sr63011nytfm.htm

NY Tax Free Money Fund

Investment Class

Tax Free Money Fund Investment

Semiannual Report to

Shareholders

June 30, 2011

Contents

3 Information About Each Fund's Expenses

NY Tax Free Money Fund

5 Portfolio Summary

6 Investment Portfolio

9 Statement of Assets and Liabilities

10 Statement of Operations

11 Statement of Changes in Net Assets

13 Financial Highlights

Tax Free Money Fund Investment

14 Portfolio Summary

15 Investment Portfolio

20 Statement of Assets and Liabilities

21 Statement of Operations

22 Statement of Changes in Net Assets

24 Financial Highlights

25 Notes to Financial Statements

31 Summary of Management Fee Evaluation by Independent Fee Consultant

35 Summary of Administrative Fee Evaluation by Independent Fee Consultant

36 Account Management Resources

37 Privacy Statement

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

An investment in these funds is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or by any other government agency. Although the funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. The share price of money market funds can fall below the $1.00 share price. You should not rely on or expect the Advisor to enter into support agreements or take other actions to maintain the funds' $1.00 share price. The credit quality of the funds' holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the funds' share price. The funds' share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in one class of shares of the funds may have a significant adverse effect on the share prices of all classes of shares of the funds. See the prospectus for specific details regarding the funds' risk profile.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Information About Each Fund's Expenses

As an investor, 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 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 each 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, each Fund limited these expenses; had they not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2011 to June 30, 2011).

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. If these transaction costs had been included, your costs would have been higher.

NY Tax Free Money Fund

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2011
Actual Fund Return	Investment Class
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,000.05
Expenses Paid per $1,000*	$	1.64
Hypothetical 5% Fund Return	Investment Class
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,023.16
Expenses Paid per $1,000*	$	1.66

* Expenses are equal to the Fund's annualized expense ratio, 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 Ratio	Investment Class
NY Tax Free Money Fund	.33%

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

Tax Free Money Fund Investment

Expenses and Value of a $1,000 Investment for the six months ended June 30, 2011
Actual Fund Return	Premier Shares
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,000.05
Expenses Paid per $1,000*	$	1.88
Hypothetical 5% Fund Return	Premier Shares
Beginning Account Value 1/1/11	$	1,000.00
Ending Account Value 6/30/11	$	1,022.91
Expenses Paid per $1,000*	$	1.91

* 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	Premier Shares
Tax Free Money Fund Investment	.38%

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

Portfolio Summary

NY Tax Free Money Fund

Asset Allocation (As a % of Investment Portfolio)	6/30/11	12/31/10

Municipal Investments Municipal Variable Rate Demand Notes	60%	75%
Municipal Bonds and Notes	37%	25%
Municipal Floating Rate Notes	3%	—
	100%	100%

Weighted Average Maturity

NY Tax Free Money Fund	49 days	47 days
iMoneyNet State Specific Retail Money Funds Average*	27 days	32 days

* The Fund is compared to its respective iMoneyNet Category: State Specific Retail Money Funds Average — Category consists of all retail and institutional state-specific money funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes, Commercial Paper, Put Bonds — 6 months and less, Put Bonds — over 6 months, AMT Paper, and Other Tax-Free holdings. Consists of all funds in the Retail and State-Specific Retail categories.

Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.

Asset allocation and weighted average maturity are subject to change.

For more complete details about the Fund's holdings, see page 6. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for more 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. In addition, each month, information about the Fund and its portfolio holdings is filed with the SEC on Form N-MFP. The SEC delays the public availability of the information filed on Form N-MFP for 60 days after the end of the reporting period included in the filing. These forms will be available on the SEC's Web site at www.sec.gov, and they may also 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 June 30, 2011 (Unaudited)

NY Tax Free Money Fund

	Principal Amount ($)		Value ($)

Municipal Investments 99.8%
New York 96.3%
Albany, NY, Industrial Development Agency, Civic Facility Revenue, Albany College of Pharmacy, Series A, 0.07%*, 7/1/2038, LOC: TD Bank NA		700,000		700,000
Amherst, NY, Central School District, Bond Anticipation Notes, 1.5%, 8/4/2011		4,000,000		4,003,706
Bethlehem, NY, Industrial Development Agency Housing Revenue, 467 Delware Avenue LLC Project, Series A, AMT, 0.14%*, 9/1/2033, LOC: Hudson River Bank & Trust Co.		3,600,000		3,600,000
BlackRock MuniYield New York Quality Fund, Inc., Series W-7-2477, 144A, AMT, 0.29%*, 5/1/2041, LIQ: Citibank NA		2,000,000		2,000,000
Broome County, NY, Industrial Development Agency, Civic Facility Revenue, Elizabeth Church Manor, 0.45%*, 2/1/2029, LOC: Sovereign Bank FSB		3,635,000		3,635,000
Long Island, NY, Power Authority, 0.23%, 12/6/2011		2,000,000		2,000,000
Long Island, NY, Power Authority, Electric Systems Revenue, Series 3A, 0.1%*, 5/1/2033, LOC: JPMorgan Chase Bank & Landesbank Baden-Wurttemberg		2,020,000		2,020,000
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.09%*, 12/1/2040, LOC: HSBC Bank USA NA		2,200,000		2,200,000
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Nursing Home Co., 0.09%*, 12/1/2040, LOC: HSBC Bank USA NA		4,990,000		4,990,000
New York, Liberty Development Corp., World Trade Center, Series A-2, 144A, 0.35%, Mandatory Put 2/1/2012 @ 100, 12/1/2049		1,000,000		1,000,000
New York, Metropolitan Transportation Authority:
Series C, 0.2%, 9/15/2011		2,000,000		2,000,000
0.26%, 7/6/2011		2,000,000		2,000,000
0.3%, 8/3/2011		1,500,000		1,500,000
New York, Metropolitan Transportation Authority Revenue, Series E-2, 0.08%*, 11/1/2035, LOC: BNP Paribas		1,400,000		1,400,000
New York, Nassau Health Care Corp. Revenue, 0.3%*, 8/1/2029, LOC: Wachovia Bank NA		2,900,000		2,900,000
New York, State Dormitory Authority Revenues, State Supported Debt, City University of New York, Series C, 0.07%*, 7/1/2031, LOC: Bank of America NA		1,175,000		1,175,000
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 2.0%, 3/15/2012		1,370,000		1,387,130
New York, State Environmental Facilities Corp. Revenue, State Revolving Funds-Master Financing Program, Series A, 2.5%, 2/15/2012		1,915,000		1,939,964
New York, State Housing Finance Agency Revenue, Capitol Green Apartments, Series A, AMT, 0.1%*, 5/15/2036, LIQ: Fannie Mae		1,750,000		1,750,000
New York, State Power Authority Revenue & General Purpose, 0.32%, Mandatory Put 9/1/2011 @ 100, 3/1/2020, LIQ: Bank of Nova Scotia		1,000,000		1,000,000
New York, State Urban Development Corp. Revenue, Series 6W, 144A, 0.07%*, 3/15/2037, LIQ: Barclays Bank PLC		2,600,000		2,600,000
New York, Triborough Bridge & Tunnel Authority Revenues, Series B-4, 0.09%*, 1/1/2032, SPA: Landesbank Baden-Wurttemberg		1,200,000		1,200,000
New York, Wells Fargo Stage Trust, Series 47C, 144A, 0.1%*, 7/1/2050, GTY: Wells Fargo Bank NA, LIQ: Wells Fargo Bank NA		1,995,000		1,995,000
New York City, NY, Industrial Development Agency Revenue, Empowerment Zone, Tiago, AMT, 0.12%*, 1/1/2037, LOC: ING Bank NV		4,000,000		4,000,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Series F-2, 0.06%*, 6/15/2033, SPA: JPMorgan Chase Bank		1,000,000		1,000,000
North Hempstead, NY, Bond Anticipation Notes, 2.0%, 10/7/2011		3,349,500		3,365,670
Oyster Bay, NY, Bond Anticipation Notes, 2.0%, 3/9/2012		3,200,000		3,234,200
Ulster County, NY, Industrial Development Agency, Civic Facility Revenue, Kingston Regional Senior Living Corp., Series C, 0.31%*, 9/15/2037, GTY: Kingston Regional Senior Living Corp., LOC: Sovereign Bank FSB		2,155,000		2,155,000
				62,750,670
Puerto Rico 3.5%
Commonwealth of Puerto Rico, Public Improvement, Series A, Prerefunded 7/1/2011 @ 100, 5.125%, 7/1/2031		500,000		500,000
Puerto Rico, Industrial Tourist Educational, Medical & Environmental Control Facilities, Bristol-Myers Squibb Project, AMT, 0.19%*, 12/1/2030		1,800,000		1,800,000
				2,300,000

	% of Net Assets		Value ($)

Total Investment Portfolio (Cost $65,050,670)+		99.8		65,050,670
Other Assets and Liabilities, Net		0.2		132,765
Net Assets		100.0		65,183,435

* Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically at market levels. These securities are payable on demand and shown at their current rates as of June 30, 2011.

+ The cost for federal income tax purposes was $65,050,670.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

FSB: Federal Savings Bank

GTY: Guaranty Agreement

LIQ: Liquidity Facility

LOC: Letter of Credit

Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

SPA: Standby Bond Purchase Agreement

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. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to the Financial Statements.

Assets	Level 1		Level 2		Level 3		Total

Municipal Investments (a)	$	—	$	65,050,670	$	—	$	65,050,670
Total	$	—	$	65,050,670	$	—	$	65,050,670

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended June 30, 2011.

(a) See Investment Portfolio for additional detailed categorizations.

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

Statement of Assets and Liabilities

as of June 30, 2011 (Unaudited)
Assets	NY Tax Free Money Fund
Investments in securities, valued at amortized cost	$	65,050,670
Cash		72,852
Receivable for Fund shares sold		19,639
Interest receivable		122,186
Due from Advisor		961
Other assets		28,849
Total assets		65,295,157
Liabilities
Payable for Fund shares redeemed		19,638
Distributions payable		272
Other accrued expenses and payables		91,812
Total liabilities		111,722
Net assets, at value	$	65,183,435
Net Assets Consist of
Undistributed net investment income		6,081
Accumulated net realized gain (loss)		(2,044	)
Paid-in capital		65,179,398
Net assets, at value	$	65,183,435
Net Asset Value
Investment Class Net Asset Value, offering and redemption price per share ($49,708,538 ÷ 49,722,802 shares of capital stock outstanding, $.01 par value, unlimited number of shares authorized)	$	1.00
Tax-Exempt New York Money Market Fund Net Asset Value, offering and redemption price per share ($15,474,897 ÷ 15,479,338 shares of capital stock outstanding, $.01 par value, unlimited number of shares authorized)	$	1.00

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

Statement of Operations

for the six months ended June 30, 2011 (Unaudited)
Investment Income	NY Tax Free Money Fund
Income: Interest	$	123,854
Expenses: Management fee		43,502
Administration fee		36,252
Services to shareholders		68,753
Distribution and service fees		89,071
Custodian fee		3,252
Legal fees		9,562
Audit and tax fees		24,616
Trustees' fees and expenses		3,215
Reports to shareholders		25,206
Registration fees		25,752
Other		4,393
Total expenses before expense reductions		333,574
Expense reductions		(213,303	)
Total expenses after expense reductions		120,271
Net investment income		3,583
Net realized gain (loss) from investments		(586	)
Net increase (decrease) in net assets resulting from operations	$	2,997

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

Statement of Changes in Net Assets

NY Tax Free Money Fund
Increase (Decrease) in Net Assets	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations: Net investment income	$	3,583		$	8,562
Net realized gain (loss) from investments		(586	)		(1,458	)
Net increase (decrease) in net assets resulting from operations		2,997			7,104
Distributions to shareholders from: Net investment income: Investment Class		(2,823	)		(34,640	)
Tax-Exempt New York Money Market Fund		(801	)		(11,424	)
Total distributions		(3,624	)		(46,064	)
Fund share transactions: Investment Class Proceeds from shares sold		69,796,366			152,063,298
Reinvestment of distributions		1,220			13,479
Payments for shares redeemed		(72,309,257	)		(181,024,504	)
Net increase (decrease) in net assets from Investment Class share transactions		(2,511,671	)		(28,947,727	)
Tax-Exempt New York Money Market Fund Proceeds from shares sold		24,727,437			52,678,839
Reinvestment of distributions		801			11,412
Payments for shares redeemed		(23,918,155	)		(66,083,450	)
Net increase (decrease) in net assets from Tax-Exempt New York Money Market Fund share transactions		810,083			(13,393,199	)
Increase (decrease) in net assets		(1,702,215	)		(42,379,886	)
Net assets at beginning of period		66,885,650			109,265,536
Net assets at end of period (including undistributed net investment income of $6,081 and $6,122, respectively)	$	65,183,435		$	66,885,650

Statement of Changes in Net Assets — NY Tax Free Money Fund (continued)
Other Information	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Investment Class
Shares outstanding at beginning of period		52,234,473			81,182,200
Shares sold		69,796,366			152,063,298
Shares issued to shareholders in reinvestment of distributions		1,220			13,479
Shares redeemed		(72,309,257	)		(181,024,504	)
Net increase (decrease) in Fund shares from Investment Class share transactions		(2,511,671	)		(28,947,727	)
Shares outstanding at end of period		49,722,802			52,234,473
Tax-Exempt New York Money Market Fund
Shares outstanding at beginning of period		14,669,255			28,062,454
Shares sold		24,727,437			52,678,839
Shares issued to shareholders in reinvestment of distributions		801			11,412
Shares redeemed		(23,918,155	)		(66,083,450	)
Net increase (decrease) in Fund shares from Tax-Exempt New York Money Market Fund share transactions		810,083			(13,393,199	)
Shares outstanding at end of period		15,479,338			14,669,255

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

Financial Highlights

NY Tax Free Money Fund Investment Class
	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	***		.000	***		.002			.017			.029			.027
Net realized gain (loss)		(.000	)***		(.000	)***		.000	***		.000	***		.000	***		.000	***
Total from investment operations		.000	***		.000	***		.002			.017			.029			.027
Less distributions from: Net investment income		(.000	)***		(.001	)		(.002	)		(.017	)		(.029	)		(.027	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)		.00	a**		.06	a		.22	a		1.76			2.94	a		2.71	a
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		50			52			81			117			78			55
Ratio of expenses before expense reductions (%)		.88	*		.78			.84			.72			.76			.98
Ratio of expenses after expense reductions (%)		.33	*		.32			.43			.72			.75			.75
Ratio of net investment income (%)		.01	*		.01			.29			1.68			2.89			2.67
a Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.0005 per share.

Portfolio Summary

Tax Free Money Fund Investment

Asset Allocation (As a % of Investment Portfolio)	6/30/11	12/31/10

Municipal Investments Municipal Variable Rate Demand Notes	56%	68%
Municipal Bonds and Notes	34%	32%
Municipal Floating Rate Notes	10%	—
	100%	100%

Weighted Average Maturity

Tax Free Money Fund Investment	33 days	37 days
iMoneyNet National Retail Tax Free Money Funds Average*	28 days	30 days

* The Fund is compared to its respective iMoneyNet Category: National Retail Tax Free Money Funds Average — Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes, Commercial Paper, Put Bonds — 6 months or less, Put Bonds — over 6 months, AMT Paper, and Other Tax-Free holdings.

Weighted average maturity, also known as effective maturity, is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.

Asset allocation and weighted average maturity are subject to change.

For more complete details about the Fund's holdings, see page 15. A quarterly Fact Sheet is available upon request. Please see the Account Management Resources section for more contact information.

Investment Portfolio as of June 30, 2011 (Unaudited)

Tax Free Money Fund Investment

	Principal Amount ($)		Value ($)

Municipal Investments 99.6%
California 4.4%
BlackRock MuniYield California Fund, Inc., 144A, AMT, 0.29%*, 6/1/2041, LIQ: Citibank NA		2,000,000		2,000,000
BlackRock MuniYield California Quality Fund, Inc., Series W-7-1665, 144A, AMT, 0.29%*, 5/1/2041, LIQ: Citibank NA		3,000,000		3,000,000
				5,000,000
Colorado 6.1%
Colorado, Goldsmith Metropolitan District, 0.9%*, 12/1/2034, LOC: Compass Bank		5,195,000		5,195,000
Colorado, Postsecondary Educational Facilities Authority Revenue, Mullen High School Project, 0.23%*, 8/1/2017, LOC: Wells Fargo Bank NA		1,720,000		1,720,000
				6,915,000
Connecticut 0.7%
University of Connecticut, Series A, 5.0%, 1/15/2012, INS: NATL		760,000		778,486
District of Columbia 2.0%
District of Columbia, Family & Child Services Revenue, 0.16%*, 7/1/2041, LOC: Bank of America NA		2,295,000		2,295,000
Florida 5.3%
Florida, Local Government Finance Commission, 0.16%, 7/6/2011		4,000,000		4,000,000
Hillsborough County, FL, 0.18%, 8/25/2011		2,000,000		2,000,000
				6,000,000
Georgia 4.9%
Fulton County, GA, Tax Anticipation Notes, 1.5%, 12/30/2011		3,000,000		3,019,674
Henry County, GA, General Obligation, 5.0%, 7/1/2011		2,500,000		2,500,000
				5,519,674
Illinois 12.7%
Channahon, IL, Morris Hospital Revenue, Series D, 0.08%*, 12/1/2032, LOC: US Bank NA		665,000		665,000
Illinois, Development Finance Authority Revenue, Fenwick High School Project, 0.1%*, 3/1/2032, LOC: JPMorgan Chase Bank		3,500,000		3,500,000
Illinois, Finance Authority Educational Facility Revenue, Erikson Institute Project, 0.2%*, 11/1/2037, LOC: LaSalle Bank NA		2,500,000		2,500,000
Illinois, Finance Authority Revenue, "A", 144A, 0.08%*, 12/1/2042, LIQ: Citibank NA		3,120,000		3,120,000
Illinois, Finance Authority Revenue, Clare Oaks, Series D, 0.33%*, 11/1/2040, LOC: Sovereign Bank FSB		1,300,000		1,300,000
Illinois, Finance Authority Revenue, Rehabilitation Institute of Chicago, Series A, 0.06%*, 4/1/2039, LOC: JPMorgan Chase Bank		1,850,000		1,850,000
Illinois, State Toll Highway Authority Revenue, Series B, 0.13%*, 1/1/2016, INS: AGMC, SPA: Landesbank Hessen-Thuringen		1,500,000		1,500,000
				14,435,000
Indiana 2.6%
Indiana, State Finance Authority Revenue, Educational Facilities, DePauw University Project, Series B, 0.08%*, 7/1/2036, LOC: PNC Bank NA		3,000,000		3,000,000
Kentucky 7.5%
Lexington-Fayette Urban County, KY, Government Industrial Development Revenue, YMCA of Central Kentucky, Inc. Project, 0.1%*, 7/1/2019, LOC: Bank One Kentucky NA		2,500,000		2,500,000
Mason County, KY, Pollution Control Revenue, East Kentucky Power Cooperative:
Series B-1, 0.75%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.		1,700,000		1,700,000
Series B-3, 0.75%*, 10/15/2014, SPA: National Rural Utilities Cooperative Finance Corp.		4,375,000		4,375,000
				8,575,000
Maryland 2.4%
Maryland, State & Local Facilities Loan, 5.0%, 8/1/2011		2,750,000		2,761,104
Massachusetts 1.3%
University of Massachusetts, Building Authority Revenue, Series 3, 0.23%*, 11/1/2034		1,520,000		1,520,000
Michigan 8.7%
Michigan, Finance Authority Revenue, State Aid Notes, Series D-3, 144A, 2.0%, 8/22/2011, LOC: Scotiabank		2,000,000		2,004,687
Michigan, Higher Education Facilities Authority Revenue, Limited Obligation, Spring Arbor University, 0.1%*, 11/1/2030, LOC: Comerica Bank		680,000		680,000
Michigan, Municipal Bond Authority Revenue, Clean Water, State Revolving Fund, 5.0%, 10/1/2011		1,630,000		1,648,858
Michigan, State Hospital Finance Authority Revenue, Ascension Health Credit, Series B-4, 3.75%, Mandatory Put 3/15/2012 @ 100, 11/15/2033		4,000,000		4,091,829
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series F-8, 0.18%**, 11/15/2049		1,500,000		1,500,000
				9,925,374
Minnesota 0.6%
University of Minnesota, Special Purpose Revenue, Biomedical Science Research Facilities Funding Program, Series A, 3.0%, 8/1/2011		695,000		696,531
New Jersey 4.3%
New Jersey, Economic Development Authority Revenue, Princeton Montessori Society, 0.19%*, 6/1/2038, LOC: Sovereign Bank FSB		4,905,000		4,905,000
New York 11.1%
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann's Home Aged Project, 0.09%*, 12/1/2040, LOC: HSBC Bank USA NA		1,200,000		1,200,000
New York, Metropolitan Transportation Authority:
0.26%, 7/6/2011		1,000,000		1,000,000
0.35%, 7/14/2011		5,000,000		5,000,000
North Hempstead, NY, Bond Anticipation Notes, 2.0%, 10/7/2011		5,400,000		5,426,068
				12,626,068
North Carolina 6.8%
North Carolina, Medical Care Commission, Health Care Facilities Revenue, Duke University Health Systems, Series B, 0.39%**, Mandatory Put 12/1/2011 @100, 6/1/2039		4,850,000		4,850,965
North Carolina, Medical Care Commission, Health Care Facilities Revenue, Lenoir Memorial Hospital Project, 144A, 0.1%*, 4/1/2036, LOC: Branch Banking & Trust		2,925,000		2,925,000
				7,775,965
Pennsylvania 6.3%
Crawford County, PA, Industrial Development Authority Revenue, Allegheny College, Series B, 0.1%*, 11/1/2039, LOC: PNC Bank NA		2,000,000		2,000,000
Westmoreland County, PA, Industrial Development Authority Revenue, Health Systems, Excela Health Project, Series B, 0.1%*, 7/1/2030, LOC: PNC Bank NA		5,200,000		5,200,000
				7,200,000
Tennessee 3.9%
Johnson City, TN, Health & Educational Facilities Board Hospital Revenue, Mountain States Health Alliance, Series A, 144A, 0.07%*, 7/1/2038, LOC: US Bank NA		4,415,000		4,415,000
Texas 2.0%
Harris County, TX, Capital Appreciation, Toll Road, Series A, 0.49%***, 8/15/2011, INS: NATL		1,000,000		999,396
Harris County, TX, General Obligation:
0.28%, 7/14/2011		200,000		200,000
0.31%, 7/14/2011		1,100,000		1,100,000
				2,299,396
Virginia 1.1%
Henrico County, VA, Economic Development Authority, Residential Care Facility Revenue, Westminster Canterbury, 0.13%*, 10/1/2037, LOC: Branch Banking & Trust		1,290,000		1,290,000
Washington 3.0%
King County, WA, Housing Authority Revenue, Summerfield Apartments Project, 0.17%*, 9/1/2035, LOC: US Bank NA		1,575,000		1,575,000
Snohomish County, WA, Limited Tax, Prerefunded 12/1/2011 @ 100, 5.375%, 12/1/2019, INS: NATL		1,780,000		1,816,784
				3,391,784
Wyoming 1.9%
Sweetwater County, WY, Pollution Control Revenue, PacifiCorp Project, Series A, 144A, 0.05%*, 7/1/2015, LOC: Barclays Bank PLC		2,200,000		2,200,000

	% of Net Assets		Value ($)

Total Investment Portfolio (Cost $113,524,382)+		99.6		113,524,382
Other Assets and Liabilities, Net		0.4		500,081
Net Assets		100.0		114,024,463

** These securities are shown at their current rate as of June 30, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.

*** Annualized yield at time of purchase; not a coupon rate.

+ The cost for federal income tax purposes was $113,524,382.

AGMC: Assured Guaranty Municipal Corp.

AMT: Subject to alternative minimum tax.

FSB: Federal Savings Bank

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

SPA: Standby Bond Purchase Agreement

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. Securities held by the Fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Assets	Level 1		Level 2		Level 3		Total

Municipal Investments (a)	$	—	$	113,524,382	$	—	$	113,524,382
Total	$	—	$	113,524,382	$	—	$	113,524,382

There have been no transfers between of Level 1 and Level 2 fair value measurements during the period ended June 30, 2011.

(a) See Investment Portfolio for additional detailed categorizations.

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

Statement of Assets and Liabilities

as of June 30, 2011 (Unaudited)
Assets	Tax Free Money Fund Investment
Investments in securities, valued at amortized cost	$	113,524,382
Cash		59,621
Receivable for investments sold		140,000
Interest receivable		270,423
Due from Advisor		66,757
Other assets		25,686
Total assets		114,086,869
Liabilities
Distributions payable		897
Accrued management fee		14,166
Other accrued expenses and payables		47,343
Total liabilities		62,406
Net assets, at value	$	114,024,463
Net Assets Consist of
Undistributed net investment income		9,976
Accumulated net realized gain (loss)		933
Paid-in capital		114,013,554
Net assets, at value	$	114,024,463
Net Asset Value
Premier Shares Net Asset Value, offering and redemption price per share ($114,024,463 ÷ 114,012,637 shares outstanding, $.01 par value, unlimited number of shares authorized)	$	1.00

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

Statement of Operations

for the six months ended June 30, 2011 (Unaudited)
Investment Income	Tax Free Money Fund Investment
Income: Interest	$	245,545
Expenses: Management fee		94,893
Administration fee		63,262
Services to shareholders		158,640
Custodian fee		3,316
Service fee		157,497
Professional fees		28,353
Trustees' fees and expenses		5,769
Report to shareholders		17,673
Registration fees		16,378
Other		4,939
Total expenses before expense reductions		550,720
Expense reductions		(311,536	)
Total expenses after expense reductions		239,184
Net investment income		6,361
Net realized gain (loss) from investments		983
Net increase (decrease) in net assets resulting from operations	$	7,344

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

Statement of Changes in Net Assets

Tax Free Money Fund Investment
Increase (Decrease) in Net Assets	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Operations: Net investment income	$	6,361		$	14,337
Net realized gain (loss) from investments		983			562
Net increase (decrease) in net assets resulting from operations		7,344			14,899
Distributions to shareholders from: Net investment income: Premier Shares		(6,332	)		(43,873	)
Institutional Shares		(1	)		(10	)
Total distributions		(6,333	)		(43,883	)
Fund share transactions: Premier Shares Proceeds from shares sold		165,961,750			581,134,362
Reinvestment of distributions		176			2,074
Payments for shares redeemed		(216,409,386	)		(589,840,042	)
Net increase (decrease) in net assets from Premier Shares transactions		(50,447,460	)		(8,703,606	)
Institutional Shares Reinvestment of distributions		1			10
Payments for shares redeemed		(5,025	)		—
Payments for shares redeemed		(5,025	)		—
Net increase (decrease) in net assets from Institutional Shares transactions		(5,024	)		10
Increase (decrease) in net assets		(50,451,473	)		(8,732,580	)
Net assets at beginning of period		164,475,936			173,208,516
Net assets at end of period (including undistributed net investment income of $9,976 and $9,948, respectively)	$	114,024,463		$	164,475,936

Statement of Changes in Net Assets — Tax Free Money Fund Investment (continued)
Other Information	Six Months Ended June 30, 2011 (Unaudited)			Year Ended December 31, 2010
Premier Shares
Shares outstanding at beginning of period		164,460,097			173,163,703
Shares sold		165,961,750			581,134,362
Shares issued to shareholders in reinvestment of distributions		176			2,074
Shares redeemed		(216,409,386	)		(589,840,042	)
Net increase (decrease) in Fund shares from Premier Shares transactions		(50,447,460	)		(8,703,606	)
Shares outstanding at end of period		114,012,637			164,460,097
Institutional Shares*
Shares outstanding at beginning of period		5,024			5,014
Shares issued to shareholders in reinvestment of distributions		1			10
Shares redeemed		(5,025	)		—
Net increase (decrease) in Fund shares from Institutional Shares transactions		(5,024	)		10
Shares outstanding at end of period		—			5,024

* The Institutional Shares class was liquidated on March 18, 2011 and is no longer offered.

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

Financial Highlights

Tax Free Money Fund Investment

Premier Shares

	Six Months Ended 6/30/11 (Unaudited)			Years Ended December 31,
	Six Months Ended 6/30/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income from investment operations: Net investment income		.000	***		.000	***		.001			.016			.029			.027
Net realized gain (loss)		.000	***		.000	***		.000	***		.000	***		.000	***		.000	***
Total from investment operations		.000	***		.000	***		.001			.016			.029			.027
Less distributions from: Net investment income		(.000	)***		(.000	)***		(.001	)		(.016	)		(.029	)		(.027	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return (%)a		.00	**		.03			.15			1.62			2.96			2.71
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		114			164			173			136			116			110
Ratio of expenses before expense reductions (%)		.87	*		.81			.82			.81			.83			.88
Ratio of expenses after expense reductions (%)		.38	*		.42			.64			.76			.75			.75
Ratio of net investment income (%)		.01	*		.01			.14			1.64			2.92			2.61
a Total return would have been lower had certain expenses not been reduced. * Annualized Not annualized * Amount is less than $.0005 per share.

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

NY Tax Free Money Fund and Tax Free Money Fund Investment (each a "Fund,'' and collectively, the "Funds'') are each a diversified series of DWS Money Market Trust (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. Each Fund is the successor to NY Tax Free Money Fund and Tax Free Money Fund Investment, each a series of DWS Advisor Funds (the "Predecessor Funds"). On April 29, 2011, the Predecessor Funds transferred all of its assets and liabilities to DWS Money Market Trust, while retaining the same fund names. The transaction had no material effect on an investment in the Funds. All financial and other information contained herein for periods prior to April 29, 2011, is that of the Predecessor Funds.

NY Tax Free Money Fund offers two classes of shares: Investment Class and Tax-Exempt New York Money Market Fund. The financial highlights for Tax-Exempt New York Money Market Fund class of the Fund are provided separately and are available upon request.

Tax Free Money Fund Investment offers one class of shares, Premier Shares, to investors. The Institutional Shares class of the Fund was liquidated on March 18, 2011 and is no longer offered.

Investment income, realized 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 Funds have equal rights with respect to voting subject to class-specific arrangements.

The Funds' 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 Funds in the preparation of their financial statements.

Security Valuation. Various inputs are used in determining the value of the Funds' 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 Funds' 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 Funds value all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Funds are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

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

Federal Income Taxes. Each 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 and tax-exempt income to its shareholders.

At December 31, 2010, NY Tax Free Money Fund had a net tax basis capital loss carryforward of approximately $1,500, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2018, the expiration date, whichever occurs first.

Each Fund has reviewed the tax positions for the open tax years as of December 31, 2010 and has determined that no provision for income tax is required in each Fund's financial statements. Each Fund's federal tax returns for the prior three fiscal years remains open subject to examination by the Internal Revenue Service.

Distributions of Income and Gains. Net investment income of each Fund is declared as a daily dividend and is distributed to shareholders monthly. Each Fund may take into account capital gains and losses in its daily dividend declarations. Each Fund may also make additional distributions for tax purposes if necessary.

Permanent book and tax differences relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary book and tax differences will reverse in a subsequent period. There were no significant book to tax differences for the Funds.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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 Funds may enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet been made. However, based on experience, the Funds expect the risk of loss to be remote.

Other. Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. 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. 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 Funds in accordance with their 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 Funds.

Under the Investment Management Agreement with the Advisor, NY Tax Free Money Fund and Tax Free Money Fund Investment pay an annual management fee of 0.12% and 0.15%, respectively, based on their average daily net assets, computed and accrued daily and payable monthly.

For the period from January 1, 2011 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of Tax Free Money Fund Investment — Premier Shares to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.80% of its average daily net assets.

For the period from January 1, 2011 through September 30, 2011, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of NY Tax Free Money Fund Investment Class to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) at 0.80% of its average daily net assets.

In addition, the Advisor has agreed to voluntarily waive additional expenses. The waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses for Tax Free Money Fund Investment and NY Tax Free Money Fund.

Accordingly, for the six months ended June 30, 2011, the amount charged to each Fund by the Advisor was as follows:

	Total Aggregated		Waived		Annualized Effective Rate
NY Tax Free Money Fund	$	43,502	$	43,502		.00	%
Tax Free Money Fund Investment	$	94,893	$	—		.15	%

The Board of Trustees, including the Independent Trustees, approved the Funds' Investment Management Agreement in November 2010. The Funds' Investment Management Agreement is identical to the Predecessor Funds' Investment Management Agreement and, as a result, in approving the Funds' Investment Management Agreement, the Board relied on its considerations for approving the renewal of the Predecessor Funds' Investment Management Agreement in September 2010. A discussion regarding the basis for the Board's approval of the Predecessor Funds' Investment Management Agreement is contained in the annual report for the period ended December 31, 2010.

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Funds. For all services provided under the Administrative Services Agreement, the Funds pay the Advisor an annual fee ("Administration fee") of 0.10% of each Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2011, the Administration fee was as follows:

	Total Aggregated		Waived		Unpaid at June 30, 2011
NY Tax Free Money Fund	$	36,252	$	12,481	$	—
Tax Free Money Fund Investment	$	63,262	$	—	$	9,244

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 Funds. 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 Funds. For the six months ended June 30, 2011, the amounts charged to the Funds by DISC were as follows:

Services to Shareholders	Total Aggregated		Waived		Unpaid at June 30, 2011
NY Tax Free Money Fund: Investment Class	$	61,110	$	61,110	$	—
NY Tax Free Money Fund: Tax Exempt New York Money Fund	$	7,161	$	7,139	$	22
Tax Free Money Fund Investment: Premier Shares	$	158,151	$	154,032	$	73
Tax Free Money Fund Investment: Institutional Shares	$	7	$	7	$	—

Distribution and Service Fees. DWS Investments Distributors, Inc. ("DIDI") is the Funds' Distributor. The Tax-Exempt New York Money Market Fund pays the Distributor an annual fee, pursuant to Rule 12b-1, based on an annual rate of 0.50% of the Tax-Exempt New York Money Market Fund's average daily net assets, which is calculated daily and payable monthly. For the six months ended June 30, 2011, the Distribution Fee was as follows:

Distribution Fee		Total Aggregated				Waived
NY Tax Free Money Fund: Tax-Exempt New York Money Market Fund		$	40,077			$	40,077

In addition, DIDI provides information and administrative services for a fee ("Service Fee") to NY Tax Free Money Fund Investment Class and Tax Free Money Fund Investment — Premier Shares 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 the shareholder accounts the firms service. For the six months ended June 30, 2011, the Service Fee was as follows:

Service Fee	Total Aggregated		Waived		Annualized Effective Rate
NY Tax Free Money Fund: Investment Class	$	48,994	$	48,994		.00	%
Tax Free Money Fund Investment: Premier Shares	$	157,497	$	157,497		.00	%

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Funds. For the six months ended June 30, 2011, the amount charged to each Fund by DIMA included in the Statement of Operations under "reports to shareholders" is as follows:

	Total Aggregated		Unpaid at June 30, 2011
NY Tax Free Money Fund	$	11,224	$	1,726
Tax Free Money Fund Investment	$	6,876	$	2,942

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

C. Line of Credit

The Funds and other affiliated funds (the "Participants") share in a $450 million revolving credit facility provided by a syndication of banks. The Funds may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal Funds Rate the amount of such excess. The Funds may borrow up to a maximum of 33 percent of their net assets under the agreement. The Funds had no outstanding loans at June 30, 2011.

D. Concentration of Ownership

From time to time the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholder accounts could have a material impact on the Fund.

At June 30, 2011, two shareholder accounts held approximately 46% and 25% of the outstanding shares of the NY Tax Free Money Fund and one shareholder held approximately 97% of the outstanding shares of Tax Free Money Fund Investment.

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 report 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

Summary of Administrative Fee Evaluation by Independent Fee Consultant

October 4, 2010

Pursuant to an Order entered into by Deutsche Asset Management (DeAM) with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee Consultant for the DWS Funds and have as part of my duties evaluated the reasonableness of a proposed pass-through to the funds of certain reporting costs associated with new regulations for money funds. My evaluation considered the following:

• My recently completed annual evaluation (please see my summary report of October 3, 2010), concluding that the prospective fees and expenses of all the DWS-sponsored money funds are reasonable.

• The fact that in my opinion the services DWS would provide under the combination of the Advisory and proposed Administration Agreements continues to be comparable with those typically provided to competitive funds under their management agreements.

• Management's analysis showing that the maximum total expense ratio impact of this change on any fund share class would be 1.3 basis points, which in my opinion is not material to my conclusions about the reasonableness of expenses.

Based on the foregoing considerations, in my opinion the proposed fees and expenses for the affected DWS-sponsored money funds are reasonable.

Thomas H. Mack

Account Management Resources


Automated Information Line		Institutional Investor Services (800) 703-1313 Personalized account information, information on other DeAM funds and services via touchtone telephone and the ability to exchange or redeem shares.
For More Information		(800) 730-1313, option 1 To speak with a fund service representative.
Written Correspondence		Deutsche Asset Management PO Box 219210 Kansas City, MO 64121-9210
Proxy Voting		The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
Principal Underwriter		If you have questions, comments or complaints, contact: DWS Investments Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 www.dws-investments.com (800) 621-1148

	NY Tax Free Money Fund — Investment Class	Tax Free Money Fund Investment — Premier Shares
Nasdaq Symbol	BNYXX	BTXXX
CUSIP Number	23337T 805	23337T 888
Fund Number	844	839

Privacy Statement

FACTS	What Does DWS Investments Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: • Social Security number • Account balances • Purchase and transaction history • Bank account information • Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons DWS Investments chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS Investments share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions?

Call (800) 621-1048 or e-mail us at dws-investments.info@dws.com

Who we are
Who is providing this notice?	DWS Investments Distributors, Inc.; Deutsche Investment Management Americas, Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS Investments protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does DWS Investments collect my personal information?	We collect your personal information, for example. When you: • open an account • give us your contact information • provide bank account information for ACH or wire transactions • tell us where to send money • seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only • sharing for affiliates' everyday business purposes — information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS Investments does not jointly market.

Rev. 09/2010

Notes

Date of fiscal year end:	12/31

Date of reporting period:	6/30/2011


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.

ITEM 11.	CONTROLS AND PROCEDURES

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

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

ITEM 12.	EXHIBITS

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

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

Registrant:	NY Tax Free Money Fund and Tax Free Money Fund Investment, each a series of DWS Money Market Trust


By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	August 29, 2011

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	August 29, 2011



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

Date:	August 29, 2011

ITEM 1.	REPORT TO STOCKHOLDERS