UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number 811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

One South Street

Baltimore, MD 21202

(Address of principal executive offices) (Zip code)

Paul Schubert

345 Park Avenue

New York, NY 10154

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 01/31/08

ITEM 1. SCHEDULE OF INVESTMENTS

Investment Portfolio

as of January 31, 2008 (Unaudited)

DWS High Income Plus Fund

		Principal Amount ($) (a)		Value ($)

	Corporate Bonds 89.6%
Consumer Discretionary 19.5%
AAC Group Holding Corp., 14.75%, 10/1/2012 (PIK)			606,179	527,376
Affinia Group, Inc., 9.0%, 11/30/2014			1,184,000	1,047,840
AMC Entertainment, Inc., 8.0%, 3/1/2014			1,743,000	1,529,482
American Achievement Corp., 8.25%, 4/1/2012			350,000	320,250
American Media Operations, Inc.:
	Series B, 10.25%, 5/1/2009		460,000	342,700
	Series B, 144A, 10.25%, 5/1/2009		16,724	12,459
Asbury Automotive Group, Inc.:
	7.625%, 3/15/2017		830,000	672,300
	8.0%, 3/15/2014		345,000	307,050

Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015			790,000	647,800
Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014			700,000	548,625
Cablevision Systems Corp., Series B, 9.644% **, 4/1/2009			409,000	409,000
CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015			575,000	543,375
Carrols Corp., 9.0%, 1/15/2013			355,000	308,850
Charter Communications Holdings LLC:
	Series B, 10.25%, 9/15/2010		1,055,000	994,338
	10.25%, 9/15/2010		3,541,000	3,355,097
	11.0%, 10/1/2015		2,163,000	1,549,249
Cirsa Capital Luxembourg, 144A, 7.875%, 7/15/2012		EUR	440,000	523,318
Cooper-Standard Automotive, Inc., 8.375%, 12/15/2014			467,000	352,585
CSC Holdings, Inc.:
	7.25%, 7/15/2008		650,000	650,000
	Series B, 8.125%, 7/15/2009		645,000	656,288
	Series B, 8.125%, 8/15/2009		1,290,000	1,312,575
Denny's Corp. Holdings, Inc., 10.0%, 10/1/2012			230,000	216,200
Dollar General Corp., 144A, 10.625%, 7/15/2015			320,000	296,000
Dollarama Group LP, 144A, 10.579%**, 8/15/2012			532,000	505,400
EchoStar DBS Corp.:
	6.625%, 10/1/2014		973,000	949,891
	7.125%, 2/1/2016		785,000	784,019
Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015			830,000	622,500
Foot Locker, Inc., 8.5%, 1/15/2022			220,000	202,400
French Lick Resorts & Casinos LLC, 144A, 10.75%, 4/15/2014			2,505,000	1,628,250
General Motors Corp.:
	7.2%, 1/15/2011 (b)		2,265,000	2,072,475
	7.4%, 9/1/2025		385,000	282,975
	8.375%, 7/15/2033		375,000	304,688
Goodyear Tire & Rubber Co., 11.25%, 3/1/2011			4,235,000	4,467,925
Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015			690,000	660,675
Group 1 Automotive, Inc., 8.25%, 8/15/2013			345,000	324,300
Hanesbrands, Inc., Series B, 8.204% **, 12/15/2014			1,045,000	945,725
Hertz Corp.:
	8.875%, 1/1/2014		1,635,000	1,577,775
	10.5%, 1/1/2016		360,000	346,050
Idearc, Inc., 8.0%, 11/15/2016			3,435,000	3,074,325
Indianapolis Downs LLC & Capital Corp., 144A, 11.0%, 11/1/2012			450,000	418,500
ION Media Networks, Inc., 144A, 10.508% **, 1/15/2013			660,000	570,900
Isle of Capri Casinos, Inc., 7.0%, 3/1/2014			1,045,000	804,650
Jarden Corp., 7.5%, 5/1/2017			570,000	487,350
Kabel Deutschland GmbH, 10.625%, 7/1/2014			720,000	729,000
Lamar Media Corp., Series C, 6.625%, 8/15/2015			450,000	426,375
Liberty Media LLC:
	5.7%, 5/15/2013		150,000	138,961
	8.25%, 2/1/2030		850,000	770,527
	8.5%, 7/15/2029		1,135,000	1,076,049
Mediacom Broadband LLC, 8.5%, 10/15/2015			50,000	41,000
MediMedia USA, Inc., 144A, 11.375%, 11/15/2014			345,000	355,350
MGM MIRAGE:
	6.75%, 9/1/2012		290,000	279,125
	8.375%, 2/1/2011		600,000	613,500
MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010			1,250,000	1,200,000
Norcraft Holdings LP, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012			1,830,000	1,592,100
Penske Automotive Group, Inc., 7.75%, 12/15/2016			1,730,000	1,548,350
Pinnacle Entertainment, Inc., 8.75%, 10/1/2013			729,000	710,775
Quebecor Media, Inc., 144A, 7.75%, 3/15/2016			455,000	422,013

Quebecor World, Inc., 144A, 9.75%, 1/15/2015 *			565,000	268,375
Quiksilver, Inc., 6.875%, 4/15/2015			915,000	709,125
Reader's Digest Association, Inc., 144A, 9.0%, 2/15/2017			500,000	386,250
Sabre Holdings Corp., 8.35%, 3/15/2016			625,000	506,250
Seminole Hard Rock Entertainment, Inc., 144A, 7.491% **, 3/15/2014			820,000	738,000
Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015			565,000	508,500
Simmons Co.:
	Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014		2,320,000	1,531,200
	7.875%, 1/15/2014		460,000	384,100
Sinclair Television Group, Inc., 8.0%, 3/15/2012			351,000	354,510
Sirius Satellite Radio, Inc., 9.625%, 8/1/2013			1,030,000	880,650
Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013			680,000	639,200
Station Casinos, Inc., 6.5%, 2/1/2014			1,375,000	948,750
Toys "R" Us, Inc., 7.375%, 10/15/2018			570,000	393,300
Travelport LLC:
	9.749% **, 9/1/2014		520,000	468,000
	9.875%, 9/1/2014		580,000	556,800
Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015			1,185,000	853,200
United Components, Inc., 9.375%, 6/15/2013			110,000	102,300
Unity Media GmbH, 144A, 10.375%, 2/15/2015			430,000	412,800
Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK)			1,465,000	1,095,087
UPC Holding BV:
	144A, 7.75%, 1/15/2014	EUR	670,000	916,401
	144A, 8.0%, 11/1/2016	EUR	335,000	438,279
Vitro SAB de CV:
	8.625%, 2/1/2012		470,000	446,500
	9.125%, 2/1/2017		1,570,000	1,369,825
	Series A, 11.75%, 11/1/2013		260,000	270,920
XM Satellite Radio, Inc., 9.75%, 5/1/2014			1,350,000	1,225,125
Young Broadcasting, Inc., 8.75%, 1/15/2014			3,302,000	2,245,360

				66,705,462
Consumer Staples 3.4%
Alliance One International, Inc., 8.5%, 5/15/2012			355,000	330,150
Del Laboratories, Inc., 8.0%, 2/1/2012			550,000	572,000
Delhaize America, Inc.:
	8.05%, 4/15/2027		185,000	193,266
	9.0%, 4/15/2031		1,542,000	1,822,587
General Nutrition Centers, Inc., 10.009%**, 3/15/2014 (PIK)			825,000	676,500
Harry & David Holdings, Inc., 10.124% **, 3/1/2012			510,000	464,100
North Atlantic Trading Co., 144A, 10.0%, 3/1/2012			2,684,000	2,388,760
Pierre Foods, Inc., 9.875%, 7/15/2012			395,000	258,725
Pilgrim's Pride Corp., 7.625%, 5/1/2015			285,000	270,037
Rite Aid Corp., 7.5%, 3/1/2017			1,000,000	857,500
Smithfield Foods, Inc., 7.75%, 7/1/2017			545,000	515,025
Viskase Companies, Inc., 11.5%, 6/15/2011			3,445,000	3,445,000

				11,793,650
Energy 8.9%
Belden & Blake Corp., 8.75%, 7/15/2012			3,114,000	3,098,430
Chaparral Energy, Inc., 8.5%, 12/1/2015			1,020,000	851,700
Chesapeake Energy Corp.:
	6.25%, 1/15/2018		435,000	417,600
	6.875%, 1/15/2016		2,159,000	2,137,410
	7.75%, 1/15/2015		325,000	333,125
Cimarex Energy Co., 7.125%, 5/1/2017			565,000	552,288
Delta Petroleum Corp., 7.0%, 4/1/2015			1,515,000	1,295,325

Dynegy Holdings, Inc.:
	6.875%, 4/1/2011		230,000	223,100
	8.375%, 5/1/2016		1,265,000	1,230,213
Energy Partners Ltd., 9.75%, 4/15/2014			590,000	507,400
EXCO Resources, Inc., 7.25%, 1/15/2011			915,000	873,825
Frontier Oil Corp., 6.625%, 10/1/2011			490,000	482,650
Mariner Energy, Inc.:
	7.5%, 4/15/2013		550,000	526,625
	8.0%, 5/15/2017		715,000	682,825
OPTI Canada, Inc.:
	144A, 7.875%, 12/15/2014		875,000	848,750
	144A, 8.25%, 12/15/2014		695,000	681,100
PetroHawk Energy Corp., 9.125%, 7/15/2013			640,000	660,800
Plains Exploration & Production Co., 7.0%, 3/15/2017			590,000	560,500
Quicksilver Resources, Inc., 7.125%, 4/1/2016			445,000	431,650
Sabine Pass LNG LP:
	7.25%, 11/30/2013		170,000	160,650
	7.5%, 11/30/2016		1,895,000	1,776,562
Stone Energy Corp., 6.75%, 12/15/2014			2,005,000	1,854,625
Tennessee Gas Pipeline Co., 7.625%, 4/1/2037			570,000	621,372
Tesoro Corp., 6.5%, 6/1/2017			900,000	877,500
VeraSun Energy Corp., 144A, 9.375%, 6/1/2017			445,000	353,775
Whiting Petroleum Corp.:
	7.0%, 2/1/2014		685,000	671,300
	7.25%, 5/1/2012		1,200,000	1,188,000
	7.25%, 5/1/2013		285,000	280,725
Williams Companies, Inc.:
	8.125%, 3/15/2012		2,110,000	2,305,175
	8.75%, 3/15/2032		2,742,000	3,276,690
Williams Partners LP, 7.25%, 2/1/2017			580,000	600,300

				30,361,990
Financials 13.7%
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015			1,780,000	1,424,000
Ashton Woods USA LLC, 9.5%, 10/1/2015			1,765,000	856,025
Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014			345,000	288,075
CEVA Group PLC, 144A, 8.5%, 12/1/2014		EUR	565,000	533,391
Conproca SA de CV, Series REG S, 12.0%, 6/16/2010			2,970,000	3,267,000
E*TRADE Financial Corp.:
	7.375%, 9/15/2013		1,065,000	812,063
	7.875%, 12/1/2015		1,665,000	1,261,237
	8.0%, 6/15/2011		277,000	238,220
Eaton Vance Corp., CDO II, Series C-X, 13.68%, 7/15/2012*			2,836,101	0
Ford Motor Credit Co., LLC:
	7.25%, 10/25/2011		4,400,000	3,906,540
	7.375%, 10/28/2009		8,215,000	7,911,160
	7.875%, 6/15/2010		2,170,000	2,042,790
GMAC LLC, 6.875%, 9/15/2011			8,555,000	7,479,431
Hawker Beechcraft Acquisition Co., LLC:
	144A, 8.5%, 4/1/2015		1,165,000	1,156,262
	144A, 8.875%, 4/1/2015 (PIK)		1,065,000	1,043,700
	144A, 9.75%, 4/1/2017		1,135,000	1,081,087
Hexion US Finance Corp., 9.75%, 11/15/2014			325,000	350,188
Inmarsat Finance PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012			715,000	697,125
iPayment, Inc., 9.75%, 5/15/2014			645,000	596,625
KAR Holdings, Inc.:
	144A, 8.75%, 5/1/2014		630,000	560,700

	144A, 10.0%, 5/1/2015	465,000	388,275
Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)		570,000	498,750
New ASAT (Finance) Ltd., 9.25%, 2/1/2011		920,000	731,400
Nuveen Investments, Inc., 144A, 10.5%, 11/15/2015		530,000	514,100
Petroplus Finance Ltd.:
	144A, 6.75%, 5/1/2014	585,000	535,275
	144A, 7.0%, 5/1/2017	550,000	499,125
Pinnacle Foods Finance LLC, 144A, 9.25%, 4/1/2015		455,000	389,025
Residential Capital LLC:
	5.646% **, 6/9/2008	225,000	192,375
	7.625%, 11/21/2008	570,000	438,900
	7.782% **, 11/21/2008	1,755,000	1,351,350
Triad Acquisition Corp., Series B, 11.125%, 5/1/2013		390,000	269,100
Tropicana Entertainment LLC, 9.625%, 12/15/2014		1,390,000	840,950
U.S.I. Holdings Corp.:
	144A, 8.744% **, 11/15/2014	345,000	288,075
	144A, 9.75%, 5/15/2015	215,000	167,700
UCI Holdco, Inc., 12.491% **, 12/15/2013 (PIK)		783,651	717,041
Universal City Development Partners, 11.75%, 4/1/2010		2,930,000	3,017,900
Yankee Acquisition Corp., Series B, 8.5%, 2/15/2015 (b)		830,000	709,650

			47,054,610
Health Care 5.1%
Advanced Medical Optics, Inc., 7.5%, 5/1/2017		930,000	785,850
Bausch & Lomb, Inc., 144A, 9.875%, 11/1/2015		945,000	959,175
Boston Scientific Corp., 6.0%, 6/15/2011		560,000	546,000
Community Health Systems, Inc., 8.875%, 7/15/2015		4,365,000	4,392,281
HCA, Inc.:
	9.125%, 11/15/2014	895,000	929,681
	9.25%, 11/15/2016	2,075,000	2,176,156
	9.625%, 11/15/2016 (PIK)	925,000	973,563
HEALTHSOUTH Corp., 10.75%, 6/15/2016		770,000	802,725
IASIS Healthcare LLC, 8.75%, 6/15/2014		465,000	465,000
Psychiatric Solutions, Inc., 7.75%, 7/15/2015		565,000	556,525
Sun Healthcare Group, Inc., 9.125%, 4/15/2015		570,000	572,850
Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)		685,000	582,250
The Cooper Companies, Inc., 7.125%, 2/15/2015		1,145,000	1,087,750
Universal Hospital Services, Inc., 8.5%, 6/1/2015 (PIK)		395,000	398,950
Vanguard Health Holding Co. I LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015		770,000	546,700
Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014		1,845,000	1,748,138

			17,523,594
Industrials 11.1%
Actuant Corp., 144A, 6.875%, 6/15/2017		450,000	436,500
Aleris International, Inc., 9.0%, 12/15/2014 (PIK)		800,000	624,000
Allied Security Escrow Corp., 11.375%, 7/15/2011		950,000	857,375
American Color Graphics, Inc., 10.0%, 6/15/2010		1,055,000	528,819
American Color Graphics, Inc., Promissory Note due 3/15/2008 (f)		63,300	31,729
American Railcar Industries, Inc., 7.5%, 3/1/2014		640,000	576,000
ARAMARK Corp., 8.411% **, 2/1/2015		785,000	702,575
Baldor Electric Co., 8.625%, 2/15/2017		570,000	552,900
Belden, Inc., 7.0%, 3/15/2017		585,000	560,137
Bombardier, Inc., 144A, 6.75%, 5/1/2012		100,000	101,500
Bristow Group, Inc., 144A, 7.5%, 9/15/2017		685,000	691,850
Browning-Ferris Industries, Inc., 7.4%, 9/15/2035		1,862,000	1,713,040
Building Materials Corp. of America, 7.75%, 8/1/2014		785,000	580,900

Cenveo Corp., 7.875%, 12/1/2013		1,267,000	1,114,960
Congoleum Corp., 8.625%, 8/1/2008 *		1,188,000	891,000
DRS Technologies, Inc.:
	6.625%, 2/1/2016	295,000	288,363
	6.875%, 11/1/2013	1,625,000	1,592,500
	7.625%, 2/1/2018	1,940,000	1,915,750
Education Management LLC, 8.75%, 6/1/2014		550,000	529,375
Esco Corp.:
	144A, 8.625%, 12/15/2013	1,130,000	1,079,150
	144A, 8.866% **, 12/15/2013	560,000	504,000
General Cable Corp.:
	7.104% **, 4/1/2015	875,000	778,750
	7.125%, 4/1/2017	590,000	561,975
Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013		460,000	423,200
Harland Clarke Holdings Corp., 9.5%, 5/15/2015		565,000	435,050
K. Hovnanian Enterprises, Inc.:
	6.25%, 1/15/2016	1,380,000	948,750
	8.875%, 4/1/2012	2,135,000	1,088,850
Kansas City Southern de Mexico SA de CV:
	144A, 7.375%, 6/1/2014	450,000	427,500
	7.625%, 12/1/2013	1,520,000	1,466,800
	9.375%, 5/1/2012	1,420,000	1,462,600
Kansas City Southern Railway Co.:
	7.5%, 6/15/2009	420,000	422,625
	9.5%, 10/1/2008	3,889,000	3,961,919
Mobile Services Storage Group, Inc., 9.75%, 8/1/2014		1,050,000	892,500
Navios Maritime Holdings, Inc., 9.5%, 12/15/2014		920,000	883,200
Panolam Industries International, Inc., 10.75%, 10/1/2013		345,000	272,550
R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017		3,125,000	2,648,437
Rainbow National Services LLC, 144A, 10.375%, 9/1/2014		143,000	151,938
RBS Global & Rexnord Corp., 9.5%, 8/1/2014		515,000	464,788
Swift Transportation Co., Inc., 144A, 12.5%, 5/15/2017		455,000	179,725
Titan International, Inc., 8.0%, 1/15/2012		1,975,000	1,851,562
TransDigm, Inc., 7.75%, 7/15/2014		345,000	346,725
U.S. Concrete, Inc., 8.375%, 4/1/2014		630,000	522,900
United Rentals North America, Inc.:
	6.5%, 2/15/2012	580,000	533,600
	7.0%, 2/15/2014	1,540,000	1,235,850
Xerox Capital Trust I, 8.0%, 2/1/2027		430,000	430,743

			38,264,960
Information Technology 2.7%
Alion Science & Technology Corp., 10.25%, 2/1/2015		465,000	362,700
Freescale Semiconductor, Inc., 8.875%, 12/15/2014		565,000	459,063
L-3 Communications Corp.:
	5.875%, 1/15/2015	1,905,000	1,852,612
	Series B, 6.375%, 10/15/2015	885,000	878,362
Lucent Technologies, Inc., 6.45%, 3/15/2029		2,104,000	1,693,720
MasTec, Inc., 7.625%, 2/1/2017		805,000	744,625
Sanmina-SCI Corp., 144A, 7.741% **, 6/15/2010		281,000	279,595
Seagate Technology HDD Holdings, 6.8%, 10/1/2016		1,080,000	1,053,000
SunGard Data Systems, Inc., 10.25%, 8/15/2015		1,480,000	1,480,000
Vangent, Inc., 9.625%, 2/15/2015		455,000	345,800

			9,149,477
Materials 10.6%
Appleton Papers, Inc., Series B, 8.125%, 6/15/2011		325,000	316,875

ARCO Chemical Co., 9.8%, 2/1/2020			4,987,000	4,538,170
Associated Materials, Inc., Step-up Coupon, 0% to 3/1/2009, 11.25% to 3/1/2014			1,135,000	737,750
Cascades, Inc., 7.25%, 2/15/2013			1,716,000	1,574,430
Chemtura Corp., 6.875%, 6/1/2016			985,000	896,350
Clondalkin Acquisition BV, 144A, 6.991% **, 12/15/2013			750,000	652,500
CPG International I, Inc.:
	10.5%, 7/1/2013		1,625,000	1,446,250
	11.468% **, 7/1/2012		365,000	324,850
Exopack Holding Corp., 11.25%, 2/1/2014			1,875,000	1,757,812
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/2017			905,000	961,562
GEO Specialty Chemicals, Inc., 144A, 12.729% **, 12/31/2009 (c)			3,005,000	2,249,994
Georgia-Pacific Corp., 144A, 7.125%, 1/15/2017			405,000	385,763
Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015			570,000	478,800
Hexcel Corp., 6.75%, 2/1/2015			2,370,000	2,287,050
Huntsman LLC, 11.625%, 10/15/2010			2,810,000	2,950,500
Innophos, Inc., 8.875%, 8/15/2014			265,000	260,363
Jefferson Smurfit Corp., 8.25%, 10/1/2012			850,000	816,000
Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014			1,615,000	1,364,675
Metals USA Holdings Corp., 144A, 10.729%**, 7/1/2012 (PIK)			805,000	591,675
Millar Western Forest Products Ltd., 7.75%, 11/15/2013			290,000	213,150
Momentive Performance Materials, Inc., 9.75%, 12/1/2014			680,000	615,400
Mueller Water Products, Inc., 7.375%, 6/1/2017			330,000	280,500
NewMarket Corp., 7.125%, 12/15/2016			1,390,000	1,369,150
NewPage Corp., 144A, 10.0%, 5/1/2012			1,095,000	1,089,525
OI European Group BV, 144A, 6.875%, 3/31/2017		EUR	680,000	869,422
Pliant Corp., 11.625%, 6/15/2009 (PIK)			5	5
Radnor Holdings Corp., 11.0%, 3/15/2010 *			290,000	2,175
Rhodia SA, 144A, 7.326% **, 10/15/2013		EUR	705,000	953,792
Smurfit-Stone Container Enterprises, Inc.:
	8.0%, 3/15/2017		1,120,000	1,038,800
	8.375%, 7/1/2012		555,000	536,962
Steel Dynamics, Inc.:
	6.75%, 4/1/2015		900,000	870,750
	144A, 7.375%, 11/1/2012		210,000	209,475
Terra Capital, Inc., Series B, 7.0%, 2/1/2017			1,230,000	1,208,475
The Mosaic Co., 144A, 7.375%, 12/1/2014			1,030,000	1,112,400
Witco Corp., 6.875%, 2/1/2026			490,000	363,825
Wolverine Tube, Inc., 10.5%, 4/1/2009			980,000	901,600

				36,226,775
Telecommunication Services 6.4%
BCM Ireland Preferred Equity Ltd, 144A, 11.58% **, 2/15/2017 (PIK)		EUR	614,145	717,106
Cell C Property Ltd.:
	144A, 8.625%, 7/1/2012	EUR	160,000	225,978
	144A, 11.0%, 7/1/2015		380,000	363,850
Centennial Communications Corp.:
	10.0%, 1/1/2013		1,360,000	1,363,400
	10.125%, 6/15/2013		450,000	460,125
Cincinnati Bell, Inc.:
	7.25%, 7/15/2013		1,144,000	1,144,000
	8.375%, 1/15/2014		658,000	628,390
Cricket Communications, Inc., 144A, 9.375%, 11/1/2014			1,265,000	1,151,150
Embratel, Series B, 11.0%, 12/15/2008			244,000	256,200
Grupo Iusacell Celular SA de CV, 10.0%, 3/31/2012			264,337	252,442
Intelsat Bermuda Ltd.:
	7.581% **, 1/15/2015		110,000	110,000
	9.25%, 6/15/2016		335,000	334,163

	11.25%, 6/15/2016		1,060,000		1,060,000
Intelsat Corp., 9.0%, 6/15/2016			390,000		387,075
Intelsat Ltd., 5.25%, 11/1/2008			445,000		441,662
Intelsat Subsidiary Holding Co., Ltd., 8.25%, 1/15/2013			1,195,000		1,183,050
iPCS, Inc., 7.036% **, 5/1/2013			290,000		258,100
MetroPCS Wireless, Inc., 9.25%, 11/1/2014			1,615,000		1,485,800
Millicom International Cellular SA, 10.0%, 12/1/2013			1,025,000		1,078,812
Nortel Networks Ltd., 8.508% **, 7/15/2011			1,055,000		981,150
Orascom Telecom Finance, 144A, 7.875%, 2/8/2014			420,000		390,852
Qwest Corp., 7.25%, 9/15/2025			200,000		188,000
Rural Cellular Corp., 9.875%, 2/1/2010			1,000,000		1,035,000
Stratos Global Corp., 9.875%, 2/15/2013			450,000		459,000
SunCom Wireless Holdings, Inc., 8.5%, 6/1/2013			1,242,000		1,279,260
US Unwired, Inc., Series B, 10.0%, 6/15/2012			1,374,000		1,443,954
Virgin Media Finance PLC:
8.75%, 4/15/2014			1,370,000		1,253,550
8.75%, 4/15/2014		EUR	965,000		1,266,092
West Corp., 9.5%, 10/15/2014			675,000		627,750

					21,825,911
Utilities 8.2%
AES Corp.:
	8.0%, 10/15/2017		1,130,000		1,152,600
	144A, 8.75%, 5/15/2013		3,480,000		3,636,600
Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012			4,374,000		4,680,180
CMS Energy Corp., 8.5%, 4/15/2011			2,680,000		2,883,273
Edison Mission Energy, 7.0%, 5/15/2017			1,015,000		987,088
Energy Future Holdings Corp., 144A, 10.875%, 11/1/2017			1,700,000		1,683,000
Mirant Americas Generation LLC, 8.3%, 5/1/2011			1,305,000		1,318,050
Mirant North America LLC, 7.375%, 12/31/2013			420,000		420,000
NRG Energy, Inc.:
	7.25%, 2/1/2014		1,815,000		1,767,356
	7.375%, 2/1/2016		3,780,000		3,652,425
Regency Energy Partners LP, 8.375%, 12/15/2013			800,000		812,000
Reliant Energy, Inc., 7.875%, 6/15/2017 (b)			1,125,000		1,096,875
Sierra Pacific Resources:
	6.75%, 8/15/2017		1,345,000		1,360,389
	8.625%, 3/15/2014		249,000		266,936
Texas Competitive Electric Holdings Co., LLC, 144A, 10.25%, 11/1/2015			2,495,000		2,451,338

					28,168,110

Total Corporate Bonds (Cost $331,644,105)				307,074,539
	Senior Loans 7.1%**
Advanced Medical Optics, Inc., Term Loan B, LIBOR plus 1.75%, 4.599%, 4/2/2014			337,450		312,986
Aleris International, Inc., Term Loan B, LIBOR plus 2.375%, 5.224%, 12/14/2013			453,844		377,635
Algoma Steel, Inc., Term Loan, LIBOR plus 2.5%, 5.349%, 6/30/2013			184,701		165,307
Alliance Mortgage Cycle Loan, LIBOR plus 7.25%, 10.099%, 6/4/2010*			700,000		70,000
Bausch & Lomb, Inc.:
	Term Delay Draw, LIBOR plus 3.25%, 6.099%, 4/11/2015		112,500		108,562
	Term Loan B, LIBOR plus 3.25%, 6.099%, 4/11/2015		905,000		884,742
Buffets, Inc.:
	Letter of Credit, 4.73%, 5/1/2013		170,999		107,195
	Term Loan B, 7.906%, 1/13/2011		1,800,908		1,128,944
Dollar General Corp., Term Loan B1, LIBOR plus 2.75%, 5.599%, 7/6/2014			565,000		498,966
Energy Future Holdings Corp.:
	Term Loan B1, LIBOR plus 3.5%, 6.349%, 10/10/2014		5,196,975		4,757,415

	Term Loan B3, LIBOR plus 3.5%, 6.349%, 10/10/2014			3,396,488		3,107,786
General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 5.099%, 9/16/2013				339,146		297,317
Golden Nugget, 7.21%, 6/16/2014				665,000		581,875
Hawker Beechcraft, Inc., Term Loan B, LIBOR plus 2.0%, 4.849%, 3/26/2014				321,758		293,001
HCA, Inc., Term Loan A1, 6.83%, 11/18/2012				1,865,220		1,714,296
Hexion Specialty Chemicals:
	Term Loan C1, LIBOR plus 2.25%, 5.099%, 5/5/2013			1,188,148		1,120,424
	Term Loan C2, LIBOR plus 2.25%, 5.099%, 5/5/2013			468,981		439,377
IASIS Healthcare LLC, 8.494%, 6/15/2014				541,373		492,650
Local TV On Satellite LLC, Term Loan B, LIBOR plus 2.25%, 5.099%, 5/7/2013				338,300		289,246
Longview Power LLC:
	Demand Draw, 7.125%, 4/1/2014			172,152		160,961
	Letter of Credit, 7.125%, 4/1/2014			62,333		58,555
	Term Loan B, 7.25%, 4/1/2014			192,000		181,200
NewPage Corp., Term Loan B, LIBOR plus 3.0%, 5.849%, 11/5/2014				130,000		126,202
Rail America, Inc., 7.12%, 10/2/2008				860,000		842,800
Sabre, Inc., Term Loan B, LIBOR plus 2.25%, 5.099%, 9/30/2014				549,071		448,473
Symbion, Inc.:
	Term Loan A, 6.494%, 8/23/2013			274,313		266,769
	Term Loan B, 6.494%, 8/23/2014			274,313		258,882
Telesat Canada, Inc.:
	Term Loan B, LIBOR plus 3.0%, 5.849%, 10/31/2014			1,200,299		1,134,859
	8.09%, 9/1/2014			399,253		378,292
	9.0%, 10/31/2008			1,685,000		1,575,475
Toys “R” Us, Term Loan, LIBOR plus 4.25%, 7.099%, 7/19/2012				995,025		944,861
Tribune Co., Term Loan B, 7.91%, 5/24/2014				1,124,350		850,166
Wesco Aircraft Hardware Corp., Term Loan B, LIBOR plus 2.25%, 5.099%, 9/29/2013				243,125		235,629

Total Senior Loans (Cost $27,121,674)					24,210,848
			Shares			Value ($)

	Warrants 0.0%
Dayton Superior Corp., 144A, Expiration Date 6/15/2009*		648				0
DeCrane Aircraft Holdings, Inc., 144A, Expiration Date 9/30/2008*		1,230				0
New ASAT Finance LLC, Expiration Date 2/1/2011*		182,000				80,174

Total Warrants (Cost $11,461)					80,174
			Units			Value ($)

	Other Investments 0.6%
Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029		1,219,000				1,030,055
IdleAire Technologies Corp. (Bond Unit), 144A, Step-up Coupon, 0% to 6/15/2008, 13.0% to 12/15/2012		1,935,000				1,006,200

Total Other Investments (Cost $2,824,084)					2,036,255
			Shares			Value ($)

	Convertible Preferred Stock 0.0%
ION Media Networks, Inc.:
	144A, 12.0% *			3		13,650
	144A, 12.0% *			40,000		1,820
	Series AI, 144A, 12.0% *			40,000		1,820

Total Convertible Preferred Stocks (Cost $52,522)					17,290
	Common Stocks 0.0%
GEO Specialty Chemicals, Inc.*		18,710				15,903

GEO Specialty Chemicals, Inc. 144A*

1,703

1,448

Total Common Stocks (Cost $215,108)

17,351

Securities Lending Collateral 0.7%

Daily Assets Fund Institutional, 4.22% (d) (e)
(Cost $2,457,500)

2,457,500

2,457,500

Cash Equivalents 1.1%

Cash Management QP Trust, 4.52% (d)
(Cost $3,819,931)

3,819,931

3,819,931

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $368,146,385)

99.1

339,713,888

Other Assets and Liabilities, Net (b)

0.9

2,992,182

Net Assets

100.0

342,706,070

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

Non-income producing security. In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or the interest or has filed for bankruptcy. The following table represents bonds that are in default:

Securities

Coupon

Maturity

Date

Principal Amount

Acquisition

Cost ($)

Value ($)

Alliance Mortgage

Cycle Loan

10.099%

6/4/2010

700,000

USD

708,969

70,000

Congoleum Corp.

8.625%

8/1/2008

1,188,000

USD

1,048,695

891,000

Eaton Vance Corp. CDO II

13.68%

7/15/2012

2,836,101

USD

2,037,287

Quebecor World, Inc.

9.75%

1/15/2015

565,000

USD

565,000

268,375

Radnor Holdings Corp.

11.0%

3/15/2010

290,000

USD

186,538

2,175

4,546,489

1,231,550

Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of January 31, 2008.

(a)

Principal amount stated in US dollars unless otherwise noted.

(b)

All or a portion of these securities were on loan amounting to $2,031,000. In addition, included in other assets and liabilities, net is a pending sale, amounting to $308,250 that is also on loan. The value of all securities loaned at January 31, 2008 amounted to $2,339,250 which is 0.7% of net assets.

(c)

Security has a deferred interest payment of $93,490 from April 1, 2006.

(d)

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

(e)

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

(f)

Security issued in lieu of interest payment due 12/15/2007, which has been deferred until 3/15/2008. This security is deemed to be non-income producing.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

CDO: Collateralized Debt Obligation

LIBOR: Represents the London InterBank Offered Rate.

PIK: Denotes that all or a portion of the income is paid in kind.

At January 31, 2008 the Fund had unfunded loan commitments of $252,192 which could be extended at the option of the borrower, pursuant to the following loan agreement:

Unfunded Loan

Unrealized

Borrower

Commitment ($)

Value ($)

Depreciation ($)

Bausch & Lomb, Inc., Term Delay Draw, 4/11/2015

112,219

108,563

(3,656)

Longview Power LLC, Demand Draw, 4/1/2014

50,705

50,037

(668)

Telesat Canada, Inc., Term Loan B, 10/31/2014

89,268

86,699

(2,569)

Total

252,192

245,299

(6,893)

At January 31, 2008, open credit default swaps were as follows:

Effective/
Expiration
Dates

Notional
Amount ($)

Cash Flows Paid
by the Fund

Underlying Debt Obligation

Net Unrealized
Appreciation/
(Depreciation) ($)

10/4/2007
12/20/2008

565,000¹

Fixed — 3.1%

Ford Motor Co. 6.5%, 8/1/2018

(10,532)

10/5/2007
12/20/2008

340,000¹

Fixed — 3.15%

Ford Motor Co. 6.5%, 8/1/2018

(6,191)

10/23/2007
12/20/2008

1,300,000²

Fixed — 3.4%

Ford Motor Co. 6.5%, 8/1/2018

(20,861)

10/23/2007
12/20/2009

640,000²

Fixed — 4.65%

Ford Motor Co. 6.5%, 8/1/2018

(29,737)

10/4/2007
12/20/2008

595,000¹

Fixed — 2.6%

General Motors Corp., 7.125%, 7/15/2013

(11,237)

10/23/2007
12/20/2008

1,120,000²

Fixed — 3.0%

General Motors Corp., 7.125%, 7/15/2013

(17,297)

10/3/2007
12/20/2008

565,000¹

Fixed — 3.2%

General Motors Corp., 7.125%, 7/15/2013

(7,754)

11/21/2007
12/20/2008

590,000³

Fixed — 4.02%

Tenet Healthcare Corp. 7.375%, 2/1/2013

2,258

Total net unrealized depreciation

(101,351)

Counterparties:
1	Chase Securities, Inc.
2	Morgan Stanley Co., Inc.
3	Merrill Lynch, Pierce, Fenner & Smith, Inc.

As of January 31, 2008, the Fund had the following open forward foreign currency exchange contracts:
				Settlement	Unrealized
Contracts to Deliver		In Exchange For		Date	Depreciation ($)
EUR	4,398,980	USD	6,419,915	2/4/2008	(119,388)
EUR	347,100	USD	515,096	2/4/2008	(885)
EUR	4,067,100	USD	6,038,627	3/4/2008	(2,542)
Total unrealized depreciation					(112,815)

Currency Abbreviations
EUR	Euro	USD	United States Dollar

ITEM 2.	CONTROLS AND PROCEDURES

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

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

ITEM 3.	EXHIBITS

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

SIGNATURES

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

Registrant:

DWS High Income Plus Fund, a series of DWS Advisor Funds

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

March 17, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Registrant:

DWS High Income Plus Fund, a series of DWS Advisor Funds

By:	/s/Michael G. Clark

Michael G. Clark

President

Date:

March 17, 2008

By:	/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date: March 17, 2008