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					                         SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES:



DWS Balanced Fund                         DWS Global Bond Fund                      DWS RREEF Global Real Estate
                                                                                     Securities Fund
DWS Blue Chip Fund                        DWS Global Inflation Plus Fund
                                                                                    DWS RREEF Real Estate Securities
DWS Capital Growth Fund                   DWS Global Small Cap Growth Fund
                                                                                     Fund
                                          DWS Global Thematic Fund
DWS Climate Change Fund                                                             DWS S&P 500 Index Fund
                                          DWS Gold & Precious Metals Fund
DWS Communications Fund                                                             DWS S&P 500 Plus Fund
                                          DWS Growth & Income Fund
DWS Core Fixed Income Fund                                                          DWS Select Alternative Allocation
                                          DWS Health Care Fund                       Fund
DWS Core Plus Income Fund
                                          DWS High Income Fund                      DWS Short Duration Fund
DWS Disciplined Market Neutral
 Fund                                     DWS High Income Plus Fund                 DWS Short Duration Plus Fund
DWS Diversified International Equity                                                DWS Small Cap Core Fund
                                          DWS Intermediate Tax/AMT Free Fund
 Fund
                                          DWS International Fund                    DWS Small Cap Growth Fund
DWS Dreman International Value
 Fund                                     DWS Large Cap Focus Growth Fund           DWS Strategic Government Securities
                                                                                     Fund
DWS Dreman Mid Cap Value Fund
                                          DWS Large Cap Value Fund
DWS Dreman Small Cap Value Fund                                                     DWS Strategic High Yield Tax−Free
                                          DWS Latin America Equity Fund              Fund
DWS EAFE[ Equity Index Fund
                                          DWS LifeCompass 2015 Fund                 DWS Strategic Income Fund
DWS Emerging Markets Equity Fund
                                          DWS LifeCompass 2020 Fund                 DWS Strategic Value Fund
DWS Emerging Markets Fixed Income
 Fund                                     DWS LifeCompass 2030 Fund                 DWS Target 2010 Fund
DWS Enhanced Commodity Strategy           DWS LifeCompass 2040 Fund                 DWS Target 2011 Fund
 Fund
                                          DWS LifeCompass Retirement Fund           DWS Target 2012 Fund
DWS Equity 500 Index Fund
                                          DWS Managed Municipal Bond Fund           DWS Target 2013 Fund
DWS Europe Equity Fund
                                          DWS Mid Cap Growth Fund                   DWS Target 2014 Fund
DWS Floating Rate Plus Fund
                                          DWS RREEF Global Infrastructure           DWS Technology Fund
DWS GNMA Fund                              Fund                                     DWS U.S. Bond Index Fund



The following disclosure replaces similar disclosure found in the Understanding Distributions and Taxes" section
of each fund’s Prospectuses:
You can choose how to receive your dividends and distributions. You can have them all automatically reinvested in
fund shares (at NAV), all deposited directly to your bank account or all sent to you by check, have one type reinvested and
the other sent to you by check or have them invested in a different fund. Tell us your preference on your application. If you
don’t indicate a preference, your dividends and distributions will all be reinvested in shares of the fund without a sales
charge (if applicable). Distributions are treated the same for federal income tax purposes whether you receive them in
cash or reinvest them in additional shares.




August 5, 2010
DMF-3697
                 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF THE LISTED FUND:



                                        DWS Money Market Prime Series

The following disclosure replaces similar disclosure found in the Understanding Distributions and Taxes" section
of the fund’s Prospectuses:
You can choose how to receive your dividends and distributions. You can have them all automatically reinvested in
fund shares (at NAV), all deposited directly to your bank account or all sent to you by check, have one type reinvested and
the other sent to you by check or have them invested in a different fund. Tell us your preference on your application. If you
don’t indicate a preference, your dividends and distributions will all be reinvested.



                 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF THE LISTED FUND:



                                            DWS Money Market Series

The following disclosure replaces similar disclosure found in the Understanding Distributions and Taxes" section
of the fund’s Prospectus:
You can choose how to receive your dividends and distributions. You can have them all automatically reinvested in
fund shares (at NAV), sent to you by check or wired to your bank account of record. Tell us your preference on your
application. If you don’t indicate a preference, your dividends and distributions will all be reinvested.




                                       Please Retain This Supplement for Future Reference




August 5, 2010
DMF-3697
                    SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES
                               AND SUMMARY PROSPECTUSES


                                               Cash Management Fund
                                          Cash Reserve Fund    Prime Series
                                           Cash Reserves Fund Institutional
                                             DWS Money Market Series


Effective May 28, 2010, the first paragraph of the Main investments" section under the heading PRINCIPAL INVESTMENT
STRATEGY" in the Summary prospectuses and prospectuses of each of the above−listed funds will be replaced in its entirety
by the following:
The fund is managed in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The fund
follows policies designed to maintain a stable share price:
H   Fund securities are denominated in US dollars and have remaining maturities of 397 days (about 13 months) or less at
    the time of purchase. The fund may invest in securities that have certain maturity shortening features (such as interest
    rate resets and demand features) that have the effect of reducing their maturities to 397 days or less at the time of
    purchase.
H   The fund maintains a dollar-weighted average maturity of (i) 60 days or less and (ii) 120 days or less determined without
    regard to interest rate resets.
H   The fund maintains certain minimum liquidity standards such that:
    – the fund may not purchase a security other than a security offering daily liquidity if, immediately after purchase, the
      fund would have invested less than 10% of its total assets in securities offering daily liquidity (includes securities that
      mature or are subject to demand within one business day, cash or direct U.S. Government obligations);
    – the fund may not purchase a security other than a security offering weekly liquidity if, immediately after purchase, the
      fund would have invested less than 30% of its total assets in securities offering weekly liquidity (includes securities
      that mature or are subject to demand within five business days, cash, direct U.S. Government obligations and
      Government agency discount notes with remaining maturities of 60 days or less); and
    – the fund may not purchase an illiquid security if, immediately after purchase, the fund would have invested more than
      5% of its total assets in illiquid securities (securities that cannot be sold or disposed of in the ordinary course of
      business within seven days at approximately the market value ascribed to them by the fund).
Effective May 28, 2010, the second paragraph of the Management process" section under the heading PRINCIPAL
INVESTMENT STRATEGY" in the Summary prospectuses and prospectuses of each of the above−listed funds will be replaced
in its entirety by the following:
The fund buys US Government debt obligations, money market instruments and other debt obligations that the Advisor
determines present minimal credit risks and that at the time of purchase:
H   have received one of the two highest short-term ratings from two nationally recognized statistical rating organizations
    (NRSROs) or one NRSRO if that NRSRO is the only NRSRO that rates such obligations; or
H   have no short-term rating, but are deemed by the Advisor to be of comparable quality to a security that has received a
    rating in one of the two highest short-term categories; provided that, if the security has a long-term rating, it must be
    rated in one of the top three highest long-term rating categories by two NRSROs or one NRSRO if that NRSRO is the
    only NRSRO that rates such obligation; and
H   do not result in the fund holding more than 3% of its total assets in second tier securities (which are otherwise eligible
    securities that do not have the requisite ratings in the highest short-term rating category or, if unrated, are not deemed
    by the Advisor to be comparable to that category), provided the fund will not purchase a second tier security with a
    remaining maturity greater than 45 days.



                                          Please Retain This Supplement for Future Reference

      ,
May 27 2010
MONEY-3613
P ROSP E CTU S
MAY 1, 2 0 1 0




DWS Money Market Series
CLASS/TICKER      INSTITUTIONAL SHARES ICAXX




As with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or disapprove
these shares or determine whether the information in this prospectus is truthful or complete. It is a crimi-
nal offense for anyone to inform you otherwise.
  TABLE OF CONTENTS




  DWS MONEY MARKET SERIES                                                                              INVESTING IN THE FUND
  Investment Objective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .              1   Buying and Selling Shares . . . . . . . . . . . . . . . . . . . . . . . . . . .           7
  Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . .                          1   How to Buy Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     7
  Principal Investment Strategy . . . . . . . . . . . . . . . . . . . . . . .                      1   How to Sell Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    8
  Main Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   2   Financial Intermediary Support Payments . . . . . . . . . . .                             9
  Past Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          3   Policies You Should Know About . . . . . . . . . . . . . . . . . . . . .                 10
  Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       3   Policies About Transactions . . . . . . . . . . . . . . . . . . . . . . . . . .          10
  Purchase and Sale of Fund Shares. . . . . . . . . . . . . . . . . . .                            3   How the Fund Calculates Share Price . . . . . . . . . . . . . . .                        13
  Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      4   Other Rights We Reserve . . . . . . . . . . . . . . . . . . . . . . . . . . .            13
  Payments to Broker-Dealers and                                                                       Understanding Distributions and Taxes . . . . . . . . . . . . . .                        14
  Other Financial Intermediaries. . . . . . . . . . . . . . . . . . . . . . .                      4
                                                                                                       FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . 15
  FUND DETAILS
                                                                                                       APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
  Other Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     5
                                                                                                       Hypothetical Expense Summary. . . . . . . . . . . . . . . . . . . . .                    16
  Who Manages and Oversees the Fund . . . . . . . . . . . . . .                                    5
  Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       6




YOUR INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.
       DWS MONEY MARKET SERIES




INVESTM ENT OB J E CT IVE                                                        EXAMPLE
The fund seeks a high level of current income consistent                         This Example is intended to help you compare the cost of
with liquidity and the preservation of capital.                                  investing in the fund with the cost of investing in other
The fund is a feeder fund that invests substantially all of its                  mutual funds. The Example assumes that you invest
assets in a “master portfolio, the Cash Management Port-
                               ”                                                 $10,000 in the fund for the time periods indicated and then
folio (the “Portfolio”), which will invest directly in securities                redeem all of your shares at the end of those periods. The
and other instruments. The Portfolio has the same invest-                        Example also assumes that your investment has a 5%
ment objective as the fund. References to the fund may                           return each year and that the fund’s operating expenses
refer to actions undertaken by the Portfolio.                                    (including one year of capped expenses for each period)
                                                                                 remain the same. Although your actual costs may be
FEES AND EXPEN SE S O F T H E FUN D                                              higher or lower, based on these assumptions your costs
                                                                                 would be:
These are the fees you may pay when you buy and hold
shares.                                                                                 1 Year        3 Years         5 Years        10 Years
                                                                                          $18            $80            $147            $346
SHAREHOLDER FE E S
(paid directly from your investment)                               None


ANNUAL FUND O P E R AT IN G E X P E N S E S                                      PRIN CIPAL INVESTMEN T STRATEGY
(expenses that you pay each year as a % of the value of your investment)         Main investments. The fund is managed in accordance
                                                                                 with Rule 2a-7 under the Investment Company Act of
Management fee                                                      0.12
                                                                                 1940, as amended. Fund securities are denominated in US
Distribution/service                                                             dollars and have remaining maturities of 397 days (about
(12b-1) fees                                                       None
                                                                                 13 months) or less at the time of purchase. The fund may
Other expenses (includes an administrative fee)1                    0.16
                                                                                 also invest in securities that have features that have the
                                         2
Total annual fund operating expenses                                0.28         effect of reducing their maturities to 397 days or less at the
Less fee waiver/expense reimbursement                               0.10         time of purchase. The fund maintains a dollar-weighted
Net annual operating expenses                                       0.18         average maturity of 90 days or less.
1
    Restated on an annualized basis to exclude the fees paid in connection       Although the fund seeks to maintain a stable $1.00 share
    with the fund’s participation in the U.S. Treasury Department’s Tem-         price, you could lose money by investing in the fund. All
    porary Guarantee Program, which expired on September 18, 2009. If
                                                                                 money market instruments can change in value when inter-
    those fees had been included, the fund’s “Other expenses” and “Total
    annual fund operating expenses” would have been higher.                      est rates or an issuer’s creditworthiness change.
2
    The table and Example below reflects the expenses of both the fund
                                                                                 The fund invests in high quality, short-term, US dollar
    and the Portfolio.
                                                                                 denominated money market instruments paying a fixed,
The Advisor has contractually agreed through April 30,
                                                                                 variable or floating interest rate. These include:
2011 to maintain the fund’s total annual operating
expenses, excluding extraordinary expenses, taxes, broker-
age and interest expense at 0.18%. The agreement may
only be terminated with the consent of the fund’s Board.




Prospectus     May 1, 2010                                                   1                                         DWS Money Market Series
  Debt obligations issued by US and foreign banks, finan-            take advantage of possible rises in interest rates and to
  cial institutions, corporations or other entities, including       preserve yield when interest rates appear likely to fall.
  certificates of deposit, euro-time deposits, commercial            Securities Lending. The fund may lend securities (up to one-
  paper (including asset-backed commercial paper), notes,            third of total assets) to approved institutions.
  funding agreements and US government securities.
  Securities that do not satisfy the maturity restrictions for
  a money market fund may be specifically structured so              MAIN RISKS
  that they are eligible investments for money market                There are several risk factors that could reduce the yield
  funds. For example, some securities have features                  you get from the fund, cause the fund’s performance to
  which have the effect of shortening the security’s matu-           trail that of other investments, or cause you to lose money.
  rity.                                                              The fund is exposed to the risk factors below though the
  US government securities that are issued or guaranteed             Portfolio, which invests directly in the individual securities.
  by the US Treasury, or by agencies or instrumentalities
                                                                     Money market fund risk. An investment in the fund is
  of the US government.
                                                                     not insured or guaranteed by the FDIC or any other govern-
  Repurchase agreements, which are agreements to buy
                                                                     ment agency. Although the fund seeks to preserve the
  securities at one price, with a simultaneous agreement
                                                                     value of your investment at $1.00 per share, this share
  to sell back the securities at a future date at an agreed-
                                                                     price isn’t guaranteed, and if it falls below $1.00 you would
  upon price.
                                                                     lose money. The Advisor is not obligated to take any action
  Asset-backed securities, which are generally participa-
                                                                     to maintain the $1.00 share price. The share price could fall
  tions in a pool of assets whose payment is derived from
                                                                     below $1.00 as a result of the actions of one or more large
  the payments generated by the underlying assets. Pay-
                                                                     investors in the fund. The credit quality of the fund’s hold-
  ments on the asset-backed security generally consist of
                                                                     ings can change rapidly in certain markets, and the default
  interest and/or principal.
                                                                     of a single holding could cause the fund’s share price to
The fund will invest more than 25% of total assets in the            fall below $1.00, as could periods of high redemption pres-
obligations of banks and other financial institutions that           sures and/or illiquid markets. The actions of a few large
satisfy the fund’s eligibility requirements.                         investors in the fund may have a significant adverse effect
The fund may invest up to 10% of total assets in other               on the share price of the fund.
money market mutual funds.                                           Interest rate risk. Rising interest rates could cause the
Management process. The fund pursues its objective by                value of the fund’s investments — and therefore its share
investing in high quality, short-term securities, as well as         price as well — to decline. Conversely, any decline in inter-
repurchase agreements that are backed by high-quality                est rates is likely to cause the fund’s yield to decline, and
securities.                                                          during periods of unusually low interest rates, the fund’s
The fund buys US government debt obligations, money                  yield may approach zero. Over time, the total return of a
market instruments and other debt obligations that at the            money market fund may not keep pace with inflation,
time of purchase:                                                    which would result in a net loss of purchasing power for
                                                                     long-term investors.
   have received one of the two highest short-term ratings
   from two nationally recognized statistical rating organi-         Credit risk. The fund’s performance could be hurt if a
   zations (NRSROs) or one NRSRO if that NRSRO is the                money market instrument declines in credit quality or goes
   only NRSRO that rates such obligations;                           into default, or if an issuer does not make timely payments
   are unrated, but are deemed by the Advisor to be of               of interest or principal. For money market instruments that
   comparable quality to one of the two highest short-term           rely on third-party guarantors to support their credit qual-
   ratings; or                                                       ity, the same risks may apply if the financial condition of
   have no short-term rating, but are rated in one of the top        the guarantor deteriorates or the guarantor ceases insuring
   three highest long-term rating categories by a NRSRO              money market instruments. Because guarantors may
   or are deemed by the Advisor to be of comparable qual-            insure many types of debt obligations, including subprime
   ity.                                                              mortgage bonds and other high-risk bonds, their finan-
Working in consultation with portfolio management, a                 cial condition could deteriorate as a result of events that
credit team screens potential securities and develops a list         have little or no connection to securities owned by the
of those that the fund may buy. Portfolio management,                fund.
looking for attractive yield and weighing considerations             Some securities issued by US government agencies or
such as credit quality, economic outlooks and possible               instrumentalities are backed by the full faith and credit of
interest rate movements, then decides which securities on            the US government. Others are supported only by the
this list to buy. Portfolio management may adjust the                credit of that agency or instrumentality. For this latter
fund’s exposure to interest rate risk, typically seeking to          group, if there is a potential or actual loss of principal and
                                                                     interest of these securities, the US government might pro-
                                                                     vide financial support, but has no obligation to do so.

Prospectus   May 1, 2010                                         2                                           DWS Money Market Series
Security selection risk. Although short-term securities              PAST PERFO RMAN CE
are relatively stable investments, it is possible that the           How a fund’s returns vary from year to year can give an
securities in which the fund invests will not perform as             idea of its risk. Past performance may not indicate future
expected. This could cause the fund’s returns to lag behind          results. All performance figures below assume that divi-
those of similar money market mutual funds and could                 dends were reinvested. The 7-day yield, which is often
result in a decline in share price.                                                                   ”
                                                                     referred to as the “current yield, is the income generated
Repurchase agreement risk. If the party that sells the               by the fund over a seven-day period. This amount is then
securities to the fund defaults on its obligation to repur-          annualized, which means that we assume the fund gener-
chase them at the agreed-upon time and price, the fund               ates the same income every week for a year. For more
could lose money.                                                    recent performance figures and the current yield, go to
                                                                     www.moneyfunds.deam-us.db.com (the Web site does
Counterparty risk. A financial institution or other
                                                                     not form a part of this prospectus) or call the phone num-
counterparty with whom the fund does business (such as
                                                                     ber for your share class included in this prospectus.
trading or securities lending), or that underwrites, distrib-
utes or guarantees any investments or contracts that the             Effective July 30, 2007, some of the fund’s investment
fund owns or is otherwise exposed to, may decline in finan-          strategies changed. The fund’s past performance would
cial health and become unable to honor its commitments.              have been different if the fund was managed using the cur-
This could cause losses for the fund or could delay the              rent strategies.
return or delivery of collateral or other assets to the fund.        CALENDAR YEAR TOTAL RETURNS (%) (Institutional
Concentration risk. Any fund that concentrates in a par-             Shares)
ticular segment of the market will generally be more
volatile than a fund that invests more broadly. Any market
price movements, regulatory or technological changes,
or economic conditions affecting banks or financial institu-
tions will have a significant impact on the fund’s                    6.52                                           5.05     5.34
                                                                               4.14                         3.19                     2.80
performance. In particular, banks and other financial institu-                        1.74    1.09   1.30                                   0.44
tions are highly dependent on short-term interest rates
and can be adversely affected by downturns in the US and              2000     2001   2002    2003   2004   2005     2006     2007   2008   2009
foreign economies or changes in banking regulations.                 Best Quarter: 1.68%, Q4 2000 Worst Quarter: 0.05%, Q4 2009
Prepayment and extension risk. When interest rates fall,             Year-to-Date as of 3/31/10: 0.03%
issuers of high interest debt obligations may pay off the
debts earlier than expected (prepayment risk), and the               AVERAGE ANNUAL TO T AL RETURNS
fund may have to reinvest the proceeds at lower yields.              (for periods ended 12/31/2009 expressed as a %)
When interest rates rise, issuers of lower interest debt                                  1                            5                        10
obligations may pay off the debts later than expected                                  Year                        Years                     Years
(extension risk), thus keeping the fund’s assets tied up in                            0.44                         3.35                       3.14
lower interest debt obligations. Prepayments could also
create capital gains tax liability in some instances. Any            Total returns would have been lower if operating expenses
unexpected behavior in interest rates could increase the             hadn’t been reduced.
volatility of the fund’s yield and could hurt fund
performance.                                                         MAN AGEMEN T
Foreign investment risk. To the extent that the fund                 Investment Advisor
invests in money market instruments of foreign issuers               Deutsche Investment Management Americas Inc.
that are denominated in US dollars, it faces some of the
risks of foreign investing, such as unfavorable political and        PU RCHASE AN D SALE O F FU N D SH ARES
legal developments, limited financial information, regula-
                                                                     MINIMUM INITIAL INVESTMENT
tory risk and economic and financial instability.
                                                                     The minimum initial investment is $1,000,000, and there is
Securities lending risk. Any decline in the value of a port-
                                                                     no minimum additional investment.
folio security that occurs while the security is out on loan
is borne by the fund, and will adversely affect performance.
Also, there may be delays in recovery of securities loaned
or even a loss of rights in the collateral should the bor-
rower of the securities fail financially while holding the
security.




Prospectus   May 1, 2010                                         3                                                         DWS Money Market Series
For existing shareholders of the fund who owned the
legacy Managed Shares (INST MGD), Prime Reserve Class
S Shares (INST PRS), Premium Class S Shares (INST PS),
the minimum additional investment is:

                                                         Automatic
                                         UGMAs/         Investment
                 Non-IRA       IRAs       UTMAs               Plans
INST MGD            1,000       100          1,000             500
INST PRS                  50     50             50                 50
INST PS                   50     50             50                 50


TO PLACE ORDERS
Mail   First Investment        DWS Investments, PO Box 219356
                               Kansas City, MO 64121-9356
       Additional Investments DWS Investments, PO Box 219154
                              Kansas City, MO 64121-9154
       Exchanges and           DWS Investments, PO Box 219557
       Redemptions             Kansas City, MO 64121-9557
Expedited Mail                 DWS Investments, 210 West 10th Street
                               Kansas City, MO 64105-1614
Web Site                       Institutional Shares or INST MGD:
                               www.moneyfunds.deam-us.db.com
                               INST PRS or INST PS:
                               www.dws-investments.com
Telephone                      Institutional Shares or INST MGD:
                               (800) 730-1313
                               M – F 8:30 a.m. – 6 p.m. ET
                               INST PRS or INST PS: (800) 728-3337
                               M – F 9 a.m. – 6 p.m. ET

You can buy or sell shares of the fund on any business day
at our web site, by mail, or by telephone. The fund is gen-
erally open on days when the New York Stock Exchange is
open for regular trading.

TAX INFORM ATIO N
The fund’s distributions (distributions are declared daily
and paid monthly) are generally taxable to you as ordinary
income or capital gains, except when your investment is in
an IRA, 401(k), or other tax-deferred investment plan. The
fund may take into account capital gains and losses in its
daily dividend declaration. The fund may make additional
distributions for tax purposes if necessary.

PAYMENTS TO B ROKE R-D E A L E R S A ND
OTHER FINANCIA L INTE RM E D IA RIE S
If you purchase the fund through a broker-dealer or other
financial intermediary (such as a bank), the fund and its
affiliates may pay the intermediary for the sale of fund
shares and related services. These payments may create a
conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the
fund over another investment. Ask your salesperson or
visit your financial intermediary’s web site for more
information.




Prospectus   May 1, 2010                                                4   DWS Money Market Series
     FUN D DETA IL S




OTHER POLICIES                                                     WHO MAN AGES AN D O VERSEES THE FUND
While the previous pages describe the main points of the           The Investment Advisor
fund’s strategy and risks, there are a few other matters
                                                                   Deutsche Investment Management Americas Inc. (“DIMA”
to know about:
                                                                   or the “Advisor”), with headquarters at 345 Park Avenue,
  Although major changes tend to be infrequent, the                New York, NY 10154, is the investment advisor for the fund
  fund’s Board could change the fund’s investment objec-           and the Portfolio. Under the oversight of the Board, the
  tive without seeking shareholder approval.                       Advisor makes investment decisions, buys and sells securi-
For More Information                                               ties for the fund and the Portfolio and conducts research
This prospectus doesn’t tell you about every policy or risk        that leads to these purchase and sale decisions. The Advi-
of investing in the fund.                                          sor provides a full range of global investment advisory
                                                                   services to institutional and retail clients.
If you want more information on the fund’s allowable secu-
rities and investment practices and the characteristics and        DWS Investments is part of the Asset Management divi-
risks of each one, you may want to request a copy of the           sion of Deutsche Bank AG and, within the US, represents
Statement of Additional Information (the back cover tells          the retail asset management activities of Deutsche Bank
you how to do this).                                               AG, Deutsche Bank Trust Company Americas, DIMA and
                                                                   DWS Trust Company.
Keep in mind that there is no assurance that the fund will
achieve its objective.                                             Deutsche Asset Management is a global asset manage-
                                                                   ment organization that offers a wide range of investing
A complete list of the fund’s portfolio holdings is posted         expertise and resources, including hundreds of portfolio
twice each month on www.moneyfunds.deam-us.db.com                  managers and analysts and an office network that reaches
(the Web site does not form a part of this prospectus).            the world’s major investment centers. This well-resourced
Portfolio holdings as of the 15th day of each month are            global investment platform brings together a wide variety
posted to the Web site on or after month-end and portfolio         of experience and investment insight across industries,
holdings as of each month-end are posted to the Web site           regions, asset classes and investing styles.
on or after the 14th day of the following month. More fre-
quent posting of portfolio holdings information may be             The Advisor is an indirect, wholly owned subsidiary of
made from time to time on www.moneyfunds.deam-                     Deutsche Bank AG. Deutsche Bank AG is a major global
us.db.com. The posted portfolio holdings information is            banking institution that is engaged in a wide range of finan-
available by fund and generally remains accessible at least        cial services, including investment management, mutual
until the date on which the fund files its Form N-CSR or           funds, retail, private and commercial banking, investment
N-Q with the Securities and Exchange Commission for the            banking and insurance.
period that includes the date as of which the posted infor-        Management Fee. The Advisor receives a management
mation is current. The fund also may post on the Web site,         fee from the Portfolio pursuant to the master/feeder struc-
on the same or a more frequent basis, various depictions           ture noted below. For the most recent fiscal year, the
of portfolio characteristics such as the allocation of the         Portfolio paid 0.10% (reflects the effects of expense limita-
portfolio across various security types, market sectors and        tions and/or fee waivers then in effect) as a percentage
sub-sectors and maturities and risk characteristics of the         of average daily net assets.
portfolio. The fund’s Statement of Additional Information          The Advisor has contractually agreed through July 29, 2010
includes a description of the fund’s policies and proce-           to maintain the Portfolio’s total annual operating expenses,
dures with respect to the disclosure of the fund’s portfolio       excluding extraordinary expenses, taxes, brokerage and
holdings.                                                          interest expense at 0.15%. The agreement may only be
                                                                   terminated with the consent of the fund’s Board.




Prospectus   May 1, 2010                                       5                                                     Fund Details
The Advisor has contractually agreed through July 29, 2010            The fund and the Advisor have also filed an exemptive
to maintain the fund’s total annual operating expenses,               application with the SEC requesting an order that would
excluding extraordinary expenses, taxes, brokerage and                extend the relief granted with respect to non-affiliated
interest expense at 0.15%. The agreement may only be                  subadvisors to certain subadvisors that are affiliates of the
terminated with the consent of the fund’s Board.                      Advisor (“affiliated subadvisors”). If such relief is granted
A discussion regarding the basis for the Board’s approval             by the SEC, the Advisor, with the approval of the fund’s
of the investment management agreements for the Portfo-               Board, would be able to hire non-affiliated and/or affiliated
lio and the fund, respectively, is contained in the most              subadvisors to manage all or a portion of the fund’s assets
recent shareholder report for the annual period ended                 without obtaining shareholder approval. The Advisor would
December 31 (see “Shareholder reports” on the back                    also have the discretion to terminate any subadvisor and
cover).                                                               allocate and reallocate the fund’s assets among any other
                                                                      subadvisors (including terminating a non-affiliated
Under a separate administrative services agreement                    subadvisor and replacing them with an affiliated
between the fund and the Advisor, the fund pays the Advi-             subadvisor). The Advisor, subject to the approval of the
sor a fee of 0.10% for providing most of the fund’s                   Board, would also be able to materially amend an existing
administrative services. In addition, the Portfolio has a             subadvisory agreement with any such subadvisor with-
separate administrative services agreement with the Advi-             out shareholder approval. There can be no assurance that
sor pursuant to which the Portfolio pays the Advisor a fee            such relief will be granted by the SEC. The fund and the
of 0.03% for certain administrative services.                         Advisor will be subject to any new conditions imposed by
Organizational Structure. The fund is a “feeder fund”                 the SEC.
that invests substantially all of its assets in a “master port-
     ”
folio. The fund and the Portfolio have the same                       MAN AGEMEN T
investment objective. The Portfolio is advised by DIMA.               A group of investment professionals is responsible for the
The Portfolio may accept investments from other feeder                day-to-day management of the fund. These investment
funds. Each feeder fund bears the Portfolio’s expenses in             professionals have a broad range of experience managing
proportion to that feeder fund’s assets. Each feeder fund             money market funds.
can set its own transaction minimums, fund-specific
expenses and other conditions. The fund’s board members
may determine to withdraw the fund’s assets from the
Portfolio if they believe doing so is in the shareholders’
best interests. If the board members withdraw the fund’s
assets, they would then consider whether the fund should
hire its own investment advisor, invest in a different mas-
ter portfolio or take other action.
Multi-Manager Structure. The Advisor, subject to the
approval of the Board, has ultimate responsibility to recom-
mend the hiring, termination and replacement of
subadvisors. The fund and the Advisor have received an
order from the SEC that allows the fund and the Advisor to
utilize a multi-manager structure in managing the fund’s
assets. Pursuant to the SEC order, the Advisor, with the
approval of the fund’s Board, is permitted to select
subadvisors that are not affiliates of the Advisor (“non-
affiliated subadvisors”) to manage all or a portion of the
fund’s assets without obtaining shareholder approval. The
Advisor also has the discretion to terminate any subadvisor
and allocate and reallocate the fund’s assets among any
non-affiliated subadvisors. The SEC order also permits the
Advisor, subject to the approval of the Board, to materi-
ally amend an existing subadvisory agreement with a non-
affiliated subadvisor without shareholder approval. The
fund and the Advisor are subject to the conditions imposed
by the SEC order, including the condition that within 90
days of hiring of a new non-affiliated subadvisor, the fund
will provide shareholders with an information statement
containing information about the new non-affiliated
subadvisor.

Prospectus   May 1, 2010                                          6                                                     Fund Details
        INVE ST I N G IN TH E FU N D




This prospectus offers one class of shares, Institutional          BY MAIL
Shares. Managed Shares (“INST MGD”), Prime Reserve
Class S Shares (“INST PRS”) and Premium Class S Shares             Type                 Address
(“INST PS” and together with INST MGD and INST PRS                 Expedited mail
the “legacy classes”) were combined into Institutional              All Requests        DWS Investments
Shares as of the close of business on October 1, 2008.                                  Attn: (see department names under Regular Mail)
                                                                                        210 West 10th Street
The legacy classes are no longer being offered separately.                              Kansas City, MO 64121-1614
Because the eligibility and minimum investment require-
                                                                   Regular mail
ments for each of the legacy classes differ from the
Institutional Shares, shareholders of the fund who were             New Accounts        DWS Investments
                                                                                        Attn: New Applications
shareholders of a legacy class may continue to purchase                                  .O.
                                                                                        P Box 219356
shares of the fund in accordance with the investment                                    Kansas City, MO 64121-9356
requirements in effect for each applicable legacy class. Any        Additional          DWS Investments
account privileges previously available to shareholders of          Investments         Attn: Purchases
the legacy classes remain unchanged.                                                     .O.
                                                                                        P Box 219154
                                                                                        Kansas City, MO 64121-9154
                                                                    Exchanges and       DWS Investments
BUYING AND SE L L IN G SH A RE S                                    Redemptions         Attn: Transaction Processing
                                                                                         .O.
                                                                                        P Box 219557
To contact DWS Investments                                                              Kansas City, MO 64121-9557
BY PHONE

Class               Number                                         HOW TO BU Y SHARES
INST                (800) 730-1313
                                                                   MINIMUM INITIAL INVESTMENT
INST MGD            (800) 730-1313
                                                                   The minimum initial investment is $1,000,000, and there is
INST PRS            (800) 728-3337                                 no minimum additional investment.
INST PS             (800) 728-3337
                                                                   For existing shareholders of the fund who owned the
                                                                   legacy Managed Shares (INST MGD), Prime Reserve Class
                                                                   S Shares (INST PRS), Premium Class S Shares (INST PS),
                                                                   the minimum additional investment is:

                                                                                                                              Automatic
                                                                                                           UGMAs/            Investment
                                                                                    Non-IRA       IRAs      UTMAs                  Plans
                                                                   INST MGD           1,000       100          1,000                 500
                                                                   INST PRS              50        50             50                  50
                                                                   INST PS               50        50             50                  50


                                                                   Through a Financial Advisor
                                                                   Contact your financial advisor to obtain a new account
                                                                   application or for instructions about how to set up a new
                                                                   account. Your advisor can also assist with making addi-
                                                                   tional investments into an existing account.




Prospectus   May 1, 2010                                       7                                                       Investing in the Fund
By Mail or Expedited Mail                                          By Wire (for additional Institutional Shares invest-
To establish an account, simply complete the appropriate           ments only). You may buy shares by wire only if your
application and mail it to the address provided on the form.       account is authorized to do so. Please note that you or your
With your application, include your check made payable             financial advisor must call us in advance of a wire transfer
to “DWS Investments” for the required initial minimum              purchase. After you inform us of the amount of your pur-
investment.                                                        chase, you will receive a trade confirmation number.
                                                                   Instruct your bank to send payment by wire using the wire
Once your account is established, to make additional invest-
                                                                   instructions noted below. All wires must be received by
ments, send a check made payable to “DWS
                                                                   4:00 p.m. Eastern time the next business day following
Investments” and an investment slip to the appropriate
                                                                   your purchase. If your wire is not received by 4:00 p.m.
address. If you do not have an investment slip, include a
                                                                   Eastern time on the next business day after the fund
letter with your name, account number, the full fund name
                                                                   receives your request to purchase shares, your transaction
and share class, and your investment instructions. If your
                                                                   will be canceled at your expense and risk.
check fails to clear, the fund has the right to cancel your
order, hold you liable or charge you or your account for any       W IRE DET AILS
losses or fees the fund or its agents have incurred.
                                                                   Bank name                  State Street Bank Boston
By Automatic Investment Plan                                       Routing Number             011000028
If you wish to take advantage of the lower initial invest-         Attention                  DWS Investments
ment minimums by establishing an Automatic Investment
                                                                   DDA Number                 99028102
Plan, make sure to complete that section on the new
                                                                   FBO                        (Account name) (Account number)
account application and attach a voided check for the bank
account from which the funds will be drawn. Investments            Credit                     (Fund name, Fund number and, if
                                                                                              applicable, class name)
are made automatically from the shareholder’s account at
a bank, savings and loan or credit union into the sharehold-       Refer to your account statement for the account name and
er’s fund account. Termination by a shareholder will               number. Wire transfers normally take two or more hours
become effective within thirty days after DWS Investments          to complete. Wire transfers may be restricted on holidays
has received the request. The fund may immediately ter-            and at certain other times.
minate a shareholder’s Automatic Investment Plan in the
event that any item is unpaid by the shareholder’s financial       HOW TO SELL SHARES
institution.
                                                                   In addition to what is detailed below, your financial advisor
Other Ways to Buy Shares                                           can assist you with selling shares. Please contact your
The following privileges must be established on your               financial advisor using the method that is most convenient
account before an investment request is made. This can             for you.
either be done by completing the applicable section(s) on          By Phone
the new account application or by contacting a customer
                                                                   Call DWS Investments using the appropriate telephone
service representative for instructions and any required
                                                                   number for your share class. You may use our automated
paperwork.
                                                                   system or you may choose to be transferred to a customer
By Phone Using QuickBuy (for additional investments                service representative to complete your request. You may
only). Call DWS Investments using the appropriate tele-            request a check for the redemption amount sent to the
phone number for your share class. You can use our                 address on the account.
automated system to place your QuickBuy purchase using
the Automated Clearing House system (ACH), or you can              Other Ways to Sell Shares
choose to be transferred to a customer service representa-         The following privileges must be established on your
tive to complete your request. Transactions take two to            account before a redemption request is made. This can
three days to be completed and there is a $50 minimum              either be done by completing the applicable section(s) on
and a $250,000 maximum.                                            the new account application when you establish your
On the Internet (for additional investments only). Reg-            account or by contacting a customer service representa-
ister at www.moneyfunds.deam-us.db.com to set up                   tive for instructions and any required paperwork to add
on-line access to your account(s). Or, log in to the website       them to an existing account. Depending on the method
if you have previously registered. Follow the instructions         you choose to request these redemptions, different trans-
on the website to request a purchase with money from the           action maximums may apply.
bank account you have established on your DWS                      By Phone Using QuickSell. Call DWS Investments using
account(s).                                                        the appropriate phone number for your share class. You
                                                                   may request a QuickSell redemption (see table for appli-
                                                                   cable minimum and maximum amounts). The proceeds are
                                                                   sent via the Automated Clearing House system (ACH) to

Prospectus   May 1, 2010                                       8                                                Investing in the Fund
your bank. Transactions generally take two to three days to           prospectus or the Statement of Additional Information as
be completed. For accounts with $5,000 or more, you may               payable to all financial advisors. For example, the Advi-
also establish an Automatic Withdrawal Plan of a minimum              sor, the Distributor and/or their affiliates may compensate
of $50 to be sent on a regular basis as you direct.                   financial advisors for providing the fund with “shelf space”
On the Internet. Register at www.moneyfunds.deam-                     or access to a third party platform or fund offering list or
us.db.com to set up on-line access to your account(s). Or,            other marketing programs, including, without limitation,
log in to the website if you have previously registered.              inclusion of the fund on preferred or recommended sales
Follow the instructions on the website to request a redemp-           lists, mutual fund “supermarket” platforms and other for-
tion from your account using the desired method from                  mal sales programs; granting the Distributor access to the
your available options.                                               financial advisor’s sales force; granting the Distributor
                                                                      access to the financial advisor’s conferences and meet-
By Mail or Expedited Mail. Write a letter that includes               ings; assistance in training and educating the financial
the following information: the name(s) of all owners and              advisor’s personnel; and obtaining other forms of market-
address as they appear on your account, the fund name,                ing support.
share class, and account number from which you want to
sell shares, the dollar amount or number of shares you                The level of revenue sharing payments made to financial
wish to sell, and a daytime telephone number if we have               advisors may be a fixed fee or based upon one or more of
questions. All owners should sign the letter and it should            the following factors: gross sales, current assets and/or
be mailed to the appropriate address.                                 number of accounts of the fund attributable to the financial
                                                                      advisor, the particular fund or fund type or other measures
Some redemptions can only be ordered in writing with a                as agreed to by the Advisor, the Distributor and/or their
signature guarantee. For more information, please contact             affiliates and the financial advisors or any combination
DWS Investments using the appropriate telephone num-                  thereof. The amount of these revenue sharing payments is
ber for your share class.                                             determined at the discretion of the Advisor, the Distribu-
By Wire. You may sell shares by wire only if your account             tor and/or their affiliates from time to time, may be
is authorized to do so. You will be paid for redeemed                 substantial, and may be different for different financial
shares by wire transfer of funds to your financial advisor or         advisors based on, for example, the nature of the services
bank upon receipt of a duly authorized redemption request             provided by the financial advisor.
as promptly as feasible. For your protection, you may not             The Advisor, the Distributor and/or their affiliates currently
change the destination bank account over the phone. To                make revenue sharing payments from their own assets
sell by wire, call DWS Investments using the appropriate              in connection with the sale and/or distribution of DWS
telephone number for your share class. After you inform               fund shares or the retention and/or servicing of investors
DWS Investments of the amount of your redemption, you                 and DWS fund shares to financial advisors in amounts that
will receive a trade confirmation number. We must receive             generally range from 0.01% up to 0.26% of assets of the
your order by 4:00 p.m. Eastern time to wire to your                  fund serviced and maintained by the financial advisor,
account the next business day.                                        0.05% to 0.25% of sales of the fund attributable to the
                                                                      financial advisor, a flat fee of $4,000 up to $500,000, or any
F INANCIAL INTE RM E D IA RY SU P P ORT                               combination thereof. These amounts are subject to change
PAYMENTS                                                              at the discretion of the Advisor, the Distributor and/or their
The Advisor, DWS Investments Distributors, Inc. (the “Dis-            affiliates. Receipt of, or the prospect of receiving, this addi-
tributor”) and/or their affiliates may pay additional                 tional compensation may influence your financial advisor’s
compensation, out of their own assets and not as an addi-             recommendation of the fund or of any particular share
tional charge to the fund, to selected affiliated and                 class of the fund. You should review your financial advi-
unaffiliated brokers, dealers, participating insurance com-           sor’s compensation disclosure and/or talk to your financial
panies or other financial intermediaries (“financial                  advisor to obtain more information on how this compen-
advisors”) in connection with the sale and/or distribution            sation may have influenced your financial advisor’s
of fund shares or the retention and/or servicing of fund              recommendation of the fund. Additional information
investors and fund shares (“revenue sharing”). Such rev-              regarding these revenue sharing payments is included in
enue sharing payments are in addition to any distribution or          the fund’s Statement of Additional Information, which is
service fees payable under any Rule 12b-1 or service plan             available to you on request at no charge (see the back
of the fund, any record keeping/sub-transfer agency/                  cover of this prospectus for more information on how to
networking fees payable by the fund (generally through                request a copy of the Statement of Additional Information).
the Distributor or an affiliate) and/or the Distributor to cer-       The Advisor, the Distributor and/or their affiliates may also
tain financial advisors for performing such services and any          make such revenue sharing payments to financial advi-
sales charge, commissions, non-cash compensation                      sors under the terms discussed above in connection with
arrangements expressly permitted under applicable rules               the distribution of both DWS funds and non-DWS funds by
of the Financial Industry Regulatory Authority or other con-          financial advisors to retirement plans that obtain record
cessions described in the fee table or elsewhere in this

Prospectus   May 1, 2010                                          9                                                Investing in the Fund
                           ,
keeping services from ADP Inc. or ExpertPlan Inc. on the                in some cases, more information and/or documents may
DWS Investments branded retirement plan platform (the                   be required to conduct the verification. The information and
“Platform”) with the level of revenue sharing payments                  documents will be used solely to verify your identity.
being based upon sales of both the DWS funds and the                    We will attempt to collect any missing required and
non-DWS funds by the financial advisor on the Platform or               requested information by contacting you or your financial
current assets of both the DWS funds and the non-DWS                    advisor. If we are unable to obtain this information within
funds serviced and maintained by the financial advisor                  the time frames established by the fund, then we may
on the Platform.                                                        reject your application and order.
It is likely that broker-dealers that execute portfolio transac-        The fund will not invest your purchase until all required and
tions for the fund will include firms that also sell shares             requested identification information has been provided
of the DWS funds to their customers. However, the Advi-                 and your application has been submitted in “good order.   ”
sor will not consider sales of DWS fund shares as a factor              After we receive all the information, your application is
in the selection of broker-dealers to execute portfolio trans-          deemed to be in good order and we accept your purchase,
actions for the DWS funds. Accordingly, the Advisor has                 you will receive the net asset value per share next
implemented policies and procedures reasonably designed                 calculated.
to prevent its traders from considering sales of DWS fund
shares as a factor in the selection of broker-dealers to                If we are unable to verify your identity within time frames
execute portfolio transactions for the fund. In addition, the           established by the fund, after a reasonable effort to do
Advisor, the Distributor and/or their affiliates will not use           so, you will receive written notification.
fund brokerage to pay for their obligation to provide addi-             With certain limited exceptions, only US residents may
tional compensation to financial advisors as described                  invest in the fund.
above.                                                                  Because orders placed through a financial advisor must be
                                                                        forwarded to the transfer agent before they can be pro-
POL ICIES YOU SHO UL D K N OW A B O UT                                  cessed, you’ll need to allow extra time. Your financial
Along with the information on the previous pages, the poli-             advisor should be able to tell you approximately when your
cies below may affect you as a shareholder. Some of this                order will be processed. It is the responsibility of your finan-
information, such as the section on distributions and taxes,            cial advisor to forward your order to the transfer agent in a
applies to all investors, including those investing through             timely manner.
a financial advisor.
                                                                        Transaction Processing. Except as provided below, pur-
If you are investing through a financial advisor or through a           chase, redemption and exchange orders must be received
retirement plan, check the materials you received from                  in good order by 4:00 p.m. Eastern time (or prior to the
them about how to buy and sell shares because particular                close of the fund, if the New York Stock Exchange closes
financial advisors or other intermediaries may adopt poli-              early on such date) on a business day on which the fund is
cies, procedures or limitations that are separate from                  open in order to be effective on that day; otherwise such
those described in this prospectus. Please note that a                  orders will be effective on the next business day. However,
financial advisor may charge fees separate from those                   on a normal business day that the fund calculates its share
charged by the fund and may be compensated by the fund.                 price at 5:00 p.m. Eastern time as provided below, pur-
Keep in mind that the information in this prospectus                    chase orders with payment sent by wire and redemption
applies only to the shares offered herein. Other share                  orders with proceeds to be sent by wire, ACH or by check
classes are described in a separate prospectus and have                 that are communicated by telephone (but not by the Auto-
different fees, requirements and services.                              mated Information Line, as applicable) and are received in
                                                                        good order by 5:00 p.m. Eastern time on a business day
POL ICIES ABOUT TRA N S A C T IO NS                                     will be effective on that business day.
To help the government fight the funding of terrorism and               Orders for the purchase of shares by wire transfer will nor-
money laundering activities, federal law requires all finan-            mally be effective at the share price next computed after
cial institutions to obtain, verify and record information that         receipt of the wire transfer of the amount to be invested. If
identifies each person who opens an account. When you                   a wire transfer purchase order is received in good order
open an account, we will ask for your name, address, date               before 5:00 p.m. Eastern time, it will normally receive the
of birth and other information that will allow us to iden-              dividend for that day.
tify you. Some or all of this information will be used to               Shareholders known to the fund may notify Institutional
verify the identity of all persons opening an account.                  Investment Services in advance of their wire transfer pur-
We might request additional information about you (which                chase by calling Institutional Investment Services prior
may include certain documents, such as articles of incor-               to the 5:00 p.m. Eastern time cut-off time and providing
poration for companies) to help us verify your identity and,            the amount of the order. The investor will receive a confir-
                                                                        mation number for the trade. If the fund receives the wire


Prospectus   May 1, 2010                                           10                                                Investing in the Fund
transfer before the close of the Federal Funds wire sys-               Telephone and electronic transactions. Generally, you
tem, the trade will be entitled to that day’s dividend. If the         are automatically entitled to telephone redemption and
fund does not receive the wire transfer by the close of                exchange privileges, but you may elect not to have them
the Federal Funds wire system, the trade may not receive               when you open your account or by calling the appropriate
the dividend for that day and, depending upon the circum-              phone number on the back cover.
stances, the trade may receive the dividend for the                    Since many transactions may be initiated by telephone or
following business day or may be canceled or rejected and,             electronically, it’s important to understand that as long
in any case, the investor may be charged for any losses                as we take reasonable steps to ensure that an order to pur-
or fees that result, which may be paid by deductions from              chase or redeem shares is genuine, such as recording calls
their account or otherwise. The fund’s Distributor may                 or requesting personal security information, we are not
refuse to allow any investor to trade with the fund in this            responsible for any losses that may occur as a result. For
manner and may require that the wire transfer of purchase              transactions conducted over the Internet, we recommend
proceeds be received before the trade is considered in                 the use of a secure Internet browser. In addition, you
good order.                                                            should verify the accuracy of your confirmation statements
Investments by check will be effective on the business day             immediately after you receive them.
following receipt and will earn dividends the following busi-          Investment Minimum
ness day. If you pay for shares by check and the check fails
to clear, we have the right to cancel your order, hold you             The minimum initial investment is waived for:
liable or charge you or your account for any losses or fees              Shareholders with existing accounts prior to August 13,
the fund or its agents have incurred.                                    2004 who met the previous minimum investment eli-
                                                                         gibility requirement.
Orders processed through dealers or other financial ser-
                                                                         Investment advisory affiliates of Deutsche Bank Securi-
vices firms via Fund/SERV will be effected at the share
                                                                         ties, Inc., DWS funds or Deutsche funds purchasing
price calculated on the trade day (normally the date the
                                                                         shares for the accounts of their investment advisory cli-
order is received). Purchases processed via Fund/SERV will
                                                                         ents.
begin earning dividends on the day the fund receives the
                                                                         Employee benefit plans with assets of at least $50 mil-
payment (typically the next business day). For redemptions
                                                                         lion.
processed via Fund/SERV, you generally will receive divi-
                                                                         Clients of the private banking division of Deutsche Bank
dends accrued up to, but not including, the business day
                                                                         AG.
that payment for your shares is made.
                                                                         Institutional clients and qualified purchasers that are cli-
When selling shares, shareholders generally receive divi-                ents of a division of Deutsche Bank AG.
dends up to, but not including, the business day following               A current or former director or trustee of the Deutsche
the day on which the shares were sold. To sell shares,                   or DWS funds.
you must state whether you would like to receive the pro-                An employee, the employee’s spouse or life partner and
ceeds by wire or check.                                                  children or stepchildren age 21 or younger of Deutsche
In order to receive proceeds by wire, contact Institutional              Bank or its affiliates or a subadvisor to any fund in the
Investment Services before 5:00 p.m. Eastern time. After                 DWS family of funds or a broker-dealer authorized to sell
you inform Institutional Investment Services of the amount               shares of the funds.
of your redemption, you will receive a trade confirmation                Registered investment advisors who trade through plat-
number. If the fund receives a sell request before 5:00                  forms approved by the Advisor and whose client assets
p.m. Eastern time and the request calls for proceeds to be               in the aggregate meet or, in the Advisor’s judgment, will
sent out by wire, the proceeds will normally be wired on                 meet within a reasonable period of time, the $1,000,000
the same day. However, the shares sold will not earn that                minimum investment.
day’s dividend.                                                          Employee benefit plan platforms approved by the Advi-
                                                                         sor that invest in the fund through an omnibus account,
As noted below, proceeds of a redemption may be
                                                                         and that meet or, in the Advisor’s judgment, will meet
delayed. The ability to receive “same day” wire redemp-
                                                                         within a reasonable period of time, the $1,000,000 mini-
tion proceeds can be affected by a variety of
                                                                         mum investment.
circumstances including the time that the request is made,
the level of redemption requests and purchase orders and               The fund reserves the right to modify the above eligibility
general market conditions. A request for a same day wire               requirements and investment minimum at any time. In
that is received earlier in the day will be given priority over        addition, the fund, in its discretion, may waive the mini-
a request received later in the day in the event that it is            mum initial investment for specific employee benefit plans
necessary to limit the amount of same day wire                         (or family of plans) whose aggregate investment in Insti-
redemptions.                                                           tutional Class shares of the fund equals or exceeds the
                                                                       minimum initial investment amount but where a particular
                                                                       account or program may not on its own meet such mini-
                                                                       mum amount.

Prospectus   May 1, 2010                                          11                                               Investing in the Fund
Sub-Minimum Balances. The fund may close your                       When you ask us to send or receive a wire, please note
account and send you the proceeds if your balance falls             that while we don’t charge a fee to send or receive wires,
below $1,000,000 ($100,000 for INST MGD, $20,000 for                it’s possible that your bank may do so. Wire transactions
INST PS and $7,500 for INST PRS); we will give you 60               are generally completed within 24 hours. The fund can only
days’ notice so you can either increase your balance or             send wires of $1,000 or more and accept wires of $50 or
close your account (these policies don’t apply to most              more.
retirement accounts).                                               The fund accepts payment for shares only in US dol-
The automated information line is available 24 hours a              lars by a check drawn on a US bank, a bank or Federal
day by calling the appropriate telephone number for your            Funds wire transfer or an electronic bank transfer. The fund
share class. You can use our automated phone service to             does not accept third party checks. A third party check is
get information on DWS funds generally and on accounts              a check made payable to one or more parties and offered
held directly at DWS Investments. You can also use this             as payment to one or more other parties (e.g., a check
service to request share transactions.                              made payable to you that you offer as payment to some-
Checkwriting enables you to sell shares of the fund by              one else). Checks should normally be payable to DWS
writing a check. Your investment keeps earning dividends            Investments and drawn by you or a financial institution on
until your check clears. Please note that we will not accept        your behalf with your name or account number included
checks for less than $1,000 ($100 for INST PS and INST              with the check. If you pay for shares by check and the
PRS). Please note that you should not write checks for              check fails to clear, we have the right to cancel your order,
more than $5,000,000. Note as well that we can’t honor              hold you liable or charge you or your account for any
any check larger than your balance at the time the check is         losses or fees the fund or its agents have incurred.
presented to us. It is not a good idea to close out an              Signature Guarantee. When you want to sell more than
account using a check because the account balance could             $100,000 worth of shares or send proceeds to a third party
change between the time you write the check and the                 or to a new address, you’ll usually need to place your
time it is processed. Please keep in mind that if you make          order in writing and include a signature guarantee. How-
a purchase by check and that check has not yet cleared,             ever, if you want money transferred electronically to a bank
those funds will not be available for immediate redemp-             account that is already on file with us, you don’t need a
tion.                                                               signature guarantee. Also, generally you don’t need a sig-
Regular investments and withdrawals enable you to set               nature guarantee for an exchange, although we may
up a link between the fund account and a bank account.              require one in certain other circumstances.
Once this link is in place, you can move money between              A signature guarantee is simply a certification of your
the two with a phone call. You’ll need to make sure your            signature — a valuable safeguard against fraud. You can
bank has Automated Clearing House (ACH) services. Trans-            get a signature guarantee from an eligible guarantor institu-
actions take two to three days to be completed.                     tion, including commercial banks, savings and loans, trust
The fund accepts Automated Clearing House (“ACH”)                   companies, credit unions, member firms of a national
debit entries for accounts that have elected the                    stock exchange or any member or participant of an
checkwriting redemption privilege. Upon receipt of an ACH           approved signature guarantor program. We require stamps
debit entry referencing your account number you autho-              from members of a medallion signature guarantee pro-
rize us to redeem shares in your account to pay the entry           gram. A notarized document cannot be accepted in lieu of
to the third party originating the debit. Your fund account         a signature guarantee.
statement will show all ACH debit entries in your account.          Selling shares of trust accounts and business or orga-
In case of errors or questions about your transactions              nization accounts may require additional documentation.
or pre-authorized transfers please contact your financial           Please call DWS Investments (see phone numbers on the
advisor as soon as possible if you believe your statement           back cover) or contact your financial advisor for more
reflects an improper charge or if you need more informa-            information.
tion about an ACH debit entry transaction. Your financial           Money from shares you sell is sent out within one busi-
advisor must contact the Shareholder Service Agent within           ness day of the business day that your redemption order is
sixty (60) days of the fund sending you the first fund              effective except as discussed below. It could be longer
account statement on which an improper charge appears.              when you are selling shares you bought recently by check
The fund does not issue share certificates. However,                or ACH (the funds will be placed under a 10 calendar day
if you currently have shares in certificated form, you must         hold to ensure good funds) or when unusual circum-
include the share certificates properly endorsed or accom-          stances prompt the SEC to allow further delays. Certain
panied by a duly executed stock power when exchanging               expedited redemption processes (e.g., redemption pro-
or redeeming shares. You may not exchange or redeem                 ceeds by wire) may also be delayed or unavailable when
shares in certificate form by telephone or via the Internet.        you are selling shares recently purchased by check or ACH
                                                                    or in the event of the closing of the Federal Reserve wire
                                                                    payment system. The fund reserves the right to suspend

Prospectus   May 1, 2010                                       12                                              Investing in the Fund
or postpone redemptions as permitted pursuant to Section              The fund may, but is not required to, accept certain types
22(e) of the 1940 Act. Those circumstances are when 1)                of purchase and redemption orders (not including
the New York Stock Exchange is closed other than custom-              exchanges) on days that the Exchange is closed, or beyond
ary weekend or holiday closings; 2) the SEC determines                an Exchange early closing time (referred to as a ”Limited
that trading on the New York Stock Exchange is restricted;            Trading Period”) if: (a) the Federal Reserve system is open,
3) the SEC determines that an emergency exists which                  (b) the primary trading markets for the fund’s portfolio
makes the disposal of securities owned by the fund or the             instruments are open and (c) the Advisor believes there
fair determination of the value of the fund’s net assets              will be adequate liquidity in the short-term markets. During
not reasonably practicable; or 4) the SEC, by order, permits          any such Limited Trading Period, the fund will only accept
the suspension of the right of redemption. Redemption                 purchase orders by wire with advance telephone notifi-
payments by wire may also be delayed in the event of a                cation and telephone redemption orders with proceeds to
non-routine closure of the Federal Reserve wire payment               be sent by wire, ACH or check and will not accept orders
system. For additional rights reserved by the fund, please            by any other means. (Automated Telephone Line orders are
see “Other rights we reserve.  ”                                      not permitted.) If redemption proceeds are requested by
Short-Term Trading. Since money market funds hold short-              ACH or check, the transmission of the ACH payment or the
term instruments and are intended to provide liquidity to             mailing of the check, as the case may be, will be delayed
shareholders, the Advisor does not monitor or limit short-            by at least one business day in comparison to normal trad-
term or excessive trading activity in the fund and,                   ing periods. Orders submitted by other means will be
accordingly, the Board of the fund has not approved any               processed on the next day that the Exchange is open. The
policies and procedures designed to limit this activity. How-         calculation of share price will be as set forth in the pro-
ever, the fund reserves the right to and may reject or                spectus for normal trading days. Orders must be submitted
cancel a purchase or exchange order into the fund for any             by the cut-off times for receipt of wire purchases entitled
reason, including if, in the opinion of the Advisor, there            to that day’s dividend and for receipt of telephone redemp-
appears to be a pattern of short-term or excessive trading            tion orders for same day wire transfer, which will be the
by an investor in another DWS fund.                                   earlier of: (a) the times set forth in the prospectus for nor-
                                                                      mal trading days or (b) such earlier times that the fund
HOW THE FUND CA L C U L A TE S SH A RE PRICE                          determines based on the criteria described above. If
                                                                      redemption proceeds are requested by ACH or check,
To calculate net asset value, or NAV, each share class uses           orders must be received prior to the calculation of share
the following equation:                                               price. Please call (877) 237-1131 or visit our Web site at
     Total      Total                                                 www.moneyfunds.deam-us.db.com for additional informa-
(   Assets − Liabilities   )      Total
                               ÷ Shares Number of = NAV
                                        Outstanding                   tion about whether the fund will be open for business on
                                                                      a particular day. Information concerning the intention of the
The price at which you buy and sell shares is based on the            fund to be open for a Limited Trading Period will be avail-
NAV per share next calculated after the order is received             able at least one business day prior to the applicable day
and accepted by the transfer agent.                                   that the Exchange is closed or is closing early in the case
In valuing securities, we typically use amortized cost (the           of scheduled closings and as soon as practical in the case
method used by most money market funds) to account                    of unscheduled closings.
for any premiums or discounts above or below the face
value of any securities the fund buys, and round the per              O THER RIG HTS WE RESERVE
share NAV to the nearest whole cent.                                  You should be aware that we may do any of the following:
The fund is open for business each day the New York                     withdraw or suspend the offering of shares at any time
Stock Exchange (the “Exchange”) is open. Normally, the                  withhold a portion of your distributions and redemption
fund calculates its share price once every business day at              proceeds if we have been notified by the IRS that you
5:00 p.m. Eastern time. The close of regular trading on the             are subject to backup withholding or if you fail to provide
Exchange is typically 4:00 p.m. Eastern time, but some-                 us with the correct taxpayer ID number and certain cer-
times earlier, as in the case of scheduled half-day trading or          tifications, including certification that you are not subject
unscheduled suspensions of trading. In the event of sched-              to backup withholding
uled partial day trading or unscheduled suspensions of                  reject a new account application if you don’t provide any
trading on the Exchange, the calculation of share price                 required or requested identifying information, or for any
shall be as of the close of trading on the Exchange. In such            other reason
instances, the latest time for receipt of wire purchase trans-
actions entitled to receive same day dividend treatment
and for receipt of redemption orders for same day wire
transfer of proceeds will be the earlier of (a) 5:00 p.m.
Eastern time or (b) the early closing time of the Exchange.
The fund seeks to maintain a stable $1.00 share price.


Prospectus   May 1, 2010                                         13                                                Investing in the Fund
  refuse, cancel, limit or rescind any purchase or exchange          dividends and distributions will all be reinvested. Under
  order, without prior notice; freeze any account (mean-             the terms of employer-sponsored qualified plans, and retire-
  ing you will not be able to purchase fund shares in your           ment plans, reinvestment is the only option.
  account); suspend account services; and/or involuntarily           Distributions are treated the same for federal income tax
  redeem your account if we think that the account is                purposes whether you receive them in cash or reinvest
  being used for fraudulent or illegal purposes; one or              them in additional shares. For federal income tax purposes,
  more of these actions will be taken when, at our sole              an exchange is treated the same as a sale.
  discretion, they are deemed to be in the fund’s best inter-
  ests or when the fund is requested or compelled to do              Because the fund seeks to maintain a stable share price,
  so by governmental authority or by applicable law                  you are unlikely to have capital gains or losses when you
  close and liquidate your account if we are unable to               sell fund shares.
  verify your identity, or for other reasons; if we decide to        For federal income tax purposes, distributions of net invest-
  close your account, your fund shares will be redeemed              ment income are taxable as ordinary income. The fund
  at the net asset value per share next calculated after we          does not expect to make distributions that are eligible for
  determine to close your account (less applicable redemp-           taxation as long-term capital gains or as qualified dividend
  tion fee, if any); you may recognize a gain or loss on the         income.
  redemption of your fund shares and you may incur a                 The use of a master/feeder structure could affect the
  tax liability                                                      amount, timing and character of distributions, and there-
  change, add or withdraw various services, fees and                 fore, may increase the amount of taxes payable to
  account policies (for example, we may adjust the fund’s            shareholders.
  investment minimums at any time)
                                                                     Your fund will send you detailed federal income tax
UNDERSTANDING D IST RIBU T ION S A ND                                information every January. These statements tell you the
TAXES                                                                amount and the federal income tax classification of any
                                                                     dividends or distributions you received.
The fund intends to distribute to its shareholders virtually
all of its net earnings. The fund can earn money in two              If the fund’s distributions exceed its current and accumu-
ways: by receiving interest, dividends or other income               lated earnings and profits, the excess will be treated for
from securities it holds and by selling securities for more          federal income tax purposes as a return of capital to the
than it paid for them. (The fund’s earnings are separate             extent of your basis in your shares and thereafter as a
from any gains or losses stemming from your own pur-                 capital gain. A return of capital distribution reduces the
chase and sale of shares.) The fund may not always pay a             basis of your shares. As a result, even though the fund
dividend or distribution for a given period.                         seeks to maintain a stable share price, you may recognize
                                                                     a capital gain when you sell your shares if you have
The fund’s income dividends are declared daily and                   received a return of capital distribution.
paid monthly to shareholders. The fund may take into
account capital gains and losses (other than net long-term           The above discussion summarizes certain federal income
capital gains) in its daily dividend declarations. The fund          tax consequences for shareholders who are US persons. If
may make additional distributions for tax purposes if                you are a non-US person, please consult your own tax
necessary.                                                           advisor with respect to the US tax consequences to you of
                                                                     an investment in the fund. For more information, see
Dividends or distributions declared and payable to share-            “Taxes” in the Statement of Additional Information.
holders of record in the last quarter of a given calendar
year are treated for federal income tax purposes as if they
were received on December 31 of that year, if such divi-
dends or distributions are actually paid in January of the
following year.
For federal income tax purposes, income and capital gains
distributions are generally taxable to shareholders. How-
ever, dividends and distributions received by retirement
plans qualifying for tax exemption under federal income tax
laws generally will not be taxable.
You can choose how to receive your dividends and dis-
tributions. You can have them all automatically reinvested
in fund shares (at NAV), sent to you by check or wired to
your bank account of record. Tell us your preference on
your application. If you don’t indicate a preference, your




Prospectus   May 1, 2010                                        14                                              Investing in the Fund
      FI NA N CI AL H IG H L IG H TS




The financial highlights are designed to help you under-                                                                       ,
                                                                               been audited by PricewaterhouseCoopers LLP indepen-
stand recent financial performance. The figures in the first                   dent registered public accounting firm, whose report,
part of the table are for a single share. The total return                     along with the fund’s financial statements, is included in
figures represent the percentage that an investor in the                       the fund’s annual report (see “Shareholder reports” on the
fund would have earned (or lost), assuming all dividends                       back cover).
and distributions were reinvested. This information has

DWS Money Market Series — Institutional Shares

Years Ended December 31,                                           2009               2008      2007a        2007c        2006c        2005c

Selected Per Share Data
Net asset value, beginning of period                           $    1.00          $    1.00     $   1.00     $   1.00     $ 1.00      $   1.00
Income from investment operations:
    Net investment income                                           .004               .028         .030         .052       .039          .020
    Net realized gain (loss)***                                       —                  —            —            —          —             —
    Total from investment operations                                .004               .028         .030         .052       .039          .020
Less distributions from:
    Net investment income                                           (.004)             (.028)       (.030)       (.052)    (.039)         (.020)
Net asset value, end of period                                 $    1.00          $    1.00     $   1.00     $   1.00     $ 1.00      $   1.00
                   b
Total Return (%)                                                      .44              2.80         3.08**       5.37       4.02          1.98

Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)                          31,982             19,857       21,262       17,469        8,637       12,214
Ratio of expenses before expense reductions, including
expenses allocated from Cash Management Portfolio (%)d                .30                .29          .26*         .24       .28            .27
Ratio of expenses after expense reductions, including
expenses allocated from Cash Management Portfolio (%)d                .17                .14          .12*         .10       .12            .13
Ratio of net investment income (%)                                   .39               2.83         5.18*        5.26       3.89          1.99
a
   For the period from June 1, 2007 through December 31, 2007.
b
   Total returns would have been lower had certain expenses not been reduced.
c
   For the years ended May 31.
d
   On 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
***Amount is less than $.0005.




Prospectus    May 1, 2010                                                 15                                                  Financial Highlights
        A P P E ND I X




HYPO THETICAL EX P E NSE SU M M A RY                                 tractual fee waivers or expense reimbursements, if any, for
Using the annual fund operating expense ratios presented             the period of the contractual commitment. Also, please
in the fee tables in the fund prospectus, the Hypotheti-             note that if you are investing through a third party provider,
cal Expense Summary shows the estimated fees and                     that provider may have fees and expenses separate from
expenses, in actual dollars, that would be charged on a              those of the fund that are not reflected here. Mutual fund
hypothetical investment of $10,000 in the fund held for the          fees and expenses fluctuate over time and actual expenses
next 10 years and the impact of such fees and expenses               may be higher or lower than those shown.
on fund returns for each year and cumulatively, assuming a           The Hypothetical Expense Summary should not be used
5% return for each year. The historical rate of return for           or construed as an offer to sell, a solicitation of an offer to
the fund may be higher or lower than 5% and, for money               buy or a recommendation or endorsement of any spe-
market funds, is typically less than 5%. The tables also             cific mutual fund. You should carefully review the fund’s
assume that all dividends and distributions are reinvested.          prospectus to consider the investment objectives, risks,
The annual fund expense ratios shown are net of any con-             expenses and charges of the fund prior to investing.

DWS Money Market Series – Institutional Shares

                   Maximum                        Initial Hypothetical                                    Assumed Rate
                  Sales Charge:                       Investment:                                           of Return:
                      0.00%                              $10,000                                                5%
                                                                                            Hypothetical
                   Cumulative             Annual                  Cumulative                  Year-End
                  Return Before            Fund                   Return After              Balance After                Annual Fees
                    Fees and             Expense                   Fees and                   Fees and                      and
Year                Expenses              Ratios                   Expenses                  Expenses                     Expenses
 1                    5.00%               0.18%                       4.82%                  $10,482.00                    $ 18.43
 2                   10.25%               0.28%                       9.77%                  $10,976.75                    $ 30.04
 3                   15.76%               0.28%                      14.95%                  $11,494.85                    $ 31.46
 4                   21.55%               0.28%                      20.37%                  $12,037.41                    $ 32.95
 5                   27.63%               0.28%                      26.06%                  $12,605.58                    $ 34.50
 6                   34.01%               0.28%                      32.01%                  $13,200.56                    $ 36.13
 7                   40.71%               0.28%                      38.24%                  $13,823.63                    $ 37.83
 8                   47.75%               0.28%                      44.76%                  $14,476.10                    $ 39.62
 9                   55.13%               0.28%                      51.59%                  $15,159.37                    $ 41.49
10                   62.89%               0.28%                      58.75%                  $15,874.89                    $ 43.45
Total                                                                                                                      $345.90




Prospectus   May 1, 2010                                        16                                                            Appendix
TO GET MORE IN FO RM A T ION                                    In order to reduce the amount of mail you receive and to
Shareholder reports. These include commentary from              help reduce expenses, we generally send a single copy of
the fund’s management team about recent market condi-           any shareholder report and prospectus to each household.
tions and the effects of the fund’s strategies on its           If you do not want the mailing of these documents to be
performance. They also have detailed performance figures,       combined with those for other members of your house-
a list of everything the fund owns, and its financial state-    hold, please contact your financial advisor or call the
ments. Shareholders get these reports automatically.            number provided.
Statement of Additional Information (SAI). This tells you       CO NT ACT INFO RMATIO N
more about the fund’s features and policies, including addi-    DWS Investments          PO Box 219210
tional risk information. The SAI is incorporated by reference                            Kansas City, MO 64121-9210
into this document (meaning that it’s legally part of this                               www.moneyfunds.deam-us.db.com
prospectus).                                                                             Institutional Shares or INST MGD:
                                                                                         (800) 730-1313
For a free copy of any of these documents or to request                                  INST PRS or INST PS: (800) 728-3337
other information about the fund, contact DWS Invest-           SEC                      100 F Street, N.E.
ments at the phone number or address listed below. SAIs                                  Washington, D.C. 20549-1520
and shareholder reports are also available through the                                   www.sec.gov
                                                                                         (800) SEC-0330
DWS Investments Web site at www.moneyfunds.deam-
us.db.com. These documents and other information about          Distributor              DWS Investments Distributors, Inc.
                                                                                         222 South Riverside Plaza
the fund are available from the EDGAR Database on the                                    Chicago, IL 60606-5808
SEC’s Internet site at www.sec.gov. If you like, you may                                 (800) 621-1148
obtain copies of this information, after paying a copying       SEC File Number          DWS Money Market Trust
fee, by e-mailing a request to publicinfo@sec.gov or by                                  DWS Money Market Series
writing the SEC at the address listed below.                                             811-03495

You can also review and copy these documents and other
information about the fund, including the fund’s SAI, at
the SEC’s Public Reference Room in Washington, D.C. Infor-
mation on the operation of the SEC’s Public Reference
Room may be obtained by calling (800) SEC-0330 or (202)
551-8090.




(05/01/10) DMMSF-1

				
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