-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J1VYfi4lNwdxCkCFtsQRcwAgd/E+BWVlB0z9h7EZKymr76BRj5weCpDV82IfId2C ooGfQ/3N9RV5n0N+BhYkNg== 0000088053-08-001084.txt : 20080926 0000088053-08-001084.hdr.sgml : 20080926 20080926171909 ACCESSION NUMBER: 0000088053-08-001084 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080731 FILED AS OF DATE: 20080926 DATE AS OF CHANGE: 20080926 EFFECTIVENESS DATE: 20080926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS ADVISOR FUNDS CENTRAL INDEX KEY: 0000797657 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04760 FILM NUMBER: 081091994 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER ADVISOR FUNDS DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: BT INVESTMENT FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BT TAX FREE INVESTMENT TRUST DATE OF NAME CHANGE: 19880530 0000797657 S000012429 DWS Short Duration Fund C000033730 Class A C000033731 Class B C000033732 Class C C000033733 Class S C000033734 Institutional Class N-Q 1 nq073108af_sd.htm N-Q - ADVISOR FUNDS - SHORT DURATION FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number 811-04760

DWS Advisor Funds

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY 10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and address of agent for service)

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

Date of fiscal year end: 10/31

Date of reporting period: 07/31/08

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of July 31, 2008 (Unaudited)

 

 

DWS Short Duration Fund

 

 

 

Principal
Amount ($)

 

Value ($)

 

Corporate Bonds 10.7%

 

Consumer Discretionary 2.3%

 

Comcast Cable Communications LLC, 6.875%, 6/15/2009

 

 

1,295,000

 

1,327,230

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

 

 

2,243,000

 

2,229,414

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

 

 

1,185,000

 

1,173,891

 

4,730,535

Consumer Staples 1.1%

 

CVS Caremark Corp., 2.982% *, 6/1/2010

 

 

2,252,000

 

2,204,278

Energy 0.0%

 

Enterprise Products Operating LP, 7.5%, 2/1/2011

 

 

80,000

 

83,803

 

 

 

Financials 4.6%

 

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

 

 

625,000

 

584,377

Discover Financial Services, 3.316% *, 6/11/2010

 

 

560,000

 

456,393

Erac USA Finance Co., 144A, 5.8%, 10/15/2012

 

 

1,275,000

 

1,190,285

JPMorgan Chase & Co., 4.85%, 6/16/2011

 

 

4,330,000

 

4,337,504

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

 

 

2,305,000

 

2,276,941

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

 

 

613,000

 

603,522

 

9,449,022

Information Technology 0.2%

 

Tyco Electronics Group SA, 6.0%, 10/1/2012

 

 

305,000

 

306,939

Telecommunication Services 1.7%

 

British Telecommunications PLC, 8.625%, 12/15/2010

 

 

1,879,000

 

2,018,339

Telecom Italia Capital, 6.2%, 7/18/2011

 

 

1,432,000

 

1,467,146

 

3,485,485

Utilities 0.8%

 

Commonwealth Edison Co., Series 98, 6.15%, 3/15/2012

 

 

140,000

 

143,518

Dominion Resources, Inc., Series 06-B, 6.3%, 9/30/2066

 

 

1,600,000

 

1,445,230

 

1,588,748

Total Corporate Bonds (Cost $22,249,980)

 

21,848,810

 

Asset-Backed 27.0%

 

Automobile Receivables 20.8%

 

AmeriCredit Automobile Receivables Trust:

 

 

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

 

299,954

 

291,338

 

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

 

1,074,575

 

1,048,864

 

"A2", Series 2007-CM, 5.43%, 11/8/2010

 

986,064

 

984,324

 

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

 

550,000

 

541,016

AmeriCredit Prime Automobile Receivables Trust:

 

 

"A3", Series 2007-2M, 5.22%, 6/8/2012

 

1,925,000

 

1,834,105

 

"A2A", Series 2007-2M, 5.34%, 11/8/2010

 

1,016,299

 

1,011,025

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

 

 

1,000,000

 

1,016,603

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

 

 

2,550,000

 

2,471,174

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

 

 

1,280,000

 

1,285,939

Drive Auto Receivables Trust:

 

 

"A2", Series 2006-2, 144A, 5.3%, 7/15/2011

 

518,914

 

516,757

 

"A3", Series 2006-1, 144A, 5.49%, 5/15/2011

 

406,896

 

407,048

GS Auto Loan Trust, "A4", Series 2006-1, 5.38%, 1/15/2014

 

 

1,375,000

 

1,365,118

Household Automotive Trust:

 

 

"A4", Series 2005-1, 4.35%, 6/18/2012

 

1,000,000

 

994,499

 

"A4", Series 2005-3, 4.94%, 11/19/2012

 

1,440,000

 

1,451,668

 

"A4", Series 2006-1, 5.52%, 3/18/2013

 

1,590,000

 

1,587,860

Huntington Auto Trust, "A3A", Series 2008-1A, 144A, 4.81%, 4/16/2012

 

 

3,000,000

 

3,010,782

Hyundai Auto Receivables Trust:

 

 

"A3", Series 2008-A, 4.93%, 12/17/2012

 

1,975,000

 

1,991,582

 

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

 

1,685,000

 

1,717,565

 

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

 

483,537

 

478,853

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

 

 

230,479

 

231,883

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

 

 

698,591

 

692,150

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

 

 

1,435,000

 

1,445,157

Triad Auto Receivables Owner Trust:

 

 

"A4", Series 2005-A, 4.22%, 6/12/2012

 

822,996

 

787,008

 

"A4", Series 2006-A, 4.88%, 4/12/2013

 

3,110,000

 

2,883,700

 

 

 

 

"A2", Series 2007-A, 5.35%, 3/14/2011

 

524,487

 

523,887

Wachovia Auto Owner Trust:

 

 

"A4", Series 2005-A, 4.23%, 11/21/2011

 

1,259,155

 

1,264,941

 

"A3A", Series 2008-A, 4.81%, 9/20/2012

 

3,975,000

 

3,994,073

 

"A3", Series 2006-2A, 144A, 5.23%, 8/22/2011

 

1,794,181

 

1,807,289

 

"A4", Series 2006-A, 5.38%, 3/20/2013

 

1,635,000

 

1,585,337

WFS Financial Owner Trust:

 

 

"D", Series 2005-1, 4.09%, 8/17/2012

 

185,817

 

185,762

 

"C", Series 2005-2, 4.62%, 11/19/2012

 

1,000,000

 

983,494

 

"D", Series 2005-3, 4.76%, 5/17/2013

 

710,000

 

639,986

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

 

 

1,620,000

 

1,642,157

 

42,672,944

Home Equity Loans 4.3%

 

Bayview Financial Acquisition Trust, "1A1", Series 2006-C, 6.035%, 11/28/2036

 

 

438,808

 

430,580

Carrington Mortgage Loan Trust, "A1", Series 2006-NC4, 2.511% *, 10/25/2036

 

 

446,182

 

441,224

Centex Home Equity, "AV2", Series 2005-D, 2.731% *, 10/25/2035

 

 

52,715

 

52,290

Chase Funding Mortgage Loan Asset-Backed Certificates, "1A3", Series 2003-6, 3.34%, 5/25/2026

 

 

109,545

 

109,235

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

 

 

242,666

 

235,221

Countrywide Asset-Backed Certificates:

 

 

"2A3", Series 2005-12, 5.069%, 2/25/2036

 

531,340

 

517,063

 

"A1B", Series 2007-S1, 5.888%, 11/25/2036

 

652,062

 

571,671

Credit-Based Asset Servicing and Securitization LLC:

 

 

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

 

40,055

 

39,751

 

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

 

739,621

 

728,953

First Franklin Mortgage Loan Asset-Backed Certificates:

 

 

"A2A", Series 2007-FFC, 2.611% *, 6/25/2027

 

878,121

 

494,171

 

"2A2", Series 2005-FFH4, 2.651% *, 12/25/2035

 

279,305

 

277,981

Household Home Equity Loan Trust:

 

 

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

 

590,000

 

567,727

 

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

 

168,120

 

167,381

 

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

 

271,267

 

271,017

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

 

 

956,054

 

934,872

New Century Home Equity Loan Trust, "A2", Series 2005-A, 4.461%, 8/25/2035

 

 

42,326

 

42,072

Renaissance Home Equity Loan Trust:

 

 

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

 

642,238

 

637,488

 

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

 

276,962

 

275,693

 

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

 

630,029

 

627,266

 

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

 

648,673

 

641,468

Residential Asset Mortgage Products, Inc., "AI5", Series 2002-RS3, 5.572%, 6/25/2032

 

 

781,703

 

667,327

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

 

 

209,756

 

21

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

 

 

74,843

 

66,617

 

8,797,089

Miscellaneous 1.9%

 

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

 

 

1,590,000

 

1,596,805

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

 

 

2,280,000

 

2,273,944

 

3,870,749

Total Asset-Backed (Cost $56,123,736)

 

55,340,782

 

Mortgage-Backed Securities Pass-Throughs 1.0%

 

Federal Home Loan Mortgage Corp.:

 

 

5.5%, 3/1/2010

 

134,219

 

135,667

 

6.0%, with various maturities from 10/1/2008 until 11/1/2009

 

54,638

 

55,133

 

 

 

 

7.0%, 3/1/2013

 

52,320

 

53,673

Federal National Mortgage Association:

 

 

6.0%, with various maturities from 6/1/2009 until 2/1/2010

 

90,230

 

90,891

 

7.0%, 4/1/2038

 

670,034

 

701,573

Government National Mortgage Association, 6.5%, 8/20/2034

 

 

1,040,313

 

1,077,334

Total Mortgage-Backed Securities Pass-Throughs (Cost $2,144,627)

 

2,114,271

 

Commercial and Non-Agency Mortgage-Backed Securities 34.2%

 

ABN AMRO Mortgage Corp., "A5", Series 2003-4, 4.75%, 3/25/2033

 

 

77,260

 

77,149

American Home Mortgage Investment Trust, "5A3", Series 2005-2, 5.077%, 9/25/2035

 

 

770,000

 

696,013

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

 

 

565,628

 

564,074

Banc of America Mortgage Securities:

 

 

"3A1", Series 2003-H, 4.537% *, 9/25/2033

 

1,008,169

 

990,894

 

"1A1", Series 2004-G, 5.075% *, 8/25/2034

 

438,306

 

414,940

 

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

 

279,273

 

284,004

Bear Stearns Adjustable Rate Mortgage Trust:

 

 

"A1", Series 2006-1, 4.625% *, 2/25/2036

 

814,984

 

737,839

 

"22A1", Series 2007-4, 6.001% *, 6/25/2047

 

1,949,157

 

1,648,157

Bear Stearns Alternative-A Trust, "6A1", Series 2004-9, 6.329% *, 9/25/2034

 

 

247,500

 

145,617

Cendant Mortgage Corp.:

 

 

"1A1", Series 2003-9, 5.25%, 11/25/2033

 

421,726

 

422,952

 

"A5", Series 2003-1, 5.5%, 2/25/2033

 

455,844

 

454,134

Chase Mortgage Finance Corp.:

 

 

"2A1", Series 2004-S3, 5.25%, 3/25/2034

 

942,934

 

943,962

 

"3A1", Series 2005-A1, 5.283% *, 12/25/2035

 

1,604,452

 

1,455,570

Citicorp Mortgage Securities, Inc.:

 

 

"1A1", Series 2003-5, 5.5%, 4/25/2033

 

135,296

 

135,787

 

"1A1", Series 2004-8, 5.5%, 10/25/2034

 

904,828

 

874,891

Citigroup Mortgage Loan Trust, Inc.:

 

 

"2A1", Series 2006-AR1, 4.7%, 3/25/2036

 

851,903

 

773,593

 

"1A2", Series 2006-AR2, 5.523% *, 3/25/2036

 

2,412,810

 

2,150,275

 

"1A4A", Series 2006-AR7, 5.765% *, 11/25/2036

 

885,572

 

752,038

 

"1CB2", Series 2004-NCM2, 6.75%, 8/25/2034

 

636,354

 

615,077

Countrywide Alternative Loan Trust:

 

 

"1A1", Series 2004-2CB, 4.25%, 3/25/2034

 

364,924

 

353,454

 

"A2", Series 2003-6T2, 5.0%, 6/25/2033

 

36,740

 

36,675

 

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

 

216,808

 

209,856

 

"A2", Series 2004-29CB, 5.0%, 1/25/2035

 

339,835

 

314,782

 

"A2", Series 2002-18, 5.25%, 2/25/2033

 

603,180

 

586,176

 

"1A5", Series 2003-J1, 5.25%, 10/25/2033

 

299,953

 

292,089

 

"1A15", Series 2005-J10, 5.5%, 10/25/2035

 

553,239

 

530,751

 

"1A1", Series 2004-J1, 6.0%, 2/25/2034

 

92,427

 

78,968

 

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

 

107,202

 

104,493

Countrywide Home Loan Mortgage Pass-Through Trust:

 

 

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

 

484,247

 

475,352

 

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

 

735,098

 

734,729

Countrywide Home Loans:

 

 

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

 

629,283

 

613,759

 

"5A1", Series 2005-HY10, 5.613% *, 2/20/2036

 

640,917

 

622,946

Credit Suisse First Boston Mortgage Securities Corp., "F", Series 2001-CK1, 144A, 6.65%, 12/18/2035

 

 

1,300,000

 

1,332,984

Credit Suisse Mortgage Capital Certificates, Inc., "3A1", Series 2006-9, 6.0%, 11/25/2036

 

 

732,535

 

662,486

First Horizon Mortgage Pass-Through Trust:

 

 

"1A1", Series 2003-5, 5.25%, 4/25/2022

 

72,065

 

71,869

 

"1A1", Series 2007-AR1, 5.839% *, 5/25/2037

 

665,363

 

595,348

GMAC Commercial Mortgage Securities, Inc.:

 

 

 

 

 

"A2", Series 1999-C1, 6.175%, 5/15/2033

 

515,510

 

516,596

 

"A2", Series 1999-C3, 7.179%, 8/15/2036

 

2,266,202

 

2,308,819

 

"A1B", Series 1999-C3, 7.273%, 8/15/2036

 

826,339

 

842,315

GSR Mortgage Loan Trust:

 

 

"1A2" Series 2004-7, 4.516% *, 6/25/2034

 

268,488

 

249,372

 

"1A1", Series 2007-AR2, 5.78% *, 5/25/2047

 

693,752

 

566,480

 

"2A1", Series 2007-AR1, 6.0% *, 3/25/2047

 

2,811,267

 

2,308,492

 

"1A2", Series 2005-AR2, 6.425% *, 4/25/2035

 

410,965

 

259,492

IndyMac INDA Mortgage Loan Trust, "1A1", Series 2006-AR3, 5.337% *, 12/25/2036

 

 

905,646

 

794,305

IndyMac Index Mortgage Loan Trust, "3A1", Series 2006-AR33, 5.768% *, 1/25/2037

 

 

352,002

 

306,730

JPMorgan Alternative Loan Trust, "3A1A", Series 2006-S1, 5.35%, 3/25/2036

 

 

490,098

 

491,490

JPMorgan Chase Commercial Mortgage Securities Corp., "A2", Series 2002-C1, 4.914%, 7/12/2037

 

 

928,158

 

926,022

JPMorgan Commercial Mortgage Finance Corp., "A2", Series 1999-PLS1, 144A, 7.054% *, 2/15/2032

 

 

112,432

 

112,231

JPMorgan Mortgage Trust:

 

 

"6A1", Series 2007-A1, 4.776% *, 7/25/2035

 

1,109,446

 

992,109

 

"2A7", Series 2005-A8, 4.949% *, 11/25/2035

 

990,000

 

902,534

 

"3A2", Series 2005-A4, 5.168% *, 7/25/2035

 

1,078,615

 

1,063,772

LB-UBS Commercial Mortgage Trust:

 

 

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

 

1,493,448

 

1,480,195

 

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

 

1,404,005

 

1,416,790

Master Adjustable Rate Mortgages Trust, "3A6",Series 2004-13, 3.788% *, 11/21/2034

 

 

1,640,000

 

1,504,506

Master Asset Securitization Trust, "2A1", Series 2004-4, 5.0%, 4/25/2034

 

 

681,831

 

674,858

Merrill Lynch Mortgage Investors Trust, "A2", Series 2005-A5, 4.566%, 6/25/2035

 

 

110,000

 

100,081

MLCC Mortgage Investors, Inc., "1A", Series 2004-1, 6.078% *, 12/25/2034

 

 

191,725

 

187,572

Morgan Stanley Capital I:

 

 

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

 

1,650,000

 

1,647,631

 

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

 

900,000

 

874,590

Morgan Stanley Mortgage Loan Trust, "5A2", Series 2006-8AR, 5.423% *, 6/25/2036

 

 

903,035

 

826,728

Prudential Securities Secured Financing Corp., "F", Series 1999-C2, 7.746% *, 6/16/2031

 

 

1,500,000

 

1,534,689

Residential Accredit Loans, Inc.:

 

 

"A6", Series 2002-QS19, 5.125%, 12/25/2032

 

647,489

 

645,848

 

"1A1", Series 2004-QS16, 5.5%, 12/25/2034

 

562,846

 

505,682

 

"3A1", Series 2006-QS18, 5.75%, 12/25/2021

 

165,664

 

147,228

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

 

 

692,341

 

675,249

Residential Asset Securitization Trust:

 

 

"2A1", Series 2003-A15, 5.25%, 2/25/2034

 

246,448

 

246,223

 

"A1", Series 2004-A1, 5.25%, 4/25/2034

 

326,745

 

304,173

Residential Funding Mortgage Securities I, Inc.:

 

 

"A2", Series 2003-S3, 5.25%, 2/25/2018

 

338,710

 

339,227

 

"2A2", Series 2007-SA1, 5.617% *, 2/25/2037

 

673,756

 

592,495

Sequoia Mortgage Trust:

 

 

"2AA1", Series 2007-3, 5.645% *, 7/20/2037

 

1,152,856

 

1,019,978

 

"4A1", Series 2007-1, 5.788% *, 9/20/2046

 

922,677

 

823,774

Structured Asset Securities Corp., "3A2", 2003-24A, 4.91% *, 7/25/2033

 

 

1,020,639

 

922,936

SunTrust Adjustable Rate Mortgage Loan Trust, "2A1", Series 2007-2, 5.687% *, 4/25/2037

 

 

2,433,199

 

2,049,751

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

 

 

1,355,014

 

1,376,481

Wachovia Bank Commercial Mortgage Trust, "A1", Series 2007-C30, 5.031%, 12/15/2043

 

 

2,021,604

 

1,994,417

Washington Mutual Mortgage Pass-Through Certificates:

 

 

"1A3", Series 2005-AR16, 5.1% *, 12/25/2035

 

390,000

 

329,291

 

"IA3A", Series 2005-AR18, 5.256% *, 1/25/2036

 

1,550,000

 

1,376,955

 

"A7", Series 2003-AR4, 5.307% *, 5/25/2033

 

453,214

 

433,663

 

"1A1", Series 2006-AR18, 5.341% *, 1/25/2037

 

485,970

 

430,199

 

 

 

 

"4A1", Series 2007-HY3, 5.35% *, 3/25/2037

 

1,244,350

 

1,087,292

 

"1A1", Series 2007-HY4, 5.55% *, 4/25/2037

 

755,877

 

662,931

 

"1A1", Series 2006-AR16, 5.607% *, 12/25/2036

 

1,684,007

 

1,399,738

 

"1A1", Series 2007-HY2, 5.621% *, 12/25/2036

 

1,055,166

 

941,087

 

"1A3", Series 2006-AR8, 5.88% *, 8/25/2046

 

1,165,000

 

940,962

 

"3A1", Series 2007-HY7, 5.909% *, 7/25/2037

 

1,676,926

 

1,390,489

Wells Fargo Mortgage-Backed Securities Trust:

 

 

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

 

625,766

 

602,546

 

"4A2", Series 2005-AR16, 4.993% *, 10/25/2035

 

1,105,000

 

1,017,799

 

"4A1", Series 2006-AR10, 5.561% *, 7/25/2036

 

1,783,665

 

1,633,821

 

"1A3", Series 2006-6, 5.75%, 5/25/2036

 

1,150,449

 

1,125,766

 

"A5", Series 2003-A, 6.862% *, 2/25/2033

 

352,501

 

346,496

Total Commercial and Non-Agency Mortgage-Backed Securities (Cost $74,034,696)

 

70,004,579

 

Collateralized Mortgage Obligations 1.4%

 

Federal Home Loan Mortgage Corp.:

 

 

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

 

402,287

 

405,521

 

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

 

818,773

 

825,903

 

"QE", Series 2113, 6.0%, 11/15/2027

 

78,041

 

78,310

 

"PE", Series 2123, 6.0%, 12/15/2027

 

28,089

 

28,125

 

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

 

224,869

 

227,733

 

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

 

746,185

 

766,194

Federal National Mortgage Association, "QK", Series 2003-37, 4.0%, 7/25/2027

 

 

620,509

 

618,179

Total Collateralized Mortgage Obligations (Cost $2,994,962)

 

2,949,965

 

Preferred Securities 1.6%

 

Financials

 

Banco Mercantil del Norte SA, Series A, 144A, 6.135%, 10/13/2016

 

 

357,000

 

349,029

Goldman Sachs Capital II, 5.793%, 6/1/2012 (b)

 

 

1,300,000

 

860,398

Oil Insurance Ltd., 144A, 7.558%, 6/30/2011 (b)

 

 

1,325,000

 

1,125,018

Stoneheath Re, 6.868%, 10/15/2011 (b)

 

 

525,000

 

319,200

Wachovia Capital Trust III, 5.8%, 3/15/2042

 

 

1,242,000

 

701,730

Total Preferred Securities (Cost $4,668,776)

 

3,355,375

 

Government & Agency Obligations 19.5%

 

US Treasury Obligations

 

US Treasury Bill, 2.215% **, 12/4/2008

 

 

610,000

 

606,374

US Treasury Notes:

 

 

3.375%, 7/31/2013

 

65,000

 

65,305

 

3.625%, 6/15/2010 (c)

 

35,309,000

 

36,073,122

 

4.875%, 4/30/2011

 

3,043,000

 

3,211,077

Total Government & Agency Obligations (Cost $39,950,814)

 

39,955,878

 

Municipal Bonds and Notes 0.8%

 

La Vernia, TX, Higher Education Finance Corp. Revenue, Southwest Winners, Series B, 144A, 5.7%, 2/15/2011 (d)

 

 

465,000

 

462,499

Sacramento County, CA, Airport System Revenue, Series C, 5.2%, 7/1/2012 (d)

 

 

1,075,000

 

1,082,213

Total Municipal Bonds and Notes (Cost $1,542,050)

 

1,544,712

 

Shares

 

Value ($)

 

Securities Lending Collateral 17.8%

 

Daily Assets Fund Institutional, 2.69% (e) (f)
(Cost $36,417,070)

 

 

36,417,070

 

36,417,070

 

 

 

 

Cash Equivalents 4.5%

 

Cash Management QP Trust, 2.42% (e)
(Cost $9,134,410)

 

 

9,134,410

 

9,134,410

 

% of
Net Assets

 

Value ($)

Total Investment Portfolio (Cost $249,261,121) †

118.5

 

242,665,852

Other Assets and Liabilities, Net

(18.5)

 

(37,816,133)

Net Assets

100.0

 

204,849,719

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

*

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

**

Annualized yield at time of purchase; not a coupon rate.

The cost for federal income tax purposes was $249,288,202. At July 31, 2008, net unrealized depreciation for all securities based on tax cost was $6,622,350. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $613,282 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,235,632.

(a)

Non-income producing security

(b)

Date shown is call date; not a maturity date for the perpetual preferred securities.

(c)

All or a portion of these securities were on loan. The value of all securities loaned at July 31, 2008 amounted to $35,712,483 which is 17.4% of net assets.

(d)

Bond is insured by one of these companies:

 

Insurance Coverage

As a % of Total

Investment Portfolio

American Capital Access

0.2

Financial Security Assurance, Inc.

0.4

 

(e)

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

(f)

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

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

CDO: Collateralized Debt Obligation

REIT: Real Estate Investment Trust

Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp., and the Federal National Mortgage Association issues have similar coupon rates and have been aggregated for presentation purposes in the investment portfolio.

 

 

ITEM 2.

CONTROLS AND PROCEDURES

 

 

 

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

 

 

 

 

 

 

(b)          There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

 

 

ITEM 3.

EXHIBITS

 

 

 

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

 

 

SIGNATURES

 

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

 

Registrant:

DWS Short Duration Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 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 Short Duration Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        September 16, 2008

 

EX-99.CERT 2 certifications.htm CERTIFICATIONS

CERTIFICATIONS

I, Michael G. Clark, certify that:

 

1.

I have reviewed this report on Form N-Q of DWS Short Duration Fund, a series of DWS Advisor Funds;

 

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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.

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

 

(a)

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

 

(b)

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

 

(c)

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

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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.

 

Registrant:

DWS Short Duration Fund, a series of DWS Advisor Funds

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

September 16, 2008

 


 

CERTIFICATIONS

I, Paul Schubert, certify that:

 

1.

I have reviewed this report on Form N-Q of DWS Short Duration Fund, a series of DWS Advisor Funds;

 

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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.

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

 

(a)

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

 

(b)

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

 

(c)

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

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter 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.

 

Registrant:

DWS Short Duration Fund, a series of DWS Advisor Funds

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

September 16, 2008

 

 

 

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