This report is being refiled to correct the date on the Item F - signature page.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS/A

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: 09/30

Date of reporting period: 3/31/09

ITEM 1.REPORT TO STOCKHOLDERS

MARCH 31, 2009

Semiannual Report
to Shareholders

DWS Small Cap Growth Fund

Contents

4 Performance Summary

10 Information About Your Fund's Expenses

12 Portfolio Management Review

16 Portfolio Summary

18 Investment Portfolio

23 Financial Statements

27 Financial Highlights

32 Notes to Financial Statements

40 Summary of Management Fee Evaluation by Independent Fee Consultant

45 Summary of Administrative Fee Evaluation by Independent Fee Consultant

46 Account Management Resources

47 Privacy Statement

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

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

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail 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, 2009

Classes A, B, C and Institutional

All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please visit www.dws-investments.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 charges but redemptions within one year of purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have been lower if they had. Institutional Class shares are not subject to sales charges.

The total annual fund operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee table of the prospectus dated February 1, 2009 are 1.35%, 2.32%, 2.19% and 0.99% 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, 2009.

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 period prior to their inception on June 28, 2002 are derived from the historical performance of Investment Class shares of DWS Small Cap Growth Fund during the period and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance. On October 20, 2006, Investment Class shares merged into Class S shares. On November 17, 2006, Class R shares were converted into Class A shares.

Average Annual Total Returns (Unadjusted for Sales Charge) as of 3/31/09
DWS Small Cap Growth Fund	6-Month‡	1-Year	3-Year	5-Year	10-Year
Class A	-39.80%	-46.37%	-24.00%	-10.59%	-2.44%
Class B	-40.11%	-46.81%	-24.61%	-11.30%	-3.18%
Class C	-40.05%	-46.76%	-24.58%	-11.28%	-3.17%
Russell 2000® Growth Index+	-34.51%	-36.36%	-16.20%	-5.37%	-1.60%

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

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

Average Annual Total Returns as of 3/31/09
DWS Small Cap Growth Fund	6-Month‡	1-Year	3-Year	Life of Class*
Institutional Class	-39.71%	-46.28%	-23.81%	-13.44%
Russell 2000 Growth Index+	-34.51%	-36.36%	-16.20%	-8.02%

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

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

Net Asset Value and Distribution Information
	Class A	Class B	Class C	Institutional Class
Net Asset Value: 3/31/09	$ 10.50	$ 9.90	$ 9.90	$ 10.63
9/30/08	$ 18.05	$ 17.14	$ 17.14	$ 18.24
Distribution Information: Six Months as of 3/31/09: Capital Gain Distributions	$ .39	$ .39	$ .39	$ .39

Class A Lipper Rankings — Small-Cap Growth Funds Category as of 3/31/09
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	579	of	593	98
3-Year	488	of	506	97
5-Year	394	of	413	96

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charge with distributions reinvested. If sales charges had been included, rankings might have been less favorable. Rankings are for the Class A shares; other share classes may vary.

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

[] DWS Small Cap Growth Fund — Class A

[] Russell 2000 Growth Index⁺

Yearly periods ended March 31

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

Comparative Results (Adjusted for Maximum Sales Charge) as of 3/31/09
DWS Small Cap Growth Fund		1-Year	3-Year	5-Year	10-Year
Class A	Growth of $10,000	$5,055	$4,137	$5,384	$7,362
	Average annual total return	-49.45%	-25.49%	-11.65%	-3.02%
Class B	Growth of $10,000	$5,165	$4,209	$5,447	$7,240
	Average annual total return	-48.35%	-25.06%	-11.44%	-3.18%
Class C	Growth of $10,000	$5,324	$4,290	$5,497	$7,247
	Average annual total return	-46.76%	-24.58%	-11.28%	-3.17%
Russell 2000 Growth Index+	Growth of $10,000	$6,364	$5,885	$7,590	$8,506
	Average annual total return	-36.36%	-16.20%	-5.37%	-1.60%

The growth of $10,000 is cumulative.

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

Growth of an Assumed $1,000,000 Investment

[] DWS Small Cap Growth Fund — Institutional Class

[] Russell 2000 Growth Index⁺

Comparative Results as of 3/31/09
DWS Small Cap Growth Fund		1-Year	3-Year	Life of Class*
Institutional Class	Growth of $1,000,000	$537,200	$442,300	$538,800
	Average annual total return	-46.28%	-23.81%	-13.44%
Russell 2000 Growth Index+	Growth of $1,000,000	$636,400	$588,500	$701,000
	Average annual total return	-36.36%	-16.20%	-8.02%

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

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

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

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-investments.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, 2009 is 1.18% 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, 2009.

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

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

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

Average Annual Total Returns as of 3/31/09
DWS Small Cap Growth Fund	6-Month‡	1-Year	3-Year	Life of Class*
Class S	-39.77%	-46.28%	-23.83%	-13.46%
Russell 2000 Growth Index+	-34.51%	-36.36%	-16.20%	-8.02%

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

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

Net Asset Value and Distribution Information
	Class S
Net Asset Value: 3/31/09	$ 10.62
9/30/08	$ 18.24
Distribution Information: Six Months as of 3/31/09: Capital Gain Distributions	$ .39

Class S Lipper Rankings — Small-Cap Growth Funds Category as of 3/31/09
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	577	of	593	98
3-Year	484	of	506	96

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

Growth of an Assumed $10,000 Investment

[] DWS Small Cap Growth Fund — Class S

[] Russell 2000 Growth Index⁺

Comparative Results as of 3/31/09
DWS Small Cap Growth Fund		1-Year	3-Year	Life of Class*
Class S	Growth of $10,000	$5,372	$4,419	$5,383
	Average annual total return	-46.28%	-23.83%	-13.46%
Russell 2000 Growth Index+	Growth of $10,000	$6,364	$5,885	$7,010
	Average annual total return	-36.36%	-16.20%	-8.02%

The growth of $10,000 is cumulative.

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

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; 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, 2008 to March 31, 2009).

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, 2009
Actual Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 10/1/08	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 3/31/09	$ 602.00	$ 598.90	$ 599.50	$ 602.90	$ 602.90
Expenses Paid per $1,000*	$ 4.99	$ 7.97	$ 7.98	$ 4.00	$ 4.00
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 10/1/08	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 3/31/09	$ 1,018.70	$ 1,014.96	$ 1,014.96	$ 1,019.95	$ 1,019.95
Expenses Paid per $1,000*	$ 6.29	$ 10.05	$ 10.05	$ 5.04	$ 5.04

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

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

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

Portfolio Management Review

In the following interview, the fund's portfolio management team discusses DWS Small Cap Growth Fund's performance and strategy, as well as the market environment, during the fund's most recent semiannual period ended March 31, 2009.

The views expressed in the following discussion reflect those of the portfolio management team 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. Current and future portfolio holdings are subject to risk.

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

A: In another volatile period for stocks and financial markets worldwide, DWS Small Cap Growth Fund returned -39.80% for the semiannual period ended March 31, 2009. (Fund return is for Class A shares. 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 9 for the performance of other share classes and for more complete performance information.) During the period, the fund underperformed its benchmark and the average of its peers: the Russell 2000^® Growth Index returned -34.51% and the Lipper Small-Cap Growth Funds category returned -32.57%.^1,2

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

A: The six months ended March 31, 2009 were as difficult a period as we've witnessed in the recent history of the financial markets. It was also a period where almost all segments of the stock market were down significantly. In fact, the performance of most financial instruments converged in negative fashion as the United States and other major economies endured an unprecedented period of financial and economic uncertainty.

This financial uncertainty came to the fore in March 2008 with the collapse of Bear Stearns, as the firm was unable to deal with all the bad loans on its books and the unraveling of its two giant hedge funds. In September, the dissolution of Lehman Brothers brought the financial crisis to a head. Panic selling in the credit markets and extreme volatility in the stock markets followed, as worry over the continued functioning of the financial system turned to deep concern over how badly the drying up of credit to businesses and individuals would hurt the global economy. In turn, recessionary fears stoked concern over corporate earnings declines and additional volatility in the stock market.

As the US Federal Reserve Board (the Fed) and the US government have taken a number of measures over the past several months to lower interest rates significantly, create lending facilities to try to restore credit flows among banks and businesses, and stimulate the economy, we saw possible signs of stock market stabilization over the last weeks of the period.³

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

A: For the period, stock selection detracted significantly from performance. Sector selection represented a slight positive. Stock selection in the health care, technology and consumer discretionary sectors subtracted from returns, only slightly offset by favorable stock selection in the industrials, consumer staples and materials sectors. In addition, the fund's overweight positions in the energy and consumer discretionary areas and an underweight position in health care detracted from returns, while underweight positions in industrials and materials contributed to relative performance.⁴

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

A: The top individual security-level contributors to relative performance during the period included eHealth, Inc. and CyberSource Corp. eHealth is an Internet-based insurance agency that has benefited from the fact that the need for low-cost health insurance has superseded economic worries. Also, investors recognized that the company has had a strong head start on competitors in the on-line insurance agency business. CyberSource, a leading provider of on-line payment software, aided relative performance as investors noted a burst of Internet transaction volume in the fourth quarter as well as the company's strong penetration of its market.

The largest individual detractors from performance on a company level included Carrizo Oil & Gas, Inc., a major natural gas producer, and BPZ Resources, Inc., a South American oil and gas company. Both stocks were hit hard by the steep drop in commodity prices during the period. We believe the two firms are well run and continue to hold both stocks, as we think these companies stand to benefit from an eventual rebound in oil and gas prices.

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

A: Based on recent economic data, it is possible that we are past the worst part of the financial and economic crisis, though there are rumblings within areas such as the commercial real estate market and areas of the securitized loan market that suggest otherwise. It is very possible that the stock market will remain at its current depressed levels for some time and could even revert to its recent lows in the coming weeks. We think the most encouraging recent news is that the residential housing market has shown tentative signs of stabilizing. In addition, though there is general consensus among investors and the public that additional financial regulation and oversight are needed in light of the events of the past two years, there is also concern that the "pendulum" could swing too far and that overregulation of financial markets and businesses could limit sustainable growth in the economy. At present, an important part of our investment approach is to maintain a healthy balance within the fund's portfolio. The fund currently has a number of holdings in areas of the market that investors view as defensive, but also holds stocks that could exhibit strong growth in a more bullish environment.

¹ The Russell 2000 Growth Index is an unmanaged, capitalization-weighted measure of 2,000 of the smallest capitalized US companies with a greater-than-average growth orientation and whose common stocks trade on the NYSE Amex and Nasdaq. Index returns assume reinvestment of 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 Small-Cap Growth Funds Category includes portfolios that invest at least 75% of equity assets in companies with market capitalizations less than 300% of the dollar-weighted median market capitalization of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. These portfolios typically have above-average price-to-earnings ratios and price-to-book ratios compared with the S&P SmallCap 600 Index. Category returns assume reinvestment of dividends. It is not possible to invest directly into a Lipper category.
³ Lending Facility — In their search for answers to the financial crisis and credit crunch, US Federal Reserve officials have created a series of lending facilities to try to restore liquidity within the financial system and prompt large financial institutions to resume lending to one another at more accustomed levels. The first such facility the Fed created was the Term Securities Lending Facility (TSLF), where the Fed agreed to lend up to $200 billion of Treasury securities to primary dealers secured by a pledge of other securities. This lending by the Fed was meant to, in turn, prompt further lending by its borrowers. Since then the Fed has set up commercial paper and asset-backed commercial paper lending facilities to perform similar liquidity operations in those areas of the credit market.
⁴ "Overweight" means the fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the fund holds a lower weighting.

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	3/31/09	9/30/08
Common Stocks	91%	98%
Cash Equivalents	5%	2%
Exchange Traded Funds	4%	—
	100%	100%

Sector Diversification (As a % of Common Stocks and Warrants)	3/31/09	9/30/08
Health Care	24%	13%
Information Technology	23%	32%
Industrials	14%	11%
Consumer Discretionary	12%	23%
Energy	11%	9%
Financials	8%	8%
Consumer Staples	6%	4%
Materials	2%	—
	100%	100%

Asset allocation and sector diversification are subject to change.

Ten Largest Equity Holdings at March 31, 2009 (23.0% of Net Assets)
1. Buffalo Wild Wings, Inc. Owns and operates Buffalo Wild Wings bar and restaurant	2.9%
2. Itron, Inc. Manufacturer of meter-reading instruments for utilities	2.8%
3. CyberSource Corp. Develops and provides real-time or on-demand e-commerce transaction services	2.8%
4. eHealth, Inc. Sells health insurance over the Internet	2.6%
5. Dril-Quip, Inc. Designer and manufacturer of offshore drilling and production equipment	2.3%
6. Genoptix, Inc. Medical laboratory provider of medicine services to hematologists and oncologists	2.0%
7. Blackboard, Inc. Provides electronic Internet software	2.0%
8. BE Aerospace, Inc. Manufactures interior products for aviation aircraft cabins	1.9%
9. Advance Auto Parts, Inc. Retailer of auto parts	1.9%
10. MEDNAX, Inc. Provides physician management services	1.8%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 18. A quarterly Fact Sheet is available upon request. A complete list of the Fund's portfolio holdings is posted as of the month end on www.dws-investments.com on or about the 15th day of the following month. More frequent posting of portfolio holdings information may be made from time to time on www.dws-investments.com. 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, 2009 (Unaudited)

	Shares	Value ($)
Common Stocks 92.0%
Consumer Discretionary 11.5%
Diversified Consumer Services 1.7%
Capella Education Co.* (a)	18,700	991,100
Hotels Restaurants & Leisure 3.8%
Buffalo Wild Wings, Inc.* (a)	48,190	1,762,790
Burger King Holdings, Inc.	23,100	530,145
		2,292,935
Specialty Retail 6.0%
Advance Auto Parts, Inc.	27,000	1,109,160
Children's Place Retail Stores, Inc.*	38,200	836,198
Guess?, Inc.	46,600	982,328
Urban Outfitters, Inc.*	39,800	651,526
		3,579,212
Consumer Staples 5.4%
Food & Staples Retailing 1.4%
Casey's General Stores, Inc.	31,200	831,792
Food Products 2.3%
Corn Products International, Inc.	21,100	447,320
Green Mountain Coffee Roasters, Inc.* (a)	17,000	816,000
Zhongpin, Inc.*	16,000	142,080
		1,405,400
Personal Products 1.7%
Chattem, Inc.*	15,400	863,170
NBTY, Inc.* (a)	9,700	136,576
		999,746
Energy 9.9%
Energy Equipment & Services 3.5%
CARBO Ceramics, Inc. (a)	19,300	548,892
Dril-Quip, Inc.*	43,900	1,347,730
T-3 Energy Services, Inc.*	19,700	232,066
		2,128,688
Oil, Gas & Consumable Fuels 6.4%
Arena Resources, Inc.*	31,000	789,880
BPZ Resources, Inc.* (a)	211,700	783,290
Carrizo Oil & Gas, Inc.* (a)	90,340	802,219
EXCO Resources, Inc.*	77,610	776,100
Goodrich Petroleum Corp.* (a)	35,000	677,600
		3,829,089
Financials 7.2%
Capital Markets 2.2%
Riskmetrics Group, Inc.*	38,300	547,307
Waddell & Reed Financial, Inc. "A"	41,400	748,098
		1,295,405
Commercial Banks 0.6%
PrivateBancorp., Inc. (a)	24,200	349,932
Diversified Financial Services 1.8%
Portfolio Recovery Associates, Inc.* (a)	40,490	1,086,752
Insurance 2.6%
eHealth, Inc.*	98,100	1,570,581
Health Care 22.3%
Biotechnology 4.2%
Alexion Pharmaceuticals, Inc.*	20,000	753,200
BioMarin Pharmaceutical, Inc.*	28,000	345,800
Celera Corp.*	32,200	245,686
Cubist Pharmaceuticals, Inc.*	16,200	265,032
Regeneron Pharmaceuticals, Inc.*	22,700	314,622
United Therapeutics Corp.*	8,700	574,983
		2,499,323
Health Care Equipment & Supplies 4.8%
Hologic, Inc.*	60,500	791,945
Masimo Corp.*	20,500	594,090
NuVasive, Inc.* (a)	20,800	652,704
Thoratec Corp.*	33,000	847,770
		2,886,509
Health Care Providers & Services 9.1%
Amedisys, Inc.* (a)	12,400	340,876
AMERIGROUP Corp.*	24,800	682,992
Centene Corp.*	40,700	733,414
Genoptix, Inc.*	44,000	1,200,320
Gentiva Health Services, Inc.*	38,600	586,720
MEDNAX, Inc.*	37,100	1,093,337
Psychiatric Solutions, Inc.* (a)	52,500	825,825
		5,463,484
Health Care Technology 0.6%
Cerner Corp.* (a)	8,300	364,951
Life Sciences Tools & Services 1.8%
Covance, Inc.*	9,800	349,174
ICON PLC (ADR)	24,400	394,060
Illumina, Inc.*	9,500	353,780
		1,097,014
Pharmaceuticals 1.8%
Mylan, Inc.* (a)	56,500	757,665
Par Pharmaceutical Companies, Inc.*	33,100	313,457
		1,071,122
Industrials 12.6%
Aerospace & Defense 3.1%
BE Aerospace, Inc.*	131,040	1,136,117
Curtiss-Wright Corp.	26,600	746,130
		1,882,247
Commercial Services & Supplies 0.8%
Team, Inc.*	38,800	454,736
Construction & Engineering 0.6%
MYR Group, Inc.*	23,600	359,900
Electrical Equipment 1.6%
Baldor Electric Co.	43,400	628,866
General Cable Corp.*	17,400	344,868
		973,734
Machinery 1.6%
Astec Industries, Inc.*	22,600	592,798
Terex Corp.*	36,700	339,475
		932,273
Professional Services 2.9%
FTI Consulting, Inc.*	6,300	311,724
Huron Consulting Group, Inc.*	20,100	852,843
Korn/Ferry International*	59,900	542,694
		1,707,261
Road & Rail 2.0%
Knight Transportation, Inc.	35,400	536,664
Old Dominion Freight Line, Inc.*	29,300	688,257
		1,224,921
Information Technology 20.9%
Electronic Equipment, Instruments & Components 2.8%
Itron, Inc.* (a)	35,970	1,703,179
Internet Software & Services 2.8%
Bankrate, Inc.* (a)	14,300	356,785
LoopNet, Inc.* (a)	125,100	760,608
Omniture, Inc.*	40,300	531,557
		1,648,950
IT Services 5.6%
CyberSource Corp.* (a)	114,900	1,701,669
Forrester Research, Inc.*	53,000	1,089,680
ManTech International Corp. "A"*	13,200	553,080
		3,344,429
Semiconductors & Semiconductor Equipment 5.3%
Atheros Communications*	56,200	823,892
Cavium Networks, Inc.* (a)	58,250	672,205
Microsemi Corp.*	51,400	596,240
Netlogic Microsystems, Inc.* (a)	38,800	1,066,224
		3,158,561
Software 4.4%
Blackboard, Inc.* (a)	36,800	1,168,032
Concur Technologies, Inc.*	36,200	694,678
FalconStor Software, Inc.*	154,140	368,395
Informatica Corp.* (a)	31,600	419,016
		2,650,121
Materials 2.2%
Chemicals 1.4%
Airgas, Inc.	25,300	855,393
Containers & Packaging 0.8%
Silgan Holdings, Inc.	9,300	488,622
Total Common Stocks (Cost $72,980,439)		55,127,362
Warrants 0.0%
Information Technology
Lantronix, Inc., Expiration Date 2/9/2011* (Cost $0)	865	32
Exchange Traded Funds 4.6%
iShares Russell 2000 Index Fund (a)	30,400	1,274,976
SPDR S&P Biotech	30,283	1,458,126
Total Exchange Traded Funds (Cost $2,895,245)		2,733,102
Securities Lending Collateral 18.1%
Daily Assets Fund Institutional, 0.78% (b) (c) (Cost $10,855,026)	10,855,026	10,855,026
Cash Equivalents 4.6%
Cash Management QP Trust, 0.53% (b) (Cost $2,754,721)	2,754,721	2,754,721

	% of Net Assets	Value ($)
,
Total Investment Portfolio (Cost $89,485,431)+	119.3	71,470,243
Other Assets and Liabilities, Net (a)	(19.3)	(11,576,838)
Net Assets	100.0	59,893,405

^* Non-income producing security.
⁺The cost for federal income tax purposes was $93,083,317. At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $21,613,074. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,170,771 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $24,783,845.
(a) All or a portion of these securities were on loan, amounting to $10,501,102. In addition, included in other assets and liabilities, net is a pending sale, amounting to $180,224, that is also on loan (see Notes to Financial Statements). The value of all securities loaned at March 31, 2009 amounted to $10,681,326, which is 17.8% 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.
ADR: American Depositary Receipt
SPDR: Standard & Poor's Depositary Receipt

Fair Value Measurements

Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of March 31, 2009 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to the Financial Statements.

Valuation Inputs	Investments in Securities
Level 1	$ 68,715,490
Level 2	2,754,721
Level 3	32
Total	$ 71,470,243

The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value at March 31, 2009:

	Investments in Securities
Balance as of September 30, 2008	$ 19
Total realized gain (loss)	—
Change in unrealized appreciation (depreciation)	13
Amortization premium/discount	—
Net purchases (sales)	—
Net transfers in (out) of Level 3	—
Balance as of March 31, 2009	$ 32
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2009	$ 13

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

Financial Statements

Statement of Assets and Liabilities as of March 31, 2009 (Unaudited)
Assets
Investments: Investments in securities, at value (cost $75,875,684) — including $10,501,102 of securities loaned	$ 57,860,496
Investment in Daily Assets Fund Institutional (cost $10,855,026)*	10,855,026
Investment in Cash Management QP Trust (cost $2,754,721)	2,754,721
Total investments, at value (cost $89,485,431)	71,470,243
Cash	10,006
Receivable for investments sold	496,536
Receivable for Fund shares sold	91,239
Interest receivable	16,326
Dividends receivable	13,789
Other assets	39,808
Total assets	72,137,947
Liabilities
Payable for Fund shares redeemed	217,106
Payable for investments purchased	746,959
Payable upon return of securities loaned	10,855,026
Accrued management fee	90,156
Other accrued expenses and payables	335,295
Total liabilities	12,244,542
Net assets, at value	$ 59,893,405
Net Assets Consist of
Accumulated net investment loss	(88,179)
Net unrealized appreciation (depreciation) on investments	(18,015,188)
Accumulated net realized gain (loss)	(56,555,574)
Paid-in capital	134,552,346
Net assets, at value	$ 59,893,405

* 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, 2009 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price(a) per share ($20,297,180 ÷ 1,932,641 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 10.50
Maximum offering price per share (100 ÷ 94.25 of $10.50)	$ 11.14
Class B Net Asset Value, offering and redemption price(a) per share ($1,013,603 ÷ 102,345 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 9.90
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($3,003,443 ÷ 303,242 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 9.90
Class S Net Asset Value, offering and redemption price(a) per share ($33,478,949 ÷ 3,152,307 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 10.62
Institutional Class Net Asset Value, offering and redemption price(a) per share ($2,100,230 ÷ 197,556 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)	$ 10.63

^(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, 2009 (Unaudited)
Investment Income
Income: Dividends	$ 111,997
Interest — Cash Management QP Trust	22,648
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	177,261
Total Income	311,906
Expenses: Management fee	226,854
Administration fee	34,901
Services to shareholders	124,259
Distribution and service fees	46,737
Custodian fee	5,755
Reports to shareholders	4,046
Trustees' fees and expenses	504
Audit and tax fees	38,129
Legal fees	1,820
Other	3,419
Total expenses before expense reductions	486,424
Expense reductions	(86,339)
Total expenses after expense reductions	400,085
Net investment income (loss)	(88,179)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from Investments	(31,703,212)
Change in net unrealized appreciation (depreciation)	(13,660,290)
Net gain (loss)	(45,363,502)
Net increase (decrease) in net assets resulting from operations	$ (45,451,681)

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, 2009 (Unaudited)	Year Ended September 30, 2008
Operations: Net investment income (loss)	$ (88,179)	$ (957,002)
Net realized gain (loss)	(31,703,212)	13,770,493
Change in net unrealized appreciation (depreciation)	(13,660,290)	(108,911,330)
Net increase (decrease) in net assets resulting from operations	(45,451,681)	(96,097,839)
Distributions to shareholders from: Net realized gains: Class A	(757,028)	(813,099)
Class B	(42,216)	(59,718)
Class C	(113,846)	(129,784)
Class S	(1,275,551)	(2,702,500)
Institutional Class	(112,765)	(1,487,993)
Total distributions	(2,301,406)	(5,193,094)
Fund share transactions: Proceeds from shares sold	8,937,623	55,305,267
Reinvestment of distributions	1,971,449	4,837,476
Cost of shares redeemed	(18,688,659)	(234,117,689)
Redemption fees	2,865	18,600
Net increase (decrease) in net assets from Fund share transactions	(7,776,722)	(173,956,346)
Increase (decrease) in net assets	(55,529,809)	(275,247,279)
Net assets at beginning of period	115,423,214	390,670,493
Net assets at end of period (including accumulated net investment loss of $88,179 and $0, respectively)	$ 59,893,405	$ 115,423,214

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

Financial Highlights

Class A Years Ended September 30,	2009a	2008	2007	2006	2005	2004
Selected Per Share Data
Net asset value, beginning of period	$ 18.05	$ 26.32	$ 23.60	$ 24.96	$ 21.29	$ 19.74
Income (loss) from investment operations: Net investment income (loss)b	(.02)	(.11)	(.18)	(.23)d	(.25)	(.20)
Net realized and unrealized gain (loss)	(7.14)	(7.80)	4.51	.83	4.09	1.75
Total from investment operations	(7.16)	(7.91)	4.33	.60	3.84	1.55
Less distributions from: Net realized gains	(.39)	(.36)	(1.61)	(1.96)	(.17)	—
Redemption fees	.00***	.00***	.00***	.00***	.00***	—
Net asset value, end of period	$ 10.50	$ 18.05	$ 26.32	$ 23.60	$ 24.96	$ 21.29
Total Return (%)c	(39.80)**	(30.40)	19.08	2.20d,e	17.91	7.95
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	20	38	59	87	80	40
Ratio of expenses before expense reductions (%)	1.49*	1.35	1.37	1.42	1.37	1.35
Ratio of expenses after expense reductions (%)	1.25*	1.25	1.25	1.29	1.25	1.25
Ratio of net investment income (loss) (%)	(.36)*	(.52)	(.73)	(.91)d	(1.03)	(.93)
Portfolio turnover rate (%)	50**	82	64f	74	119	116
a For the six months ended March 31, 2009 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. Total return does not reflect the effect of any sales charges. 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 Funds. The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower. e The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Class B Years Ended September 30,	2009a	2008	2007	2006	2005	2004
Selected Per Share Data
Net asset value, beginning of period	$ 17.14	$ 25.18	$ 22.81	$ 24.36	$ 20.94	$ 19.56
Income (loss) from investment operations: Net investment income (loss)b	(.06)	(.26)	(.35)	(.40)d	(.42)	(.36)
Net realized and unrealized gain (loss)	(6.79)	(7.42)	4.33	.81	4.01	1.74
Total from investment operations	(6.85)	(7.68)	3.98	.41	3.59	1.38
Less distributions from: Net realized gains	(.39)	(.36)	(1.61)	(1.96)	(.17)	—
Redemption fees	.00***	.00***	.00***	.00***	.00***	—
Net asset value, end of period	$ 9.90	$17.14	$ 25.18	$22.81	$ 24.36	$ 20.94
Total Return (%)c	(40.11)**	(30.89)	18.20	1.38d,e	17.06	7.16
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1	2	5	6	8	3
Ratio of expenses before expense reductions (%)	2.58*	2.32	2.26	2.24	2.11	2.10
Ratio of expenses after expense reductions (%)	2.00*	2.00	2.00	2.04	2.00	2.00
Ratio of net investment income (loss) (%)	(1.11)*	(1.27)	(1.48)	(1.66)d	(1.78)	(1.68)
Portfolio turnover rate (%)	50**	82	64f	74	119	116
a For the six months ended March 31, 2009 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. Total return does not reflect the effect of any sales charges. 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 Funds. The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.04% lower. e The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Class C Years Ended September 30,	2009a	2008	2007	2006	2005	2004
Selected Per Share Data
Net asset value, beginning of period	$ 17.14	$ 25.19	$ 22.81	$ 24.36	$ 20.94	$ 19.56
Income (loss) from investment operations: Net investment income (loss)b	(.06)	(.26)	(.35)	(.40)d	(.42)	(.36)
Net realized and unrealized gain (loss)	(6.79)	(7.43)	4.34	.81	4.01	1.74
Total from investment operations	(6.85)	(7.69)	3.99	.41	3.59	1.38
Less distributions from: Net realized gains	(.39)	(.36)	(1.61)	(1.96)	(.17)	—
Redemption fees	.00***	.00***	.00***	.00***	.00***	—
Net asset value, end of period	$ 9.90	$ 17.14	$ 25.19	$ 22.81	$ 24.36	$ 20.94
Total Return (%)c	(40.05)**	(30.92)	18.25	1.38d,e	17.06	7.16
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	3	5	9	9	10	5
Ratio of expenses before expense reductions (%)	2.34*	2.19	2.16	2.11	2.10	2.10
Ratio of expenses after expense reductions (%)	2.00*	2.00	2.00	2.04	2.00	2.00
Ratio of net investment income (loss) (%)	(1.11)*	(1.27)	(1.48)	(1.66)d	(1.78)	(1.68)
Portfolio turnover rate (%)	50**	82	64f	74	119	116
a For the six months ended March 31, 2009 (Unaudited). b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. Total return does not reflect the effect of any sales charges. 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 Funds. The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower. e The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. f Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Class S Years Ended September 30,	2009a	2008	2007	2006	2005b
Selected Per Share Data
Net asset value, beginning of period	$ 18.24	$ 26.52	$ 23.71	$ 25.01	$ 23.88
Income (loss) from investment operations: Net investment income (loss)c	(.01)	(.06)	(.12)	(.17)e	(.15)
Net realized and unrealized gain (loss)	(7.22)	(7.86)	4.54	.83	1.28
Total from investment operations	(7.23)	(7.92)	4.42	.66	1.13
Less distributions from: Net realized gains	(.39)	(.36)	(1.61)	(1.96)	—
Redemption fees	.00***	.00***	.00***	.00***	.00***
Net asset value, end of period	$ 10.62	$ 18.24	$ 26.52	$ 23.71	$ 25.01
Total Return (%)d	(39.77)**	(30.23)	19.43	2.41e,f	4.73**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	33	66	202	68	79
Ratio of expenses before expense reductions (%)	1.16*	1.18	1.12	1.21	1.12*
Ratio of expenses after expense reductions (%)	1.00*	1.00	1.00	1.03	1.00*
Ratio of net investment income (loss) (%)	(.11)*	(.27)	(.48)	(.65)e	(.78)*
Portfolio turnover rate (%)	50**	82	64g	74	119
a For the six months ended March 31, 2009 (Unaudited). b For the period December 20, 2004 (commencement of operations of Class S shares) to September 30, 2005. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.04% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Institutional Class Years Ended September 30,	2009a	2008	2007	2006	2005b
Selected Per Share Data
Net asset value, beginning of period	$ 18.24	$ 26.56	$ 23.71	$ 25.01	$ 23.88
Income (loss) from investment operations: Net investment income (loss)c	(.01)	(.06)	(.10)	(.16)e	(.15)
Net realized and unrealized gain (loss)	(7.21)	(7.90)	4.56	.82	1.28
Total from investment operations	(7.22)	(7.96)	4.46	.66	1.13
Less distributions from: Net realized gains	(.39)	(.36)	(1.61)	(1.96)	—
Redemption fees	.00***	.00***	.00***	.00***	.00***
Net asset value, end of period	$ 10.63	$ 18.24	$ 26.56	$ 23.71	$ 25.01
Total Return (%)	(39.71)d**	(30.31)	19.57	2.41d,e,f	4.73d**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	2	5	116	5	4
Ratio of expenses before expense reductions (%)	2.15*	.99	.91	1.10	1.12*
Ratio of expenses after expense reductions (%)	1.00*	.99	.91	1.03	1.00*
Ratio of net investment income (loss) (%)	(.11)*	(.26)	(.39)	(.65)e	(.78)*
Portfolio turnover rate (%)	50**	82	64g	74	119
a For the six months ended March 31, 2009 (Unaudited). b For the period December 20, 2004 (commencement of operations of Institutional Class shares) to September 30, 2005. c Based on average shares outstanding during the period. d Total return would have been lower had certain expenses not been reduced. e Includes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income of $0.008 per share and an increase in the ratio of net investment income of 0.03%. Excluding this non-recurring income, total return would have been 0.03% lower. f The Fund realized a gain of $92,403 on the disposal of an investment not adhering to the Fund's investment restrictions. Excluding this gain, total return would have been 0.02% lower. g Excludes portfolio securities delivered as a result of processing redemption in-kind transactions. * Annualized ** Not annualized *** Amount is less than $.005.

Notes to Financial Statements (Unaudited)

A. Significant Accounting Policies

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

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

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 and exchange traded funds are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trustees. In accordance with the Fund's valuation procedures, factors used in determining value may include, but are not limited to, the type of the security, the size of the holding, the initial cost of the security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), effective at the beginning of the Fund's fiscal year. Disclosure about the classification of fair value measurements is included at the end of the Fund's Investment Portfolio.

New Accounting Pronouncements. In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities." FAS 161 requires enhanced disclosure about an entity's derivative and hedging activities including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently reviewing the enhanced disclosure requirements for the adoption of FAS 161.

In addition, in April 2009, FASB issued FASB Staff Position No. 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with FAS 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently reviewing the enhanced disclosure requirements for the adoption of FSP 157-4.

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. When the collateral falls below specified amounts, the lending agents will use their best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. 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 a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. The Fund is also subject to all investment risks associated with the reinvestment 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, 2008, the Fund had a net tax basis capital loss carryforward of approximately $21,243,000, which may be applied against any realized net taxable gains of each succeeding year until fully utilized or until September 30, 2009 ($6,535,000), September 30, 2010 ($6,479,000), September 30, 2011 ($6,479,000) and September 30, 2012 ($1,750,000), 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 the open tax years as of September 30, 2008 and has determined that no provision for income tax is required in the Fund's financial statements. Each of 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. 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, 2009, purchases and sales of investment securities (excluding short-term investments) aggregated $35,726,972 and $45,533,527, 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. The management fee payable under the Investment Management Agreement is equal to an annual rate of 0.65% of the Fund's average daily net assets computed and accrued daily and payable monthly.

For the period from October 1, 2008 through January 31, 2010, the Advisor has contractually agreed to waive their fees or reimburse expenses of the Fund (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) to the extent necessary to maintain the operating expenses of each class of the Fund as follows:

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

Administration Fee. Pursuant to 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 a fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended March 31, 2009, the Advisor received an Administration Fee of $34,901, of which $4,826 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended March 31, 2009, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders	Total Aggregated	Waived	Unpaid at March 31, 2009
Class A	$ 24,404	$ 24,404	$ —
Class B	3,959	3,546	263
Class C	7,529	5,521	981
Class S	77,276	31,830	30,591
Institutional Class	18,693	16,975	—
	$ 131,861	$ 82,276	$ 31,835

Distribution and Service Fees. Under the Fund's Class B and C 12b-1 plans, DWS Investments Distributors, Inc. ("DIDI"), 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 Service Agreement, DIDI 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, 2009, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at March 31, 2009
Class B	$ 4,606	$ 617
Class C	12,304	1,801
	$ 16,910	$ 2,418

In addition, DIDI 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. DIDI 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, 2009, the Service Fee was as follows:

Service Fee	Total Aggregated	Waived	Unpaid at March 31, 2009	Annualized Effective Rate
Class A	$ 24,469	$ 3,823	$ 17,622	.18%
Class B	1,484	—	463	.24%
Class C	3,874	—	1,308	.24%
	$ 29,827	$ 3,823	$ 19,393

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI 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, 2009 aggregated $893.

In addition, DIDI 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, 2009, the CDSC for the Fund's Class B and C shares was $1,424 and $179, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended March 31, 2009, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $4,046, all of which was paid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board Chairperson.

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, 2009, the Fund's custodian fee was reduced by $238 and $2, respectively, for custody and transfer agent credits earned.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $490 million revolving credit facility provided by a syndication of banks. The Fund may borrow 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 on 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, 2009		Year Ended September 30, 2008
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	406,690	$ 4,616,783	935,317	$ 20,655,449
Class B	10,500	113,189	14,125	294,170
Class C	40,376	430,017	57,442	1,196,558
Class S	262,247	3,091,713	842,566	19,356,927
Institutional Class	50,778	685,921	631,488	13,802,163
		$ 8,937,623		$ 55,305,267
Shares issued to shareholders in reinvestment of distributions
Class A	49,258	$ 543,807	26,838	$ 656,726
Class B	3,771	39,408	2,421	56,592
Class C	10,372	108,385	5,242	122,508
Class S	104,484	1,167,084	101,850	2,513,657
Institutional Class	10,095	112,765	60,219	1,487,993
		$ 1,971,449		$ 4,837,476
Shares redeemed
Class A	(614,805)	$ (7,077,661)	(1,111,372)	$ (24,022,441)
Class B	(35,128)	(392,570)	(73,378)	(1,537,332)
Class C	(48,508)	(535,041)	(136,206)	(2,805,242)
Class S	(826,779)	(9,478,283)	(4,939,817)	(105,491,234)
Institutional Class	(109,998)	(1,205,104)	(4,811,287)	(100,261,440)
		$ (18,688,659)		$ (234,117,689)
Redemption fees		$ 2,865		$ 18,600
Net increase (decrease)
Class A	(158,857)	$ (1,914,700)	(149,217)	$ (2,699,097)
Class B	(20,857)	(239,973)	(56,832)	(1,186,570)
Class C	2,240	3,361	(73,522)	(1,486,146)
Class S	(460,048)	(5,218,992)	(3,995,401)	(83,613,249)
Institutional Class	(49,125)	(406,418)	(4,119,580)	(84,971,284)
		$ (7,776,722)		$ (173,956,346)

Summary of Management Fee Evaluation by Independent Fee Consultant

October 24, 2008

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 Funds (formerly 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 2008, including my qualifications, the evaluation process for each of the DWS Funds, consideration of certain complex-level factors, and my conclusions. I served in substantially the same capacity in 2007.

Qualifications

For more than 35 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 ten 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 Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 129 Fund portfolios in the DWS 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 Fund. These similar products included the other DWS 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 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 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 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 Funds are reasonable.

Thomas H. Mack

Summary of Administrative Fee Evaluation by Independent Fee Consultant

September 29, 2008

Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of the proposed management fees to be charged by DeAM to the DWS Funds, taking onto account a proposal to pass through to the funds certain fund accounting-related charges in connection with new regulatory requirements. My evaluation considered the following:

• While the proposal would alter the services to be provided under the Administration Agreement, which I consider to be part of fund management under the Order, it is my opinion that the change in services is slight and that the scope of prospective services under the combination of the Advisory and Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.

• While the proposal would increase fund expenses, according to a pro forma analysis performed by management, the prospective effect is less than .01% for all but seven of the DeAM Funds' 438 active share classes, and in all cases the effect is less than .03% and overall expenses would remain reasonable in my opinion.

Based on the foregoing considerations, in my opinion the fees and expenses for all of the DWS Funds will remain reasonable if the Directors adopt this proposal.

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 Investments 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-investments.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 Investments PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	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 are available on our Web site — www.dws-investments.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 Investments 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	SSDAX	SSDBX	SSDCX	SSDSX	SSDIX
CUSIP Number	23336Y 847	23336Y 839	23336Y 821	23336Y 771	23336Y 763
Fund Number	471	671	771	2314	1471

Privacy Statement

Dear Valued Client:

We want to make sure you know our policy regarding the way in which our clients' private information is handled at DWS Investments. The following information is issued by DWS Investments Distributors, Inc., Deutsche Investment Management Americas Inc., DeAM Investor Services, Inc., DWS Trust Company and the DWS Funds.

We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. We never sell customer lists or individual client 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.

In addition, we may disclose 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. These organizations may only use client information for the purpose designated by the companies listed above, and additional requirements beyond federal law may be imposed by certain states. To the extent that these state laws apply, we will comply with them before we share information about you.

We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required to or 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.

At any time, if you have questions about our policy, please write to us at:

DWS Investments
Attention: Correspondence — Chicago
P.O. Box 219415
Kansas City, MO 64121-9415 September 2008

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/A Item F

SIGNATURES

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

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

By: /s/Michael G. Clark

Michael G. Clark

President

Date: May 29, 2009

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

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

By: /s/Michael G. Clark

Michael G. Clark

President

Date: May 29, 2009

By: /s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:                                        May 29, 2009