Partners LP, 5.625%, 2/15/2015
        
        
        3,680,000
        
        3,719,442Marathon Oil Corp., 6.5%, 2/15/2014
        
        
        3,080,000
        
        3,292,674Mariner Energy, Inc.:7.5%, 4/15/2013
        
        
        55,000
        
        50,0508.0%, 5/15/2017
        
        
        75,000
        
        62,250Newfield Exploration Co., 7.125%, 5/15/2018
        
        
        90,000
        
        81,788OPTI Canada, Inc.:7.875%, 12/15/2014
        
        
        75,000
        
        48,5638.25%, 12/15/2014
        
        
        145,000
        
        95,700Pemex Project Funding Master Trust, Series 2, 9.125%, 10/13/2010
        
        
        838,000
        
        904,034Petrohawk Energy Corp.:7.875%, 6/1/2015
        
        
        35,000
        
        32,3759.125%, 7/15/2013
        
        
        50,000
        
        49,750Plains Exploration & Production Co.:7.0%, 3/15/2017
        
        
        50,000
        
        43,7507.625%, 6/1/2018
        
        
        95,000
        
        85,263Quicksilver Resources, Inc., 7.125%, 4/1/2016
        
        
        135,000
        
        105,300Regency Energy Partners LP, 8.375%, 12/15/2013
        
        
        65,000
        
        62,725Southwestern Energy Co., 144A, 7.5%, 2/1/2018
        
        
        75,000
        
        72,000Stone Energy Corp., 6.75%, 12/15/2014
        
        
        60,000
        
        37,800Tesoro Corp., 6.5%, 6/1/2017
        
        
        80,000
        
        68,400Whiting Petroleum Corp.:7.25%, 5/1/2012
        
        
        105,000
        
        100,5377.25%, 5/1/2013
        
        
        30,000
        
        28,425Williams Companies, Inc., 8.125%, 3/15/2012
        
        
        143,000
        
        148,19856,012,963Financials 24.6%African Development Bank, 3.0%, 5/27/2014
        
        
        9,230,000
        
        9,053,273American Express Bank FSB, 5.55%, 10/17/2012
        
        
        8,000,000
        
        8,016,400American General Finance Corp., Series J, 0.879% ***, 12/15/2011
        
        
        12,000,000
        
        7,661,568Anglo American Capital PLC, 144A, 9.375%, 4/8/2014
        
        
        4,690,000
        
        5,094,513Ashton Woods USA LLC, 144A, Step-up Coupon, 0% to 6/30/2012, 11.0% to 6/30/2015
        
        
        57,200
        
        20,867Asian Development Bank, 2.75%, 5/21/2014
        
        
        4,382,000
        
        4,301,809Australia & New Zealand Banking Group Ltd.:144A, 0.893% ***, 6/18/2012
        
        
        2,770,000
        
        2,758,045
    144A, 1.314% ***, 12/17/2010
        
        
        9,230,000
        
        9,223,677Bank of New York Mellon Corp., Series G, 4.95%, 11/1/2012
        
        
        10,370,000
        
        10,965,165Barclays Bank PLC:1.424% ***, 3/16/2012
        
        
        4,600,000
        
        4,616,928144A, 2.7%, 3/5/2012
        
        
        8,010,000
        
        8,113,7223.0% ***, 8/10/2009
        
        
        6,665,000
        
        6,665,000BB&T Corp., 6.5%, 8/1/2011
        
        
        8,000,000
        
        8,265,688Berkshire Hathaway Finance Corp., 144A, 4.0%, 4/15/2012
        
        
        4,500,000
        
        4,650,714BP Capital Markets PLC, 3.125%, 3/10/2012
        
        
        7,390,000
        
        7,538,561Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014 **
        
        
        30,000
        
        4,200Capital One Financial Corp., 7.375%, 5/23/2014
        
        
        6,460,000
        
        6,661,423Caterpillar Financial Services Corp., Series F, 4.85%, 12/7/2012
        
        
        4,000,000
        
        4,179,196CIT Group, Inc., 5.4%, 2/13/2012
        
        
        9,090,000
        
        6,182,145Citigroup, Inc.:5.25%, 2/27/2012
        
        
        10,000,000
        
        9,765,0006.5%, 8/19/2013
        
        
        15,000
        
        14,571CME Group, Inc., 5.75%, 2/15/2014
        
        
        4,000,000
        
        4,265,668Commonwealth Bank of Australia:144A, 1.03% ***, 12/10/2012
        
        
        3,080,000
        
        3,080,308144A, 1.108% ***, 6/25/2014
        
        
        15,000,000
        
        14,927,7451.863% ***, 7/27/2012
        
        
        9,200,000
        
        9,320,152144A, 2.5%, 12/10/2012
        
        
        6,460,000
        
        6,484,445144A, 5.0%, 11/6/2012
        
        
        5,000,000
        
        5,063,970Conproca SA de CV, REG S, 12.0%, 6/16/2010
        
        
        100,170
        
        103,426Countrywide Financial Corp., 5.8%, 6/7/2012
        
        
        7,000,000
        
        7,043,617Credit Suisse New York, 5.5%, 5/1/2014
        
        
        9,410,000
        
        9,776,425Daimler Finance North America LLC, 6.5%, 11/15/2013
        
        
        10,000,000
        
        10,165,360Depfa ACS Bank, 144A, 9.5% ***, 10/6/2023
        
        
        15,000,000
        
        12,907,500Deutsche Telekom International Finance BV, 4.875%, 7/8/2014
        
        
        9,230,000
        
        9,289,820Dexia Credit Local, 144A, 1.262% ***, 9/23/2011
        
        
        9,230,000
        
        9,200,039Diageo Capital PLC, 4.375%, 5/3/2010
        
        
        5,015,000
        
        5,090,009EnCana Holdings Finance Corp., 5.8%, 5/1/2014
        
        
        6,238,000
        
        6,602,561European Bank for Reconstruction & Development, 1.25%, 6/10/2011
        
        
        9,230,000
        
        9,205,079Ford Motor Credit Co., LLC:7.25%, 10/25/2011
        
        
        249,000
        
        215,3707.875%, 6/15/2010
        
        
        130,000
        
        123,482General Electric Capital Corp., 5.9%, 5/13/2014
        
        
        9,305,000
        
        9,497,251GMAC, Inc., 144A, 6.875%, 9/15/2011
        
        
        264,000
        
        231,000Hartford Financial Services Group, Inc., 7.9%, 6/15/2010 (a)
        
        
        3,950,000
        
        3,944,063Hexion US Finance Corp., 9.75%, 11/15/2014
        
        
        30,000
        
        13,500HSBC Finance Corp.:5.25%, 1/15/2014
        
        
        9,600,000
        
        9,426,2885.9%, 6/19/2012
        
        
        12,000,000
        
        12,085,464Inmarsat Finance II PLC, 10.375%, 11/15/2012
        
        
        135,000
        
        139,725Inter-American Development Bank, 1.5%, 6/23/2011
        
        
        9,140,000
        
        9,156,452John Deere Capital Corp., Series D, 4.5%, 4/3/2013
        
        
        7,000,000
        
        7,141,344JPMorgan Chase & Co., 4.65%, 6/1/2014
        
        
        13,850,000
        
        13,813,464KeyCorp, Series H, 6.5%, 5/14/2013
        
        
        5,190,000
        
        5,170,911Lloyds TSB Bank PLC:144A, 2.028% ***, 4/1/2011
        
        
        9,000,000
        
        8,984,529144A, 2.3%, 4/1/2011
        
        
        4,620,000
        
        4,657,588Merrill Lynch & Co., Inc., 5.77%, 7/25/2011
        
        
        8,640,000
        
        8,792,461Monumental Global Funding II, 144A, 0.659% ***, 9/22/2009
        
        
        9,300,000
        
        9,286,031Morgan Stanley:Series F, 5.625%, 1/9/2012
        
        
        6,850,000
        
        7,010,3386.0%, 5/13/2014
        
        
        3,750,000
        
        3,796,755
    NiSource Finance Corp., 7.875%, 11/15/2010
        
        
        90,000
        
        92,960Northern Trust Corp., 4.625%, 5/1/2014
        
        
        2,770,000
        
        2,846,474Novartis Capital Corp., 4.125%, 2/10/2014
        
        
        4,395,000
        
        4,524,081Orascom Telecom Finance SCA, 144A, 7.875%, 2/8/2014
        
        
        100,000
        
        84,500PC Financial Partnership, 5.0%, 11/15/2014
        
        
        9,200,000
        
        9,153,347Pricoa Global Funding I, 144A, 5.45%, 6/11/2014
        
        
        5,325,000
        
        5,315,793Principal Financial Group, Inc., 7.875%, 5/15/2014
        
        
        9,230,000
        
        9,723,722Prudential Financial, Inc., 6.2%, 1/15/2015
        
        
        2,770,000
        
        2,707,924Qwest Capital Funding, Inc., 7.0%, 8/3/2009
        
        
        50,000
        
        50,000Rabobank Nederland-Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 144A, 4.2%, 5/13/2014
        
        
        9,230,000
        
        9,206,325Rainbow National Services LLC, 144A, 10.375%, 9/1/2014
        
        
        19,000
        
        19,689Rio Tinto Finance (USA) Ltd.:5.875%, 7/15/2013
        
        
        3,000,000
        
        3,018,8018.95%, 5/1/2014
        
        
        5,680,000
        
        6,311,877Simon Property Group LP (REIT), 5.6%, 9/1/2011
        
        
        4,500,000
        
        4,551,264Societe Financement de lEconomie Francaise, 144A, 2.25%, 6/11/2012
        
        
        11,290,000
        
        11,282,097Sovereign Bancorp., Inc., 4.8%, 9/1/2010
        
        
        4,500,000
        
        4,395,578Sprint Capital Corp.:7.625%, 1/30/2011
        
        
        45,000
        
        44,4948.375%, 3/15/2012
        
        
        20,000
        
        19,700Suncorp-Metway Ltd., 144A, 0.989% ***, 12/17/2010
        
        
        12,000,000
        
        11,975,256Telecom Italia Capital SA:5.25%, 11/15/2013
        
        
        4,600,000
        
        4,510,7056.175%, 6/18/2014
        
        
        6,150,000
        
        6,219,347Telefonica Emisiones SAU, 5.984%, 6/20/2011
        
        
        3,000,000
        
        3,158,742Textron Financial Corp., 5.4%, 4/28/2013
        
        
        5,000,000
        
        4,093,840The Goldman Sachs Group, Inc., 6.0%, 5/1/2014
        
        
        8,445,000
        
        8,813,709Universal City Development Partners Ltd., 11.75%, 4/1/2010
        
        
        155,000
        
        147,638Verizon Wireless Capital LLC:144A, 3.75%, 5/20/2011
        
        
        4,620,000
        
        4,714,585144A, 5.25%, 2/1/2012
        
        
        6,750,000
        
        7,118,962Virgin Media Finance PLC, 8.75%, 4/15/2014
        
        
        95,000
        
        92,625Wachovia Bank NA, 7.8%, 8/18/2010
        
        
        7,650,000
        
        7,961,508Westpac Securities NZ Ltd., 144A, 2.5%, 5/25/2012
        
        
        4,750,000
        
        4,715,895Wind Acquisition Finance SA, 144A, 10.75%, 12/1/2015
        
        
        75,000
        
        75,000496,711,043Health Care 2.9%AstraZeneca PLC, 0.948% ***, 9/11/2009
        
        
        7,000,000
        
        7,003,059Boston Scientific Corp., 6.0%, 6/15/2011
        
        
        70,000
        
        69,825Community Health Systems, Inc., 8.875%, 7/15/2015
        
        
        180,000
        
        176,400Eli Lilly & Co., 3.55%, 3/6/2012
        
        
        4,750,000
        
        4,920,910Express Scripts, Inc.:5.25%, 6/15/2012
        
        
        4,530,000
        
        4,680,1886.25%, 6/15/2014
        
        
        1,835,000
        
        1,941,628HCA, Inc.:9.125%, 11/15/2014
        
        
        45,000
        
        44,5509.25%, 11/15/2016
        
        
        270,000
        
        265,9509.625%, 11/15/2016 (PIK)
        
        
        105,000
        
        103,950McKesson Corp., 6.5%, 2/15/2014
        
        
        1,680,000
        
        1,792,424Medtronic, Inc., 4.5%, 3/15/2014
        
        
        4,020,000
        
        4,164,161Merck & Co., Inc., 1.875%, 6/30/2011
        
        
        7,075,000
        
        7,084,049Pfizer, Inc., 4.45%, 3/15/2012
        
        
        8,000,000
        
        8,393,912Roche Holdings, Inc., 144A, 4.5%, 3/1/2012
        
        
        8,675,000
        
        9,119,984The Cooper Companies, Inc., 7.125%, 2/15/2015
        
        
        70,000
        
        65,275
    Wyeth, 5.5%, 2/1/2014
        
        
        7,380,000
        
        7,898,31957,724,584Industrials 1.2%Actuant Corp., 6.875%, 6/15/2017
        
        
        30,000
        
        27,300Allied Waste North America, Inc., 6.5%, 11/15/2010
        
        
        100,000
        
        101,750ARAMARK Corp., 8.5%, 2/1/2015
        
        
        20,000
        
        19,400BAE Systems Holdings, Inc., 144A, 4.95%, 6/1/2014
        
        
        4,615,000
        
        4,638,744BE Aerospace, Inc., 8.5%, 7/1/2018
        
        
        95,000
        
        89,537Belden, Inc., 7.0%, 3/15/2017
        
        
        35,000
        
        30,975Bombardier, Inc., 144A, 6.75%, 5/1/2012
        
        
        100,000
        
        94,000Burlington Northern Santa Fe Corp., 7.0%, 2/1/2014
        
        
        10,600,000
        
        11,339,997Cenveo Corp., 144A, 10.5%, 8/15/2016
        
        
        50,000
        
        37,500Esco Corp., 144A, 4.504% ***, 12/15/2013
        
        
        260,000
        
        203,125FedEx Corp., 7.375%, 1/15/2014
        
        
        2,000,000
        
        2,159,994General Dynamics Corp., 1.8%, 7/15/2011
        
        
        3,610,000
        
        3,603,408Ingersoll-Rand Global Holding Co., Ltd., 9.5%, 4/15/2014
        
        
        1,930,000
        
        2,113,518K. Hovnanian Enterprises, Inc., 8.875%, 4/1/2012
        
        
        44,000
        
        27,280Kansas City Southern de Mexico SA de CV:7.375%, 6/1/2014
        
        
        55,000
        
        46,2009.375%, 5/1/2012
        
        
        145,000
        
        137,750Mobile Mini, Inc., 9.75%, 8/1/2014
        
        
        55,000
        
        52,663Navios Maritime Holdings, Inc., 9.5%, 12/15/2014
        
        
        50,000
        
        41,000R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017 **
        
        
        145,000
        
        7,431Titan International, Inc., 8.0%, 1/15/2012
        
        
        140,000
        
        126,700TransDigm, Inc., 7.75%, 7/15/2014
        
        
        30,000
        
        28,500United Rentals North America, Inc., 7.0%, 2/15/2014
        
        
        60,000
        
        49,050US Concrete, Inc., 8.375%, 4/1/2014
        
        
        30,000
        
        19,65024,995,472Information Technology 1.9%Alcatel-Lucent USA, Inc., 6.45%, 3/15/2029
        
        
        48,000
        
        27,240Cisco Systems, Inc., 5.25%, 2/22/2011
        
        
        7,000,000
        
        7,381,073Dell, Inc., 3.375%, 6/15/2012
        
        
        1,980,000
        
        2,015,517Hewlett-Packard Co.:2.25%, 5/27/2011
        
        
        2,880,000
        
        2,888,7722.95%, 8/15/2012
        
        
        1,610,000
        
        1,621,9044.25%, 2/24/2012
        
        
        9,000,000
        
        9,393,660L-3 Communications Corp.:5.875%, 1/15/2015
        
        
        100,000
        
        88,750Series B, 6.375%, 10/15/2015
        
        
        60,000
        
        54,4507.625%, 6/15/2012
        
        
        165,000
        
        165,413MasTec, Inc., 7.625%, 2/1/2017
        
        
        55,000
        
        47,644Oracle Corp., 3.75%, 7/8/2014 (c)
        
        
        6,120,000
        
        6,122,754Vangent, Inc., 9.625%, 2/15/2015
        
        
        35,000
        
        29,050Xerox Corp.:5.65%, 5/15/2013
        
        
        2,830,000
        
        2,795,3277.125%, 6/15/2010
        
        
        5,000,000
        
        5,162,50037,794,054Materials 0.8%Appleton Papers, Inc., Series B, 8.125%, 6/15/2011
        
        
        25,000
        
        16,250ARCO Chemical Co., 9.8%, 2/1/2020 **
        
        
        315,000
        
        99,225Cascades, Inc., 7.25%, 2/15/2013
        
        
        17,000
        
        14,833Clondalkin Acquisition BV, 144A, 2.629% ***, 12/15/2013
        
        
        75,000
        
        51,375CPG International I, Inc., 10.5%, 7/1/2013
        
        
        90,000
        
        50,400Dow Chemical Co., 7.6%, 5/15/2014
        
        
        9,000,000
        
        9,270,009
    Exopack Holding Corp., 11.25%, 2/1/2014
        
        
        115,000
        
        94,300Freeport-McMoRan Copper & Gold, Inc.:8.25%, 4/1/2015
        
        
        130,000
        
        131,3008.375%, 4/1/2017
        
        
        245,000
        
        246,837GEO Specialty Chemicals, Inc.:144A, 7.5% ***, 3/31/2015 (PIK)
        
        
        62,745
        
        40,78510.0%, 3/31/2015
        
        
        62,080
        
        40,352Georgia-Pacific LLC:144A, 7.125%, 1/15/2017
        
        
        35,000
        
        32,5509.5%, 12/1/2011
        
        
        50,000
        
        51,500Hexcel Corp., 6.75%, 2/1/2015
        
        
        280,000
        
        259,700Huntsman LLC, 11.625%, 10/15/2010
        
        
        60,000
        
        61,500Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014
        
        
        125,000
        
        112,187Millar Western Forest Products Ltd., 7.75%, 11/15/2013
        
        
        25,000
        
        11,500NewMarket Corp., 7.125%, 12/15/2016
        
        
        80,000
        
        72,000NewPage Corp., 10.0%, 5/1/2012
        
        
        75,000
        
        36,000Potash Corp. of Saskatchewan, Inc., 5.25%, 5/15/2014
        
        
        5,770,000
        
        5,954,600Terra Capital, Inc., Series B, 7.0%, 2/1/2017
        
        
        80,000
        
        73,100The Mosaic Co., 144A, 7.375%, 12/1/2014
        
        
        205,000
        
        211,15016,931,453Telecommunication Services 1.1%AT&T, Inc., 4.125%, 9/15/2009
        
        
        1,500,000
        
        1,507,555Centennial Communications Corp., 10.125%, 6/15/2013
        
        
        3,280,000
        
        3,382,500Cincinnati Bell, Inc.:7.25%, 7/15/2013
        
        
        146,000
        
        133,5908.375%, 1/15/2014
        
        
        60,000
        
        55,500France Telecom SA, 4.375%, 7/8/2014 (c)
        
        
        11,090,000
        
        11,176,269Intelsat Corp., 144A, 9.25%, 6/15/2016
        
        
        245,000
        
        234,587iPCS, Inc., 3.153% ***, 5/1/2013
        
        
        30,000
        
        23,700Millicom International Cellular SA, 10.0%, 12/1/2013
        
        
        190,000
        
        192,613Qwest Corp.:7.875%, 9/1/2011
        
        
        5,130,000
        
        5,130,0008.875%, 3/15/2012
        
        
        35,000
        
        35,263Windstream Corp.:7.0%, 3/15/2019
        
        
        60,000
        
        52,2008.625%, 8/1/2016
        
        
        20,000
        
        19,15021,942,927Utilities 3.9%AES Corp.:8.0%, 6/1/2020
        
        
        40,000
        
        35,900144A, 8.75%, 5/15/2013
        
        
        340,000
        
        345,100Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012
        
        
        381,000
        
        396,428Ameren Corp., 8.875%, 5/15/2014
        
        
        2,468,000
        
        2,547,319Baltimore Gas & Electric Co., 6.125%, 7/1/2013
        
        
        6,335,000
        
        6,611,003CMS Energy Corp., 8.5%, 4/15/2011
        
        
        241,000
        
        249,445Consolidated Edison Co. of New York, 5.55%, 4/1/2014
        
        
        7,020,000
        
        7,482,274Consumers Energy Co.:Series F, 4.0%, 5/15/2010
        
        
        5,500,000
        
        5,561,473Series J, 6.0%, 2/15/2014
        
        
        3,270,000
        
        3,449,932DTE Energy Co., 7.625%, 5/15/2014
        
        
        3,460,000
        
        3,611,067Duke Energy Corp., 6.3%, 2/1/2014
        
        
        4,890,000
        
        5,279,435FirstEnergy Corp., Series B, 6.45%, 11/15/2011
        
        
        9,230,000
        
        9,633,905Florida Power Corp., 4.8%, 3/1/2013
        
        
        8,900,000
        
        9,228,757Knight, Inc., 6.5%, 9/1/2012
        
        
        105,000
        
        102,638Korea Hydro & Nuclear Power Co., Ltd., 144A, 6.25%, 6/17/2014
        
        
        5,170,000
        
        5,157,189
    Mirant Americas Generation LLC, 8.3%, 5/1/2011
        
        
        30,000
        
        29,925Mirant North America LLC, 7.375%, 12/31/2013
        
        
        50,000
        
        48,000Northern States Power Co., 6.875%, 8/1/2009
        
        
        5,000,000
        
        5,015,905NRG Energy, Inc.:7.25%, 2/1/2014
        
        
        115,000
        
        111,5507.375%, 2/1/2016
        
        
        110,000
        
        104,0877.375%, 1/15/2017
        
        
        100,000
        
        94,250NV Energy, Inc.:6.75%, 8/15/2017
        
        
        95,000
        
        86,0548.625%, 3/15/2014
        
        
        33,000
        
        32,505Orion Power Holdings, Inc., 12.0%, 5/1/2010
        
        
        180,000
        
        186,300Sempra Energy, 8.9%, 11/15/2013
        
        
        5,000,000
        
        5,587,170Virginia Electric & Power Co., Series B, 4.5%, 12/15/2010
        
        
        8,000,000
        
        8,194,04079,181,651Total Corporate Bonds(Cost $887,712,838)
        
        894,238,384Asset-Backed 8.6%Automobile Receivables 2.7%AmeriCredit Automobile Receivables Trust, A3, Series 2005-DA, 4.87%, 12/6/2010
        
        
        76,798
        
        76,829AmeriCredit Prime Automobile Receivables, C, Series 2007-1, 5.43%, 2/10/2014
        
        
        2,680,000
        
        2,288,608Capital Auto Receivables Asset Trust:A3A, Series 2006-2, 4.98%, 5/15/2011
        
        
        3,260,612
        
        3,312,439A3A, Series 2007-3, 5.02%, 9/15/2011
        
        
        3,552,171
        
        3,617,060B, Series 2006-1, 5.26%, 10/15/2010
        
        
        4,078,000
        
        4,105,872CPS Auto Trust, A4, Series 2007-B, 144A, 5.6%, 1/15/2014
        
        
        9,999,998
        
        9,315,566Ford Credit Auto Owner Trust:A2, Series 2009-B, 2.1%, 11/15/2011
        
        
        2,308,000
        
        2,309,388A4, Series 2006-A, 5.07%, 12/15/2010
        
        
        2,470,412
        
        2,505,274A3A, Series 2007-B, 5.15%, 11/15/2011
        
        
        2,283,000
        
        2,340,883B, Series 2007-A, 5.6%, 10/15/2012
        
        
        5,000,000
        
        4,436,718B, Series 2007-B, 5.69%, 11/15/2012
        
        
        1,264,000
        
        1,188,280GS Auto Loan Trust, C, Series 2006-1, 5.85%, 1/15/2014
        
        
        1,798,585
        
        1,752,479Nissan Auto Receivables Owner Trust:A3, Series 2008-B, 4.46%, 4/16/2012
        
        
        2,791,000
        
        2,869,124A4, Series 2006-A, 4.77%, 7/15/2011
        
        
        2,857,109
        
        2,892,913USAA Auto Owner Trust:A2, Series 2008-2, 3.91%, 1/15/2011
        
        
        2,224,817
        
        2,239,100A3, Series 2007-2, 4.9%, 2/15/2012
        
        
        3,408,607
        
        3,470,804Volkswagen Auto Loan Enhanced Trust, A2, Series 2008-1, 3.71%, 4/20/2011
        
        
        3,930,364
        
        3,961,580World Omni Auto Receivables Trust, A3A, Series 2007-B, 5.28%, 1/17/2012
        
        
        2,460,882
        
        2,511,39255,194,309Credit Card Receivables 3.4%American Express Credit Account Master Trust:C, Series 2007-4, 144A, 0.579% ***, 12/17/2012
        
        
        6,000,000
        
        5,808,974C, Series 2007-6, 144A, 0.599% ***, 1/15/2013
        
        
        6,000,000
        
        5,789,758Bank of America Credit Card Trust, C2, Series 2007-C2, 0.589% ***, 9/17/2012
        
        
        10,000,000
        
        9,592,046Bank One Issuance Trust, B2, Series 2004-B2, 4.37%, 4/15/2012
        
        
        12,850,000
        
        12,929,276Capital One Multi-Asset Execution Trust:A2, Series 2009-A2, 3.2%, 4/15/2014
        
        
        9,230,000
        
        9,287,226B6, Series 2004-B6, 4.15%, 7/16/2012
        
        
        5,000,000
        
        5,025,054A5, Series 2008-A5, 4.85%, 2/18/2014
        
        
        5,000,000
        
        5,199,171Chase Issuance Trust, C4, Series 2006-C4, 0.609% ***, 1/15/2014
        
        
        10,000,000
        
        8,756,370Washington Mutual Master Note Trust, C1, Series 2007-C1, 144A, 0.719% ***, 5/15/2014
        
        
        7,550,000
        
        7,097,21069,485,085
    Home Equity Loans 0.8%Ameriquest Mortgage Securities, Inc., A6, Series 2003-5, 4.541%, 4/25/2033
        
        
        1,480,349
        
        1,021,755C-Bass CBO Resecuritization, D2, 7.25%, 6/1/2032
        
        
        1,460,068
        
        146,007Countrywide Asset-Backed Certificates, 1AF2, Series 2005-17, 5.363%, 5/25/2036
        
        
        4,601,893
        
        3,344,835Credit-Based Asset Servicing and Securitization LLC, AF2, Series 2006-CB2, 5.501%, 12/25/2036
        
        
        5,988,433
        
        4,095,110First Alliance Mortgage Loan Trust, A1, Series 1999-4, 8.02%, 3/20/2031
        
        
        126,692
        
        102,805GMAC Mortgage Corp. Loan Trust:A5, Series 2003-HE2, 4.59%, 4/25/2033
        
        
        2,935,830
        
        2,081,970A2, Series 2006-HE3, 5.75%, 10/25/2036
        
        
        3,166,553
        
        1,962,267IMC Home Equity Loan Trust, A8, Series 1998-3, 6.34%, 8/20/2029
        
        
        144,715
        
        129,152Residential Asset Mortgage Products, Inc., A5, Series 2003-RZ4, 4.66%, 2/25/2032
        
        
        1,074,338
        
        1,026,378Specialty Underwriting & Residential Finance, A2B, Series 2006-BC2, 5.573%, 2/25/2037
        
        
        3,195,992
        
        1,582,35015,492,629Manufactured Housing Receivables 0.1%Green Tree Financial Corp.:A4, Series 1996-1, 6.5%, 3/15/2027
        
        
        28,297
        
        28,014B2, Series 1996-5, 8.45%, 7/15/2027 **
        
        
        5,302,252
        
        0Lehman ABS Manufactured Housing Contracts, A6, Series 2001-B, 6.467%, 8/15/2028
        
        
        1,847,057
        
        1,296,986Vanderbilt Mortgage Finance, A4, Series 2000-D, 7.715%, 7/7/2027
        
        
        742,253
        
        713,1672,038,167Miscellaneous 1.6%Caterpillar Financial Asset Trust, A2A, Series 2008-A, 4.09%, 12/27/2010
        
        
        2,349,540
        
        2,367,840CIT RV Trust, A5, Series 1999-A, 6.24%, 8/15/2015
        
        
        565,363
        
        566,830Detroit Edison Securitization Funding LLC, A4, Series 2001-1, 6.19%, 3/1/2013
        
        
        6,872,438
        
        7,149,448Duane Street CLO, A, Series 2005-1A, 144A, 1.224% ***, 11/8/2017
        
        
        7,778,142
        
        6,494,749E-Trade RV and Marine Trust, A3, Series 2004-1, 3.62%, 10/8/2018
        
        
        5,161,153
        
        5,027,178John Deere Owner Trust, A2, Series 2008-A, 3.63%, 3/15/2011
        
        
        2,163,107
        
        2,170,385National Collegiate Student Loan Trust:AIO, Series 2006-2, Interest Only, 6.0%, 8/25/2011
        
        
        17,100,000
        
        1,710,000AIO, Series 2006-3, Interest Only, 7.1%, 1/25/2012
        
        
        24,886,000
        
        2,488,600SLM Student Loan Trust, A6, Series 2004-1, 144A, 1.842% ***, 7/25/2039
        
        
        5,500,000
        
        3,269,92031,244,950Total Asset-Backed(Cost $196,130,178)
        
        173,455,140Mortgage-Backed Securities Pass-Throughs 1.1%Federal Home Loan Mortgage Corp., 5.861% ***, 6/1/2031
        
        
        8,557,234
        
        8,782,298Federal National Mortgage Association, 6.0%, 11/1/2017
        
        
        6,678,269
        
        7,085,487Government National Mortgage Association:7.0%, 9/20/2038
        
        
        6,731,269
        
        7,239,0069.5%, with various maturities from 12/15/2016 until 7/15/2020
        
        
        1,882
        
        2,107Total Mortgage-Backed Securities Pass-Throughs(Cost $22,939,833)
        
        23,108,898Commercial Mortgage-Backed Securities 13.7%Banc of America Commercial Mortgage, Inc.:A2, Series 2005-3, 4.501%, 7/10/2043
        
        
        10,500,000
        
        10,262,545A1, Series 2008-1, 5.268%, 2/10/2051
        
        
        7,748,222
        
        7,325,959Bear Stearns Commercial Mortgage Securities, Inc.:X2, Series 2004-PWR5, Interest Only, 0.775% ****, 7/11/2042
        
        
        57,275,458
        
        1,176,564X2, Series 2002-TOP8, 144A, Interest Only, 2.083% ****, 8/15/2038
        
        
        129,232,709
        
        3,078,388A1, Series 2007-PW17, 5.282%, 6/11/2050
        
        
        4,064,642
        
        4,075,102A2, Series 2001-TOP2, 6.48%, 2/15/2035
        
        
        9,050,000
        
        9,178,787Citigroup Commercial Mortgage Trust:
    XP, Series 2004-C2, 144A, Interest Only, 0.856% ****, 10/15/2041
        
        
        135,376,505
        
        2,661,664A1, Series 2007-C6, 5.622%, 12/10/2049
        
        
        9,104,134
        
        9,241,202Citigroup/Deutsche Bank Commercial Mortgage Trust, A2B, Series 2007-CD4, 5.205%, 12/11/2049
        
        
        12,000,000
        
        10,976,122Credit Suisse Mortgage Capital Certificates, A1, Series 2007-C4, 5.54%, 9/15/2039
        
        
        7,001,166
        
        7,076,548CS First Boston Mortgage Securities Corp.:A3, Series 2002-CKN2, 6.133%, 4/15/2037
        
        
        11,150,000
        
        10,974,450A4, Series 2001-CP4, 6.18%, 12/15/2035
        
        
        8,144,350
        
        8,226,740A4, Series 2001-CF2, 6.505%, 2/15/2034
        
        
        7,620,880
        
        7,860,306Deutsche Mortgage Securities, Inc., 1A1, Series 2005-WF1, 144A, 5.119% ***, 6/26/2035
        
        
        3,491,852
        
        3,335,797GMAC Commercial Mortgage Securities, Inc., A2, Series 2001-C1, 6.465%, 4/15/2034
        
        
        5,302,964
        
        5,391,403Greenwich Capital Commercial Funding Corp.:XP, Series 2005-GG3, 144A, Interest Only, 0.734% ****, 8/10/2042
        
        
        277,301,076
        
        4,120,749A3, Series 2004-GG1, 4.344%, 6/10/2036
        
        
        1,169,771
        
        1,168,793A3, Series 2005-GG3, 4.569%, 8/10/2042
        
        
        8,989,000
        
        8,105,957A2, Series 2005-GG5, 5.117%, 4/10/2037
        
        
        11,400,000
        
        10,983,313A2, Series 2007-GG9, 5.381%, 3/10/2039
        
        
        7,867,000
        
        7,386,474GS Mortgage Securities Corp. II, A2, Series 2006-GG8, 5.479%, 11/10/2039
        
        
        11,431,000
        
        10,669,400JPMorgan Chase Commercial Mortgage Securities Corp.:A1, Series 2004-CB9, 3.475%, 6/12/2041
        
        
        612,922
        
        611,977A2, Series 2004-CB8, 3.837%, 1/12/2039
        
        
        5,234,000
        
        5,069,463A1, Series 2004-C2, 4.278%, 5/15/2041
        
        
        745,030
        
        742,757A2, Series 2005-LDP2, 4.575%, 7/15/2042
        
        
        11,400,000
        
        10,958,136A2, Series 2005-LDP3, 4.851%, 8/15/2042
        
        
        12,020,000
        
        11,487,863A1, Series 2007-C1, 4.98%, 2/15/2051
        
        
        8,165,709
        
        8,156,276A2, Series 2004-CB9, 5.108%, 6/12/2041
        
        
        8,000,000
        
        7,524,677A2, Series 2007-LD11, 5.783% ***, 6/15/2049
        
        
        10,000,000
        
        9,216,022LB-UBS Commercial Mortgage Trust:XCP, Series 2003-C7, 144A, Interest Only, 0.264% ****, 7/15/2037
        
        
        119,408,211
        
        209,967XCP, Series 2004-C6, 144A, Interest Only, 0.505% ****, 8/15/2036
        
        
        56,868,553
        
        611,024XCP, Series 2004-C7, 144A, Interest Only, 0.596% ****, 10/15/2036
        
        
        168,198,499
        
        2,248,393XCP, Series 2006-C6, Interest Only, 0.663% ****, 9/15/2039
        
        
        187,760,342
        
        3,700,982XCP, Series 2004-C8, 144A, Interest Only, 0.772% ****, 12/15/2039
        
        
        294,896,076
        
        2,784,704A3, Series 2004-C2, 3.973%, 3/15/2029
        
        
        1,500,000
        
        1,327,989A2, Series 2005-C1, 4.31%, 2/15/2030
        
        
        9,000,000
        
        8,825,935A2, Series 2005-C3, 4.553%, 7/15/2030
        
        
        10,668,692
        
        10,569,882A3, Series 2004-C4, 5.077% ***, 6/15/2029
        
        
        10,000,000
        
        9,195,680Morgan Stanley Capital I, A1, Series 2007-IQ16, 5.32%, 12/12/2049
        
        
        10,359,143
        
        10,386,408Morgan Stanley Dean Witter Capital I:A3, Series 2001-TOP5, 6.16%, 10/15/2035
        
        
        122,269
        
        122,203A4, Series 2001-TOP1, 6.66%, 2/15/2033
        
        
        4,200,438
        
        4,261,414TIAA Seasoned Commercial Mortgage Trust, A1, Series 2007-C4, 5.667% ***, 8/15/2039
        
        
        4,762,393
        
        4,845,535Wachovia Bank Commercial Mortgage Trust:XP, Series 2005-C17, 144A, Interest Only, 0.238% ****, 3/15/2042
        
        
        596,502,502
        
        3,756,176A2, Series 2005-C17, 4.782%, 3/15/2042
        
        
        6,937,701
        
        6,673,611A2, Series 2007-C32, 5.736% ***, 6/15/2049
        
        
        10,000,000
        
        9,332,757Total Commercial Mortgage-Backed Securities(Cost $286,810,620)
        
        275,896,094Collateralized Mortgage Obligations 8.6%Banc of America Mortgage Securities, Inc.:1A3, Series 2002-K, 3.7% ***, 10/20/2032
        
        
        200,495
        
        176,2261A1O, Series 2005-4, 5.25%, 5/25/2035
        
        
        2,200,000
        
        2,166,164A15, Series 2006-2, 6.0%, 7/25/2046
        
        
        5,126,612
        
        4,397,8453A2, Series 2004-4, 6.5%, 5/25/2019
        
        
        4,818,421
        
        4,673,862
    Citicorp Mortgage Securities, Inc.:A1, Series 2003-8, 5.5%, 8/25/2033
        
        
        7,435,048
        
        7,431,0651A1, Series 2005-7, 5.5%, 10/25/2035
        
        
        3,050,651
        
        2,935,2981A2, Series 2006-5, 6.0%, 10/25/2036
        
        
        5,771,745
        
        5,287,357Countrywide Alternative Loan Trust:3A3, Series 2005-20CB, 5.5%, 7/25/2035
        
        
        3,480,605
        
        3,070,8211A4, Series 2006-43CB, 6.0%, 2/25/2037
        
        
        5,915,542
        
        4,230,966Countrywide Home Loans:A3, Series 2003-18, 5.25%, 7/25/2033
        
        
        7,918,313
        
        7,695,896A35, Series 2005-24, 5.5%, 11/25/2035
        
        
        8,567,136
        
        6,659,570CS First Boston Mortgage Securities Corp., 2A1, Series 2004-AR8, 4.577% ***, 9/25/2034
        
        
        5,942,943
        
        5,206,290Fannie Mae Grantor Trust:1A1, Series 2004-T1, 6.0%, 1/25/2044
        
        
        5,524,093
        
        5,833,097A1, Series 2002-T4, 6.5%, 12/25/2041
        
        
        2,786,909
        
        2,967,623Federal Home Loan Mortgage Corp.:MA, Series 2664, 5.0%, 4/15/2030
        
        
        11,690,865
        
        12,082,034DC, Series 2541, 5.05%, 3/15/2031
        
        
        5,472,431
        
        5,613,301EB, Series 3062, 5.5%, 9/15/2021
        
        
        4,504,089
        
        4,653,576PA, Series 2301, 6.0%, 10/15/2013
        
        
        11,087,097
        
        11,646,318BT, Series 2448, 6.0%, 5/15/2017
        
        
        5,072
        
        5,449Federal National Mortgage Association:TA, Series 2007-77, 5.5%, 12/25/2029
        
        
        6,083,414
        
        6,299,303AB, Series 2006-3, 5.5%, 10/25/2032
        
        
        14,461,622
        
        14,951,049PD, Series G94-10, 6.5%, 9/17/2009
        
        
        43
        
        43A1, Series 2003-7, 6.5%, 12/25/2042
        
        
        3,226,596
        
        3,409,226First Horizon Alternative Mortgage Securities, 1A1, Series 2007-FA2, 5.5%, 4/25/2037
        
        
        7,440,493
        
        5,348,771First Horizon Mortgage Pass-Through Trust, 2A1, Series 2005-AR4, 5.34% ***, 10/25/2035
        
        
        7,004,657
        
        4,850,117IndyMac INDX Mortgage Loan Trust, 4A1, Series 2005-AR9, 5.119% ***, 7/25/2035
        
        
        1,999,620
        
        1,198,634JPMorgan Mortgage Trust, 2A7, Series 2004-S2, 5.25%, 11/25/2034
        
        
        1,174,680
        
        1,124,825Paine Webber Mortgage Acceptance Corp., 1B2, Series 1999-4, 144A, 6.46% ***, 7/28/2024
        
        
        94,409
        
        60,583PHHMC Mortgage Pass-Through Certificates, A2, Series 2006-2, 6.154% ***, 7/18/2036
        
        
        12,703,277
        
        12,064,013Provident Funding Mortgage Loan Trust, 2A1, Series 2005-1, 4.382% ***, 5/25/2035
        
        
        8,135,636
        
        6,958,806Prudential Home Mortgage Securities, 4B, Series 1994-A, 144A, 6.73% ***, 4/28/2024
        
        
        23,607
        
        22,386Residential Funding Mortgage Securities I:1A4, Series 2004-S6, 5.5%, 6/25/2034
        
        
        947,049
        
        945,607A5, Series 2005-S9, 5.75%, 12/25/2035
        
        
        5,936,558
        
        4,879,338Residential Funding Mortgage Security I, A11, Series 2006-S5, 6.0%, 6/25/2036
        
        
        2,850,285
        
        2,698,264Structured Asset Securities Corp., 2A16, Series 2005-6, 5.5%, 5/25/2035
        
        
        4,224,138
        
        3,594,924Wells Fargo Mortgage Backed Securities Trust:3A1, Series 2004-EE, 4.49% ***, 12/25/2034
        
        
        6,191,529
        
        5,720,3916A4, Series 2005-AR16, 5.002% ***, 10/25/2035
        
        
        9,146,881
        
        3,723,058Total Collateralized Mortgage Obligations(Cost $189,956,552)
        
        174,582,096Government & Agency Obligations 14.7%Other Government Related 4.6%American Express Bank FSB, FDIC Guaranteed, 3.15%, 12/9/2011
        
        
        9,000,000
        
        9,318,969Citigroup, Inc., FDIC Guaranteed, 2.875%, 12/9/2011 (a)
        
        
        5,000,000
        
        5,143,450General Electric Capital Corp., Series G, FDIC Guaranteed, 3.0%, 12/9/2011
        
        
        9,000,000
        
        9,284,841GMAC, Inc., FDIC Guaranteed, 2.2%, 12/19/2012
        
        
        9,230,000
        
        9,192,794
    HSBC USA, Inc., FDIC Guaranteed, 3.125%, 12/16/2011 (a)
        
        
        4,500,000
        
        4,658,531John Deere Capital Corp., Series D, FDIC Guaranteed, 2.875%, 6/19/2012 (a)
        
        
        8,420,000
        
        8,627,881JPMorgan Chase & Co., FDIC Guaranteed, 2.125%, 12/26/2012
        
        
        9,100,000
        
        9,053,972Morgan Stanley:FDIC Guaranteed, 2.25%, 3/13/2012
        
        
        4,000,000
        
        4,035,228FDIC Guaranteed, 3.25%, 12/1/2011 (a)
        
        
        5,000,000
        
        5,186,920Sovereign Bank, FDIC Guaranteed, 2.75%, 1/17/2012 (a)
        
        
        6,125,000
        
        6,206,799The Goldman Sachs Group, Inc., FDIC Guaranteed, 3.25%, 6/15/2012 (a)
        
        
        10,000,000
        
        10,348,990US Bancorp., FDIC Guaranteed, 2.25%, 3/13/2012
        
        
        7,545,000
        
        7,611,449Wells Fargo & Co., FDIC Guaranteed, 2.125%, 6/15/2012 (a)
        
        
        5,145,000
        
        5,160,07093,829,894Sovereign Bonds 1.1%Export Development Canada:2.375%, 3/19/2012
        
        
        4,200,000
        
        4,239,8493.125%, 4/24/2014
        
        
        5,060,000
        
        5,088,392Japan Finance Corp., 2.0%, 6/24/2011
        
        
        4,568,000
        
        4,576,259Province of Ontario, 4.1%, 6/16/2014
        
        
        9,230,000
        
        9,412,83723,317,337US Government Sponsored Agencies 8.6%Federal Home Loan Bank:1.375%, 5/16/2011
        
        
        10,000,000
        
        10,030,8101.625%, 7/27/2011
        
        
        9,585,000
        
        9,637,7371.875%, 6/20/2012
        
        
        14,800,000
        
        14,779,5916.75% ***, 7/30/2018
        
        
        4,500,000
        
        4,500,0007.45% ***, 10/16/2023
        
        
        10,000,000
        
        9,800,000Federal Home Loan Mortgage Corp.:1.625%, 4/26/2011
        
        
        7,275,000
        
        7,330,3841.75%, 6/15/2012 (d)
        
        
        16,050,000
        
        15,991,6422.125%, 3/23/2012
        
        
        19,455,000
        
        19,630,9123.0%, 7/28/2014
        
        
        18,230,000
        
        18,266,9348.25% ***, 6/17/2024
        
        
        3,300,000
        
        3,267,000Federal National Mortgage Association:CPI plus 0.25%, 0.0%, 8/8/2011
        
        
        18,000,000
        
        17,235,0001.285% ***, 2/27/2023
        
        
        14,000,000
        
        13,860,0001.375%, 4/28/2011
        
        
        9,020,000
        
        9,043,3441.75%, 3/23/2011
        
        
        9,400,000
        
        9,489,3661.875%, 4/20/2012
        
        
        5,200,000
        
        5,221,1433.625%, 8/15/2011
        
        
        5,000,000
        
        5,236,350173,320,213US Treasury Obligations 0.4%US Treasury Bills:0.15% *****, 9/17/2009 (e)
        
        
        7,051,000
        
        7,048,2220.16% *****, 8/27/2009 (e)
        
        
        495,000
        
        494,8897,543,111Total Government & Agency Obligations(Cost $296,294,974)
        
        298,010,555Loan Participations and Assignments 3.9%Senior Loans ***AEI Finance Holding LLC:Term Loan, LIBOR plus 3.0%, 3.308%, 3/30/2012
        
        
        101,932
        
        81,928Term Loan, LIBOR plus 3.0%, 3.598%, 3/30/2014
        
        
        1,898,068
        
        1,525,572
    Affiliated Computer Services, Inc., Term Loan B1, LIBOR plus 2.0%, 2.321%, 3/20/2013
        
        
        1,984,694
        
        1,894,668Ashland Chemicals, Term Loan B, Prime plus 3.4%, 7.65%, 5/13/2014
        
        
        733,944
        
        741,508Asurion Corp., First Lien Term Loan, LIBOR plus 3.0%, 4.016%, 7/3/2014
        
        
        2,750,000
        
        2,591,875Atlas Pipeline Partners LP, Term Loan, Prime plus 1.75%, 7.0%, 7/27/2012
        
        
        2,056,756
        
        1,959,061Bausch & Lomb, Inc.:Term Delay Draw, LIBOR plus 3.25%, 3.848%, 4/24/2015
        
        
        300,602
        
        276,789Term Loan, LIBOR plus 3.25%, 3.848%, 4/24/2015
        
        
        1,583,166
        
        1,457,756BE Aerospace, Inc., Term Loan B, Prime plus 1.75%, 5.0%, 7/28/2014
        
        
        550,838
        
        548,543Celanese US Holdings LLC, Term Loan, LIBOR plus 1.75%, 2.942%, 4/2/2014
        
        
        3,959,596
        
        3,682,979Cequel Communications LLC, Term Loan, Prime plus 1.0%, 4.25%, 11/5/2013
        
        
        997,455
        
        915,584Cincinnati Bell, Inc., Term Loan B, LIBOR plus 1.5%, 1.819%, 8/31/2012
        
        
        3,923,215
        
        3,707,439Community Health Systems, Inc.:Term Delay Draw, LIBOR plus 2.25%, 2.56%, 7/25/2014
        
        
        190,651
        
        172,042Term Loan, LIBOR plus 2.25%, 2.924%, 7/25/2014
        
        
        3,737,128
        
        3,372,347Constellation Brands, Inc., Term Loan B, LIBOR plus 1.5%, 1.875%, 6/5/2013
        
        
        2,558,303
        
        2,443,179Discovery Communications Holdings LLC:Term Loan B, LIBOR plus 2.0%, 2.598%, 5/14/2014
        
        
        250,000
        
        238,625Term Loan C, LIBOR plus 3.25%, 5.25%, 5/14/2014
        
        
        300,000
        
        300,499Essar Steel Algoma, Inc., Term Loan B, LIBOR plus 2.5%, 2.81%, 6/20/2013
        
        
        500,000
        
        406,250Flextronics International USA:Term Delay Draw A2, LIBOR plus 2.25%, 2.56%, 10/1/2014
        
        
        230,769
        
        193,269Term Delay Draw A3, LIBOR plus 2.25%, 2.56%, 10/1/2014
        
        
        269,231
        
        225,481Georgia-Pacific Corp., Term Loan B, LIBOR plus 2.0%, 2.65%, 12/20/2012
        
        
        1,547,601
        
        1,463,125Getty Images, Inc., Term Loan, Prime plus 3.0%, 6.25%, 7/2/2015
        
        
        2,925,469
        
        2,906,819Goodyear Tire & Rubber Co., Second Lien Term Loan, LIBOR plus 1.75%, 2.07%,   4/30/2014
        
        
        1,000,000
        
        850,625Hanesbrands, Inc., Term Loan B, LIBOR plus 4.75%, 5.842%, 9/5/2013
        
        
        3,923,816
        
        3,907,453HCA, Inc., Term Loan B, LIBOR plus 2.25%, 2.848%, 11/18/2013
        
        
        3,398,424
        
        3,077,715Hughes Network Systems LLC, Term Loan, LIBOR plus 2.5%, 3.188%, 4/15/2014
        
        
        1,000,000
        
        902,500Huntsman International LLC, Term Loan, LIBOR plus 1.75%, 2.058%, 4/21/2014
        
        
        1,979,798
        
        1,791,222IASIS Healthcare LLC:Letter of Credit, LIBOR plus 2.1%, 2.31%, 3/14/2014
        
        
        127,186
        
        116,906Term Delay Draw, LIBOR plus 2.0%, 2.31%, 3/14/2014
        
        
        1,183,426
        
        1,087,770Term Loan B, LIBOR plus 2.0%, 2.31%, 3/14/2014
        
        
        1,450,438
        
        1,333,199Ineos US Finance LLC:Term Loan B2, LIBOR plus 4.5%, 7.501%, 12/16/2013
        
        
        494,898
        
        366,472Term Loan C2, LIBOR plus 5.0%, 8.001%, 12/16/2014
        
        
        494,898
        
        366,967Jarden Corp., Term Loan B1, LIBOR plus 1.75%, 2.348%, 1/24/2012
        
        
        1,643,588
        
        1,573,735Life Technologies Corp., Term Loan B, Prime plus 2.0%, 5.25%, 11/20/2015
        
        
        99,500
        
        100,121Lyondell Basell Industries AF SCA:Debtor in Possession Term Loan, Prime plus 2.69%, 5.94%, 12/15/2009
        
        
        537,378
        
        450,148Debtor in Possession Term Loan, Prime plus 9.0%, 13.0%, 12/15/2009
        
        
        358,483
        
        370,315Dutch Term Loan, LIBOR plus 3.5%, 3.815%, 12/20/2013
        
        
        24,183
        
        10,658Dutch Term Loan A, Prime plus 2.5%, 5.75%, 12/20/2013
        
        
        56,893
        
        25,073Term Loan A, Prime plus 2.5%, 5.75%, 12/20/2013
        
        
        172,781
        
        76,147Term Loan, Prime plus 2.5%, 5.75%, 12/20/2013
        
        
        90,685
        
        39,966German Term Loan B-1, LIBOR plus 3.75%, 4.065%, 12/20/2013
        
        
        69,426
        
        30,597German Term Loan B-2, LIBOR plus 3.75%, 4.065%, 12/20/2013
        
        
        69,426
        
        30,597German Term Loan B-3, LIBOR plus 3.75%, 4.065%, 12/20/2013
        
        
        69,426
        
        30,597Term Loan B-1, LIBOR plus 3.75%, 7.0%, 12/20/2013
        
        
        301,260
        
        132,770Term Loan B-2, LIBOR plus 3.75%, 7.0%, 12/20/2013
        
        
        301,260
        
        132,770Term Loan B-3, LIBOR plus 3.75%, 7.0%, 12/20/2013
        
        
        301,260
        
        132,770Mediacom Illinois LLC, Term Loan C, LIBOR plus 1.75%, 2.05%, 1/31/2015
        
        
        498,724
        
        459,450Metavante Corp., Term Loan B, LIBOR plus 1.75%, 2.778%, 11/1/2014
        
        
        1,979,950
        
        1,928,798MetroPCS Wireless, Inc., Term Loan B, LIBOR plus 2.25%, 3.313%, 11/4/2013
        
        
        1,994,885
        
        1,900,806Mylan Laboratories, Inc., Term Loan B, LIBOR plus 3.25%, 3.875%, 10/2/2014
        
        
        1,949,749
        
        1,887,337
    Nebraska Book Co., Inc., Term Loan, LIBOR plus 6.0%, 9.25%, 3/4/2011
        
        
        1,000,000
        
        972,500Neiman Marcus Group, Inc., Term Loan B, LIBOR plus 2.0%, 2.629%, 4/6/2013
        
        
        2,000,000
        
        1,533,750NewPage Corp., First Lien Term Loan, LIBOR plus 3.75%, 4.063%, 12/21/2014
        
        
        2,000,000
        
        1,736,250Oshkosh Truck Corp., Term Loan B, Prime plus 5.0%, 8.25%, 12/6/2013
        
        
        962,429
        
        889,645Pinnacle Foods Holdings Corp., Term Loan B, LIBOR plus 2.75%, 3.066%, 4/2/2014
        
        
        2,000,000
        
        1,798,750Psychiatric Solutions, Inc., Term Loan B, LIBOR plus 1.75%, 2.068%, 7/1/2012
        
        
        2,189,154
        
        2,049,596Quebecor World, Inc., Term Loan, Prime plus 5.0%, 8.25%, 7/10/2012
        
        
        1,000,000
        
        950,000Regal Cinemas, Inc., Term Loan, LIBOR plus 3.75%, 4.348%, 10/28/2013
        
        
        1,979,695
        
        1,935,420Rockwood Specialties Group, Inc., Term Loan H, LIBOR plus 4.0%, 6.0%, 5/15/2014
        
        
        1,948,454
        
        1,942,365Sorenson Communications, Inc., Term Loan C, LIBOR plus 2.5%, 2.81%, 8/16/2013
        
        
        1,000,000
        
        916,250Sun Healthcare Group, Inc.:Letter of Credit, LIBOR minus 0.1%, 0.498%, 4/21/2014
        
        
        242,439
        
        216,983Term Loan B, LIBOR plus 2.0%, 3.631%, 4/21/2014
        
        
        1,154,419
        
        1,033,205SunGard Data Systems, Inc., Term Loan A, LIBOR plus 1.75%, 2.724%, 2/28/2014
        
        
        2,972,133
        
        2,764,083Telesat Canada:Term Delay Draw, LIBOR plus 3.0%, 3.31%, 10/31/2014
        
        
        156,146
        
        145,867Term Loan II, LIBOR plus 3.0%, 3.31%, 10/31/2014
        
        
        1,819,494
        
        1,699,717Texas Competitive Electric Holdings Co., LLC, Term Loan B3, LIBOR plus 3.5%, 3.821%, 10/10/2014
        
        
        994,950
        
        712,125Time Warner Telecom Holdings, Inc., Term Loan B, LIBOR plus 2.0%, 2.31%, 1/7/2013
        
        
        1,000,000
        
        947,915West Corp., Term Loan B2, LIBOR plus 2.375%, 2.693%, 10/24/2013
        
        
        1,969,748
        
        1,803,679Total Loan Participations and Assignments(Cost $79,824,912)
        
        78,266,922Municipal Bonds and Notes 0.5%California, State General Obligation, Series 3, 5.65%, 4/1/2039
        
        2,865,000
        
        2,835,892Louisiana, Public Facilities Authority Systems Revenue, Restoration Bonds, Series A-1, 4.5%, 2/1/2014
        
        7,260,000
        
        7,555,700Total Municipal Bonds and Notes(Cost $10,134,263)
        
        10,391,592Preferred Security 0.0%FinancialsXerox Capital Trust I, 8.0%, 2/1/2027 (Cost $32,932)
        
        
        32,000
        
        24,320Shares
        
        Value ($)Securities Lending Collateral 2.1%Daily Assets Fund Institutional, 0.48% (f) (g)(Cost $41,875,260)
        
        
        41,875,260
        
        41,875,260Cash Equivalents 5.5%Cash Management QP Trust, 0.27% (f)(Cost $111,735,070)
        
        
        111,735,070
        
        111,735,070% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $2,123,447,432) 
        103.0
        
        2,081,584,331Other Assets and Liabilities, Net
        (3.0)
        
        (60,038,574)Net Assets
        100.0
        
        2,021,545,757For information on the Funds policies regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent semi-annual or annual financial statements.*
        Non-income producing security.**
        Non-income producing security.  Issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.  The following table represents bonds that are in default:Security
        
        Coupon
        
        MaturityDate
        
        Principal Amount ($)
        AcquisitionCost ($)
        
        Value ($)
    ARCO Chemical Co.
        
        9.8%
        
        2/1/2020
        
        315,000
        
        USD
        
        357,144
        
        99,225Buffalo Thunder Development Authority
        
        9.375%
        
        12/15/2014
        
        30,000
        
        USD
        
        30,000
        
        4,200Green Tree Financial Corp.,
B2,, Series 1996-5
        
        8.45%
        
        7/15/2027
        
        5,302,252
        
        USD
        
        5,817,407
        
        0Idearc, Inc.
        
        8.0%
        
        11/15/2016
        
        115,000
        
        USD
        
        88,300
        
        3,019R.H. Donnelley Corp.
        
        8.875%
        
        10/15/2017
        
        145,000
        
        USD
        
        139,993
        
        7,4316,432,844
        
        113,875***
        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 June 30, 2009.****
        These securities are shown at their current rate as of June 30, 2009.*****
        Annualized yield at time of purchase; not a coupon rate.
        The cost for federal income tax purposes was $2,125,430,760.  At June 30, 2009, net unrealized depreciation for all securities based on tax cost was $43,846,429.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $27,370,466 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $71,216,895.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at June 30, 2009 amounted to $40,554,648 which is 2.0% of net assets.(b)
        Security has deferred its 6/15/2008, 12/15/2008 and 6/15/2009 interest payments until 12/31/2009.(c)
        When-issued security.(d)
        At June 30, 2009 this security has been pledged, in whole or in part, as collateral for open swaps contracts.(e)
        At June 30, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.(f)
        Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.(g)
        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.CPI: Consumer Price IndexFDIC: Federal Deposit Insurance Corp.FSB: Federal Savings BankInterest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.LIBOR: Represents the London InterBank Offered Rate.PIK: Denotes that all or a portion of the income is paid in kind.Prime: Interest rate charged by banks to their most credit worthy customers.REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.REIT: Real Estate Investment TrustIncluded 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 stated maturities due to prepayments.  Some separate investments in the Government National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.At June 30, 2009, the Fund had unfunded loan commitments of $273,481, which could be extended at the option of the borrower, pursuant to the following loan agreement:Borrower
        Unfunded Loan Commitment ($)
        
        Value ($)
        
        Unrealized  Appreciation/ (Depreciation) ($)
    Bausch & Lomb, Inc., Term Delay Draw, LIBOR plus
3.25%, 3.848%, 4./24/2015
        95,367
        
        92,263
        
        (3,104)Lyondell Basell Industries AF SCA, Debtor in
Possession Term Loan, Prime plus 9.0%, 13.0%,
12/15/2009
        178,114
        
        185,072
        
        6,958Total
        273,481
        
        277,335
        
        3,854
  At June 30, 2009, open futures contracts purchased were as follows:Futures
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Australian Treasury Bond
        
        9/15/2009
        
        289
        
        23,992,492
        
        24,174,130
        
        181,63810 Year Canadian Government Bond
        
        9/21/2009
        
        19
        
        1,988,854
        
        1,980,776
        
        (8,078)10 Year US Treasury Note
        
        9/21/2009
        
        354
        
        41,288,913
        
        41,158,031
        
        (130,882)Federal Republic of Germany Euro-Schatz
        
        9/8/2009
        
        559
        
        84,457,410
        
        84,614,392
        
        156,982United Kingdom Long Gilt Bond
        
        9/28/2009
        
        100
        
        19,340,431
        
        19,426,516
        
        86,085Total net unrealized appreciation
        285,745At June 30, 2009, open futures contracts sold were as follows:Futures
        
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Japanese Government Bond
        
        9/10/2009
        
        45
        
        63,541,719
        
        64,509,265
        
        (967,546)2 Year US Treasury Note
        
        9/30/2009
        
        130
        
        28,180,063
        
        28,108,438
        
        71,6253 Year Australian Treasury Bond
        
        9/15/2009
        
        173
        
        14,471,143
        
        14,422,257
        
        48,8865 Year US Treasury Note
        
        9/30/2009
        
        2,627
        
        302,832,283
        
        301,366,156
        
        1,466,127Federal Republic of Germany Euro-Bund
        
        9/8/2009
        
        149
        
        24,831,569
        
        25,308,690
        
        (477,121)Total net unrealized appreciation
        141,971
  At June 30, 2009, open interest rate swaps were as follows:Effective/ExpirationDates
        
        NotionalAmount ($)
        
        Cash FlowsPaid bythe Fund
        
        Cash FlowsReceived bythe Fund
        
        UnrealizedAppreciation ($)6/26/2009
6/27/2011
        
        60,000,0001
        
        Fixed  1.597%
        Floating  LIBOR
        06/26/2009
6/26/2012
        
        20,000,0001
        
        Fixed  2.26%
        Floating  LIBOR
        06/29/2009
7/1/2013
        
        20,000,0002
        
        Fixed  2.71%
        Floating  LIBOR
        0Total unrealized appreciation
        0At June 30, 2009, total return swap contracts were as follows:
    Effective/ExpirationDates
        NotionalAmount ($)
        FixedCashFlowsPaid
        ReferenceEntity
        Value ($)
        Upfront PremiumsPaid/(Received) ($)
        UnrealizedAppreciation ($)6/1/20096/1/2012
        76,400,0002
        0.425%
        Global Interest Rate Strategy Index
        (863,995)
        77,000
        (940,995)Counterparties:1
        Bank of America2
        Citigroup, Inc.At June 30, 2009, the Fund had the following open forward foreign currency exchange contracts:Contracts to Deliver
        
        In Exchange For
        
        SettlementDate
        
        UnrealizedAppreciation ($)USD
        19,416,157
        
        JPY
        1,901,366,000
        
        7/15/2009
        
        324,405USD
        3,715,299
        
        NZD
        5,860,000
        
        7/15/2009
        
        62,142EUR
        9,785,000
        
        USD
        13,774,932
        
        7/15/2009
        
        47,856NOK
        6,183,000
        
        USD
        979,167
        
        7/15/2009
        
        18,004SEK
        81,959,000
        
        USD
        10,738,722
        
        7/15/2009
        
        115,391Total unrealized appreciation
        
        
        
        
        
        567,798Contracts to Deliver
        
        In Exchange For
        
        SettlementDate
        
        UnrealizedDepreciation ($)USD
        16,316,346
        
        AUD
        20,205,000
        
        7/15/2009
        
        (54,681)USD
        12,519,440
        
        CAD
        13,806,000
        
        7/15/2009
        
        (649,029)USD
        27,844,261
        
        CHF
        29,922,000
        
        7/15/2009
        
        (300,145)GBP
        5,264,000
        
        USD
        8,642,751
        
        7/15/2009
        
        (17,474)Total unrealized depreciation
        
        
        
        
        
        (1,021,329)Currency AbbreviationsAUD
        Australian Dollar
        JPY
        Japanese YenCAD
        Canadian Dollar
        NOK
        Norwegian KroneCHF
        Swiss Franc
        NZD
        New Zealand DollarEUR
        Euro
        SEK
        Swedish KronaGBP
        British Pound
        USD
        United States Dollar
  Fair Value Measurements  Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements," as amended, establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.  Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used as of June 30, 2009 in valuing the Fund's investments. Level 1
        Level 2
        Level 3
        TotalAssetsFixed Income(h)Corporate Bonds
        $                   
        $      881,228,880
        $    13,009,504
        $  894,238,384Mortgage-Backed Securities Pass-Throughs
        
        23,108,898
        
        23,108,898Asset-Backed
        
        165,104,384
        8,350,756
        173,455,140Commercial Mortgage-Backed Securities
        
        275,896,094
        
        275,896,094Collateralized Mortgage Obligations
        
        174,582,096
        
        174,582,096Government & Agency Obligations
        
        260,165,444
        30,302,000
        290,467,444Loan Participation & Assignments
        
        69,545,171
        8,721,751
        78,266,922Municipal Bonds and Notes
        
        10,391,592
        
        10,391,592
    Preferred Security
        
        24,320
        
        24,320Short-Term Investments(h)
        41,875,260
        119,278,181
        
        161,153,441Other Receivables
        
        3,854
        
        3,854Derivatives(i)
        427,716
        567,798
        
        995,514Total
        $     42,302,976
        $   1,979,896,712
        $   60,384,011
        $2,082,583,699LiabilitiesDerivatives(i)
        $                   
        $       (1,962,324)
        $                  
        $    (1,962,324)Total
        $                   
        $       (1,962,324)
        $                  
        $    (1,962,324)(h)
        See Investment Portfolio for additional detailed categorizations.(i)
        Derivatives include unrealized appreciation (depreciation) on open futures, interest rate swap, total return swap and forward foreign currency exchange contracts.
  The following is a reconciliation of the Funds Level 3 investments for which significant unobservable inputs were used in determining value:  Corporate Bonds
        Asset-Backed
        Government & Agency Obligations
        Loan Participations and Assignments
        TotalBalance as of  September 30, 2008
        $   15,000,000
        $     2,896,475
        $   45,800,819
        $     5,590,941
        $   69,288,235Realized gains (loss)
        
        
        (1,920)
        (107,650)
        (109,570)Change in unrealized appreciation (depreciation)
        (2,120,752)
        (808,473)
        (797,325)
        831,324
        (2,895,226)Amortization premium/ discount
        746
        (670,216)
        33,426
        45,037
        (591,007)Net purchases  (sales)
        87,028
        6,932,970
        (14,733,000)
        (133,848)
        (7,846,850)Net transfers in (out) of Level 3
        42,482
        
        
        2,495,947
        2,538,429Balance as of  June 30, 2009
        $   13,009,504
        $     8,350,756
        $   30,302,000
        $     8,721,751
        $   60,384,011Net change in unrealized appreciation (depreciation) from investments still held at  June 30, 2009
        $  (2,120,752)
        $     (808,473)
        $    (849,981)
        $        802,174
        $  (2,977,032)
  Derivative Instruments and Hedging Activities  Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities, requires enhanced disclosure about an entitys derivative and hedging activities.  The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of June 30, 2009. Please see below for information on the Funds policy regarding the objectives and strategies for using futures, options, forward foreign currency exchange contracts and swaps.  Primary Underlying Risk Disclosure
        Futures
        Forward Currency Contracts
        Total
Return
SwapsInterest Rate Contracts
        $          427,716
        $                    
        $       (940,995)Foreign Exchange Contracts
        $                    
        $       (453,531)
        $                    
  Futures.  The value of the Fund's underlying bond investments are subject to interest rate risk.  As interest rates increase, the value of the Fund's fixed rate bonds may fall.  The Fund may enter into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration.  In addition, the Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  The Fund may enter into futures contracts on fixed-income securities, including on financial indices, and security indices and on currency as part of its global tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use futures contracts to take advantage of short-term and medium-term inefficiencies and relative mispricings within the global bond and currency markets.  Upon entering into a futures contract, the Fund is required to deposit with a financial
intermediary an initial margin equal to a certain percentage of the face value indicated in the futures contract.  Subsequent payments (variation margin) are made or received by the fund dependent upon the daily fluctuations in the value of the underlying security.   Since all futures  contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.  Forward Foreign Currency Exchange Contracts. The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy. As part of this strategy, the Fund may use forward currency exchange contracts to gain exposure to changes in the value of foreign currencies, and to take advantage of short-term and medium-term mispricings within the currency markets.  Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the fund.  Swaps. The Fund may enter into interest rate swap transactions to reduce the interest rate risk inherent in the Funds underlying investments. The Fund may enter into total return swap transactions to hedge against market and interest rate risk or to enhance returns.  The maximum counterparty credit risk to the Fund is measured by the current value of the contract, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty.   ITEM 2.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)          There have been no changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 3.
        EXHIBITSCertification 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 Plus Fund, a series of DWS Advisor FundsBy:
        /s/Michael G. Clark
Michael G. Clark
PresidentDate:
        August 17, 2009
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Short Duration Plus Fund, a series of DWS Advisor FundsBy:
        /s/Michael G. Clark
Michael G. Clark
PresidentDate:
        August 17, 2009By:
        /s/Paul Schubert
Paul Schubert
Chief Financial Officer and TreasurerDate:
        August 17, 2009