UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-3495  DWS Money Market Trust (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        12/31
  Date of reporting period:
        06/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 JUNE 30, 2008
Semiannual Report
to ShareholdersDWS Money Market Series
Managed Sharesmmtm_cover10 Contents DWS Money Market Series
Managed Shares
click hereInformation About Your
Fund's Expenses
click herePortfolio Summary
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial
Statements
Cash Management Portfolio
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial
Statements
click hereOther Information
click hereSummary of Management
Fee Evaluation by
Independent Fee Consultant
click hereAccount Management
Resources
click herePrivacy Statement This report must be preceded or accompanied by a prospectus. To obtain a
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
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest. An investment in this fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the fund seeks
to preserve the value of your investment at $1.00 per share, it is possible to lose
money by investing in the fund. Please read this fund's prospectus for specific
details regarding its 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 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 and other Fund expenses. Examples of transaction costs include
sales charges (loads), redemption fees and account maintenance fees,
which are not shown in this section. The following tables are intended to
help you understand your ongoing expenses (in dollars) of investing in the
Fund and to help you compare these expenses with the ongoing
expenses of investing in other mutual funds. In the most recent six-month
period, the Managed Shares of 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(January 1, 2008 to
June 30, 2008). 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. Expenses and Value of a $1,000 Investmentfor the six months ended June 30, 2008Actual Fund Return*
Managed
SharesBeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,016.70Expenses Paid per $1,000**
$       .65Hypothetical 5% Fund Return*
Managed
SharesBeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,024.22Expenses Paid per $1,000**
$       .65 * Expenses include amounts allocated proportionally from the master portfolio.  ** Expenses are equal to the Fund's annualized expense ratio for Managed Shares,
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 366.  Annualized Expense Ratio
Managed
SharesDWS Money Market Series
.13% For more information, please refer to the Fund's prospectus. Portfolio Summary Asset Allocation
6/30/08
12/31/07Commercial Paper
40%
48%Short-Term Notes
23%
25%Certificates of Deposit and Bank Notes
21%
13%Government & Agency Obligations
7%
7%Time Deposits
5%
2%Master Notes
2%
3%Municipal Bonds and Notes
1%
Repurchase Agreements
1%
1%Asset Backed

1%100%
100% Weighted Average MaturityDWS Money Market Series
43 days
47 daysFirst Tier Institutional Money Fund Average*
45 days
38 days * The Fund is compared to its respective iMoneyNet Category: First Tier Institutional
Money Fund Average  Category includes a widely-recognized composite of money
market funds that invest in only first tier (highest rating) securities. Portfolio Holdings of
First Tier funds include US Treasury, US Other, Repos, Time Deposits, Domestic Bank
Obligations, Foreign Bank Obligations, First Tier Commercial Paper, Floating Rate Notes
and Asset Backed Commercial Paper.  Asset allocation and weighted average maturity are subject to change. For more complete
details about the Portfolio holdings, see page 21. A quarterly Fact Sheet is available upon
request. Information concerning portfolio holdings of the Portfolio as of month end will be
posted to www.dws-investments.com after the 14th day following month end. In addition,
the Portfolio's top ten holdings and other information about the Fund is posted on
www.dws-investments.com as of the calendar quarter-end on or after the 14th day following
quarter-end. Please see the Account Management Resources section for contact
information. Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800) SEC-0330. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2008 (Unaudited)AssetsInvestment in Cash Management Portfolio, at value
$       24,024,424,358Receivable for Fund shares sold
834,438Other assets
92,359Total assets
24,025,351,155LiabilitiesDistributions payable
14,345,674Payable for Fund shares redeemed
1,204,224Other accrued expenses and payables
527,079Total liabilities
16,076,977Net assets, at value
$    24,009,274,178Net Assets Consist ofDistributions in excess of net investment income
(325,945)Accumulated net realized gain (loss)
2,995,050Paid-in capital
24,006,605,073Net assets, at value
$    24,009,274,178Net Asset ValuePrime Reserve Class S
Net Asset Value, offering and redemption price per share
($109,215,996 ÷ 109,290,009 outstanding shares of beneficial interest,
$.001 par value, unlimited number of shares authorized)
$    1.00Institutional Shares
Net Asset Value, offering and redemption price per share
($22,556,692,006 ÷ 22,553,996,430 outstanding shares of beneficial
interest, $.001 par value, unlimited number of shares authorized)
$    1.00Premium Class S
Net Asset Value, offering and redemption price per share
($662,486,112 ÷ 662,457,619 outstanding shares of beneficial interest,
$.001 par value, unlimited number of shares authorized)
$    1.00Managed Shares
Net Asset Value, offering and redemption price per share
($680,880,064 ÷ 680,938,677 outstanding shares of beneficial interest,
$.001 par value, unlimited number of shares authorized)
$    1.00 The accompanying notes are an integral part of the financial statements. Statement of OperationsInvestment Income
Six Months
Ended
June 30, 2008
(Unaudited)Income and expenses allocated from Cash Management Portfolio:Interest
$       410,135,924Expenses*
(14,988,545)Net investment income allocated from Cash Management Portfolio
395,147,379Expenses:Administration fee
11,860,199Services to shareholders
683,811Professional fees
189,278Registration fees
104,347Trustees' fees and expenses
65,510Reports to shareholders
55,220Distribution service fee
15,858Other
63,402Total expenses before expense reductions
13,037,625Expense reductions
(12,840,735)Total expenses after expense reductions
196,890Net investment income
394,950,489Net realized gain (loss) allocated from Cash Management Portfolio
3,240,496Net increase (decrease) in net assets resulting from operations
$    398,190,985 * For the six months ended June 30, 2008, the Cash Management Portfolio was
reimbursed by the Advisor for fees in the amount of $6,766,264, of which $4,616,808
was allocated to the Fund on a pro-rated basis.  The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in
Net Assets
Six Months
Ended
June 30, 2008
(Unaudited)
For the Period
from June 1,
2007 through
December 31,
2007
Year Ended
May 31, 2007Operations:Net investment income
$       394,950,489
$       717,511,769
$       906,924,547Net realized gain (loss)
3,240,496
569,954
(563,297)Net increase (decrease) in net
assets resulting from operations
398,190,985
718,081,723
906,361,250Distributions to shareholders from:Net investment income:Prime Reserve Class AARP*


(432,526)Prime Reserve Class S
(1,812,935)
(3,306,418)
(5,260,345)Premium Class AARP*


(1,218,967)Premium Class S
(11,322,119)
(21,175,124)
(35,887,744)Managed Shares
(10,202,028)
(20,061,498)
(24,794,389)Institutional Shares
(371,939,351)
(672,968,728)
(839,184,793)Total distributions
(395,276,433)
(717,511,768)
(906,778,764)Fund share transactions:Proceeds from shares sold
146,961,270,448
199,925,679,802
225,030,816,967Reinvestment of distributions
247,456,800
480,918,230
659,928,734Cost of shares redeemed
(145,777,495,558)
(196,723,891,274)
(216,698,065,383)Net increase (decrease) in net
assets from Fund share
transactions
1,431,231,690
3,682,706,758
8,992,680,318Increase (decrease) in net
assets
1,434,146,242
3,683,276,713
8,992,262,804Net assets at beginning of period
22,575,127,936
18,891,851,223
9,899,588,419Net assets at end of period
(including distributions in excess
of net investment income of
$325,945, $1 and $2,
respectively)
$    24,009,274,178
$    22,575,127,936
$    18,891,851,223 * Prime Reserve Class AARP and Premium Class AARP shares merged into Prime
Reserve Class S and Premium Class S, respectively, on July 14, 2006.  The accompanying notes are an integral part of the financial statements. Financial Highlights Managed Shares
Years Ended December 31,
2008a
2007b
2007d
2006d
2005d
2004d
2003dSelected Per Share DataNet asset value, beginning
of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Net investment income
.017
.030
.052
.039
.019
.009
.013Distributions from net
investment income
(.017)
(.030)
(.052)
(.039)
(.019)
(.009)
(.013)Net asset value, end of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Total Return (%)c
1.67**
3.06**
5.33
3.98
1.94
.91
1.34Ratios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
681
510
596
454
430
451
588Ratio of expenses before
expense reductions including
expenses allocated from Cash
Management Portfolio (%)e
.28*
.28*
.28
.32
.31
.48
.50Ratio of expenses after expense
reductions including expenses
allocated from Cash
management Portfolio (%)e
.13*
.14*
.14
.15
.17
.24
.30Ratio of net investment
income (%)
3.33*
5.16*
5.22
3.93
1.95
.90
1.29aFor the six months ended June 30, 2008 (Unaudited).bFor the period from June 1, 2007 through December 31, 2007 (see Note A).cTotal returns would have been lower had certain expenses not been reduced.dFor the years ended May 31.eOn July 30, 2007, DWS Money Market Series became a feeder of Cash Management
Portfolio. Expense ratios disclosed prior to December 31, 2007 are for DWS Money
Market Series as a stand-alone fund.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS Money Market Series (the "Fund") is a diversified investment
portfolio 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. The Fund offers multiple classes of shares which provide investors with
different purchase options: Prime Reserve Class S, Premium Class S,
Managed Shares and Institutional Shares. Certain detailed information for
Prime Reserve Class S, Premium Class S and Institutional Shares is
provided separately and is available upon request. Prime Reserve Class S
and Premium Class S shares are generally not available to new investors
except under certain circumstances. The Board of Trustees of the Fund approved a reorganization pursuant to
which the Fund became a feeder fund of Cash Management Portfolio. On
July 30, 2007, the Fund transferred all of its assets into the Cash
Management Portfolio in a tax-free exchange for beneficial ownership in
the Portfolio. Activity prior to this conversion is included in the 2007
statements of changes in net assets. Prior to this conversion, the Fund
changed its fiscal year end from May 31 to December 31. The Fund, a feeder fund, seeks to achieve its investment objective by
investing all of its investable assets in a master portfolio, the Cash
Management Portfolio (the ``Portfolio''), an open-end management
investment company registered under the 1940 Act and advised by
Deutsche Investment Management Americas Inc. (``DIMA" or the
``Advisor'') and the Advisor for the master portfolio. Details concerning the
Portfolio's investment objective and policies and the risk factors
associated with the Portfolio's investments are described in the Fund's
Prospectus and Statement of Additional Information. 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
service fee, 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. At June 30, 2008, the Fund owned approximately 70% of the Portfolio.
The financial statements of the Portfolio, including the Investment
Portfolio, are contained elsewhere in this report and should be read in
conjunction with the Fund's financial statements. 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. The
financial statements of the Portfolio, including the Investment Portfolio,
are contained elsewhere in this report and should be read in conjunction
with the Fund's financial statements. Security Valuation. The Fund determines the valuation of its investment
in the Portfolio by multiplying its proportionate ownership of the Portfolio
by the total value of the Portfolio's net assets. The Fund adopted the provisions of Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" ("FAS 157"), which
governs the application of generally accepted accounting principles that
require fair value measurements of the Fund's assets and liabilities. FAS
157 establishes a three-tier hierarchy that prioritizes the inputs to valuation
techniques. The inputs or methodology used for valuing securities may
not be an indication of the risk associated with investing in those
securities. For example, securities held by a money market fund are
generally high quality and liquid; however, they are reflected as Level 2
because the securities are valued at amortized cost (which approximates
fair value) and, accordingly, the inputs used to determine fair value are not
quoted prices in an active market. On June 30, 2008, all of the Portfolio's
and, accordingly, the Fund's securities were classified as Level 2. For
information on the Portfolio's policy regarding the valuation of investments
and of the valuation inputs please refer to the Security Valuation section in
the Portfolio's financial statements which accompany this report. 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. Accordingly, the Fund paid no federal
income taxes and no federal income tax provision was required. At December 31, 2007, the Fund had a net tax basis capital loss
carryforward of approximately $245,000 which may be applied against any
realized net taxable capital gains of each succeeding year until fully utilized
of until December 31, 2014, the expiration date, whichever occurs first,
which may be subject to certain limitations under Sections 382-383 of the
Internal Revenue Code. The Fund has reviewed the tax positions for the open tax years as of
December 31, 2007 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 periods/years remain 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 is distributed to shareholders monthly.
The Fund may take into account capital gains and losses in its daily
dividend declarations. The 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 Fund. The tax character of current year distributions will be determined at the
end of the current fiscal year. 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.The Fund receives a daily allocation of the Portfolio's net
investment income and net realized gains and losses in proportion to its
investment in the Portfolio. Expenses directly attributed to a fund are
charged to that fund, while expenses which are attributable to the Trust
are allocated among the funds in the Trust on the basis of relative net
assets. B. Fees and Transactions with Affiliates Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG and
the Advisor for the master portfolio. For the period from January 1, 2008 through July 29, 2010, the Advisor
has contractually agreed to waive all or a portion of its advisory fee from
the Portfolio and reimburse or pay certain operating expenses of the Fund
(excluding certain expenses such as extraordinary expenses, taxes,
brokerage and interest) to the extent necessary to maintain the operating
expenses of each class as follows: Prime Reserve Class S
.37%Premium Class S
.28%Managed Shares
.20%Institutional Class
.15% For the period from January 1, 2008 through June 30, 2008, the Advisor
has voluntarily agreed to waive 0.11% of the Fund's total operating
expenses. This voluntary waiver or reimbursement may be terminated at
any time at the option of the Advisor. For the six months ended June 30, 2008, the Advisor agreed to reimburse
the Fund $413,726 for other expenses. 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
DIMA 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
six months ended June 30, 2008, DIMA received an Administration fee of
$11,860,199, all of which was waived. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent of the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems. Inc. ("DST"), DISC has
delegated certain transfer agent, dividend paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the six months
ended June 30. 2008, the amounts charged to the Fund by DISC were as
follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
June 30, 2008Prime Reserve Class S
$       64,669
$       2,018
$       50,111Premium Class S
129,049
12,281
77,353Managed Shares
13,568
12,620
Institutional Shares
419,430
419,430
$    626,716
$    446,349
$    127,464 Shareholder Servicing Fee. DWS Investments Distributors, Inc. ("DIDI"),
an affiliate of the Advisor, provides information and administrative services
for a fee ("Service Fee") to Managed Shares shareholders at an annual
rate of up to 0.05% of average daily net assets. 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. The Service Fee charged by DIDI was as follows: Service Fee
Total
Aggregated
Unpaid at
June 30, 2008
Annualized
Effective
RateManaged Shares
$       15,858
$       7,578
.01% Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the six months ended June 30, 2008, the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $22,716, all of
which is paid. 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 and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two
DWS Funds Boards of Trustees/Directors, certain Independent Board
Members retired prior to their normal retirement date, and received a
one-time retirement benefit. DIMA has agreed to reimburse the Funds for
the cost of this benefit. During the period ended June 30, 2008, the Fund
paid its allocated portion of the retirement benefit of $120,461 to the
non-continuing Independent Board Members, and the Fund was
reimbursed by DIMA for this payment. C. Concentration of Ownership From time to time the Fund may have a concentration of several
shareholders holding a significant percentage of shares outstanding.
Investment activities of these shareholders could have a material impact
on the Fund. At June 30, 2008, there were three shareholders who held approximately
42%, 21% and 12% of the outstanding shares of the Managed Shares
and one shareholder who held approximately 13% of the outstanding
shares of Institutional Shares of the Fund. D. Share Transactions The following table summarizes share and dollar activity in the Fund: Six Months Ended June 30, 2008
Period Ended December 31, 2007*Shares
Dollars
Shares
DollarsShares soldPrime
Reserve
Class S
19,580,144
19,580,144
27,574,635
27,574,635Premium
Class S
122,485,426
122,485,426
181,205,649
181,205,649Managed
Shares
1,072,588,181
1,072,588,181
1,345,468,616
1,345,468,616Institutional
Shares
145,746,616,697
145,746,616,697
198,371,430,902
198,371,430,902$    146,961,270,448

$    199,925,679,802Shares issued to shareholders in reinvestment of distributionsPrime
Reserve
Class S
1,727,245
1,727,245
3,137,806
3,137,806Premium
Class S
10,708,727
10,708,727
20,057,533
20,057,533Managed
Shares
1,627,828
1,627,828
4,170,401
4,170,401Institutional
Shares
233,393,000
233,393,000
453,552,490
453,552,490$    247,456,800

$    480,918,230Shares redeemedPrime
Reserve
Class S
(24,044,160)
(24,044,160)
(29,631,030)
(29,631,030)Premium
Class S
(161,626,075)
(161,626,075)
(225,692,255)
(225,692,255)Managed
Shares
(903,571,337)
(903,571,337)
(1,435,968,663)
(1,435,968,663)Institutional
Shares
(144,688,253,986)
(144,688,253,986)
(195,032,599,326)
(195,032,599,326)$    (145,777,495,558)

$(196,723,891,274)Net increase (decrease)Prime
Reserve
Class S
(2,736,771)
(2,736,771)
1,081,411
1,081,411Premium
Class S
(28,431,922)
(28,431,922)
(24,429,073)
(24,429,073)Managed
Shares
170,644,672
170,644,672
(86,329,646)
(86,329,646)Institutional
Shares
1,291,755,711
1,291,755,711
3,792,384,066
3,792,384,066$    1,431,231,690

$    3,682,706,758 * For the period from June 1, 2007 through December 31, 2007.  Year Ended May 31, 2007Shares
DollarsShares soldPrime Reserve Class AARP
3,417,074**
$       3,417,074**Prime Reserve Class S
40,386,197
40,386,197Premium Class AARP
16,535,490**
16,535,490**Premium Class S
362,115,516
362,115,516Managed Shares
1,579,713,807
1,579,713,807Institutional Shares
223,028,648,134
223,028,648,883$    225,030,816,967Shares issued to shareholders in reinvestment of distributionsPrime Reserve Class AARP
262,068**
$       262,068**Prime Reserve Class S
4,995,416
4,995,416Premium Class AARP
731,634**
731,634**Premium Class S
33,694,670
33,694,670Managed Shares
5,177,907
5,177,907Institutional Shares
615,067,039
615,067,039$    659,928,734Shares redeemedPrime Reserve Class AARP
(2,693,855)**
$       (2,693,855)**Prime Reserve Class S
(45,366,188)
(45,366,188)Premium Class AARP
(9,616,189)**
(9,616,189)**Premium Class S
(386,893,859)
(386,893,859)Managed Shares
(1,442,208,412)
(1,442,208,412)Institutional Shares
(214,811,286,880)
(214,811,286,880)$    (216,698,065,383)Shares converted**Prime Reserve Class AARP
(69,812,223)
$       (69,727,053)Prime Reserve Class S
69,812,223
69,727,053Premium Class AARP
(196,755,249)
(196,753,879)Premium Class S
196,755,249
196,753,879$    Net increase (decrease)Prime Reserve Class AARP
(68,826,936)**
$       (68,741,766)**Prime Reserve Class S
69,827,648
69,742,478Premium Class AARP
(189,104,314)**
(189,102,944)**Premium Class S
205,671,576
205,670,206Managed Shares
142,683,302
142,683,302Institutional Shares
8,832,428,293
8,832,429,042$    8,992,680,318 ** On June 28, 2006, the Board of the Fund approved the conversion of the Prime Reserve
Class AARP and Premium Class AARP shares of the Fund into Prime Reserve Class S
and Premium Class S, respectively, of the Fund. These conversions were completed on
July 14, 2006 and these shares are no longer offered.   (The following financial statements of the
Cash Management Portfolio should be read in conjunction
with the Fund's financial statements.) Investment Portfolioas of June 30, 2008 (Unaudited) Principal
Amount ($)
Value ($)Certificates of Deposit and Bank Notes 21.5%ABN AMRO Bank NV, 2.78%, 8/7/2008
50,000,000
50,001,520Allied Irish Banks PLC, 2.685%, 7/25/2008
200,000,000
200,000,664American Express Bank FSB, 2.75%, 8/14/2008
150,000,000
150,000,000Banco Santander SA, 2.67%, 10/3/2008
61,200,000
61,188,503Bank of Scotland PLC:4.5%, 11/19/2008
120,000,000
120,000,0004.93%, 10/9/2008
155,000,000
155,000,000Bank of Tokyo-Mitsubishi UFJ Ltd., 2.8%, 8/8/2008
250,000,000
250,000,000Barclays Bank PLC:3.0%, 12/2/2008
247,650,000
247,650,0003.15%, 12/8/2008
70,750,000
70,750,000BNP Paribas:2.64%, 8/11/2008
177,000,000
177,003,6222.705%, 9/25/2008
7,000,000
7,000,0004.4%, 7/7/2008
162,750,000
162,750,265Calyon:3.0%, 10/22/2008
85,350,000
85,350,0003.02%, 10/23/2008
200,000,000
200,000,0004.03%, 7/14/2008
110,750,000
110,750,000Canadian Imperial Bank of Commerce, 2.76%, 7/7/2008
246,000,000
246,000,000Citibank NA, 2.7%, 8/15/2008
250,000,000
250,000,000Cowboys Stadium LP, 144A, 2.55%***, 7/1/2039
35,000,000
35,000,000Credit Agricole SA:2.7%, 8/1/2008
145,000,000
145,000,0002.7%, 9/2/2008
178,700,000
178,700,0002.75%, 8/1/2008
100,000,000
100,002,5692.9%, 12/1/2008
77,000,000
77,000,000Credit Suisse, 4.305%, 7/8/2008
100,000,000
100,000,000Dexia Credit Local, 2.65%, 8/12/2008
99,000,000
98,997,638Fortis Bank SA, 3.0%, 10/22/2008
150,000,000
150,000,000HSH Nordbank AG, 2.97%, 7/10/2008
150,000,000
150,000,372Intesa Sanpaolo SpA:2.75%, 8/12/2008
150,000,000
150,000,0002.8%, 8/7/2008
100,000,000
100,000,000JPMorgan Chase Bank NA, 2.8%, 8/11/2008
30,000,000
30,000,000KBC Bank NV:2.52%, 7/22/2008
155,000,000
155,001,5662.55%, 7/7/2008
300,000,000
300,000,0002.78%, 8/11/2008
100,000,000
99,998,865Landesbank Hessen-Thueringen Girozentrale, 3.03%,
7/7/2008
200,000,000
200,000,000Lloyds TSB Bank PLC, 2.62%, 8/26/2008
7,000,000
7,000,000Metropolitan Life Global Funding I, 3.8%, 1/20/2009
91,500,000
91,500,000Mizuho Corporate Bank Ltd:2.65%, 7/14/2008
500,000,000
500,000,0002.66%, 7/16/2008
398,000,000
398,000,000Norddeutsche Landesbank Girozentrale AG, 3.02%,
7/8/2008
150,000,000
150,000,000Norinchukin Bank Ltd., 2.6%, 7/16/2008
350,000,000
350,000,000Societe Generale:2.67%, 7/25/2008
400,000,000
400,000,0002.98%, 7/7/2008
300,000,000
300,000,000Toronto-Dominion Bank:2.68%, 8/18/2008
25,000,000
25,008,5492.9%, 8/29/2008
1,000,000
1,000,3134.42%, 7/7/2008
13,500,000
13,504,082UBS AG:3.0%, 8/1/2008
200,000,000
200,000,0004.255%, 7/9/2008
160,000,000
160,018,2264.3%, 7/8/2008
160,000,000
160,000,000Westpac Banking Corp., 2.73%, 9/26/2008
14,000,000
14,000,168Total Certificates of Deposit and Bank Notes (Cost $7,383,176,922)
7,383,176,922Commercial Paper 40.2%Issued at Discount** 38.1%Abbey National North America LLC, 2.6%, 10/22/2008
66,000,000
65,461,367Alcon Capital Corp., 2.49%, 12/17/2008
100,000,000
98,831,083Alpine Securitization:2.58%, 7/2/2008
20,000,000
19,998,5672.63%, 7/9/2008
48,750,000
48,721,508Amsterdam Funding Corp., 2.62%, 7/25/2008
75,000,000
74,869,000Apreco LLC, 2.63%, 7/22/2008
193,800,000
193,502,679Archer-Daniels-Midland Co., 2.15%, 7/14/2008
5,377,000
5,372,825AstraZeneca PLC:2.45%, 11/3/2008
100,000,000
99,149,3062.72%, 11/14/2008
29,300,000
28,998,9262.88%, 8/20/2008
48,550,000
48,355,8003.67%, 7/17/2008
24,310,000
24,270,3483.965%, 7/25/2008
99,000,000
98,738,310AT&T, Inc.:2.05%, 7/30/2008
60,000,000
59,900,9172.06%, 7/30/2008
190,000,000
189,684,7062.15%, 8/19/2008
120,000,000
119,648,8332.22%, 7/9/2008
13,300,000
13,293,4392.22%, 7/14/2008
70,000,000
69,943,883Atlantic Asset Securitization Corp., 2.57%, 7/9/2008
50,000,000
49,971,444Bank of Scotland PLC, 2.65%, 8/22/2008
113,000,000
112,567,461Caisse Nationale des Caisses Depargne et de Prevoyance:2.85%, 7/7/2008
80,000,000
79,962,0002.96%, 8/4/2008
200,000,000
199,440,8892.96%, 8/7/2008
168,000,000
167,488,907Cancara Asset Securitisation LLC:2.63%, 7/10/2008
149,000,000
148,902,0333.05%, 7/2/2008
227,000,000
226,980,768Chariot Funding LLC:2.45%, 7/9/2008
56,956,000
56,924,9912.45%, 7/10/2008
51,499,000
51,467,4572.6%, 7/7/2008
38,186,000
38,169,4532.6%, 7/23/2008
150,000,000
149,761,667Citibank Credit Card Issuance Trust, 2.8%, 8/1/2008
393,000,000
392,052,433Colgate-Palmolive Co:2.14%, 7/7/2008
24,500,000
24,491,2622.28%, 7/14/2008
35,780,000
35,750,541DNB NOR Bank ASA:2.5%, 7/14/2008
9,000,000
8,991,8752.865%, 8/4/2008
160,000,000
159,567,067Eksportfinans AS, 2.3%, 7/25/2008
100,000,000
99,846,667Falcon Asset Securitization Co., LLC, 2.6%, 7/15/2008
5,000,000
4,994,944General Electric Capital Corp.:2.53%, 10/1/2008
300,000,000
298,060,3332.75%, 9/19/2008
199,250,000
198,032,3613.53%, 7/14/2008
191,000,000
190,756,5283.92%, 9/30/2008
200,000,000
198,018,2224.05%, 7/7/2008
25,000,000
24,983,1674.42%, 7/21/2008
200,000,000
199,508,889Giro Balanced Funding Corp., 2.95%, 7/30/2008
20,000,000
19,952,472Gotham Funding Corp.:2.57%, 7/22/2008
57,000,000
56,914,5482.67%, 8/22/2008
57,000,000
56,780,1702.75%, 7/15/2008
35,000,000
34,962,5692.75%, 7/18/2008
15,578,000
15,557,7702.75%, 7/21/2008
43,256,000
43,189,9142.91%, 9/15/2008
4,500,000
4,472,3552.91%, 9/22/2008
25,000,000
24,832,2712.8%, 7/17/2008
48,000,000
47,940,2672.85%, 9/10/2008
110,000,000
109,381,708Greenwich Capital Holdings, Inc., 2.85%, 10/6/2008
120,000,000
119,078,500ING (US) Funding LLC, 2.5%, 7/15/2008
1,263,000
1,261,772Johnson & Johnson:1.9%, 7/7/2008
65,000,000
64,979,4172.0%, 9/4/2008
25,750,000
25,657,0142.0%, 9/5/2008
100,000,000
99,633,3332.1%, 7/14/2008
50,000,000
49,962,0833.38%, 7/23/2008
70,000,000
69,855,411Kitty Hawk Funding Corp., 2.85%, 10/2/2008
26,881,000
26,683,089Kreditanstalt fuer Wiederaufbau, 2.2%, 7/8/2008
1,506,000
1,505,356Liberty Street Funding LLC:2.58%, 7/25/2008
40,000,000
39,931,2002.62%, 7/14/2008
50,000,000
49,952,6942.62%, 7/16/2008
58,000,000
57,936,6832.65%, 8/25/2008
240,000,000
239,028,3332.67%, 7/25/2008
126,000,000
125,775,7202.88%, 9/30/2008
33,800,000
33,553,9362.95%, 7/2/2008
40,850,000
40,846,6533.0%, 7/25/2008
50,000,000
49,900,000Market Street Funding LLC:2.6%, 7/8/2008
60,000,000
59,969,6672.65%, 7/16/2008
135,000,000
134,850,9382.86%, 7/25/2008
150,000,000
149,714,000MetLife, Inc., 2.2%, 7/14/2008
10,000,000
9,992,056National Australia Funding (Delaware), Inc., 2.7%,
7/14/2008
92,708,000
92,617,610Nestle Capital Corp.:2.02%, 8/7/2008
3,400,000
3,392,9412.49%, 12/17/2008
133,000,000
131,445,3412.69%, 9/18/2008
300,000,000
298,229,0834.3%, 10/31/2008
54,250,000
53,459,457Nieuw Amsterdam Receivables Corp.:2.84%, 7/30/2008
100,000,000
99,771,2222.86%, 7/25/2008
100,000,000
99,809,3333.0%, 7/3/2008
90,000,000
89,985,0003.02%, 7/3/2008
100,000,000
99,983,222Nordea North America, Inc., 2.75%, 9/25/2008
5,000,000
4,967,153Old Line Funding LLC, 2.54%, 7/21/2008
78,411,000
78,300,353Park Avenue Receivables Corp., 2.52%, 7/16/2008
85,000,000
84,910,750Pfizer, Inc.:2.27%, 9/23/2008
67,200,000
66,844,0642.685%, 8/6/2008
100,000,000
99,731,500Procter & Gamble International Funding SCA:1.94%, 7/18/2008
10,000,000
9,990,8392.12%, 7/10/2008
60,000,000
59,968,2002.2%, 8/14/2008
109,130,000
108,836,562Ranger Funding Co., LLC, 2.52%, 7/25/2008
25,079,000
25,036,867Royal Bank of Scotland Group PLC:2.955%, 10/21/2008
200,000,000
198,161,3334.19%, 7/10/2008
71,090,000
71,015,533Salisbury Receivables Co., LLC:2.67%, 7/25/2008
145,000,000
144,741,9002.7%, 8/13/2008
50,000,000
49,838,7502.72%, 8/14/2008
50,000,000
49,833,778Scaldis Capital LLC:2.58%, 7/7/2008
32,525,000
32,511,0142.65%, 7/14/2008
100,000,000
99,904,3062.69%, 7/18/2008
50,000,000
49,936,4862.78%, 7/24/2008
95,000,000
94,831,2692.89%, 7/2/2008
105,250,000
105,241,551Sheffield Receivables Corp.:2.51%, 7/25/2008
107,000,000
106,820,9532.52%, 7/10/2008
100,000,000
99,937,0002.52%, 7/18/2008
77,000,000
76,908,3702.57%, 7/11/2008
175,000,000
174,875,0692.61%, 7/22/2008
113,000,000
112,827,9582.65%, 7/11/2008
50,000,000
49,963,1942.75%, 7/3/2008
75,000,000
74,988,5422.82%, 7/17/2008
45,000,000
44,943,6002.87%, 7/9/2008
41,500,000
41,473,532Siemens Capital Co., LLC, 2.09%, 8/22/2008
12,450,000
12,412,415Societe Generale North America, Inc.:2.93%, 8/1/2008
91,290,000
91,059,6703.025%, 8/5/2008
245,000,000
244,279,4623.15%, 10/22/2008
300,000,000
297,033,7504.0%, 7/7/2008
152,500,000
152,398,333Starbird Funding Corp.:2.6%, 7/2/2008
336,692,000
336,667,6832.86%, 7/25/2008
151,000,000
150,712,0933.02%, 9/10/2008
149,000,000
148,112,5403.02%, 9/11/2008
60,000,000
59,637,600Suncorp-Metway Ltd., 2.83%, 8/12/2008
40,000,000
39,867,933Swedbank AB:2.75%, 8/15/2008
200,000,000
199,312,5002.75%, 8/20/2008
100,000,000
99,618,0562.77%, 8/19/2008
100,000,000
99,622,9722.83%, 8/4/2008
100,000,000
99,732,7222.95%, 8/1/2008
128,000,000
127,674,845Thunder Bay Funding LLC:2.54%, 7/21/2008
63,700,000
63,610,1122.58%, 7/14/2008
66,573,000
66,510,976Toronto-Dominion Holdings (USA), Inc, 2.6%, 8/4/2008
32,400,000
32,320,440Toyota Motor Credit Corp., 2.53%, 10/14/2008
130,000,000
129,040,708Tulip Funding Corp.:2.59%, 7/7/2008
200,000,000
199,913,6672.625%, 7/9/2008
84,814,000
84,764,5252.65%, 7/8/2008
123,186,000
123,122,5252.65%, 7/9/2008
67,711,000
67,671,1262.76%, 7/15/2008
30,720,000
30,687,027United Parcel Service, Inc.:3.25%, 12/17/2008
50,000,000
49,237,1533.85%, 7/31/2008
3,750,000
3,737,9694.13%, 7/31/2008
40,750,000
40,609,752Victory Receivables Corp.:2.62%, 7/25/2008
145,000,000
144,746,7332.7%, 7/15/2008
90,000,000
89,905,5002.74%, 8/4/2008
75,000,000
74,805,9172.74%, 8/18/2008
50,000,000
49,817,3332.85%, 7/25/2008
14,000,000
13,973,4002.87%, 9/12/2008
51,000,000
50,703,194Westpac Banking Corp., 2.7%, 7/9/2008
100,000,000
99,940,000Windmill Funding I Corp.:2.62%, 7/25/2008
51,000,000
50,910,9252.64%, 7/17/2008
62,168,000
62,095,05613,111,785,002Issued at Par 2.1%BNP Paribas Finance, Inc., 2.5%, 7/1/2008
24,179,000
24,179,000Cancara Asset Securitisation LLC, 2.52%, 7/1/2008
59,500,000
59,500,000CHI Catholic Health Initiatives:2.65%, 12/31/2008
55,063,000
55,063,0002.8%, 9/30/2008
83,475,000
83,475,000Danske Corp., 2.69%, 7/1/2008
12,300,000
12,300,000Giro Balanced Funding Corp., 2.835%, 7/1/2008
25,600,000
25,600,000Gotham Funding Corp., 3.0%, 7/1/2008
15,333,000
15,333,000Lloyds TSB Bank PLC, 2.5%, 7/1/2008
7,400,000
7,400,000Nestle Capital Corp., 2.3%, 7/1/2008
11,103,000
11,103,000Nieuw Amsterdam Receivables Corp., 3.04%, 7/1/2008
94,449,000
94,449,000Nordea North America, Inc., 2.22%, 7/1/2008
3,502,000
3,502,000Perry Global Funding LLC, 3.64%, 7/1/2008
39,027,000
39,027,000Rabobank USA Financial Corp., 2.25%, 7/1/2008
1,000,000
1,000,000Romulus Funding Corp., 3.25%, 7/1/2008
119,590,000
119,590,000Starbird Funding Corp., 2.75%, 7/1/2008
17,337,000
17,337,000Windmill Funding I Corp., 2.9%, 7/1/2008
163,771,000
163,771,000732,629,000Total Commercial Paper (Cost $13,844,414,002)
13,844,414,002Master Notes 1.9%Citigroup Global Markets, Inc., 2.65%*, 7/1/2008 (a)
(Cost $665,000,000)
665,000,000
665,000,000Government & Agency Obligations 7.0%US Government Sponsored Agencies 3.1%Federal Home Loan Bank:2.075%**, 7/7/2008
1,926,000
1,925,3342.35%**, 2/11/2009
39,000,000
38,427,1872.36%**, 5/12/2009
125,750,000
123,153,2622.61%, 6/3/2009
30,000,000
30,000,0002.625%, 7/15/2008
64,850,000
64,813,5142.664%*, 9/17/2008
100,000,000
99,990,5843.7%**, 7/9/2008
80,000,000
79,934,2224.1%**, 7/22/2008
116,000,000
115,722,567Federal Home Loan Mortgage Corp., 3.75%**, 7/7/2008
130,000,000
129,918,750Federal National Mortgage Association:2.0%**, 7/16/2008
7,500,000
7,493,7502.23%*, 9/3/2009
380,000,000
379,977,7291,071,356,899US Treasury Obligations 3.9%US Treasury Bills:1.6%**, 10/23/2008
135,500,000
134,813,4671.69%**, 11/6/2008
95,000,000
94,429,1561.85%**, 11/20/2008
187,500,000
186,131,7712.15%**, 6/4/2009
118,500,000
116,107,9462.31%**, 7/2/2009
180,000,000
175,795,8002.35%**, 6/4/2009
160,000,000
156,469,7782.37%**, 6/4/2009
160,000,000
156,439,7332.42%**, 6/4/2009
160,250,000
156,608,942US Treasury Note, 4.875%, 5/15/2009
137,000,000
140,193,2071,316,989,800Total Government & Agency Obligations (Cost $2,388,346,699)
2,388,346,699Asset Backed 0.3%Steers (Delaware) Business Trust, 144A, 2.502%*,
5/27/2048 (Cost $93,991,384)
93,991,384
93,991,384Short Term Notes* 23.1%Abbey National Treasury Services PLC:2.716%, 2/13/2009
50,000,000
50,000,0002.895%, 2/20/2009
187,250,000
187,250,0002.901%, 4/24/2009
125,500,000
125,500,000Alliance & Leicester PLC, 2.468%, 8/7/2008
100,000,000
100,000,000Allied Irish Banks PLC, 2.482%, 8/18/2008
118,400,000
118,400,000American Honda Finance Corp.:144A, 2.795%, 7/11/2008
8,000,000
8,000,233144A, 2.934%, 3/25/2009
100,000,000
100,000,000ANZ National (International) Ltd., 144A, 2.915%, 4/10/2009
96,000,000
96,000,000Australia & New Zealand Banking Group Ltd.:2.501%, 8/22/2008
60,000,000
60,000,000144A, 2.891%, 7/2/2009
199,350,000
199,344,844Banco Espanol de Credito SA, 2.733%, 8/11/2008
297,000,000
297,000,000Bank of America NA:2.92%, 7/25/2008
235,925,000
235,960,1983.208%, 7/2/2009
195,000,000
195,000,000Bank of Ireland, 2.472%, 8/18/2008
75,000,000
75,000,000Bank of Scotland PLC, 2.994%, 6/5/2009
123,250,000
123,250,000BMW (UK) Capital PLC, 2.491%, 8/14/2008
55,000,000
55,000,000BNP Paribas:2.481%, 8/25/2008
109,000,000
109,000,0002.895%, 5/13/2009
84,100,000
84,100,000Caisse Nationale des Caisses Depargne et de Prevoyance,
2.705%, 9/9/2008
197,000,000
197,000,000Caja de Ahorros y Monte de Piedad de Madrid, 2.967%,
8/12/2008
225,000,000
225,000,000Canadian Imperial Bank of Commerce, 2.773%, 7/18/2008
16,500,000
16,498,506Commonwealth Bank of Australia:2.501%, 9/23/2008
80,000,000
80,000,0002.752%, 12/18/2008
72,000,000
71,991,285Credit Agricole SA:2.771%, 7/21/2008
246,000,000
246,000,0002.91%, 8/22/2008
200,000,000
200,000,000144A, 3.031%, 7/22/2009
296,500,000
296,500,000Danske Bank AS, 2.471%, 8/19/2008
268,000,000
267,997,603DNB NOR Bank ASA, 2.492%, 9/24/2008
120,000,000
120,000,000General Electric Capital Corp., 2.501%, 8/19/2011
135,000,000
135,000,000HSBC Finance Corp.:2.47%, 8/6/2008
125,000,000
125,000,000144A, 2.541%, 9/24/2008
140,000,000
140,000,000HSH Nordbank AG, 2.501%, 8/20/2008
205,000,000
205,000,000ING Bank NV, 144A, 3.059%, 3/26/2009
84,000,000
84,000,001Intesa Bank Ireland PLC, 2.492%, 8/22/2008
155,000,000
155,000,000Intesa Sanpaolo SpA, 2.976%, 5/13/2009
125,000,000
125,000,000KBC Bank NV, 2.821%, 12/16/2008
75,000,000
75,000,000Lloyds TSB Bank PLC, 2.44%, 9/6/2008
100,000,000
100,000,000Marshall & Ilsley Bank, 2.481%, 8/14/2008
56,000,000
56,000,000Metropolitan Life Global Funding I:144A, 2.96%, 6/9/2009
66,500,000
66,500,0003.085%, 4/13/2009
35,000,000
35,000,000National Australia Bank Ltd.:2.776%, 8/14/2008
125,000,000
125,000,0002.918%, 2/19/2009
179,750,000
179,750,0003.045%, 4/7/2009
125,750,000
125,750,000Natixis, 2.921%, 4/6/2009
268,500,000
268,500,000Nordea Bank AB, 2.448%, 9/8/2008
85,000,000
85,000,000Northern Rock PLC, 2.481%, 8/4/2008
65,000,000
65,000,000Procter & Gamble International Funding SCA, 2.788%,
2/19/2009
64,000,000
64,000,000Rabobank Nederland NV:2.655%, 11/14/2008
195,000,000
195,000,000144A, 2.9%, 7/9/2009
179,250,000
179,250,000Royal Bank of Canada:2.44%, 8/5/2008
100,000,000
100,000,000144A, 2.871%, 7/15/2009
171,500,000
171,500,418Skandinaviska Enskilda Banken AB, 2.458%, 8/8/2008
80,000,000
80,000,000Svenska Handelsbanken AB:2.471%, 8/20/2008
200,000,000
200,000,000144A, 3.2%, 5/26/2009
25,000,000
25,000,000Toyota Motor Credit Corp.:2.26%, 3/12/2009
110,000,000
110,000,0002.26%, 3/19/2009
100,000,000
100,000,0002.658%, 11/17/2008
100,000,000
100,000,000UniCredito Italiano Bank (Ireland) PLC:2.468%, 8/8/2008
50,000,000
50,000,0002.501%, 8/14/2008
260,000,000
260,000,0002.705%, 8/8/2008
220,000,000
219,998,492Total Short Term Notes (Cost $7,945,041,580)
7,945,041,580Time Deposits 5.1%BNP Paribas, 2.5%, 7/1/2008
121,437,324
121,437,324Danske Bank AS:3.5%, 7/1/2008
500,000,000
500,000,0004.0%, 7/1/2008
750,000,000
750,000,000KBC Bank NV, 2.75%, 7/1/2008
203,761,000
203,761,000Lloyds TSB Bank PLC, 3.5%, 7/1/2008
175,000,000
175,000,000Total Time Deposits (Cost $1,750,198,324)
1,750,198,324Municipal Bonds and Notes 0.7%Chattanooga, TN, Industrial Development Board Revenue,
BlueCross Corp. Project, 2.5%***, 1/1/2028, Bank of
America NA (b)
49,000,000
49,000,000Colorado, Housing Finance Authority, Single Family
Mortgage Revenue, "I", Series B-1, 2.75%***,
5/1/2038
51,500,000
51,500,000Idaho, Housing & Finance Association, 2.65%, 7/2/2008
13,000,000
12,999,043Maryland, State Health & Higher Educational Facilities
Authority Revenue, Adventist Healthcare, Series B,
2.5%***, 1/1/2035, Lasalle Bank NA (b)
10,930,000
10,930,000Massachusetts, State Health & Educational Facilities
Authority Revenue, Boston University, Series N,
2.75%***, 10/1/2034, Bank of America NA (b)
32,000,000
32,000,000New York, NY, General Obligation:Series J14, 2.6%***, 8/1/2019
16,400,000
16,400,000Series J12, 2.6%***, 8/1/2029
28,060,000
28,060,000Wisconsin, Housing & Economic Development Authority,
Home Ownership Revenue, Series B, 2.61%***,
3/1/2033
30,000,000
30,000,000Total Municipal Bonds and Notes (Cost $230,889,043)
230,889,043Repurchase Agreements 0.6%BNP Paribas, 2.4%, dated 6/30/2008, to be repurchased at
$106,180,083 on 7/1/2008 (c)
106,173,005
106,173,005JPMorgan Securities, Inc., 1.6%, dated 6/30/2008, to be
repurchased at $20,000,889 on 7/1/2008 (d)
20,000,000
20,000,000JPMorgan Securities, Inc., 2.3%, dated 6/30/2008, to be
repurchased at $30,218,696 on 7/1/2008 (e)
30,216,765
30,216,765Lehman Brothers, Inc., 2.5%, dated 6/30/2008, to be
repurchased at $33,082,896 on 7/1/2008 (f)
33,080,599
33,080,599Merrill Lynch Government Securities, Inc., 1.45%, dated
6/30/2008, to be repurchased at $10,087,903 on
7/1/2008 (g)
10,087,497
10,087,497Total Repurchase Agreements (Cost $199,557,866)
199,557,866 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $34,500,615,820)+
100.4
34,500,615,820Other Assets and Liabilities, Net
(0.4)
(137,725,458)Net Assets
100.0
34,362,890,362 * Floating rate notes are securities whose yields vary with a designated market index or
market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities
are shown at their current rate as of June 30, 2008.  ** Annualized yield at time of purchase; not a coupon rate.  *** Variable rate demand notes are securities whose interest rates are reset periodically at
market levels. These securities are often payable on demand and are shown at their
current rates as of June 30, 2008.  +  The cost for federal income tax purposes was $34,500,615,820.  (a) Reset date; not a maturity date.  (b) Security incorporates a letter of credit from a major bank.  (c) Collateralized by:  Principal
Amount ($)
Security
Rate (%)
Maturity Date
Collateral
Value ($)9,502,722
Federal Home Loan
Mortgage Corp.
5.5
5/1/2038
9,407,472100,947,729
Federal National Mortgage
Association
5.5
2/1/2038-6/1/2038
99,950,724Total Collateral Value
$    109,358,196 (d) Collateralized by $40,120,000 US Treasury STRIPS , maturing on 11/15/2022 with a
value of $20,402,224.  (e) Collateralized by $121,527,039 Federal National Mortgage Association-Interest Only,
with various coupon rates from 4.5-5.5%, with various maturities of 3/1/2020-5/25/2037
with a value of $31,123,499.  (f) Collateralized by $32,963,523 Federal Home Loan Mortgage Corp., with various coupon
rates from 5.707-6.675%, with various maturities of 10/1/2036-11/1/2037 with a value of
$33,743,909.  (g) Collateralized by $24,317,000, US Treasury STRIPS, with various maturities of
11/15/2014-5/15/2037 with a value of $10,289,321.  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. Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on
a pool of underlying mortgages or mortgage-backed securities.  IO securities are subject to
prepayment risk of the pool of underlying mortgages. STRIPS: Separate Trading of Registered Interest and Principal Securities. Fair Value Measurements The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund's
assets carried at fair value. The inputs or methodology used for valuing securities may not be
an indication of the risk associated with investing in those securities. For example, securities
held by a money market fund are generally high quality and liquid; however, they are
reflected as Level 2 because the securities are valued at amortized cost (which
approximates fair value) and, accordingly, the inputs used to determine fair value are not
quoted prices in an active market. For information on the Fund's policy regarding the
valuation of investments and of the valuation inputs, and their aggregate levels used in the
table below, please refer to the Security Valuation section in the accompanying Notes to the
Financial Statements. Valuation Inputs
Investments in
Securities at
ValueLevel 1  Quoted Prices
$       Level 2  Other Significant Observable Inputs
34,500,615,820Level 3  Significant Unobservable Inputs
Total
$    34,500,615,820 The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2008 (Unaudited)AssetsInvestments in securities, valued at amortized cost
$       34,500,615,820Cash
2,351,625Receivable for investments sold
127,936Interest receivable
79,041,849Other assets
618,716Total assets
34,582,755,946LiabilitiesPayable for investments purchased
216,349,825Accrued advisory fee
2,586,769Other accrued expenses and payables
928,990Total liabilities
219,865,584Net assets, at value
$    34,362,890,362 Statement of Operationsfor the six months ended June 30, 2008 (Unaudited)Investment IncomeIncome:Interest
$       603,721,059Expenses:Advisory fee
21,614,856Administration fee
5,221,900Custodian fee
495,601Professional fees
133,052Trustees' fees and expenses
739,052Other
500,101Total expenses before expense reductions
28,704,562Expense reductions
(6,766,264)Total expenses after expense reductions
21,938,298Net investment income
581,782,761Net realized gain (loss)
5,334,621Net increase (decrease) in net assets resulting from operations
$    587,117,382 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Six Months
Ended
June 30, 2008
(Unaudited)
Year Ended
December 31,
2007Operations:Net investment income
$       581,782,761
$       1,079,019,089Net realized gain (loss)
5,334,621
840,140Net increase (decrease) in net assets resulting from
operations
587,117,382
1,079,859,229Capital transaction in shares of beneficial interest:Proceeds from capital invested
198,436,244,564
284,201,163,257Value of capital withdrawn
(198,399,522,730)
(260,418,815,249)Net increase (decrease) in net assets from capital
transactions in shares of beneficial interest
36,721,834
23,782,348,008Increase (decrease) in net assets
623,839,216
24,862,207,237Net assets at beginning of period
33,739,051,146
8,876,843,909Net assets at end of period
$    34,362,890,362
$    33,739,051,146 The accompanying notes are an integral part of the financial statements. Financial Highlights Years Ended December 31,
2008a
2007
2006
2005
2004
2003Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
34,363
33,739
8,877
9,931
9,812
12,550Ratio of expenses before expense
reductions (%)
.16*
.17
.20
.21
.21
.21Ratio of expenses after expense
reductions (%)
.13*
.14
.18
.18
.18
.18Ratio of net investment income (%)
3.33*
5.14
4.83
3.08
1.22
1.04Total Return (%)b,c
1.67**
5.31
4.97
3.15
1.26
1.06aFor the six months ended June 30, 2008 (Unaudited).bTotal return would have been lower had certain expenses not been reduced.cTotal return for the Portfolio was derived from the performance of Cash Reserves Fund
Institutional.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies Cash Management Portfolio (the ``Portfolio'') is registered under the
Investment Company Act of 1940, as amended (the ``1940 Act''), as an
open-end management investment company organized as a New York
business trust. The Portfolio'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 Portfolio in the preparation of its financial statements. Security Valuation.The Portfolio's securities are valued 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. Investments in open-end investment companies are valued at their net
asset value each business day. The Portfolio adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements
("FAS 157"), which governs the application of generally accepted
accounting principles that require fair value measurements of the
Portfolio's assets and liabilities. Fair value is an estimate of the price the
Portfolio would receive upon selling a security in a timely transaction to an
independent buyer in the principal or most advantageous market of the
security. FAS 157 established a three-tier hierarchy to maximize the use of
observable market data and minimize the use of unobservable inputs and
to establish classification of fair value measurements for disclosure
purposes. Inputs refer broadly to the assumptions that market participants
would use in pricing the asset or liability, including assumptions about
risk, for example, the risk inherent in a particular valuation technique used
to measure fair value including such a pricing model and/or the risk
inherent in the inputs to the valuation technique. Inputs may be
observable or unobservable. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the asset or liability
developed based on market data obtained from sources independent of
the reporting entity. Unobservable inputs are inputs that reflect the
reporting entity's own assumptions about the assumptions market
participants would use in pricing the asset or liability developed based on
the best information available in the circumstances. Various inputs are used in determining the value of the Portfolio's
investments. These inputs are summarized in the three broad levels as
follows: •    Level 1  quoted prices in active markets for identical securities •    Level 2  other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.) •    Level 3  significant unobservable inputs (including the Portfolio's own
assumptions in determining the fair value of investments) For Level 1 inputs, the Portfolio uses unadjusted quoted prices in active
markets for assets or liabilities with sufficient frequency and volume to
provide pricing information as the most reliable evidence of fair value. The
Portfolio's Level 2 valuation techniques include inputs other than quoted
prices within Level 1 that are observable for an asset or liability, either
directly or indirectly. Level 2 observable inputs may include quoted prices
for similar assets and liabilities in active markets or quoted prices for
identical or similar assets or liabilities in markets that are not active in
which there are few transactions, the prices are not current, or price
quotations vary substantially over time or among market participants.
Inputs that are observable for the asset or liability in Level 2 include such
factors as interest rates, yield curves, prepayment speeds, credit risk, and
default rates for similar liabilities. For Level 3 valuation techniques, the
Portfolio uses unobservable inputs that reflect assumptions market
participants would be expected to use in pricing the asset or liability.
Unobservable inputs are used to measure fair value to the extent that
observable inputs are not available and are developed based on the best
information available under the circumstances. In developing
unobservable inputs, market participant assumptions are used if they are
reasonably available without undue cost and effort. The Portfolio may record changes to valuations based on the amount that
might reasonably be expected to receive for a security upon its current
sale consistent with the fair value measurement objective. Each
determination is based on a consideration of all relevant factors, which are
likely to vary from one pricing context to another. Examples of such
factors may include, but are not limited to the type 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 issue 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 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. Because of the inherent uncertainties of valuation, the
values reflected in the financial statements may materially differ from the
value determined upon sale of those investments. Repurchase Agreements.The Portfolio may enter into repurchase
agreements with certain banks and broker/dealers whereby the Portfolio,
through its custodian or sub-custodian bank, receives delivery of the
underlying securities, the amount of which at the time of purchase and
each subsequent business day is required to be maintained at such a level
that the value is equal to at least the principal amount of the repurchase
price plus accrued interest. The custodian bank holds the collateral in a
separate account until the agreement matures. If the value of the
securities falls below the principal amount of the repurchase agreement
plus accrued interest, the financial institution deposits additional collateral
by the following business day. If the financial institution either fails to
deposit the required additional collateral or fails to repurchase the
securities as agreed, the Portfolio has the right to sell the securities and
recover any resulting loss from the financial institution. If the financial
institution enters into bankruptcy, the Portfolio's claims on the collateral
may be subject to legal proceedings. Federal Income Taxes.The Portfolio is considered a Partnership under the
Internal Revenue Code, as amended. Therefore, no federal income tax
provision is necessary. The Portfolio has reviewed the tax positions for the open tax years as of
December 31, 2007 and has determined that no provision for income tax is
required in the Portfolio's financial statements. The Portfolio's federal tax
returns for the prior three fiscal years remain subject to examination by the
Internal Revenue Service. Contingencies.In the normal course of business, the Portfolio may enter
into contracts with service providers that contain general indemnification
clauses. The Portfolio's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against
the Portfolio that have not yet been made. However, based on experience,
the Portfolio expects the risk of loss to be remote. Other.Investment transactions are accounted for on trade date. Interest
income is recorded on the accrual basis. Distributions of income and
capital gains from investment companies are recorded on the ex-dividend
date. 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. The Portfolio makes a daily allocation of its net investment income and
realized gains and losses from securities transactions to its investors in
proportion to their investment in the Portfolio. B. Fees and Transactions with Affiliates Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG,
and the Advisor for the master portfolio. Under the Advisor Agreement, the Portfolio pays the Advisor a monthly
advisory fee based on its average daily net assets, computed and accrued
daily and payable monthly, at the following annual rates: First $3.0 billion of the Portfolio's average daily net assets
.150%Next $4.5 billion of such net assets
.133%Over $7.5 billion of such net assets
.120% For the period from January 1, 2008 through July 29, 2010, the Advisor
has contractually agreed to reimburse or pay certain operating expenses
at 0.15% of the Portfolio's average daily net assets (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest). For the period from January 1, 2008 through February 4, 2008, the
Advisor had voluntarily agreed to maintain total operating expenses at
0.11% of the Portfolio's average daily net assets (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest).
For the period from February 5, 2008 through June 30, 2008, the Advisor
has voluntarily agreed to maintain total operating expenses at 0.13% of its
average daily net assets (excluding certain expenses such as extraordinary
expenses, taxes, brokerage and interest). The amount of the waiver and
whether the Advisor and Administrator waive a portion of its fee may vary
at any time without notice to shareholders. Accordingly, for the six months ended June 30, 2008, the Portfolio
incurred an advisory fee equivalent to the following annualized effective
rate of the Portfolio's average daily net assets: Total
Aggregated
Waived
Annualized
Effective RateCash Management Portfolio
$       21,614,856
$       6,477,774
.09% Administration Fee. Pursuant to an Administrative Services Agreement
with the Advisor, the Advisor provides most administrative services to the
Portfolio. For all services provided under the Administrative Services
Agreement, the Portfolio pays the Advisor an annual fee ("Administration
fee") of 0.03% of the Portfolio's average daily net assets, computed and
accrued daily and payable monthly. For the six months ended June 30,
2008, the Advisor received an Administration fee of $5,221,900, of which
$909,644 is unpaid. Trustees'/Directors' Fees and Expenses. The Portfolio paid each
Trustee/Director not affiliated with the Advisor retainer fees plus specified
amounts for various committee services and for the Board Chairperson
and Vice Chairperson. In connection with the Board consolidation on April 1, 2008, of the two
DWS Portfolios' Boards of Trustees/Directors, certain Independent Board
Members retired prior to their normal retirement date and received a
one-time retirement benefit. DIMA has agreed to reimburse the Portfolios
for the cost of this benefit. During the period ended June 30, 2008, the
Portfolio paid its allocated portion of the retirement benefit of $182,019 to
the non-continuing Independent Board Members, and the Portfolio was
reimbursed by DIMA for this payment. C. Fee Reductions The Portfolio has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances are used to reduce
a portion of the Portfolio's custodian expenses. During the six months
ended June 30, 2008, the Portfolio's custodian fee was reduced by
$106,471 for custody credits earned. D. Line of Credit The Portfolio and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks.
The Portfolio 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 the Federal Portfolios Rate plus
0.35 percent. The Portfolio may borrow up to a maximum of 5 percent of
its net assets under the agreement. Other Information Portfolio of Investments Following the fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
DC. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800) SEC-0330. Summary of Management Fee Evaluation
by Independent Fee Consultant October 26, 2007 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 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 2007, including my qualifications, the evaluation process for
each of the DWS Scudder Funds, consideration of certain complex-level
factors, and my conclusions. Qualifications For more than 30 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 several 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, serve on the board of directors of a private
market research company, and have served in various leadership and
financial oversight capacities with non-profit organizations. Evaluation of Fees for each DWS Scudder Fund My work focused primarily on evaluating, fund-by-fund, the fees charged
to each of the 136 Fund portfolios in the DWS Scudder Fund family. For
each Fund, I considered each of the key factors mentioned above, as well
as any other relevant information. In doing so I worked closely with the
Funds' Independent Directors in their annual contract renewal process, as
well as in their approval of contracts for several new funds (documented
separately). In evaluating each Fund's fees, I reviewed comprehensive materials
provided by or on behalf of DeAM, including expense information
prepared by Lipper Analytical, comparative performance information,
profitability data, manager histories, and other materials. I also accessed
certain additional information from the Lipper, Strategic Insight, and
Morningstar databases and drew on my industry knowledge and
experience. To facilitate evaluating this considerable body of information, I prepared
for each Fund a document summarizing the key data elements in each
area as well as additional analytics discussed below. This made it possible
to consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number
of fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two
primary comparisons: The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group of
typically 12-15 funds in the same Lipper investment category (e.g.
Large Capitalization Growth) having similar distribution arrangements
and being of similar size. The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar
distribution arrangements. These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution
channel. The principal figure-of-merit used in these comparisons was the
subject Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled
fund and non-fund investment management accounts in any of the
investment categories where there is a DWS Scudder Fund. These similar
products included the other DWS Scudder 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 Scudder 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 Scudder 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 Scudder 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 Scudder
Funds are reasonable. mmtm_m0Thomas H. Mack Account Management Resources Automated
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Information
(800) 728-3337
To speak with a DWS Investments service representative.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy 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 endedJune 30are 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 Nasdaq Symbol
MCAXXFund Number
2023 Privacy Statement This privacy statement is issued by DWS Investments Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor
Services, Inc., DWS Trust Company and the DWS Funds. We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the
policies and practices described below to protect current and former
clients' information.Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information.
We maintain physical, electronic and procedural safeguards that comply
with federal and state standards to protect confidentiality. These
safeguards extend to all forms of interaction with us, including the
Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and
through transactions with us or our affiliates. Examples of the nonpublic
personal information collected are name, address, Social Security number
and transaction and balance information. To be able to serve our clients,
certain of this client information is shared with affiliated and nonaffiliated
third-party service providers such as transfer agents, custodians, and
broker-dealers to assist us in processing transactions and servicing your
account with us. In addition, we may disclose all of the information we
collect to companies that perform marketing services on our behalf or
to other financial institutions with which we have joint marketing
agreements. The organizations described above that receive client
information may only use it for the purpose designated by the DWS
Investments Companies listed in the first paragraph of this Privacy
Statement. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required or
we may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. Questions on this policy may be sent to: DWS Investments  
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415 September 2007 Notes Notes mmtm_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe 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 Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Money Market Series (Managed), a series of DWS Money Market Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 26, 2008
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Money Market Series (Managed), a series of DWS Money Market Trust
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 26, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        August 26, 2008