ITEM 2.

CODE OF ETHICS.

As of the end of the period, December 31, 2005, DWS Advisor Funds has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The Fund’s Board of Directors/Trustees has determined that the Fund has at least one “audit committee financial expert” serving on its audit committee: Mr. Graham E. Jones. This audit committee member is “independent,” meaning that he is not an “interested person” of the Fund (as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940) and he does not accept any consulting, advisory, or other compensatory fee from the Fund (except in the capacity as a Board or committee member).

An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933, as a result of being designated as an “audit committee financial expert.” Further, the designation of a person as an “audit committee financial expert” does not mean that the person has any greater duties, obligations, or liability than those imposed on the person without the “audit committee financial expert” designation. Similarly, the designation of a person as an “audit committee financial expert” does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

NY TAX FREE MONEY FUND INVESTMENT

FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended December 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2005	$35,650	$225	$0	$0
2004	$35,100	$185	$3,255	$0

The above “Audit- Related Fees” were billed for agreed upon procedures performed and the above "Tax Fees" were billed for professional services rendered for tax compliance and tax return preparation.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas, Inc. (“DeIM” or the “Adviser”), and any entity controlling, controlled by or under common control with DeIM (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended December 31,	Audit-Related Fees Billedto Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2005	$268,900	$197,605	$0
2004	$431,907	$0	$0

The “Audit-Related Fees” were billed for services in connection with the assessment of internal controls, agreed-upon procedures and additional related procedures and the above “Tax Fees” were billed in connection with consultation services and agreed-upon procedures.

Non-Audit Services

The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.

Fiscal Year
Ended
December 31,

Total
Non-Audit Fees Billed to Fund

(A)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)

(B)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)

(C)

Total of (A), (B)

and (C)

2005

$197,605

$104,635

$302,240

2004

$3,255

$253,272

$256,527

All other engagement fees were billed for services in connection with risk management, tax services and process improvement/integration initiatives for DeIM and other related entities that provide support for the operations of the fund.

TAX FREE MONEY FUND INVESTMENT

FORM N-CSR DISCLOSURE RE: AUDIT FEES

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended December 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2005	$35,650	$225	$0	$0
2004	$35,100	$185	$3,255	$0

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

Fiscal Year Ended December 31,	Audit-Related Fees Billedto Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2005	$268,900	$197,605	$0
2004	$431,907	$0	$0

Non-Audit Services

Fiscal Year
Ended
December 31,

Total
Non-Audit Fees Billed to Fund

(A)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)

(B)

Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)

(C)

Total of (A), (B)

and (C)

2005

$197,605

$104,635

$302,240

2004

$3,255

$253,272

$256,527

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS

Not Applicable

ITEM 6.

SCHEDULE OF INVESTMENTS

Not Applicable

ITEM 7.

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

Not Applicable

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not Applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The Nominating and Governance Committee evaluates and nominates Board member candidates. Fund shareholders may also submit nominees that will be considered by the Committee when a Board vacancy occurs. Submissions should be mailed to the attention of the Secretary of the Fund, One South Street, Baltimore, MD 21202.

ITEM 11.

CONTROLS AND PROCEDURES.

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

(b)

There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last half-year (the registrant’s second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.

EXHIBITS.

(a)(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)(2)

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

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

President

Form N-CSR Certification under Sarbanes Oxley Act

I, Vincent J. Esposito, certify that:

1.	I have reviewed this report, filed on behalf of NY Tax Free Money Fund Investment, a series of DWS Advisor Funds, on Form N-CSR;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 2, 2006	/s/Vincent J. Esposito
	Vincent J. Esposito
	President
	NY Tax Free Money Fund Investment, a series of DWS Advisor Funds

Chief Financial Officer and Treasurer

Form N-CSR Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1.	I have reviewed this report, filed on behalf of NY Tax Free Money Fund Investment, a series of DWS Advisor Funds, on Form N-CSR;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 2, 2006	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	NY Tax Free Money Fund Investment, a series of DWS Advisor Funds

President

Form N-CSR Certification under Sarbanes Oxley Act

I, Vincent J. Esposito, certify that:

1.	I have reviewed this report, filed on behalf of Tax Free Money Fund Investment, a series of DWS Advisor Funds, on Form N-CSR;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

entities, particularly during the period in which this report is being prepared;

(b)

(c)

(d)

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 2, 2006	/s/Vincent J. Esposito
	Vincent J. Esposito
	President
	Tax Free Money Fund Investment, a series of DWS Advisor Funds

Chief Financial Officer and Treasurer

Form N-CSR Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1.	I have reviewed this report, filed on behalf of Tax Free Money Fund Investment, a series of DWS Advisor Funds, on Form N-CSR;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

March 2, 2006	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer
	Tax Free Money Fund Investment, a series of DWS Advisor Funds


3		Portfolio Management Review
8		Information About Each Fund’s Expenses
11		Portfolio Summary
12		Investment Portfolios
20		Financial Statements
24		Financial Highlights
26		Notes to Financial Statements
33		Report of Independent Registered Public Accounting Firm
34		Tax Information
35		Investment Management Agreement Approval
43		Trustees and Officers
47		Account Management Resources


	Despite these increases in the federal funds rate, longer-term yields remained low, creating a yield curve — an economic graph with a line going from left to right, showing how high or low yields are from the shortest to the longest maturities — that was atypically flat. (Typically, the line rises from left to right as investors who are willing to tie up their money for a longer period of time are rewarded with higher yields.)

	Throughout the year, the Fed repeatedly said that its monetary policy remained “accommodative” to economic growth and that risks in the overall economy between inflation and deflation appeared to be balanced.

	Indeed, over the period, the US economy showed resiliency despite two devastating hurricanes and continual increases in energy prices. As the year began, monthly job growth was the most important economic indicator for money markets. However, the focus gradually shifted to inflation, with economists and investors watching carefully for any signs of an increase. Going forward, the markets will likely watch for any changes in policy from incoming Fed Chairman Ben S. Bernanke.

	At the end of December 2005, the one-year London Interbank Offered Rate (LIBOR) — the rate of interest at which banks borrow large volumes of funds from other banks in the international market, and the most widely used industry standard for measuring one-year money market rates — was at 4.84%, close to a four-year high. The premium level of the LIBOR (which is set by the market) over the federal funds rate (which is set by the Fed) was 4.25%, representing the market’s concern that the Fed may have to continue raising short-term interest rates to keep the economy’s growth moderate and prevent inflation.


	Q: How did the funds perform over its most recent fiscal year?

	A: For the period ended December 31, 2005, the funds registered favorable performance. NY Tax Free Money Fund Investment achieved its stated objective of providing a high level of current income exempt from Federal and New York income taxes consistent with liquidity and the preservation of capital. Tax Free Money Fund Investment achieved its stated objective of providing a high level of current income exempt from Federal income tax consistent with liquidity and the preservation of capital.

	Q: In light of market conditions during the period, what has been the strategy for the funds?

	A: Over the period, we continued to focus on the highest-quality investments for the funds while seeking competitive yields across the municipal investment spectrum. We also maintained a cautious stance by targeting an average maturity similar to our peers. Each year, during “tax season,” tax-free money fund investors withdraw substantial amounts of money from the market to pay their tax bills. This year, tax-related selling pressure extended for a longer period than usual; we saw substantial withdrawals from March 2005 through May 2005. As a result of these sales, floating-rate issuers were forced to raise their rates to attract new investors. Our strategy during this time, which significantly boosted performance, was to increase the fund’s floating-rate position to take advantage of the increase in rates. The interest rate of floating-rate securities adjusts periodically based on indices such as the Bond Market Association Index of Variable Rate Demand Notes, which is a weekly high-grade market index consisting of seven-day tax-exempt variable rate demand notes produced by Municipal Market Data Group’s database of more than 10,000 active issues. Because the interest rates of these instruments adjust as market conditions change, they provide flexibility in an uncertain interest rate environment.


	7-day
	current
	yield

December 31, 2005		2.62%*

December 31, 2004		1.16%*


	7-day
	current
	yield

December 31, 2005		2.64%*

December 31, 2004		1.18%**


	Q: Will you discuss the market environment for the funds during the year ended December 31, 2005?

	A: During the year ended December 31, 2005, the US Federal Reserve (the Fed) continued its recent policy of increasing short-term interest rates in an attempt to undo the easing of monetary policy (i.e., the lowering of interest rates) that occurred through June 2004. In eight increments of 0.25%, the policymakers raised the federal funds rate — the interest rate banks charge when they lend each other money overnight — to 4.25%.


	7-Day Current Yield — New York Tax Free Money Fund Investment


	Q: What detracted from performance during the period?

	A: In December, we kept additional cash on hand — as we do each year — to meet any tax-related redemptions as well as investors’ year-end liquidity needs. Keeping a larger percentage of assets in overnight liquid positions detracted somewhat from yield and total return.


	Q: Will you describe your management philosophy?

	A: We continue our insistence on the highest credit quality within the funds. We also plan to maintain our conservative investment strategies and standards. We continue to apply a careful approach to investing on behalf of the funds and to seek a competitive yield for our shareholders.


n		Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund’s actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the “Expenses Paid per $1,000” line under the share class you hold.

n		Hypothetical 5% Fund Return. This helps you to compare your Fund’s ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund’s actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.


NY Tax Free Money Fund Investment

Expenses and Value of a $1,000 Investment for the six months ended December 31, 2005
Actual Fund Return

Beginning Account Value 7/1/05	$	1,000.00

Ending Account Value 12/31/05	$	1,009.60

Expenses Paid per $1,000*	$	3.75


Hypothetical 5% Fund Return

Beginning Account Value 7/1/05	$	1,000.00

Ending Account Value 12/31/05	$	1,021.48

Expenses Paid per $1,000*	$	3.77


*		Expenses are equal to the Fund’s annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.


Asset Allocation	12/31/05		12/31/04


Municipal Investments		100%		100%


	Contents


*		Category consists of all national tax-free and municipal retail funds. Portfolio holdings of tax-free funds include Rated and Unrated Demand Notes, Rated and Unrated General Market Notes, Commercial Paper, Put Bonds — 6 months & less, Put Bonds — over 6 months, AMT Paper, and Other Tax-Free holdings.


		Principal
NY Tax Free Money Fund Investment		Amount ($)		Value ($)

Municipal Bonds and Notes 98.5%
New York 93.1%
Albany, NY, Industrial Development Agency, Civic Facility Revenue, University of Albany Foundation Student Housing, Series A, 3.55% *, 11/1/2032 (a)			285,000		285,000
Erie County, NY, Industrial Development Agency, Civic Facility Revenue, Suburban Adult Services, 3.59% *, 6/1/2022, KeyBank NA (b)			3,880,000		3,880,000
Islip, NY, Union Free School District 002, Tax Anticipation Notes, 3.5%, 6/29/2006			3,250,000		3,262,413
Long Island, NY, Power Authority, Electric System Revenue, Series 1A, 3.56% *, 5/1/2033, Bayerische Landesbank (b)			2,200,000		2,200,000
New York, Jay Street Development Corp., Centers Facility Lease Revenue, Series A-1, 3.47% *, 5/1/2022, Depfa Bank PLC (b)			1,915,000		1,915,000
New York, Metropolitan Transportation Authority Revenue:
	Series B-16, 144A, 3.53% *, 11/15/2027		100,000		100,000
	Series 1040, 144A, 3.54% *, 11/15/2020 (a)		1,100,000		1,100,000
	Series 848-D, 144A, 3.55% *, 11/15/2021 (a)		2,490,500		2,490,500
New York, State Dormitory Authority Revenue:
	Series A-09, 144A, 2.78% *, 5/15/2031 (a)		1,995,000		1,995,000
	3.09%, 1/12/2006		500,000		500,000
	3.1%, 1/11/2006		3,685,000		3,685,000
	Series B09, 144A, 3.53% *, 3/15/2023 (a)		350,000		350,000
	Series 1191, 144A, 3.55% *, 5/15/2013 (a)		2,800,000		2,800,000
New York, State Dormitory Authority Revenue, Mental Health Services, Series D-2A, 3.56% *, 2/15/2031 (a)			200,000		200,000
New York, State Dormitory Authority Revenue, North Shore-Long Island Jewish, Series A, 3.47% *, 11/1/2034, Citibank NA (b)			325,000		325,000
New York, State General Obligation:
	2.8% *, 1/5/2006		2,000,000		2,000,000
	Series B, 2.9% *, 3/15/2030, Dexia Credit Local France (b)		1,100,000		1,100,000
	Series H-3, 3.5% *, 3/1/2034, Bank of New York (b)		1,000,000		1,000,000
New York, State Housing Finance Agency Revenue, Historic Front Street, Series A, 3.57% *, 11/1/2036, Bank of New York (b)			2,000,000		2,000,000
New York, State Housing Finance Agency, Service Contract Revenue, Series D, 3.52% *, 3/15/2026, State Street Bank & Trust (b)			1,600,000		1,600,000
New York, State Power Authority, 3.1%, 1/11/2006			2,000,000		2,000,000
New York, State Power Authority Revenue & General Purpose, 2.8% *, 3/1/2016			1,000,000		1,000,000
New York, State Thruway Authority, Personal Income Tax Revenue, Series PT-3027, 144A, 3.54% *, 3/15/2025 (a)			3,285,000		3,285,000


		Principal
NY Tax Free Money Fund Investment		Amount ($)		Value ($)

New York, Tobacco Settlement Financing Corp.:
	Series R-2033, 144A, 3.56% *, 6/1/2021 (a)		1,970,000		1,970,000
	Series R-6500, 144A, 3.56% *, 6/1/2021 (a)		2,235,000		2,235,000
New York City, NY, Industrial Development Agency, Civic Facility Revenue, Abraham Joshua Heschel Project, 3.58% *, 4/1/2032, Allied Irish Bank PLC (b)			1,505,000		1,505,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Series F-2, 3.56% *, 6/15/2033			2,450,000		2,450,000
New York City, NY, Transitional Finance Authority Revenue, Series A-40, 144A, 3.53% *, 11/1/2026 (a)			970,000		970,000
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
	Series A-1, 3.55% *, 11/15/2022		45,000		45,000
	Series A, 3.55% *, 2/15/2030		3,300,000		3,300,000
New York City, NY, Transitional Finance Authority Revenue, NYC Recovery:
	Series 3C, 3.48% *, 11/1/2022		200,000		200,000
	Series 1A, 3.52% *, 11/1/2022		240,000		240,000
New York City, NY, Transitional Finance Authority, Stars Certificate, Series 2003-7, 144A, 3.54% *, 2/1/2029			2,400,000		2,400,000
New York, NY, General Obligation:
	Series A-3, 3.52% *, 8/1/2031, BNP Paribas (b)		1,565,000		1,565,000
	Series 1010, 144A, 3.55% *, 8/1/2013 (a)		3,780,000		3,780,000
	Series H-6, 3.55% *, 3/1/2034, Fleet National Bank (b)		600,000		600,000
	Series F, 7.0%, 2/1/2006		1,870,000		1,876,470
New York, NY, Triborough Bridge & Tunnel Authority Revenue:
	Series A, 3.52% *, 1/1/2031 (a)		290,000		290,000
	Series B-13, 144A, 3.53% *, 11/15/2021 (a)		2,075,000		2,075,000
	Series R-2013, 3.55% *, 11/15/2021 (a)		300,000		300,000
	Series B-2, 144A, 3.55% *, 1/1/2032		300,000		300,000
Onondaga County, NY, Industrial Development Agency, Civic Facility Revenue, YMCA of Greater Syracuse, Series A, 3.59% *, 11/1/2025, HSBC Bank PLC (b)			3,700,000		3,700,000
Otsego County, NY, Industrial Development Agency, Civic Facility Revenue, Noonan Community Service Corp. Project, Series A, 3.58% *, 3/1/2025, Wilber National Bank (b)			1,435,000		1,435,000
Rensselaer County, NY, Industrial Development Agency, Civic Facility Revenue, Hawthorne Ridge Project, 3.48% *, 10/30/2035, Citizens Bank NA (b)			2,250,000		2,250,000
Sachem, NY, Holbrook Central School District, Tax Anticipation Notes, 3.75%, 6/22/2006			3,000,000		3,014,732
Schenectady County, NY, Industrial Development Agency, Civic Facility Revenue, Sunnyview, Series B, 3.54% *, 8/1/2033, KeyBank NA (b)			2,300,000		2,300,000
Schoharie County, NY, Industrial Development Agency, Civic Facility Revenue, Bassett Hospital Project, Series A, 3.59% *, 2/1/2021, KeyBank NA (b)			200,000		200,000



NY Tax Free Money Fund Investment	26 days	9 days
iMoneyNet State Specific Retail Money Funds Average**	27 days	31 days


**		Category consists of only retail state tax-free and municipal money market funds.



Tax Free Money Fund Investment	34 days	28 days
iMoneyNet National Retail Tax Free Money Funds Average*	31 days	34 days


	% of
	Net Assets		Value ($)

Total Investment Portfolio (Cost $88,784,115) †		98.5		88,784,115
Other Assets and Liabilities, Net		1.5		1,353,132

Net Assets		100.0		90,137,247


*		Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of December 31, 2005.

†		The cost for federal income tax purposes was $88,784,115.

(a)		Bond is insured by one of these companies:


		As a % of Total
Insurance Coverage		Investment Portfolio

Ambac Financial Group		7.7

Financial Guaranty Insurance Company		4.4

Financial Security Assurance, Inc.		8.3

MBIA Corp.		9.1


(b)		Security incorporates a letter of credit from a major bank.


	Statements of Assets and Liabilities as of December 31, 2005


	NY Tax Free			Tax Free
	Money Fund			Money Fund
Assets	Investment			Investment

Investments in securities, at amortized cost	$	88,784,115		$	175,758,542

Cash		130,509			183,326

Receivable for Investments sold		915,483			1,065,624

Interest receivable		555,309			1,015,940

Other assets		12,610			11,919

Total assets		90,398,026			178,035,351


Liabilities

Payable for investments purchased		—			3,940,769

Dividends payable		153,169			221,307

Administration and service fee payable		48,514			93,196

Accrued management fee		—			5,174

Other accrued expenses and payables		59,096			51,669

Total liabilities		260,779			4,312,115

Net assets, at value	$	90,137,247		$	173,723,236


Net Assets

Net assets consist of:
Undistributed net investment income		25,578			2,578

Accumulated net realized gain (loss)		(322	)		(2,157	)

Paid-in capital		90,111,991			173,722,815

Net assets, at value	$	90,137,247		$	173,723,236


Net Asset Value

Net assets applicable to shares outstanding	$	90,137,247		$	173,723,236

Shares outstanding, ($.001 par value per share, unlimited number of shares authorized)		90,134,456			173,721,896

Net Asset Value, offering and redemption price per share (net assets divided by shares outstanding)	$	1.00		$	1.00


	Statements of Operations for the year ended December 31, 2005


	NY Tax Free			Tax Free
	Money			Money
	Fund			Fund
Investment Income	Investment			Investment

Income:
Interest	$	2,432,160		$	4,326,618

Expenses:
Administration and service fees		604,377			1,045,500

Advisory fee		151,094			261,375

Auditing		41,678			41,294

Legal		25,284			26,900

Trustees’ fees and expenses		9,915			8,305

Reports to shareholders		13,615			14,566

Registration fees		24,303			25,723

Other		10,227			10,151

Total expenses, before expense reductions		880,493			1,433,814

Expense reductions		(129,029	)		(132,000	)

Total expenses, after expense reductions		751,464			1,301,814

Net investment income		1,680,696			3,024,804

Net realized gain (loss) on investment transactions		289			(2,157	)

Net increase (decrease) in net assets resulting from operations	$	1,680,985		$	3,022,647


	Statement of Changes in Net Assets — NY Tax Free Money Fund Investment


	Years Ended December 31,
Increase (Decrease) in Net Assets	2005			2004

Operations:
Net investment income	$	1,680,696		$	436,636

Net realized gain (loss) on investment transactions		289			9,183

Net increase (decrease) in net assets resulting from operations		1,680,985			445,819

Distributions to shareholders from:
Net investment income		(1,680,695	)		(436,714	)

Fund share transactions:
Proceeds from shares sold		255,899,620			477,073,897

Reinvestment of distributions		445,761			137,967

Cost of shares redeemed		(276,418,725	)		(455,652,178	)

Net increase (decrease) in net assets from Fund share transactions		(20,073,344	)		21,559,686

Increase (decrease) in net assets		(20,073,054	)		21,568,791

Net assets at beginning of period		110,210,301			88,641,510

Net assets at end of period (including undistributed net investment income of $25,578 and $25,577, respectively)	$	90,137,247		$	110,210,301


Other Information

Shares outstanding at beginning of period		110,207,798			88,648,139

Shares sold		255,899,620			477,073,897

Shares issued to shareholders in reinvestment of distributions		445,761			137,967

Shares redeemed		(276,418,723	)		(455,652,205	)

Net increase (decrease) in Fund shares		(20,073,342	)		21,559,659

Shares outstanding at end of period		90,134,456			110,207,798


	Statement of Changes in Net Assets — Tax Free Money Fund Investment


^a		The Financial Highlights prior to April 27, 2001 include the Fund’s information as a feeder fund to the NY Tax Free Money Portfolio for the respective periods.

^b		Amount is less than $.0005 per share.

^c		Total return would have been lower had certain expenses not been reduced.

^d		Includes expenses of the NY Tax Free Money Portfolio.


^a		The Financial Highlights prior to April 27, 2001 include the Fund’s information as a feeder fund to the Tax Free Money Portfolio for the respective periods.

^b		Amount is less than $.005 per share.

^c		Total return would have been lower had certain expenses not been reduced.

^d		Includes expenses of the Tax Free Money Portfolio.


	Capital Loss
	Carryforward		Expiration Date

New York Tax Free Money Fund Investment		300		12/31/2013

Tax Free Money Fund Investment		2,160		12/31/2013


	For the Years Ended December 31,

	2005		2004

NY Tax Free Money Fund Investment
Distributions from tax-exempt income	$	1,680,695	$	436,714

Tax Free Money Fund Investment
Distributions from tax-exempt income	$	3,024,804	$	690,126


	Advisory		Amount		Annual
	Fee		Waived		Effective Rate

NY Tax Free Money Fund Investment	$	151,094	$	125,020		.03%

Tax Free Money Fund Investment	$	261,375	$	126,975		.08%


			Unpaid at
	Total		December 31,
	Aggregated		2005

NY Tax Free Money Fund Investment	$	5,760	$	1,740

Tax Free Money Fund Investment	$	5,760	$	1,740

Annualized Expense Ratio

NY Tax Free Money Fund Investment