-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CC7H/Roqn7y2knTFAqVyT9V1SFoZECaHHshA9V7xl7D/9JwcMY1jaWXJE3Z5Th6f B5+kivPC9n/kwCH8r3K6vg== 0000088053-10-000789.txt : 20100603 0000088053-10-000789.hdr.sgml : 20100603 20100603150633 ACCESSION NUMBER: 0000088053-10-000789 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20100331 FILED AS OF DATE: 20100603 DATE AS OF CHANGE: 20100603 EFFECTIVENESS DATE: 20100603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DWS ADVISOR FUNDS CENTRAL INDEX KEY: 0000797657 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04760 FILM NUMBER: 10875639 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER ADVISOR FUNDS DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: BT INVESTMENT FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BT TAX FREE INVESTMENT TRUST DATE OF NAME CHANGE: 19880530 0000797657 S000005731 DWS Small Cap Growth Fund C000015737 Class A SSDAX C000015739 Class B SSDBX C000015740 Class C SSDCX C000015742 Class S SSDSX C000015743 Institutional Class SSDIX N-CSRS 1 sr033110af_scg.htm DWS SMALL CAP GROWTH FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number

811-04760

 

DWS Advisor Funds

(Exact Name of Registrant as Specified in Charter)

 

345 Park Avenue

New York, NY 10154-0004

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 454-7190

 

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and Address of Agent for Service)

 

Date of fiscal year end:

9/30

 

Date of reporting period:

3/31/2010

 

ITEM 1.

REPORT TO STOCKHOLDERS

 

 

 

MARCH 31, 2010

Semiannual Report
to Shareholders

 

 

DWS Small Cap Growth Fund

scg_cover210

Contents

4 Performance Summary

7 Information About Your Fund's Expenses

9 Portfolio Summary

11 Investment Portfolio

16 Financial Statements

20 Financial Highlights

25 Notes to Financial Statements

33 Summary of Management Fee Evaluation by Independent Fee Consultant

38 Account Management Resources

39 Privacy Statement

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or 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 summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Stocks of smaller companies involve greater risk than securities of larger, more- established companies. Stocks may decline in value. See the prospectus for details.

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, 2010

Average Annual Total Returns as of 3/31/10

Unadjusted for Sales Charge

6-Month

1-Year

3-Year

5-Year

10-Year

 

Class A

15.01%

67.05%

-8.95%

-2.24%

-2.26%

 

Class B

14.57%

65.96%

-9.64%

-2.97%

-2.99%

 

Class C

14.57%

65.79%

-9.65%

-2.97%

-2.99%

 

Adjusted for the Maximum Sales Charge

 

 

 

 

 

 

Class A (max 5.75% load)

8.39%

57.44%

-10.73%

-3.39%

-2.84%

 

Class B (max 4.00% CDSC)

10.57%

62.96%

-10.21%

-3.13%

-2.99%

 

Class C (max 1.00% CDSC)

13.57%

65.79%

-9.65%

-2.97%

-2.99%

 

No Sales Charges

 

 

 

 

 

Life of Class S and Institutional Class*

Class S

15.34%

67.80%

-8.70%

-1.97%

N/A

-1.91%

Institutional Class

15.19%

67.64%

-8.71%

-1.97%

N/A

-1.91%

Russell 2000® Growth Index+

12.07%

60.32%

-2.42%

3.82%

-1.53%

2.25%

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

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

Performance of the Average Annual Total Returns table above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.dws-investments.com for the Fund's most recent month-end performance. Performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2010 are 1.54%, 2.71%, 2.45%, 1.34% and 1.75% for Class A, Class B, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

The Fund may charge a 2% fee for redemptions of shares held less than 15 days.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. Investors should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for very short time periods, should not be the sole factor in making your investment decision.

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.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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.

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

[] DWS Small Cap Growth Fund — Class A

[] Russell 2000 Growth Index+

scg_g10k1c0

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.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

+ 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, NYSE Alternext US (formerly known as "AMEX") and Nasdaq.

Net Asset Value

 

Class A

Class B

Class C

Class S

Institutional Class

Net Asset Value:

3/31/10

$ 17.55

$ 16.43

$ 16.43

$ 17.82

$ 17.82

9/30/09

$ 15.26

$ 14.34

$ 14.34

$ 15.45

$ 15.47

Lipper Rankings — Small-Cap Growth Funds Category as of 3/31/10

Period

Rank

 

Number of Fund Classes Tracked

Percentile Ranking (%)

Class A

1-Year

92

of

536

18

3-Year

442

of

472

94

5-Year

381

of

396

96

Class B

1-Year

118

of

536

22

3-Year

453

of

472

96

5-Year

386

of

396

98

Class C

1-Year

122

of

536

23

3-Year

454

of

472

96

5-Year

386

of

396

98

Class S

1-Year

81

of

536

16

3-Year

434

of

472

92

5-Year

376

of

396

95

Institutional Class

1-Year

83

of

536

16

3-Year

436

of

472

93

5-Year

376

of

396

95

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, rankings might have been less favorable.

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 it 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, 2009 to March 31, 2010).

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, 2010

Actual Fund Return

Class A

Class B

Class C

Class S

Institutional Class

Beginning Account Value 10/1/09

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

Ending Account Value 3/31/10

$ 1,150.10

$ 1,145.70

$ 1,145.70

$ 1,153.40

$ 1,151.90

Expenses Paid per $1,000*

$ 6.43

$ 9.79

$ 10.32

$ 3.38

$ 3.81

Hypothetical 5% Fund Return

Class A

Class B

Class C

Class S

Institutional Class

Beginning Account Value 10/1/09

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

$ 1,000.00

Ending Account Value 3/31/10

$ 1,018.95

$ 1,015.81

$ 1,015.31

$ 1,021.79

$ 1,021.39

Expenses Paid per $1,000*

$ 6.04

$ 9.20

$ 9.70

$ 3.18

$ 3.58

* 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

1.20%

1.83%

1.93%

.63%

.71%

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

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)

3/31/10

9/30/09

 

 

 

Common Stocks

96%

98%

Cash Equivalents

4%

2%

 

100%

100%

Sector Diversification (As a % of Common Stocks and Warrants)

3/31/10

9/30/09

 

 

 

Information Technology

24%

26%

Health Care

23%

22%

Consumer Discretionary

16%

15%

Industrials

16%

15%

Financials

7%

7%

Energy

6%

8%

Consumer Staples

4%

5%

Materials

3%

2%

Telecommunications Services

1%

 

100%

100%

Asset allocation and sector diversification are subject to change.

Ten Largest Equity Holdings at March 31, 2010 (16.1% of Net Assets)

1. Guess?, Inc.
Designer, developer and marketer of apparel and related consumer products

1.8%

2. Children's Place Retail Stores, Inc.
Operator of apparel and accessories for newborn to 12-year-old children

1.7%

3. RBC Bearings, Inc.
Designs, manufactures and markets a broad portfolio of bearing products

1.7%

4. Human Genome Sciences, Inc.
Researches and develops proprietary pharmaceutical and diagnostic products

1.6%

5. True Religion Apparel, Inc.
Designs, manufactures, markets, distributes and sells jeans and other apparel

1.6%

6. SXC Health Solutions Corp.
Provides pharmacy services and health care

1.6%

7. Urban Outfitters, Inc.
Operator of retail and wholesale merchandise

1.6%

8. Green Mountain Coffee Roasters, Inc.
Roasts Arabica coffees and offers various coffee selections

1.5%

9. Baldor Electric Co.
Manufactures and sells motors and drives

1.5%

10. Dollar Financial Corp.
Provides check-cashing, short-term consumer loans, money orders and money transfers through its network of company-operated stores

1.5%

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 11. 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, 2010 (Unaudited)

 

Shares

Value ($)

 

 

Common Stocks 97.7%

Consumer Discretionary 15.7%

Auto Components 0.7%

Gentex Corp.

29,800

578,716

Diversified Consumer Services 1.3%

Capella Education Co.* (a)

12,300

1,141,932

Hotels Restaurants & Leisure 1.7%

Buffalo Wild Wings, Inc.* (a)

20,790

1,000,207

Red Robin Gourmet Burgers, Inc.*

19,500

476,580

 

1,476,787

Media 1.4%

Cinemark Holdings, Inc.

66,300

1,215,942

Specialty Retail 8.4%

Advance Auto Parts, Inc.

21,400

897,088

Children's Place Retail Stores, Inc.*

33,000

1,470,150

DSW, Inc. "A"* (a)

45,100

1,151,403

Guess?, Inc.

33,800

1,587,924

hhgregg, Inc.* (a)

37,400

943,976

Urban Outfitters, Inc.*

36,800

1,399,504

 

7,450,045

Textiles, Apparel & Luxury Goods 2.2%

Carter's, Inc.*

18,100

545,715

True Religion Apparel, Inc.* (a)

46,500

1,411,740

 

1,957,455

Consumer Staples 4.1%

Food & Staples Retailing 0.5%

Casey's General Stores, Inc. (a)

13,900

436,460

Food Products 3.6%

American Italian Pasta Co. "A"*

12,100

470,327

Darling International, Inc.*

74,300

665,728

Diamond Foods, Inc. (a)

16,000

672,640

Green Mountain Coffee Roasters, Inc.* (a)

14,100

1,365,162

 

3,173,857

Energy 6.5%

Energy Equipment & Services 2.0%

Atwood Oceanics, Inc.*

12,000

415,560

Dril-Quip, Inc.*

14,300

870,012

Superior Well Services, Inc.* (a)

38,500

515,130

 

1,800,702

Oil, Gas & Consumable Fuels 4.5%

BPZ Resources, Inc.* (a)

85,400

627,690

Carrizo Oil & Gas, Inc.* (a)

36,440

836,298

Concho Resources, Inc.*

13,000

654,680

EXCO Resources, Inc.

48,910

898,966

Goodrich Petroleum Corp.* (a)

16,900

264,316

Northern Oil & Gas, Inc.*

44,000

697,400

 

3,979,350

Financials 6.7%

Capital Markets 2.1%

Stifel Financial Corp.* (a)

16,700

897,625

Waddell & Reed Financial, Inc. "A"

25,900

933,436

 

1,831,061

Commercial Banks 1.8%

East West Bancorp., Inc. (a)

50,100

872,742

Prosperity Bancshares, Inc.

17,100

701,100

 

1,573,842

Consumer Finance 1.5%

Dollar Financial Corp.* (a)

55,000

1,323,300

Diversified Financial Services 1.3%

Portfolio Recovery Associates, Inc.* (a)

21,690

1,190,130

Insurance 0.0%

Primerica, Inc.*

2,500

37,500

Health Care 22.3%

Biotechnology 7.8%

Alexion Pharmaceuticals, Inc.*

22,300

1,212,451

BioMarin Pharmaceutical, Inc.* (a)

36,500

853,005

Halozyme Therapeutics, Inc.* (a)

75,500

603,245

Human Genome Sciences, Inc.* (a)

47,900

1,446,580

ImmunoGen, Inc.* (a)

55,700

450,613

Incyte Corp.* (a)

38,600

538,856

InterMune, Inc.* (a)

12,100

539,297

Regeneron Pharmaceuticals, Inc.*

26,100

691,389

United Therapeutics Corp.*

10,700

592,031

 

6,927,467

Health Care Equipment & Supplies 3.4%

ev3, Inc.*

41,800

662,948

Hologic, Inc.*

31,100

576,594

Kinetic Concepts, Inc.* (a)

13,200

631,092

Thoratec Corp.* (a)

34,700

1,160,715

 

3,031,349

Health Care Providers & Services 3.7%

Genoptix, Inc.* (a)

36,800

1,306,032

Gentiva Health Services, Inc.*

37,800

1,068,984

Owens & Minor, Inc.

18,200

844,298

 

3,219,314

Health Care Technology 3.2%

athenahealth, Inc.*

12,300

449,688

Cerner Corp.* (a)

9,400

799,564

Merge Healthcare, Inc.*

81,469

168,641

SXC Health Solutions Corp.*

20,900

1,406,152

 

2,824,045

Pharmaceuticals 4.2%

Biovail Corp. (a)

41,800

700,986

Flamel Technologies SA (ADR)* (a)

56,619

485,225

Par Pharmaceutical Companies, Inc.*

42,500

1,054,000

Questcor Pharmaceuticals, Inc.*

124,000

1,020,520

VIVUS, Inc.* (a)

46,400

404,608

 

3,665,339

Industrials 15.4%

Aerospace & Defense 1.5%

BE Aerospace, Inc.*

42,040

1,280,118

Air Freight & Logistics 1.0%

Atlas Air Worldwide Holdings, Inc.*

16,700

885,935

Commercial Services & Supplies 1.1%

EnerNOC, Inc.* (a)

33,400

991,312

Construction & Engineering 0.5%

MYR Group, Inc.* (a)

25,000

407,750

Electrical Equipment 4.6%

A-Power Energy Generation Systems Ltd.* (a)

57,800

619,616

A123 Systems, Inc.* (a)

28,000

384,720

AZZ, Inc. (a)

15,700

531,445

Baldor Electric Co. (a)

35,800

1,338,920

General Cable Corp.* (a)

27,800

750,600

Yingli Green Energy Holding Co., Ltd. (ADR)* (a)

36,100

459,914

 

4,085,215

Machinery 3.3%

Badger Meter, Inc. (a)

20,300

781,753

RBC Bearings, Inc.*

46,100

1,469,207

Terex Corp.*

29,200

663,132

 

2,914,092

Professional Services 2.1%

FTI Consulting, Inc.*

22,200

872,904

TrueBlue, Inc.*

61,800

957,900

 

1,830,804

Road & Rail 1.3%

Genesee & Wyoming, Inc. "A"*

18,800

641,456

Knight Transportation, Inc. (a)

25,600

539,904

 

1,181,360

Information Technology 23.4%

Communications Equipment 0.7%

Polycom, Inc.*

20,200

617,716

Computers & Peripherals 1.5%

Lexmark International, Inc. "A"*

36,500

1,316,920

Electronic Equipment, Instruments & Components 1.0%

Itron, Inc.*

12,570

912,205

Internet Software & Services 3.6%

Digital River, Inc.*

28,300

857,490

MercadoLibre, Inc.* (a)

25,300

1,219,713

NIC, Inc. (a)

46,800

368,316

VistaPrint NV* (a)

11,800

675,550

 

3,121,069

IT Services 4.5%

CyberSource Corp.* (a)

69,800

1,231,272

Forrester Research, Inc.*

36,500

1,097,555

iGATE Corp.

79,100

769,643

Telvent GIT, SA

31,000

891,560

 

3,990,030

Semiconductors & Semiconductor Equipment 5.2%

Atheros Communications* (a)

30,000

1,161,300

Cavium Networks, Inc.*

34,950

868,857

Microsemi Corp.*

27,600

478,584

Netlogic Microsystems, Inc.* (a)

42,500

1,250,775

Novellus Systems, Inc.*

33,600

840,000

 

4,599,516

Software 6.9%

ArcSight, Inc.* (a)

41,200

1,159,780

Blackboard, Inc.* (a)

13,900

579,074

CommVault Systems, Inc.*

17,700

377,895

Concur Technologies, Inc.*

23,000

943,230

Epicor Software Corp.* (a)

83,800

801,128

FalconStor Software, Inc.* (a)

41,586

144,719

Taleo Corp. "A"*

41,200

1,067,492

VanceInfo Technologies, Inc. (ADR)* (a)

46,100

1,027,569

 

6,100,887

Materials 2.9%

Metals & Mining 1.8%

North American Palladium Ltd.* (a)

95,500

389,640

Thompson Creek Metals Co., Inc.*

36,800

497,904

Vista Gold Corp.* (a)

82,900

166,629

Walter Energy, Inc.

6,400

590,528

 

1,644,701

Paper & Forest Products 1.1%

Schweitzer-Mauduit International, Inc.

20,000

951,200

Telecommunication Services 0.7%

Wireless Telecommunication Services

Syniverse Holdings, Inc.*

31,800

619,146

Total Common Stocks (Cost $61,978,747)

86,284,569

 

Warrants 0.0%

Information Technology

Lantronix, Inc., Expiration Date 2/9/2011* (Cost $0)

865

736

 

Securities Lending Collateral 36.8%

Daily Assets Fund Institutional, 0.22% (b) (c) (Cost $32,503,110)

32,503,110

32,503,110

 

Cash Equivalents 4.2%

Central Cash Management Fund, 0.16% (b) (Cost $3,679,955)

3,679,955

3,679,955

 

% of Net Assets

Value ($)

 

 

Total Investment Portfolio (Cost $98,161,812)+

138.7

122,468,370

Other Assets and Liabilities, Net (a)

(38.7)

(34,148,270)

Net Assets

100.0

88,320,100

* Non-income producing security.
+ The cost for federal income tax purposes was $98,926,612. At March 31, 2010, net unrealized appreciation for all securities based on tax cost was $23,541,758. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $25,473,243 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,931,485.
(a) All or a portion of these securities were on loan, amounting to $31,233,764. In addition, included in other assets and liabilities, net is a pending sale, amounting to $154,836, that is also on loan (see Notes to Financial Statements). The value of all securities loaned at March 31, 2010 amounted to $31,388,600, which is 35.5% 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

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, 2010 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 Financial Statements.

Assets

Level 1

Level 2

Level 3

Total

 

Common Stock (d)

$ 86,284,569

$ —

$ —

$ 86,284,569

Warrants (d)

736

736

Short-Term Investments (d)

36,183,065

36,183,065

Total

$ 122,467,634

$ —

$ 736

$ 122,468,370

(d) See Investment Portfolio for additional detailed categorizations.

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 at March 31, 2010:

 

Warrants

Balance as of September 30, 2009

$ 24

Realized gain (loss)

Change in unrealized appreciation (depreciation)

712

Amortization premium/discount

Net purchases (sales)

Net transfers in (out) of Level 3

Balance as of March 31, 2010

$ 736

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2010

$ 712

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

Financial Statements

Statement of Assets and Liabilities as of March 31, 2010 (Unaudited)

Assets

Investments:

Investments in securities, at value (cost $61,978,747) — including $31,233,764 of securities loaned

$ 86,285,305

Investment in Daily Assets Fund Institutional (cost $32,503,110)*

32,503,110

Investment in Central Cash Management Fund (cost $3,679,955)

3,679,955

Total investments, at value (cost $98,161,812)

122,468,370

Receivable for investments sold

766,480

Receivable for Fund shares sold

42,969

Interest receivable

16,335

Dividends receivable

19,838

Due from Advisor

4,644

Other assets

39,595

Total assets

123,358,231

Liabilities

Cash overdraft

111,893

Payable upon return of securities loaned

32,503,110

Payable for investments purchased

2,071,218

Payable for Fund shares redeemed

125,894

Accrued management fee

18,554

Other accrued expenses and payables

207,462

Total liabilities

35,038,131

Net assets, at value

$ 88,320,100

Net Assets Consist of

Accumulated net investment loss

(122,191)

Net unrealized appreciation (depreciation) on investments

24,306,558

Accumulated net realized gain (loss)

(54,089,059)

Paid-in capital

118,224,792

Net assets, at value

$ 88,320,100

* 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, 2010 (Unaudited) (continued)

Net Asset Value

Class A

Net Asset Value and redemption price(a) per share ($30,931,656 ÷ 1,762,712 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)

$ 17.55

Maximum offering price per share (100 ÷ 94.25 of $17.55)

$ 18.62

Class B

Net Asset Value, offering and redemption price(a) per share ($896,523 ÷ 54,552 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)

$ 16.43

Class C

Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($4,723,833 ÷ 287,540 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)

$ 16.43

Class S

Net Asset Value, offering and redemption price(a) per share ($46,758,297 ÷ 2,624,216 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)

$ 17.82

Institutional Class

Net Asset Value, offering and redemption price(a) per share ($5,009,791 ÷ 281,107 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)

$ 17.82

(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, 2010 (Unaudited)

Investment Income

Income:
Dividends

$ 131,150

Income distributions — affiliated cash management vehicles

1,726

Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates

130,080

Total Income

262,956

Expenses:
Management fee

265,131

Administration fee

40,789

Services to shareholders

48,436

Distribution and service fees

58,774

Registration fees

11,478

Custodian fee

4,821

Professional fees

28,649

Reports to shareholders

22,713

Trustees' fees and expenses

1,531

Other

3,921

Total expenses before expense reductions

486,243

Expense reductions

(112,302)

Total expenses after expense reductions

373,941

Net investment income (loss)

(110,985)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments

1,948,887

Change in net unrealized appreciation (depreciation)

9,786,733

Net gain (loss)

11,735,620

Net increase (decrease) in net assets resulting from operations

$ 11,624,635

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, 2010 (Unaudited)

Year Ended September 30, 2009

Operations:
Net investment income (loss)

$ (110,985)

$ (330,892)

Net realized gain (loss)

1,948,887

(37,731,786)

Change in net unrealized appreciation (depreciation)

9,786,733

18,874,723

Net increase (decrease) in net assets resulting from operations

11,624,635

(19,187,955)

Distributions to shareholders from:
Net realized gains:

Class A

(757,033)

Class B

(42,223)

Class C

(113,846)

Class S

(1,275,530)

Institutional Class

(112,765)

Total distributions

(2,301,397)

Fund share transactions:
Proceeds from shares sold

13,144,474

17,400,083

Reinvestment of distributions

1,971,440

Cost of shares redeemed

(17,712,561)

(32,049,774)

Redemption fees

1,290

6,651

Net increase (decrease) in net assets from Fund share transactions

(4,566,797)

(12,671,600)

Increase (decrease) in net assets

7,057,838

(34,160,952)

Net assets at beginning of period

81,262,262

115,423,214

Net assets at end of period (including accumulated net investment loss of $122,191 and $11,206, respectively)

$ 88,320,100

$ 81,262,262

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

Financial Highlights

Class A

Years Ended September 30,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 15.26

$ 18.05

$ 26.32

$ 23.60

$ 24.96

$ 21.29

Income (loss) from investment operations:

Net investment income (loss)b

(.04)

(.07)

(.11)

(.18)

(.23)d

(.25)

Net realized and unrealized gain (loss)

2.33

(2.33)

(7.80)

4.51

.83

4.09

Total from investment operations

2.29

(2.40)

(7.91)

4.33

.60

3.84

Less distributions from:

Net realized gains

(.39)

(.36)

(1.61)

(1.96)

(.17)

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 17.55

$ 15.26

$ 18.05

$ 26.32

$ 23.60

$ 24.96

Total Return (%)c

15.01**

(12.51)

(30.40)

19.08

2.20d,e

17.91

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

31

29

38

59

87

80

Ratio of expenses before expense reductions (%)

1.43*

1.54

1.35

1.37

1.42

1.37

Ratio of expenses after expense reductions (%)

1.20*

1.25

1.25

1.25

1.29

1.25

Ratio of net investment income (loss) (%)

(.55)*

(.57)

(.52)

(.73)

(.91)d

(1.03)

Portfolio turnover rate (%)

42**

95

82

64f

74

119

a For the six months ended March 31, 2010 (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,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 14.34

$ 17.14

$ 25.18

$ 22.81

$ 24.36

$ 20.94

Income (loss) from investment operations:

Net investment income (loss)b

(.08)

(.15)

(.26)

(.35)

(.40)d

(.42)

Net realized and unrealized gain (loss)

2.17

(2.26)

(7.42)

4.33

.81

4.01

Total from investment operations

2.09

(2.41)

(7.68)

3.98

.41

3.59

Less distributions from:

Net realized gains

(.39)

(.36)

(1.61)

(1.96)

(.17)

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 16.43

$ 14.34

$17.14

$ 25.18

$22.81

$ 24.36

Total Return (%)c

14.57**

(13.25)

(30.89)

18.20

1.38d,e

17.06

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

1

1

2

5

6

8

Ratio of expenses before expense reductions (%)

2.44*

2.71

2.32

2.26

2.24

2.11

Ratio of expenses after expense reductions (%)

1.83*

2.00

2.00

2.00

2.04

2.00

Ratio of net investment income (loss) (%)

(1.18)*

(1.32)

(1.27)

(1.48)

(1.66)d

(1.78)

Portfolio turnover rate (%)

42**

95

82

64f

74

119

a For the six months ended March 31, 2010 (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,

2010a

2009

2008

2007

2006

2005

Selected Per Share Data

Net asset value, beginning of period

$ 14.34

$ 17.14

$ 25.19

$ 22.81

$ 24.36

$ 20.94

Income (loss) from investment operations:

Net investment income (loss)b

(.09)

(.15)

(.26)

(.35)

(.40)d

(.42)

Net realized and unrealized gain (loss)

2.18

(2.26)

(7.43)

4.34

.81

4.01

Total from investment operations

2.09

(2.41)

(7.69)

3.99

.41

3.59

Less distributions from:

Net realized gains

(.39)

(.36)

(1.61)

(1.96)

(.17)

Redemption fees

.00***

.00***

.00***

.00***

.00***

.00***

Net asset value, end of period

$ 16.43

$ 14.34

$ 17.14

$ 25.19

$ 22.81

$ 24.36

Total Return (%)c

14.57**

(13.25)

(30.92)

18.25

1.38d,e

17.06

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

5

4

5

9

9

10

Ratio of expenses before expense reductions (%)

2.20*

2.45

2.19

2.16

2.11

2.10

Ratio of expenses after expense reductions (%)

1.93*

2.00

2.00

2.00

2.04

2.00

Ratio of net investment income (loss) (%)

(1.28)*

(1.32)

(1.27)

(1.48)

(1.66)d

(1.78)

Portfolio turnover rate (%)

42**

95

82

64f

74

119

a For the six months ended March 31, 2010 (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,

2010a

2009

2008

2007

2006

2005b

Selected Per Share Data

Net asset value, beginning of period

$ 15.45

$ 18.24

$ 26.52

$ 23.71

$ 25.01

$ 23.88

Income (loss) from investment operations:

Net investment income (loss)c

.00***

(.04)

(.06)

(.12)

(.17)e

(.15)

Net realized and unrealized gain (loss)

2.37

(2.36)

(7.86)

4.54

.83

1.28

Total from investment operations

2.37

(2.40)

(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***

.00***

Net asset value, end of period

$ 17.82

$ 15.45

$ 18.24

$ 26.52

$ 23.71

$ 25.01

Total Return (%)d

15.34**

(12.38)

(30.23)

19.43

2.41e,f

4.73**

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions)

47

44

66

202

68

79

Ratio of expenses before expense reductions (%)

.93*

1.34

1.18

1.12

1.21

1.12*

Ratio of expenses after expense reductions (%)

.63*

1.00

1.00

1.00

1.03

1.00*

Ratio of net investment income (loss) (%)

.02*

(.32)

(.27)

(.48)

(.65)e

(.78)*

Portfolio turnover rate (%)

42**

95

82

64g

74

119

a For the six months ended March 31, 2010 (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,

2010a

2009

2008

2007

2006

2005b

Selected Per Share Data

Net asset value, beginning of period

$ 15.47

$ 18.24

$ 26.56

$ 23.71

$ 25.01

$ 23.88

Income (loss) from investment operations:

Net investment income (loss)c

(.01)

(.04)

(.06)

(.10)

(.16)e

(.15)

Net realized and unrealized gain (loss)

2.36

(2.34)

(7.90)

4.56

.82

1.28

Total from investment operations

2.35

(2.38)

(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***

.00***

Net asset value, end of period

$ 17.82

$ 15.47

$ 18.24

$ 26.56

$ 23.71

$ 25.01

Total Return (%)

15.19d**

(12.26)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)

5

3

5

116

5

4

Ratio of expenses before expense reductions (%)

.94*

1.75

.99

.91

1.10

1.12*

Ratio of expenses after expense reductions (%)

.71*

1.00

.99

.91

1.03

1.00*

Ratio of net investment income (loss) (%)

(.06)*

(.32)

(.26)

(.39)

(.65)e

(.78)*

Portfolio turnover rate (%)

42**

95

82

64g

74

119

a For the six months ended March 31, 2010 (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. Organization and 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 of the Fund are closed to new purchases, except exchanges or the reinvestment of dividends or other distributions. Class B shares were 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. 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 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 they trade. 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 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 or issuer'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.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Securities Lending. The Fund may lend securities to certain 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 either cash or 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 agent will use its 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, 2009, the Fund had a net tax basis capital loss carryforward of approximately $21,349,000, including $14,708,000 inherited from its merger with an affiliated fund in fiscal year 2004, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until September 30, 2010 ($6,479,000), September 30, 2011 ($6,479,000), September 30, 2012 ($1,750,000) and September 30, 2017 ($6,641,000), the respective expiration dates, whichever occurs first, and which may be subject to certain limitations under Sections 382-384 of the Internal Revenue Code.

In addition, from November 1, 2008 through September 30, 2009, the Fund incurred approximately $33,975,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ending September 30, 2010.

The Fund has reviewed the tax positions for the open tax years as of September 30, 2009 and has determined that no provision for income tax is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open 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, 2010, purchases and sales of investment securities (excluding short-term investments) aggregated $33,342,296 and $38,899,425, 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, 2009 through January 31, 2010, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A

1.25%

Class B

2.00%

Class C

2.00%

Class S

1.00%

Institutional Class

1.00%

For the period from February 1, 2010 through September 30, 2010 for Class A and S shares (through January 31, 2011 for Class B, C and Institutional Class shares), the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:

Class A

1.69%

Class B

2.44%

Class C

2.44%

Class S

1.44%

Institutional Class

1.35%

Effective February 1, 2010, the Advisor has voluntarily agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A

1.60%

Class B

2.35%

Class C

2.35%

Class S

1.35%

These voluntary waivers or reimbursements may be terminated at any time at the option of the Advisor.

Accordingly, for the six months ended March 31, 2010, the Advisor waived a portion of its management fee pursuant to the Investment Management Agreement aggregating $94,879 and the amount charged aggregated $170,252, which was equivalent to an annualized effective rate of 0.42% of the Fund's average daily net assets.

For the six months ended March 31, 2010, the Advisor agreed to reimburse the Fund $14,670 of sub-recordkeeping expenses for Class S shares.

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, 2010, the Administration Fee was $40,789, of which $7,314 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, 2010, the amounts charged to the Fund by DISC were as follows:

Services to Shareholders

Total Aggregated

Waived

Unpaid at March 31, 2010

Class A

$ 19,707

$ —

$ 19,707

Class B

2,260

1,829

431

Class C

5,234

924

4,310

Institutional Class

190

190

 

$ 27,391

$ 2,753

$ 24,638

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, 2010, the Distribution Fee was as follows:

Distribution Fee

Total Aggregated

Unpaid at March 31, 2010

Class B

$ 3,626

$ 572

Class C

16,393

2,975

 

$ 20,019

$ 3,547

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, 2010, the Service Fee was as follows:

Service Fee

Total Aggregated

Unpaid at March 31, 2010

Annualized Effective Rate

Class A

$ 32,190

$ 15,111

.22%

Class B

1,173

441

.24%

Class C

5,392

2,072

.25%

 

$ 38,755

$ 17,624

 

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, 2010 aggregated $108.

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, 2010, the CDSC for the Fund's Class B and C shares was $1,127 and $20, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended March 31, 2010, DIDI received $63 for 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, 2010, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $7,788, of which $4,736 was unpaid.

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.

Affiliated Cash Management Vehicles. The Fund may invest uninvested cash balances in Central Cash Management Fund and other affiliated money market funds managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of the underlying money market funds. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.

D. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $450 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 a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.

E. Share Transactions

The following table summarizes share and dollar activity in the Fund:

 

Six Months Ended March 31, 2010

Year Ended
September 30, 2009

 

Shares

Dollars

Shares

Dollars

Shares sold

Class A

404,601

$ 6,618,389

796,243

$ 9,767,663

Class B

4,990

75,801

14,726

166,497

Class C

28,204

429,553

95,783

1,106,133

Class S

122,092

2,037,140

435,316

5,371,857

Institutional Class

245,486

3,983,591

72,634

987,933

 

 

$ 13,144,474

 

$ 17,400,083

Shares issued to shareholders in reinvestment of distributions

Class A

$ —

49,258

$ 543,812

Class B

3,771

39,415

Class C

10,372

108,385

Class S

104,482

1,167,063

Institutional Class

10,095

112,765

 

 

$ —

 

$ 1,971,440

Shares redeemed

Class A

(546,398)

$ (8,659,047)

(1,032,490)

$ (12,583,468)

Class B

(26,788)

(401,430)

(65,349)

(764,798)

Class C

(43,748)

(658,900)

(104,073)

(1,204,478)

Class S

(335,881)

(5,414,552)

(1,314,148)

(15,887,048)

Institutional Class

(151,825)

(2,578,632)

(141,964)

(1,609,982)

 

 

$ (17,712,561)

 

$ (32,049,774)

Redemption fees

 

$ 1,290

 

$ 6,651

Net increase (decrease)

Class A

(141,797)

$ (2,040,595)

(186,989)

$ (2,266,320)

Class B

(21,798)

(325,629)

(46,852)

(558,886)

Class C

(15,544)

(229,347)

2,082

10,040

Class S

(213,789)

(3,376,185)

(774,350)

(9,347,150)

Institutional Class

93,661

1,404,959

(59,235)

(509,284)

 

 

$ (4,566,797)

 

$ (12,671,600)

F. Review for Subsequent Events

Management has evaluated the events and transactions subsequent to period end and has determined that there were no material events that would require disclosure in the Fund's financial statements.

Summary of Management Fee Evaluation by Independent Fee Consultant

October 9, 2009, As Revised November 20, 2009

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 2009, 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 and 2008.

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 and serve 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 124 publicly offered 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.

scg_sigmack0
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:

Your confidence is important to us. So we want to make sure you know our policies regarding the handling of our clients' private information. 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. 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 2009

Notes

Notes

Notes

Notes

Notes

Notes

Notes

scg_backcover0

 

 

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

 

 

 

There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. 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 Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.

 

 

ITEM 11.

CONTROLS AND PROCEDURES

 

 

 

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

 

 

 

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

 

 

ITEM 12.

EXHIBITS

 

 

 

(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

 

 

 

(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

 

 

Form N-CSRS Item F

 

SIGNATURES

 

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

 

Registrant:

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

 

 

 

 

By:

/s/Michael G. Clark

Michael G. Clark

President

 

 

Date:

June 1, 2010

 

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:

June 1, 2010

 

 

 

 

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

 

 

Date:

June 1, 2010

 

GRAPHIC 2 scg_backcover0.gif GRAPHIC begin 644 scg_backcover0.gif M1TE&.#EADP%T`N2ABCOFIV)*&]=48 MGY%$IAA>BT`VE>1!.T99HD)3RB@0CQ*)N")!3#:YH)`U/0E2E5X"I>*/-HEI MD9IEFGFF05VZ).6<4;9IYYUXYJGGGGSVZ>>?@`8JZ*"$%FKHH8@FJNBBC#;J MZ*.01BKII)16:NFEF&:JZ::<=NKIIZ"&*NJHI)9JZJFHIJKJJJRVZNJK_K#& M*NNLM-9JZZVXYJKKKKSVZNNOP`8K[+#$%FOLL<@FJ^RRS#;K[+/01IL<>7%* MVQ.:YN%H[4X^6OLDD55B22."'RU9[:]S;IBDN`B1N:U&=4KHDK;98ILLG>&J M.^!"1HIT+K'X6NG?2?\N&^]]ZI(;8+\3T3M0P8*R**>[!>)+(9LSLKNJ@BMA MS'"1XE)\Y<@8:0DGI&^BA/&8'[L*L4HK7R1RK&=NZ?"0+4N8LZP2NT`' M+?301!=M]-%()ZWTTDPW[?334$M]MILM^WVVW#'+??<=-=M]]UXYZWW_MY\]^WWWX`'+OC@A!=N^.&( M)Z[XXHPW[OCCD$245V[YY9AGKOGFG'?N^>>@AR[ZZ*27;OKIJ*>N^NJL MM^[ZZ[#'+OOLM-=N^^VXYZ[[[KSW[OOO3-4LN/#UODPWQWC??)[QN'Y[\+Y7 MVL=NS`ZQQWRP-;IKH,9'*DQ1EV`>2Z;V`IZH\T;@WVSLC@LC&*'T_'+_4+<^ M+YFT^2BI'^+UMUJ,9$0S@\AZL&6N=QU,?@/3"/&D%;`#S:A=!1K)`M=')RI! M!'X(5,@$?\9!;^4+@.AKB+V&Y3^%93!A2N(?TN"GP!$64(5M2IE.*H@1`)T0 M(UBLV[:QB4`I@1PIXLB("L80MF]D--2B0$?)* MB!]18LFJ"*+P$6I%/10)%C.B157ML'@P7%,9U>@]6)DL6Q^:V!$!.$>KK?$^ M==0:%"WFJPWN#WB`#*0@!TG(0AKRD(A,I"(7R^O*7P`RF,(=)S&(:\YC(3*8RE\G,9CKSF=",IC2G2;&*<4Q>3\T35+NE$6[VVQ(1C>HSQN6PII2A%E&+JBSOY1$F.#JJK,@G MIO>UD613A),,IWJO\3TOK!RY:5G)9=8))0RM6?IC_8`J/K9FKWQPNZM=W5H? M"T(O0?1;*EWK^KR*\=6P?FVA6M<:H^BAZ'U_G==0#<;5!P)Q7W"=:Q<7ZZT+ M7I5I=TR@:(.DU,%2,%T.K)O_!/;$S^+0M.6Q_A_0UF6BK\X/MD)KX%^E-SW7 MDK6#7-(JK*#X0(?X5H!-)>P8(9O9$`KVM,OUK&V1B\.Q,K:PN_W8&+-V0'T1 MS+I$ZZYC>QO9BH#WM\@J(6N;FR7U6>^Z[$OM0]@;JI_.)+0R>6^]J'JH\V8% MO^;-*7R/&Y*D?LF*7Q0N2?@H,Q8"EK_H07#_N&K"KFIQNP'&K:$LI.")6'BZ M%-88@+\GX5K]<+J.3:)M1]S$,\:6LZ[R&(J1J.+I?;?$PVTM<=LE1?H:.+CV M[2]+8K9'$/^/O@O9*0]A=N$BX]%]+)ZJBWOVIZ?"!,/P(C"H;A3;E&"YP3,^ ME6S1R&0MS]?,G?+C4TN^3$%YO+H2 M,!=A')(HTWE72G[NFM%LZ#>[%\)#+K)N`VU=-7=,TE*"JJ8WS>E.>_K3H`ZU (J$<-R8```#L_ ` end GRAPHIC 3 scg_cover210.gif GRAPHIC begin 644 scg_cover210.gif M1TE&.#EA80%K`./($.*'$FRI,F3*%.J7,FRIS8)^*Q5KV[%BR8\VVA4JWJ]>U;!'F;2CU8-^S M#'DVZM.G3 MJ%.K7LVZM>O7L&/+GDV[MNW;N'/KWLU;Y^;>P%G_YOPXN/&MQ1EV+@QY+_/F M>`-;/D[=H^B$G:%3OBN=NUC&TZO^B\<8?KSYV<,=GU_/OKW[]_#CRY]/O[[] M^_CSZ]_/O[___P`&*."`!!9HX($()JC@@@PVJ%MEV3DH(53#Z?7VN5<>-E5QJ%MUUF8G(C?6:8>8-&%B"%7:TE65XQPP44C6CG>:%=8 M;@%9UUL[IC6DBL2MR")T15+H78@@GDA;BGXM1N*%,!)F9812KD:E32]V.266 M$\DHYH!D;E<>C6U)Q2.1/^X(V9G!14GGG7CFJ>>>?/;IYY^`!BKHH(06:NBA MB":JZ**,-NKHHY!&*NFDE%9JZ:689JKIIIQVZNFGH(8JZJBDEFKJJ:B^]V6J MMT'(*F_^(*;YJFMA,KGJK)G5VJ&2N.8J*T1F]II8><+F=JN3&F8I681<$ELL M2L=FJ>N5)6IIXK,J1;NDFMS:NAVR:@9+X&!*&GED8$&VZ)>..19IIIOISMEA MDN^2:^^V^'(Y85]8/5:BD^RR^=:Z<)+U9)!#&BDPK]\"*]IR]_XUHJX+FMLO MNP/'Z^./!<]E;KH7#UPCD6E9C*3#Y5KK';CZ(JLMMN0Q7.6*U#8)L,HSRPPS M1]I6VVS-Q:W9\LX=]1QKO1?&!I_]TM1RM]9UW7CGK?<&WGSW75I``#L_ ` end GRAPHIC 4 scg_g10k1c0.gif GRAPHIC begin 644 scg_g10k1c0.gif M1TE&.#EA80&``./($.*'$FRI,F3(AVB7,FRIJC$FS)D2;.'/J1(D`PGUJUFM0M.63-AS8%N?/BG&54MWXUR"=]VV=8M7;X"\ M'_?ZG2LX9E"**FYHSRL.:7 MATU;5"VWL^N,<4D;E!V2-N:_?5]3/KVR,$?!OF]B3,U;)^O/F9/C]FL9^.O; MK4':+AXS^.S6H0L>I[XVHE*)217^T\P.>_-T[NBO\]4=M3WB\>?[____`!2%)0B165E'`")JB@4/TMV%*##D8HX4<03KB6A1AFJ)^& M)AV(X$@5'G3A@"-N""*))6H4(H#O6R-&! M/=Z(V$,O1@47B"!N8&@FZ'J4VU6=HFY7"2>AIY'EDJ6?;.1VJ=*;9DZ:MB!GNH>KQ6AR>PG`Z'YI%+W06V^VVX$ZYK(@_AFNN9M_6F>ZY[&;;+I==MBLO M3>N6F6ZWW^;;*X7[VM@AC/,&+/#``Q[9Y8VIG:7PP@PW[/##$$?,,,%#4FSQ M2?5ZF?'%`V],I<<TF+Z,=1>N>BD%J:S!*NGUE46:-5'B>C MRC+/AC)HOE'Z:Y@\B\OQ4D,7/3!M@#%-;*YY&FS;X:#O73M#:GM$Z(B\J7>WT76%3,_$D*J8=*7A4669XW%9;H4(TN M,>AE9,C255CBW[Z"2$8@/:W*HG'>MXT'._^CAZD;^= M&VYH6XD?X=`#[W/-RM=:>+')$Y]U\ZK":C.RH2E7M[#5]JRK]8!.Q[V&S7]= M_*1WFV_]K(01NCZZ?M^$<)3525Z;_+_QU/7T-C7D8>=]``S@\D!R/PPU\']J M2J!)L.:OD#U0@BRS(`8WF*H,:LY@,;L@!W?'*Y<9Y66:&Z$$11@A%JHP0RY< M4`Q?.*$9)LB&-'00#@&TPQS>\%W^^M..#WO6P]/H[%_72J*)ELC`?@$,11LI M(K=PM"*7!2E>RNH;OTR%.R7YJT!?/!6-`-?%#GZ'C$-,HQK7R,8T0RJI"4GR!Z\/2:2&&L(JN(8*5#V;&B#0X\I"W8Y*Y*2BXJDH%UB M%2=,#N5CE=L2%9FT%$,:*EKI,]X`,ZG!28:,?M\;W,^>(ZCR&7%J:S*FO&A9 MO06F8::9H+<>.KI2VO&;7H&>UB5.NFGK"Y-.C=#95\4IKVJJ;- MX%83E=;T)*RT-TPDKL99(&0,R?3"ML'D1CDL0NF9G%;+G^")HGFTV$P$1ZM` M(="<+I73H%;:*G43-4J;*ZJ!,VBJ%)VF5,T8>;Z=#T MIIR4GM<:5\T(H=6?F5FKEN*:2Q+63*DVI1ZUH)JK"#(V03\-)Q8%QKN!#DMZ MWG,GL)HZOS[Y#S-O"BJZ,,O,OO:TK'AUIE>[^M@%89*:]%S_4EE66 MY&3M[V`*6;O*Q7VR31MMLVG1Z!D4KV;E&&X=2YK@TN5;@[+F0;^JO'=RD&MO M4ZH0-=B_Y+;VKKP%:$W!5T%[B9%_@&L?8S]5VQ&RZJXM,N^ISDC*R?)$IR() M[S<%V-JY>E"+>!1C[$BWE=E9Q<`#3K""&V8[A*Q.8>HB5Q0->%3O7I=3/'.N M6AXI5MNJ$;Y_E.E]Z-=//>)VPMRUCWXE^#@-!VB3YG(Q,6$,+AG_Q,8T]B@Z M+^K2OT;6F(^S MG+,MM*+#K6GMTNQ/9LPBCJRT9)5Y$J@>.>J>K,SJB/UHU;/6M;V1&%%DFQF 0//OZU\`.MK"'36QS!00`.S\_ ` end GRAPHIC 5 scg_sigmack0.gif GRAPHIC begin 644 scg_sigmack0.gif M1TE&.#EA^0`E`.UUH0;%J_;OX`#"QY,N+#A MPX@AM@6\.+%CE3W5Z@QEBO+I?IQ8NF_=%T*VYJOZ,G+CSYT190Y].O;KU MZ]BS:]_.'7+PJ]^[JSO'V39F^*KGV8J'2M>F47>6P%>&!M+ZEUVTT^<91A1!`2J*"$$A[X M78?[V59:?)UAU>!/"TJVVT+]B6AA71265>"&,[K'X8H1-N:C:R%V9R",1TG7 M(8Z3G706AD?>->2$XL7XXGU*HKADD%`2AR5LOF7II7!;?BGFF&26:>:9:*:I &9ID!`0`[ ` end EX-99.CERT 6 ex99.htm CERTIFICATION


 

 

 

President

Form N-CSRS Certification under Sarbanes Oxley Act

 

 

 

I, Michael G. Clark, certify that:

 

1.

I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

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

 

 

(a)

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

 

 

(b)

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

 

 

(c)

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

 

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

June 1, 2010

/s/Michael G. Clark

 

Michael G. Clark

 

President

 

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

 

 


 

 

 

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

 

 

 

I, Paul Schubert, certify that:

 

1.

I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

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

 

 

(a)

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

 

 

(b)

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

 

 

(c)

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

 

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

June 1, 2010

/s/Paul Schubert

 

Paul Schubert

 

Chief Financial Officer and Treasurer

 

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

 

 

GRAPHIC 7 img1.gif GRAPHIC begin 644 img1.gif M1TE&.#EA30%``'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y M!`$`````+`````!-`4``AP``````````,P``9@``F0``S```_P`S```S,P`S M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9 M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,` M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_ M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;, M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D` M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9 M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_ M_\P``,P`,\P`9LP`F/(#TFPDBRI,F3*%.J7,FRH`(:+Q5`B`D3YLR:,6_2E+G3 M9LY!+8,*'4JTJ%&5,T,J7:ITY-&G4*-*G7JRIU6<6*]JK0F4JM>O8,-"94JV M+$>G8M.J7.-_6H"&7KH*Y=?/>M8N7YUL%7=L*'DQ8;5*--+I^4C-IN&) M&-)W8$'Y<42#0OVA*.-_`BKDVW,5#I1@CC/VB%QV"R4RX4;FM1:CCTA61UY, M11Z42!;/O0BC7!KQF.25J:F8$)0=0EJ4"'=S@26A7,S-^ANC=BX)TYQ0PO17#;DVU-Y?NVXT5U(U*!+M M1;U&-`@$P9K4(@3=IO1%N2W>51"7=Y7['S:)="H1H?AYM)]$Q6&QK&*(I4E2 MN!;-JH"[$=$B4ZT##Z4(3`F=:9,+!+F2TWLGQDDPG2%V%2>5;UU\T([Y17=H MQ(-0]^E`KM`B;WZMT$)0*R4GLJTK)1?TK90TNVR0(B5O>Y"$@#4K[T"TE#S( MMF;6;%"G\G+Z5\H'Y>=LD;_RS!!OW9(=V]9_.;*>JV`00/;"\,F MI&?!2=G;7%E4"O-O]"0L[ZSFR)'+H<40E5CM3H2^9)K5S7K8R MTQ>F8J'1YJ^"3KWJEQY3(28_7@):>RCCE%;4I'`:<=>R`-"J@:$E9#>*GF1N M8A<(.*8N-<%"*^9B+0VR2`$N$)*Z`*#"<[5+('^!37IFAZV84.Q^E.F*"F'B M`@C,)('IT=<+_Q%T*(Y`[T8)8V'5("B^5^6$!MB;D&_89Q!"5>4L0A0?<8)5 M$[(5L(*#2!1W/`@O`NGP)0#`AID6-Z(NFHTN`O%"QQ)5`\'5I%-<4LA;KI=# M'27`-&::"\W>DH6N%&XX7TA`I2Q4'Q8F$CK8R-I`S@0=N:01.-CH(X):!ZP/ MZ@:&@IM5\@3BQD>Z#EB2$UP%"=%&C:0I3OLCY?S,)A/VU,`+H(1D!;.0J-[5 M8!"8@E^()%D2D/V/?B^"(.4`X*PW)A$`>73,,5GH&HGH\4_]/VZ61 M9MJC#'0DY$'B*`!"KA#2KIH)`'B*3V#0J0D-O*FN$0Y,9Y:J78 M-JDV,$!]##U%Y-A?%E8'J,UKU$$#.-Z7(57!/JG"'_.A*)*TT,:P>!1WN>4'(N`@`M M@&4>MO9&2MY#K7:L!INO1G"M;[4@:^-%Q);63J,J]9\+C'99I4UPI>0D)4\C MDIN-E%HMKR>\HU501-+$69QH@$L`*.(+_H*9Z4Z+ M5VC)\9Q)/:C7>C,WQZ"R<).3"7*%XTFC"6=$]T603IF)7\E,JF$K!-H$L>$_ MP-2SD3OUDL"HUB&)<5:6$/-P_C8FI;*?#4'J?0;;"Y*PX^2K5BF?EB"00B_Z2@M]%##/-V=+\%,DSXGV1*X@%P!?= M+)NIW:F"RJI%]CP3_ZDT&-$!5PH;-T+0-.;L"F4Z94:$?'6;T\DO;)H%%!5" MP)NP$B]T-JL=CO+UERTRC2N$!EZZ[96(\#UF/I.8'Z`4CEP&#>\V)SH1LYAZ M*>[E"`02H!%"J*Z.D4M*Q%Q#6M8DE!7U+F<^/D5BDQVSTT&`XMLC`3=JG.+[>K5)`U8BIJJ=:I=0$@A-CJ&T7:99I! M'9CIL+&P](Q6N'\32`^[/,W*F9O7=@E,M1-UIA\:5E4R8;5Z`XY>\PK\,*LN M.'H/SFK>+F8Q:VO=])Q'\8(HHG+"P2R+LF">7R&O>T/F>"$'`C.>31)NT__+ M0B%':;/6^GE7@W->ZHR:NJ9MCN-F&_*Y)!Y5E,_N"TY1&8"=\E_H\59I"37Y M[%!.,PC'"^@"D5OI8`-FV)XK>K#9&FYQSUY=AM;Q*)^$/Q\(`:FD'4 M>$_J8*._8RL;0L;&^#*A[7I$DUT:]6[X>][85!:[WL8&CS+'$R0:B_>9Y`T/ M^+9%7?$-J;SL\_[WVF_>]K.W?:K`1LSET(4-5]SJS\CC/M##@HE>> M\QYAMSC9Y&.TPH6?!!3)5F M"E!/)7-0#I08:;9FJD4WOI%)DB49:V8[B=$*[5*""*)\8C5\%*1!<"2(*>5/ ME%4S=S$<@,$\B09GO\%N)/2+-&,@-2%)`[A3$',FL.$P"!)MP>%5$>4E%"A] M836,2TA$54@^[6$:,T&,WB1@AS-1!O,BP3)>E9-2ZI%(Z](ZC:0`.19!M;*& M="16>/%&S55CSO8;@V!L+"0[*P08L-*'#?48IO@%9RA>,`0Q,3$T=#$B(S0` MFR,[LX)+NC$7F41UP%5]A54M38)2U.ABJW@N+O,>G/4_S%.)63!F`Y,%:6)/ ME?^X&'*%#5!B6MLX'`JB&ULW6-)#%\7W&+&66A/(/8L!1Q"6,/_S/PZS&)*T M+`0R@;^$1L>$4N;3AD!U4*N#4M%(C1(",>]8'[_Q7=+W=54U-"I69[`1A<<6 M7H6429(6.2:W4),Q)X2C>0MC,[,R"%C`2M"$2`1)$,(3'%03B."$=9%""T\2 M'(TV<[9#5:U`"(IY.L&A><=#`[3`DR]B.]/V*V`0&`4(.V96)(TSD+.B")O& M*_?G*+`W-.7D%(%1?"@S.SICFD6R-9,4-8F24`:!=*:2-0<(./9A?ITB*A1D K'C"S-+\YG#YS6<-9FP+!-I/7*=3%0H9''>JG5R/Q>Q@(.)XMX3S8%Q``.S\_ ` end GRAPHIC 8 img2.gif GRAPHIC begin 644 img2.gif M1TE&.#EA30%``'<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y M!`$`````+`````!-`4``AP``````````,P``9@``F0``S```_P`S```S,P`S M9@`SF0`SS``S_P!F``!F,P!F9@!FF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9 M_P#,``#,,P#,9@#,F0#,S`#,_P#_``#_,P#_9@#_F0#_S`#__S,``#,`,S,` M9C,`F3,`S#,`_S,S`#,S,S,S9C,SF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F M_S.9`#.9,S.99C.9F3.9S#.9_S/,`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_ M9C/_F3/_S#/__V8``&8`,V8`9F8`F68`S&8`_V8S`&8S,V8S9F8SF68SS&8S M_V9F`&9F,V9F9F9FF69FS&9F_V:9`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;, M9F;,F6;,S&;,_V;_`&;_,V;_9F;_F6;_S&;__YD``)D`,YD`9ID`F9D`S)D` M_YDS`)DS,YDS9IDSF9DSS)DS_YEF`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF9 M9IF9F9F9S)F9_YG,`)G,,YG,9IG,F9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G_ M_\P``,P`,\P`9LP`F/(#TFPDBRI,F3*%.J7,FRH`(:+Q5`B`D3YLR:,6_2E+G3 M9LY!+8,*'4JTJ%&5,T,J7:ITY-&G4*-*G7JRIU6<6*]JK0F4JM>O8,-"94JV M+$>G8M.J7.-_6H"&7KH*Y=?/>M8N7YUL%7=L*'DQ8;5*--+I^4C-IN&) M&-)W8$'Y<42#0OVA*.-_`BKDVW,5#I1@CC/VB%QV"R4RX4;FM1:CCTA61UY, M11Z42!;/O0BC7!KQF.25J:F8$)0=0EJ4"'=S@26A7,S-^ANC=BX)TYQ0PO17#;DVU-Y?NVXT5U(U*!+M M1;U&-`@$P9K4(@3=IO1%N2W>51"7=Y7['S:)="H1H?AYM)]$Q6&QK&*(I4E2 MN!;-JH"[$=$B4ZT##Z4(3`F=:9,+!+F2TWLGQDDPG2%V%2>5;UU\T([Y17=H MQ(-0]^E`KM`B;WZMT$)0*R4GLJTK)1?TK90TNVR0(B5O>Y"$@#4K[T"TE#S( MMF;6;%"G\G+Z5\H'Y>=LD;_RS!!OW9(=V]9_.;*>JV`00/;"\,F MI&?!2=G;7%E4"O-O]"0L[ZSFR)'+H<40E5CM3H2^9)K5S7K8R MTQ>F8J'1YJ^"3KWJEQY3(28_7@):>RCCE%;4I'`:<=>R`-"J@:$E9#>*GF1N M8A<(.*8N-<%"*^9B+0VR2`$N$)*Z`*#"<[5+('^!37IFAZV84.Q^E.F*"F'B M`@C,)('IT=<+_Q%T*(Y`[T8)8V'5("B^5^6$!MB;D&_89Q!"5>4L0A0?<8)5 M$[(5L(*#2!1W/`@O`NGP)0#`AID6-Z(NFHTN`O%"QQ)5`\'5I%-<4LA;KI=# M'27`-&::"\W>DH6N%&XX7TA`I2Q4'Q8F$CK8R-I`S@0=N:01.-CH(X):!ZP/ MZ@:&@IM5\@3BQD>Z#EB2$UP%"=%&C:0I3OLCY?S,)A/VU,`+H(1D!;.0J-[5 M8!"8@E^()%D2D/V/?B^"(.4`X*PW)A$`>73,,5GH&HGH\4_]/VZ61 M9MJC#'0DY$'B*`!"KA#2KIH)`'B*3V#0J0D-O*FN$0Y,9Y:J78 M-JDV,$!]##U%Y-A?%E8'J,UKU$$#.-Z7(57!/JG"'_.A*)*TT,:P>!1WN>4'(N`@`M M@&4>MO9&2MY#K7:L!INO1G"M;[4@:^-%Q);63J,J]9\+C'99I4UPI>0D)4\C MDIN-E%HMKR>\HU501-+$69QH@$L`*.(+_H*9Z4Z+ M5VC)\9Q)/:C7>C,WQZ"R<).3"7*%XTFC"6=$]T603IF)7\E,JF$K!-H$L>$_ MP-2SD3OUDL"HUB&)<5:6$/-P_C8FI;*?#4'J?0;;"Y*PX^2K5BF?EB"00B_Z2@M]%##/-V=+\%,DSXGV1*X@%P!?= M+)NIW:F"RJI%]CP3_ZDT&-$!5PH;-T+0-.;L"F4Z94:$?'6;T\DO;)H%%!5" MP)NP$B]T-JL=CO+UERTRC2N$!EZZ[96(\#UF/I.8'Z`4CEP&#>\V)SH1LYAZ M*>[E"`02H!%"J*Z.D4M*Q%Q#6M8DE!7U+F<^/D5BDQVSTT&`XMLC`3=JG.+[>K5)`U8BIJJ=:I=0$@A-CJ&T7:99I! M'9CIL+&P](Q6N'\32`^[/,W*F9O7=@E,M1-UIA\:5E4R8;5Z`XY>\PK\,*LN M.'H/SFK>+F8Q:VO=])Q'\8(HHG+"P2R+LF">7R&O>T/F>"$'`C.>31)NT__+ M0B%':;/6^GE7@W->ZHR:NJ9MCN-F&_*Y)!Y5E,_N"TY1&8"=\E_H\59I"37Y M[%!.,PC'"^@"D5OI8`-FV)XK>K#9&FYQSUY=AM;Q*)^$/Q\(`:FD'4 M>$_J8*._8RL;0L;&^#*A[7I$DUT:]6[X>][85!:[WL8&CS+'$R0:B_>9Y`T/ M^+9%7?$-J;SL\_[WVF_>]K.W?:K`1LSET(4-5]SJS\CC/M##@HE>> M\QYAMSC9Y&.TPH6?!!3)5F M"E!/)7-0#I08:;9FJD4WOI%)DB49:V8[B=$*[5*""*)\8C5\%*1!<"2(*>5/ ME%4S=S$<@,$\B09GO\%N)/2+-&,@-2%)`[A3$',FL.$P"!)MP>%5$>4E%"A] M836,2TA$54@^[6$:,T&,WB1@AS-1!O,BP3)>E9-2ZI%(Z](ZC:0`.19!M;*& M="16>/%&S55CSO8;@V!L+"0[*P08L-*'#?48IO@%9RA>,`0Q,3$T=#$B(S0` MFR,[LX)+NC$7F41UP%5]A54M38)2U.ABJW@N+O,>G/4_S%.)63!F`Y,%:6)/ ME?^X&'*%#5!B6MLX'`JB&ULW6-)#%\7W&+&66A/(/8L!1Q"6,/_S/PZS&)*T M+`0R@;^$1L>$4N;3AD!U4*N#4M%(C1(",>]8'[_Q7=+W=54U-"I69[`1A<<6 M7H6429(6.2:W4),Q)X2C>0MC,[,R"%C`2M"$2`1)$,(3'%03B."$=9%""T\2 M'(TV<[9#5:U`"(IY.L&A><=#`[3`DR]B.]/V*V`0&`4(.V96)(TSD+.B")O& M*_?G*+`W-.7D%(%1?"@S.SICFD6R-9,4-8F24`:!=*:2-0<(./9A?ITB*A1D K'C"S-+\YG#YS6<-9FP+!-I/7*=3%0H9''>JG5R/Q>Q@(.)XMX3S8%Q``.S\_ ` end EX-99.906CERT 9 ex906.htm 906 CERTIFICATIONS


 

 

 

President

Section 906 Certification under Sarbanes Oxley Act

 

 

 

I, Michael G. Clark, certify that:

 

1.

I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

 

2.

Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or §15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

June 1, 2010

/s/Michael G. Clark

 

Michael G. Clark

 

President

 

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

 

 


 

 

 

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

 

 

 

I, Paul Schubert, certify that:

 

1.

I have reviewed this report, filed on behalf of DWS Small Cap Growth Fund, a series of DWS Advisor Funds, on Form N-CSRS;

 

2.

Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

June 1, 2010

/s/Paul Schubert

 

Paul Schubert

 

Chief Financial Officer and Treasurer

 

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

 

 

-----END PRIVACY-ENHANCED MESSAGE-----