nq013110af_stmb.htm

Investment Portfolio as of January 31, 2010 (Unaudited)

DWS Short-Term Municipal Bond Fund

			Principal Amount ($)			Value ($)
	Municipal Bonds and Notes 94.4%
Alabama 1.4%
Auburn, AL, General Obligation, 144A, 4.85%, 11/1/2011				219,245		219,385
Jefferson County, AL, Sewer Revenue, Capital Improvement Warrants, Prerefunded, 5.0%, 2/1/2041 (a) (b)				8,000,000		8,795,120

						9,014,505
Alaska 0.5%
Alaska, State Housing Finance Corp., Home Mortgage, Series A, AMT, 5.0%, 6/1/2036 (a)				3,580,000		3,640,788
Arizona 2.3%
Arizona, Health Facilities Authority Revenue, Banner Health, Series A, 5.0%, 1/1/2019				2,000,000		2,105,000
Arizona, Health Facilities Authority, Hospital System Revenue, Phoenix Baptist Hospital & Medical Center, ETM, 6.25%, 9/1/2011 (a)				150,000		156,214
Arizona, State Department of Administration, Certificates of Participation, Series A, 5.0%, 10/1/2012 (a)				1,000,000		1,088,570
Arizona, Water Infrastructure Finance Authority Revenue, Water Quality, Series A, Prerefunded, 5.375%, 10/1/2013				2,625,000		2,835,289
Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Revenue, Series 2B, AMT, 5.55%, 3/1/2028				50,000		49,873
Phoenix, AZ, Civic Improvement Corp., 0.25%, 3/4/2010				4,000,000		4,000,000
Pima County, AZ, Higher Education Revenue, Industrial Development Authority, Series A, 5.0%, 5/1/2013 (a)				1,345,000		902,118
Scottsdale, AZ, Municipal Property Corp., Excise Tax Revenue, 5.0%, 7/1/2014				3,320,000		3,790,112
Snowflake, AZ, Sales & Special Tax Revenue, 4.0%, 7/1/2013				340,000		355,552

						15,282,728
Arkansas 0.0%
Chicot County, AR, Sales & Special Tax Revenue, Sales & Use Tax, 4.15%, 7/1/2026 (a)				30,000		26,713
Little Rock, AR, Residential Housing & Public Facility Board, Series B, Zero Coupon, 7/15/2011				15,000		13,520
Springdale, AR, Residential Housing & Healthcare Facility Board, Series A, 7.65%, 9/1/2011				1,391		1,425

						41,658
California 6.5%
California, Health Facilities Financing Authority Revenue, Catholic Healthcare, Series C, 0.2% **, 7/1/2020, JPMorgan Chase Bank (a) (c)				1,890,000		1,890,000
California, State Department of Water Resources Power Supply Revenue, Series G-4, 5.0%, 5/1/2016				2,500,000		2,847,950
California, State General Obligation:
	5.0%, 10/1/2017			5,435,000		5,878,387
	5.25%, 4/1/2022			1,615,000		1,683,282
California, State Revenue Anticipation Notes:
	Series A-1, 3.0%, 5/25/2010			6,600,000		6,646,662
	Series A-2, 3.0%, 6/23/2010			2,975,000		2,998,651
California, Statewide Communities Development Authority Revenue, Proposition 1A Receivables Program, 5.0%, 6/15/2013				3,500,000		3,746,400
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, AMT, 4.7%, 10/15/2012				520,000		537,779
California, Statewide Communities Development Authority, Multi-Family Housing Revenue, Citrus Gardens Apartments Project, 4.25%, 7/1/2012				250,000		259,143
Carlsbad, CA, Multi-Family Housing Revenue, Series A, AMT, 3.7%, 2/1/2013				300,000		306,897
Corona-Norco, CA, Unified School District, Bond Anticipation Notes, 3.5%, 2/1/2010				3,500,000		3,500,385
Delta Counties, CA, Home Mortgage Finance Authority, Single Family Mortgage Revenue, Pacific Mortgage-Backed Securities, Series A, AMT, 6.7%, 6/1/2024 (a)				10,000		10,130
Placer County, CA, Water Agency, Middle Fork Project, 3.75%, 7/1/2012				95,000		93,593
San Diego, CA, Housing Authority Multi-Family Housing Revenue, Hollywood Palms Apartments, Series C, AMT, 5.1%, 11/1/2013				585,000		617,532
San Joaquin County, CA, Certificates of Participation, General Hospital Project, 5.25%, 9/1/2014 (a)				2,475,000		2,504,849
Southern California, Metropolitan Water District, Waterworks Revenue, Series A-1, 0.18% **, 7/1/2037				10,000,000		10,000,000

						43,521,640
Colorado 1.3%
Aurora, CO, Industrial Development Revenue, Series A, 5.375%, 12/1/2011				365,000		365,949
Colorado, Health Facilities Authority Revenue, Catholic Health Initiatives, Series C-6, 3.95%, 9/1/2036				1,610,000		1,646,434
Colorado, Housing Finance Authority, Single Family Program, Series B-2, AMT, 6.4%, 11/1/2024				30,000		31,168
Colorado, Single Family Housing Revenue, Housing & Finance Authority:
	Class III, Series B-4, AMT, 5.0%, 5/1/2032 (a)			495,000		497,975
	Series A-2, AMT, 7.25%, 5/1/2027			20,000		20,377
Douglas County, CO, School District No. 1, Douglas & Elbert Counties, Prerefunded, 5.0%, 12/15/2012 (a)				5,320,000		5,758,474
El Paso County, CO, Public Housing Revenue, Series A, AMT, 4.1%, 12/20/2012				240,000		246,482
Pueblo County, CO, Certificates of Participation, ETM, 6.25%, 12/1/2010				250,000		259,405

						8,826,264
Connecticut 1.9%
Connecticut, State Economic Recovery, Series A, 5.0%, 1/1/2012				6,000,000		6,501,960
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series B, 3.0%, 12/1/2011				6,000,000		6,252,240

						12,754,200
Delaware 0.2%
Delaware, State Housing Authority Revenue, Single Family Mortgage, Series D, AMT, 5.875%, 1/1/2038				1,230,000		1,301,438
District of Columbia 0.0%
District of Columbia, Housing Finance Agency, Multi-Family Housing Revenue, Stanton Glenn Apartments, AMT, 5.6%, 11/1/2010				195,000		199,019
Florida 6.7%
Brevard County, FL, Housing Finance Authority, Homeowner Mortgage Revenue, Series B, 6.5%, 9/1/2022				107,000		117,281
Broward County, FL, Airport Systems Revenue, Series E, AMT, 5.25%, 10/1/2012 (a)				6,000,000		6,045,000
Florida, Hurricane Catastrophe Fund, Finance Corp. Revenue, Series A, 5.0%, 7/1/2011 (a)				9,720,000		10,201,237
Florida, State Board of Public Education, Series C, 5.0%, 6/1/2015				2,675,000		2,921,528
Florida, State Board of Public Education, Capital Outlay, Series B, 5.5%, 6/1/2013				3,000,000		3,217,770
Florida, State Department Environmental Protection Preservation Revenue, Series C, 4.0%, 7/1/2012				4,490,000		4,789,214
Florida, State Department Environmental Protection Preservation Revenue, Florida Forever, Series A, 5.0%, 7/1/2011 (a)				1,250,000		1,323,187
Hillsborough County, FL, Special Assessment Revenue, 5.0%, 3/1/2014 (a)				2,135,000		2,259,876
Orange County, FL, Sales Tax Revenue, Series A, 5.125%, 1/1/2018 (a)				4,000,000		4,313,160
Orlando & Orange County, FL, Expressway Authority Revenue, Series C-3, 0.25% **, 7/1/2025 (a)				5,660,000		5,660,000
Orlando, FL, Utilities Commission Systems Revenue, Series C, 3.0%, 10/1/2011				880,000		913,062
South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021				2,500,000		2,585,625

						44,346,940
Georgia 3.1%
Augusta-Richmond County, GA, Coliseum Revenue Authority, ETM, 6.3%, 2/1/2010				50,000		50,014
Carroll County, GA, School District, Sales Tax, 5.0%, 4/1/2010				2,000,000		2,016,560
Cobb County, GA, Housing Authority, Multi-Family Housing Revenue, Oakley Run Apartments Project, 4.75%, 3/1/2032				2,660,000		2,736,901
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Healthcare, Series A, 5.0%, 2/15/2018 (d)				2,000,000		2,122,240
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.0%, 3/15/2010				4,000,000		4,019,440
Georgia, State General Obligation, Series G, 4.0%, 11/1/2011				5,000,000		5,307,100
Gwinnett County, GA, Water & Sewer Authority Revenue, Series A, 3.0%, 8/1/2011				1,605,000		1,666,857
Monroe County, GA, Development Authority Pollution Control Revenue, Georgia Power Co. Plant Scherer, First Series, 4.5%, 7/1/2025				2,640,000		2,736,492

						20,655,604
Hawaii 0.8%
Hawaii, State General Obligation, Series DK, 5.0%, 5/1/2012				4,000,000		4,376,840
Hawaii, State Housing Finance & Development Corp., Single Family Mortgage Revenue, Series A, AMT, 5.2%, 7/1/2012				905,000		924,385

						5,301,225
Idaho 0.2%
Idaho, Housing Agency, Single Family Mortgage:
	Series H-2, AMT, 5.1%, 7/1/2020			80,000		81,421
	Class III, AMT, 5.1%, 7/1/2023			175,000		176,836
	Class III, AMT, 5.15%, 7/1/2023			400,000		409,076
	Class III, AMT, 5.4%, 7/1/2021			90,000		92,286
	Series G-2, AMT, 5.75%, 1/1/2014			15,000		15,509
	Series H-2, AMT, 5.85%, 1/1/2014			45,000		46,630
	Class III, AMT, 5.95%, 7/1/2019			420,000		438,715
	Series E, AMT, 5.95%, 7/1/2020			50,000		52,228

						1,312,701
Illinois 4.1%
Chicago, IL, Board of Education, Series A, 5.25%, 12/1/2018 (a)				1,830,000		1,985,788
Chicago, IL, O'Hare International Airport Revenue, Series A, 5.0%, 1/1/2015 (a)				4,500,000		5,026,770
Chicago, IL, Single Family Mortgage Revenue, Series C-1, AMT, 6.3%, 9/1/2029				170,000		176,849
Du Page County, IL, Forest Preserve District, 3.0%, 11/1/2010				1,250,000		1,273,975
Huntley, IL, Project Revenue, Installment Contract, 5.85%, 12/1/2015				890,000		909,678
Illinois, Finance Authority Revenue, University of Chicago, Series B, 5.0%, 7/1/2017				5,000,000		5,698,700
Illinois, Health Facilities Authority Revenue, 5.25%, 11/15/2013 (a)				665,000		666,237
Illinois, State Building, Series B, 5.0%, 6/15/2011				955,000		1,008,814
Lake County, IL, Forest Preserve District, Series A, 0.65% *, 12/15/2020				5,000,000		4,461,250
McLean & Woodford Counties, IL, Community Unit School District No. 5, Prerefunded, 6.375%, 12/1/2016 (a)				4,820,000		5,324,317
Normal, IL, Multi-Family Housing Revenue, AMT, 3.75%, 12/1/2013				730,000		752,747

						27,285,125
Indiana 2.5%
Indiana, Bond Bank Revenue, State Revolving Fund, Series B, Prerefunded, 5.25%, 8/1/2019				4,000,000		4,142,240
Indiana, Finance Authority Health Systems Revenue, Sisters of St. Francis Health, Series C, 5.0%, 11/1/2014				2,000,000		2,229,460
Indiana, Health Facilities Funding Authority, Series A, ETM, 5.75%, 9/1/2015				2,930,000		2,998,005
Indiana, Health Facility Financing Authority Revenue, Ascension Health, Series A-1, 5.0%, 11/1/2027				1,000,000		1,094,530
Indiana, Transportation Finance Authority, Highway Revenue, Series A, Prerefunded, 5.25%, 6/1/2016 (a)				5,000,000		5,698,700
Tipton, IN, School District General Obligation, School Building Corp., 5.55%, 7/15/2012 (a)				220,000		233,390

						16,396,325
Kansas 0.2%
Sedgwick & Shawnee Counties, KS, Single Family Mortgage Revenue, Series B-4, AMT, 4.25%, 6/1/2023				245,000		247,293
Shawnee, KS, Multi-Family Housing Revenue, Prairie Lakes Apartments, AMT, 4.35%, 2/1/2013				400,000		411,992
Wichita, KS, Hospital Revenue, Facilities Improvement, Series III A, 3.0%, 11/15/2011				500,000		511,430

						1,170,715
Kentucky 0.4%
Kentucky, Economic Development Finance Authority Revenue, Catholic Health, Series 04-D, 3.5%, 5/1/2034				1,000,000		1,023,610
Kentucky, Housing Corp. Revenue, Series G, AMT, 5.0%, 7/1/2030				1,700,000		1,732,113

						2,755,723
Louisiana 0.2%
Louisiana, Local Government Environmental Facilities & Community Development Authority, LCTCS Facilities Corp. Project, Series A, 4.0%, 10/1/2012				1,500,000		1,589,325
Maine 0.3%
Maine, Finance Revenue Authority, Electronic Rate Stabilization, AMT, 5.2%, 7/1/2018 (a)				645,000		646,954
Maine, State Housing Authority Mortgage Purchase, Series D-2, AMT, 5.0%, 11/15/2027				1,530,000		1,589,915

						2,236,869
Maryland 2.6%
Maryland, State & Local Facilities Loan, Capital Improvement:
	Series A, 5.0%, 3/1/2012			1,000,000		1,091,900
	Series A, 5.5%, 8/1/2011			2,670,000		2,874,228
Maryland, State Community Development Administration, Department of Housing & Community Development, Series E, AMT, 5.5%, 3/1/2032				1,575,000		1,597,255
Maryland, State Department of Transportation & Conservation, 5.0%, 2/15/2018				5,000,000		5,815,900
Maryland, University of Maryland, Systems Auxiliary Facility & Tuition Revenue, Series A, 5.0%, 4/1/2012				5,000,000		5,469,500
Prince Georges County, MD, Housing Authority, Single Family Mortgage Revenue:
	Series A, AMT, 3.9%, 8/20/2012			165,000		168,813
	Series A, AMT, 5.6%, 12/1/2034			60,000		61,502
	Series A, AMT, 7.0%, 8/1/2033			70,000		72,197
	Series A, AMT, 7.4%, 8/1/2032			25,000		25,438

						17,176,733
Massachusetts 2.7%
Massachusetts, Bay Transportation Authority Revenue, Series A, Prerefunded, 5.25%, 7/1/2030				2,170,000		2,216,655
Massachusetts, Bay Transportation Authority, General Transportation Systems, 0.25% **, 3/1/2030				4,000,000		4,000,000
Massachusetts, Municipal Wholesale Electric Co., Power Supply Systems Revenue, Nuclear Project No. 4, Series A, 5.0%, 7/1/2011 (a)				1,000,000		1,049,800
Massachusetts, State General Obligation, Series A, 0.19% **, 9/1/2016				6,000,000		6,000,000
Massachusetts, State Port Authority Revenue, Series B, AMT, 5.5%, 7/1/2011 (a)				4,500,000		4,545,945

						17,812,400
Michigan 1.9%
Detroit, MI, Sewer Disposal Revenue, Series D, 0.768% *, 7/1/2032 (a)				4,100,000		3,081,150
Detroit, MI, Water Supply System, ETM, 6.25%, 7/1/2012 (a)				110,000		117,438
Grand Haven, MI, Electric Revenue, 5.0%, 7/1/2010 (a)				1,515,000		1,540,058
Michigan, Municipal Bond Authority Revenue, School Loan, Series A, 5.25%, 6/1/2011				4,175,000		4,383,166
Michigan, State Building Authority Revenue, Facilities Program, Series H, 3.0%, 10/15/2010				275,000		279,166
Michigan, State General Obligation, Series A, 2.0%, 9/30/2010				2,500,000		2,527,025
Michigan, Strategic Fund, Limited Obligation Revenue, United Jewish Project, 5.75%, 1/1/2012, Bank One NA (c)				400,000		400,612

						12,328,615
Minnesota 0.9%
Coon Rapids, MN, Multi-Family Housing Revenue, Brown Meadow Manor, Series A, AMT, 3.875%, 7/1/2014				500,000		501,420
Minneapolis & St. Paul, MN, Metropolitan Airports Commission, Airport Revenue, Series B, AMT, 5.0%, 1/1/2012				1,500,000		1,586,760
Minnesota, Single Family Housing Revenue, Housing Finance Agency, 5.2%, 1/1/2017				1,035,000		1,076,742
Rochester, MN, Electric Utility Revenue:
	Prerefunded, 5.25%, 12/1/2024 (a)			2,000,000		2,083,060
	Prerefunded, 5.25%, 12/1/2030 (a)			1,000,000		1,041,530

						6,289,512
Mississippi 0.1%
Mississippi, Home Corp., Single Family Mortgage Revenue, Class 7, Series A, AMT, 6.3%, 6/1/2031				520,000		536,182
Missouri 2.1%
Florissant, MO, Industrial Development Authority, Mortgage Revenue, Desmet RHF Acquisition, Series A, Prerefunded, 8.5%, 8/15/2030				2,460,000		2,601,155
Jackson County, MO, Hospital & Healthcare Revenue, St. Joseph Hospital, ETM, 7.5%, 6/1/2010				210,000		214,439
Kansas City, MO, Core City General Obligation, Streetlight Project, Series A, Prerefunded, 5.75%, 2/1/2012				100,000		101,031
Missouri, Development Finance Board, Greater St. Louis Project, 4.9%, 9/1/2010, Bank of America NA (c)				685,000		687,309
Missouri, Housing Development Community, Single Family Mortgage:
	Series C, 6.55%, 9/1/2028			60,000		61,875
	AMT, 7.45%, 9/1/2031			100,000		103,231
Missouri, Single Family Housing Revenue, Housing Development, Series B-2, AMT, 5.75%, 3/1/2019				15,000		15,572
Missouri, State Highways & Transit Commission, State Road Revenue, Series A, Prerefunded, 5.0%, 2/1/2014				5,000,000		5,440,550
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Homeownership Loan Program:
	Series D, 4.8%, 3/1/2040			1,440,000		1,535,213
	Series C, AMT, 5.6%, 9/1/2035			1,735,000		1,811,357
St. Charles County, MO, Industrial Development Authority, Health Care Facilities Revenue, Garden View Care Center Project, AMT, 5.4%, 11/15/2016, US Bank NA (c)				1,335,000		1,336,415

						13,908,147
Nebraska 0.3%
Clay County, NE, Industrial Development Revenue, Hybrids Cooperative Project, AMT, 5.25%, 3/15/2014, US Bank NA (c)				1,610,000		1,592,870
Fillmore County, NE, Industrial Development Revenue, Omalley Grain, Inc. Project:
	AMT, 5.0%, 12/1/2010, US Bank NA (c)			45,000		45,071
	AMT, 5.0%, 12/1/2011, US Bank NA (c)			180,000		178,268
	AMT, 5.1%, 12/1/2012, US Bank NA (c)			135,000		135,015
	AMT, 5.2%, 12/1/2013, US Bank NA (c)			195,000		193,836

						2,145,060
Nevada 1.9%
Clark County, NV, School District General Obligation, 5.5%, 6/15/2013 (a)				4,700,000		5,302,916
Las Vegas Valley, NV, Water District Improvement, Series A, 5.25%, 6/1/2017 (a)				4,585,000		4,911,636
Nevada, Housing Division, Single Family Housing Revenue, Series B-1, 5.25%, 10/1/2017				275,000		277,384
Nevada, Housing Division, Single Family Mortgage, Series A, AMT, 5.15%, 10/1/2014				30,000		30,680
Nevada, Single Family Housing Revenue, Housing Division, Series A-2, AMT, 5.2%, 10/1/2018				180,000		183,589
Nevada, State Capital Cultural Improvement, Series B, 5.0%, 5/1/2011				1,000,000		1,057,430
Washoe, NV, Public Safety Training, 4.875%, 9/1/2010 (a)				1,055,000		1,058,271

						12,821,906
New Jersey 3.2%
Gloucester County, NJ, Public Improvement Authority, Electric Mobility Project, AMT, 5.0%, 11/1/2010				135,000		135,415
Livingston, NJ, School District Revenue, Board of Education, 144A, 3.8%, 8/1/2014				677,051		681,438
New Jersey, Economic Development Authority Revenue, School Facilities Construction:
	Series W, 5.0%, 3/1/2012			2,375,000		2,558,920
	Series J-4, 5.0%, 9/1/2029 (a)			5,000,000		5,586,050
New Jersey, State Transportation Trust Fund Authority:
	Series C, ETM, 5.0%, 6/15/2011			5,000,000		5,313,600
	Series A, Prerefunded, 6.125%, 6/15/2015			6,650,000		6,799,891

						21,075,314
New Mexico 0.2%
New Mexico, Mortgage Finance Authority, Second Mortgage Program, 144A, AMT, 6.5%, 1/1/2018				91,800		92,578
New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series D, 5.35%, 9/1/2040				1,155,000		1,259,389

						1,351,967
New York 5.0%
New York, Metropolitan Transportation Authority Revenue:
	Series E-1, 0.2% **, 11/1/2035, Fortis Bank SA (c)			5,000,000		5,000,000
	Series E-2, 0.2% **, 11/1/2035, Fortis Bank SA (c)			5,000,000		5,000,000
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series D, 5.0%, 6/15/2016				5,000,000		5,745,600
New York, State Tollway Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2012				1,000,000		1,088,800
New York, Tobacco Settlement Financing Corp.:
	Series B, 5.0%, 6/1/2011			4,500,000		4,750,290
	Series C-1, 5.25%, 6/1/2013			3,615,000		3,627,942
New York City, NY, Municipal Finance Authority, Water & Sewer Systems Revenue, Second Generation, Series-2008-BB-4, 0.16% **, 6/15/2033				5,000,000		5,000,000
New York City, NY, Transitional Finance Authority, Future Tax Secured, Series A, 5.0%, 8/1/2018				2,125,000		2,314,550
New York, NY, Higher Education Revenue, Dormitory Authority, Series A, 5.25%, 5/15/2013				585,000		651,544

						33,178,726
North Carolina 2.3%
Mecklenburg County, NC, Public Facilities Corp., Limited Obligation Bond, Annual Appropriation, 5.0%, 3/1/2015				5,000,000		5,761,500
North Carolina, Eastern Municipal Power Agency, Power Systems Revenue, Series B, 5.0%, 1/1/2017				1,500,000		1,623,795
North Carolina, Housing Finance Agency, Home Ownership, Series 22-A, AMT, 5.5%, 7/1/2036				2,275,000		2,343,068
North Carolina, Municipal Power Agency, Number 1 Catawba Electric Revenue, Series A, 5.25%, 1/1/2013				2,500,000		2,757,950
North Carolina, State Grant Anticipation Revenue, Department of State Treasurer, 5.0%, 3/1/2012				1,545,000		1,678,704
North Carolina, State Public Improvement, Series A, 5.5%, 3/1/2011				1,000,000		1,056,730

						15,221,747
Ohio 6.2%
Bowling Green, OH, Multi-Family Revenue, Village Apartments, Series A, 4.75%, 9/20/2011				80,000		82,723
Buckeye, OH, Tobacco Settlement Financing Authority, Series A-1, 5.0%, 6/1/2015				4,500,000		4,700,970
Columbus, OH, General Obligation, Series A, 5.0%, 6/15/2011				1,710,000		1,817,456
Franklin County, OH, Multi-Family Revenue, Lincoln Park Project, Series A, AMT, 5.65%, 4/20/2013				150,000		155,238
Maple Heights, OH, Bond Anticipation Notes, 2.0%, 6/24/2010				6,800,000		6,824,684
Mason, OH, Health Care Facilities, MCV Health Care Facilities Project, 5.25%, 2/20/2020				45,000		45,655
Montgomery County, OH, Catholic Health Revenue, Series C-2, 4.1%, 10/1/2041				1,135,000		1,187,392
Ohio, American Municipal Power, Inc., Electricity Purchase Revenue, Series A, 5.0%, 2/1/2011				5,000,000		5,181,100
Ohio, State Building Facilities Authority, Administration Building Fund Project, Series B, 5.0%, 10/1/2013				4,880,000		5,484,193
Ohio, State Common Schools, Series C, 4.0%, 9/15/2017				3,835,000		4,174,014
Ohio, State Higher Education, Series A, 5.0%, 8/1/2021				5,000,000		5,750,350
Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2019				2,500,000		2,722,700
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series E, 5.0%, 9/1/2039				1,045,000		1,122,967
Ohio, State Water Development Authority Revenue, Fresh Water Development:
	5.375%, 12/1/2016			125,000		136,083
	Prerefunded, 5.375%, 12/1/2016			1,925,000		2,132,823

						41,518,348
Oklahoma 0.0%
Bryan County, OK, Economic Development Revenue Authority, Single Family Mortgage, Series A, 8.6%, 7/1/2010				30,000		14,849
Comanche County, OK, Home Finance Authority Mortgage Revenue, Multi-Family FHA Diplomat, Series A, 5.2%, 12/1/2013				305,000		308,782

						323,631
Pennsylvania 4.0%
Chester, PA, Core City General Obligation, Series B, 5.8%, 12/1/2013 (a)				810,000		810,186
Langhorne, PA, Hospital Revenue, Franciscan Health, St. Mary's Hospital Authority, Series A, 7.0%, 6/15/2015 (a)				1,770,000		1,774,761
Pennsylvania, Economic Development Financing Authority, Solid Waste Disposal Revenue, Waste Management, Inc. Project, 3.6%, 9/1/2013				1,500,000		1,501,845
Pennsylvania, Financing Authority Revenue, AMT, 5.0%, 6/1/2010 (a)				570,000		575,073
Pennsylvania, Housing Finance Agency, Single Family Mortgage, Series 90A, AMT, 5.0%, 10/1/2035				1,465,000		1,471,197
Pennsylvania, State General Obligation:
	Series A, 5.0%, 2/15/2012			5,000,000		5,438,650
	5.0%, 7/1/2013			7,500,000		8,491,875
Pennsylvania, State Industrial Development Authority Revenue, Economic Development, 5.5%, 7/1/2018 (a)				4,650,000		4,931,883
Pennsylvania, TJUH System Project, 6.0%, 1/11/2011 (e)				253,308		254,541
Philadelphia, PA, Industrial Development Revenue, Authority for Individual Development Senior Living Revenue:
	Series A, 4.7%, 7/1/2013			160,000		159,246
	Series C, 4.7%, 7/1/2013			150,000		149,294
	Series E, 4.7%, 7/1/2013			180,000		179,152
Philadelphia, PA, Multi-Family Housing Revenue, Series B, AMT, 4.5%, 10/1/2013				690,000		665,291
Pittsburgh, PA, Industrial Development Revenue, Urban Redevelopment Authority, Series A, 144A, 6.0%, 12/1/2011, PNC Bank NA (c)				180,000		180,501

						26,583,495
Puerto Rico 2.8%
Commonwealth of Puerto Rico, Government Development Bank, Series B, 5.0%, 12/1/2010				3,250,000		3,340,350
Commonwealth of Puerto Rico, Highway & Transportation Authority Revenue, Series BB, 5.25%, 7/1/2018 (a)				5,000,000		5,201,600
Commonwealth of Puerto Rico, Public Improvement, Series A, 5.0%, 7/1/2011				930,000		968,260
Puerto Rico, Electric Power Authority Revenue, Series WW, 5.5%, 7/1/2021				1,495,000		1,577,330
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A, 5.0%, 8/1/2039				7,000,000		7,352,660

						18,440,200
South Carolina 0.8%
South Carolina, Jobs-Economic Development Authority, Hospital Improvement Revenue, Palmetto Health Alliance:
	3.0%, 8/1/2010			1,000,000		1,003,350
	5.0%, 8/1/2015			500,000		527,925
South Carolina, State Public Service Authority Revenue, Series D, 5.25%, 1/1/2014 (a)				3,500,000		3,879,155

						5,410,430
South Dakota 0.1%
South Dakota, Hospital & Healthcare Revenue, 5.4%, 8/1/2013 (a)				645,000		655,191
Tennessee 0.6%
Jackson, TN, Hospital Revenue, Jackson-Madison County Project, 5.25%, 4/1/2014				1,290,000		1,401,134
Tennessee, Housing Development Agency, Homeownership Program, Series 2006-3, AMT, 5.75%, 7/1/2037				2,210,000		2,292,742

						3,693,876
Texas 9.2%
Fort Worth, TX, General Obligation, 5.0%, 3/1/2016				4,260,000		4,885,198
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series A, 0.4% **, 6/1/2027 (a)				5,000,000		5,000,000
Harris County, TX, Hospital District Mortgage Revenue, 7.4%, 2/15/2010 (a)				610,000		611,556
Houston, TX, Airport Systems Revenue, Series A, 5.0%, 7/1/2016				625,000		696,737
Houston, TX, Utility System Revenue, First Lien, Series C-2A, 5.0%, 5/15/2034 (a)				1,630,000		1,702,160
North Texas, Tollway Authority Revenue:
	Series E-2, 5.25%, 1/1/2038			5,000,000		5,356,850
	Series L-2, 6.0%, 1/1/2038			2,000,000		2,216,920
San Antonio, TX, Electric & Gas Revenue, Series A, 5.5%, 2/1/2013				4,000,000		4,525,400
Spring Branch, TX, Independent School District, 5.0%, 2/1/2012				5,440,000		5,911,430
Tarrant County, TX, Multi-Family Housing Revenue, Housing Financial Corp., Series A, AMT, 3.7%, 12/20/2013				510,000		515,743
Tarrant County, TX, Public Housing Revenue, Housing Financial Corp., Series A, AMT, 3.85%, 1/20/2013				445,000		457,104
Texas, Dallas-Fort Worth International Airport Revenue, Series A, 5.0%, 11/1/2016				4,000,000		4,453,640
Texas, Lower Colorado River Authority Revenue, Series A, 5.0%, 5/15/2016				3,500,000		3,906,945
Texas, Multi-Family Housing Revenue, Wintergreen Project, AMT, 4.85%, 9/20/2012				75,000		78,124
Texas, Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, 0.87% *, 9/15/2017				7,000,000		6,426,000
Texas, State Transportation Commission Revenue, First Tier, 5.0%, 4/1/2011				2,000,000		2,107,100
Texas, State Water Financial Assistance, Series E, 4.0%, 8/1/2011				500,000		526,330
Texas, Trinity River Authority, Regional Wastewater Systems Revenue, 5.0%, 8/1/2014				4,805,000		5,480,535
West Harris County, TX, Regional Water Authority, Water Systems Revenue:
	5.0%, 12/15/2015			1,605,000		1,791,597
	5.0%, 12/15/2017			1,270,000		1,405,369
Wichita Falls, TX, Water & Sewer Revenue, Prerefunded, 5.375%, 8/1/2024 (a)				3,000,000		3,217,110

						61,271,848
Utah 1.2%
Intermountain Power Agency, UT, Power Supply Revenue, Series A, ETM, 6.15%, 7/1/2014 (a)				235,000		246,259
Salt Lake County, UT, General Obligation, 4.25%, 6/15/2013				5,000,000		5,537,650
Utah, Housing Finance Agency, Single Family Mortgage:
	Series A-2, Class III, AMT, 5.2%, 7/1/2011			10,000		10,129
	Series A-2, Class II, AMT, 5.4%, 7/1/2016			40,000		41,039
	Series C, Class III, AMT, 6.25%, 7/1/2014			25,000		25,549
Utah, Single Family Housing Revenue, Series D-2, AMT, 5.0%, 7/1/2018				610,000		618,442
Utah, Single Family Housing Revenue, Mortgage Revenue, Series G, AMT, 4.875%, 1/1/2019				1,195,000		1,214,240
Utah, Single Family Housing Revenue, Single Family Mortgage, AMT, 3.875%, 7/1/2014				605,000		600,638

						8,293,946
Vermont 0.1%
Vermont, Housing Finance Agency, Single Family, Series 23, AMT, 5.0%, 5/1/2034 (a)				885,000		893,540
Virgin Islands 0.3%
Virgin Islands, Public Finance Authority Revenue, Series B, 5.0%, 10/1/2011				1,645,000		1,715,110
Virginia 3.6%
Norfolk, VA, Capital Improvement, Series A, 5.0%, 3/1/2012				7,000,000		7,624,400
Virginia, College Building Authority, Educational Facilities Revenue, Public Higher Education Financing Program:
	Series B, 3.0%, 9/1/2011			6,885,000		7,157,508
	Series A, 5.0%, 9/1/2011			2,555,000		2,736,891
Virginia, State Resource Authority Infrastructure Revenue, Pooled Financing Program, Series B, 5.0%, 11/1/2016				1,300,000		1,518,504
Virginia, Upper Occoquan Sewer Authority, Regional Sewer Revenue, 5.0%, 7/1/2017 (a)				4,320,000		4,811,659
Virginia, Water & Sewer Systems Revenue, Series B, 8.7%, 11/1/2011				275,000		276,554

						24,125,516
Washington 6.1%
King County, WA, Limited Tax, Series D, 4.0%, 12/1/2011				1,535,000		1,631,229
King County, WA, School District No. 410, Snoqualmie Valley, Series A, 5.0%, 12/1/2015 (a)				6,180,000		6,915,605
Pierce County, WA, Peninsula School District No. 401, 5.0%, 12/1/2015 (a)				5,000,000		5,489,900
Pierce County, WA, School District No. 400, Clover Park, 5.0%, 12/1/2010 (a)				1,000,000		1,039,340
Seattle, WA, Drain & Wastewater Revenue, Series B, 2.0%, 11/1/2010				3,695,000		3,743,996
Seattle, WA, Port Revenue, Series B, AMT, 5.625%, 4/1/2016 (a)				1,805,000		1,860,594
Washington, Energy Northwest Electric Revenue, Columbia Generating Station:
	Series A, 5.0%, 7/1/2013 (a)			1,000,000		1,065,770
	Series A, 5.5%, 7/1/2017 (a)			10,000,000		10,705,900
	Series A, 5.75%, 7/1/2018 (a)			3,500,000		3,834,915
Washington, Energy Northwest Electric Revenue, Project No. 3, Series A, 5.5%, 7/1/2013				3,500,000		4,010,090
Washington, Housing Finance Authority, Nonprofit Housing Revenue, Series B, 5.1%, 7/1/2010, US Bank NA (c)				60,000		60,989

						40,358,328
West Virginia 1.4%
West Virginia, Public Energy Authority Revenue, Morgantown Association Project, AMT, 0.6% **, 7/1/2017, Dexia Credit Local (c)				9,000,000		9,000,000
Wisconsin 2.2%
Sun Prairie, WI, School District, 3.0%, 3/1/2011				500,000		513,845
Wisconsin, Housing & Economic Development Authority, Home Ownership Revenue, Series D, AMT, 4.875%, 3/1/2036				2,195,000		2,245,397
Wisconsin, State General Obligation, Series A, Prerefunded, 5.75%, 5/1/2020				10,000,000		10,142,100
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series B, 4.75%, 8/15/2025				2,000,000		2,055,200

						14,956,542

Total Municipal Bonds and Notes (Cost $619,073,399)					628,719,102

			Shares			Value ($)
	Open-End Investment Companies 5.8%
BlackRock MuniCash, 0.14% ***		31,707,651				31,707,651
BlackRock MuniFund, 0.10% ***		7,005,267				7,005,267

Total Open-End Investment Companies (Cost $38,712,918)					38,712,918

		% of Net Assets		Value ($)

Total Investment Portfolio (Cost $657,786,317) †	100.2		667,432,020
Other Assets and Liabilities, Net	(0.2)		(1,499,555)

Net Assets	100.0		665,932,465

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.
**	Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of January 31, 2010.
***	Current yield; not a coupon rate.
†	The cost for federal income tax purposes was $657,790,476. At January 31, 2010, net unrealized appreciation for all securities based on tax cost was $9,641,544. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $12,600,445 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,958,901.


(a)	Bond is insured by one of these companies:

Insurance Coverage	As a % of Total Investment Portfolio
Ambac Financial Group, Inc.		3.3
American Capital Assurance		0.3
Assured Guaranty Municipal Corp.		12.3
Financial Guaranty Insurance Co.		1.7
National Public Finance Guarantee Corp.		7.9
Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies.

(b)	At January 31, 2010, this security has been pledged, in whole or in part, as collateral for open interest rate swaps.
(c)	Security incorporates a letter of credit from the bank listed.
(d)	When-issued security.
(e)	Taxable issue.
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.
AMT: Subject to alternative minimum tax.
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.
Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
At January 31, 2010, open interest rate swaps contracts were as follows:

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


2/24/2010 2/24/2018	22,250,0001	Fixed — 3.005%	Floating — SIFMA		(557,046)

Counterparty:
1	Citigroup, Inc.
SIFMA: Securities Industry and Financial Markets Association

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
Municipal Bonds and Notes(f)	$	—	$	628,719,102		$	—	$	628,719,102
Open-End Investment Companies		38,712,918		—			—		38,712,918
Total	$	38,712,918	$	628,719,102		$	—	$	667,432,020

Liabilities
Derivatives(g)	$	—	$	(557,046	)	$	—	$	(557,046	)
Total	$	—	$	(557,046	)	$	—	$	(557,046	)

(f)	See Investment Portfolio for additional detailed categorizations.
(g)	Derivatives include unrealized appreciation (depreciation) on interest rate swaps contracts.

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	Swaps
Interest Rate Contracts	$ (557,046)

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-Term Municipal Bond Fund, a series of DWS Advisor Funds

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

Date:	March 25, 2010

Registrant:	DWS Short-Term Municipal Bond 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-Term Municipal Bond Fund, a series of DWS Advisor Funds


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

Date:	March 25, 2010

Registrant:	DWS Short-Term Municipal Bond Fund, a series of DWS Advisor Funds


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

Date:	March 25, 2010