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)

345 Park Avenue

New York, NY 10154-0004

(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 10154-0004

(Name and Address of Agent for Service)

Date of fiscal year end: 9/30

Date of reporting period: 03/31/08

ITEM 1.REPORT TO STOCKHOLDERS

MARCH 31, 2008

Semiannual Report
to Shareholders

DWS Mid 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 Summary of Management Fee Evaluation by Independent Fee Consultant

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. The fund is subject to stock market risk. Stocks of medium-sized 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, 2008

Classes A, B, C and Institutional Class

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 front-end sales charge 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, 2008 are 1.25%, 2.16%, 2.07% and 1.03% 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, 2008.

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.

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 Mid Cap Growth Fund during such periods and have been adjusted to reflect the higher gross total annual operating expenses of each specific class. On October 20, 2006, Investment Class shares were converted into Class S shares. Any difference in expenses will affect performance.

At the close of business on August 31, 2000, shares of Equity Appreciation — Institutional Class merged into Institutional Class shares of DWS Mid Cap Growth Fund. Equity Appreciation — Institutional Class was managed by the same investment management team with the same objectives, policies and strategies as DWS Mid Cap Growth. The performance shown reflects Equity Appreciation — Institutional Class shares' actual returns prior to August 31, 2000. Performance for periods after August 31, 2000 reflects the performance of DWS Mid Cap Growth Fund — Institutional Class.

Average Annual Total Returns (Unadjusted for Sales Charge) as of 3/31/08
DWS Mid Cap Growth Fund	6-Month‡	1-Year	3-Year	5-Year	10-Year
Class A	-15.28%	-9.74%	5.07%	11.70%	5.86%
Class B	-15.61%	-10.43%	4.26%	10.87%	4.95%
Class C	-15.56%	-10.42%	4.27%	10.87%	4.95%
Institutional Class	-15.16%	-9.51%	5.31%	11.99%	6.08%
Russell Midcap® Growth Index+	-12.46%	-4.55%	7.77%	15.20%	5.15%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

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

Net Asset Value and Distribution Information
	Class A	Class B	Class C	Institutional Class
Net Asset Value: 3/31/08	$ 13.98	$ 13.29	$ 13.29	$ 14.29
9/30/07	$ 19.07	$ 18.32	$ 18.31	$ 19.41
Distribution Information: Six Months as of 3/31/08: Capital Gain Distributions	$ 2.50	$ 2.50	$ 2.50	$ 2.50

Institutional Class Lipper Rankings — Mid-Cap Growth Funds Category as of 3/31/08
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	503	of	607	83
3-Year	364	of	503	73
5-Year	288	of	414	70
10-Year	69	of	178	39

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

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

[] DWS Mid Cap Growth Fund — Class A

[] Russell Midcap 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 initial investment of $9,425.

Comparative Results (Adjusted for Maximum Sales Charge) as of 3/31/08
DWS Mid Cap Growth Fund		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$8,507	$10,931	$16,391	$16,658
	Average annual total return	-14.93%	3.01%	10.39%	5.24%
Class B	Growth of $10,000	$8,726	$11,139	$16,650	$16,209
	Average annual total return	-12.74%	3.66%	10.73%	4.95%
Class C	Growth of $10,000	$8,958	$11,335	$16,751	$16,210
	Average annual total return	-10.42%	4.27%	10.87%	4.95%
Russell Midcap Growth Index+	Growth of $10,000	$9,545	$12,518	$20,288	$16,531
	Average annual total return	-4.55%	7.77%	15.20%	5.15%

The growth of $10,000 is cumulative.

⁺Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. 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.

Growth of an Assumed $1,000,000 Investment

[] DWS Mid Cap Growth Fund — Institutional Class

[] Russell Midcap Growth Index⁺

Yearly periods ended March 31

Comparative Results as of 3/31/08
DWS Mid Cap Growth Fund		1-Year	3-Year	5-Year	10-Year
Institutional Class	Growth of $1,000,000	$904,900	$1,168,000	$1,761,300	$1,804,000
	Average annual total return	-9.51%	5.31%	11.99%	6.08%
Russell Midcap Growth Index+	Growth of $1,000,000	$954,500	$1,251,800	$2,028,800	$1,653,100
	Average annual total return	-4.55%	7.77%	15.20%	5.15%

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

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

⁺Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. 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.

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, 2008 is 0.99% 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, 2008.

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 1-year, 3-year, 5-year and 10-year 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 redemptions of fund shares. Returns and rankings may differ by share class.

Returns shown for Class S shares for the periods prior to its inception on February 1, 2005 are derived from the historical performance of Investment Class shares of the DWS Mid 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 20, 2006, Investment Class shares were converted into Class S shares.

Average Annual Total Returns as of 3/31/08
DWS Mid Cap Growth Fund	6-Month‡	1-Year	3-Year	5-Year	10-Year
Class S	-15.14%	-9.47%	5.31%	11.87%	5.94%
Russell Midcap Growth Index+	-12.46%	-4.55%	7.77%	15.20%	5.15%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

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

Net Asset Value and Distribution Information
	Class S
Net Asset Value: 3/31/08	$ 14.08
9/30/07	$ 19.17
Distribution Information: Six Months as of 3/31/08: Capital Gain Distributions	$ 2.50

Class S Lipper Rankings — Mid-Cap Growth Funds Category as of 3/31/08
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	499	of	607	83
3-Year	365	of	503	73

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 Mid Cap Growth Fund — Class S

[] Russell Midcap Growth Index⁺

Yearly periods ended March 31

Comparative Results as of 3/31/08
DWS Mid Cap Growth Fund		1-Year	3-Year	5-Year	10-Year
Class S	Growth of $10,000	$9,053	$11,679	$17,524	$17,810
	Average annual total return	-9.47%	5.31%	11.87%	5.94%
Russell Midcap Growth Index+	Growth of $10,000	$9,545	$12,518	$20,288	$16,531
	Average annual total return	-4.55%	7.77%	15.20%	5.15%

The growth of $10,000 is cumulative.

⁺Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. 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, Class B, Class C and Institutional Class 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, 2007 to March 31, 2008).

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. An account maintenance fee of $6.25 per quarter for Class S shares may apply for certain accounts whose balances do not meet the applicable minimum initial investment. This fee is not included in these tables. If it was, the estimate of expenses paid for Class S shares during the period would be higher, and account value during the period would be lower, by this amount.

Expenses and Value of a $1,000 Investment for the six months ended March 31, 2008
Actual Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 10/1/07	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 3/31/08	$ 847.20	$ 843.90	$ 844.40	$ 848.60	$ 848.40
Expenses Paid per $1,000*	$ 5.77	$ 9.22	$ 9.22	$ 4.67	$ 4.62
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 10/1/07	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 3/31/08	$ 1,018.75	$ 1,015.00	$ 1,015.00	$ 1,020.30	$ 1,020.00
Expenses Paid per $1,000*	$ 6.31	$ 10.07	$ 10.07	$ 5.10	$ 5.05

* 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 366.

Annualized Expense Ratios	Class A	Class B	Class C	Class S	Institutional Class
DWS Mid Cap Growth Fund	1.25%	2.00%	2.00%	1.01%	1.00%

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

Portfolio Management Review

In the following interview, Lead Portfolio Manager Robert S. Janis and Portfolio Manager Joseph Axtell discuss DWS Mid Cap Growth Fund's market environment, performance and strategy during the fund's most recent semiannual period ended March 31, 2008.

The views expressed in the following discussion 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.

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

A: In an extremely volatile period for stocks almost across the board, DWS Mid Cap Growth Fund's Class A shares returned - -15.28% for its most recent semiannual period ended March 31, 2008. (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.) During the six-month period, the fund underperformed its benchmark and peers: The Russell Midcap^® Growth Index returned -12.46% and the Lipper Mid-Cap Growth Funds category returned -13.82.^1,2

¹ The Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. 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.
² The Lipper Mid-Cap Growth Funds category includes portfolios that invest at least 75% of equity assets in companies with market capitalizations of less than 300% of the dollar-weighted median market capitalization 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 MidCap 400 Index. Category returns assume reinvestment of dividends. 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: Volatility in the US stock market continued through the fourth quarter of 2007. Several financial institutions reported writedowns that amounted to tens of billions of dollars stemming from the subprime mortgage crisis, and market observers worry that there is more disruption to come. However, worldwide there has been adequate liquidity to offset these losses. For the quarter, the US dollar fell to record lows as oil prices reached new highs. In an effort to stimulate economic activity and avoid a recession, the US Federal Reserve Board (the Fed) cut a key short-term interest rate by a quarter point at each of its last two meetings of 2007, but stated that energy and commodity prices threatened to spur increased inflation.

The turbulent first quarter of 2008 lent itself to a period of aggressive easing by the Fed. A three-quarter-point emergency cut in both the federal funds rate and the discount rate signaled the central bank's shift from concern over inflation to a focus on preventing a severe downturn in the economy.³ Another half-point cut was made in both rates just eight days later. In an effort to spur economic activity, Congress and the President agreed on a $168 billion fiscal stimulus package. Overall, the Fed kept quite busy during the first quarter of this year, expanding its intervention to restore confidence and provide short-term liquidity in financial markets, and creating new lending tools and facilities. Most noteworthy was the Fed's backing of a transaction to bail out a major investment bank in order to avoid turmoil in the global financial system. In addition, high prices of oil, gold and other commodities — along with a weak dollar — threatened to spur a significant increase in inflation. We saw a weakening labor market in the first quarter that fueled recession fears, and the quarter ended with another three-quarter-point reduction in the federal funds rate and the discount rate.

³ The federal funds rate is the overnight rate charged by banks when they borrow money from each other. The discount rate is the interest rate that an eligible depository institution is charged to borrow short-term funds directly from a Federal Reserve Bank.

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

A: For the six-month period, overall stock selection detracted from performance. Overall, the fund's holdings in energy and health care outpaced their counterparts in the benchmark, while holdings in industrials and information technology lagged the index. Overall sector allocation also detracted from returns, as overweights in telecommunication services and information technology negatively affected performance.⁴ (After stock selection, under our management philosophy, we consider sector allocation to be a secondary method of adding value within the portfolio.)

⁴ 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 semiannual period included Urban Outfitters, Inc., Southwestern Energy Co. and MEMC Electronic Materials, Inc. Urban Outfitters is a specialty retailer within the consumer discretionary sector that sells fashion apparel, accessories and home goods. Southwestern Energy explores for and produces natural gas and crude oil. MEMC Electronic Materials, Inc., an information technology company, is a worldwide producer of wafers for the semiconductor industry.

The largest detractors from performance on a company level included NII Holdings, Inc., Terex Corp. and F5 Networks, Inc. NII Holdings, a wireless telecommunication services company, provides mobile communications for business customers in Latin America. Terex, a machinery company, is a global manufacturer of capital equipment for the construction, mining and shipping industries. F5 Networks, from the communications equipment industry, provides Internet traffic management solutions.

Q: In light of events over the most recent period, how do you view the market environment at present?

A: Credit crises tend to extend beyond people's expectations. Until recently, the spillover from the housing market correction has put only moderate downward pressure on consumer spending. However, tighter credit conditions, higher energy prices and a weakening labor market have begun to weigh on consumer sentiment. It is also evident that we are seeing an inventory correction by purchasing managers and a retrenchment by consumers as concerns are raised regarding the economy and employment. However, we believe the government's recent monetary and fiscal stimulus should alleviate these issues over time. Additionally, the US economy continues to draw support from a still-strong corporate sector and continuing growth in net exports, which benefit from a weaker dollar and the strength of the world economy.

Going forward, we will continue to maintain a long-term perspective, adhering to our time-tested, fundamental, valuation-sensitive investment process.

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	3/31/08	9/30/07
Common Stocks	97%	97%
Cash Equivalents	3%	3%
	100%	100%

Sector Diversification (As a % of Common Stocks)	3/31/08	9/30/07
Consumer Discretionary	20%	22%
Information Technology	17%	24%
Industrials	17%	18%
Energy	15%	10%
Health Care	11%	10%
Financials	9%	8%
Telecommunication Services	6%	5%
Materials	3%	1%
Consumer Staples	2%	2%
	100%	100%

Asset allocation and sector diversification are subject to change.

Ten Largest Equity Holdings at March 31, 2008 (35.9% of Net Assets)
1. Urban Outfitters, Inc. Operator of retail and wholesale merchandise to customer niches	6.1%
2. Southwestern Energy Co. Distributors of natural gas and oil	4.5%
3. Ultra Petroleum Corp. Producer and explorer of natural gas	4.0%
4. Guess?, Inc. Designer, developer and marketer of apparel and related consumer products	3.8%
5. Pediatrix Medical Group, Inc. Provider of health care services	3.6%
6. Activision, Inc. Publisher and developer of interactive entertainment software	3.1%
7. Affiliated Managers Group, Inc. Operator of integrated asset management services	3.0%
8. MEMC Electronic Materials, Inc. Manufacturer of semiconductors and equipment	2.8%
9. Convance, Inc. Provider of services for pharmaceutical companies	2.5%
10. SBA Communications Corp. Owns and operates wireless communications infrastructure	2.5%

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, 2008 (Unaudited)

	Shares	Value ($)
Common Stocks 97.0%
Consumer Discretionary 19.1%
Diversified Consumer Services 0.8%
Strayer Education, Inc.	41,900	6,389,750
Hotels Restaurants & Leisure 2.3%
Darden Restaurants, Inc.	284,000	9,244,200
Starwood Hotels & Resorts Worldwide, Inc.	184,000	9,522,000
		18,766,200
Specialty Retail 14.6%
American Eagle Outfitters, Inc.	370,900	6,494,459
Chico's FAS, Inc.*	944,000	6,711,840
Children's Place Retail Stores, Inc.* (a)	476,900	11,712,664
Guess?, Inc.	783,700	31,716,339
Tiffany & Co. (a)	332,800	13,924,352
Urban Outfitters, Inc.* (a)	1,609,700	50,464,095
		121,023,749
Textiles, Apparel & Luxury Goods 1.4%
Phillips-Van Heusen Corp.	312,400	11,846,208
Consumer Staples 2.3%
Food & Staples Retailing 0.9%
Whole Foods Market, Inc. (a)	226,300	7,461,111
Personal Products 1.4%
Herbalife Ltd. (a)	235,100	11,167,250
Energy 14.1%
Energy Equipment & Services 5.7%
FMC Technologies, Inc.*	270,500	15,388,745
National-Oilwell Varco, Inc.*	269,900	15,756,762
Rowan Companies, Inc. (a)	394,500	16,245,510
		47,391,017
Oil, Gas & Consumable Fuels 8.4%
Southwestern Energy Co.* (a)	1,095,000	36,890,550
Ultra Petroleum Corp.*	423,300	32,805,750
		69,696,300
Financials 8.3%
Capital Markets 7.3%
Affiliated Managers Group, Inc.* (a)	277,200	25,153,128
E*TRADE Financial Corp.* (a)	1,762,900	6,804,794
T. Rowe Price Group, Inc.	324,200	16,210,000
Waddell & Reed Financial, Inc. "A"	380,800	12,235,104
		60,403,026
Real Estate Management & Development 1.0%
Jones Lang LaSalle, Inc.	112,400	8,693,016
Health Care 10.8%
Health Care Providers & Services 4.5%
Pediatrix Medical Group, Inc.*	448,900	30,255,860
WellCare Health Plans, Inc.*	190,000	7,400,500
		37,656,360
Life Sciences Tools & Services 4.8%
Covance, Inc.*	249,200	20,676,124
Pharmaceutical Product Development, Inc.	450,700	18,884,330
		39,560,454
Pharmaceuticals 1.5%
Mylan, Inc. (a)	1,038,400	12,045,440
Industrials 16.1%
Aerospace & Defense 2.0%
BE Aerospace, Inc.*	467,900	16,353,105
Commercial Services & Supplies 1.7%
Huron Consulting Group, Inc.*	132,700	5,513,685
Robert Half International, Inc.	340,900	8,774,766
		14,288,451
Construction & Engineering 1.0%
Aecom Technology Corp.*	312,400	8,125,524
Electrical Equipment 3.5%
General Cable Corp.*	164,600	9,722,922
Roper Industries, Inc.	331,700	19,716,248
		29,439,170
Industrial Conglomerates 1.7%
McDermott International, Inc.*	256,000	14,033,920
Machinery 6.2%
Harsco Corp.	185,700	10,284,066
Manitowoc Co., Inc.	278,100	11,346,480
Oshkosh Truck Corp.	289,300	10,495,804
Terex Corp.*	303,200	18,950,000
		51,076,350
Information Technology 16.7%
Communications Equipment 4.2%
F5 Networks, Inc.*	803,400	14,597,778
Foundry Networks, Inc.* (a)	1,235,500	14,307,090
Riverbed Technology, Inc.*	384,500	5,713,670
		34,618,538
IT Services 0.9%
Alliance Data Systems Corp.*	156,200	7,421,062
Semiconductors & Semiconductor Equipment 4.3%
MEMC Electronic Materials, Inc.* (a)	325,300	23,063,770
Tessera Technologies, Inc.*	630,400	13,112,320
		36,176,090
Software 7.3%
Activision, Inc.* (a)	929,900	25,395,569
Blackboard, Inc.*	254,400	8,479,152
Citrix Systems, Inc.*	268,500	7,875,105
FactSet Research Systems, Inc. (a)	345,300	18,601,311
		60,351,137
Materials 3.3%
Metals & Mining
Allegheny Technologies, Inc.	110,800	7,906,688
Gerdau Ameristeel Corp. (a)	1,357,300	19,151,503
		27,058,191
Telecommunication Services 6.3%
Wireless Telecommunication Services
Crown Castle International Corp.* (a)	407,200	14,044,328
NII Holdings, Inc.*	541,600	17,212,048
SBA Communications Corp. "A"*	687,200	20,499,176
		51,755,552
Total Common Stocks (Cost $689,207,567)		802,796,971
Securities Lending Collateral 14.0%
Daily Assets Fund Institutional, 3.25% (b) (c) (Cost $116,328,875)	116,328,875	116,328,875
Cash Equivalents 3.3%
Cash Management QP Trust, 2.84% (b) (Cost $27,051,726)	27,051,726	27,051,726

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $832,588,168)+	114.3	946,177,572
Other Assets and Liabilities, Net	(14.3)	(118,661.657)
Net Assets	100.0	827,515,915

* Non-income producing security
⁺The cost for federal income tax purposes was $832,717,795. At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $113,459,777. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $180,636,343 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $67,176,566.
(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, 2008 amounted to $114,353,378 which is 13.8% of net assets.
(b) Affiliated fund 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. Income earned by the Fund is net of borrower rebates.

The accompanying notes are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities as of March 31, 2008 (Unaudited)
Assets
Investments: Investments in securities, at value (cost $689,207,567) — including $114,353,378 of securities loaned	$ 802,796,971
Investment in Daily Assets Fund Institutional (cost $116,328,875)*	116,328,875
Investment in Cash Management QP Trust (cost $27,051,726)	27,051,726
Total investments, at value (cost $832,588,168)	946,177,572
Receivable for Fund shares sold	151,082
Dividends receivable	199,177
Interest receivable	158,290
Other assets	108,626
Total assets	946,794,747
Liabilities
Cash overdraft	39,471
Payable upon return of securities loaned	116,328,875
Payable for Fund shares redeemed	1,576,444
Accrued management fee	463,074
Other accrued expenses and payables	870,968
Total liabilities	119,278,832
Net assets, at value	$ 827,515,915
Net Assets Consist of
Accumulated net investment loss	(3,110,530)
Net unrealized appreciation (depreciation) on: Investments	113,589,404
Foreign currency	(3,655)
Accumulated net realized gain (loss)	(48,051,017)
Paid-in capital	765,091,713
Net assets, at value	$ 827,515,915

* Represents collateral on securities loaned.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of March 31, 2008 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($440,343,214 ÷ 31,506,692 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 13.98
Maximum offering price per share (100 ÷ 94.25 of $13.98)	$ 14.83
Class B Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($23,048,824 ÷ 1,733,739 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 13.29
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($22,075,851 ÷ 1,661,272 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 13.29
Class S Net Asset Value, offering and redemption price(a) per share ($196,874,448 ÷ 13,979,263 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 14.08
Institutional Class Net Asset Value, offering and redemption price(a) per share ($145,173,578 ÷ 10,160,779 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 14.29

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

The accompanying notes are an integral part of the financial statements.

Statement of Operations for the six months ended March 31, 2008 (Unaudited)
Investment Income
Income: Dividends (net of foreign taxes withheld of $10,455)	$ 1,745,932
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	556,242
Interest — Cash Management QP Trust	666,810
Total Income	2,968,984
Expenses: Management fee	3,228,528
Administration fee	517,255
Services to shareholders	1,582,160
Custodian fee	16,589
Distribution and service fees	873,332
Professional fees	65,292
Trustees' fees and expenses	21,962
Reports to shareholders	78,863
Registration fees	20,295
Other	20,116
Total expenses before expense reductions	6,424,392
Expense reductions	(344,878)
Total expenses after expense reductions	6,079,514
Net investment income (loss)	(3,110,530)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	21,880,634
In-kind redemption	50,172,059
Foreign currency	(716)
	72,051,977
Net unrealized appreciation (depreciation) during the period on: Investments	(228,828,175)
Foreign currency	(3,655)
	(228,831,830)
Net gain (loss)	(156,779,853)
Net increase (decrease) in net assets resulting from operations	$ (159,890,383)

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets
Increase (Decrease) in Net Assets	Six Months Ended March 31, 2008 (Unaudited)	Year Ended September 30, 2007
Operations: Net investment income (loss)	$ (3,110,530)	$ (8,475,286)
Net realized gain (loss)	72,051,977	198,725,888
Change in net unrealized appreciation (depreciation)	(228,831,830)	59,412,375
Net increase (decrease) in net assets resulting from operations	(159,890,383)	249,662,977
Distributions to Shareholders from: Net realized gains: Class A	(72,755,484)	—
Class B	(4,204,147)	—
Class C	(3,812,848)	—
Class S	(32,479,988)	—
Institutional Class	(48,236,888)	—
Total Distributions	(161,489,355)	—
Fund share transactions: Proceeds from shares sold	44,980,479	131,791,079
Reinvestment of distributions	157,992,538	—
Cost of shares redeemed	(126,010,474)	(366,579,110)
In-Kind redemptions	(197,119,702)	—
Redemption fees	9,733	76,300
Net increase (decrease) in net assets from Fund share transactions	(120,147,426)	(234,711,731)
Increase (decrease) in net assets	(441,527,164)	14,951,246
Net assets at beginning of period	1,269,043,079	1,254,091,833
Net assets at end of period (including accumulated net investment loss of $3,110,530 at March 31, 2008)	$ 827,515,915	$ 1,269,043,079

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Class A Years Ended September 30,	2008a	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 19.07	$ 15.70	$ 15.17	$ 12.06	$ 11.46	$ 9.31
Income (loss) from investment operations: Net investment income (loss)b	(.05)	(.14)	(.14)e	(.12)	(.10)	(.08)
Net realized and unrealized gain (loss)	(2.54)	3.51	.67	3.23	.70	2.23
Total from investment operations	(2.59)	3.37	.53	3.11	.60	2.15
Less distributions from: Net realized gains	(2.50)	—	—	—	—	—
Redemption fees	.00***	.00***	.00***	.00***	—	—
Net asset value, end of period	$ 13.98	$ 19.07	$ 15.70	$ 15.17	$ 12.06	$ 11.46
Total Return (%)c,d	(15.28)**	21.46	3.49e	25.79	5.24	23.09
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	440	566	528	587	242	212
Ratio of expenses before expense reductions (%)	1.33*	1.25	1.35	1.31	1.35	1.34
Ratio of expenses after expense reductions (%)	1.25*	1.24	1.29	1.25	1.25	1.25
Ratio of net investment income (loss) (%)	(.68)*	(.76)	(.90)e	(.83)	(.86)	(.74)
Portfolio turnover rate (%)	38**	56	53	83	116	82
a For the six months ended March 31, 2008 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d 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. The non-recurring income resulted in an increase in net investment income of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return would have been 0.01% lower. * Annualized ** Not annualized *** Amount is less than $.005.

Class B Years Ended September 30,	2008a	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 18.32	$ 15.21	$ 14.81	$ 11.86	$ 11.35	$ 9.29
Income (loss) from investment operations: Net investment income (loss)b	(.11)	(.26)	(.25)e	(.22)	(.19)	(.15)
Net realized and unrealized gain (loss)	(2.42)	3.37	.65	3.17	.70	2.21
Total from investment operations	(2.53)	3.11	.40	2.95	.51	2.06
Less distributions from: Net realized gains	(2.50)	—	—	—	—	—
Redemption fees	.00***	.00***	.00***	.00***	—	—
Net asset value, end of period	$ 13.29	$ 18.32	$ 15.21	$ 14.81	$ 11.86	$ 11.35
Total Return (%)c,d	(15.61)**	20.45	2.70e	24.87	4.49	22.17
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	23	33	40	56	9	6
Ratio of expenses before expense reductions (%)	2.20*	2.16	2.21	2.05	2.10	2.09
Ratio of expenses after expense reductions (%)	2.00*	2.00	2.04	2.00	2.00	2.00
Ratio of net investment income (loss) (%)	(1.43)*	(1.52)	(1.65)e	(1.58)	(1.61)	(1.49)
Portfolio turnover rate (%)	38**	56	53	83	116	82
a For the six months ended March 31, 2008 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d 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. The non-recurring income resulted in an increase in net investment income of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return would have been 0.01% lower. * Annualized ** Not annualized *** Amount is less than $.005.

Class C Years Ended September 30,	2008a	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 18.31	$ 15.20	$ 14.80	$ 11.85	$ 11.35	$ 9.29
Income (loss) from investment operations: Net investment income (loss)b	(.11)	(.26)	(.25)e	(.22)	(.19)	(.16)
Net realized and unrealized gain (loss)	(2.41)	3.37	.65	3.17	.69	2.22
Total from investment operations	(2.52)	3.11	.40	2.95	.50	2.06
Less distributions from: Net realized gains	(2.50)	—	—	—	—	—
Redemption fees	.00***	.00***	.00***	.00***	—	—
Net asset value, end of period	$ 13.29	$ 18.31	$ 15.20	$ 14.80	$ 11.85	$ 11.35
Total Return (%)c,d	(15.56)**	20.46	2.70e	24.89	4.41	22.17
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	22	28	28	34	8	5
Ratio of expenses before expense reductions (%)	2.15*	2.07	2.09	2.05	2.10	2.09
Ratio of expenses after expense reductions (%)	2.00*	2.00	2.04	2.00	2.00	2.00
Ratio of net investment income (loss) (%)	(1.43)*	(1.52)	(1.65)e	(1.58)	(1.61)	(1.49)
Portfolio turnover rate (%)	38**	56	53	83	116	82
a For the six months ended March 31, 2008 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d 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. The non-recurring income resulted in an increase in net investment income of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return would have been 0.01% lower. * Annualized ** Not annualized *** Amount is less than $.005.

Class S Years Ended September 30,	2008a	2007	2006	2005b
Selected Per Share Data
Net asset value, beginning of period	$ 19.17	$ 15.74	$ 15.18	$ 13.66
Income (loss) from investment operations: Net investment income (loss)c	(.04)	(.08)	(.11)e	(.06)
Net realized and unrealized gain (loss)	(2.55)	3.51	.67	1.58
Total from investment operations	(2.59)	3.43	.56	1.52
Less distributions from: Net realized gains	(2.50)	—	—	—
Redemption fees	.00***	.00***	.00***	.00***
Net asset value, end of period	$ 14.08	$ 19.17	$ 15.74	$ 15.18
Total Return (%)	(15.14)**	21.79d	3.69d,e	11.13d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	197	255	213	223
Ratio of expenses before expense reductions (%)	1.01*	.99	1.11	1.13*
Ratio of expenses after expense reductions (%)	1.01*	.94	1.08	1.06*
Ratio of net investment income (loss) (%)	(.44)*	(.46)	(.69)e	(.57)*
Portfolio turnover rate (%)	38**	56	53	83
a For the six months ended March 31, 2008 (Unaudited). b For the period February 1, 2005 (commencement of operations of Class S shares) to September 30, 2005. c Based on average shares outstanding during 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. The non-recurring income resulted in an increase in net investment income of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return would have been 0.01% lower. * Annualized ** Not annualized *** Amount is less than $.005.

Institutional Class Years Ended September 30,	2008a	2007	2006	2005	2004	2003
Selected Per Share Data
Net asset value, beginning of period	$ 19.41	$ 15.95	$ 15.38	$ 12.19	$ 11.55	$ 9.36
Income (loss) from investment operations: Net investment income (loss)b	(.04)	(.10)	(.11)d	(.08)	(.08)	(.05)
Net realized and unrealized gain (loss)	(2.58)	3.56	.68	3.27	.72	2.24
Total from investment operations	(2.62)	3.46	.57	3.19	.64	2.19
Less distributions from: Net realized gains	(2.50)	—	—	—	—	—
Redemption fees	.00***	.00***	.00***	.00***	—	—
Net asset value, end of period	$ 14.29	$ 19.41	$ 15.95	$ 15.38	$ 12.19	$ 11.55
Total Return (%)c	(15.16)**	21.69	3.71d	26.17	5.54	23.40
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	145	387	412	417	328	323
Ratio of expenses before expense reductions (%)	1.07*	1.03	1.08	1.06	1.10	1.09
Ratio of expenses after expense reductions (%)	1.00*	1.00	1.04	1.00	1.00	1.00
Ratio of net investment income (loss) (%)	(.43)*	(.52)	(.65)d	(.58)	(.61)	(.49)
Portfolio turnover rate (%)	38**	56	53	83	116	82
a For the six months ended March 31, 2008 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d 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. The non-recurring income resulted in an increase in net investment income of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return would have been 0.01% lower. * Annualized ** Not annualized *** Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Significant Accounting Policies

DWS Mid 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 to investors 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 but 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. 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. 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.

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 and service fees, services to shareholders, 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 instruments 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.

New Accounting Pronouncements. 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, 2008, 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.

In addition, in March 2008, FASB issued Statement of Financial Accounting Standards No. 161 ("FAS 161") Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133. FAS 161 requires enhanced disclosure about an entity's derivative and hedging activities. FAS 161 is effective for fiscal years beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Fund's financial statement disclosures.

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.

At September 30, 2007, the Fund had a net tax basis capital loss carry forward of approximately $96,747,000, which may be applied against any realized net taxable gains of each succeeding year until fully utilized or until September 30, 2010 ($68,939,000), September 30, 2011 ($27,354,000) and September 30, 2012 ($454,000) the respective expiration dates, whichever occurs first, and which may be subject to certain limitations under Sections 382-384 of the Internal Revenue Code.

The Fund has reviewed the tax positions for each of the three open tax years as of September 30, 2007 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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 net investment losses incurred by the Fund and certain 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. 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 net of foreign withholding taxes. 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, 2008, purchases and sales of investment securities (excluding short-term investments and in-kind redemptions) aggregated $382,704,091 and $476,570,996, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, 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.

Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the average daily net assets of the Fund, computed and accrued daily and payable monthly, at the following annual rates:

First $500 million of the Fund's average daily net assets	.65%
Next $1 billion of such net assets	.60%
Next $2.5 billion of such net assets	.55%
Next $2.5 billion of such net assets	.54%
Next $2.5 billion of such net assets	.53%
Next $2.5 billion of such net assets	.52%
Over $11.5 billion of such net assets	.51%

Accordingly, for the six months ended March 31, 2008, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate of 0.62% of the Fund's average daily net assets.

For the period from October 1, 2007 through January 31, 2009, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund (excluding expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the annual expenses of each class as follows:

Class A	1.25%
Class B	2.00%
Class C	2.00%
Class S	1.05%
Institutional Class	1.00%

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual 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, 2008, the Advisor received an Administration Fee of $517,255, of which $69,748 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 the Fund. Pursuant to a sub-transfer agency agreement between DWS-SISC and DST Systems, Inc. ("DST"), DWS-SISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DWS-SISC compensates DST out of the shareholder servicing fees it receives from the Fund. For the six months ended March 31, 2008, the amounts charged to the Fund by DWS-SISC were as follows:

Services to Shareholders	Total Aggregated	Waived	Unpaid at March 31, 2008
Class A	$ 457,105	$ 206,524	$ 55,060
Class B	56,554	27,259	22,766
Class C	44,826	18,263	9,051
Class S	253,462	—	146,262
Institutional Class	160,999	84,586	19,769
	$ 972,946	$ 336,632	$ 252,908

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1 Plans, DWS Scudder Distributors, Inc. ("DWS-SDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75%, of average daily net assets of each of Class B and C shares. In accordance with the Fund's Underwriting and Distribution Services 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, 2008, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at March 31, 2008
Class B	$ 104,546	$ 15,084
Class C	94,869	14,004
	$ 199,415	$ 29,088

In addition, DWS-SDI provides information and administrative services for a fee ("Service Fee") to Class A, B and C shareholders at an annual 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, 2008, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at March 31, 2008	Annualized Effective Rate
Class A	$ 608,599	$ 92,190	.24%
Class B	34,112	5,007	.24%
Class C	31,206	3,698	.25%
	$ 673,917	$ 100,895

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, 2008 aggregated $6,468.

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, 2008, the CDSC for the Fund's Class B and C shares was $25,454 and $181, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended March 31, 2008, DWS-SDI received $7.

Typesetting and Filing Service Fees. Under an agreement withDIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended March 31, 2008, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $7,408, all of which is unpaid.

Trustees' Fees and Expenses. During the period ended March 31, 2008, the Fund paid each Trustee compensation for his or her services. Each Independent Trustee received 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

The Fund has entered into an arrangement with its custodian and transfer agent 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, 2008, the Fund's custodian fee was reduced by $574, and $7,672, respectively, for custody and transfer agent 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 0.35 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, 2008		Year Ended September 30, 2007
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	1,643,170	$ 26,478,815	3,264,816	$ 58,519,241
Class B	79,174	1,223,983	172,868	3,010,752
Class C	127,476	1,965,197	255,228	4,413,771
Investment Class*	—	—	14,452	230,129
Class R*	—	—	6,495	105,619
Class S	329,307	5,420,746	1,012,824	18,074,856
Institutional Class	619,552	9,891,738	2,586,414	47,436,711
		$ 44,980,479		$ 131,791,079
Shares issued to Shareholders in reinvestment of distributions
Class A	4,412,881	$ 70,916,444	—	$ —
Class B	265,191	4,062,723	—	—
Class C	241,402	3,695,871	—	—
Class S	1,920,869	31,080,612	—	—
Institutional Class	2,939,480	48,236,888	—	—
		$ 157,992,538		$ —
Shares redeemed
Class A	(4,231,645)	$ (66,954,673)	(7,336,114)	$ (130,280,717)
Class B	(403,660)	(6,145,278)	(1,023,971)	(17,521,248)
Class C	(261,758)	(3,924,241)	(575,145)	(9,903,261)
Investment Class*	—	—	(31,295)	(508,820)
Class R*	—	—	(5,425)	(88,849)
Class S	(1,551,128)	(24,851,838)	(3,201,010)	(57,312,360)
Institutional Class	(1,390,342)	(24,134,444)	(8,454,742)	(150,963,855)
		$ (126,010,474)		$ (366,579,110)
In-Kind redemptions
Institutional Class	(11,954,618)	(197,119,702)	—	—
		$ (197,119,702)		$ —
Shares converted*
Class A	—	$ —	151,244	$ 2,572,738
Investment Class	—	—	(1,920,335)	(31,026,673)
Class R	—	—	(152,283)	(2,572,738)
Class S	—	—	1,917,604	31,026,673
		$ —		$ —
Redemption fees		$ 9,733		$ 76,300
Net increase (decrease)
Class A	1,824,406	$ 30,445,426	(3,920,054)	$ (69,155,078)
Class B	(59,295)	(858,572)	(851,103)	(14,509,692)
Class C	107,120	1,736,827	(319,917)	(5,489,487)
Investment Class*	—	—	(1,937,178)	(31,305,364)
Class R*	—	—	(151,213)	(2,555,968)
Class S	699,048	11,649,859	(270,582)	(8,207,346)
Institutional Class	(9,785,928)	(163,120,966)	(5,868,328)	(103,488,796)
		$ (120,147,426)		$ (234,711,731)

^* 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 the conversion of Class R shares of the Fund into Class A shares of the Fund. The conversions were completed on October 20, 2006 and November 17, 2006, respectively, and the shares are no longer offered.

G. 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 March 31, 2008, the Fund realized $50,172,059 of net gain attributable to in-kind redemptions.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 26, 2007

Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively, "DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Scudder Funds. My duties include preparing an annual written evaluation of the management fees DeAM charges the Funds, considering among other factors the management fees charged by other mutual fund companies for like services, management fees DeAM charges other clients for like services, DeAM's costs of supplying services under the management agreements and related profit margins, possible economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund performance. This report summarizes my evaluation for 2007, including my qualifications, the evaluation process for each of the DWS Scudder Funds, consideration of certain complex-level factors, and my conclusions.

Qualifications

For more than 30 years I have served in various professional capacities within the investment management business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist and director of investment policy with a large investment firm. I have also performed business management functions, including business development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset management industry. I have provided services to over 125 client organizations, including investment managers, mutual fund boards, product distributors and related organizations. Over the past several years I have completed a number of assignments for mutual fund boards, specifically including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors, from Harvard University; and Master of Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an independent director and audit committee financial expert for two closed-end mutual funds, serve on the board of directors of a private market research company, and have served in various leadership and financial oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Scudder Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 136 Fund portfolios in the DWS Scudder Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual contract renewal process, as well as in their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including expense information prepared by Lipper Analytical, comparative performance information, profitability data, manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic Insight, and Morningstar databases and drew on my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two primary comparisons:

The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.

The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.

These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Scudder Fund. These similar products included the other DWS Scudder Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.

Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Scudder Fund compares with this industry observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.

How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.

Quality of Service — Performance

The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.

I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.

I considered how aggregated DWS Scudder Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Scudder Funds are reasonable.

Thomas H. Mack

Account Management Resources

For More Information	The automated telephone system allows you to access personalized account information and obtain information on other DWS funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a DWS Scudder representative by calling the appropriate number below: For shareholders of Classes A, B, C and Institutional Class: (800) 621-1048 For shareholders of Class S: (800) 728-3337
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.
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	Class S	Institutional Class
Nasdaq Symbol	SMCAX	SMCBX	SMCCX	SMCSX	BTEAX
CUSIP Number	23336Y 508	23336Y 607	23336Y 706	23336Y 862	23336Y 805
Fund Number	483	683	783	2383	583

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 Web sites, 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 in the first paragraph of this Privacy Statement.

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 2007

Notes

Notes

Notes

Notes

Notes

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 primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. 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 second fiscal quarter of the period covered by this 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 Mid Cap Growth Fund, a series of DWS Advisor Funds

By: /s/Michael G. Clark

Michael G. Clark

President

Date: May 30, 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 Mid Cap Growth Fund, a series of DWS Advisor Funds

By: /s/Michael G. Clark

Michael G. Clark

President

Date: May 30, 2008

By: /s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date: May 30, 2008

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 Mid 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 second fiscal quarter of the period covered by this 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 30, 2008	/s/Michael G. Clark
	Michael G. Clark
	President
	DWS Mid 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 Mid 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 second fiscal quarter of the period covered by this 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 30, 2008	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS Mid 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 Mid 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 30, 2008	/s/Michael G. Clark
	Michael G. Clark
	President
	DWS Mid 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 Mid 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 30, 2008	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	DWS Mid Cap Growth Fund, a series of DWS Advisor Funds