UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-04760  DWS Advisor Funds (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        12/31
  Date of reporting period:
        06/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 NY Tax Free Money Fund Investment Class Tax Free Money Fund Investment Semiannual Report to
Shareholders June 30, 2008   Contents click hereInformation About Each
Fund's Expenses
NY Tax Free Money Fund
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
Tax Free Money Fund Investment
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial
Statements
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. We advise you to
consider the funds' objectives, risks, charges and expenses carefully before
investing. The prospectus contains this and other important information about
the funds. Please read the prospectus carefully before you invest. An investment in these funds is not insured or guaranteed by the Federal Deposit
Insurance Corporation or 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. Please read each funds' 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 Each Fund's Expenses As an investor, 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 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, Tax Free Money Fund Investment
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 period and held for the entire six-month
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. NY Tax Free Money Fund Expenses and Value of a $1,000 Investmentfor the six months ended June 30, 2008Actual Fund Return
Investment
ClassBeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,008.80Expenses Paid per $1,000*
$       3.40Hypothetical 5% Fund Return
Investment
ClassBeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,021.48Expenses Paid per $1,000*
$       3.42 * 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 366.  Annualized Expense Ratio
Investment
ClassNY Tax Free Money Fund
.68% For more information, please refer to the Fund's prospectus. Tax Free Money Fund Investment Expenses and Value of a $1,000 Investmentfor the six months ended June 30, 2008Actual Fund ReturnBeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,008.50Expenses Paid per $1,000*
$       3.75Hypothetical 5% Fund ReturnBeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,021.13Expenses Paid per $1,000*
$       3.77 * 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 366.  Annualized Expense RatioTax Free Money Fund Investment
.75% For more information, please refer to the Fund's prospectus. Portfolio Summary NY Tax Free Money Fund Asset Allocation(As a % of Investment Portfolio)
6/30/08
12/31/07Municipal Investments
Municipal Variable Rate Demand Notes
91%
87%Municipal Bonds and Notes
9%
13%100%
100% Weighted Average MaturityNY Tax Free Money Fund
9 days
19 daysiMoneyNet State Specific Retail Money Funds Average*
26 days
28 days * The Fund is compared to its respective iMoneyNet Category: State Specific Retail
Money Funds Average  Category consists of all retail national and state tax-free and
municipal 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 National Tax-Free Retail and State-Specific
Retail categories.  Asset allocation and weighted average maturity are subject to change. For more complete details about the Portfolio's holdings, see page 7. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Fund as of
month end will be posted to www.dws-investments.com after the 14th day following month
end. In addition, the Fund'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. Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800) SEC-0330. Investment Portfolioas of June 30, 2008 (Unaudited) NY Tax Free Money Fund Principal
Amount ($)
Value ($)Municipal Investments 93.4%New York 92.1%Albany County, NY, Airport Authority Revenue, Series A,
AMT, 1.6%*, 12/15/2023, Bank of America NA (a)
1,000,000
1,000,000Albany, NY, Industrial Development Agency, Civic Facility
Revenue, Albany College of Pharmacy, Series A,
1.52%*, 7/1/2038, TD Banknorth NA (a)
7,330,000
7,330,000Broome County, NY, Industrial Development Agency
Revenue, Parlor City Paper Box Co., AMT,
1.63%*, 10/1/2016, NBT Bank NA (a)
680,000
680,000Erie County, NY, Industrial Development Agency,
School Facility Revenue, Series 2946, 144A,
1.61%*, 11/1/2012 (b)
1,000,000
1,000,000Hempstead, NY, Industrial Development Agency Revenue,
Series 92-G, 144A, AMT, 1.59%*, 10/1/2045
3,000,000
3,000,000Long Island, NY, Power Authority Electric System Revenue,
Series O, 1.5%*, 12/1/2029 (b)
2,500,000
2,500,000Nassau County, NY, General Obligation, Series A,
3.25%, 1/15/2009 (b)
3,395,000
3,409,593Nassau County, NY, Industrial Development Agency
Revenue, Series 75-G, 144A, AMT, 1.6%*, 12/1/2033
2,000,000
2,000,000New York, Austin Trust, Various States:Series 2008-1064, 144A, 1.57%*, 6/1/2032
20,000,000
20,000,000Series 2008-1066, AMT, 144A, 1.6%*, 4/1/2036
4,000,000
4,000,000New York, Metropolitan Transportation Authority Revenue:Series D-2, 1.4%*, 11/1/2032 (b)
1,845,000
1,845,000144A, 1.58%*, 11/15/2026 (b)
5,315,000
5,315,000Series R-12047, 1.6%*, 11/15/2030 (b)
3,680,000
3,680,0001.6%, 7/10/2008
2,500,000
2,500,0003.05%, 8/12/2008
4,000,000
4,000,000New York, Metropolitan Transportation Authority,
Commuter Facilities Revenue, Prerefunded, Series C-1,
5.375%, 7/1/2027 (b)
5,685,000
5,886,699New York, Nassau Health Care Corp. Revenue,
Series 2004-C1, 1.45%*, 8/1/2029 (b)
1,000,000
1,000,000New York, State Dormitory Authority Revenue, Park
Ridge Hospital, Inc., 1.54%*, 7/1/2029, JPMorgan
Chase Bank (a)
2,045,000
2,045,000New York, State Dormitory Authority Revenue,
Secondary Issues:Series 1971, 144A, 1.53%*, 7/1/2027
5,000,500
5,000,500Series R-12121, 1.54%*, 3/15/2031
2,100,000
2,100,000Series 2381, 144A, 1.58%*, 12/15/2014
1,995,000
1,995,000Series 2659, 144A, 1.58%*, 3/15/2015
1,900,000
1,900,000New York, State Dormitory Authority Revenues, Series 305,
1.58%*, 5/15/2015 (b)
5,370,000
5,370,000New York, State Housing Finance Agency Revenue,
Series A, AMT, 1.8%*, 5/1/2029
5,295,000
5,295,000New York, State Housing Finance Agency Revenue,
100 Maiden Lane, Series A, 1.5%*, 5/15/2037
6,150,000
6,150,000New York, State Housing Finance Agency Revenue,
316 Eleventh Ave. Housing, Series A, AMT,
1.55%*, 5/15/2041
2,500,000
2,500,000New York, State Housing Finance Agency Revenue, Helena
Housing, Series A, AMT, 1.85%*, 5/15/2036
6,500,000
6,500,000New York, State Housing Finance Agency, Service Contract
Revenue, Series D, 1.45%*, 3/15/2026, State Street
Bank & Trust Co. (a)
700,000
700,000New York, State Mortgage Agency, Homeowner Mortgage
Revenue, Series 153, AMT, 1.45%*, 4/1/2047
6,000,000
6,000,000New York, State Thruway Authority, Highway & Bridge Trust
Fund, Series R-458, 144A, 3.8%*, 4/1/2020 (b)
4,500,000
4,500,000New York, State Urban Development Corp. Revenue:Series A-5, 1.45%*, 1/1/2030, TD Banknorth NA (a)
2,600,000
2,600,000Series R-1094, 144A, 1.54%*, 12/15/2025
2,290,000
2,290,000Series 2008-053, 144A, 1.9%*, 3/15/2023
7,815,000
7,815,000Series 2008-054, 144A, 1.9%*, 3/15/2024 (b)
9,105,000
9,105,000New York, Triborough Bridge & Tunnel Authority Revenue:Series B03, 2.61%*, 11/15/2020 (b)
9,860,000
9,860,000Series B-13, 144A, 5.069%*, 11/15/2021 (b)
2,050,000
2,050,000New York & New Jersey Port Authority, Series R-9207,
AMT, 144A, 1.63%*, 9/15/2028
6,000,000
6,000,000New York City, NY, Housing Development Corp.,
Multi-Family Rent Housing Revenue, 155 West 21st
Street Development, Series A, AMT, 1.55%*, 11/15/2037
5,000,000
5,000,000New York City, NY, Housing Development Corp.,
Multi-Family Mortgage Revenue, Boricua Village
Apartments Site, Series A-2, AMT, 1.55%*, 9/1/2042,
Citibank NA (a)
4,000,000
4,000,000New York City, NY, Housing Development Corp.,
Multi-Family Mortgage Revenue, 201 Pearl Street
Development, Series A, 1.45%*, 10/15/2041
1,300,000
1,300,000New York City, NY, Industrial Development Agency
Revenue, Empowerment Zone, Tiago, AMT, 1.56%*,
1/1/2037, ING Bank NV (a)
4,000,000
4,000,000New York City, NY, Industrial Development Agency, Civic
Facility Revenue, Abraham Joshua Heschel Project,
1.54%*, 4/1/2032, Allied Irish Bank PLC (a)
1,365,000
1,365,000New York City, NY, Industrial Development Agency, Civic
Facility Revenue, Allen Stevenson School, 1.58%*,
12/1/2034, Allied Irish Bank PLC (a)
1,075,000
1,075,000New York City, NY, Industrial Development Agency, Civic
Facility Revenue, Jewish Board of Family Services,
1.54%*, 7/1/2025, Allied Irish Bank PLC (a)
4,000,000
4,000,000New York City, NY, Municipal Finance Authority,
Water & Sewer Systems Revenue, Series 1289,
1.58%*, 12/15/2013
965,000
965,000New York City, NY, Municipal Finance Authority, Water &
Sewer Systems Revenue, 2nd Generation Resolution,
Series CC-2, 2.05%*, 6/15/2038
2,100,000
2,100,000New York City, NY, Municipal Water Finance Authority,
Water & Sewer Systems Revenue:Series DDD, 144A, 1.61%*, 6/15/2031
16,730,000
16,730,0002553, 144A, 1.63%*, 6/15/2036 (b)
3,000,000
3,000,000New York City, NY, Transitional Finance Authority Revenue:Series A, 144A, 1.53%*, 11/1/2030
1,000,000
1,000,000Series 1908, 144A, 1.58%*, 5/1/2015
4,990,000
4,990,000New York City, NY, Transitional Finance Authority Revenue,
NYC Recovery:Series 3-D, 1.15%*, 11/1/2022
1,700,000
1,700,000Series 3-F, 1.65%*, 11/1/2022
985,000
985,000New York, NY, General Obligation:Series A-5, 1.45%*, 8/1/2031, Bank of Nova Scotia (a)
600,000
600,000Series R-11299, 144A, 1.54%*, 2/1/2022
4,395,000
4,395,000Series 2951, 144A, 1.58%*, 10/1/2013
4,990,000
4,990,000Series 2831, 144A, 1.58%*, 1/1/2015
4,600,000
4,600,000Series A-4, 2.1%*, 8/1/2021, Landesbank
Baden-Wurttemberg (a)
1,200,000
1,200,000Series C, 5.0%, 8/1/2008 (b)
2,000,000
2,003,925Series O, 5.0%, 6/1/2009
2,000,000
2,049,493Onondaga County, NY, Industrial Development Agency,
Civic Facility Revenue, YMCA of Greater Syracuse,
Series A, 1.64%*, 11/1/2025, Citizens Bank NA (a)
2,500,000
2,500,000Ontario County, NY, Industrial Development Agency, Civic
Facility Revenue, Greater Canandaigua Family YMCA,
1.63%*, 10/1/2040, RBS Citizens NA (a)
8,360,000
8,360,000Ontario County, NY, Industrial Development Agency, Civic
Facility Revenue, F. F. Thompson Hospital, Series B,
1.54%*, 7/1/2030, KeyBank of New York (a)
2,930,000
2,930,000Otsego County, NY, Industrial Development Agency,
Civic Facility Revenue, Noonan Community Service
Corp. Project, Series A, 1.57%*, 3/1/2025, Wilber
National Bank (a)
1,200,000
1,200,000Seneca County, NY, Industrial Development Agency, Solid
Waste Disposal Revenue, Macon Trust, Series W, 144A,
AMT, 1.72%*, 10/1/2035
3,500,000
3,500,000Suffolk County, NY, Tax Anticipation Notes, 3.5%, 8/14/2008
3,000,000
3,002,345Tompkins County, NY, Industrial Development Agency
Revenue, Civic Facilities, Series A, 1.63%*, 12/1/2021,
Citizens Bank NA (a)
1,105,000
1,105,000Tompkins County, NY, Industrial Development Agency
Revenue, Civic Facilities, Tomkins Cortland, 1.63%*,
1/1/2037, Citizens Bank NA (a)
4,705,000
4,705,000258,272,555Puerto Rico 1.3%Puerto Rico, Industrial Tourist Educational, Medical &
Environmental Control Facilities, Bristol-Myers Squibb
Project, AMT, 1.6%*, 12/1/2030
3,500,000
3,500,000 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $261,772,555)+
93.4
261,772,555Other Assets and Liabilities, Net
6.6
18,556,563Net Assets
100.0
280,329,118 * 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 $261,772,555.  (a) Security incorporates a letter of credit from a major bank.  (b) Bond is insured by one of these companies.  Insurance Coverage
As a % of Total Investment PortfolioAmbac Financial Group
1.7Financial Guaranty Insurance Company
2.2Financial Security Assurance, Inc.
9.1MBIA Corp.
10.1 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. 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. 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
261,772,555Level 3  Significant Unobservable Inputs
Total
$    261,772,555 The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2008 (Unaudited)Assets
NY Tax Free
Money FundInvestments in securities, valued at amortized cost
$       261,772,555Receivable for investments sold
17,965,000Interest receivable
1,256,604Other assets
36,536Total assets
281,030,695LiabilitiesCash overdraft
291,675Distributions payable
87,552Accrued management fee
28,661Other accrued expenses and payables
293,689Total liabilities
701,577Net assets, at value
$    280,329,118Net Assets Consist ofUndistributed net investment income
45,608Accumulated net realized gain
30,897Paid-in capital
280,252,613Net assets, at value
$    280,329,118Net Asset ValueInvestment ClassNet Asset Value,offering and redemption priceper share
($106,530,018 ÷ 106,508,792 shares of capital stock outstanding,
$.001 par value, unlimited number of shares authorized)
$    1.00Tax-Exempt New York Money Market FundNet Asset Value, offering and redemption priceper share
($173,799,100 ÷ 173,766,563 shares of capital stock outstanding,
$.001 par value, unlimited number of shares authorized)
$    1.00 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended June 30, 2008 (Unaudited)Investment Income
NY Tax Free
Money FundIncome:Interest
$       2,828,477Expenses:Management fee
141,528Administration fee
117,940Services to shareholders
139,644Custodian fee
5,182Distribution and service fees
459,059Professional fees
44,065Trustees' fees and expenses
5,367Reports to shareholders
22,749Registration fees
16,107Other
4,183Total expenses before expense reductions
955,824Expense reductions
(1,986)Total expenses after expense reductions
953,838Net investment income
1,874,639Net realized gain (loss)
30,897Net increase (decrease) in net assets resulting from operations
$    1,905,536 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets  NY Tax Free Money FundIncrease (Decrease) in Net Assets
Six Months
Ended June 30,
2008
(Unaudited)
Year Ended
December 31,
2007Operations:Net investment income
$       1,874,639
$       3,649,320Net realized gain (loss)
30,897
4,697Net increase (decrease) in net assets resulting from
operations
1,905,536
3,654,017Distributions to shareholders from:Net investment income:Investment Class
(800,222)
(2,159,586)Tax-Exempt New York Money Market Fund
(1,074,417)
(1,489,734)*Total distributions
(1,874,639)
(3,649,320)Fund share transactions:Investment Class
Proceeds from shares sold
217,856,517
375,968,056Reinvestment of distributions
266,540
813,409Cost of shares redeemed
(189,613,640)
(353,394,718)Net increase (decrease) in net assets from Investment
Class share transactions
28,509,417
23,386,747Tax-Exempt New York Money Market Fund
Proceeds from shares sold
135,897,140
172,060,912*Net assets acquired in tax-free reorganization

42,838,790*Reinvestment of distributions
1,074,417
1,489,579*Cost of shares redeemed
(75,128,820)
(104,453,703)*Net increase (decrease) in net assets from Tax-Exempt
New York Money Market Fund share transactions
61,842,737
111,935,578*Increase (decrease) in net assets
90,383,051
135,327,022Net assets at beginning of period
189,946,067
54,619,045Net assets at end of period (including undistributed
net investment income of $45,608 and $45,608,
respectively)
$    280,329,118
$    189,946,067 * Tax-Exempt New York Money Market Fund commenced operations on March 22, 2007.  The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets  NY Tax Free Money Fund(continued)Increase (Decrease) in Net Assets
Six Months
Ended June 30,
2008
(Unaudited)
Year Ended
December 31,
2007Other Information
Investment ClassShares outstanding at beginning of period
77,999,375
54,612,628Shares sold
217,856,517
375,968,056Shares issued to shareholders in reinvestment of
distributions
266,540
813,409Shares redeemed
(189,613,640)
(353,394,718)Net increase (decrease) in Fund shares from
Investment Class Share transactions
28,509,417
23,386,747Shares outstanding at end of period
106,508,792
77,999,375Tax-Exempt New York Money Market FundShares outstanding at beginning of period
111,923,826
Shares sold
135,897,140
172,060,912*Shares issued in tax-free reorganization

42,827,038*Shares issued to shareholders in reinvestment of
distributions
1,074,417
1,489,579*Shares redeemed
(75,128,820)
(104,453,703)*Net increase (decrease) in Fund shares from
Tax-Exempt New York Money Market Fund
share transactions
61,842,737
111,923,826*Shares outstanding at end of period
173,766,563
111,923,826* * Tax-Exempt New York Money Market Fund commenced operations on March 22, 2007.  The accompanying notes are an integral part of the financial statements. Financial Highlights NY Tax Free Money Fund
Investment ClassYears Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Income from investment operations:
Net investment income
.009
.029
.027
.017
.005
.003Net realized and unrealized gain (loss)b





Total from investment operations
.009
.029
.027
.017
.005
.003Less distributions from:
Net investment income
(.009)
(.029)
(.027)
(.017)
(.005)
(.003)Net asset value, end of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Total Return (%)
.88**
2.94c
2.71c
1.70c
.47c
.32cRatios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
107
78
55
90
110
89Ratio of expenses before expense
reductions (%)
.68*
.76
.98
.87
.88
.83Ratio of expenses after expense
reductions (%)
.68*
.75
.75
.75
.75
.75Ratio of net investment income (%)
1.72*
2.89
2.67
1.67
.49
.33aFor the six months ended June 30, 2008 (Unaudited).bAmount is less than $.0005 per share.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized Portfolio Summary Tax Free Money Fund Investment Asset Allocation
6/30/08
12/31/07Municipal Investments
Municipal Variable Rate Demand Notes
75%
83%Municipal Bonds and Notes
25%
17%100%
100% Weighted Average MaturityTax Free Money Fund Investment
11 days
24 daysiMoneyNet National Retail Tax Free Money Funds Average*
26 days
31 days * The Fund is compared to its respective iMoneyNet Category: National Retail Tax Free
Money Funds Average  Category consists of all national tax-free and municipal retail
funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes,
Rated and Unrated General Market Notes, Commercial Paper, Put Bonds  6 months or
less, Put Bonds  over 6 months, AMT Paper, and Other Tax-Free holdings.  Asset allocation and weighted average maturity are subject to change. For more complete details about the Portfolio's holdings, see page 17. A quarterly Fact
Sheet is available upon request. Information concerning portfolio holdings of the Funds as of
month end will be posted to www.dws-investments.com after the 14th day following month
end. In addition, the Funds' top ten holdings and other information about the Funds is posted
on www.dws-investments.com as of the calendar quarter-end on or after the 14th day
following quarter-end. Please see the Account Management Resources section for more
contact information. Following the Funds' fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be
reviewed and copied at the SEC's Public Reference Room in Washington,
D.C. Information on the operation of the SEC's Public Reference Room
may be obtained by calling (800) SEC-0330. Investment Portfolioas of June 30, 2008 (Unaudited) Tax Free Money Fund Investment Principal
Amount ($)
Value ($)Municipal Investments 97.7%Arizona 2.5%Arizona, Sports & Tourism Authority Senior Revenue,
Multi-Purpose Stadium, 1.57%*, 7/1/2036, Allied Irish
Bank PLC (a)
4,000,000
4,000,000Colorado 1.5%Colorado, Postsecondary Educational Facilities Authority
Revenue, Mullen High School Project, 1.65%*, 8/1/2017,
Wells Fargo Bank NA (a)
2,465,000
2,465,000District of Columbia 1.7%District of Columbia, General Obligation, Series R-11386,
144A, 1.6%*, 6/1/2020 (b)
2,800,000
2,800,000Florida 14.0%Charlotte County, FL, Utility Revenue, Series B,
1.55%*, 10/1/2021 (b)
1,250,000
1,250,000Florida, BB&T Municipal Trust, Series 1010, 144A, 1.63%*,
1/15/2019, Branch Banking & Trust (a)
2,850,000
2,850,000Highlands County, FL, Health Facilities Authority Revenue,
Adventist Health System:Series A, 1.6%*, 11/15/2032, SunTrust Bank (a)
1,650,000
1,650,000Prerefunded, 5.25%, 11/15/2020
3,000,000
3,068,125Jacksonville, FL, Electric Authority Revenue, Series 200F,
1.655%, 7/7/2008
4,700,000
4,700,000Manatee County, FL, School District, Tax Anticipation Notes,
4.0%, 10/9/2008
4,000,000
4,012,073Palm Beach County, FL, Health Facilities Authority Revenue,
Jupiter Medical Center, Inc., Series B, 1.52%*, 8/1/2020,
Wachovia Bank NA (a)
2,535,000
2,535,000Palm Beach County, FL, Jewish Community Campus Project
Revenue, 1.63%*, 3/1/2030, Northern Trust Co. (a)
1,110,000
1,110,000Sarasota County, FL, Health Care Facilities Authority
Revenue, Bay Village Project, 1.57%*, 12/1/2023,
Bank of America NA (a)
1,220,000
1,220,00022,395,198Georgia 3.0%Effingham County, GA, Industrial Development Authority,
Pollution Control Revenue, 2.55%*, 2/1/2038
2,400,000
2,400,000Georgia, Private Colleges & Universities Authority Revenue,
Emory University, Series B, 1.6*, 9/1/2033
2,390,000
2,390,0004,790,000Hawaii 3.1%Hawaii, State General Obligation, "A", 144A,
1.55%*, 5/1/2028
4,950,000
4,950,000Illinois 10.3%Channahon, IL, Morris Hospital Revenue:Series A, 1.6%*, 12/1/2023, US Bank NA (a)
1,400,000
1,400,000Series B, 1.6%*, 12/1/2032, US Bank NA (a)
4,370,000
4,370,000Chicago, IL, Board of Education, Series R-3075, 144A,
1.61%*, 12/1/2025 (b)
1,295,000
1,295,000Chicago, IL, General Obligation, Series R-10267, 144A,
1.81%*, 1/1/2042 (b)
2,710,000
2,710,000Illinois, Austin Trust Various States, Series 2008-3043X,
144A, 1.9%*, 7/1/2026 (b)
6,665,000
6,665,00016,440,000Indiana 1.7%Indiana, State Educational Facilities Authority Revenue, St.
Mary Woods Project, 2.3%*, 4/1/2024, Bank One NA (a)
2,700,000
2,700,000Iowa 1.9%Iowa, Finance Authority Small Business Development
Revenue, Corporate Center Associates LP Project,
1.52%*, 9/1/2015, Wells Fargo Bank NA (a)
1,000,000
1,000,000Iowa, Finance Authority, Private College Revenue, Drake
University Project, 2.4%*, 4/1/2031, Wells Fargo
Bank NA (a)
2,100,000
2,100,0003,100,000Kentucky 3.1%Jeffersontown, KY, Lease Program Revenue, Kentucky
League of Cities Funding Trust, 1.7%*, 3/1/2030, US
Bank NA (a)
3,620,000
3,620,000Lexington-Fayette Urban County, KY, Industrial
Development Revenue, YMCA Central Kentucky, Inc.
Project, 1.8%*, 7/1/2019, Bank One Kentucky NA (a)
1,365,000
1,365,0004,985,000Louisiana 2.1%Louisiana, BB&T Municipal Trust, Various States,
Series 4000, 144A, 1.63%*, 7/1/2018, Branch
Banking & Trust (a)
1,825,000
1,825,000Louisiana, St. Tammany Parish Development District
Revenue, 1.53%*, 7/1/2038, SunTrust Bank (a)
1,500,000
1,500,0003,325,000Maryland 2.8%Maryland, State Economic Development Corp. Revenue,
Howard Hughes Medical Institute, Series A,
1.48%*, 2/15/2043
4,500,000
4,500,000Massachusetts 2.0%Massachusetts, State Development Finance Agency
Revenue, Northfield Mount Hermon, 1.65%*, 10/1/2042,
JPMorgan Chase Bank (a)
1,000,000
1,000,000Massachusetts, State Development Finance Agency
Revenue, YMCA of Greater Worcester, 1.63%*,
9/1/2041, TD BankNorth NA (a)
775,000
775,000Massachusetts, State School Building Authority,
Dedicated Sales Tax Revenue, Series R-10321, 144A,
1.59%*, 8/15/2024 (b)
1,500,000
1,500,0003,275,000Michigan 2.6%Holt, MI, General Obligation, Public Schools,
1.8%*, 5/1/2030
1,150,000
1,150,000Michigan, Eastern Michigan University Revenues,
1.55%*, 6/1/2036, Dexia Credit Local (a)
3,000,000
3,000,0004,150,000Minnesota 1.9%Minnesota, University of Minnesota Special Purpose
Revenue, 1.8%, 7/1/2008
3,000,000
3,000,000Missouri 1.2%Missouri, State Public Utilities Commission Revenue,
Interim Construction Notes, 4.75%, 9/1/2008
2,000,000
2,003,116New Jersey 2.1%Oradell, NJ, Bond Anticipation Notes, 2.75%, 6/12/2009
3,292,000
3,314,937New York 3.5%New York, State Urban Development Corp. Revenue,
Series 2008-053, 144A, 1.9%*, 3/15/2023
1,000,000
1,000,000New York City, NY, Transitional Finance Authority Revenue,
Series 2C, 1.4%*, 11/1/2022
1,125,000
1,125,000New York City, NY, Transitional Finance Authority Revenue,
NYC Recovery, Series 1-1B, 1.4%*, 11/1/2022
3,465,000
3,465,0005,590,000North Carolina 2.9%North Carolina, Capital Facilities Finance Agency,
Educational Facilities Revenue, Summit School, Inc.
Project, 1.61%*, 6/1/2033, Branch Banking & Trust (a)
2,700,000
2,700,000North Carolina, Medical Care Commission, Retirement
Facilities Revenue, First Mortgage, United Methodist
Church, Series B, 1.61%*, 10/1/2035, Branch
Banking & Trust (a)
2,000,000
2,000,0004,700,000Ohio 0.6%Ohio, State Higher Educational Facility Community
Revenue, Pooled Program, Series A, 1.76%*, 9/1/2020,
Fifth Third Bank (a)
1,000,000
1,000,000Oregon 2.6%Oregon, State Facilities Authority Revenue, PeaceHealth,
Series C, 1.55%*, 5/1/2047, Wells Fargo Bank NA (a)
4,200,000
4,200,000Pennsylvania 6.4%Berks County, PA, Industrial Development Authority
Revenue, Richard J. Caron Foundation Project, 1.57%*,
9/1/2025, Wachovia Bank NA (a)
2,480,000
2,480,000Montgomery County, PA, Redevelopment Authority,
Multi-Family Housing Revenue, Forge Gate Apartments
Project, Series A, 1.8%*, 8/15/2031
1,410,000
1,410,000Pennsylvania, State Higher Educational Facilities Authority
Revenue, Drexel University, Series B, 1.55%*, 5/1/2033,
Allied Irish Bank PLC (a)
1,350,000
1,350,000Philadelphia, PA, Authority for Industrial Development
Revenues, Retirement Care, Evangelical Manor, 1.61%*,
10/1/2038, Citizens Bank NA (a)
5,000,000
5,000,00010,240,000Tennessee 1.9%Blount County, TN, Public Building Authority, Local
Government Public Improvement, Series E-1-A, 2.5%*,
6/1/2037, SunTrust Bank (a)
3,000,000
3,000,000Texas 10.7%Bexar, TX, Metropolitan Water District, 1.7%, 7/10/2008
4,000,000
4,000,000Harris County, TX, General Obligation:1.65%, 8/7/2008
275,000
275,0001.7%, 8/7/2008
1,850,000
1,850,0001.75%, 8/7/2008
400,000
400,000North East, TX, Independent School District, Series 2355,
144A, 1.63%*, 8/1/2015
1,400,000
1,400,000Texas, A&M University Revenues, Series 944, 144A,
1.6%*, 5/15/2013
1,770,000
1,770,000Texas, Solar Eclipse Funding Trust, 144A, 1.55%*,
8/1/2037, US Bank NA (a)
3,500,000
3,500,000Texas, State Tax & Revenue Anticipation Notes,
4.5%, 8/28/2008
4,000,000
4,004,89217,199,892Virginia 3.9%Henrico County, VA, Economic Development
Authority, Residential Care Facility Revenue,
Westminster-Canterbury, 1.61%*, 10/1/2037,
Branch Banking & Trust (a)
3,200,000
3,200,000Winchester, VA, Industrial Development
Authority, Residential Care Facility Revenue,
Westminster-Canterbury, Series B, 1.61%*, 1/1/2035,
Branch Banking & Trust (a)
3,000,000
3,000,0006,200,000Washington 2.2%Seattle, WA, Water Systems Revenue, Series 2170, 144A,
1.65%*, 2/1/2031 (b)
2,530,000
2,530,000Washington, State General Obligation, Series 2650Z, 144A,
1.63%*, 7/1/2013 (b)
1,000,000
1,000,0003,530,000Wisconsin 3.2%Wisconsin, State Transportation Revenue, Series 1,
5.5%, 7/1/2009 (b)
5,000,000
5,177,444Wyoming 2.3%Sweetwater County, WY, Pollution Control Revenue,
1.35%, 7/7/2008
3,700,000
3,700,000 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $156,730,587)+
97.7
156,730,587Other Assets and Liabilities, Net
2.3
3,642,757Net Assets
100.0
160,373,344 * Variable demand rate 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 $156,730,587.  (a) Security incorporates a letter of credit from a major bank.  (b) Bond is insured by one of these companies:  Insurance Coverage
As a % of Total Investment PortfolioAmbac Financial Group, Inc.
3.3Financial Security Assurance, Inc.
6.6MBIA Corp.
6.0 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. 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. 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
156,730,587Level 3  Significant Unobservable Inputs
Total
$    156,730,587 The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2008 (Unaudited)Assets
Tax Free
Money Fund
InvestmentInvestments in securities, valued at amortized cost
$       156,730,587Receivable for investments sold
3,303,761Interest receivable
751,436Other assets
24,786Total assets
160,810,570LiabilitiesCash overdraft
89,235Distributions payable
94,246Accrued management fees
18,020Other accrued expenses and payables
235,725Total liabilities
437,226Net assets, at value
$    160,373,344Net Assets Consist ofUndistributed net investment income
3,120Accumulated net realized gain (loss)
31,038Paid-in capital
160,339,186Net assets, at value
$    160,373,344Net Asset ValueNet Asset Value, offering and redemption priceper share
($160,373,344 ÷ 160,338,268 shares outstanding, $.001 par value,
unlimited number of shares authorized)
$    1.00 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended June 30, 2008 (Unaudited)Investment Income
Tax Free
Money Fund
InvestmentIncome:Interest
$       2,038,832Expenses:Management fee
123,810Administration fee
82,540Services to shareholders
177,895Custodian fee
5,197Distribution service fees
202,217Professional fees
32,579Trustees' fees and expenses
7,199Report to shareholders
11,714Registration fees
6,856Other
4,164Total expenses before expense reductions
654,171Expense reductions
(34,913)Total expenses after expense reductions
619,258Net investment income
1,419,574Net realized gain (loss)
31,038Net increase (decrease) in net assets resulting from operations
$    1,450,612 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net Assets 
Tax Free Money Fund InvestmentIncrease (Decrease) in Net Assets
Six Months
Ended June 30,
2008
(Unaudited)
Year Ended
December 31,
2007Operations:Net investment income
$       1,419,574
$       3,101,134Net realized gain (loss)
31,038
1,879Net increase (decrease) in net assets resulting from
operations
1,450,612
3,103,013Distributions to shareholders from:Net investment income
(1,419,574)
(3,101,134)Fund share transactions:Proceeds from shares sold
504,837,378
429,345,636Reinvestment of distributions
248,983
461,294Cost of shares redeemed
(460,697,130)
(424,218,976)Net increase (decrease) in net assets from Fund share
transactions
44,389,231
5,587,954Increase (decrease) in net assets
44,420,269
5,589,833Net assets at beginning of period
115,953,075
110,363,242Net assets at end of period (including undistributed net
investment income of $3,120 and $3,120, respectively)
$    160,373,344
$    115,953,075Other InformationShares outstanding at beginning of period
115,949,037
110,361,083Shares sold
504,837,378
429,345,636Shares issued to shareholders in reinvestment of
distributions
248,983
461,294Shares redeemed
(460,697,130)
(424,218,976)Net increase (decrease) in Fund shares
44,389,231
5,587,954Shares outstanding at end of period
160,338,268
115,949,037 The accompanying notes are an integral part of the financial statements. Financial Highlights Tax Free Money Fund Investment Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of
period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Income from investment operations:
Net investment income
.008
.029
.027
.017
.005
.003Net realized and unrealized gain
(loss)b





Total from investment
operations
.008
.029
.027
.017
.005
.003Less distributions from:
Net investment income
(.008)
(.029)
(.027)
(.017)
(.005)
(.003)Net asset value, end of period
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00
$    1.00Total Return (%)c
.85**
2.96
2.71
1.72
.49
.33Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
160
116
110
174
135
168Ratio of expenses before
expense reductions (%)
.79*
.83
.88
.82
.84
.80Ratio of expenses after expense
reductions (%)
.75*
.75
.75
.75
.75
.75Ratio of net investment income (%)
1.72*
2.92
2.61
1.73
.46
.32aFor the six months ended June 30, 2008 (Unaudited).bAmount is less than $.0005 per share.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS Advisor Funds (the ``Trust'') is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as a Massachusetts
business trust. NY Tax Free Money Fund and Tax Free Money Fund
Investment (each a ``Fund,'' and collectively, the ``Funds'') are two of the
funds the Trust offers to investors. Each Fund is an open-end, diversified
management investment company. 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 are provided separately and are available upon request. Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class-specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements. Each 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 Funds in the preparation of their financial statements. Security Valuation.Portfolio 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. Each Fund 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 each Fund's assets and
liabilities. Fair value is an estimate of the price the Funds 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 each Fund'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 each Fund's own
assumptions in determining the fair value of investments) For Level 1 inputs, each Fund 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.
Each Fund'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, each
Fund 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. Each fund 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. 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. Each 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 each Fund's financial statements. Each of the Fund's federal
tax returns for the prior three fiscal years remains subject to examination
by the Internal Revenue Service. Distributions 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 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 a 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, Tax Free
Money Fund Investment and NY Tax Free Money Fund pay an annual
management fee of 0.15% and 0.12%, respectively, based on their
average daily net assets, computed and accrued daily and payable
monthly. For the period from January 1, 2008 through September 30, 2008, the
Advisor has contractually agreed to waive all or a portion of its
management fee and reimburse or pay certain operating expenses for Tax
Free Money Fund Investment, to the extent necessary, to maintain the
operating expenses at 0.75% of its average daily net assets (excluding
certain expenses such as extraordinary expenses, taxes, brokerage and
interest). For the period from January 1, 2008 through March 21, 2010, the Advisor
has contractually agreed to waive all or a portion of its management fee
and reimburse or pay certain operating expenses for NY Tax Free Money
Fund Investment Class, to the extent necessary, to maintain total
operating expenses at 0.75% of its average daily net assets (excluding
certain expenses such as extraordinary expenses, taxes, brokerage and
interest). 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, 2008, the Advisor received
an Administration fee as follows: Total
Aggregated
Unpaid at
June 30, 2008NY Tax Free Money Fund
$       117,940
$       23,884Tax Free Money Fund Investment
$       82,540
$       11,813 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, 2008, the amount charged to the Funds by DISC
were as follows: Total
Aggregated
Waived
Unpaid at
June 30, 2008NY Tax Free Money Fund:
Investment Class
$       74,722
$       
$       34,952NY Tax Free Money Fund:
Tax-Exempt New York Money
Market Fund
$       64,012
$       
$       57,846Tax Free Money Fund Investment
$       175,623
$       33,147
$       119,295 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, 2008, the
Distribution Fee was as follows: Total
Aggregated
Unpaid at
June 30, 2008NY Tax Free Money Fund:
Tax-Exempt New York Money Market Fund
$       356,439
$       71,264 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 at an annual rate of up to 0.25% of average
daily net assets of the Investment 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, 2008, the Service Fee
was as follows: Total
Aggregated
Unpaid at
June 30, 2008
Annualized
Effective RateNY Tax Free Money Fund:
Investment Class
$       102,620
$       44,220
.22%Tax Free Money Fund Investment
$       202,217
$       62,025
.25% 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, 2008, 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, 2008NY Tax Free Money Fund
$       9,965
$       9,837Tax Free Money Fund Investment
$       4,965
$       1,901 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 and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two
DWS Funds Boards of Trustees, 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, NY Tax Free
Money Fund and Tax Free Money Fund Investment paid their allocated
portions of the retirement benefit of $1,109 and $654, respectively, to the
non-continuing Independent Board Members, and the Funds were
reimbursed by DIMA for these payments. C. Fee Reductions The Funds have entered into arrangements with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of each Fund's custodian expenses. During the
six months ended June 30, 2008, each Fund's custodian fee was reduced
under these agreements as follows: Custody Credits
Transfer Agent
CreditsNY Tax Free Money Fund
$       346
$       531Tax Free Money Fund Investment
$       868
$       244 D. Line of Credit The Funds and other affiliated funds (the "Participants") share in a
$490 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 the Federal Funds Rate plus
0.35 percent. Each Fund may borrow up to a maximum of 5 percent of its
net assets under the agreement. E. Acquisition of Assets On March 22, 2007, the NY Tax Free Money Fund acquired all of the net
assets of Investor's Municipal Cash Fund: Tax-Exempt New York Money
Market Fund. The acquisition was accomplished by a tax-free exchange of
42,827,038 shares and net assets at that date of $42,838,790, were
combined with those of the NY Tax Free Money Fund. The aggregate net
assets of the NY Tax Free Money Fund immediately before the acquisition
were $59,475,160. The combined net assets of the NY Tax Free Money
Fund immediately following the acquisition were $102,313,950. 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. nyttfinv_m0Thomas 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
64121-9210Proxy 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
InvestmentNasdaq Symbol
BNYXX
BTXXXCUSIP Number
23336Y 698
23336Y 714Fund Number
844
839 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 nyttfinv_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:
        NY Tax Free Money Fund and Tax Free Money Fund Investment, a series of DWS Advisor Funds
  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:
        NY Tax Free Money Fund and Tax Free Money Fund Investment, a series of DWS Advisor Funds
  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