nq013110af_sd.htm

Investment Portfolio as of January 31, 2010 (Unaudited)

DWS Short Duration Fund

			Principal Amount ($)				Value ($)
	Corporate Bonds 54.8%
Consumer Discretionary 3.9%
AutoZone, Inc., 5.75%, 1/15/2015				540,000			586,842
DirecTV Holdings LLC:
	144A, 4.75%, 10/1/2014			270,000			281,577
	6.375%, 6/15/2015			250,000			259,063
Fortune Brands, Inc.:
	3.0%, 6/1/2012			650,000			649,460
	6.375%, 6/15/2014			675,000			734,098
JC Penney Corp., Inc.:
	Series A, 6.875%, 10/15/2015			413,000			437,780
	9.0%, 8/1/2012			500,000			555,000
Macy's Retail Holdings, Inc., 6.625%, 4/1/2011				600,000			624,750
TCM Sub LLC, 144A, 3.55%, 1/15/2015				290,000			288,460
Time Warner Cable, Inc.:
	3.5%, 2/1/2015			200,000			200,382
	5.4%, 7/2/2012			550,000			591,952
Viacom, Inc., 4.375%, 9/15/2014				350,000			365,247
Wyndham Worldwide Corp., 9.875%, 5/1/2014				396,000			449,355
Yale University, Series B, 2.9%, 10/15/2014				380,000			387,913

							6,411,879
Consumer Staples 2.8%
Altria Group, Inc., 7.125%, 6/22/2010				380,000			388,460
Anheuser-Busch InBev Worldwide, Inc.:
	144A, 3.0%, 10/15/2012			190,000			196,063
	144A, 5.375%, 11/15/2014			770,000			832,686
Campbell Soup Co., 3.375%, 8/15/2014				740,000			770,486
Dr. Pepper Snapple Group, Inc.:
	1.7%, 12/21/2011			620,000			623,318
	2.35%, 12/21/2012			140,000			141,435
H.J. Heinz Co., 5.35%, 7/15/2013				700,000			763,870
PepsiAmericas, Inc., 4.375%, 2/15/2014				210,000			222,848
Procter & Gamble Co., 4.6%, 1/15/2014				600,000			647,081

							4,586,247
Energy 3.6%
Anadarko Petroleum Corp.:
	5.75%, 6/15/2014			70,000			76,294
	7.625%, 3/15/2014			500,000			578,615
Canadian Natural Resources Ltd., 5.15%, 2/1/2013				620,000			669,745
Cenovus Energy, Inc., 144A, 4.5%, 9/15/2014				300,000			315,842
Chevron Corp., 3.45%, 3/3/2012				800,000			836,284
Devon Energy Corp., 5.625%, 1/15/2014				400,000			437,531
Enterprise Products Operating LLC:
	4.6%, 8/1/2012			480,000			511,032
	Series M, 5.65%, 4/1/2013			100,000			107,914
	Series B, 7.5%, 2/1/2011			80,000			84,520
Hess Corp., 7.0%, 2/15/2014				230,000			262,728
Husky Energy, Inc., 5.9%, 6/15/2014				340,000			374,381
Kinder Morgan Energy Partners LP, 5.625%, 2/15/2015				300,000			327,990
Marathon Oil Corp., 6.5%, 2/15/2014				340,000			382,683
Plains All American Pipeline LP, 4.25%, 9/1/2012				400,000			418,497
Statoil ASA, 2.9%, 10/15/2014				380,000			386,726

							5,770,782
Financials 27.9%
Abbey National Treasury Services PLC, 144A, 3.875%, 11/10/2014				245,000			248,369
AEGON NV, 4.625%, 12/1/2015				620,000			620,073
American Express Bank, FSB, 5.55%, 10/17/2012				650,000			700,097
American Express Credit Corp., Series D, 5.125%, 8/25/2014				540,000			574,917
American General Finance Corp., Series H, 4.625%, 9/1/2010				625,000			610,614
American Honda Finance Corp., 144A, 0.323% *, 5/11/2010				760,000			758,653
Anglo American Capital PLC, 144A, 9.375%, 4/8/2014				520,000			629,735
Bank of New York Mellon Corp., Series G, 4.95%, 11/1/2012				800,000			871,126
Bank of Nova Scotia, 2.25%, 1/22/2013				325,000			328,090
Barclays Bank PLC, 5.2%, 7/10/2014				380,000			406,394
BB&T Corp., 6.5%, 8/1/2011				800,000			853,327
Berkshire Hathaway Finance Corp., 4.0%, 4/15/2012				500,000			528,255
BlackRock, Inc.:
	2.25%, 12/10/2012			445,000			446,809
	3.5%, 12/10/2014			345,000			345,764
BNP Paribas, Series 2, 2.125%, 12/21/2012				500,000			503,440
Canadian Imperial Bank of Commerce, 144A, 2.0%, 2/4/2013 (a)				545,000			546,599
Capital One Financial Corp., 7.375%, 5/23/2014				540,000			618,118
Caterpillar Financial Services Corp.:
	1.9%, 12/17/2012			120,000			120,403
	Series F, 4.85%, 12/7/2012			500,000			542,441
Citigroup, Inc., 6.375%, 8/12/2014				800,000			848,907
CME Group, Inc., 5.75%, 2/15/2014				445,000			490,914
Commonwealth Bank of Australia, 144A, 3.75%, 10/15/2014				520,000			525,389
Countrywide Financial Corp., 5.8%, 6/7/2012				465,000			498,645
Credit Suisse New York, 5.5%, 5/1/2014				820,000			896,371
Daimler Finance North America LLC, 6.5%, 11/15/2013				800,000			897,380
Deutsche Telekom International Finance BV, 4.875%, 7/8/2014				770,000			817,698
Diageo Finance BV, 3.25%, 1/15/2015				290,000			292,378
Discover Financial Services, 0.784% *, 6/11/2010				760,000			754,548
Duke Realty LP, (REIT), 7.375%, 2/15/2015				140,000			152,402
Encana Holdings Finance Corp., 5.8%, 5/1/2014				520,000			578,515
General Electric Capital Corp.:
	3.5%, 8/13/2012			475,000			487,707
	Series A, 3.75%, 11/14/2014			545,000			544,035
Hospitality Properties Trust, (REIT), 7.875%, 8/15/2014				520,000			559,620
Host Hotels & Resorts LP, (REIT), 6.875%, 11/1/2014				400,000			398,000
HSBC Finance Corp., 5.25%, 1/15/2014				800,000			852,261
Hyundai Capital Services, Inc., 144A, 6.0%, 5/5/2015				500,000			531,398
Iberdrola Finance Ireland Ltd., 144A, 3.8%, 9/11/2014				320,000			325,980
ICICI Bank Ltd., 144A, 5.5%, 3/25/2015				635,000			641,802
JPMorgan Chase & Co., 4.65%, 6/1/2014				800,000			842,419
Lloyds TSB Bank PLC, 144A, 4.375%, 1/12/2015				690,000			685,958
Lukoil International Finance BV, 144A, 6.375%, 11/5/2014				880,000			917,400
Macquarie Group Ltd., 144A, 7.3%, 8/1/2014				650,000			720,305
Merrill Lynch & Co., Inc., 5.77%, 7/25/2011				575,000			608,467
Morgan Stanley:
	4.2%, 11/20/2014			490,000			496,541
	Series F, 5.625%, 1/9/2012			750,000			800,826
	6.0%, 5/13/2014			320,000			348,552
National Australia Bank Ltd., 144A, 2.5%, 1/8/2013				1,000,000			1,002,551
National Rural Utilities Cooperative Finance Corp., 2.625%, 9/16/2012				1,000,000			1,023,849
New York Life Global Funding, 144A, 2.25%, 12/14/2012				300,000			303,030
Northern Trust Corp., 4.625%, 5/1/2014				230,000			248,040
Novartis Capital Corp., 4.125%, 2/10/2014				525,000			556,438
PC Financial Partnership, 5.0%, 11/15/2014				800,000			855,736
Pricoa Global Funding I, 144A, 5.45%, 6/11/2014				445,000			483,432
Principal Financial Group, Inc., 7.875%, 5/15/2014				770,000			881,332
Prudential Financial, Inc.:
	Series D, 3.625%, 9/17/2012			230,000			235,921
	6.2%, 1/15/2015			230,000			255,262
Rabobank Nederland - Cooperatieve Centrale Raiffeisen-Boerenleenbank BA, 144A, 4.2%, 5/13/2014				770,000			804,980
Rio Tinto Finance (USA) Ltd.:
	5.875%, 7/15/2013			300,000			327,148
	8.95%, 5/1/2014			570,000			687,538
Royal Bank of Scotland PLC, 144A, 4.875%, 8/25/2014				870,000			892,743
Santander US Debt SA Unipersonal, 144A, 2.485%, 1/18/2013				770,000			771,438
Simon Property Group LP, (REIT),:
	4.2%, 2/1/2015			55,000			55,886
	5.3%, 5/30/2013			310,000			331,684
Svenska Handelsbanken AB, 144A, 2.875%, 9/14/2012				800,000			815,474
Swiss Re Solutions Holding Corp., 7.5%, 6/15/2010				780,000			797,140
Telecom Italia Capital SA:
	5.25%, 11/15/2013			400,000			427,229
	6.175%, 6/18/2014			510,000			559,277
The Goldman Sachs Group, Inc.:
	3.625%, 8/1/2012			280,000			289,462
	6.0%, 5/1/2014			700,000			766,758
Toyota Motor Credit Corp., 1.9%, 12/5/2012				970,000			969,876
Tyco International Finance SA, 4.125%, 10/15/2014				160,000			166,774
UBS AG, 2.75%, 1/8/2013				545,000			546,758
Verizon Wireless Capital LLC:
	3.75%, 5/20/2011			380,000			392,730
	5.25%, 2/1/2012			750,000			803,678
Wachovia Bank NA, 7.8%, 8/18/2010				850,000			882,384
Wells Fargo & Co., Series I, 3.75%, 10/1/2014				320,000			322,791
Westpac Banking Corp., 2.25%, 11/19/2012				1,000,000			1,000,793
Woori Bank, 144A, 7.0%, 2/2/2015				285,000			313,787

							45,539,561
Health Care 3.4%
CareFusion Corp., 144A, 4.125%, 8/1/2012				110,000			114,154
Eli Lilly & Co., 3.55%, 3/6/2012				530,000			554,794
Express Scripts, Inc.:
	5.25%, 6/15/2012			380,000			407,707
	6.25%, 6/15/2014			150,000			168,110
McKesson Corp., 6.5%, 2/15/2014				185,000			208,075
Medtronic, Inc., 4.5%, 3/15/2014				445,000			476,716
Merck & Co., Inc., 1.875%, 6/30/2011				590,000			597,248
Pfizer, Inc., 4.45%, 3/15/2012				800,000			851,658
Roche Holdings, Inc., 144A, 4.5%, 3/1/2012				965,000			1,027,787
Watson Pharmaceuticals, Inc., 5.0%, 8/15/2014				390,000			407,499
Wyeth, 5.5%, 2/1/2014				620,000			687,052

							5,500,800
Industrials 2.1%
3M Co., 4.65%, 12/15/2012				540,000			588,871
BAE Systems Holdings, Inc., 144A, 4.95%, 6/1/2014				385,000			405,796
Burlington Northern Santa Fe Corp., 7.0%, 2/1/2014				1,250,000			1,442,500
Ingersoll-Rand Global Holding Co., Ltd., 9.5%, 4/15/2014				190,000			232,402
Textron, Inc., 6.2%, 3/15/2015				380,000			403,888
United Parcel Service, Inc., 4.5%, 1/15/2013				290,000			312,952

							3,386,409
Information Technology 3.0%
Cisco Systems, Inc., 5.25%, 2/22/2011				850,000			890,118
Computer Sciences Corp., 5.5%, 3/15/2013				700,000			759,894
Hewlett-Packard Co., 4.25%, 2/24/2012				800,000			846,493
International Business Machines Corp., 0.318% *, 11/4/2011				1,250,000			1,250,439
Oracle Corp., 3.75%, 7/8/2014				500,000			523,269
Xerox Corp., 7.125%, 6/15/2010				650,000			663,079

							4,933,292
Materials 2.2%
Bemis Co., Inc., 5.65%, 8/1/2014				160,000			173,776
Dow Chemical Co.:
	4.85%, 8/15/2012			250,000			267,043
	5.9%, 2/15/2015			630,000			683,105
E.I. du Pont de Nemours & Co., 3.25%, 1/15/2015				500,000			503,142
Freeport-McMoRan Copper & Gold, Inc., 3.881% *, 4/1/2015				670,000			666,288
Potash Corp. of Saskatchewan, Inc., 5.25%, 5/15/2014				480,000			521,918
Praxair, Inc.:
	1.75%, 11/15/2012			200,000			200,055
	2.125%, 6/14/2013			500,000			503,492

							3,518,819
Telecommunication Services 1.9%
American Tower Corp., 4.625%, 4/1/2015				350,000			359,841
British Telecommunications PLC, 9.125%, 12/15/2010				800,000			857,611
CC Holdings GS V, LLC, 144A, 7.75%, 5/1/2017				190,000			204,725
France Telecom SA, 4.375%, 7/8/2014				900,000			952,576
Qwest Corp.:
	7.5%, 10/1/2014			473,000			499,015
	7.875%, 9/1/2011			250,000			261,875

							3,135,643
Utilities 4.0%
Ameren Corp., 8.875%, 5/15/2014				202,000			234,709
Consolidated Edison Co. of New York, 5.55%, 4/1/2014				780,000			863,409
Consumers Energy Co.:
	Series F, 4.0%, 5/15/2010			800,000			807,072
	Series J, 6.0%, 2/15/2014			730,000			810,903
DTE Energy Co., 7.625%, 5/15/2014				290,000			334,583
Duke Energy Corp., 6.3%, 2/1/2014				540,000			605,358
FirstEnergy Solutions Corp., 4.8%, 2/15/2015				410,000			426,559
Florida Power Corp., 4.8%, 3/1/2013				900,000			967,333
MidAmerican Energy Holdings Co., 3.15%, 7/15/2012				900,000			927,019
Niagara Mohawk Power Corp., 144A, 3.553%, 10/1/2014				190,000			193,223
Oncor Electric Delivery Co., 6.375%, 5/1/2012				380,000			413,755

							6,583,923

Total Corporate Bonds (Cost $84,906,512)					89,367,355
	Mortgage-Backed Securities Pass-Throughs 3.7%
Federal Home Loan Mortgage Corp.:
	5.5%, 3/1/2010			25,669			25,729
	7.0%, 3/1/2013			16,449			17,170
Federal National Mortgage Association:
	4.5%, 4/1/2023			760,913			793,074
	5.314% *, 9/1/2038			1,096,659			1,159,338
	6.0%, 11/1/2017			1,429,426			1,541,211
	7.0%, 4/1/2038			484,729			533,524
Government National Mortgage Association:
	6.5%, with various maturities from 8/20/2034 until 2/20/2039			1,815,697			1,947,095
	7.0%, with various maturities from 6/20/2038 until 10/20/2038			118,810			128,903

Total Mortgage-Backed Securities Pass-Throughs (Cost $5,964,919)					6,146,044
	Asset-Backed 4.5%
Automobile Receivables 1.8%
AmeriCredit Automobile Receivables Trust:
	"A2", Series 2006-RM, 5.42%, 8/8/2011			290,098			294,536
	"A3A", Series 2007-DF, 5.49%, 7/6/2012			187,883			190,227
Capital One Prime Auto Receivables Trust, "A3", Series 2007-1, 5.47%, 6/15/2011				42,800			42,893
Chrysler Financial Auto Securitization Trust, "B", Series 2009-B, 2.94%, 6/8/2013				160,000			160,031
Daimler Chrysler Auto Trust, "A2A", Series 2008-B, 3.81%, 7/8/2011				307,413			309,045
Ford Credit Auto Owner Trust, "A2", Series 2009-B, 2.1%, 11/15/2011				192,000			193,182
Hyundai Auto Receivables Trust, "A3A", Series 2007-A, 5.04%, 1/17/2012				641,026			651,631
USAA Auto Owner Trust, "A2", Series 2009-2, 0.74%, 3/15/2012				467,000			467,505
World Omni Auto Receivables Trust, "A3A", Series 2007-B, 5.28%, 1/17/2012				590,782			600,046

							2,909,096
Credit Card Receivables 0.5%
Capital One Multi-Asset Execution Trust, "A2", Series 2009-A2, 3.2%, 4/15/2014				770,000			793,732
Home Equity Loans 1.6%
Carrington Mortgage Loan Trust, "A1", Series 2006-NC4, 0.281% *, 10/25/2036				149,730			146,240
Citifinancial Mortgage Securities, Inc., "AF2", Series 2004-1, 2.645%, 4/25/2034				14,173			14,103
Credit-Based Asset Servicing and Securitization LLC:
	"A4", Series 2004-CB4, 5.497%, 5/25/2035			1,161			1,151
	"A2A", Series 2007-CB2, 5.523% *, 2/25/2037			316,784			303,626
First Franklin Mortgage Loan Asset-Backed Certificates, "A2A", Series 2007-FFC, 0.381% *, 6/25/2027				457,327			188,309
Household Home Equity Loan Trust, "A2F", Series 2006-4, 5.32%, 3/20/2036				546,355			545,111
JPMorgan Mortgage Acquisition Corp., "AF1B", Series 2007-CH1, 5.935%, 10/25/2036				177,305			175,808
Renaissance Home Equity Loan Trust:
	"AF3", Series 2005-2, 4.499%, 8/25/2035			363,968			356,712
	"AF1", Series 2006-4, 5.545%, 1/25/2037			99,673			99,047
	"AF2", Series 2006-3, 5.58%, 11/25/2036			398,656			357,466
	"AF1", Series 2007-2, 5.893%, 6/25/2037			398,725			336,909
Southern Pacific Secured Assets Corp., "A8", Series 1998-2, 6.37%, 7/25/2029				37,776			29,183

							2,553,665
Miscellaneous 0.6%
Babson CLO Ltd., "A", Series 2005-3A, 144A, 0.524% *, 11/10/2019				580,275			516,444
Caterpillar Financial Asset Trust, "A2A", Series 2008-A, 4.09%, 12/27/2010				6,284			6,300
Duane Street CLO, "A", Series 2005-1A, 144A, 0.525% *, 11/8/2017				630,744			558,209

							1,080,953

Total Asset-Backed (Cost $7,643,270)					7,337,446
	Commercial Mortgage-Backed Securities 9.7%
Banc of America Commercial Mortgage, Inc., "A1", Series 2005-4, 4.432%, 7/10/2045				92,203			92,310
Bear Stearns Commercial Mortgage Securities, Inc.:
	"A1", Series 2002-PBW1, 3.97%, 11/11/2035			104,962			106,442
	"A1", Series 2002-TOP8, 4.06%, 8/15/2038			326,434			332,070
	"A2", Series 2001-TOP2, 6.48%, 2/15/2035			748,349			774,806
CS First Boston Mortgage Securities Corp.:
	"A3", Series 2002-CKN2, 6.133%, 4/15/2037			925,000			981,673
	"A4", Series 2001-CP4, 6.18%, 12/15/2035			652,331			678,047
	"F", Series 2001-CK1, 144A, 6.65%, 12/18/2035			1,300,000			1,294,253
GMAC Commercial Mortgage Securities, Inc., "A2", Series 2001-C1, 6.465%, 4/15/2034				558,975			579,845
Greenwich Capital Commercial Funding Corp.:
	"A2", Series 2005-GG5, 5.117%, 4/10/2037			1,000,000			1,007,655
	"A2", Series 2007-GG9, 5.381%, 3/10/2039			1,433,000			1,465,423
JPMorgan Chase Commercial Mortgage Securities Corp.:
	"A2", Series 2004-CB8, 3.837%, 1/12/2039			567,021			571,945
	"A2", Series 2004-PNC1, 4.555%, 6/12/2041			94,351			94,375
	"A2", Series 2005-LDP1, 4.625%, 3/15/2046			176,383			176,289
	"A2", Series 2002-C1, 4.914%, 7/12/2037			412,338			421,071
LB-UBS Commercial Mortgage Trust:
	"A2", Series 2003-C7, 4.064%, 9/15/2027			1,303,325			1,310,382
	"A3", Series 2002-C4, 4.071%, 9/15/2026			267,749			273,512
	"A3", Series 2001-C7, 5.642%, 12/15/2025			481,083			492,700
Morgan Stanley Capital I:
	"A2", Series 2005-HQ5, 4.809%, 1/14/2042			55,269			55,256
	"A2", Series 2007-HQ11, 5.359%, 2/12/2044			900,000			927,299
Morgan Stanley Dean Witter Capital I, "A4", Series 2001-TOP1, 6.66%, 2/15/2033				390,133			401,384
Prudential Securities Secured Financing Corp., "F", Series 1999-C2, 7.502% *, 6/16/2031				1,500,000			1,502,935
Wachovia Bank Commercial Mortgage Trust:
	"A2", Series 2005-C17, 4.782%, 3/15/2042			920,343			920,068
	"A1", Series 2007-C30, 5.031%, 12/15/2043			1,340,139			1,365,298

Total Commercial Mortgage-Backed Securities (Cost $15,187,062)					15,825,038
	Collateralized Mortgage Obligations 5.9%
Banc of America Mortgage Securities:
	"2A2", Series 2003-1, 5.25%, 2/25/2018			25,911			25,872
	"1A1O", Series 2005-4, 5.25%, 5/25/2035			140,691			140,962
Citicorp Mortgage Securities, Inc.:
	"1A1", Series 2005-7, 5.5%, 10/25/2035			401,260			377,360
	"1A2", Series 2006-5, 6.0%, 10/25/2036			264,931			258,692
Countrywide Alternative Loan Trust:
	"2A1", Series 2004-28CB, 5.0%, 1/25/2035			67,073			63,605
	"3A3", Series 2005-20CB, 5.5%, 7/25/2035			238,844			218,961
	"A4", Series 2002-11, 6.25%, 10/25/2032			29,311			28,879
Countrywide Home Loan Mortgage Pass-Through Trust:
	"A15", Series 2002-34, 4.75%, 1/25/2033			105,135			105,984
	"2A17", Series 2004-13, 5.75%, 8/25/2034			138,011			137,785
Countrywide Home Loans, "5A1", Series 2005-HY10, 5.533% *, 2/20/2036				599,658			403,320
Federal Home Loan Mortgage Corp.:
	"ND", Series 2715, 4.5%, 3/15/2016			828,420			839,435
	"HL", Series 3176, 5.0%, 2/15/2028			1,230,679			1,254,425
	"QP", Series 3149, 5.0%, 10/15/2031			500,000			518,453
	"DC", Series 2541, 5.05%, 3/15/2031			225,351			229,276
	"AB", Series 3197, 5.5%, 8/15/2013			441,592			453,083
	"PA", Series 3283, 5.5%, 7/15/2036			1,049,167			1,107,199
	"LA", Series 1343, 8.0%, 8/15/2022			182,768			207,379
	"PK", Series 1751, 8.0%, 9/15/2024			540,498			615,059
Federal National Mortgage Association:
	"QK", Series 2003-37, 4.0%, 7/25/2027			18,811			18,761
	"BX", Series 2005-77, 4.5%, 7/25/2028			703,725			711,940
MLCC Mortgage Investors, Inc., "1A", Series 2004-1, 3.489% *, 12/25/2034				149,231			140,303
Provident Funding Mortgage Loan Trust, "2A1", Series 2005-1, 4.018% *, 5/25/2035				351,481			342,843
Residential Accredit Loans, Inc., "A6", Series 2002-QS19, 5.125%, 12/25/2032				369,012			357,987
Residential Asset Mortgage Products, Inc., "A4", Series 2004-SL4, 7.0%, 7/25/2032				518,121			496,991
Residential Asset Securitization Trust, "2A1", Series 2003-A15, 5.25%, 2/25/2034				41,476			40,933
Structured Asset Securities Corp., "2A16", Series 2005-6, 5.5%, 5/25/2035				266,798			243,274
Wells Fargo Mortgage-Backed Securities Trust, "1A1", Series 2005-9, 4.75%, 10/25/2035				299,424			297,004

Total Collateralized Mortgage Obligations (Cost $9,715,152)					9,635,765
	Government & Agency Obligations 17.3%
Other Government Related (b) 7.3%
Achmea Hypotheekbank NV:
	144A, 0.631% *, 11/3/2014			310,000			309,565
	144A, 3.2%, 11/3/2014			315,000			319,464
Asian Development Bank, 2.75%, 5/21/2014				368,000			374,615
Barclays Bank PLC:
	1.054% *, 3/16/2012			400,000			405,628
	144A, 2.7%, 3/5/2012			890,000			915,207
Commonwealth Bank of Australia, 1.039% *, 7/27/2012				400,000			406,652
Dexia Credit Local:
144A, 0.899% *, 9/23/2011				479,000			482,856
144A, 2.75%, 1/10/2014				500,000			504,598
Eksportfinans ASA, 3.0%, 11/17/2014				500,000			503,814
FIH Erhvervsbank AS, 144A, 2.45%, 8/17/2012				500,000			509,040
HSBC USA, Inc., FDIC Guaranteed, 3.125%, 12/16/2011				100,000			104,035
International Bank for Reconstruction & Development, 5.05% *, 1/14/2025				500,000			496,875
International Finance Facility for Immunisation Co., Series 1, REG S, 5.0%, 11/14/2011				800,000			850,985
KeyBank NA, FDIC Guaranteed, 3.2%, 6/15/2012				100,000			104,519
Korea Electric Power Corp., 144A, 5.5%, 7/21/2014				360,000			381,762
Korea Gas Corp., 144A, 6.0%, 7/15/2014				122,000			131,297
Korea National Oil Corp., 144A, 5.375%, 7/30/2014				282,000			296,518
Macquarie Bank Ltd., Series B, 144A, 2.6%, 1/20/2012				330,000			338,680
National Agricultural Cooperative Federation, 144A, 5.0%, 9/30/2014				202,000			208,262
Nationwide Building Society, 144A, 2.5%, 8/17/2012				470,000			477,084
NIBC Bank NV, 144A, 2.8%, 12/2/2014				505,000			503,405
Nordic Investment Bank, 2.625%, 10/6/2014				620,000			623,169
Petroleos Mexicanos, 144A, 4.875%, 3/15/2015				540,000			544,050
Royal Bank of Scotland Group PLC, 144A, 1.5%, 3/30/2012				280,000			280,295
Sovereign Bank, FDIC Guaranteed, 2.75%, 1/17/2012				680,000			702,074
Suncorp-Metway Ltd., 144A, 0.628% *, 12/17/2010				300,000			300,603
US Central Federal Credit Union, 1.9%, 10/19/2012				290,000			292,592
Western Corporate Federal Credit Union, 1.75%, 11/2/2012				500,000			502,726

							11,870,370
Sovereign Bonds 4.5%
Export Development Canada, 2.375%, 3/19/2012				550,000			565,056
Instituto de Credito Oficial, Series 192, 4.625%, 10/26/2010				380,000			390,068
Kingdom of Belgium, 144A, 2.875%, 9/15/2014				480,000			483,047
Kingdom of Spain, 144A, 2.0%, 9/17/2012				1,000,000			1,002,770
Korea Expressway Corp., 144A, 4.5%, 3/23/2015				340,000			342,965
Province of Manitoba, Canada, 2.125%, 4/22/2013				270,000			271,557
Province of Ontario, Canada:
	0.42% *, 11/19/2012			620,000			620,695
	2.95%, 2/5/2015 (a)			1,000,000			1,001,840
	4.1%, 6/16/2014			290,000			307,505
Republic of Italy, 2.125%, 10/5/2012				500,000			502,015
Republic of Lithuania, 144A, 6.75%, 1/15/2015				270,000			281,619
Societe Financement de l'Economie Francaise, 144A, 2.875%, 9/22/2014				625,000			632,231
State of Qatar, 144A, 4.0%, 1/20/2015				880,000			881,100

							7,282,468

US Government Sponsored Agencies 4.6%
Federal Farm Credit Bank:
	1.75%, 2/21/2013			310,000			310,961
	1.875%, 12/7/2012			900,000			908,279
Federal Home Loan Bank:
	1.75%, 8/22/2012			360,000			363,244
	2.302% *, 9/10/2019			800,000			788,880
	4.25% *, 1/21/2020			500,000			496,750
	7.5% *, 11/12/2024			500,000			478,750
	7.8% *, 1/13/2025			500,000			500,000
	7.8% *, 1/13/2025			500,000			498,750
Federal Home Loan Mortgage Corp.:
	1.125%, 12/15/2011			1,000,000			1,002,300
	3.0%, 1/21/2014			500,000			500,825
	8.125% *, 8/20/2024			500,000			494,950
Federal National Mortgage Association:
	1.75%, 2/22/2013			310,000			310,880
	2.625%, 11/20/2014			620,000			620,908
	8.45% *, 2/27/2023			200,000			200,100

							7,475,577
US Treasury Obligations 0.9%
US Treasury Bill, 0.19% **, 3/18/2010 (c)				472,000			471,978
US Treasury Notes:
	0.875%, 12/31/2010 (d)			1,000,000			1,005,195
	2.25%, 5/31/2014			92,000			92,841

							1,570,014

Total Government & Agency Obligations (Cost $27,932,036)					28,198,429
	Loan Participations and Assignments 0.3%
Sovereign Loans
Gazprom, 144A, 8.125%, 7/31/2014 (Cost $440,000)				440,000			477,950
	Municipal Bonds and Notes 0.6%
California, State General Obligation, Series 3, 5.65%, Mandatory Put 4/1/2013 @ 100, 4/1/2039				240,000			249,389
Illinois, State General Obligation, 3.321%, 1/1/2013 (e)				390,000			395,546
La Vernia, TX, Higher Education Finance Corp. Revenue, Southwest Winners, Series B, 144A, 5.7%, 2/15/2011 (f)				300,000			299,832

Total Municipal Bonds and Notes (Cost $930,622)					944,767

			Shares				Value ($)
	Securities Lending Collateral 0.6%
Daily Assets Fund Institutional, 0.17% (g) (h) (Cost $1,025,900)		1,025,900					1,025,900
	Cash Equivalents 2.6%
Central Cash Management Fund, 0.17% (g) (Cost $4,217,007)		4,217,007					4,217,007

			% of Net Assets				Value ($)

Total Investment Portfolio (Cost $157,962,480) †		100.0				163,175,701
Other Assets and Liabilities, Net		0.0				14,884

Net Assets		100.0				163,190,585

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 January 31, 2010.
**	Annualized yield at time of purchase; not a coupon rate.
†	The cost for federal income tax purposes was $157,964,052. At January 31, 2010, net unrealized appreciation for all securities based on tax cost was $5,211,649. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $6,005,573 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $793,924.
(a)	When-issued security.
(b)	Government-backed debt issued by financial companies or government sponsored enterprises.
(c)	At January 31, 2010, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(d)	All or a portion of these securities were on loan. The value of all securities loaned at January 31, 2010 amounted to $1,005,195 which is 0.6% of net assets.
(e)	Taxable issue.
(f)	Bond is insured by this company:

Insurance Coverage	As a % of Total Investment Portfolio
American Capital Assurance	0.2

Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies.
(g)	Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(h)	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.
CLO: Collateralized Loan Obligation
FDIC: Federal Deposit Insurance Corp.
FSB: Federal Savings Bank
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
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 Government National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.

At January 31, 2010, open futures contracts sold were as follows:

Futures	Currency	Expiration Date	Contracts		Notional Value ($)		Unrealized Depreciation ($)


5 Year US Treasury Note	USD	3/31/2010		158		18,400,828		(169,054	)
90 Day Eurodollar	USD	3/15/2010		20		4,985,500		(17,416	)
90 Day Eurodollar	USD	6/14/2010		20		4,979,750		(29,341	)
90 Day Eurodollar	USD	9/13/2010		20		4,967,750		(36,591	)
90 Day Eurodollar	USD	12/13/2010		20		4,950,500		(39,841	)
90 Day Eurodollar	USD	3/14/2011		20		4,931,500		(39,841	)
90 Day Eurodollar	USD	6/13/2011		20		4,912,500		(39,091	)
90 Day Eurodollar	USD	9/19/2011		20		4,894,750		(37,266	)
Total unrealized depreciation								(408,441	)

	Currency Abbreviation
USD		United States Dollar

At January 31, 2010, open credit default swap contracts purchased were as follows:

Effective/ Expiration Dates	Notional Amount ($)	Fixed Cash Flows Paid	Underlying Debt Obligation/ Quality Rating (i)	Value ($)	Upfront Premiums Paid/ (Received) ($)		Unrealized Appreciation/ (Depreciation) ($)


9/21/2009 12/20/2014	450,0001	1.0%	Home Depot, Inc., 5.875%, 12/16/2036, BBB+	(4,627)	(7,312)		2,685
9/21/2009 12/20/2014	450,0002	1.0%	Hewlett-Packard Co., 5.4%, 3/1/2017, A	(13,062)	(15,023)		1,961
9/21/2009 3/20/2015	450,0001	1.0%	McKesson Corp., 7.65%, 3/1/2027, BBB+	(11,950)	(12,557)		607
9/21/2009 3/20/2015	450,0001	1.0%	Eli Lilly & Co., 6.57%, 1/1/2016, AA	(12,609)	(11,869)		(740)
Total net unrealized appreciation						4,513

At January 31, 2010, open credit default swap contracts sold were as follows:

Effective/ Expiration Dates	Notional Amount ($) (j)	Fixed Cash Flows Received	Underlying Debt Obligation/ Quality Rating (i)	Value ($)	Upfront Premiums Paid/ (Received) ($)	Unrealized Appreciation ($)


6/22/2009 9/20/2014	1,000,0003	5.0%	MetLife, Inc., 5.0%, 6/15/2015, A-	122,662	(15,948)	138,610

(i)

The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings.

(j)

The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of buy protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.

At January 31, 2010, open interest rate swap contracts were as follows:

Effective/ Expiration Dates	Notional Amount ($)			Cash Flows Paid by the Fund	Cash Flows Received by the Fund	Unrealized Appreciation/ (Depreciation) ($)

9/15/2010 9/15/2014		5,400,000	1	Fixed — 3.15%	Floating — LIBOR		(57,890	)
9/15/2010 9/15/2014		5,400,000	1	Fixed — 3.15%	Floating — LIBOR		(57,890	)
12/24/2009 12/24/2019		100,000	1	Floating — LIBOR	Fixed — 5.2%		(340	)
12/24/2009 12/24/2019		200,000	1	Floating — LIBOR	Fixed — 5.27%		(513	)
12/25/2009 12/25/2019		200,000	4	Floating — LIBOR	Fixed — 5.3%		(1,503	)
9/8/2009 9/8/2024		700,000	1	Fixed — 0.0%	Floating — LIBOR-SIFMA		18,891
11/15/2009 11/15/2024		1,000,000	5	Floating — LIBOR	Fixed — 8.7%		18,608
Total net unrealized depreciation							(80,637	)

LIBOR: London InterBank Offered Rate

SIFMA: Securities Industry and Financial Markets Association

At January 31, 2010, open total return swap contracts were as follows:

Effective/ Expiration Date		Notional Amount ($)	Fixed Cash Flows Paid	Reference Entity	Value ($)	Upfront Premiums Paid/ (Received) ($)	Unrealized Appreciation ($)

12/14/2009 6/1/2012		7,000,0006	0.425%	Global Interest Rate Strategy Index	57,150	—	57,150
Counterparties:
1	Morgan Stanley
2	The Goldman Sachs & Co.
3	JPMorgan Chase Securities, Inc.
4	Bank of America
5	Barclays Bank PLC
6	Citigroup, Inc.

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 January 31, 2010 in valuing the Fund's investments.

	Level 1			Level 2			Level 3		Total
Assets
Fixed Income(k)
Corporate Bonds	$	—		$	89,367,355		$	—	$	89,367,355
Mortgage-Backed Securities Pass-Throughs		—			6,146,044			—		6,146,044
Asset-Backed		—			6,262,793			1,074,653		7,337,446
Commercial Mortgage-Backed Securities		—			15,825,038			—		15,825,038
Collateralized Mortgage Obligations		—			9,635,765			—		9,635,765
Government & Agency Obligations		—			25,755,326			1,971,125		27,726,451
Loan Participations and Assignments		—			477,950			—		477,950
Municipal Bonds and Notes		—			944,767			—		944,767
Short-Term Investments(k)		5,242,907			471,978			—		5,714,885
Derivatives(l)		—			238,512			—		238,512
Total	$	5,242,907		$	155,125,528		$	3,045,778	$	163,414,213

Liabilities
Derivatives(l)	$	(408,441	)	$	(118,876	)	$	—	$	(527,317	)
Total	$	(408,441	)	$	(118,876	)	$	—	$	(527,317	)

(k)	See Investment Portfolio for additional detailed categorizations.
(l)	Derivatives include unrealized appreciation (depreciation) on open futures contracts, credit default swap contracts, interest rate swap contracts and total return swap contracts.

Level 3 Reconciliation

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

	Asset-Backed			Government & Agency Obligations			Total
Balance as of October 31, 2009	$	1,043,592		$	497,500		$	1,541,092
Realized gain (loss)		1,212			—			1,212
Change in unrealized appreciation (depreciation)		37,195			(19,536	)		17,659
Amortization premium/discount		—			36			36
Net purchases (sales)		(7,346	)		1,493,125			1,485,779
Net transfers in (out) of Level 3		—			—			—
Balance as of January 31, 2010	$	1,074,653		$	1,971,125		$	3,045,778
Net change in unrealized appreciation (depreciation) from investments still held at January 31, 2010	$	37,195		$	(19,536	)	$	17,659

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of January 31, 2010 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure	Futures			Swaps
Credit Contracts	$	—		$	143,123
Interest Rate Contracts	$	(408,441	)	$	(23,487	)

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.

Registrant:	DWS Short Duration Fund, a series of DWS Advisor Funds

By:	/s/Michael G. Clark Michael G. Clark President

Date:	March 25, 2010

Registrant:	DWS Short Duration Fund, a series of DWS Advisor Funds

By:	/s/Michael G. Clark Michael G. Clark President

Date:	March 25, 2010



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	March 25, 2010

Registrant:	DWS Short Duration Fund, a series of DWS Advisor Funds


By:	/s/Michael G. Clark Michael G. Clark President

Date:	March 25, 2010

Registrant:	DWS Short Duration Fund, a series of DWS Advisor Funds


By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	March 25, 2010