N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number 811-04760

DWS Advisor Funds

(Exact Name of Registrant as Specified in Charter)

One South Street

Baltimore, MD 21202

(Address of principal executive offices)             (Zip code)

Registrant’s Telephone Number, including Area Code: (212) 454-7190

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and Address of Agent for Service)

Date of fiscal year end: 09/30

Date of reporting period: 3/31/07

ITEM 1.REPORT TO STOCKHOLDERS

MARCH 31, 2007

Semiannual Report
to Shareholders

DWS Small Cap Growth Fund

Contents

click here Performance Summary

click here Information About Your Fund's Expenses

click here Portfolio Management Review

click here Portfolio Summary

click here Investment Portfolio

click here Financial Statements

click here Financial Highlights

click here Notes to Financial Statements

click here Investment Management Agreement Approval

click here Account Management Resources

click here Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.

Investments in mutual funds involve risk. Some funds have more risk than others. This fund is subject to stock market risk. Stocks of small companies involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more erratic and abrupt market movements. Please read the fund's prospectus for specific details regarding its investments and risk profile.

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance Summary March 31, 2007

Classes A, B, C and Institutional

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-scudder.com for the Fund's most recent month-end performance.

The maximum sales charge for Class A shares is 5.75%. For Class B shares, the maximum contingent deferred sales charge (CDSC) is 4% within the first year after purchase, declining to 0% after six years. Class C shares have no adjustment for front-end sales charges but redemptions within one year of purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have been lower if they had. Institutional Class shares are not subject to sales charges.

The total annual fund operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2007 are 1.36%, 2.31%, 2.21% and 0.83% for Class A, Class B, Class C and Institutional Class shares, respectively. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended March 31, 2007.

To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days, which has the effect of lowering total return.

Returns and rankings during all periods shown for Class A, B and C shares and for the 1-year, 5-year and 10-year periods for Institutional Class shares reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Returns shown for Class A, B and C shares for the periods prior to their inception on June 28, 2002 are derived from the historical performance of Investment Class shares of DWS Small Cap Growth Fund during such periods and have been adjusted to reflect the higher gross total annual operating expenses of each specific class. Any difference in expenses will affect performance. On October 23, 2006, Investment Class shares were converted into Class S shares. On November 20, 2006, Class R shares were converted into Class A shares.

Average Annual Total Returns (Unadjusted for Sales Charge) as of 3/31/07
DWS Small Cap Growth Fund	6-Month‡	1-Year	3-Year	5-Year	10-Year
Class A	10.44%	-2.86%	8.13%	4.93%	10.00%
Class B	10.03%	-3.61%	7.29%	4.15%	9.18%
Class C	10.08%	-3.57%	7.31%	4.16%	9.18%
Russell 2000® Growth Index+	11.46%	1.56%	9.41%	7.88%	6.31%

Source: Lipper Inc. and Deutsche Asset Management, Inc.

^‡Total returns shown for periods less than one year are not annualized.

Average Annual Total Returns (Unadjusted for Sales Charge) as of 3/31/07
DWS Small Cap Growth Fund	6-Month‡	1-Year	Life of Class*
Institutional Class	10.69%	-2.54%	7.81%
Russell 2000 Growth Index+	11.46%	1.56%	8.83%

Source: Lipper Inc. and Deutsche Asset Management, Inc.

^‡Total returns shown for periods less than one year are not annualized.
* Institutional Class shares commenced operations on December 20, 2004. Index returns began on December 31, 2004.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

[] DWS Small Cap Growth Fund — Class A

[] Russell 2000 Growth Index⁺

Yearly periods ended March 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net investment of $9,425.

Comparative Results (Adjusted for Maximum Sales Charge) as of 3/31/07
DWS Small Cap Growth Fund		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$9,156	$11,916	$11,991	$24,441
	Average annual total return	-8.44%	6.02%	3.70%	9.35%
Class B	Growth of $10,000	$9,369	$12,151	$12,156	$24,061
	Average annual total return	-6.31%	6.71%	3.98%	9.18%
Class C	Growth of $10,000	$9,643	$12,357	$12,262	$24,072
	Average annual total return	-3.57%	7.31%	4.16%	9.18%
Russell 2000 Growth Index+	Growth of $10,000	$10,156	$13,097	$14,611	$18,435
	Average annual total return	1.56%	9.41%	7.88%	6.31%

The growth of $10,000 is cumulative.

⁺Russell 2000 Growth Index is an unmanaged capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, AMEX and Nasdaq. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Comparative Results as of 3/31/07
DWS Small Cap Growth Fund		1-Year	Life of Class*
Institutional Class	Growth of $1,000,000	$974,600	$1,187,200
	Average annual total return	-2.54%	7.81%
Russell 2000 Growth Index+	Growth of $1,000,000	$1,015,600	$1,209,800
	Average annual total return	1.56%	8.83%

The growth of $10,000 and $1,000,000 is cumulative.

The minimum initial investment for Institutional Class shares is $1,000,000.

^* Institutional Class shares commenced operations on December 20, 2004. Index returns began on December 31, 2004.
⁺Russell 2000 Growth Index is an unmanaged capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, AMEX and Nasdaq. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Net Asset Value and Distribution Information
	Class A	Class B	Class C	Institutional Class
Net Asset Value: 3/31/07	$ 24.40	$ 23.44	$ 23.45	$ 24.58
9/30/06	$ 23.60	$ 22.81	$ 22.81	$ 23.71
Distribution Information: Six Months as of 3/31/07: Capital Gain Distributions	$ 1.61	$ 1.61	$ 1.61	$ 1.61

Class A Lipper Rankings — Small-Cap Growth Funds Category as of 3/31/07
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	427	of	534	80
3-Year	289	of	438	66

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested. Rankings are for the Class A shares; other classes may vary.

Class S

Class S shares are generally not available to new investors except under certain circumstances. (Please refer to the Fund's Statement of Additional Information.)

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-scudder.com for the Fund's most recent month-end performance.

The total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2007 is 1.05% for Class S shares. Please see the Information About Your Fund's Expenses, the Financial Highlights and Notes to the Financial Statements (Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended March 31, 2007.

To discourage short-term trading, the Fund imposes a 2% redemption fee on shareholders redeeming shares held less than 15 days, which has the effect of lowering total return.

Returns and rankings during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.

Average Annual Total Returns as of 3/31/07
DWS Small Cap Growth Fund	6-Month‡	1-Year	Life of Class*
Class S	10.65%	-2.58%	7.80%
Russell 2000 Growth Index+	11.46%	1.56%	8.83%

Source: Lipper Inc. and Deutsche Asset Management, Inc.

^‡Total returns shown for periods less than one year are not annualized.
* Class S shares commenced operations on December 20, 2004. Index returns began on December 31, 2004.

Net Asset Value and Distribution Information
	Class S
Net Asset Value: 3/31/07	$ 24.57
9/30/06	$ 23.71
Distribution Information: Six Months as of 3/31/07: Capital Gain Distributions	$ 1.61

Class S Lipper Rankings — Small-Cap Growth Funds Category as of 3/31/07
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	420	of	534	79

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return with distributions reinvested. Rankings are for Class S shares; other share classes may vary.

Growth of an Assumed $10,000 Investment

[] DWS Small Cap Growth Fund — Class S

[] Russell 2000 Growth Index⁺

Comparative Results as of 3/31/07
DWS Small Cap Growth Fund		1-Year	Life of Class*
Class S	Growth of $10,000	$9,742	$11,867
	Average annual total return	-2.58%	7.80%
Russell 2000 Growth Index+	Growth of $10,000	$10,156	$12,098
	Average annual total return	1.56%	8.83%

The growth of $10,000 is cumulative.

* Class S shares commenced operations on December 20, 2004. Index returns began on December 31, 2004.
⁺Russell 2000 Growth Index is an unmanaged capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, AMEX and Nasdaq. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses for Class A, B, C and S shares; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (October 1, 2006 to March 31, 2007).

The tables illustrate your Fund's expenses in two ways:

Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.

Expenses and Value of a $1,000 Investment for the six months ended March 31, 2007
Actual Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 10/1/06	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 3/31/07	$ 1,104.40	$ 1,100.30	$ 1,100.80	$ 1,106.50	$ 1,106.90
Expenses Paid per $1,000*	$ 6.56	$ 10.47	$ 10.48	$ 5.25	$ 4.57
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 10/1/06	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 3/31/07	$ 1,018.70	$ 1,014.96	$ 1,014.96	$ 1,019.95	$ 1,020.59
Expenses Paid per $1,000*	$ 6.29	$ 10.05	$ 10.05	$ 5.04	$ 4.38

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.

Annualized Expense Ratios	Class A	Class B	Class C	Class S	Institutional Class
DWS Small Cap Growth Fund	1.25%	2.00%	2.00%	1.00%	.87%

For more information, please refer to the Fund's prospectus.

Portfolio Management Review

In the following interview, Lead Portfolio Manager Robert S. Janis discusses DWS Small Cap Growth Fund's market environment, performance and strategy during the fund's most recent semiannual period ended March 31, 2007.

Q: How did DWS Small Cap Growth Fund perform during the most recent six-month period?

A: DWS Small Cap Growth Fund's Class A shares posted a 10.44% total return for its most recent semiannual period ended March 31, 2007, compared with the 11.46% return of its benchmark, the Russell 2000^® Growth Index, and the 11.52% return of its peers, represented by the Lipper Small-Cap Growth Funds category.^1,2 (Fund returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 8 for the performance of other share classes and for more complete performance information.)

¹ The Russell 2000 Growth Index is an unmanaged capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE, AMEX and Nasdaq. Index returns assume reinvestment of all distributions and, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
² The Lipper Small-Cap Growth Funds category includes portfolios that invest at least 75% of equity assets in companies with market capitalizations less than 300% of the dollar-weighted median market capitalization of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500^® Index. These portfolios typically have above-average price-to-earnings ratios and price-to-book ratios compared with the S&P SmallCap 600^® Index. Category returns assume reinvestment of all distributions. It is not possible to invest directly into a Lipper category.

Q: What were the major factors affecting stock market performance during the period?

A: In the fourth quarter of last year stocks rallied sharply. Energy prices remained low, the US Federal Reserve Board (the Fed) kept short-term interest rates steady, inflation remained under control and the consensus around a "soft landing" for the US economy paved the way for 2007.³ Amid lower gasoline prices and price cutting by retailers, consumer spending was strong during the 2006 holiday season. The slowdown in the housing market was at least temporarily offset by a firm labor market and stock market. One indicator of a healthy stock market was that initial public offerings of US stocks posted their busiest quarter in seven years during the fourth quarter of 2006. In addition, the Democrats gained a majority in both houses of Congress for the first time since 1994, opening the door for issues such as Sarbanes-Oxley, renewable energy and health care to be reexamined by Congress.

³ A term used to describe a rate of economic growth high enough to avoid recession, but slow enough to avoid high inflation.

In contrast, during the first quarter of 2007, we witnessed two of the biggest short-term declines in the Dow Jones Industrial Average in nearly four years.⁴ On February 27, a 9% decline in the Shanghai stock market triggered a worldwide retreat in the financial markets on fears that an economic slowdown in China would hurt global growth. The Dow plunged 3.3% on that day, the biggest one-day decline since late March 2003. Comments by former Fed Chairman Alan Greenspan about the possibility of a recession helped contribute to the sell-off. In mid-March, we experienced another large decline in the Dow, sparked by the subprime mortgage crisis (where increasing defaults among subprime mortgage borrowers have caused problems for subprime lenders and in turn, for the banks and Wall Street firms that fund the subprime companies). At its March meeting, the Fed held short-term interest rates steady. It was the sixth consecutive meeting where the Fed did not alter rates after raising rates 17 consecutive times between June 2004 and June 2006 to fight inflation. Surprisingly, the impact of the fallout in the subprime mortgage market was not specifically addressed in the Fed's March 2007 statement, but the Fed used language in its outlook that the market viewed as more positive than that of prior meetings.

⁴ The Dow Jones Industrial Average (Dow) is an unmanaged index of common stocks of major industrial companies. Index returns assume reinvestment of all dividends and, unlike fund returns, do not reflect fees or expenses. It is not possible to invest directly in an index.

Q: What impact did sector positioning and stock selection have on the fund's results?

A: For the semiannual period, stock selection detracted from the fund's performance when compared with its benchmark and peers. In general, the fund's holdings in the consumer discretionary and energy sectors outpaced their counterparts within the benchmark, while holdings in information technology, financials and industrials lagged the Index. Sector allocation also had a net negative effect on returns. Our overweight in consumer discretionary and underweight to financials helped performance, while our underweight to materials and industrials and overweight to energy detracted from returns.⁵

⁵ An "overweight" means that a fund holds a higher weighting in a given sector compared with its benchmark index; an "underweight" means that a fund holds a lower weighting in a given sector.

Q: What were the best and worst individual performers for the fund?

A: The top individual security-level contributors to performance during the six-month period included Guess?, Inc., Orient-Express Hotels Ltd. and Buffalo Wild Wings, Inc. Guess?, a specialty retailer from the consumer discretionary sector, designs, distributes and licenses casual apparel and accessories. Orient-Express Hotels, from the consumer discretionary sector, is a global hospitality and leisure company focused on the deluxe luxury market. Buffalo Wild Wings, from the consumer discretionary sector, is a casual-dining restaurant chain featuring a made-to-order menu.

The largest detractors from performance on an individual holdings level included bebe stores, Inc., Rackable Systems, Inc. and Globalstar, Inc. bebe stores, a specialty retailer from the consumer discretionary sector, designs and develops contemporary women's apparel and accessories. Rackable Systems, an information technology company, develops and builds custom high-density server systems and storage for large-scale data center deployment. This position was eliminated from the portfolio during the first quarter. Globalstar, from the diversified telecommunication services industry, provides mobile voice and data communications services via satellite.

Q: In light of the results for the most recent period, how do you view the economy and investment markets at present?

A: Looking ahead, there is concern as to whether or not the recent economic slowdown will be enough to reduce supply pressures and help contain and ultimately lower core inflation without sending the economy into recession. Observers are asking how much of a drag on the economy the ongoing housing correction will be. We continue to believe in only modest spillover effects from the housing slowdown and do not expect housing prices to plunge. Given current conditions, we also anticipate that Fed to continue to remain "on hold" with regard to short-term interest rate adjustment. Because of these factors, we are optimistic that in the coming months investors will reward quality growth companies that possess strong fundamentals. We continue to maintain a long-term perspective, adhering to our time-tested, fundamental, valuation-sensitive investment process, and we believe that our process will continue to work effectively in the current market environment.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results.

Portfolio Summary

Asset Allocation (Excludes Securities Lending Collateral)	3/31/07	9/30/06
Common Stocks	97%	99%
Cash Equivalents	3%	1%
	100%	100%

Sector Diversification (As a % of Common Stocks)	3/31/07	9/30/06
Consumer Discretionary	30%	24%
Information Technology	27%	23%
Health Care	23%	24%
Energy	8%	10%
Financials	6%	11%
Industrials	4%	4%
Telecommunication Services	1%	1%
Materials	1%	—
Consumer Staples	—	3%
	100%	100%

Asset allocation and sector diversification are subject to change.

Ten Largest Equity Holdings at March 31, 2007 (35.2% of Net Assets)
1. Guess?, Inc. Designer, developer and marketer of apparel and related consumer products	6.7%
2. Digital River, Inc. Provider of electronic software	4.3%
3. FormFactor, Inc. Manufacturer of semiconductor waferprobe cards	3.4%
4. Carrizo Oil & Gas, Inc. Producer of gas and crude oil	3.3%
5. Orient-Express Hotels Ltd. Owns and operates luxury hotels	3.3%
6. Hologic, Inc. Manufactures and markets X-ray systems	3.1%
7. Centene Corp. Provider of managed care programs	2.9%
8. Euronet Worldwide, Inc. Provider of electronic financial transaction solutions	2.9%
9. FEI Corp. Manufactures and sells products based on focused charged particle beam technology	2.7%
10. Chipotle Mexican Grill, Inc. Owns and operates quick serve Mexican restaurants	2.6%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 17. A quarterly Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund as of month end will be posted to www.dws-scudder.com on or after the last day of the following month. In addition, the Fund's top ten holdings and other information about the Fund is posted on www.dws-scudder.com as of the calendar quarter-end on or after the 15th day following quarter-end. Please see the Account Management Resources section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.

Investment Portfolio as of March 31, 2007 (Unaudited)

	Shares	Value ($)
Common Stocks 98.0%
Consumer Discretionary 29.4%
Hotels Restaurants & Leisure 11.7%
Buffalo Wild Wings, Inc.* (a)	159,940	10,188,178
Chipotle Mexican Grill, Inc. "A"* (a)	176,530	10,962,513
McCormick & Schmick's Seafood Restaurants, Inc.*	276,440	7,411,357
Orient-Express Hotels Ltd. "A"	231,110	13,825,000
Texas Roadhouse, Inc. "A"* (a)	466,780	6,651,615
		49,038,663
Internet & Catalog Retail 2.2%
NutriSystem, Inc.* (a)	174,200	9,129,822
Specialty Retail 11.0%
bebe stores, inc.	434,160	7,545,701
Guess?, Inc.	696,700	28,209,383
J. Crew Group, Inc.*	110,200	4,426,734
Zumiez, Inc.*	151,800	6,090,216
		46,272,034
Textiles, Apparel & Luxury Goods 4.5%
Under Armour, Inc. "A"* (a)	197,740	10,144,062
Volcom, Inc.* (a)	257,900	8,861,444
		19,005,506
Energy 8.2%
Energy Equipment & Services 2.5%
Atwood Oceanics, Inc.*	180,700	10,605,283
Oil, Gas & Consumable Fuels 5.7%
Carrizo Oil & Gas, Inc.* (a)	397,040	13,880,518
EXCO Resources, Inc.*	345,410	5,726,898
Western Refining, Inc.	107,690	4,202,064
		23,809,480
Financials 5.7%
Commercial Banks 3.8%
PrivateBancorp, Inc. (a)	173,730	6,351,569
Signature Bank*	299,350	9,740,849
		16,092,418
Diversified Financial Services 1.9%
Portfolio Recovery Associates, Inc.* (a)	175,890	7,853,488
Health Care 22.1%
Health Care Equipment & Supplies 8.8%
Hologic, Inc.*	225,280	12,985,139
Kyphon, Inc.*	92,400	4,170,936
Orthofix International NV*	103,121	5,264,327
Viasys Healthcare, Inc.*	236,910	8,052,571
West Pharmaceutical Services, Inc.	136,590	6,341,874
		36,814,847
Health Care Providers & Services 11.2%
Amedisys, Inc.*	123,262	3,997,387
AMERIGROUP Corp.*	266,760	8,109,504
Centene Corp.*	581,070	12,196,659
inVentiv Health, Inc.*	263,710	10,097,456
Nighthawk Radiology Holdings, Inc.* (a)	244,740	4,451,821
Providence Service Corp.* (a)	348,270	8,260,964
		47,113,791
Health Care Technology 2.1%
Allscripts Healthcare Solutions, Inc.* (a)	329,230	8,826,656
Industrials 4.4%
Aerospace & Defense 2.2%
BE Aerospace, Inc.*	295,140	9,355,938
Commercial Services & Supplies 0.3%
eTelecare Global Solutions, Inc. (ADR)*	76,000	1,151,400
Machinery 1.0%
Watts Water Technologies, Inc. "A" (a)	103,000	3,917,090
Trading Companies & Distributors 0.9%
H&E Equipment Services, Inc.*	179,550	3,860,325
Information Technology 26.5%
Communications Equipment 1.8%
Avocent Corp.*	282,900	7,629,813
Electronic Equipment & Instruments 2.5%
Itron, Inc.* (a)	157,970	10,274,369
Internet Software & Services 9.2%
Bankrate, Inc.* (a)	170,700	6,015,468
CyberSource Corp.*	423,800	5,301,738
Digital River, Inc.* (a)	328,120	18,128,630
Perficient, Inc.* (a)	463,800	9,173,964
		38,619,800
IT Services 3.9%
Euronet Worldwide, Inc.* (a)	442,660	11,889,847
Forrester Research, Inc.*	161,000	4,565,960
		16,455,807
Semiconductors & Semiconductor Equipment 7.1%
FEI Co.*	310,990	11,214,299
FormFactor, Inc.*	315,010	14,096,698
Standard Microsystems Corp.*	142,900	4,364,166
		29,675,163
Software 2.0%
Glu Mobile, Inc.*	6,300	63,000
THQ, Inc.* (a)	239,820	8,199,446
		8,262,446
Materials 0.6%
Metals & Mining
Haynes International, Inc.*	35,300	2,574,429
Telecommunication Services 1.1%
Diversified Telecommunication Services
Globalstar, Inc.* (a)	415,640	4,405,784
Total Common Stocks (Cost $316,991,039)		410,744,352
Securities Lending Collateral 25.8%
Daily Assets Fund Institutional, 5.35% (b) (c) (Cost $108,052,818)	108,052,818	108,052,818
Cash Equivalents 3.0%
Cash Management QP Trust, 5.33% (d) (Cost $12,782,846)	12,782,846	12,782,846

	% of Net Assets	Value ($)
,
Total Investment Portfolio (Cost $437,826,703)+	126.8	531,580,016
Other Assets and Liabilities, Net	(26.8)	(112,343,631)
Net Assets	100.0	419,236,385

^* Non-income producing security.
⁺The cost for federal income tax purposes was $437,885,592. At March 31, 2007, net unrealized appreciation for all securities based on tax cost was $93,694,424. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $105,240,469 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,546,045.
(a) All or a portion of these securities were on loan (See Notes to Financial Statements). The value of all securities loaned at March 31, 2007, amounted to $105,312,934 which is 25.1% of net assets.
(b) Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Represents collateral held in connection with securities lending.
(d) Cash Management QP Trust, an affiliated fund, is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

ADR: American Depositary Receipts

Financial Statements

Statement of Assets and Liabilities as of March 31, 2007 (Unaudited)
Assets
Investments: Investments in securities, at value (cost $316,991,039) — including $105,312,934 of securities loaned	$ 410,744,352
Investment in Daily Assets Fund Institutional (cost $108,052,818)*	108,052,818
Investment in Cash Management QP Trust (cost $12,782,846)	12,782,846
Total investments in securities, at value (cost $437,826,703)	531,580,016
Cash	10,000
Receivable for investments sold	2,174,441
Receivable for Fund shares sold	3,469,952
Dividends receivable	4,308
Interest receivable	117,132
Other assets	76,327
Total assets	537,432,176
Liabilities
Payable for investments purchased	6,381,893
Payable for Fund shares redeemed	3,027,229
Payable upon return of securities loaned	108,052,818
Accrued management fee	214,561
Other accrued expenses and payables	519,290
Total liabilities	118,195,791
Net assets, at value	$ 419,236,385
Net Assets
Net assets consist of: Accumulated net investment loss	(1,661,539)
Net unrealized appreciation (depreciation) on investments	93,753,313
Accumulated net realized gain (loss)	(39,237,592)
Paid-in capital	366,382,203
Net assets, at value	$ 419,236,385

* Represents collateral on securities loaned.

Statement of Assets and Liabilities as of March 31, 2007 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($97,482,543 ÷ 3,995,477 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 24.40
Maximum offering price per share (100 ÷ 94.25 of $24.40)	$ 25.89
Class B Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($5,027,232 ÷ 214,458 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 23.44
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($9,591,229 ÷ 409,056 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 23.45
Class S Net Asset Value, offering and redemption price(a) per share ($294,700,001 ÷ 11,995,914 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 24.57
Institutional Class Net Asset Value, offering and redemption price(a) per share ($12,435,380 ÷ 505,988 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 24.58

^(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.

Statement of Operations for the six months ended March 31, 2007 (Unaudited)
Investment Income
Income: Dividends	$ 311,672
Interest — Cash Management QP Trust	248,042
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	331,668
Total Income	891,382
Expenses: Management fee	1,529,363
Administration fee	235,287
Services to shareholders	555,383
Custodian fee	9,411
Distribution service fee	194,665
Auditing	30,393
Legal	22,384
Trustees' fees and expenses	11,380
Reports to shareholders	68,396
Registration fees	38,633
Other	12,605
Total expenses before expense reductions	2,707,900
Expense reductions	(154,979)
Total expenses after expense reductions	2,552,921
Net investment income (loss)	(1,661,539)
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) from: Investments	(16,194,807)
In-kind redemptions	14,541,421
	(1,653,386)
Net unrealized appreciation (depreciation) during the period on investments	51,348,451
Net gain (loss) on investment transactions	49,695,065
Net increase (decrease) in net assets resulting from operations	$ 48,033,526

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Six Months Ended March 31, 2007 (Unaudited)	Year Ended September 30, 2006
Operations: Net investment income (loss)	$ (1,661,539)	$ (4,522,554)
Net realized gain (loss) on investment transactions	(1,653,386)	44,075,605
Net unrealized appreciation (depreciation) during the period on investment transactions	51,348,451	(29,492,374)
Net increase (decrease) in net assets resulting from operations	48,033,526	10,060,677
Distributions to shareholders from: Net realized gains: Class A	(6,562,532)	(6,510,456)
Class B	(370,277)	(607,074)
Class C	(644,340)	(793,697)
Investment Class	—	(25,558,996)
Class R	—	(456,845)
Class AARP	—	(298,211)
Class S	(24,665,238)	(5,752,931)
Institutional Class	(372,262)	(345,515)
Fund share transactions: Proceeds from shares sold	55,767,764	148,909,782
Reinvestment of distributions	31,220,086	38,653,853
Cost of shares redeemed	(106,105,836)	(174,934,092)
In-kind redemptions	(73,950,412)	—
Redemption fees	4,067	56,148
Net increase (decrease) in net assets from Fund share transactions	(93,064,331)	12,685,691
Increase (decrease) in net assets	(77,645,454)	(17,577,357)
Net assets at beginning of period	496,881,839	514,459,196
Net assets at end of period (including accumulated net investment loss of $1,661,539 and $0, respectively)	$ 419,236,385	$ 496,881,839

Financial Highlights

Class A Years Ended September 30,	2007a	2006	2005	2004	2003	2002b
Selected Per Share Data
Net asset value, beginning of period	$ 23.60	$ 24.96	$ 21.29	$ 19.74	$ 16.58	$ 20.69
Income (loss) from investment operations: Net investment income (loss)c	(.10)	(.23)e	(.25)	(.20)	(.16)	(.03)
Net realized and unrealized gain (loss) on investment transactions	2.51	.83	4.09	1.75	3.32	(4.08)
Total from investment operations	2.41	.60	3.84	1.55	3.16	(4.11)
Less distributions from: Net realized gain on investment transactions	(1.61)	(1.96)	(.17)	—	—	—
Redemption fees	.00***	.00***	.00***	—	—	—
Net asset value, end of period	$ 24.40	$ 23.60	$ 24.96	$ 21.29	$ 19.74	$ 16.58
Total Return (%)d	10.44**	2.20e,f	17.91	7.95	19.06	(19.86)**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	97	87	80	40	25	.6
Ratio of expenses before expense reductions (%)	1.35*	1.42	1.37	1.35	1.37	1.37*
Ratio of expenses after expense reductions (%)	1.25*	1.29	1.25	1.25	1.25	1.25*
Ratio of net investment income (loss) (%)	(.87)*	(.91)e	(1.03)	(.93)	(.90)	(.75)*
Portfolio turnover rate (%)	77h*	74	119	116	74	87g
a For the six months ended March 31, 2007 (Unaudited). b For the period June 28, 2002 (commencement of operations of Class A shares) to September 30, 2002. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. Total return does not reflect the effect of any sales charges. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds (see Note G). The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g On March 28, 2002, the Small Cap Portfolio was closed. This ratio includes the purchase and sale of portfolio securities of the Small Cap Growth Fund as a stand-alone fund in addition to the Small Cap Portfolio. h Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Class B Years Ended September 30,	2007a	2006	2005	2004	2003	2002b
Selected Per Share Data
Net asset value, beginning of period	$ 22.81	$ 24.36	$ 20.94	$ 19.56	$ 16.55	$ 20.69
Income (loss) from investment operations: Net investment income (loss)c	(.18)	(.40)e	(.42)	(.36)	(.30)	(.06)
Net realized and unrealized gain (loss) on investment transactions	2.42	.81	4.01	1.74	3.31	(4.08)
Total from investment operations	2.24	.41	3.59	1.38	3.01	(4.14)
Less distributions from: Net realized gain on investment transactions	(1.61)	(1.96)	(.17)	—	—	—
Redemption fees	.00***	.00***	.00***	—	—	—
Net asset value, end of period	$23.44	$22.81	$ 24.36	$ 20.94	$ 19.56	$ 16.55
Total Return (%)d	10.03**	1.38e,f	17.06	7.16	18.19	(20.01)**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	5	6	8	3	2	.3
Ratio of expenses before expense reductions (%)	2.33*	2.24	2.11	2.10	2.12	2.12*
Ratio of expenses after expense reductions (%)	2.00*	2.04	2.00	2.00	2.00	2.00*
Ratio of net investment income (loss) (%)	(1.62)*	(1.66)e	(1.78)	(1.68)	(1.65)	(1.50)*
Portfolio turnover rate (%)	77h*	74	119	116	74	87g
a For the six months ended March 31, 2007 (Unaudited). b For the period June 28, 2002 (commencement of operations of Class B shares) to September 30, 2002. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. Total return does not reflect the effect of any sales charges. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds (see Note G). The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.04% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g On March 28, 2002, the Small Cap Portfolio was closed. This ratio includes the purchase and sale of portfolio securities of the Small Cap Growth Fund as a stand-alone fund in addition to the Small Cap Portfolio. h Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Class C Years Ended September 30,	2007a	2006	2005	2004	2003	2002b
Selected Per Share Data
Net asset value, beginning of period	$ 22.81	$ 24.36	$ 20.94	$ 19.56	$ 16.55	$ 20.69
Income (loss) from investment operations: Net investment income (loss)c	(.18)	(.40)e	(.42)	(.36)	(.30)	(.06)
Net realized and unrealized gain (loss) on investment transactions	2.43	.81	4.01	1.74	3.31	(4.08)
Total from investment operations	2.25	.41	3.59	1.38	3.01	(4.14)
Less distributions from: Net realized gain on investment transactions	(1.61)	(1.96)	(.17)	—	—	—
Redemption fees	.00***	.00***	.00***	—	—	—
Net asset value, end of period	$ 23.45	$ 22.81	$ 24.36	$ 20.94	$ 19.56	$ 16.55
Total Return (%)d	10.08**	1.38e,f	17.06	7.16	18.19	(20.01)**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	10	9	10	5	2	.1
Ratio of expenses before expense reductions (%)	2.15*	2.11	2.10	2.10	2.12	2.12*
Ratio of expenses after expense reductions (%)	2.00*	2.04	2.00	2.00	2.00	2.00*
Ratio of net investment income (loss) (%)	(1.62)*	(1.66)e	(1.78)	(1.68)	(1.65)	(1.50)*
Portfolio turnover rate (%)	77h*	74	119	116	74	87g
a For the six months ended March 31, 2007 (Unaudited). b For the period June 28, 2002 (commencement of operations of Class C shares) to September 30, 2002. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. Total return does not reflect the effect of any sales charges. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds (see Note G). The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g On March 28, 2002, the Small Cap Portfolio was closed. This ratio includes the purchase and sale of portfolio securities of the Small Cap Growth Fund as a stand-alone fund in addition to the Small Cap Portfolio. h Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Class S	2007a	2006	2005b
Selected Per Share Data
Net asset value, beginning of period	$ 23.71	$ 25.01	$ 23.88
Income (loss) from investment operations: Net investment income (loss)c	(.07)	(.17)e	(.15)
Net realized and unrealized gain (loss) on investment transactions	2.54	.83	1.28
Total from investment operations	2.47	.66	1.13
Less distributions from: Net realized gain on investment transactions	(1.61)	(1.96)	—
Redemption fees	.00***	.00***	.00***
Net asset value, end of period	$ 24.57	$ 23.71	$ 25.01
Total Return (%)d	10.65**	2.41e,f	4.73**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	295	68	79
Ratio of expenses before expense reductions (%)	1.06*	1.21	1.12*
Ratio of expenses after expense reductions (%)	1.00*	1.03	1.00*
Ratio of net investment income (loss) (%)	(.62)*	(.65)e	(.78)*
Portfolio turnover rate (%)	77g*	74	119
a For the six months ended March 31, 2007 (Unaudited). b For the period December 20, 2004 (commencement of operations of Class S shares) to September 30, 2005. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds (see Note G). The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.04% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Institutional Class	2007a	2006	2005b
Selected Per Share Data
Net asset value, beginning of period	$ 23.71	$ 25.01	$ 23.88
Income (loss) from investment operations: Net investment income (loss)c	(.06)	(.16)e	(.15)
Net realized and unrealized gain (loss) on investment transactions	2.54	.82	1.28
Total from investment operations	2.48	.66	1.13
Less distributions from: Net realized gain on investment transactions	(1.61)	(1.96)	—
Redemption fees	.00***	.00***	.00***
Net asset value, end of period	$ 24.58	$ 23.71	$ 25.01
Total Return (%)	10.69**	2.41d,e,f	4.73d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	12	5	4
Ratio of expenses before expense reductions (%)	.87*	1.10	1.12*
Ratio of expenses after expense reductions (%)	.87*	1.03	1.00*
Ratio of net investment income (loss) (%)	(.49)*	(.65)e	(.78)*
Portfolio turnover rate (%)	77g*	74	119
a For the six months ended March 31, 2007 (Unaudited). b For the period December 20, 2004 (commencement of operations of Institutional Class shares) to September 30, 2005. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Scudder Funds (see Note G). The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Significant Accounting Policies

DWS Small Cap Growth Fund (the "Fund") is a diversified series of DWS Advisor Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment management company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares are offered without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered to investors without an initial sales charge and are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class C shares do not convert into another class. Class S shares are not subject to initial or contingent deferred sales charges and are generally not available to new investors except under certain circumstances. Institutional Class shares are offered to a limited group of investors, are not subject to initial or contingent deferred sales charges and have lower ongoing expenses than other classes. On October 23, 2006, Investment Class shares were converted into Class S shares. On November 20, 2006, Class R shares were converted into Class A shares.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution fees, service fees, administrator fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.

Money market investments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies and Cash Management QP Trust are valued at their net asset value each business day.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trustees.

In September 2006, the Financial Accounting Standards Board ("FASB") released Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of March 31, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements reported in the statement of operations for a fiscal period.

Securities Lending. The Fund may lend securities to financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of liquid, unencumbered assets having a value at least equal to the value of the securities loaned. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to the lending agent. Either the Fund or the borrower may terminate the loan. The Fund is subject to all investment risks associated with the value of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.

At September 30, 2006, the Fund had a net tax basis capital loss carry forward of approximately $37,531,000, including $37,531,000 inherited from a merger into the Fund in 2004, which may be applied against any realized net taxable gains of each succeeding year until fully utilized or until the expiration dates which range from September 30, 2008 to September 30, 2012, whichever occurs first, and which may be subject to certain limitations under Sections 382-384 of the Internal Revenue Code. Due to certain limitations under Sections 382-384 of the Internal Revenue Code, approximately $6,151,000 of inherited capital loss carryforwards cannot be used by the Fund, and is not included in the capital loss carryforward of $37,531,000 disclosed above.

In July 2006, FASB issued Interpretation No. 48 ("FIN 48"), "Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109" (the "Interpretation"). The Interpretation establishes for the Fund a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether the Fund is taxable in certain jurisdictions), and requires certain expanded tax disclosures. The Interpretation is effective for fiscal years beginning after December 15, 2006. On December 22, 2006, the SEC indicated that they would not object if a Fund implements FIN 48 in the first required financial statement reporting period for its fiscal year beginning after December 15, 2006. Management has begun to evaluate the application of the Interpretation to the Fund and is not in a position at this time to estimate the significance of its impact, if any, on the Fund's financial statements.

Distribution of Income and Gains. Net investment income of the Fund, if any, is declared and distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Redemption Fees. For the period from October 1, 2006 to March 11, 2007, the redemption or exchange of shares held for less than 30 days were assessed a fee of 2% of the total amount redeemed or exchanged. Effective March 12, 2007, the Fund imposes a redemption fee of 2% of the total redemption amount on all Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.

Expenses. Expenses of the Trust arising in connection with a specific Fund are allocated to that Fund. Other Trust expenses which cannot be directly attributed to a Fund are apportioned among the Funds in the Trust.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the six months ended March 31, 2007, purchases and sales of investment securities (excluding short-term investments) aggregated $177,133,565 and $235,562,012, respectively.

C. Related Parties

DWS Scudder is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG. Deutsche Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the Advisor for the Fund.

Prior to January 1, 2007, Deutsche Asset Management, Inc. ("DAMI"), an indirect, wholly owned subsidiary of Deutsche Bank AG, was the Advisor for the Fund. Effective January 1, 2007, DAMI merged with DIMA. The Board of the Fund approved a new investment management agreement between the Fund and DIMA. The new investment management agreement is identical in substance to the current investment management agreement for the Fund, except for the named investment advisor.

Management Agreement. Under the Investment Management Agreement, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. The investment management fee payable under the Investment Management Agreement is equal to an annual rate of 0.65% of the Fund's average daily net assets, accrued daily and payable monthly.

For the period from October 1, 2006 through January 31, 2010, the Advisor and Administrator have contractually agreed to waive their fees or reimburse expenses of the Fund (excluding certain expenses such as extraordinary expenses, proxy/shareholder meeting cost, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses of the classes of the Fund as follows:

Class A	1.25%
Class B	2.00%
Class C	2.00%
Class S	1.00%
Institutional Class	1.00%

Administration Fee. Pursuant to the Administrative Services Agreement with the Advisor, the Advisor provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor a fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended March 31, 2007, the Advisor received an Administration Fee of $235,287, of which $34,798 is unpaid.

Service Provider Fees. DWS Scudder Investments Service Company ("DWS-SISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for Class A, B, C and Institutional shares. DWS Scudder Service Corporation ("DWS-SSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for Class S shares. Pursuant to a sub-transfer agency agreement among DWS-SISC, DWS-SSC and DST Systems, Inc. ("DST"), DWS-SISC and DWS-SSC have delegated certain transfer agent and dividend-paying agent functions to DST. DWS-SISC and DWS-SSC compensate DST out of the shareholder servicing fee they receive from the Fund. Effective April 1, 2007, DWS-SSC merged with DWS-SISC. The new transfer agency agreement is identical in substance to the current transfer agency agreement for the Fund, except for the named transfer agent. For the six months ended March 31, 2007, the amounts charged to the Fund by DWS-SISC and DWS-SSC were as follows:

Services to Shareholders	Total Aggregated	Waived	Unpaid at March 31, 2007
Class A	$ 80,250	$ 48,837	$ 36,883
Class B	13,187	9,018	4,655
Class C	15,096	7,369	6,496
Class S	241,134	89,510	36,681
Institutional Class	869	—	827
	$ 350,536	$ 154,734	$ 85,542

Distribution Agreement. Under the Distribution Agreement, in accordance with Rule 12b-1 under the 1940 Act, DWS Scudder Distributors, Inc. ("DWS-SDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of the average daily net assets of the Class B and C shares. Pursuant to the agreement, DWS-SDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended March 31, 2007, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at March 31, 2007
Class B	20,648	3,422
Class C	36,123	6,075
	$ 56,771	$ 9,497

In addition, DWS-SDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annualized rate of up to 0.25% of average daily net assets for each such class. DWS-SDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended March 31, 2007, the Shareholder Servicing Fee was as follows:

Service Fee	Total Aggregated	Unpaid at March 31, 2007	Annualized Effective Rate
Class A	$ 120,123	$ 22,677	.24%
Class B	6,706	1,190	.24%
Class C	11,065	1,771	.23%
	$ 137,894	$ 25,638

Underwriting Agreement and Contingent Deferred Sales Charge. DWS-SDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the six months ended March 31, 2007 aggregated $236,892.

In addition, DWS-SDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended March 31, 2007, the CDSC for the Fund's Class B and C shares was $10,303 and $158, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended March 31, 2007, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $20,640, all of which is unpaid.

Trustees' Fees and Expenses. As compensation for his or her services, each Independent Trustee receives an aggregated annual fee, plus a fee for each meeting attended (plus reimbursement for reasonable out-of-pocket expenses incurred in connection with his or her attendance at board and committee meetings) from each fund in the Fund Complex for which he or she serves. In addition, the Chairperson of the Board and the Chairperson of each committee of the Board receive additional compensation for their services. Payment of such fees and expenses is allocated among all such funds described above in direct proportion to their relative net assets.

Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the Advisor. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay its Advisor a management fee for the affiliated funds' investments in the QP Trust.

D. Fee Reductions

In addition, the Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund's custodian expenses. During the six months ended March 31, 2007, the Fund's custodian fee was reduced by $245 for custody credits earned.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $750 million revolving credit facility administered by JPMorgan Chase Bank N.A. for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Six Months Ended March 31, 2007		Year Ended September 30, 2006
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	673,996	$ 16,485,378	1,576,195	$ 39,384,958
Class B	5,236	120,539	28,297	688,086
Class C	42,560	987,043	101,438	2,456,768
Investment Class+	59,586	1,446,900	3,168,450	79,819,649
Class R+	29,000	707,931	402,282	9,965,178
Class AARP*	—	—	51,790	1,332,470
Class S	1,207,792	29,242,143	485,084	12,096,182
Institutional Class	274,404	6,777,830	124,692	3,166,491
		$ 55,767,764		$ 148,909,782
Shares issued to shareholders in reinvestment of distributions
Class A	262,401	$ 6,208,460	261,807	$ 6,377,626
Class B	15,289	348,425	24,008	568,757
Class C	26,696	608,408	31,420	744,344
Investment Class+	—	—	998,274	24,317,965
Class R+	—	—	15,216	369,435
Class AARP*	—	—	11,815	288,879
Class S	994,640	23,682,531	230,918	5,641,332
Institutional Class	15,635	372,262	14,143	345,515
		$ 31,220,086		$ 38,653,853
Shares redeemed
Class A	(1,067,111)	$ (25,784,566)	(1,343,018)	$ (32,658,104)
Class B	(61,396)	(1,431,747)	(116,442)	(2,778,767)
Class C	(66,428)	(1,540,562)	(120,555)	(2,877,762)
Investment Class+	(203,999)	(4,925,800)	(4,105,375)	(101,821,311)
Class R+	(63,548)	(1,572,012)	(120,985)	(2,958,511)
Class AARP*	—	—	(60,117)	(1,528,672)
Class S	(2,903,926)	(70,492,956)	(1,157,856)	(28,651,043)
Institutional Class	(14,749)	(358,193)	(67,351)	(1,659,922)
		$ (106,105,836)		$ (174,934,092)
Shares converted
Class A	426,581	$ 11,005,703	—	$ —
Class AARP*	—	—	(160,934)	(3,696,038)
Class S	12,921,441	317,992,039	161,046	3,696,038
Class R+	(428,858)	(11,005,703)	—	—
Investment Class	(12,979,456)	(317,992,039)	—	—
		$ —		$ —
Redemption fees		$ 4,067		$ 56,148
In-kind Redemptions
Class S	(3,102,858)	$ (73,950,412)	—	$ —
Net increase (decrease)
Class A	295,867	$ 7,917,382	494,984	$ 13,131,658
Class B	(40,871)	(962,613)	(64,137)	(1,521,728)
Class C	2,828	54,893	12,303	323,424
Investment Class+	(13,123,869)	(321,470,939)	61,349	2,340,841
Class R+	(463,406)	(11,869,784)	296,513	7,377,237
Class AARP*	—	—	(157,446)	(3,603,242)
Class S	9,117,089	226,474,831	(280,808)	(7,214,583)
Institutional Class	275,290	6,791,899	71,484	1,852,084
		$ (93,064,331)		$ 12,685,691

⁺On June 28, 2006, the Board of the Fund approved the conversion of Investment Class shares of the Fund into Class S shares of the Fund, and Class R shares of the Fund into Class A shares of the Fund. These conversions were completed on October 23, 2006 and November 20, 2006, respectively, and these shares are no longer offered.
^* On June 28, 2006, the Board of the Fund approved the conversion of the Class AARP shares of the Fund into the Class S shares of the Fund. This conversion was completed on July 14, 2006 and Class AARP shares are no longer offered.

G. Regulatory Matters and Litigation

Regulatory Settlements. On December 21, 2006, Deutsche Asset Management ("DeAM") settled proceedings with the Securities and Exchange Commission ("SEC") and the New York Attorney General on behalf of Deutsche Asset Management, Inc. ("DAMI") and Deutsche Investment Management Americas Inc. ("DIMA"), the investment advisors to many of the DWS Scudder funds, regarding allegations of improper trading of fund shares at DeAM and at the legacy Scudder and Kemper organizations prior to their acquisition by DeAM in April 2002. These regulators alleged that although the prospectuses for certain funds in the regulators' view indicated that the funds did not permit market timing, DAMI and DIMA breached their fiduciary duty to those funds in that their efforts to limit trading activity in the funds were not effective at certain times. The regulators also alleged that DAMI and DIMA breached their fiduciary duty to certain funds by entering into certain market timing arrangements with investors. These trading arrangements originated in businesses that existed prior to the currently constituted DeAM organization, which came together as a result of various mergers of the legacy Scudder, Kemper and Deutsche fund groups, and all of the arrangements were terminated prior to the start of the regulatory investigations that began in the summer of 2003. No current DeAM employee approved these trading arrangements. Under the terms of the settlements, DAMI and DIMA neither admitted nor denied any wrongdoing.

The terms of the SEC settlement, which identified improper trading in the legacy Deutsche and Kemper mutual funds only, provide for payment of disgorgement in the amount of $17.2 million. The terms of the settlement with the New York Attorney General provide for payment of disgorgement in the amount of $102.3 million, which is inclusive of the amount payable under the SEC settlement, plus a civil penalty in the amount of $20 million. The total amount payable by DeAM, approximately $122.3 million, would be distributed to funds in accordance with a distribution plan to be developed by a distribution consultant. The funds' investment advisors do not believe these amounts will have a material adverse financial impact on them or materially affect their ability to perform under their investment management agreements with the DWS funds. The above-described amounts are not material to Deutsche Bank, and have already been reserved.

Among the terms of the settled orders, DeAM is subject to certain undertakings regarding the conduct of its business in the future, including: formation of a Code of Ethics Oversight Committee to oversee all matters relating to issues arising under the advisors' Code of Ethics; establishment of an Internal Compliance Controls Committee having overall compliance oversight responsibility of the advisors; engagement of an Independent Compliance Consultant to conduct a comprehensive review of the advisors' supervisory compliance and other policies and procedures designed to prevent and detect breaches of fiduciary duty, breaches of the Code of Ethics and federal securities law violations by the advisors and their employees; and commencing in 2008, the advisors shall undergo a compliance review by an independent third party.

In addition, DeAM is subject to certain further undertakings relating to the governance of the mutual funds, including that: at least 75% of the members of the Boards of Trustees/Directors overseeing the DWS Funds continue to be independent of DeAM; the Chairmen of the DWS Funds' Boards of Trustees/Directors continue to be independent of DeAM; DeAM maintain existing management fee reductions for certain funds for a period of five years and not increase management fees for certain funds during this period; the funds retain a senior officer (or independent consultants) responsible for assisting in the review of fee arrangements and monitoring compliance by the funds and the investment advisors with securities laws, fiduciary duties, codes of ethics and other compliance policies, the expense of which shall be borne by DeAM; and periodic account statements, fund prospectuses and the mutual funds' web site contain additional disclosure and/or tools that assist investors in understanding the fees and costs associated with an investment in the funds and the impact of fees and expenses on fund returns.

DeAM has also settled proceedings with the Illinois Secretary of State regarding market timing matters. The terms of the Illinois settlement provide for investor education contributions totaling approximately $4 million and a payment in the amount of $2 million to the Securities Audit and Enforcement Fund.

On September 28, 2006, the SEC and the National Association of Securities Dealers ("NASD") announced final agreements in which Deutsche Investment Management Americas Inc. ("DIMA"), Deutsche Asset Management, Inc. ("DAMI") and Scudder Distributors, Inc. ("SDI") (now known as DWS Scudder Distributors, Inc.) settled administrative proceedings regarding disclosure of brokerage allocation practices in connection with sales of the Scudder Funds' (now known as the DWS Scudder Funds) shares during 2001-2003. The agreements with the SEC and NASD are reflected in orders which state, among other things, that DIMA and DAMI failed to disclose potential conflicts of interest to the fund Boards and to shareholders relating to SDI's use of certain funds' brokerage commissions to reduce revenue sharing costs to broker-dealer firms with whom it had arrangements to market and distribute Scudder Fund shares. These directed brokerage practices were discontinued in October 2003.

Under the terms of the settlements, in which DIMA, DAMI and SDI neither admitted nor denied any of the regulators' findings, DIMA, DAMI and SDI agreed to pay disgorgement, prejudgment interest and civil penalties in the total amount of $19.3 million. The portion of the settlements distributed to the funds was approximately $17.8 million and was paid to the funds as prescribed by the settlement orders based upon the amount of brokerage commissions from each fund used to satisfy revenue sharing agreements with broker-dealers who sold fund shares. Accordingly, in October 2006, the Fund received $170,195 from the Advisor for its settlement portion which is equivalent to $0.008 per share.

As part of the settlements, DIMA, DAMI and SDI also agreed to implement certain measures and undertakings relating to revenue sharing payments including making additional disclosures in the fund Prospectuses or Statements of Additional Information, adopting or modifying relevant policies and procedures and providing regular reporting to the fund Boards.

Private Litigation Matters. The matters alleged in the regulatory settlements described above also serve as the general basis of a number of private class action lawsuits involving the DWS funds. These lawsuits name as defendants various persons, including certain DWS funds, the funds' investment advisors and their affiliates, and certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each DWS fund's investment advisor has agreed to indemnify the applicable DWS funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making similar allegations.

Based on currently available information, the funds' investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a DWS fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the DWS funds.

H. In-Kind Redemption

In certain circumstances, the Fund may distribute portfolio securities rather than cash as payments for a redemption of fund shares (in-kind redemption). For financial reporting purposes, the Fund recognizes a gain on in-kind redemptions to the extent the value of the distributed securities exceeds their costs; the Fund recognizes a loss if cost exceeds value. Gains and losses realized on in-kind redemptions are not recognized for tax purposes, and are reclassified from undistributed realized gain (loss) to paid-in capital. During the six months ended April 30, 2007, the Fund realized $14,541,421 of net gain attributable to in-kind redemptions.

Investment Management Agreement Approval

In December 2006, the Board approved an amended and restated investment management agreement with DIMA in connection with the merger of DAMI into DIMA. In determining to approve this agreement, the Board considered Deutsche Bank's representations that this change was administrative in nature, and would not involve any change in operations or services provided to the fund, or to the personnel involved with providing such services. The Board also considered that the terms of the agreement with DIMA were substantially identical to the terms of the fund's prior agreement with DAMI. A discussion of factors considered by the Board in determining to approve the continuation the fund's prior investment management agreement with DAMI in September 2006 in connection with the Board's annual review of the fund's contractual arrangements is included in the fund's report for the period ended September 30, 2006.

Account Management Resources

For shareholders of Classes A, B, C and Institutional Class
Automated Information Line	(800) 621-1048 Personalized account information, information on other DWS funds and services via touchtone telephone and for Classes A, B and C only, the ability to exchange or redeem shares.
Web Site	www.dws-scudder.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information	(800) 621-1048 To speak with a DWS Scudder service representative.
Written Correspondence	DWS Scudder PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — www.dws-scudder.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Scudder Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class A	Class B	Class C	Institutional Class
Nasdaq Symbol	SSDAX	SSDBX	SSDCX	SSDIX
CUSIP Number	23336Y 847	23336Y 839	23336Y 821	23336Y 763
Fund Number	471	671	771	1471

For shareholders of Class S
Automated Information Line	(800) 728-3337 Personalized account information, the ability to exchange or redeem shares, and information on other DWS funds and services via touchtone telephone.
Web Site	www.dws-scudder.com
	View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about DWS funds, subscription to fund updates by e-mail, retirement planning information, and more.
For More Information	(800) 728-3337 To speak with a DWS Scudder service representative.
Written Correspondence	DWS Scudder PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	A description of the fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — www.dws-scudder.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter	If you have questions, comments or complaints, contact: DWS Scudder Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148

	Class S
Nasdaq Symbol	SSDSX
Fund Number	2314

Privacy Statement

This privacy statement is issued by DWS Scudder Distributors, Inc., Deutsche Investment Management Americas Inc., DeAM Investor Services, Inc., DWS Trust Company and the DWS Funds.

We never sell customer lists or individual client information. We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.

In the normal course of business, clients give us nonpublic personal information on applications and other forms, on our websites, and through transactions with us or our affiliates. Examples of the nonpublic personal information collected are name, address, Social Security number and transaction and balance information. To be able to serve our clients, certain of this client information is shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians, and broker-dealers to assist us in processing transactions and servicing your account with us. In addition, we may disclose all of the information we collect to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements. The organizations described above that receive client information may only use it for the purpose designated by the DWS Scudder Companies listed above.

We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required or we may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm.

Questions on this policy may be sent to:

DWS Scudder
Attention: Correspondence — Chicago
P.O. Box 219415
Kansas City, MO 64121-9415

September 2006

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable.
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS
	Not Applicable
ITEM 6.	SCHEDULE OF INVESTMENTS
	Not Applicable
ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable.
ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
	Not Applicable.

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
	The Committee on Independent Trustees/Directors selects and nominates Independent Trustees/Directors. Fund shareholders may submit nominees that will be considered by the committee when a Board vacancy occurs. Submissions should be mailed to: c/o Dawn-Marie Driscoll, PO Box 100176, Cape Coral, FL 33910.
ITEM 11.	CONTROLS AND PROCEDURES
	(a)        The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
	(b)        There have been no changes in the registrant's internal control over financial reporting that occurred during the registrant's last half-year (the registrant's second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting.
ITEM 12.	EXHIBITS

(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Form N-CSRS Item F

SIGNATURES

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

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

By: /s/Michael G. Clark

Michael G. Clark

President

Date: May 29, 2007

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.

By: /s/Michael G. Clark

Michael G. Clark

President

Date: May 29, 2007

By: /s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date: May 29, 2007

EX-99.CERT

President

Form N-CSRS Certification under Sarbanes Oxley Act

I, Michael G. Clark, certify that:

1. I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 29, 2007	/s/Michael G. Clark
	Michael G. Clark
	President
	DWS Small Cap Growth Fund, a series of DWS Advisor Funds

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1. I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

May 29, 2007	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS Small Cap Growth Fund, a series of DWS Advisor Funds

EX-99.906CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Michael G. Clark, certify that:

1. I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or §15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 29, 2007	/s/Michael G. Clark
	Michael G. Clark
	President
	DWS Small Cap Growth Fund, a series of DWS Advisor Funds

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1. I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 29, 2007	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS Small Cap Growth Fund, a series of DWS Advisor Funds