-----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, OGdMQtCzTqoD3cSieWrzh5FGxXm+j/+9+WuVJDxKFMO/M3IcczECGuT+NNhH9EKq VNIm2f7cqFIAVh+yAD/BKA== 0000088053-11-000021.txt : 20110104 0000088053-11-000021.hdr.sgml : 20110104 20110104150315 ACCESSION NUMBER: 0000088053-11-000021 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20101031 FILED AS OF DATE: 20110104 DATE AS OF CHANGE: 20110104 EFFECTIVENESS DATE: 20110104 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-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04760 FILM NUMBER: 11505160 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 BUSINESS PHONE: 212-454-6778 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154-0004 FORMER COMPANY: FORMER CONFORMED NAME: SCUDDER ADVISOR FUNDS DATE OF NAME CHANGE: 20030519 FORMER COMPANY: FORMER CONFORMED NAME: BT INVESTMENT FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BT TAX FREE INVESTMENT TRUST DATE OF NAME CHANGE: 19880530 0000797657 S000012429 DWS Short Duration Fund C000033730 Class A C000033731 Class B C000033732 Class C C000033733 Class S C000033734 Institutional Class N-CSR 1 ar103110af_sdf.htm DWS SHORT DURATION FUND ar103110af_sdf.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549

FORM N-CSR

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: (201) 593-6408

Paul Schubert
100 Plaza One
Jersey City, NJ 07311
(Name and Address of Agent for Service)

Date of fiscal year end:                                           10/31

Date of reporting period:                                        10/31/2010

ITEM 1.
REPORT TO STOCKHOLDERS
 
OCTOBER 31, 2010
Annual Report
to Shareholders
 
DWS Short Duration Fund
 
Contents
4 Performance Summary
7 Information About Your Fund's Expenses
9 Portfolio Management Review
13 Portfolio Summary
14 Investment Portfolio
27 Statement of Assets and Liabilities
29 Statement of Operations
30 Statement of Changes in Net Assets
31 Financial Highlights
36 Notes to Financial Statements
49 Report of Independent Registered Public Accounting Firm
50 Tax Information
51 Investment Management Agreement Approval
55 Summary of Management Fee Evaluation by Independent Fee Consultant
59 Board Members and Officers
63 Account Management Resources
 
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.
 
Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. In the current market environment, mortgage backed securities are experiencing increased volatility. 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 October 31, 2010
Average Annual Total Returns as of 10/31/10
Unadjusted for Sales Charge
1-Year
3-Year
5-Year
10-Year
Class A
4.50%
1.85%
2.87%
3.36%
Class B
3.72%
1.08%
2.12%
2.64%
Class C
3.73%
1.09%
2.13%
2.63%
Adjusted for the Maximum Sales Charge
        
Class A (max 2.75% load)
1.62%
0.90%
2.30%
3.08%
Class B (max 4.00% CDSC)
0.72%
0.46%
1.95%
2.64%
Class C (max 1.00% CDSC)
3.73%
1.09%
2.13%
2.63%
No Sales Charges
        
Class S
4.75%
2.13%
3.06%
3.44%
Institutional Class
4.76%
2.10%
3.07%
3.54%
Barclays Capital 1-3 Year Government/Credit Index+
3.23%
4.57%
4.75%
4.60%
 
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
 
Performance in 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 performance 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 March 1, 2010 are 1.10%, 1.89%, 1.81%, 0.77% and 0.76% 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.
 
Index returns, 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 February 28, 2003 and for Class S shares for the period prior to its inception on February 1, 2005 are derived from the historical performance of Institutional Class shares of DWS Short Duration Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of each specific class. Any difference in expenses will affect performance.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
[] DWS Short Duration Fund — Class A
[] Barclays Capital 1-3 Year Government/Credit Index+
Yearly periods ended October 31
 
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.75%. This results in a net initial investment of $9,725.
 
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.
 
+ Barclays Capital 1-3 Year Government /Credit Index is an unmanaged index consisting of all US government agency and Treasury securities, as well as all investment grade corporate debt securities with maturities of one to three years.
Net Asset Value and Distribution Information
  
   
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Net Asset Value:
10/31/10
   $ 9.32     $ 9.33     $ 9.32     $ 9.33     $ 9.34  
10/31/09
   $ 9.23     $ 9.23     $ 9.22     $ 9.24     $ 9.24  
Distribution Information:
Twelve Months as of 10/31/10:
Income Dividends
   $ .31     $ .24     $ .24     $ .33     $ .33  
October Income Dividend
   $ .0235     $ .0177     $ .0177     $ .0254     $ .0254  
SEC 30-day Yield as of 10/31/10++
     1.88 %     1.18 %     1.19 %     2.18 %     2.18 %
Current Annualized Distribution Rate as of 10/31/10++
     2.97 %     2.23 %     2.24 %     3.21 %     3.20 %
 
++ The SEC yield is net investment income per share earned over the month ended October 31, 2010, shown as an annualized percentage of the maximum offering price per share on the last day of the period. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. The SEC yields would have been 1.32%, 0.93%, 0.77%, 1.88% and 1.97% for Class A, B, C, S and Institutional Class shares, respectively, had certain expenses not been reduced. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on October 31, 2010. Distribution rate simply measures the level of dividends an d is not a complete measure of performance. The current annualized distribution rates would have been 2.41%, 1.98%, 1.82%, 2.91% and 2.99% for Class A, B, C, S and Institutional Class shares, respectively, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed, and will fluctuate.
Lipper Rankings — Short Investment Grade Debt Funds Category as of 10/31/10
Period
Rank
  
Number of Fund Classes Tracked
Percentile Ranking (%)
Class A
1-Year
141
of
249
57
3-Year
194
of
222
87
5-Year
145
of
172
84
Class B
1-Year
190
of
249
76
3-Year
206
of
222
93
5-Year
160
of
172
93
Class C
1-Year
187
of
249
75
3-Year
205
of
222
92
5-Year
159
of
172
92
Class S
1-Year
123
of
249
50
3-Year
180
of
222
81
5-Year
134
of
172
78
Institutional Class
1-Year
121
of
249
49
3-Year
182
of
222
82
5-Year
132
of
172
77
10-Year
75
of
98
76
 
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) 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 (May 1, 2010 to October 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 October 31, 2010
  
Actual Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 5/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 10/31/10
   $ 1,021.30     $ 1,016.30     $ 1,017.50     $ 1,022.50     $ 1,022.50  
Expenses Paid per $1,000*
   $ 3.82     $ 7.62     $ 7.63     $ 2.55     $ 2.55  
Hypothetical 5% Fund Return
  
Class A
    
Class B
    
Class C
    
Class S
    
Institutional Class
  
Beginning Account Value 5/1/10
   $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00     $ 1,000.00  
Ending Account Value 10/31/10
   $ 1,021.42     $ 1,017.64     $ 1,017.64     $ 1,022.68     $ 1,022.68  
Expenses Paid per $1,000*
   $ 3.82     $ 7.63     $ 7.63     $ 2.55     $ 2.55  
 
* 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 Short Duration Fund
.75%
1.50%
1.50%
.50%
.50%
 
For more information, please refer to the Fund's prospectus.
 
Portfolio Management Review
 
DWS Short Duration Fund: A Team Approach to Investing
 
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset Management, is the investment advisor for DWS Short Duration Fund. DIMA and its predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.
 
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution that is engaged in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance.
 
DWS Investments is the retail brand name of the US asset management activities of Deutsche Bank AG and DIMA, representing a wide range of investing expertise and resources. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
 
Portfolio Management Team
 
William Chepolis, CFA
 
Gary Russell, CFA
 
Eric S. Meyer, CFA
 
John D. Ryan
 
Portfolio Managers
 
Overview of Market and Fund Performance
 
The views expressed in the following discussion reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.
 
The fund's Class A shares produced a total return of 4.50% for the 12 months ended October 31, 2010. The fund's benchmark, the Barclays Capital 1-3 Year Government/Credit Index, produced a total return of 3.23% for the same period.1 The average return for the Lipper Short Investment Grade Debt Funds category for the 12 months was 4.87%.2 (Returns are unadjusted for sales charges. If sales charges had been included, returns would have been lower. Past performance is no guarantee of future results. Please see pages 4 through 6 for the performance of other share classes and for more complete performance information.)
 
Incoming data over the fiscal period generally reflected moderate improvement in the economy, in keeping with a recovery that is likely to be less robust than past cycles. After initially ticking upward as the economy emerged from the depths of financial crisis, interest rates declined over the period, supported by extremely accommodative US Federal Reserve Board (the Fed) policy. For the full 12 months, interest rates fell along the entire Treasury yield curve, with the steepest declines occurring on intermediate-term issues. To illustrate, the two-year yield went from 0.90% to 0.34%, the five-year from 2.31% to 1.17%, the 10-year from 3.41% to 2.63% and the 30-year from 4.23% to 3.99%.3 In keeping with a declining rate environment, domest ic bonds generally provided positive returns during the fiscal year.
 
Along the way, a variety of concerns, including continued weak employment and European government finances, led to significant volatility in credit spreads — the incremental yield offered by lower-quality versus higher-quality fixed-income instruments. Despite the uncertainties surrounding economic growth in the US and abroad, the overall trend for credit-sensitive sectors was upward for the 12 months as investors sought incremental yield in a low-rate environment. Corporations took advantage of improved liquidity and low interest rates to issue a large volume of bonds. Within corporates, financial issues did especially well as the largest banks were able to return TARP funds to the government.4
 
Positive Contributors to Performance
 
The fund's overall focus on spread sectors was the principal contributor to performance during the quarter, as investors continued to seek alternatives to historically low yields available from short-term Treasuries.5
 
Among spread sectors, our significant overweighting versus the benchmark of investment-grade corporate issues added the most value. In adding to our corporate exposure, we took advantage of attractive new issue concessions to add income generation to the fund.6
 
Within investment-grade corporate bonds, the fund's overweighting of the financial sector helped performance. Financial issues rebounded especially strongly as massive government liquidity programs helped stabilize the sector.
 
Negative Contributors to Performance
 
We have maintained overall portfolio duration slightly below that of the benchmark index, meaning that the portfolio had below-market sensitivity to changes in interest rates. This positioning constrained returns to a degree in an environment of falling interest rates and rising bond prices.
 
During the period, non-agency mortgage-backed securities were impacted as rating agencies reassessed the asset class, as well as by banks beginning to be more assertive in marking down valuations of loans within the mortgage pools. While our research-intensive approach and relatively conservative selections among non-agency mortgages helped mitigate the impact, the fund's holdings were not immune to these trends.
 
We have had a cautious outlook for commercial mortgage-backed securities (CMBS) and would have benefited from more exposure to the sector early in the period as spreads tightened versus Treasuries.7 This sector was one of the hardest hit in 2008 and benefited greatly from administration programs developed to address liquidity of markets.
 
Outlook and Positioning
 
As of October 31, 2010, the bulk of the portfolio was allocated as follows: 57% to corporate bonds, 16% to agency and government-backed securities, 11% to commercial mortgage-backed securities (CMBS), 8% to residential mortgage-backed securities (MBS) and 5% to asset-backed securities (ABS).8 At period end, the fund's overall duration (a measure of interest rate sensitivity based on when investors can expect payments of principal and interest from a bond) was 1.7 years versus 1.9 years for the Barclays Capital 1-3 Year Government/Credit Index.
 
The current economic recovery continues to be less than robust by historical standards, with employment lagging and consumer demand for homes and autos tepid. We expect the Fed to maintain its zero interest rate policy for the foreseeable future, as it has signaled that it is more concerned with deflation and excess capacity than inflation.
 
Despite tighter spreads and the likelihood of ongoing volatility as the need to deleverage plays out across the global economy, we see the current environment as continuing to favor a focus on sectors that trade at a yield spread versus Treasuries.
 
1 The Barclays Capital 1-3 Year Government/Credit Index is an unmanaged index consisting of all US government agency and Treasury securities, as well as all investment-grade corporate debt securities with maturities of one to three years. Index returns, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.
 
2 The Lipper Short Investment Grade Debt Funds category includes funds that invest at least 65% of their assets in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of less than three years. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the Lipper Short Investment Grade Debt Funds category. It is not possible to invest directly in a category or any index.
 
3 The "yield curve" is a graphical representation of how yields on bonds of different maturities compare. Normally, yield curves slant up, as bonds with longer maturities typically offer higher yields than short-term bonds.
 
4 The Troubled Asset Relief Program (TARP) is a government program created for the establishment and management of a Treasury fund, in an attempt to curb the ongoing financial crisis of 2007-2008.
 
5 "Spread sectors" are non-Treasury bond sectors of the fixed-income market.
 
6 "Overweight" means the fund holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the fund holds a lower weighting.
 
7 "Spread" refers to the excess yield various bond sectors offer over Treasuries with similar maturities. When spreads widen, yield differences are increasing between bonds in the two sectors being compared. When spreads narrow, the opposite is true.
 
8 Mortgage-backed securities (MBS) are bonds that are secured by mortgage debt. Commercial mortgage-backed securities (CMBS) are secured by loans on a commercial property. Asset-backed securities (ABS) are secured by assets.
 
Portfolio Summary
Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)
10/31/10
10/31/09
     
Corporate Bonds
57%
46%
Government & Agency Obligations
16%
23%
Commercial Mortgage-Backed Securities
11%
11%
Collateralized Mortgage Obligations
6%
7%
Asset-Backed
5%
6%
Cash Equivalents
2%
2%
Mortgage-Backed Securities Pass-Throughs
2%
4%
Loan Participations and Assignments
1%
—
Municipal Bonds and Notes
—
1%
 
100%
100%
 

Quality (Excludes Securities Lending Collateral and Cash Equivalents)
10/31/10
10/31/09
     
US Government and Agencies
12%
17%
AAA
18%
25%
AA
10%
13%
A
22%
18%
BBB
30%
22%
Below BBB
5%
5%
Not Rated
3%
—
 
100%
100%
 

Interest Rate Sensitivity
10/31/10
10/31/09
     
Effective Maturity
3.1 years
2.4 years
Effective Duration
1.7 years
2.1 years
 
The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings. The ratings of Moody's and S&P represent their opinions as to the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality. The Fund's credit quality does not remove market risk and is subject to change.
 
Effective maturity is the weighted average of the bonds held by the Fund taking into consideration any maturity shortening features. Effective duration is the measurable change in the value of a security in response to a change in interest rates.
 
Asset allocation and interest rate sensitivity are subject to change.
 
For more complete details about the Fund's investment portfolio, see page 13. A quarterly Fact Sheet is available upon request. 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. This 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. The Fund's portfolio holdings are also posted on www.dws-investments.com from time to time. Please see the Fund's current prospectus for more information.
 
Investment Portfolio as of October 31, 2010
   
Principal Amount ($)
    
Value ($)
  
       
Corporate Bonds 57.2%
  
Consumer Discretionary 5.0%
  
AutoZone, Inc., 5.75%, 1/15/2015
     540,000       613,695  
Comcast Corp., 4.95%, 6/15/2016
     600,000       673,158  
DIRECTV Holdings LLC:
  
3.55%, 3/15/2015
     270,000       283,573  
4.75%, 10/1/2014
     430,000       472,021  
Discovery Communications LLC, 3.7%, 6/1/2015
     290,000       310,148  
Fortune Brands, Inc., 6.375%, 6/15/2014
     675,000       743,126  
Hyundai Motor Manufacturing Czech sro, 144A, 4.5%, 4/15/2015
     310,000       326,956  
JC Penney Corp., Inc., 9.0%, 8/1/2012
     500,000       547,500  
Macy's Retail Holdings, Inc., 6.625%, 4/1/2011
     300,000       306,375  
NBC Universal, Inc.:
  
144A, 2.875%, 4/1/2016
     1,000,000       1,012,221  
144A, 3.65%, 4/30/2015
     1,000,000       1,059,491  
TCM Sub LLC, 144A, 3.55%, 1/15/2015
     290,000       305,952  
Time Warner Cable, Inc.:
  
3.5%, 2/1/2015
     200,000       211,292  
5.4%, 7/2/2012
     550,000       588,329  
Viacom, Inc., 4.375%, 9/15/2014
     350,000       380,748  
Wyndham Worldwide Corp., 6.0%, 12/1/2016
     320,000       341,722  
        8,176,307  
Consumer Staples 1.3%
  
Anheuser-Busch InBev Worldwide, Inc., 144A, 5.375%, 11/15/2014
     770,000       869,895  
H.J. Heinz Co., 5.35%, 7/15/2013
     700,000       774,134  
Wm. Wrigley Jr. Co., 144A, 3.7%, 6/30/2014
     475,000       496,401  
        2,140,430  
Energy 4.4%
  
Anadarko Petroleum Corp., 5.95%, 9/15/2016
     500,000       546,825  
Canadian Natural Resources Ltd., 5.15%, 2/1/2013
     620,000       673,296  
Cenovus Energy, Inc., 4.5%, 9/15/2014
     300,000       331,396  
Devon Energy Corp., 5.625%, 1/15/2014
     400,000       451,489  
Enterprise Products Operating LLC:
  
4.6%, 8/1/2012
     480,000       505,123  
Series M, 5.65%, 4/1/2013
     100,000       109,171  
Series B, 7.5%, 2/1/2011
     80,000       81,265  
Hess Corp., 7.0%, 2/15/2014
     230,000       269,358  
Husky Energy, Inc., 5.9%, 6/15/2014
     340,000       380,326  
Kinder Morgan Energy Partners LP:
  
5.625%, 2/15/2015
     300,000       338,235  
6.75%, 3/15/2011
     236,000       240,985  
Marathon Oil Corp., 6.5%, 2/15/2014
     340,000       391,235  
Noble Holding International Ltd., 3.45%, 8/1/2015
     300,000       317,885  
Petroleos Mexicanos, 4.875%, 3/15/2015
     540,000       585,684  
Plains All American Pipeline LP:
  
3.95%, 9/15/2015
     210,000       222,383  
4.25%, 9/1/2012
     400,000       419,768  
Transocean, Inc., 4.95%, 11/15/2015
     510,000       540,420  
Valero Energy Corp., 4.5%, 2/1/2015
     470,000       504,484  
Williams Partners LP, 3.8%, 2/15/2015
     200,000       211,729  
        7,121,057  
Financials 31.4%
  
Abbey National Treasury Services PLC, 144A, 3.875%, 11/10/2014
     245,000       252,759  
AEGON NV, 4.625%, 12/1/2015
     620,000       662,825  
AIG-FP Matched Funding, Series 2005-28, 4.43%, 3/4/2015
     160,000       156,800  
American Express Bank, FSB, 5.55%, 10/17/2012
     650,000       699,192  
American Express Credit Corp., Series D, 5.125%, 8/25/2014
     540,000       596,102  
American Honda Finance Corp., 144A, 3.5%, 3/16/2015
     225,000       237,801  
American International Group, Inc., 9.0%, 12/14/2022
     483,000       481,310  
Anglo American Capital PLC:
  
144A, 2.15%, 9/27/2013
     420,000       427,080  
144A, 9.375%, 4/8/2014
     520,000       638,704  
ANZ National International Ltd., 144A, 3.125%, 8/10/2015
     525,000       537,702  
Bank Nederlandse Gemeenten NV, 144A, 1.75%, 10/6/2015
     620,000       621,397  
Bank of New York Mellon Corp., Series G, 4.95%, 11/1/2012
     312,000       337,623  
Bank of Nova Scotia, 144A, 1.65%, 10/29/2015
     620,000       617,792  
Barclays Bank PLC:
  
6.29%*, 11/10/2025
     130,000       130,000  
144A, 2.5%, 9/21/2015
     560,000       564,063  
Series 1, 5.0%, 9/22/2016
     250,000       277,913  
BB&T Corp., 6.5%, 8/1/2011
     800,000       834,106  
BNP Paribas, 144A, 4.8%, 6/24/2015
     500,000       541,212  
BNP Paribas Home Loan Covered Bonds SA, 144A, 2.2%, 11/2/2015 (a)
     620,000       623,455  
BP Capital Markets PLC, 3.125%, 10/1/2015
     720,000       738,938  
Capital One Financial Corp., 7.375%, 5/23/2014
     540,000       631,098  
Caterpillar Financial Services Corp., Series F, 4.85%, 12/7/2012
     500,000       541,654  
CitiFinancial, Inc., 6.625%, 6/1/2015
     250,000       278,499  
Citigroup, Inc., 6.375%, 8/12/2014
     800,000       897,922  
CME Group, Inc., 5.75%, 2/15/2014
     445,000       506,313  
CNA Financial Corp., 6.5%, 8/15/2016
     540,000       597,700  
Countrywide Financial Corp., 5.8%, 6/7/2012
     465,000       490,894  
Credit Agricole SA, 144A, 3.5%, 4/13/2015
     470,000       491,020  
Credit Suisse New York, 5.5%, 5/1/2014
     820,000       922,776  
Daimler Finance North America LLC, 6.5%, 11/15/2013
     800,000       921,528  
Deutsche Telekom International Finance BV, 4.875%, 7/8/2014
     770,000       853,880  
Duke Realty LP, (REIT), 7.375%, 2/15/2015
     140,000       160,754  
Encana Holdings Finance Corp., 5.8%, 5/1/2014
     520,000       592,566  
Erac USA Finance Co., 144A, 2.75%, 7/1/2013
     310,000       318,899  
Export-Import Bank of Korea, 4.125%, 9/9/2015
     357,000       375,453  
General Electric Capital Corp.:
  
3.5%, 6/29/2015
     500,000       529,294  
Series A, 3.75%, 11/14/2014
     545,000       581,961  
5.0%, 5/15/2016
     400,000       429,120  
Hartford Financial Services Group, Inc., 4.0%, 3/30/2015
     440,000       452,532  
Hospitality Properties Trust, (REIT), 7.875%, 8/15/2014
     520,000       584,801  
Host Hotels & Resorts LP, (REIT), 6.875%, 11/1/2014
     400,000       412,750  
HSBC Finance Corp., 5.25%, 1/15/2014
     800,000       869,834  
Hyundai Capital Services, Inc., 144A, 6.0%, 5/5/2015
     500,000       548,802  
Iberdrola Finance Ireland Ltd., 144A, 3.8%, 9/11/2014
     320,000       332,894  
ING Bank NV, 144A, 2.0%, 10/18/2013
     1,000,000       1,000,482  
Intesa Sanpaolo, 144A, 3.625%, 8/12/2015
     1,000,000       1,014,124  
JPMorgan Chase & Co., 4.65%, 6/1/2014
     800,000       872,804  
KeyCorp, Series H, 6.5%, 5/14/2013
     685,000       753,760  
Lincoln National Corp.:
  
4.3%, 6/15/2015
     335,000       356,627  
6.2%, 12/15/2011
     648,000       683,415  
Lloyds TSB Bank PLC, 144A, 4.375%, 1/12/2015
     690,000       723,419  
Manulife Financial Corp., 3.4%, 9/17/2015
     1,000,000       1,015,711  
Merrill Lynch & Co., Inc., Series B, 5.3%, 9/30/2015
     600,000       653,145  
Morgan Stanley:
  
3.45%, 11/2/2015 (a)
     595,000       598,263  
Series F, 5.625%, 1/9/2012
     750,000       789,989  
6.0%, 5/13/2014
     320,000       352,051  
National Agricultural Cooperative Federation, 144A, 4.25%, 1/28/2016
     280,000       290,879  
National Australia Bank Ltd., 144A, 2.5%, 1/8/2013
     500,000       512,821  
National Rural Utilities Cooperative Finance Corp., 2.625%, 9/16/2012
     1,000,000       1,034,019  
New York Life Global Funding, 144A, 3.0%, 5/4/2015
     305,000       322,851  
Nomura Holdings, Inc., 5.0%, 3/4/2015
     155,000       168,022  
Northern Trust Corp., 4.625%, 5/1/2014
     230,000       256,255  
Novartis Capital Corp., 4.125%, 2/10/2014
     525,000       574,755  
PC Financial Partnership, 5.0%, 11/15/2014
     800,000       885,930  
Pricoa Global Funding I, 144A, 5.45%, 6/11/2014
     445,000       498,485  
Principal Financial Group, Inc., 7.875%, 5/15/2014
     770,000       910,138  
Prudential Financial, Inc.:
  
Series D, 3.625%, 9/17/2012
     230,000       239,117  
6.2%, 1/15/2015
     230,000       261,233  
Qtel International Finance Ltd., 144A, 3.375%, 10/14/2016
     610,000       607,811  
Rabobank Nederland NV, 144A, 4.2%, 5/13/2014
     770,000       838,595  
Rio Tinto Finance (USA) Ltd.:
  
5.875%, 7/15/2013
     300,000       339,348  
8.95%, 5/1/2014
     1,240,000       1,548,543  
Royal Bank of Scotland PLC:
  
144A, 4.875%, 8/25/2014
     870,000       931,149  
4.875%, 3/16/2015
     400,000       430,622  
Santander US Debt SA Unipersonal:
  
144A, 2.485%, 1/18/2013
     770,000       770,512  
144A, 3.724%, 1/20/2015
     400,000       406,575  
Simon Property Group LP, (REIT), 4.2%, 2/1/2015
     55,000       59,502  
Societe Generale, 144A, 3.1%, 9/14/2015
     905,000       925,449  
Standard Chartered PLC, 144A, 3.85%, 4/27/2015
     135,000       142,672  
Svenska Handelsbanken AB, 144A, 2.875%, 9/14/2012
     800,000       824,349  
Telecom Italia Capital SA:
  
5.25%, 11/15/2013
     400,000       434,955  
6.175%, 6/18/2014
     510,000       569,818  
Textron Financial Corp., 5.4%, 4/28/2013
     320,000       336,279  
The Goldman Sachs Group, Inc.:
  
3.7%, 8/1/2015
     185,000       191,569  
5.125%, 1/15/2015
     470,000       514,266  
6.0%, 5/1/2014
     230,000       258,381  
Tyco International Finance SA, 4.125%, 10/15/2014
     160,000       174,620  
UBS AG, 5.7%, 2/4/2019
     500,000       499,750  
Verizon Wireless Capital LLC, 3.75%, 5/20/2011
     380,000       386,664  
Wells Fargo & Co.:
  
3.625%, 4/15/2015
     340,000       358,162  
Series I, 3.75%, 10/1/2014
     320,000       342,302  
Westpac Banking Corp., 3.0%, 8/4/2015
     625,000       645,947  
Woori Bank, 144A, 4.5%, 10/7/2015
     805,000       850,762  
        51,456,615  
Health Care 3.2%
  
CareFusion Corp., 4.125%, 8/1/2012
     110,000       115,368  
Celgene Corp., 2.45%, 10/15/2015
     230,000       231,173  
Eli Lilly & Co., 3.55%, 3/6/2012
     530,000       549,948  
Express Scripts, Inc.:
  
5.25%, 6/15/2012
     380,000       405,018  
6.25%, 6/15/2014
     150,000       172,897  
Genzyme Corp., 3.625%, 6/15/2015
     310,000       329,988  
Life Technologies Corp.:
  
3.375%, 3/1/2013
     450,000       463,822  
4.4%, 3/1/2015
     150,000       160,535  
McKesson Corp., 6.5%, 2/15/2014
     185,000       212,686  
Medtronic, Inc., 4.5%, 3/15/2014
     445,000       493,303  
Pfizer, Inc., 4.45%, 3/15/2012
     800,000       841,736  
Watson Pharmaceuticals, Inc., 5.0%, 8/15/2014
     390,000       427,061  
WellPoint, Inc., 5.0%, 1/15/2011
     200,000       201,692  
Wyeth, 5.5%, 2/1/2014
     620,000       705,221  
        5,310,448  
Industrials 2.1%
  
3M Co., 4.65%, 12/15/2012
     540,000       586,853  
BAE Systems Holdings, Inc., 144A, 4.95%, 6/1/2014
     385,000       426,163  
Burlington Northern Santa Fe LLC, 7.0%, 2/1/2014
     1,250,000       1,465,164  
Ingersoll-Rand Global Holding Co., Ltd., 9.5%, 4/15/2014
     190,000       235,451  
Textron, Inc., 6.2%, 3/15/2015
     380,000       423,780  
United Parcel Service, Inc., 4.5%, 1/15/2013
     290,000       313,720  
        3,451,131  
Information Technology 1.1%
  
Cisco Systems, Inc., 5.25%, 2/22/2011
     850,000       862,508  
Motorola, Inc., 5.375%, 11/15/2012
     400,000       425,626  
Oracle Corp., 3.75%, 7/8/2014
     500,000       544,881  
        1,833,015  
Materials 1.7%
  
Airgas, Inc.:
  
2.85%, 10/1/2013
     370,000       379,300  
3.25%, 10/1/2015
     370,000       375,372  
Bemis Co., Inc., 5.65%, 8/1/2014
     160,000       180,585  
Dow Chemical Co.:
  
4.85%, 8/15/2012
     250,000       265,675  
5.9%, 2/15/2015
     630,000       709,913  
Freeport-McMoRan Copper & Gold, Inc., 8.25%, 4/1/2015
     620,000       664,175  
Teck Resources Ltd., 9.75%, 5/15/2014
     104,000       129,497  
        2,704,517  
Telecommunication Services 3.2%
  
America Movil SAB de CV, 3.625%, 3/30/2015
     300,000       318,486  
American Tower Corp., 4.625%, 4/1/2015
     350,000       377,078  
CC Holdings GS V, LLC, 144A, 7.75%, 5/1/2017
     190,000       213,275  
Crown Castle Towers LLC, 144A, 3.214%, 8/15/2015
     360,000       368,262  
France Telecom SA, 4.375%, 7/8/2014
     900,000       993,935  
Qwest Corp., 7.5%, 10/1/2014
     840,000       959,700  
Telefonica Emisiones SAU, 6.421%, 6/20/2016
     1,620,000       1,928,004  
        5,158,740  
Utilities 3.8%
  
Ameren Corp., 8.875%, 5/15/2014
     202,000       234,491  
Appalachian Power Co., Series S, 3.4%, 5/24/2015
     310,000       328,093  
Consolidated Edison Co. of New York, 5.55%, 4/1/2014
     780,000       884,597  
Consumers Energy Co., Series J, 6.0%, 2/15/2014
     730,000       829,755  
DTE Energy Co., 7.625%, 5/15/2014
     290,000       344,809  
Duke Energy Corp., 6.3%, 2/1/2014
     540,000       618,955  
FirstEnergy Solutions Corp., 4.8%, 2/15/2015
     410,000       442,832  
Florida Power Corp., 4.8%, 3/1/2013
     900,000       978,420  
Korea Electric Power Corp., 144A, 3.0%, 10/5/2015
     600,000       605,893  
Korea Hydro & Nuclear Power Co., Ltd., 144A, 3.125%, 9/16/2015
     215,000       216,476  
MidAmerican Energy Holdings Co., 3.15%, 7/15/2012
     350,000       363,024  
Oncor Electric Delivery Co., 6.375%, 5/1/2012
     380,000       408,515  
        6,255,860  
Total Corporate Bonds (Cost $87,698,879)
       93,608,120  
   
Mortgage-Backed Securities Pass-Throughs 1.9%
  
Federal Home Loan Mortgage Corp., 7.0%, 3/1/2013
     6,484       6,717  
Federal National Mortgage Association:
  
4.5%, 4/1/2023
     574,979       609,680  
5.174%*, 9/1/2038
     733,913       775,284  
7.0%, 4/1/2038
     193,160       215,207  
Government National Mortgage Association:
  
6.5%, with various maturities from 8/20/2034 until 2/20/2039
     1,217,091       1,346,580  
7.0%, with various maturities from 6/20/2038 until 10/20/2038
     73,324       81,075  
Total Mortgage-Backed Securities Pass-Throughs (Cost $2,890,369)
       3,034,543  
   
Asset-Backed 5.2%
  
Automobile Receivables 2.2%
  
AmeriCredit Automobile Receivables Trust:
  
"A2", Series 2010-B, 1.18%, 2/6/2014
     250,000       249,842  
"A2", Series 2006-RM, 5.42%, 8/8/2011
     1,384       1,385  
AmeriCredit Prime Automobile Receivables Trust, "A4A", Series 2007-2M, 5.35%, 3/8/2016
     700,000       737,811  
Carmax Auto Owner Trust, "A3", Series 2010-1, 1.56%, 7/15/2014
     237,000       239,685  
Chrysler Financial Auto Securitization Trust, "B", Series 2009-B, 2.94%, 6/8/2013
     160,000       160,449  
CPS Auto Trust, "A4", Series 2007-B, 144A, 5.6%, 1/15/2014
     469,074       483,174  
Hyundai Auto Receivables Trust, "A3A", Series 2007-A, 5.04%, 1/17/2012
     17,338       17,374  
Santander Drive Auto Receivables Trust, "A2", Series 2010-2, 0.95%, 8/15/2013
     496,000       496,107  
Triad Auto Receivables Owner Trust, "A4B", Series 2007-B, 1.456%*, 7/14/2014
     600,000       598,413  
USAA Auto Owner Trust, "A2", Series 2009-2, 0.74%, 3/15/2012
     171,097       171,151  
Wachovia Auto Loan Owner Trust, "D", Series 2006-1, 144A, 5.42%, 4/21/2014
     500,000       502,562  
        3,657,953  
Credit Card Receivables 1.7%
  
Capital One Multi-Asset Execution Trust:
  
"C2", Series 2007-C2, 0.556%*, 11/17/2014
     300,000       294,090  
"A8", Series 2007-A8, 0.592%*, 10/15/2015
     500,000       497,865  
"A2", Series 2009-A2, 3.2%, 4/15/2014
     770,000       782,618  
Citibank Omni Master Trust, "A8", Series 2009-A8, 144A, 2.356%*, 5/16/2016
     620,000       628,158  
Discover Card Master Trust, "A2", Series 2007-A2, 0.632%*, 6/15/2015
     500,000       499,154  
        2,701,885  
Home Equity Loans 1.3%
  
Carrington Mortgage Loan Trust, "A1", Series 2006-NC4, 0.306%*, 10/25/2036
     59,066       58,239  
Credit-Based Asset Servicing and Securitization LLC, "A2A", Series 2007-CB2, 4.94%*, 2/25/2037
     191,561       185,326  
Household Home Equity Loan Trust, "A2F", Series 2006-4, 5.32%, 3/20/2036
     275,929       277,077  
PennyMac Loan Trust, "A", Series 2010-NPL1, 144A, 4.25%*, 5/25/2050
     535,127       533,789  
Renaissance Home Equity Loan Trust:
  
"AF3", Series 2005-2, 4.499%, 8/25/2035
     254,242       247,945  
"AF1", Series 2006-4, 5.545%, 1/25/2037
     71,084       70,049  
"AF2", Series 2006-3, 5.58%, 11/25/2036
     359,885       292,719  
"AF1", Series 2007-2, 5.893%, 6/25/2037
     365,379       285,078  
Southern Pacific Secured Assets Corp., "A8", Series 1998-2, 6.37%, 7/25/2029
     32,883       26,148  
Structured Asset Securities Corp., "1A2B", Series 2005-7XS, 5.27%, 4/25/2035
     128,777       121,556  
        2,097,926  
Total Asset-Backed (Cost $8,597,187)
       8,457,764  
   
Commercial Mortgage-Backed Securities 11.3%
  
Bear Stearns Commercial Mortgage Securities, Inc.:
  
"A1", Series 2002-PBW1, 3.97%, 11/11/2035
     62,052       62,744  
"A1", Series 2002-TOP8, 4.06%, 8/15/2038
     240,850       243,678  
"A3", Series 2005-PWR7, 5.116%, 2/11/2041
     710,000       758,844  
"A4", Series 2005-PW10, 5.405%, 12/11/2040
     1,000,000       1,080,691  
"A2", Series 2001-TOP2, 6.48%, 2/15/2035
     502,645       508,107  
CS First Boston Mortgage Securities Corp.:
  
"A6", Series 2004-C4, 4.691%, 10/15/2039
     620,000       662,649  
"A4", Series 2005-C1, 5.014%, 2/15/2038
     620,000       669,634  
"A3", Series 2002-CKN2, 6.133%, 4/15/2037
     925,000       970,625  
"A4", Series 2001-CP4, 6.18%, 12/15/2035
     495,737       504,610  
"F", Series 2001-CK1, 144A, 6.65%, 12/18/2035
     1,300,000       1,302,996  
GE Capital Commercial Mortgage Corp., "A4", Series 2004-C3, 5.189%, 7/10/2039
     650,000       706,376  
GMAC Commercial Mortgage Securities, Inc., "A2", Series 2001-C1, 6.465%, 4/15/2034
     441,767       444,803  
Greenwich Capital Commercial Funding Corp.:
  
"A2", Series 2005-GG5, 5.117%, 4/10/2037
     845,546       854,748  
"A2", Series 2007-GG9, 5.381%, 3/10/2039
     1,384,381       1,425,356  
"AAB", Series 2007-GG9, 5.441%, 3/10/2039
     400,000       437,917  
JPMorgan Chase Commercial Mortgage Securities Corp.:
  
"A2", Series 2004-CB8, 3.837%, 1/12/2039
     62,638       62,729  
"A2", Series 2004-PNC1, 4.555%, 6/12/2041
     50,955       51,201  
"A2", Series 2005-LDP1, 4.625%, 3/15/2046
     116,444       119,415  
"A2", Series 2002-C1, 4.914%, 7/12/2037
     163,983       165,501  
"A4", Series 2006-LDP7, 5.872%*, 4/15/2045
     620,000       687,896  
LB-UBS Commercial Mortgage Trust:
  
"A2", Series 2003-C7, 4.064%, 9/15/2027
     437,424       437,637  
"A3", Series 2002-C4, 4.071%, 9/15/2026
     193,163       197,553  
"A4", Series 2005-C5, 4.954%, 9/15/2030
     720,000       787,140  
"AM", Series 2005-C5, 5.017%, 9/15/2040
     620,000       638,739  
"A3", Series 2001-C7, 5.642%, 12/15/2025
     220,100       223,334  
Merrill Lynch Mortgage Trust, "A5", Series 2004-BPC1, 4.855%, 10/12/2041
     620,000       667,395  
Morgan Stanley Capital I, "A2", Series 2007-HQ11, 5.359%, 2/12/2044
     900,000       926,218  
Morgan Stanley Dean Witter Capital I, "A4", Series 2001-TOP1, 6.66%, 2/15/2033
     138,290       138,799  
Prudential Securities Secured Financing Corp., "F", Series 1999-C2, 7.444%*, 6/16/2031
     1,077,879       1,077,008  
Wachovia Bank Commercial Mortgage Trust:
  
"A2", Series 2005-C17, 4.782%, 3/15/2042
     611,595       612,272  
"A1", Series 2007-C30, 5.031%, 12/15/2043
     322,323       323,454  
"A4", Series 2005-C22, 5.269%*, 12/15/2044
     620,000       682,697  
Total Commercial Mortgage-Backed Securities (Cost $18,029,931)
       18,432,766  
   
Collateralized Mortgage Obligations 5.6%
  
Banc of America Mortgage Securities, "1A1O", Series 2005-4, 5.25%, 5/25/2035
     78,317       79,963  
Citicorp Mortgage Securities, Inc.:
  
"1A1", Series 2005-7, 5.5%, 10/25/2035
     285,419       274,600  
"1A2", Series 2006-5, 6.0%, 10/25/2036
     197,009       201,080  
Countrywide Alternative Loan Trust:
  
"A6", Series 2004-29CB, 4.0%, 1/25/2035
     178,457       178,131  
"2A1", Series 2004-28CB, 5.0%, 1/25/2035
     34,897       34,026  
"3A3", Series 2005-20CB, 5.5%, 7/25/2035
     166,128       168,362  
"A4", Series 2002-11, 6.25%, 10/25/2032
     15,516       15,336  
Countrywide Home Loan Mortgage Pass-Through Trust, "A15", Series 2002-34, 4.75%, 1/25/2033
     9,978       9,964  
Countrywide Home Loans, "5A1", Series 2005-HY10, 5.416%*, 2/20/2036
     572,665       400,404  
FDIC Structured Sale Guaranteed Notes, "1A", Series 2010-S1, 144A, 0.805%*, 2/25/2048
     250,407       250,891  
Federal Home Loan Mortgage Corp.:
  
"DA", Series 3598, 2.75%, 11/15/2014
     672,488       680,891  
"ND", Series 2715, 4.5%, 3/15/2016
     83,445       83,325  
"HL", Series 3176, 5.0%, 2/15/2028
     268,610       268,415  
"QP", Series 3149, 5.0%, 10/15/2031
     500,000       509,276  
"DC", Series 2541, 5.05%, 3/15/2031
     54,830       54,805  
"AB", Series 3197, 5.5%, 8/15/2013
     249,211       252,985  
"PA", Series 3283, 5.5%, 7/15/2036
     774,829       815,049  
"LA", Series 1343, 8.0%, 8/15/2022
     159,237       184,068  
"PK", Series 1751, 8.0%, 9/15/2024
     474,275       551,671  
Federal National Mortgage Association, "BX", Series 2005-77, 4.5%, 7/25/2028
     47,557       47,434  
JPMorgan Alternative Loan Trust, "1A2", Series 2006-A5, 0.316%*, 10/25/2036
     235,179       234,609  
MLCC Mortgage Investors, Inc., "1A", Series 2004-1, 2.556%*, 12/25/2034
     144,404       131,312  
Residential Accredit Loans, Inc., "A6", Series 2002-QS19, 5.125%, 12/25/2032
     272,219       269,025  
Residential Asset Mortgage Products, Inc., "A4", Series 2004-SL4, 7.0%, 7/25/2032
     453,878       465,166  
Structured Asset Securities Corp., "2A16", Series 2005-6, 5.5%, 5/25/2035
     160,722       150,880  
Waterfall Victoria Mortgage Trust, "A", Series 2010-1, 144A, 5.0%, 10/20/2056
     525,954       520,695  
Wells Fargo Mortgage Backed Securities Trust:
  
"1A1", Series 2005-9, 4.75%, 10/25/2035
     177,134       179,425  
"A7", Series 2004-L, 4.753%*, 7/25/2034
     400,000       409,752  
"A7", Series 2003-2, 5.25%, 2/25/2018
     413,452       431,395  
"A1", Series 2005-AR14, 5.364%*, 8/25/2035
     485,851       484,302  
"2A6", Series 2005-11, 5.5%, 11/25/2035
     788,523       793,909  
Total Collateralized Mortgage Obligations (Cost $9,191,231)
       9,131,146  
   
Government & Agency Obligations 16.5%
  
Other Government Related (b) 5.6%
  
African Development Bank, 1.625%, 2/11/2013
     625,000       639,354  
Asian Development Bank, 2.75%, 5/21/2014
     368,000       392,359  
BRFkredit AS, 144A, 2.05%, 4/15/2013
     890,000       914,679  
Citibank NA, FDIC Guaranteed, 1.75%, 12/28/2012
     1,500,000       1,539,987  
Dexia Credit Local, 144A, 2.75%, 1/10/2014
     500,000       515,042  
Eksportfinans ASA:
  
1.875%, 4/2/2013
     530,000       543,426  
3.0%, 11/17/2014
     500,000       531,651  
FIH Erhvervsbank AS, 144A, 2.0%, 6/12/2013
     535,000       550,374  
Governor & Co. of the Bank of Ireland, 144A, 2.75%, 3/2/2012
     680,000       656,812  
HSBC USA, Inc., FDIC Guaranteed, 3.125%, 12/16/2011
     100,000       103,107  
International Bank for Reconstruction & Development:
  
5.05%*, 1/14/2025
     500,000       497,700  
5.25%, 4/9/2025
     370,000       369,630  
International Finance Facility for Immunisation Co., Series 1, REG S, 5.0%, 11/14/2011
     800,000       834,225  
KeyBank NA, FDIC Guaranteed, 3.2%, 6/15/2012
     100,000       104,527  
Kreditanstalt fuer Wiederaufbau, 1.375%, 7/15/2013
     495,000       504,548  
National Agricultural Cooperative Federation, 144A, 5.0%, 9/30/2014
     202,000       216,620  
Suncorp-Metway Ltd., 144A, 0.667%*, 12/17/2010
     300,000       300,084  
        9,214,125  
Sovereign Bonds 2.8%
  
Kommunalbanken AS, 144A, 2.75%, 5/5/2015
     520,000       548,635  
Korea Housing Finance Corp., 144A, 4.125%, 12/15/2015
     620,000       653,683  
Province of Nova Scotia, Canada, 7.25%, 7/27/2013
     750,000       877,329  
Province of Ontario, Canada, 0.502%*, 11/19/2012
     300,000       300,242  
Republic of Finland, 144A, 1.25%, 10/19/2015
     300,000       299,729  
Republic of Italy, 2.125%, 10/5/2012
     500,000       506,868  
Republic of Poland, 3.875%, 7/16/2015
     440,000       466,834  
State of Qatar, 144A, 4.0%, 1/20/2015
     880,000       927,300  
        4,580,620  
US Government Sponsored Agencies 4.0%
  
Federal Farm Credit Bank, 1.75%, 2/21/2013
     310,000       318,062  
Federal Home Loan Bank, 1.875%, 6/21/2013
     430,000       445,099  
Federal Home Loan Mortgage Corp.:
  
0.375%, 11/30/2012
     1,000,000       998,590  
1.125%, 7/27/2012
     405,000       410,335  
Federal National Mortgage Association:
  
0.75%, 12/18/2013
     1,500,000       1,502,341  
1.125%, 7/30/2012
     750,000       759,583  
1.25%, 8/20/2013
     1,000,000       1,017,598  
1.625%, 10/26/2015
     630,000       636,005  
1.75%, 5/7/2013
     500,000       515,308  
        6,602,921  
US Treasury Obligations 4.1%
  
US Treasury Inflation-Indexed Note, 0.5%, 4/15/2015
     1,007,340       1,047,948  
US Treasury Notes:
  
0.875%, 2/29/2012
     1,900,000       1,915,219  
1.25%, 9/30/2015
     390,000       391,828  
1.875%, 6/30/2015
     775,000       803,094  
2.5%, 3/31/2015
     2,300,000       2,450,949  
        6,609,038  
Total Government & Agency Obligations (Cost $26,449,020)
       27,006,704  
   
Loan Participations and Assignments 0.6%
  
Sovereign Loans
  
Gazprom, 144A, 8.125%, 7/31/2014
     440,000       499,950  
VTB Bank, 144A, 6.609%, 10/31/2012
     520,000       555,100  
Total Loan Participations and Assignments (Cost $975,357)
       1,055,050  
   
Municipal Bonds and Notes 0.4%
  
California, State General Obligation, Series 3, 5.65%, Mandatory Put 4/1/2013 @100, 4/1/2039
     240,000       258,890  
Illinois, State General Obligation, 3.321%, 1/1/2013 (c)
     390,000       399,887  
La Vernia, TX, Higher Education Finance Corp. Revenue, Southwest Winners, Series B, 144A, 5.7%, 2/15/2011 (d)
     75,000       74,943  
Total Municipal Bonds and Notes (Cost $705,893)
       733,720  
 

   
Shares
    
Value ($)
  
       
Cash Equivalents 2.3%
  
Central Cash Management Fund, 0.20% (e) (Cost $3,761,785)
     3,761,785       3,761,785  
 

   
% of Net Assets
    
Value ($)
  
       
Total Investment Portfolio (Cost $158,299,652)+
     101.0       165,221,598  
Other Assets and Liabilities, Net
     (1.0 )     (1,655,339 )
Net Assets
     100.0       163,566,259  
 
* These securities are shown at their current rate as of October 31, 2010. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
 
+ The cost for federal income tax purposes was $158,299,652. At October 31, 2010, net unrealized appreciation for all securities based on tax cost was $6,921,946. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,424,515 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $502,569.
 
(a) When-issued security.
 
(b) Government-backed debt issued by financial companies or government sponsored enterprises.
 
(c) Taxable issue.
 
(d) Bond is insured by this company:
Insurance Coverage
As a % of Total Investment Portfolio
American Capital Assurance
0.1
 
(e) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
 
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
 
FDIC: Federal Deposit Insurance Corp.
 
FSB: Federal Savings Bank
 
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
 
REIT: Real Estate Investment Trust
 
Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Government National Mortgage Association issues have similar coupon rates and have been aggregated for presentation purposes in the investment portfolio.
 
At October 31, 2010, open credit default swap contracts purchased were as follows:
Effective/ Expiration Date
  
Notional Amount ($)
    
Fixed Cash Flows Paid
  
Underlying Debt Obligation
  
Value ($)
    
Upfront Payments Paid/ (Received) ($)
    
Unrealized Depreciation ($)
  
3/22/2010
6/20/2015
     2,500,000 1     1.0 %
Markit CDX.NA.IG
     (16,037 )     8,925       (24,962 )
 
At October 31, 2010, open credit default swap contracts sold were as follows:
Effective/ Expiration Date
  
Notional Amount ($) (g)
    
Fixed Cash Flows Received
  
Underlying Debt Obligation/ Quality Rating (f)
  
Value ($)
    
Upfront Payments Paid/ (Received) ($)
    
Unrealized Appreciation ($)
  
3/22/2010
6/20/2015
     470,000 2     1.0 %
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/2017, BB
     (2,458 )     (2,666 )     208  
6/22/2009
9/20/2014
     1,000,000 3     5.0 %
MetLife, Inc., 5.0%, 6/15/2015, A-
     128,929       (15,948 )     144,877  
Total unrealized appreciation
       145,085  
 

(f) The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings and are unaudited.
(g) The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract. These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of buy protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.
 
At October 31, 2010, open interest rate swap contracts were as follows:
Effective/ Expiration
Date
  
Notional Amount ($)
  
Cash Flows Paid by the Fund
Cash Flows Received by the Fund
  
Value ($)
    
Upfront Payments Paid/ (Received) ($)
    
Unrealized Appreciation/ (Depreciation) ($)
  
10/12/2011
10/12/2012
     80,000,000 4
Fixed —
0.7%
Floating — LIBOR
     (67,994 )     4,323       (72,317 )
10/12/2011
10/12/2015
     25,000,000 5
Fixed —
1.7%
Floating — LIBOR
     (32,388 )     (15,708 )     (16,680 )
11/15/2009
11/15/2024
     1,000,000 6
Floating — LIBOR
Floating — 8.7%++
     30,893       —       30,893  
10/28/2010
10/28/2025
     300,000 2
Floating — LIBOR
Floating — 4.138%++
     (11,017 )     —       (11,017 )
11/1/2010
11/1/2025
     390,000 6
Floating — LIBOR
Floating — 4.293%++
     (21,450 )     —       (21,450 )
Total net unrealized depreciation
       (90,571 )
 
++ These interest rate swaps are shown at their current rate as of October 31, 2010.
 
At October 31, 2010, open total return swap contracts were as follows:
Effective/ Expiration Date
  
Notional Amount ($)
    
Fixed Cash Flows Paid
  
Reference Entity
  
Value ($)
    
Upfront Payments Paid/ (Received) ($)
    
Unrealized Appreciation ($)
  
6/9/2010
6/1/2012
     6,200,000 1     0.45 %
Citi Global Interest Rate Strategy Index
     104,011       4,133       99,878  
Counterparties:
1 Citigroup, Inc.
2 Morgan Stanley
3 JPMorgan Chase Securities, Inc.
4 The Goldman Sachs & Co.
5 Bank of America
6 Barclays Bank LLC
LIBOR: London InterBank Offered Rate
  
 
For information on the Fund's policy and additional disclosures regarding credit default swap contracts, interest rate swap contracts and total return swap contracts, please refer to the Derivatives section of Note B in the accompanying Notes to Financial Statements.
 
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 October 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
  
   
Fixed Income Investments (h)
                    
Corporate Bonds
   $ —     $ 92,821,570     $ 786,550     $ 93,608,120  
Mortgage-Backed Securities Pass-Throughs
     —       3,034,543       —       3,034,543  
Asset-Backed
     —       8,457,764       —       8,457,764  
Commercial Mortgage-Backed Securities
     —       18,432,766       —       18,432,766  
Collateralized Mortgage Obligations
     —       9,131,146       —       9,131,146  
Government & Agency Obligations
     —       26,139,374       867,330       27,006,704  
Loan Participations and Assignments
     —       1,055,050       —       1,055,050  
Municipal Bonds and Notes
     —       733,720       —       733,720  
Short-Term Investments (h)
     3,761,785       —       —       3,761,785  
Derivatives (i)
     —       275,856       —       275,856  
Total
   $ 3,761,785     $ 160,081,789     $ 1,653,880     $ 165,497,454  
Liabilities
                                
Derivatives (i)
   $ —     $ (146,426 )   $ —     $ (146,426 )
Total
   $ —     $ (146,426 )   $ —     $ (146,426 )
 
There have been no significant transfers in and out of Level 1 and Level 2 fair value measurements during the year ended October 31, 2010.
 
(h) See Investment Portfolio for additional detailed categorizations.
 
(i) Derivatives include unrealized appreciation (depreciation) on open credit default swap contracts, interest rate swap contracts and total return swap contracts.
 
Level 3 Reconciliation
 
The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:
   
Corporate Bonds
    
Asset-
Backed
    
Government & Agency Obligations
    
Total
  
Balance as of October 31, 2009
   $ —     $ 1,043,592     $ 497,500     $ 1,541,092  
Realized gain (loss)
     —       92,442       2,430       94,872  
Change in unrealized appreciation (depreciation)
     (29 )     (1,595 )     341       (1,283 )
Amortization premium/discount
     29       —       184       213  
Net purchases (sales)
     786,550       (1,134,439 )     366,875       18,986  
Transfers into Level 3
     —       —       —       —  
Transfers (out) of Level 3
     —       —       —       —  
Balance as of October 31, 2010
   $ 786,550     $ —     $ 867,330     $ 1,653,880  
Net change in unrealized appreciation (depreciation) from investments still held as of October 31, 2010
   $ (29 )   $ —     $ 341     $ 312  
 
Transfers between price levels are recognized at the beginning of the reporting period.
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Assets and Liabilities
as of October 31, 2010
  
Assets
  
Investments:
Investments in securities, at value (cost $154,537,867)
   $ 161,459,813  
Investment in Central Cash Management Fund (cost $3,761,785)
     3,761,785  
Total investments, at value (cost $158,299,652)
     165,221,598  
Cash
     10,000  
Deposits with broker for open swap contracts
     100,000  
Receivable for investments sold
     817,829  
Receivable for Fund shares sold
     315,009  
Interest receivable
     1,422,448  
Unrealized appreciation on open swap contracts
     275,856  
Upfront payments paid on swap contracts
     17,381  
Foreign taxes recoverable
     11,058  
Due from Advisor
     2,328  
Other assets
     20,744  
Total assets
     168,214,251  
Liabilities
  
Payable for investments purchased
     2,463,150  
Payable for investments purchased — when-issued securities
     1,214,383  
Distributions payable
     76,456  
Payable for Fund shares redeemed
     350,041  
Unrealized depreciation on open swap contracts
     146,426  
Upfront payments received on swap contracts
     34,322  
Payable upon return of deposit for open swap contracts
     100,000  
Net payable for closed credit default swap contracts
     16,130  
Accrued management fee
     27,757  
Other accrued expenses and payables
     219,327  
Total liabilities
     4,647,992  
Net assets, at value
   $ 163,566,259  
 
The accompanying notes are an integral part of the financial statements.
Statement of Assets and Liabilities as of October 31, 2010 (continued)
  
Net Assets Consist of
  
Accumulated distributions in excess of net investment income
     (198,778 )
Net unrealized appreciation (depreciation) on:
Investments
     6,921,946  
Swap contracts
     129,430  
Accumulated net realized gain (loss)
     (23,307,991 )
Paid-in capital
     180,021,652  
Net assets, at value
   $ 163,566,259  
Net Asset Value
  
Class A
Net Asset Value and redemption price per share ($106,362,084 ÷ 11,406,600 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 9.32  
Maximum offering price per share (100 ÷ 97.25 of $9.32)
   $ 9.58  
Class B
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($2,993,034 ÷ 320,815 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 9.33  
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($27,259,395 ÷ 2,925,638 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 9.32  
Class S
Net Asset Value, offering and redemption price per share ($12,356,905 ÷ 1,323,878 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 9.33  
Institutional Class
Net Asset Value, offering and redemption price per share ($14,594,841 ÷ 1,563,183 outstanding shares of beneficial interest, $.001 par value, unlimited number of shares authorized)
   $ 9.34  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Operations
for the year ended October 31, 2010
  
Investment Income
  
Income:
Interest (net of foreign taxes withheld of $5,341)
   $ 6,595,196  
Income distributions — Central Cash Management Fund
     8,364  
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates
     1,180  
Total income
     6,604,740  
Expenses:
Management fee
     656,351  
Administration fee
     164,088  
Services to shareholders
     242,282  
Distribution and service fees
     599,292  
Custodian fee
     16,175  
Professional fees
     75,922  
Trustees' fees and expenses
     7,652  
Reports to shareholders
     63,538  
Registration fees
     73,498  
Other
     40,569  
Total expenses before expense reductions
     1,939,367  
Expense reductions
     (522,864 )
Total expenses after expense reductions
     1,416,503  
Net investment income
     5,188,237  
Realized and Unrealized Gain (Loss)
  
Net realized gain (loss) from:
Investments
     2,299,102  
Futures
     (2,603,830 )
Swap contracts
     (868,093 )
      (1,172,821 )
Change in net unrealized appreciation (depreciation) on:
Investments
     2,561,457  
Futures
     320,437  
Swap contracts
     80,524  
      2,962,418  
Net gain (loss)
     1,789,597  
Net increase (decrease) in net assets resulting from operations
   $ 6,977,834  
 
The accompanying notes are an integral part of the financial statements.
 
Statement of Changes in Net Assets
   
Years Ended October 31,
  
Increase (Decrease) in Net Assets
  
2010
    
2009
  
Operations:
Net investment income
   $ 5,188,237     $ 6,293,854  
Net realized gain (loss)
     (1,172,821 )     (17,081,440 )
Change in net unrealized appreciation (depreciation)
     2,962,418       20,416,351  
Net increase (decrease) in net assets resulting from operations
     6,977,834       9,628,765  
Distributions to shareholders from:
Net investment income:
Class A
     (3,750,178 )     (4,892,494 )
Class B
     (96,750 )     (173,475 )
Class C
     (716,908 )     (662,548 )
Class S
     (309,698 )     (205,120 )
Institutional Class
     (403,955 )     (361,898 )
Total distributions
     (5,277,489 )     (6,295,535 )
Fund share transactions:
Proceeds from shares sold
     60,193,316       65,120,922  
Reinvestment of distributions
     4,531,425       5,546,170  
Cost of shares redeemed
     (67,099,298 )     (85,244,562 )
Redemption fees
     —       26,630  
Net increase (decrease) in net assets from Fund share transactions
     (2,374,557 )     (14,550,840 )
Increase (decrease) in net assets
     (674,212 )     (11,217,610 )
Net assets at beginning of period
     164,240,471       175,458,081  
Net assets at end of period (including accumulated distributions in excess of net investment income of $198,778 and $96,519, respectively)
   $ 163,566,259     $ 164,240,471  
 
The accompanying notes are an integral part of the financial statements.
 
Financial Highlights
Class A
Years Ended October 31,
  
2010
    
2009
    
2008
    
2007
    
2006
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 9.23     $ 9.00     $ 9.91     $ 9.91     $ 9.89  
Income (loss) from investment operations:
Net investment incomea
     .31       .35       .41       .43       .41  
Net realized and unrealized gain (loss)
     .09       .23       (.90 )     .00 *     .02  
Total from investment operations
     .40       .58       (.49 )     .43       .43  
Less distributions from:
Net investment income
     (.31 )     (.35 )     (.42 )     (.43 )     (.41 )
Redemption fees
     —       .00 *     .00 *     .00 *     .00 *
Net asset value, end of period
   $ 9.32     $ 9.23     $ 9.00     $ 9.91     $ 9.91  
Total Return (%)b,c
     4.50       6.62       (5.19 )     4.41       4.44  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     106       119       135       86       63  
Ratio of expenses before expense reductions (%)
     1.08       1.10       .95       1.14       1.03  
Ratio of expenses after expense reductions (%)
     .75       .70       .70       .70       .58  
Ratio of net investment income (%)
     3.28       3.91       4.22       4.31       4.16  
Portfolio turnover rate (%)
     101       177       181       230       198  
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
  
 

Class B
Years Ended October 31,
  
2010
    
2009
    
2008
    
2007
    
2006
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 9.23     $ 9.00     $ 9.91     $ 9.91     $ 9.89  
Income (loss) from investment operations:
Net investment incomea
     .24       .28       .34       .35       .35  
Net realized and unrealized gain (loss)
     .10       .23       (.91 )     .00 *     .02  
Total from investment operations
     .34       .51       (.57 )     .35       .37  
Less distributions from:
Net investment income
     (.24 )     (.28 )     (.34 )     (.35 )     (.35 )
Redemption fees
     —       .00 *     .00 *     .00 *     .00 *
Net asset value, end of period
   $ 9.33     $ 9.23     $ 9.00     $ 9.91     $ 9.91  
Total Return (%)b,c
     3.72       5.83       (5.91 )     3.60       3.81  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     3       4       6       6       8  
Ratio of expenses before expense reductions (%)
     1.89       1.89       1.84       1.90       1.77  
Ratio of expenses after expense reductions (%)
     1.50       1.45       1.45       1.45       1.19  
Ratio of net investment income (%)
     2.53       3.16       3.47       3.56       3.55  
Portfolio turnover rate (%)
     101       177       181       230       198  
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
  
 

Class C
Years Ended October 31,
  
2010
    
2009
    
2008
    
2007
    
2006
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 9.22     $ 8.99     $ 9.90     $ 9.90     $ 9.88  
Income (loss) from investment operations:
Net investment incomea
     .24       .28       .34       .35       .35  
Net realized and unrealized gain (loss)
     .10       .23       (.91 )     .00 *     .02  
Total from investment operations
     .34       .51       (.57 )     .35       .37  
Less distributions from:
Net investment income
     (.24 )     (.28 )     (.34 )     (.35 )     (.35 )
Redemption fees
     —       .00 *     .00 *     .00 *     .00 *
Net asset value, end of period
   $ 9.32     $ 9.22     $ 8.99     $ 9.90     $ 9.90  
Total Return (%)b,c
     3.73       5.85       (5.92 )     3.61       3.81  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     27       26       21       21       24  
Ratio of expenses before expense reductions (%)
     1.80       1.81       1.74       1.87       1.79  
Ratio of expenses after expense reductions (%)
     1.50       1.46       1.45       1.45       1.19  
Ratio of net investment income (%)
     2.53       3.16       3.47       3.56       3.55  
Portfolio turnover rate (%)
     101       177       181       230       198  
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
  
 

Class S
Years Ended October 31,
  
2010
    
2009
    
2008
    
2007
    
2006
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 9.24     $ 9.00     $ 9.91     $ 9.91     $ 9.89  
Income (loss) from investment operations:
Net investment incomea
     .33       .37       .43       .45       .40  
Net realized and unrealized gain (loss)
     .09       .24       (.90 )     .00 *     .01  
Total from investment operations
     .42       .61       (.47 )     .45       .41  
Less distributions from:
Net investment income
     (.33 )     (.37 )     (.44 )     (.45 )     (.39 )
Redemption fees
     —       .00 *     .00 *     .00 *     .00 *
Net asset value, end of period
   $ 9.33     $ 9.24     $ 9.00     $ 9.91     $ 9.91  
Total Return (%)b
     4.75       7.01       (4.96 )     4.67       4.29  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     12       7       4       1       .6  
Ratio of expenses before expense reductions (%)
     .79       .77       .75       1.15       .98  
Ratio of expenses after expense reductions (%)
     .50       .46       .45       .45       .71  
Ratio of net investment income (%)
     3.53       4.16       4.47       4.56       4.03  
Portfolio turnover rate (%)
     101       177       181       230       198  
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
  
 

Institutional Class
Years Ended October 31,
  
2010
    
2009
    
2008
    
2007
    
2006
  
Selected Per Share Data
  
Net asset value, beginning of period
   $ 9.24     $ 9.01     $ 9.92     $ 9.92     $ 9.90  
Income (loss) from investment operations:
Net investment incomea
     .33       .37       .43       .45       .41  
Net realized and unrealized gain (loss)
     .10       .23       (.90 )     .00 *     .02  
Total from investment operations
     .43       .60       (.47 )     .45       .43  
Less distributions from:
Net investment income
     (.33 )     (.37 )     (.44 )     (.45 )     (.41 )
Redemption fees
     —       .00 *     .00 *     .00 *     .00 *
Net asset value, end of period
   $ 9.34     $ 9.24     $ 9.01     $ 9.92     $ 9.92  
Total Return (%)b
     4.76       6.90       (4.95 )     4.64       4.47  
Ratios to Average Net Assets and Supplemental Data
  
Net assets, end of period ($ millions)
     15       9       11       18       19  
Ratio of expenses before expense reductions (%)
     .76       .76       .68       .82       .77  
Ratio of expenses after expense reductions (%)
     .50       .45       .45       .45       .56  
Ratio of net investment income (%)
     3.53       4.17       4.47       4.56       4.18  
Portfolio turnover rate (%)
     101       177       181       230       198  
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
* Amount is less than $.005.
  
 
Notes to Financial Statements
 
A. Organization and Significant Accounting Policies
 
DWS Short Duration 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 but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchas e. Class C shares do not automatically convert into another class. 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. 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.
 
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.
 
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.
 
Debt securities are valued by independent pricing services approved by the Fund's Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. These securities are generally categorized as Level 2.
 
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
 
Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.
 
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
 
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 Board and are generally categorized as Level 3. 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 lends 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 effort 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. The Fund had no securities on loan as of October 31, 2010.
 
When-Issued/Delayed Delivery Securities. The Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to the Fund until payment takes place. At the time the Fund enters into this type of transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment.
 
Certain risks may arise upon entering into when-issued or delayed delivery securities from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.
 
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 October 31, 2010, the Fund had a net tax basis capital loss carryforward of approximately $23,308,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2012 ($83,000), October 31, 2013 ($1,646,000), October 31, 2014 ($1,157,000), October 31, 2015 ($190,000), October 31, 2016 ($2,167,000), October 31, 2017 ($17,224,000) and October 31, 2018 ($841,000), the respective expiration dates, whichever occurs first.
 
The Fund has reviewed the tax positions for the open tax years as of October 31, 2010 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 is declared as a daily dividend and distributed to shareholders monthly. 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 investments in futures and swap contracts 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.
 
At October 31, 2010, the Fund's components of distributable earnings (accumulated losses) on a tax-basis were as follows:
Undistributed ordinary income*
   $ 102,530  
Capital loss carryforwards
   $ (23,308,000 )
Net unrealized appreciation (depreciation) on investments
   $ 6,921,946  
 
In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:
   
Years Ended October 31,
  
   
2010
    
2009
  
Distributions from ordinary income*
   $ 5,277,489     $ 6,295,535  
 
* For tax purposes, short-term capital gains distributions are considered ordinary income distributions.
 
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 transactions are reported on trade date. Interest income is recorded on the accrual basis net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes.
 
B. Derivative Instruments
 
Interest Rate Swap Contracts. For the year ended October 31, 2010, the Fund entered into interest rate swap transactions to gain exposure to different parts of the yield curve while managing overall duration. The use of interest rate swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions. In an interest rate swap, the Fund agrees to pay to the other party to the interest rate swap (which is known as the "counterparty") a fixed rate payment in exchange for the counterparty agreeing to pay to the Fund a variable rate payment, or the Fund agrees to receive from the counterparty a fixed rate payment in exchange for the counterparty agreeing to receive from the Fund a variable rate payment. The payment obligations are based on the notional amount of the swap. Certain risks may arise when entering into swap transactions including counterparty default, liquidity or unfavorable changes in interest rates. In connection with these agreements, securities and or cash may be identified as collateral in accordance with the terms of the swap agreements to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the interest rate swap contract, to the extent that this amount is beneficial to the Fund, in addition to any related collateral posted to the counterparty by the Fund. This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty. The value of the swap is adjusted daily and the change in value, if any, is recorded as unrealized appreciation or depreciation in t he Statement of Assets and Liabilities. An upfront payment made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.
 
A summary of the open interest rate swap contracts as of October 31, 2010 is included in a table following the Fund's Investment Portfolio. For the year ended October 31, 2010, the Fund invested in interest rate swap contracts with a total notional amount generally indicative of a range from approximately $12,500,000 to $106,690,000.
 
Credit Default Swap Contracts. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. For the year ended October 31, 2010, the Fund bought or sold credit default swap contracts to gain exposure to an underlying issuer's credit quality characteristics without directly investing in that issuer, or to hedge the risk of default on Fund securities. As a seller in the credit default swap contract, the Fund is required to pay the par (or other agreed-upon) value of the referenced entity to the counterparty with the occurrence of a credit event by a third party, such as a US or foreign corporate issuer, on the reference entity, which would likely result in a loss to the F und. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. The Fund also buys credit default swap contracts in order to hedge against the risk of a credit event on debt securities, in which case the Fund functions as the counterparty referenced above. This involves the risk that the contract may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. When the Fund sells a credit default swap contract it will cover its commitment. This is achieved by, among other methods, maintaining cash or liquid assets equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Fund.
 
The value of the credit default swap is adjusted daily and the change in value, if any, is recorded daily as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. An upfront payment made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Under the terms of the credit default swap contracts, the Fund receives or makes quarterly payments based on a specified interest rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statement of Operations. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gai ns or losses in the Statement of Operations.
 
A summary of the open credit default swap contracts as of October 31, 2010 is included in a table following the Fund's Investment Portfolio. For the year ended October 31, 2010, the Fund invested in credit default swap contracts with a total notional amount generally indicative of a range from approximately $1,750,000 to $25,170,000.
 
Total Return Swap Contracts. Total return swaps involve commitments to pay interest in exchange for a market-linked return based on a notional amount. For the year ended October 31, 2010, the Fund entered into total return swap transactions to enhance potential gains. To the extent the total return of the reference security or index underlying the total return swap exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty, respectively. Certain risks may arise when entering into swap transactions including counterparty default, liquidity or unfavorable changes in the value of the underlying reference security or index. The value of the swap is adjusted daily and the ch ange in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. An upfront payment made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of each measurement period are recorded as realized gain or loss in the Statement of Operations.
 
A summary of the open total return swap contracts as of October 31, 2010 is included in a table following the Fund's Investment Portfolio. For the year ended October 31, 2010, the Fund invested in total return swap contracts with a total notional amount generally indicative of a range from $6,200,000 to $7,000,000.
 
Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the year ended October 31, 2010, the Fund entered into interest rate futures to gain exposure to different parts of the yield curve while managing overall duration.
 
Futures contracts are valued at the most recent settlement price. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.
 
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the underlying hedged security, index or currency. Risk of loss may exceed amounts recognized in the Statement of Assets and Liabilities.
 
There were no open futures contracts as of October 31, 2010. For the year ended October 31, 2010, the investment in futures contracts had a total notional value generally indicative of a range from $0 to approximately $78,012,000.
 
The following tables summarize the value of the Fund's derivative instruments held as of October 31, 2010 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives
  
Swap Contracts
  
Interest Rate Contracts (a)
   $ 130,771  
Credit Contracts (a)
     145,085  
    $ 275,856  
 
Each of the above derivatives is located in the following Statement of Assets and Liabilities account:
 
(a) Unrealized appreciation on open swap contracts
Liability Derivatives
  
Swap Contracts
  
Interest Rate Contracts (a)
   $ (121,464 )
Credit Contracts (a)
     (24,962 )
    $ (146,426 )
 
Each of the above derivatives is located in the following Statement of Assets and Liabilities account:
 
(a) Unrealized depreciation on open swap contracts
 
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the year ended October 31, 2010 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Realized Gain (Loss)
  
Swap Contracts
    
Futures Contracts
    
Total
  
Interest Rate Contracts (a)
   $ (865,582 )   $ (2,603,830 )   $ (3,469,412 )
Credit Contracts (a)
     (2,511 )     —       (2,511 )
    $ (868,093 )   $ (2,603,830 )   $ (3,471,923 )
 
Each of the above derivatives is located in the following Statement of Operations accounts:
 
(a) Net realized gain (loss) from swaps contracts and futures, respectively
Change in Net Unrealized Appreciation (Depreciation)
  
Swap Contracts
    
Futures Contracts
    
Total
  
Interest Rate Contracts (a)
   $ 93,631     $ 320,437     $ 414,068  
Credit Contracts (a)
     (13,107 )     —       (13,107 )
    $ 80,524     $ 320,437     $ 400,961  
 
Each of the above derivatives is located in the following Statement of Operations accounts:
 
(a) Change in net unrealized appreciation (depreciation) on swaps contracts and futures, respectively
 
C. Purchases and Sales of Securities
 
During the year ended October 31, 2010, purchases and sales of investment securities (excluding short-term investments and US Treasury securities) aggregated $146,524,719 and $151,895,929, respectively. Purchases and sales of US Treasury securities aggregated $15,264,099 and $15,202,763, respectively.
 
D. 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.
 
Under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $500 million of the Fund's average daily net assets
     .400 %
Next $500 million of such net assets
     .385 %
Next $1.0 billion of such net assets
     .370 %
Over $2.0 billion of such net assets
     .355 %
 
For the period from November 1, 2009 through November 30, 2009, the Advisor had contractually agreed to waive 0.182% of its management fee.
 
For the period from November 1, 2009 through September 30, 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
.98%
Class B
1.73%
Class C
1.73%
Class S
.73%
Institutional Class
.73%
 
Effective October 1, 2010 through September 30, 2011, 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
.92%
Class B
1.67%
Class C
1.67%
Class S
.67%
Institutional Class
.67%
 
In addition, for the period from November 1, 2009 through October 31, 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 each class as follows:
Class A
.75%
Class B
1.50%
Class C
1.50%
Class S
.50%
Institutional Class
.50%
 
This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor.
 
Accordingly for the year ended October 31, 2010, the Advisor waived a portion of its management fee pursuant to the Investment Management Agreement aggregating $299,317 and the amount charged aggregated $357,034, which was equivalent to an annual effective rate of 0.218% of the Fund's average daily net assets.
 
In addition, the Advisor reimbursed $6,096 and $6,970 of sub-recordkeeping expenses for Class S and Institutional Class shares, respectively.
 
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 an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended October 31, 2010, the Administration Fee was $164,088, of which $13,972 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 for 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 year ended October 31, 2010, the amounts charged to the Fund by DISC were as follows:
Services to Shareholders
  
Total Aggregated
    
Waived
  
Class A
   $ 87,110     $ 87,110  
Class B
     5,110       5,110  
Class C
     17,462       17,462  
Class S
     3,286       3,286  
Institutional Class
     1,945       1,945  
    $ 114,913     $ 114,913  
 
Distribution and Service Fees. Under the Fund's Class B and Class 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 Services Agreement, DIDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the year ended October 31, 2010, the Distribution Fee was as follows:
Distribution Fee
  
Total Aggregated
    
Unpaid at October 31, 2010
  
Class B
   $ 27,957     $ 3,033  
Class C
     208,330       20,232  
    $ 236,287     $ 23,265  
 
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 year ended October 31, 2010, the Service Fee was as follows:
Service Fee
  
Total Aggregated
    
Waived
    
Unpaid at October 31, 2010
    
Annual Effective Rate
  
Class A
   $ 283,264     $ 78,174     $ 24,783       .18 %
Class B
     9,394       2,446       775       .19 %
Class C
     70,347       14,948       6,875       .20 %
    $ 363,005     $ 95,568     $ 32,433          
 
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 year ended October 31, 2010, aggregated $15,664.
 
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 year ended October 31, 2010, the CDSC for the Class B and C shares aggregated $13,386 and $10,171, respectively. A deferred sales charge of up to 0.75% is assessed on certain redemptions of Class A shares.
 
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended October 31, 2010, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $22,310, of which $9,263 is 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.
 
E. 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 Fund Rate the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
 
F. Share Transactions
 
The following table summarizes share and dollar activity in the Fund:
   
Year Ended October 31, 2010
    
Year Ended October 31, 2009
  
   
Shares
    
Dollars
    
Shares
    
Dollars
  
Shares sold
  
Class A
     2,444,674     $ 22,633,488       4,769,268     $ 42,554,343  
Class B
     100,099       927,117       235,008       2,060,993  
Class C
     1,085,351       10,035,823       1,257,520       11,258,184  
Class S
     1,227,446       11,374,348       602,021       5,415,547  
Institutional Class
     1,641,957       15,222,540       428,271       3,831,855  
            $ 60,193,316             $ 65,120,922  
Shares issued to shareholders in reinvestment of distributions
  
Class A
     380,432     $ 3,521,318       523,012     $ 4,636,938  
Class B
     8,254       76,418       14,764       130,772  
Class C
     54,463       503,747       49,610       440,706  
Class S
     21,545       199,739       16,297       145,341  
Institutional Class
     24,825       230,203       21,677       192,413  
            $ 4,531,425             $ 5,546,170  
Shares redeemed
  
Class A
     (4,307,874 )   $ (39,887,401 )     (7,359,958 )   $ (65,081,687 )
Class B
     (248,506 )     (2,303,371 )     (413,140 )     (3,707,071 )
Class C
     (1,000,222 )     (9,257,209 )     (843,020 )     (7,457,004 )
Class S
     (637,251 )     (5,907,954 )     (316,340 )     (2,859,104 )
Institutional Class
     (1,049,868 )     (9,743,363 )     (694,568 )     (6,139,696 )
            $ (67,099,298 )           $ (85,244,562 )
Redemption fees
           $ —             $ 26,630  
Net increase (decrease)
  
Class A
     (1,482,768 )   $ (13,732,595 )     (2,067,678 )   $ (17,865,848 )
Class B
     (140,153 )     (1,299,836 )     (163,368 )     (1,515,040 )
Class C
     139,592       1,282,361       464,110       4,242,141  
Class S
     611,740       5,666,133       301,978       2,701,784  
Institutional Class
     616,914       5,709,380       (244,620 )     (2,113,877 )
            $ (2,374,557 )           $ (14,550,840 )
 
Report of Independent Registered Public Accounting Firm
 
To the Trustees of DWS Advisor Funds and Shareholders of DWS Short Duration Fund:
 
In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of DWS Short Duration Fund (the "Fund") at October 31, 2010, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit s of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
Boston, Massachusetts
December 21, 2010
PricewaterhouseCoopers LLP
 
Tax Information (Unaudited)
 
A total of 3% of the dividends distributed during the fiscal year was derived from interest on US government securities, which is generally exempt from state income tax.
 
Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 621-1048.
 
Investment Management Agreement Approval
 
The Board of Trustees, including the Independent Trustees, approved the renewal of your Fund's investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DWS") in September 2010.
 
In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:
 
• In September 2010, all of the Fund's Trustees were independent of DWS and its affiliates.
 
• The Trustees meet frequently to discuss fund matters. Each year, the Trustees dedicate substantial time to contract review matters. Over the course of several months, the Board's Contract Committee, in coordination with the Board's Fixed Income and Quant Oversight Committee, reviewed comprehensive materials received from DWS, independent third parties and independent counsel. These materials included an analysis of the Fund's performance, fees and expenses, and profitability compiled by the Fund's independent fee consultant. The Board also received extensive information throughout the year regarding performance of the Fund.
 
• The Independent Trustees regularly meet privately with their independent counsel to discuss contract review and other matters. In addition, the Independent Trustees were also advised by the Fund's independent fee consultant in the course of their review of the Fund's contractual arrangements and considered a comprehensive report prepared by the independent fee consultant in connection with their deliberations (the "IFC Report").
 
• In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund's Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.
 
• Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Independent Trustees as a group. The Independent Trustees reviewed the Contract Committee's findings and recommendations and presented their recommendations to the full Board.
 
In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DWS and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DWS managed the Fund, and that the Agreement was approved by the Fund's shareholders. DWS is part of Deutsche Bank, a major global banking institution that is engaged in a wide range of financial services. The Board believes that there are significant advantages to being part of a global asset management business that offers a wide range of investin g expertise and resources, including hundreds of portfolio managers and analysts with research capabilities in many countries throughout the world.
 
While shareholders may focus primarily on fund performance and fees, the Fund's Board considers these and many other factors, including the quality and integrity of DWS's personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.
 
Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DWS provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DWS provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of DWS to attract and retain high-quality personnel, and the organizational depth and stability of DWS. The Board reviewed the Fund's performance over short-term and long-term periods and compared those returns to various agre ed-upon performance measures, including market indices and a peer universe compiled by the independent fee consultant using information supplied by Lipper Inc. ("Lipper"). The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to their benchmark or a peer universe compiled by Lipper), and receives more frequent reporting and information from DWS regarding such funds, along with DWS's remedial plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2009, the Fund's performance (Class A shares) was in the 2nd quartile, 4th quartile and 4th quartile, respectively, of the applicable Lipper universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperfo rmed its benchmark in the one-year period and has underperformed its benchmark in the three- and five-year periods ended December 31, 2009.
 
On the basis of this evaluation and the ongoing review of investment results by the Board, the Board concluded that the nature, quality and extent of services provided by DWS historically have been and continue to be satisfactory.
 
Fees and Expenses. The Board considered the Fund's investment management fee schedule, operating expenses, and total expense ratios, and comparative information provided by Lipper and the independent fee consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include the 0.10% fee paid to DWS under the Fund's administrative services agreement, were higher than the median (3rd quartile) of the applicable Lipper peer group (based on Lipper data provided as of Decembe r 31, 2009). The Board noted that the Fund's Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (4th quartile) of the applicable Lipper expense universe (based on Lipper data provided as of December 31, 2009, and analyzing Lipper expense universe Class A expenses less any applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also reviewed data comparing each share class's total (net) operating expenses to the applicable Lipper Universe Expenses. The Board considered the Fund's management fee rate as compared to fees charged by DWS and certain of its affiliates for comparable mutual funds and considered differences in fund and fee structures between the DWS Funds. The Board also considered how the Fund's total (net) operating expenses compared to the total (net) operating expenses of a more customized peer group selected by Lipper (based on such factors as asset size). The Board also noted that the expense limitations agreed to by DWS helpe d to ensure that the Fund's total (net) operating expenses would remain competitive.
 
The information considered by the Board as part of its review of management fees included information regarding fees charged by DWS and its affiliates to similar institutional accounts and to similar funds offered primarily to European investors ("DWS Europe funds"), in each case as applicable. The Board observed that advisory fee rates for institutional accounts generally were lower than the management fees charged by similarly managed DWS US mutual funds ("DWS Funds"), but also took note of the differences in services provided to DWS Funds as compared to institutional accounts. In the case of DWS Europe funds, the Board observed that fee rates for DWS Europe funds generally were higher than for similarly managed DWS Funds, but noted that differences in the types of services provided to DWS Funds relative to DWS Euro pe funds made it difficult to compare such fees.
 
On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DWS.
 
Profitability. The Board reviewed detailed information regarding revenues received by DWS under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DWS from advising the DWS Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DWS and its affiliates with respect to all fund services in totality and by fund. The Board reviewed DWS's methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DWS in connection with the management of the Fund were not unreasonable. The Board also reviewed information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DWS and its affiliates' overall profitability with respect to the DWS fund complex (after taking into account distribution and other services provided to the funds by DWS and its affiliates) was lower than the overall profitability levels of many comparable firms for which such data was available.
 
Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund's management fee schedule includes fee breakpoints. The Board concluded that the Fund's fee schedule represents an appropriate sharing between the Fund and DWS of such economies of scale as may exist in the management of the Fund at current asset levels.
 
Other Benefits to DWS and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DWS and its affiliates, including any fees received by DWS for administrative services provided to the Fund and any fees received by an affiliate of DWS for distribution services. The Board also considered benefits to DWS related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DWS related to DWS Funds advertising and cross-selling opportunities among DWS products and services. The Board concl uded that management fees were reasonable in light of these fallout benefits.
 
Compliance. The Board considered the significant attention and resources dedicated by DWS to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience and seniority of both DWS's chief compliance officer and the Fund's chief compliance officer; (ii) the large number of DWS compliance personnel; and (iii) the substantial commitment of resources by DWS and its affiliates to compliance matters.
 
Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and their counsel present. It is possible that individual Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.
 
Summary of Management Fee Evaluation by Independent Fee Consultant
 
October 3, 2010
 
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 rep ort summarizes my evaluation for 2010, 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, 2008, and 2009.
 
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 have served in various leadership and financial oversight capacities with non-profit organizations.
 
Evaluation of Fees for each DWS Fund
 
My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 118 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 and Morningstar databases and drew on my industry knowledge and experience.
 
To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing the key data elements in each area as well as additional analytics discussed below. This made it possible to consider each key data element in the context of the others.
 
In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation includes the effects of these changes.
 
Fees and Expenses Compared with Other Funds
 
The competitive fee and expense evaluation for each fund focused on two primary comparisons:
 
The Fund's contractual management fee (the advisory fee plus the administration fee where applicable) compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large Capitalization Growth) having similar distribution arrangements and being of similar size.
 
The Fund's total expenses compared with a broader universe of funds from the same Lipper investment category and having similar distribution arrangements.
 
These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but also the total expense the Fund bears for all the services it receives, in comparison with the investment choices available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these comparisons was the subject Fund's percentile ranking against peers.
 
DeAM's Fees for Similar Services to Others
 
DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment management accounts in any of the investment categories where there is a DWS Fund. These similar products included the other DWS Funds, non-fund pooled accounts, institutional accounts and sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each similar product, at the subject Fund's asset level.
 
Evaluating information regarding non-fund products is difficult because there are varying levels of services required for different types of accounts, with mutual funds generally requiring considerably more regulatory and administrative types of service as well as having more frequent cash flows than other types of accounts. Also, while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable insurance products), differences in underlying investment processes and other factors.
 
Costs and Profit Margins
 
DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the presentation would be more comparable to the available industry figures, I reviewed profit margins from investment management alone, from investment management plus other fund services (excluding distribution) provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including distribution. A later section comments on overall profitability.
 
Economies of Scale
 
Economies of scale — an expected decline in management cost per dollar of fund assets as fund assets grow — are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and lower total expenses than smaller funds. To see how each DWS Fund compares with this industry observation, I reviewed:
 
The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have declined as a percent of assets.
 
Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the Fund's break-points compare with those of the sub-advisory fee schedule.
 
How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed.
 
Quality of Service — Performance
 
The quality-of-service evaluation focused on investment performance, which is the principal result of the investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as applicable, and compared with that of other funds in the same investment category and with a suitable market index.
 
In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively taking considerably more or less risk than is typical in its investment category.
 
I also received and considered the history of portfolio manager changes for each Fund, as this provided an important context for evaluating the performance results.
 
Complex-Level Considerations
 
While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the reasonableness of fees that can alternatively be considered across the whole fund complex:
 
I reviewed DeAM's profitability analysis for all DWS Funds, with a view toward determining if the allocation procedures used were reasonable and how profit levels compared with public data for other investment managers.
 
I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be considered in interpreting the direct profitability results. These would be situations where serving as the investment manager of the Funds is beneficial to another part of the Deutsche Bank organization.
 
I considered how aggregated DWS Fund expenses had varied over the years, by asset class and in the context of trends in asset levels.
 
I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation of investment management and other professionals compared with industry data.
 
Findings
 
Based on the process and analysis discussed above, which included reviewing a wide range of information from management and external data sources and considering among other factors the fees DeAM charges other clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds, economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the management fees charged the DWS Funds are reasonable.
 
 
Thomas H. Mack
 
Board Members and Officers
 
The following table presents certain information regarding the Board Members and Officers of the Trust as of October 31, 2010. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Paul K. Freeman, Independent Chairman, DWS Funds, PO Box 101833, Denver, CO 80250-1833. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex. The Length of Time Served represents the year in which the Board Member joined the board of one or more DWS funds now overseen by the Board.
Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served1
Business Experience and Directorships During the Past Five Years
Number of Funds in DWS Fund Complex Overseen
Paul K. Freeman (1950)
Chairperson since 2009
Board Member since 1993
Consultant, World Bank/Inter-American Development Bank; Governing Council of the Independent Directors Council (governance, education committees); formerly, Project Leader, International Institute for Applied Systems Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986-1998)
123
John W. Ballantine (1946)
Board Member since 1999
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996-1998); Executive Vice President and Head of International Banking (1995-1996). Directorships: Healthways, Inc. (provider of disease and care management services); Portland General Electric (utility company); Stockwell Capital Investments PLC (private equity). Former Directorships: First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
123
Henry P. Becton, Jr. (1943)
Board Member since 1990
Vice Chair and former President, WGBH Educational Foundation. Directorships: Association of Public Television Stations; Lead Director, Becton Dickinson and Company3 (medical technology company); Lead Director, Belo Corporation3 (media company); Public Radio International; Public Radio Exchange (PRX); The PBS Foundation. Former Directorships: Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic De velopment; Public Broadcasting Service
123
Dawn-Marie Driscoll (1946)
Board Member since 1987
President, Driscoll Associates (consulting firm); Executive Fellow, Center for Business Ethics, Bentley University; formerly, Partner, Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and General Counsel, Filene's (1978-1988). Directorships: Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007); Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee, Southwest Florida Community Foundation (charitable organization). Former Directorships: Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
123
Keith R. Fox (1954)
Board Member since 1996
Managing General Partner, Exeter Capital Partners (a series of private investment funds). Directorships: Progressive Holding Corporation (kitchen goods importer and distributor); Box Top Media Inc. (advertising); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies
123
Kenneth C. Froewiss (1945)
Board Member since 2001
Adjunct Professor of Finance, NYU Stern School of Business (September 2009-present; Clinical Professor from 1997-September 2009); Member, Finance Committee, Association for Asian Studies (2002-present); Director, Mitsui Sumitomo Insurance Group (US) (2004-present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
123
Richard J. Herring (1946)
Board Member since 1990
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center (since July 2000); Director, Japan Equity Fund, Inc. (since September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore Fund, Inc. (since September 2007); Independent Director of Barclays Bank Delaware (since September 2010). Formerly, Vice Dean and Director, Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder Institute of International Management Studies (July 2000-June 2006)
123
William McClayton (1944)
Board Member since 2004+
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001-2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966-2001); Trustee, Ravinia Festival
123
Rebecca W. Rimel (1951)
Board Member since 1995
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); Trustee, Thomas Jefferson Foundation (charitable organization) (1994 to present); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001-2007); Trustee, Pro Publica (2007-present) (charitable organization); Director, CardioNet, Inc.2 (2009-present) (health care). Formerly, Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983-2004); Board Member, Investor Education (charitable organization) (2004-2005); Director, Viasys Health Care2 (January 2007-June 2007)
123
William N. Searcy, Jr. (1946)
Board Member since 1993
Private investor since October 2003; Trustee of 22 open-end mutual funds managed by Sun Capital Advisers, Inc. (since October 1998). Formerly, Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989-September 2003)
123
Jean Gleason Stromberg (1943)
Board Member since 1997
Retired. Formerly, Consultant (1997-2001); Director, Financial Markets US Government Accountability Office (1996-1997); Partner, Fulbright & Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and Flora Hewlett Foundation. Former Directorships: Service Source, Inc., Mutual Fund Directors Forum (2002-2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987-1990 and 1994-1996)
123
Robert H. Wadsworth
(1940)
Board Member since 1999
President, Robert H. Wadsworth & Associates, Inc. (consulting firm) (1983 to present); Director, The Phoenix Boys Choir Association
126
 

Officers4
Name, Year of Birth, Position with the Fund and Length of Time Served5
Principal Occupation(s) During Past 5 Years and Other Directorships Held
Michael G. Clark6 (1965)
President, 2006-present
Managing Director3, Deutsche Asset Management (2006-present); President of DWS family of funds; Director, ICI Mutual Insurance Company (since October 2007); formerly, Director of Fund Board Relations (2004-2006) and Director of Product Development (2000-2004), Merrill Lynch Investment Managers; Senior Vice President Operations, Merrill Lynch Asset Management (1999-2000)
Ingo Gefeke7 (1967)
Executive Vice President since 2010
Managing Director3, Deutsche Asset Management; Global Head of Distribution and Product Management, DWS Global Head of Trading and Securities Lending. Member of the Board of Directors of DWS Investment GmbH Frankfurt (since July 2009) and DWS Holding & Service GmbH Frankfurt (since January 2010); formerly, Global Chief Administrative Officer, Deutsche Asset Management (2004-2009); Global Chief Operating Officer, Global Transaction Banking, Deutsche Bank AG, New York (2001-2004); Chief Operating Officer, Global Banking Division Americas, Deutsche Bank AG, New York (1999-2001); Central Management, Global Banking Services, Deutsche Bank AG, Frankfurt (1998-1999); Relationship Management, Deutsche Bank AG, Tokyo, Japan (1997-1998)
John Millette8 (1962)
Vice President and Secretary, 1999-present
Director3, Deutsche Asset Management
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004-present
Treasurer, 2005-present
Managing Director3, Deutsche Asset Management (since July 2004); formerly, Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998-2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994-1998)
Caroline Pearson8 (1962)
Chief Legal Officer, April 2010-present
Managing Director3, Deutsche Asset Management; formerly, Assistant Secretary for DWS family of funds (1997-2010)
Rita Rubin9 (1970)
Assistant Secretary, 2009-present
Vice President and Counsel, Deutsche Asset Management (since October 2007); formerly, Vice President, Morgan Stanley Investment Management (2004-2007)
Paul Antosca8 (1957)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2006); Vice President, The Manufacturers Life Insurance Company (U.S.A.) (1990-2006)
Jack Clark8 (1967)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management (since 2007); formerly, Vice President, State Street Corporation (2002-2007)
Diane Kenneally8 (1966)
Assistant Treasurer, 2007-present
Director3, Deutsche Asset Management
John Caruso10 (1965)
Anti-Money Laundering Compliance Officer, 2010-present
Managing Director3, Deutsche Asset Management
Robert Kloby9 (1962)
Chief Compliance Officer, 2006-present
Managing Director3, Deutsche Asset Management
 
1 The length of time served represents the year in which the Board Member joined the board of one or more DWS funds currently overseen by the Board.
 
2 A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.
 
3 Executive title, not a board directorship.
 
4 As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.
 
5 The length of time served represents the year in which the officer was first elected in such capacity for one or more DWS funds.
 
6 Address: 100 Plaza One, Jersey City, NJ 07311.
 
7 The mailing address of Mr. Gefeke is 345 Park Avenue, New York, New York 10154. In addition, Mr. Gefeke is an interested Board Member of certain DWS funds by virtue of his positions with Deutsche Asset Management. As an interested person, Mr. Gefeke receives no compensation from the fund.
 
8 Address: One Beacon Street, Boston, MA 02108.
 
9 Address: 280 Park Avenue, New York, New York 10017.
 
10 Address: 60 Wall Street, New York, New York 10005.
 
The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 621-1048.
 
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
  
A description of 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 is 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
  
SDUAX
SDUBX
SDUCX
SDUSX
MGSFX
CUSIP Number
  
23339E 822
23339E 814
23339E 798
23339E 780
23339E 772
Fund Number
  
434
634
734
2334
557
 
Notes
 
Notes
 
Notes
 
Notes
 
 
   
ITEM 2.
CODE OF ETHICS
   
 
As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
 
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
 
A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
   
ITEM 3.
AUDIT COMMITTEE FINANCIAL EXPERT
   
 
The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. William McClayton, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on su ch person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
   
ITEM 4.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
 
DWS SHORT DURATION FUND
FORM N-CSR DISCLOSURE RE: AUDIT FEES
 
The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.
 
Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund
Fiscal Year Ended October 31,
  
Audit Fees Billed to Fund
    
Audit-Related
Fees Billed to Fund
    
Tax Fees Billed to Fund
    
All
Other Fees Billed to Fund
  
2010
   $ 58,002     $ 0     $ 0     $ 0  
2009
   $ 55,885     $ 0     $ 0     $ 0  

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers
The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas Inc. (“DeIM” or the “Adviser”), and any entity controlling, controlled by or under common control with DeIM (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.
Fiscal Year October 31,
  
Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
    
Tax Fees Billed to Adviser and Affiliated Fund Service Providers
    
All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
  
2010
   $ 7,500     $ 0     $ 0  
2009
   $ 2,000     $ 0     $ 0  

The “Audit-Related Fees” were billed for services in connection with the agreed-upon procedures.
 
Non-Audit Services
The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating PWC’s independence.

Fiscal Year Ended October 31,
  
Total
Non-Audit Fees Billed to Fund
(A)
    
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
    
Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
    
Total of (A), (B)
and (C)
  
2010
   $ 0     $ 0     $ 100,000     $ 100,000  
2009
   $ 0     $ 0     $ 0     $ 0  

All other engagement fees were billed for services in connection with an internal control review of a subadvisor.

Audit Committee Pre-Approval Policies and Procedures.  Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000.  All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.
***
 
   
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)
Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
   
 
(a)(2)
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-CSR 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 Short Duration Fund, a series of DWS Advisor Funds
   
   
By:
/s/Michael G. Clark
Michael G. Clark
President
   
Date:
December 28, 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.


By:
/s/Michael G. Clark
Michael G. Clark
President
   
Date:
December 28, 2010
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
December 28, 2010

EX-99.CODE ETH 2 codeofethics.htm CODE OF ETHICS codeofethics.htm
 
 
DWS Investments
 
Principal Executive and Principal Financial Officer Code of Ethics
 
For the Registered Management Investment Companies Listed on Appendix A
 
Effective Date
 
[January 31, 2005]
 
Table of Contents
 
     

 
Page Number
     
 
 
I.
   Overview
   
 
This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.
 
The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.
 
Deutsche Asset Management, Inc. or its affiliates (“DeAM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAM policies and procedures, such as the DeAM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.
 
The DeAM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAM Compliance Officer.
 
The DeAM Compliance Officer and his or her contact information can be found in Appendix A.


 
_________________________
1 The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

II.
Purposes of the Officer Code
 
 
The purposes of the Officer Code are to deter wrongdoing and to:
     
 
•
promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
 
•
promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;
 
•
promote compliance with applicable laws, rules and regulations;
 
•
encourage the prompt internal reporting of violations of the Officer Code to the DeAM Compliance Officer; and
 
•
establish accountability for adherence to the Officer Code.
   
  Any questions about the Officer Code should be referred to DeAM’s Compliance Officer.
 
III.
Responsibilities of Covered Officers
 
 
A.
Honest and Ethical Conduct
     
It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAM policy or Fund policy.
 
Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.
 
Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.
 
 
B.
Conflicts of Interest
     
 
A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’ ;s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAM or its affiliates.
 
Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.
 
As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAM, and is consistent with the expectat ion of the Board of the performance by the Covered Officers of their duties as officers of the Fund.
 
Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAM Compliance Officer or the Covered Officer reasonably be lieves it would be futile to report the matter to the DeAM Compliance Officer).
 
When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAM personnel aware of the matter should promptly contact the DeAM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.
 
Upon receipt of a report of a possible conflict, the DeAM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAM o r other appropriate Fund service provider.
 
After full review of a report of a possible conflict of interest, the DeAM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAM Compliance Officer determines that the appearance of a conflict exists, the DeAM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.
 
After responding to a report of a possible conflict of interest, the DeAM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

 
Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.
 
Solely because a conflict is disclosed to the DeAM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.
 
Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAM Compliance Officer.
_________________________
 
2 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

 
C.
Use of Personal Fund Shareholder Information
   

 
A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAM’s privacy policies under SEC Regulation S-P.
 
 
D.
Public Communications
     
 
In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.
 
Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.
 
To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

 
E.
Compliance with Applicable Laws, Rules and Regulations
   
 
In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.
 
If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAM Compliance Officer.
 
IV.
Violation Reporting
 
 
A.
Overview
   
 
Each Covered Officer must promptly report to the DeAM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.
 
    Examples of violations of the Officer Code include, but are not limited to, the following:
       
   
•
Unethical or dishonest behavior
 
•
Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings
 
•
Failure to report violations of the Officer Code
 
•
Known or obvious deviations from Applicable Laws
 
•
Failure to acknowledge and certify adherence to the Officer Code
 
   The DeAM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will b e borne by DeAM.
 
 
B.
How to Report
   
 
Any known or suspected violations of the Officer Code must be promptly reported to the DeAM Compliance Officer.
 
 
C.
Process for Violation Reporting to the Fund Board
   
 
The DeAM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).
 
 
D.
Sanctions for Code Violations
   
 
Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.
_________________________
 
3 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

V.
Waivers from the Officer Code
 
 
A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund& #8217;s Board (or committee thereof) regarding such activities, as appropriate.
 
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.
 
_________________________
 
4 Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.
 
VI.
Amendments to the Code
 
 
The DeAM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.
 
The DeAM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.
 
VII.
Acknowledgement and Certification of Adherence to the Officer Code
 
 
Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).
 
Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.
 
The DeAM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.
 
VIII.
Scope of Responsibilities
 
 
A Covered Officer’s responsibilities under the Officer Code are limited to:
     
 
(1)
Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and
 
(2)
Fund matters of which the Officer has actual knowledge.
 
IX.
Recordkeeping
 
 
The DeAM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.
 
X.
Confidentiality
 

 
All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.
Appendices
 
Appendix A:
 
List of Officers Covered under the Code, by Board:
Fund Board
Principal Executive Officers
Principal Financial Officers
Treasurer
DWS Funds
Michael Clark
Paul Schubert
Paul Schubert
Germany*
Michael Clark
Paul Schubert
Paul Schubert

 
* Central Europe and Russia, European Equity, and New Germany Funds
 
DeAM Compliance Officer:
 
Joseph S. Yuen
 
Code of Ethics Compliance
212-454-7443
212-454-4703 fax
As of: Jan 1, 2009
 
 
 
Appendix B: Acknowledgement and Certification
 
Initial Acknowledgement and Certification
of Obligations Under the Officer Code
 
 
         
 
Print Name
Department
Location
Telephone
 

 
1.
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
 
2.
I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
 
3.
I have disclosed any conflicts of interest of which I am aware to the DeAM Compliance Officer.
 
4.
I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
 
5.
I will report any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
 
   
 Signature   Date
 
 
 
Annual Acknowledgement and Certification
of Obligations Under the Officer Code
 
 
         
 
Print Name
Department
Location
Telephone

 
1.
I acknowledge and certify that I am a Covered Officer under the DWS Investments Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
 
2.
I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
 
3.
I have adhered to the Officer Code.
 
4.
I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAM Compliance Officer in accordance with the Officer Code’s requirements.
 
5.
I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
 
6.
With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.
 
7.
With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.
 
8.
I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAM Compliance Officer.
 
 
   
 Signature   Date
 
Appendix C: Definitions
 
Principal Executive Officer
 
Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.
 
Principal Financial Officer
 
Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.
 
Registered Investment Management Investment Company
 
Registered investment companies other than a face-amount certificate company or a unit investment trust.
 
Waiver
 
A waiver is an approval of an exemption from a Code requirement.
 
Implicit Waiver
 
An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAM Compliance Officer or the Fund’s Board (or committee thereof).
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President
Form N-CSR Certification under Sarbanes Oxley Act


I, Michael G. Clark, certify that:

1.  
I have reviewed this report, filed on behalf of DWS Short Duration Fund, a series of DWS Advisor Funds, on Form N-CSR;

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.

December 28, 2010
/s/Michael G. Clark
 
Michael G. Clark
 
President
 
Chief Financial Officer and Treasurer
Form N-CSR Certification under Sarbanes Oxley Act


I, Paul Schubert, certify that:

1.  
I have reviewed this report, filed on behalf of DWS Short Duration Fund, a series of DWS Advisor Funds, on Form N-CSR;

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.

December 28, 2010
/s/Paul Schubert
 
Paul Schubert
 
Chief Financial Officer and Treasurer
EX-99.906 CERT 5 ex99906certann.htm 906 CERTIFICATIONS ex99906certann.htm
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 Short Duration Fund, a series of DWS Advisor Funds, on Form N-CSR;

2.  
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (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.


December 28, 2010
/s/Michael G. Clark
 
Michael G. Clark
 
President




 
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 Short Duration Fund, a series of DWS Advisor Funds, on Form N-CSR;

2.  
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or §Purvi1nbsp;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.


December 28, 2010
/s/Paul Schubert
 
Paul Schubert
 
Chief Financial Officer and Treasurer

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