**SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL        INFORMATION FOR EACH OF THE LISTED PORTFOLIOS**

 

 

| **DWS Variable Series II**                 |                                |
|--------------------------------------------|-------------------------------------|
| DWS Balanced VIP                           | DWS International Select Equity VIP |
| DWS Blue Chip VIP                          | DWS Janus Growth & Income VIP   |
| DWS Conservative Allocation VIP            | DWS Large Cap Value VIP             |
| DWS Core Fixed Income VIP                  | DWS Mid Cap Growth VIP              |
| DWS Davis Venture Value VIP                | DWS Moderate Allocation VIP         |
| DWS Dreman High Return Equity VIP          | DWS Money Market VIP                |
| DWS Dreman Small Mid Cap Value VIP         | DWS Small Cap Growth VIP            |
| DWS Global Thematic VIP                    | DWS Strategic Income VIP            |
| DWS Government & Agency Securities VIP | DWS Technology VIP                  |
| DWS Growth Allocation VIP                  | DWS Turner Mid Cap Growth VIP       |
| DWS High Income VIP                        |                                |

 

Shareholders of the portfolios listed above recently elected Board Members        and certain of the portfolios listed above approved: (1) an amended and restated investment        management agreement with Deutsche Investment Management Americas Inc. (the        “Advisor”); (2) a subadviser approval policy; (3) the revision of certain        fundamental investment policies; (4) an amended and restated declaration of trust; and (5)        a subadvisory agreement between the Advisor and Deutsche Asset Management International        GmbH.

**Board Members**

The        following replaces the relevant disclosure with respect to the Board under**Board Members and Officers**, as        applicable:

The        following table presents certain information regarding the Board Members of the Trust. Each        Board Member’s year of birth is set forth in parentheses after his or her name.        Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s)        noted in the table for at least the most recent five years, although not necessarily in the        same capacity, and (ii) the address of each Board Member that is not an “interested        person” (as defined in the 1940 Act) of the Trust or the Advisor (each, an        “Independent Board Member”), is c/o Dawn-Marie Driscoll, PO Box 100176, Cape        Coral, FL 33904. The term of office for each Board Member is until the election and        qualification of a successor, or until such Board Member sooner dies, resigns, is removed        or as otherwise provided in the governing documents of the Trust. Because the Portfolios do        not hold an annual meeting of shareholders, each Board Member will hold office for an        indeterminate period. The Board Members may also serve in similar capacities with other        funds in the DWS fund complex.

***Independent Board Members***

 

| **Name, Year of Birth,                        Position with the Trust and Length of Time                        Served(1)** | **Business                        Experience and****Directorships During the Past 5 Years**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **Number of Funds                        in DWS Fund Complex Overseen** |
|-----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
| Dawn-Marie Driscoll (1946)Chairperson since 2004,(2) and Board Member since                        1987                | President, Driscoll Associates (consulting firm); Executive                        Fellow, Center for Business Ethics, Bentley College; formerly, Partner,                        Palmer & Dodge (1988-1990); Vice President of Corporate Affairs and                        General Counsel, Filene’s (1978-1988). Directorships: Trustee of 8                        open-end mutual funds managed by Sun Capital Advisers, Inc. (since 2007);                        Director of ICI Mutual Insurance Company (since 2007); Advisory Board,                        Center for Business Ethics, Bentley College; Trustee, Southwest Florida                        Community Foundation (charitable organization); Former Directorships:                        Investment Company Institute (audit, executive, nominating committees) and                        Independent Directors Council (governance, executive committees) | 135                                                                     |
| Paul K. Freeman

(1950)Vice Chairperson since 2008, and Board Member since                        1993                      | Consultant, World Bank/Inter-American Development Bank;                        formerly, Project Leader, International Institute for Applied Systems                        Analysis (1998-2001); Chief Executive Officer, The Eric Group, Inc.                        (environmental insurance) (1986-1998)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 133                                                                     |
| John W. Ballantine (1946)Board Member since 1999                                                                            | Retired; formerly, Executive Vice President and Chief Risk                        Management Officer, First Chicago NBD Corporation/The First National Bank                        of Chicago (1996-1998); Executive Vice President and Head of International                        Banking (1995-1996). Directorships: Healthways Inc. (provider of disease                        and care management services); Portland General Electric (utility company);                        Stockwell Capital Investments PLC (private equity). Former Directorships:                        First Oak Brook Bancshares, Inc. and Oak Brook Bank                                                                                                                                                                                                                                                                                                   | 135                                                                     |
| Henry P. Becton, Jr. (1943)Board Member since1990                                                                           | Vice Chair, WGBH Educational Foundation. Directorships:                        Association of Public Television Stations; Becton Dickinson and                        Company(3) (medical technology company); Belo                        Corporation(3) (media company); Boston Museum of Science; Public                        Radio International. Former Directorships: American Public Television;                        Concord Academy; New England Aquarium; Mass. Corporation for Educational                        Telecommunications; Committee for Economic Development; Public Broadcasting                        Service                                                                                                                                                                                                                                                                                                    | 135                                                                     |
| Keith R. Fox (1954)Board Member since1996                                                                                   | Managing General Partner, Exeter Capital Partners (a series                        of private equity funds). Directorships: Progressive Holding Corporation                        (kitchen goods importer and distributor); Natural History, Inc. (magazine                        publisher); Box Top Media Inc. (advertising); The Kennel Shop                        (retailer)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 135                                                                     |
| Kenneth C. Froewiss(1945)Board Member since2001                                                                             | Clinical Professor of Finance, NYU Stern School of Business                        (1997-present); Member, Finance Committee, Association for Asian Studies                        (2002-present); Director, Mitsui Sumitomo Insurance Group (US)                        (2004-present); prior thereto, Managing Director, J.P. Morgan (investment                        banking firm) (until 1996)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 135                                                                     |

 

 

| Richard J. Herring(1946)Board Member since1990                         | Jacob Safra Professor of International Banking and                        Professor, Finance Department, The Wharton School, University of                        Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions                        Center (since July 2000); Director, Japan Equity Fund, Inc. (since                        September 2007), Thai Capital Fund, Inc. (since September 2007), Singapore                        Fund, Inc. (since September 2007). Formerly, Vice Dean and Director,                        Wharton Undergraduate Division (July 1995-June 2000); Director, Lauder                        Institute of International Management Studies (July 2000-June                        2006) | 135 |
|------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----|
| William McClayton (1944)Board Member since 2004                        | Chief Administrative Officer, Diamond Management &                        Technology Consultants, Inc. (global management consulting firm)                        (2001-present); formerly, Senior Partner, Arthur Andersen LLP (accounting)                        (1966-2001). Directorship: Board of Managers, YMCA of Metropolitan Chicago.                        Formerly Trustee, Ravinia Festival                                                                                                                                                                                                                                                                                                                                         | 135 |
| Rebecca W. Rimel(1951)Board Member since1995                           | President and Chief Executive Officer, The Pew Charitable                        Trusts (charitable organization) (1994 to present); Trustee, Thomas                        Jefferson Foundation (charitable organization) (1994 to present); Trustee,                        Executive Committee, Philadelphia Chamber of Commerce (2001 to present).                        Formerly, Executive Vice President, The Glenmede Trust Company (investment                        trust and wealth management) (1983 to 2004); Board Member, Investor                        Education (charitable organization) (2004-2005); Director, Viasys Health                        Care(3) (January 2007-June 2007)                                           | 135 |
| William N. Searcy, Jr.(1946)Board Member since1993 | Private investor since October 2003; Trustee of 8 open-end                        mutual funds managed by Sun Capital Advisers, Inc. (since October 1998).                        Formerly, Pension & Savings Trust Officer, Sprint                        Corporation(3) (telecommunications) (November 1989-September                        2003)                                                                                                                                                                                                                                                                                                                                                                                              | 135 |
| Jean Gleason Stromberg(1943)Board Member since1997                     | Retired. Formerly, Consultant (1997-2001); Director, US                        Government Accountability Office (1996-1997); Partner, Fulbright &                        Jaworski, L.L.P. (law firm) (1978-1996). Directorships: The William and                        Flora Hewlett Foundation; Service Source, Inc. Former Directorships: Mutual                        Fund Directors Forum (2002-2004), American Bar Retirement Association                        (funding vehicle for retirement plans) (1987-1990 and 1994-1996)                                                                                                                                                                                                          | 135 |
| Robert H. Wadsworth (1940)Board Member since 1999                      | President, Robert H. Wadsworth & Associates, Inc.                        (consulting firm) (1983 to present).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 138 |

 

***Interested Board Member***

 

| **Name, Year of Birth,                        Position with the Trust and Length of Time                        Served(1)** | **Business                        Experience and****Directorships During the Past 5 Years**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | **Number of Funds                        in DWS Fund Complex Overseen** |
|-----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
| Axel Schwarzer(4)(1958)Board Member since2006                                                                               | Managing Director(5), Deutsche Asset Management;                        Head of Deutsche Asset Management Americas; CEO of DWS Scudder; formerly,                        board member of DWS Investments, Germany (1999-2005); formerly, Head of                        Sales and Product Management for the Retail and Private Banking Division of                        Deutsche Bank in Germany (1997-1999); formerly, various strategic and                        operational positions for Deutsche Bank Germany Retail and Private Banking                        Division in the field of investment funds, tax driven instruments and asset                        management for corporates (1989-1996) | 135                                                                     |

***Officers*****(6)**

 

| **Name, Year of Birth,                        Position with the Trust and Length of Time                        Served(7)** | **Business                        Experience and****Directorships During the Past 5 Years**                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Michael G.                        Clark(8) (1965)President, 2006-present                                                    | Managing Director(5), Deutsche Asset Management                        (2006-present); President of DWS family of funds; Director, ICI Mutual                        Insurance Company (since October 2007); formerly, Director of Fund                        Board Relations (2004-2006) and Director of Product Development                        (2000-2004), Merrill Lynch Investment Managers; Senior Vice President                        Operations, Merrill Lynch Asset Management (1999-2000) |
| John                        Millette(9) (1962)Vice President and Secretary, 1999-present                                    | Director(5), Deutsche Asset Management                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Paul H.                        Schubert(8) (1963)Chief Financial Officer, 2004-presentTreasurer, 2005-present               | Managing Director(5), Deutsche Asset Management                        (since July 2004); formerly, Executive Director, Head of Mutual Fund                        Services and Treasurer for UBS Family of Funds (1998-2004); Vice President                        and Director of Mutual Fund Finance at UBS Global Asset Management                        (1994-1998)                                                                                                                                     |
| Patricia                        DeFilippis(8) (1963)Assistant Secretary, 2005-present                                       | Vice President, Deutsche Asset Management (since June 2005);                        formerly, Counsel, New York Life Investment Management LLC (2003-2005);                        legal associate, Lord, Abbett & Co. LLC (1998-2003)                                                                                                                                                                                                                                                                     |
| Elisa D.                        Metzger(8) (1962)Assistant Secretary, 2005-present                                          | Director(5), Deutsche Asset Management (since                        September 2005); formerly, Counsel, Morrison and Foerster LLP                        (1999-2005)                                                                                                                                                                                                                                                                                                                                          |
| Caroline                        Pearson(9) (1962)Assistant Secretary, 1997-present                                          | Managing Director(5), Deutsche Asset                        Management                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Paul                        Antosca(9)(1957)Assistant Treasurer, 2007-present                                               | Director(5), Deutsche Asset Management (since                        2006); formerly, Vice President, The Manufacturers Life Insurance Company                        (U.S.A.) (1990-2006)                                                                                                                                                                                                                                                                                                                     |
| Jack Clark                        (9)

(1967)

Assistant                        Treasurer,

2007-present                    | Director(5), Deutsche Asset Management (since                        2007); formerly, Vice President, State Street Corporation                        (2002-2007)                                                                                                                                                                                                                                                                                                                                              |

 

 

| Kathleen                        Sullivan D’Eramo(9)(1957)Assistant Treasurer, 2003-present                            | Director(5), Deutsche Asset Management                                                                                                                                                                                                                                                                                                                               |
|-----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Diane                        Kenneally(9)

(1966)

Assistant                        Treasurer,

2007-present                | Director(5), Deutsche Asset Management                                                                                                                                                                                                                                                                                                                               |
| Jason                        Vazquez(8) (1972)Anti-Money Laundering Compliance Officer,                        2007-present | Vice President, Deutsche Asset Management (since 2006);                        formerly, AML Operations Manager for Bear Stearns (2004-2006), Supervising                        Compliance Principal and Operations Manager for AXA Financial                        (1999-2004)                                                                                    |
| Robert                        Kloby(8) (1962)Chief Compliance Officer, 2006-present                                         | Managing Director(5), Deutsche Asset Management                        (2004-present); formerly, Chief Compliance Officer/Chief Risk Officer,                        Robeco USA (2000-2004); Vice President, The Prudential Insurance Company of                        America (1988-2000); E.F. Hutton and Company (1984-1988)                                     |
| J.                        Christopher Jackson(8)

(1951)Chief Legal Officer, 2006-present                                   | Director(5), Deutsche Asset Management                        (2006-present); formerly, Director, Senior Vice President, General Counsel,                        and Assistant Secretary, Hansberger Global Investors, Inc. (1996-2006);                        Director, National Society of Compliance Professionals                        (2002-2005)(2006-2009) |

| (1) | The length of time served represents the year in which the                        Board Member joined the board of one or more DWS funds currently overseen                        by the Board. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents the year in which Ms. Driscoll was first                        appointed Chairperson of certain DWS funds. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (3) | A publicly held company with securities registered pursuant                        to Section 12 of the Securities Exchange Act of 1934. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The mailing address of Axel Schwarzer is c/o Deutsche                        Investment Management Americas Inc., 345 Park Avenue, New York, New York                        10154. Mr. Schwarzer is an interested Board Member by virtue of his                        positions with Deutsche Asset Management. As an interested person,                        Mr. Schwarzer receives no compensation from the Portfolios. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Executive title, not a board directorship. |
|-----|--------------------------------------------|

| (6) | As a result of their respective positions held with the                        Advisor, these individuals are considered “interested persons”                        of the Advisor within the meaning of the 1940 Act. Interested persons                        receive no compensation from the Portfolios. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The length of time served represents the year in which the                        officer was first elected in such capacity for one or more DWS                        funds. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Address: 345 Park Avenue, New York, New York                        10154. |
|-----|----------------------------------------------------------------------------|

| (9) | Address: Two International Place, Boston, Massachusetts                        02110. |
|-----|---------------------------------------------------------------------------------------|

Certain        officers hold similar positions for other investment companies for which the Advisor or an        affiliate serves as the Advisor.

**Officer’s Role with Principal Underwriter: DWS Scudder        Distributors, Inc.**

 

| Paul H. Schubert: | Vice President |
|-------------------|----------------|
| Caroline Pearson: | Secretary      |

 

**Board Members’ Responsibilities.**The        officers of the Trust manage its day-to-day operations under the direction of the Board.        The primary responsibility of the Board is to represent the interests of the Portfolios and        to provide oversight of the management of the Portfolios.

**Board Committees.**The Board has established the        following standing committees: Audit Committee, Nominating and Governance Committee,        Contract Committee, Equity Oversight Committee, Fixed-Income and Quant Oversight Committee,        Marketing and Shareholder Services Committee, and Operations Committee. For each committee,        the Board has adopted a written charter setting forth each committee’s        responsibilities. Each committee was reconstituted effective April 1, 2008.

***Audit Committee***: The Audit Committee,        which consists entirely of Independent Board Members, assists the Board in fulfilling its        responsibility for oversight of (1) the integrity of the financial statements, (2) the        Portfolios’ accounting and financial reporting policies and procedures, (3) the        Portfolios’ compliance with legal and regulatory requirements related to accounting        and financial reporting and (4) the qualifications, independence and performance of the        independent registered public accounting firm for the Portfolios. It also approves and        recommends to the Board the appointment, retention or termination of the independent        registered public accounting firm for the Portfolios, reviews the scope of audit and        internal controls, considers and reports to the Board on matters relating to the        Portfolios’ accounting and financial reporting practices, and performs such other        tasks as the full Board deems necessary or appropriate. The Audit Committee receives annual        representations from the independent registered public accounting firm as to its        independence. The members of the Audit Committee are William McClayton (Chair), Kenneth C.        Froewiss (Vice Chair), John W. Ballantine, Henry P. Becton, Jr., Keith R. Fox and William        N. Searcy, Jr. During the calendar year 2007, the Audit Committee of the Portfolios’        Board held eight (8) meetings.

***Nominating and Governance Committee***: The        Nominating and Governance Committee, which consists entirely of Independent Board Members,        recommends individuals for membership on the Board, nominates officers, board and committee        chairs, vice chairs and committee members, and oversees the operations of the Board. The        Nominating and Governance Committee also reviews recommendations by shareholders for        candidates for Board positions. Shareholders may recommend candidates for Board positions        by forwarding their correspondence by US mail or courier service to Dawn-Marie Driscoll,        P.O. Box 100176, Cape Coral, FL 33904. The members of the Nominating and Governance        Committee are Henry P. Becton, Jr. (Chair), Rebecca W. Rimel (Vice Chair), Paul K. Freeman        and William McClayton. During the calendar year 2007, the Nominating and Governance        Committee of the Portfolios’ Board performed similar functions and held six (6)        meetings.

***Contract Committee***: The Contract        Committee, which consists entirely of Independent Board Members, reviews at least annually,        (a) the Portfolios’ financial arrangements with DIMA and its affiliates, and (b) the        Portfolios’ expense ratios. The members of the Contract Committee are Robert H.        Wadsworth (Chair), Keith R. Fox (Vice Chair), Henry P. Becton, Jr., Richard J. Herring,        William McClayton and Jean Gleason Stromberg. During the calendar year 2007, the Contract        Review Committee of the Portfolios’ Board performed similar functions and held two        (2) meetings.

***Equity Oversight Committee***: The Equity        Oversight Committee reviews the investment operations of those Portfolios that primarily        invest in equity securities (except for those funds managed by a quantitative investment        team). The members of the Equity Oversight Committee are John W. Ballantine (Chair),        William McClayton (Vice Chair), Henry P. Becton, Jr., Keith R. Fox, Richard J. Herring and        Rebecca W. Rimel. During the calendar year 2007, the Equity Oversight Committee of the        Portfolios’ Board performed similar functions and held five (5) meetings.

***Fixed-Income and Quant Oversight        Committee***: The Fixed-Income and Quant Oversight Committee        reviews the investment operations of those Portfolios that primarily invest in fixed-income        securities or are managed by a quantitative investment team. The members of the        Fixed-Income and QuantOversight Committee are William N. Searcy, Jr. (Chair), Jean Gleason        Stromberg (Vice Chair), Dawn-Marie Driscoll, Paul K. Freeman, Kenneth C. Froewiss and        Robert H. Wadsworth. During the calendar year 2007, the Fixed-Income Oversight Committee of        the Portfolios’ Board performed similar functions and held five (5)        meetings.

***Marketing and Shareholder Services        Committee***: The Marketing and Shareholder Services Committee        reviews the Portfolios’ marketing program, sales practices and literature and        shareholder services. The members of the

Marketing and Shareholder Services Committee are Richard J. Herring (Chair),        Dawn-Marie Driscoll (Vice Chair), Paul K. Freeman, Rebecca W. Rimel, Jean Gleason Stromberg        and Robert H. Wadsworth. The Marketing and Shareholder Services Committee was newly        established effective April 1, 2008.

***The Operations Committee***: The Operations        Committee reviews the administrative operations, legal affairs and general compliance        matters of the Portfolios. The Operations Committee reviews administrative matters related        to the operations of the Portfolios, policies and procedures relating to portfolio        transactions, custody arrangements, fidelity bond and insurance arrangements, valuation of        Portfolios’ assets and securities and such other tasks as the full Board deems        necessary or appropriate. The Operations Committee also oversees the valuation of the        Portfolios’ securities and other assets and determines, as needed, the fair value of        Portfolios’ securities or other assets under certain circumstances as described in        the Portfolios’ Valuation Procedures. The Operations Committee has appointed a        Valuation Sub-Committee, which may make determinations of fair value required when the        Operations Committee is not in session. The members of the Operations Committee are Paul K.        Freeman (Chair), Dawn-Marie Driscoll (Vice Chair), John W. Ballantine, Kenneth C. Froewiss,        Rebecca W. Rimel and William N. Searcy, Jr. The members of the Valuation Sub-Committee are        Kenneth C. Froewiss (Chair), John W. Ballantine, Dawn-Marie Driscoll (Alternate), Paul K.        Freeman (Alternate), Rebecca W. Rimel (Alternate) and William N. Searcy, Jr. (Alternate).        During the calendar year 2007, the Operations Committee, which held six (6) meetings, and        Valuation Committee, which held one (1) meeting, except for DWS Blue Chip VIP, DWS Davis        Venture Value VIP, DWS Dreman Small Mid Cap Value VIP, DWS High Income VIP and DWS        Technology which held two (2) meetings and DWS Global Thematic VIP which held three (3)        meetings, performed similar functions.

**Ad        Hoc Committees.**In addition to the standing committees described        above, from time to time the Board may also form ad hoc committees to consider specific        issues.

**Remuneration.**Each Independent Board Member        receives compensation from the Portfolios for his or her services, which includes an annual        retainer and an attendance fee for each meeting attended. No additional compensation is        paid to any Independent Board Member for travel time to meetings, attendance at directors'        educational seminars or conferences, service on industry or association committees,        participation as speakers at directors' conferences or service on special fund industry        director task forces or subcommittees. Independent Board Members do not receive any        employee benefits such as pension or retirement benefits or health insurance from the        Portfolios or any fund in the DWS fund complex.

Board        Members who are officers, directors, employees or stockholders of Deutsche Asset Management        (“DeAM”) or its affiliates receive no direct compensation from the Portfolios,        although they are compensated as employees of Deutsche Asset Management, or its affiliates,        and as a result may be deemed to participate in fees paid by the Portfolios. The following        tables show compensation from the Portfolios and aggregate compensation from all of the        funds in the DWS fund complex received by each Independent Board Member during the calendar        year 2007. Mr. Schwarzer is an interested person of the Portfolios and received no        compensation from the Portfolios or any fund in the DWS fund complex during the relevant        periods.

 

|                                                     |    | **Aggregate Compensation from Portfolio**

                          |
|----------------------------------------------------------|--------------|---------------------------------------------------------------------------|
| **Name of Board Member**

                          |    | **DWS****Balanced VIP**

                                            |    | **DWS Blue****Chip VIP**

                          |    | **DWS Conservative****Allocation VIP**

                          |    | **DWS Core****Fixed Income VIP**

                          |
| John W. Ballantine                                       |         | $4,300                                                                    |   | $3,480 |   | $1,890 |   | $3,610 |
| Henry P. Becton, Jr.                                     |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Dawn-Marie Driscoll                                      |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Keith R. Fox                                             |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Paul K. Freeman                                          |         | $5,300                                                                    |   | $4,286 |   | $2,355 |   | $4,473 |
| Kenneth C. Froewiss                                      |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Richard J. Herring                                       |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| William McClayton                                        |         | $4,100                                                                    |   | $3,320 |   | $1,810 |   | $3,450 |
| Rebecca W. Rimel                                         |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| William N. Searcy, Jr.                                   |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Jean Gleason Stromberg                                   |         | $0                                                                        |   | $0 |   | $0 |   | $0 |

 

 

| Robert H. Wadsworth |    | $4,100 |    | $3,320 |    | $1,810 |    | $3,450 |
|---------------------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|

 

|                                                     |    | **Aggregate Compensation from Portfolio**

                          |
|----------------------------------------------------------|--------------|---------------------------------------------------------------------------|
| **Name of Board Member**

                          |    | **DWS Davis****Venture****Value VIP**

                              |    | **DWS Dreman****High Return****Equity VIP**

                          |    | **DWS Dreman****Small Mid Cap****Value VIP**

                          |    | **DWS Global****Thematic VIP**

                          |
| John W. Ballantine                                       |         | $3,720                                                                    |   | $5,260 |   | $4,350 |   | $2,770 |
| Henry P. Becton, Jr.                                     |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Dawn-Marie Driscoll                                      |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Keith R. Fox                                             |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Paul K. Freeman                                          |         | $4,593                                                                    |   | $6,474 |   | $5,344 |   | $3,409 |
| Kenneth C. Froewiss                                      |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Richard J. Herring                                       |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| William McClayton                                        |         | $3,550                                                                    |   | $5,010 |   | $4,150 |   | $2,630 |
| Rebecca W. Rimel                                         |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| William N. Searcy, Jr.                                   |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Jean Gleason Stromberg                                   |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Robert H. Wadsworth                                      |    | $3,550                                                                    |    | $5,010 |    | $4,150 |    | $2,630 |

 

 

|                                                     |    | **Aggregate Compensation from Portfolio**

                               |
|----------------------------------------------------------|--------------|--------------------------------------------------------------------------------|
| **Name of Board Member**

                          |    | **DWS Government & Agency Securities VIP**

                          |    | **DWS Growth Allocation VIP**

                          |    | **DWS High****Income VIP**

                          |    | **DWS International****Select Equity VIP**

                          |
| John W. Ballantine                                       |         | $3,050                                                                         |   | $2,960 |   | $3,510 |   | $3,240 |
| Henry P. Becton, Jr.                                     |    | $0                                                                             |    | $0 |    | $0 |    | $0 |
| Dawn-Marie Driscoll                                      |    | $0                                                                             |    | $0 |    | $0 |    | $0 |
| Keith R. Fox                                             |    | $0                                                                             |    | $0 |    | $0 |    | $0 |
| Paul K. Freeman                                          |         | $3,764                                                                         |   | $3,650 |   | $4,302 |   | $3,991 |
| Kenneth C. Froewiss                                      |    | $0                                                                             |    | $0 |    | $0 |    | $0 |
| Richard J. Herring                                       |         | $0                                                                             |   | $0 |   | $0 |   | $0 |
| William McClayton                                        |         | $2,900                                                                         |   | $2,820 |   | $3,350 |   | $3,090 |
| Rebecca W. Rimel                                         |         | $0                                                                             |   | $0 |   | $0 |   | $0 |
| William N. Searcy, Jr.                                   |         | $0                                                                             |   | $0 |   | $0 |   | $0 |
| Jean Gleason Stromberg                                   |         | $0                                                                             |   | $0 |   | $0 |   | $0 |
| Robert H. Wadsworth                                      |    | $2,900                                                                         |    | $2,820 |    | $3,350 |    | $3,090 |

 

 

|                                                     |    | **Aggregate Compensation from Portfolio**

                          |
|----------------------------------------------------------|--------------|---------------------------------------------------------------------------|
| **Name of Board Member**

                          |    | **DWS Janus Growth &****Income VIP**

                           |    | **DWS Large****Cap Value VIP**

                          |    | **DWS Mid****Cap Growth VIP**

                          |    | **DWS Moderate****Allocation VIP**

                          |
| John W. Ballantine                                       |         | $2,950                                                                    |   | $3,350 |   | $1,910 |   | $2,800 |
| Henry P. Becton, Jr.                                     |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Dawn-Marie Driscoll                                      |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Keith R. Fox                                             |    | $0                                                                        |    | $0 |    | $0 |    | $0 |
| Paul K. Freeman                                          |         | $3,628                                                                    |   | $4,118 |   | $2,351 |   | $3,463 |
| Kenneth C. Froewiss                                      |    | $0                                                                        |    | $0 |    | $0 |    | $0 |

 

 

| Richard J. Herring     |         | $0     |         | $0     |         | $0     |         | $0     |
|------------------------|--------------|--------|--------------|--------|--------------|--------|--------------|--------|
| William McClayton      |         | $2,810 |         | $3,190 |         | $1,830 |         | $2,670 |
| Rebecca W. Rimel       |         | $0     |         | $0     |         | $0     |         | $0     |
| William N. Searcy, Jr. |         | $0     |         | $0     |         | $0     |         | $0     |
| Jean Gleason Stromberg |         | $0     |         | $0     |         | $0     |         | $0     |
| Robert H. Wadsworth    |    | $2,810 |    | $3,190 |    | $1,830 |    | $2,670 |

 

 

|                                                     |    | **Aggregate Compensation from Portfolio**

                          |
|----------------------------------------------------------|--------------|---------------------------------------------------------------------------|
| **Name of Board Member**

                          |    | **DWS Money****Market VIP**

                                        |    | **DWS Small Cap****Growth VIP**

                          |    | **DWS Strategic****Income VIP**

                          |    | **DWS****Technology VIP**

                          |
| John W. Ballantine                                       |         | $3,560                                                                    |   | $3,070 |   | $2,330 |   | $2,750 |
| Henry P. Becton, Jr.                                     |    | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Dawn-Marie Driscoll                                      |    | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Keith R. Fox                                             |    | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Paul K. Freeman                                          |         | $4,403                                                                    |   | $3,784 |   | $2,885 |   | $3,391 |
| Kenneth C. Froewiss                                      |    | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Richard J. Herring                                       |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| William McClayton                                        |         | $3,390                                                                    |   | $2,910 |   | $2,230 |   | $2,630 |
| Rebecca W. Rimel                                         |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| William N. Searcy, Jr.                                   |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Jean Gleason Stromberg                                   |         | $0                                                                        |   | $0 |   | $0 |   | $0 |
| Robert H. Wadsworth                                      |    | $3,390                                                                    |   | $2,910 |   | $2,230 |   | $2,630 |

 

 

|                                                     |         | **Aggregate Compensation from Portfolio**

                          |
|----------------------------------------------------------|--------------|---------------------------------------------------------------------------|
| **Name of Board Member**

                          |    | **DWS Turner Mid****Cap Growth VIP**

                               |
| John W. Ballantine                                       |         | $2,530                                                                    |
| Henry P. Becton, Jr.                                     |    | $0                                                                        |
| Dawn-Marie Driscoll                                      |    | $0                                                                        |
| Keith R. Fox                                             |    | $0                                                                        |
| Paul K. Freeman                                          |         | $3,136                                                                    |
| Kenneth C. Froewiss                                      |    | $0                                                                        |
| Richard J. Herring                                       |         | $0                                                                        |
| William McClayton                                        |         | $2,410                                                                    |
| Rebecca W. Rimel                                         |         | $0                                                                        |
| William N. Searcy, Jr.                                   |         | $0                                                                        |
| Jean Gleason Stromberg                                   |         | $0                                                                        |
| Robert H. Wadsworth                                      |    | $2,410                                                                    |

 

 

| **Name of Board Member**

                          |    | **Total** **Compensation** **from**

**Portfolio** **and** **DWS Fund** **Complex(1)**

                          |
|----------------------------------------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| *Independent Board Members*                              |    |  

                                                                                                                                   |
| John W. Ballantine                                       |    | $215,000                                                                                                                                        |

 

 

| Henry P. Becton, Jr.(4)   |    | $200,000 |
|---------------------------|--------------|----------|
| Dawn-Marie Driscoll(2)(4) |    | $253,000 |
| Keith R. Fox(4)           |    | $203,000 |
| Paul K. Freeman(3)        |    | $265,000 |
| Kenneth C. Froewiss(4)    |    | $200,000 |
| Richard J. Herring(4)     |    | $195,000 |
| William McClayton(5)      |    | $205,000 |
| Rebecca W. Rimel(4)       |    | $194,000 |
| William N. Searcy, Jr.(4) |    | $200,000 |
| Jean Gleason Stromberg(4) |    | $189,000 |
| Robert H. Wadsworth       |    | $245,250 |

| (1) | The DWS fund complex is composed of 138 funds as of December                        31, 2007. |
|-----|-----------------------------------------------------------------------------------------------|

| (2) | Includes $50,000 in annual retainer fees received by                        Ms. Driscoll as Chairperson of certain DWS funds. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Includes $25,000 paid to Dr. Freeman for numerous special                        meetings of an ad hoc committee in connection with board consolidation                        initiatives and $50,000 in annual retainer fees received by Dr. Freeman as                        Chairperson of certain DWS funds. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Aggregate compensation includes amounts paid to the Board                        Members for special meetings of ad hoc committees of the board in                        connection with the consolidation of the DWS fund boards and various funds,                        meetings for considering fund expense simplification initiatives, and                        consideration of issues specific to the Portfolios’ direct                        shareholders (i.e., those shareholders who did not purchase shares through                        financial intermediaries). Such amounts totaled $1,000 for Mr. Becton,                        $1,000 for Ms. Driscoll, $1,000 for Mr. Fox, $1,000 for Mr.                        Froewiss, $1,000 for Dr. Herring, $5,000 for Ms. Rimel, $1,000 for                        Mr. Searcy and $1,000 for Ms. Stromberg. These meeting fees were                        borne by the Advisor. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Does not include $15,000 to be paid to Mr. McClayton in                        calendar year 2008 for numerous special meetings of an ad hoc committee of                        the former Chicago Board in connection with board consolidation                        initiatives. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Dr.        Freeman, prior to his service as Independent Board Member, served as a board member of        certain funds in the Deutsche Bank complex (“DB Funds”). In connection with his        resignation and the resignation of certain other board members of the DB Funds on July 30,        2002 (the “Effective Date”), which was part of a restructuring of the boards        overseeing the DB Funds, Deutsche Asset Management, Inc. (“DAMI”) agreed to        recommend, and, if necessary obtain, directors and officers (“D&O”)        liability insurance coverage for the prior board members, including Dr. Freeman, that        is at least as equivalent in scope and amount to the D&O coverage provided to the prior        board members for the six-year period following the Effective Date. In the event that        D&O insurance coverage is not available in the commercial marketplace on commercially        reasonable terms from a conventional third party insurer, DeAM reserved the right to        provide substantially equivalent protection in the form of an indemnity or financial        guarantee from an affiliate of DeAM. The D&O policy in effect prior to the Effective        Date provided aggregate coverage of $25,000,000, subject to a $250,000 per claim        deductible.

***Board Member Ownership***

As only        certain participating insurance companies are shareholders of the Portfolios, the Board        Members do not own any shares in the Portfolios nor are they contract owners of the        participating insurance companies.

Each Board        Member owns over $100,000 of shares on an aggregate basis in all DWS funds overseen by the        Board as of December 31, 2007.

**Investment Management Agreements and Administrative        Agreement**

For all        Portfolios except: DWS Large Cap Value VIP the following replaces the relevant disclosure        under**Management of the Fund**:

The        Board and the Portfolio’s shareholders recently approved an amended and restated        investment management agreement (the “Investment Management Agreement”) for the        Portfolio. Pursuant to the Investment Management Agreement, the Advisor provides continuing        investment management of the Portfolio’s assets. In addition to the investment        management of the Portfolio’s assets, the Advisor determines the investments to be        made for the Portfolio, including what portion of its assets remain uninvested in cash or        cash equivalents, and with whom the orders for investments are placed, consistent with the        Portfolio’s policies as stated in its prospectus and SAI, or as adopted by the        Portfolio’s Board. The Advisor will also monitor, to the extent not monitored by the        Portfolio’s administrator or other agent, the Portfolio’s compliance with its        investment and tax guidelines and other compliance policies.

The        Advisor provides assistance to the Portfolio’s Board in valuing the securities and        other instruments held by the Portfolio, to the extent reasonably required by valuation        policies and procedures that may be adopted by the Portfolio.

Pursuant to the Investment Management Agreement, (unless otherwise provided        in the agreement or as determined by the Portfolio’s Board and to the extent        permitted by applicable law), the Advisor pays the compensation and expenses of all the        Board Members, officers, and executive employees of the Portfolio, including the        Portfolio’s share of payroll taxes, who are affiliated persons of the        Advisor.

The        Investment Management Agreement provides that the Portfolio is generally responsible for        expenses that include: fees payable to the Advisor; outside legal, accounting or auditing        expenses, including with respect to expenses related to negotiation, acquisition or        distribution of portfolio investments; maintenance of books and records that are maintained        by the Portfolio, the Portfolio’s custodian, or other agents of the Portfolio; taxes        and governmental fees; fees and expenses of the Portfolio’s accounting agent,        custodian, sub-custodians, depositories, transfer agents, dividend reimbursing agents and        registrars; payment for portfolio pricing or valuation services to pricing agents,        accountants, bankers and other specialists, if any; brokerage commissions or other costs of        acquiring or disposing of any portfolio securities or other instruments of the Portfolio;        and litigation expenses and other extraordinary expenses not incurred in the ordinary        course of the Portfolio’s business.

The        Investment Management Agreement allows the Advisor to delegate any of its duties under the        Investment Management Agreement to a subadvisor, subject to a majority vote of the Board of        the Portfolio, including a majority of the Board who are not interested persons of the        Portfolio, and, if required by applicable law, subject to a majority vote of the        Portfolio’s shareholders.

The        Investment Management Agreement provides that the Advisor shall not be liable for any error        of judgment or mistake of law or for any loss suffered by the Portfolio in connection with        matters to which the Investment Management Agreement relates, except a loss resulting from        willful malfeasance, bad faith or gross negligence on the part of the Advisor in the        performance of its duties or from reckless disregard by the Advisor of its obligations and        duties under the Investment Management Agreement. The Investment Management Agreement may        be terminated at any time, without payment of penalty, by either party or by vote of a        majority of the outstanding voting securities of the Portfolio on 60 days’ written        notice.

Effective May 1, 2008, for all services provided under the Investment        Management Agreement, the Portfolio pays the Advisor a fee, computed daily and paid        monthly, at the annual rate as a percentage of net assets shown below:

 

| **Portfolio**    | **Management Fee Rate**                                             |
|------------------|---------------------------------------------------------------------|
| DWS Balanced VIP | 0.370% to $250 million

0.345% next $750 million

0.310% thereafter |

 

 

| DWS Blue Chip VIP                  | 0.550% to $250 million

0.520% next $750 million

0.500% next $1.5 billion

0.480% next $2.5 billion

0.450% next $2.5 billion

0.430% next $2.5 billion

0.410% next $2.5 billion

0.390% thereafter |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| DWS Conservative Allocation VIP    | 0.065% to $500 million

0.055% next $500 million

0.045% next $500 million

0.035% next $1.0 billion

0.025% thereafter                                                                               |
| DWS Core Fixed Income VIP          | 0.500% to $250 million

0.470% next $750 million

0.450% next $1.5 billion

0.430% next $2.5 billion

0.400% next $2.5 billion

0.380% next $2.5 billion

0.360% next $2.5 billion

0.340% thereafter |
| DWS Davis Venture Value VIP        | 0.865% to $250 million

0.840% next $250 million

0.815% next $500 million

0.790% next $1.5 billion

0.765% thereafter                                                                               |
| DWS Dreman High Return Equity VIP  | 0.665% to $250 million

0.635% next $750 million

0.615% next $1.5 billion

0.595% next $2.5 billion

0.565% next $2.5 billion

0.555% next $2.5 billion

0.545% next $2.5 billion

0.535% thereafter |
| DWS Dreman Small Mid Cap Value VIP | 0.650% to $250 million

0.620% next $750 million

0.600% next $1.5 billion

0.580% next $2.5 billion

0.550% next $2.5 billion

0.540% next $2.5 billion

0.530% next $2.5 billion

0.520% thereafter |
| DWS Global Thematic VIP            | 0.915% to $250 million

0.865% next $500 million

0.815% next $750 million

0.765% next $1.5 billion

0.715% thereafter                                                                               |

 

 

| DWS Government & Agency Securities VIP | 0.450% to $250 million

0.430% next $750 million

0.410% next $1.5 billion

0.400% next $2.5 billion

0.380% next $2.5 billion

0.360% next $2.5 billion

0.340% next $2.5 billion

0.320% thereafter |
|--------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| DWS Growth Allocation VIP                  | 0.065% to $500 million

0.055% next $500 million

0.045% next $500 million

0.035% next $1.0 billion

0.025% thereafter                                                                               |
| DWS High Income VIP                        | 0.500% to $250 million

0.470% next $750 million

0.450% next $1.5 billion

0.430% next $2.5 billion

0.400% next $2.5 billion

0.380% next $2.5 billion

0.360% next $2.5 billion

0.340% thereafter |
| DWS International Select Equity VIP        | 0.650% to $1.5 billion

0.635% next $1.75 billion

0.620% next $1.75 billion

0.605% thereafter                                                                                                       |
| DWS Janus Growth & Income VIP          | 0.665% to $250 million

0.640% next $750 million

0.615% next $1.5 billion

0.590% thereafter                                                                                                         |
| DWS Mid Cap Growth VIP                     | 0.665% to $250 million

0.635% next $750 million

0.615% next $1.5 billion

0.595% next $2.5 billion

0.565% next $2.5 billion

0.555% next $2.5 billion

0.545% next $2.5 billion

0.535% thereafter |
| DWS Moderate Allocation VIP                | 0.065% to $500 million

0.055% next $500 million

0.045% next $500 million

0.035% next $1.0 billion

0.025% thereafter                                                                               |
| DWS Money Market VIP                       | 0.285% to $500 million

0.270% next $500 million

0.255% next $1.0 billion

0.240% thereafter                                                                                                         |
| DWS Small Cap Growth VIP                   | 0.550% to $250 million

0.525% next $750 million

0.500% thereafter                                                                                                                                   |

 

 

| DWS Strategic Income VIP      | 0.550% to $250 million

0.520% next $750 million

0.500% next $1.5 billion

0.480% next $2.5 billion

0.450% next $2.5 billion

0.430% next $2.5 billion

0.410% next $2.5 billion

0.390% thereafter |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| DWS Technology VIP            | 0.665% to $250 million

0.635% next $750 million

0.615% next $1.5 billion

0.595% next $2.5 billion

0.565% next $2.5 billion

0.555% next $2.5 billion

0.545% next $2.5 billion

0.535% thereafter |
| DWS Turner Mid Cap Growth VIP | 0.715% to $250 million

0.700% next $250 million

0.685% next $500 million

0.670% thereafter                                                                                                         |

 

The        Portfolio recently entered into a new administrative services agreement with the Advisor        (the “Administrative Services Agreement”), pursuant to which the Advisor        provides administrative services to the Portfolio including, among others, providing the        Portfolio with personnel, preparing and making required filings on behalf of the Portfolio,        maintaining books and records for the Portfolio, and monitoring the valuation of Portfolio        securities. For all services provided under the Administrative Services Agreement, the        Portfolio pays the Advisor a fee, computed daily and paid monthly, of 0.100% of the        Portfolio’s net assets.

Under        the Administrative Services Agreement, the Advisor is obligated on a continuous basis to        provide such administrative services as the Board of the Portfolio reasonably deems        necessary for the proper administration of the Portfolio. The Advisor provides the        Portfolio with personnel; arranges for the preparation and filing of the Portfolio’s        tax returns; prepares and submits reports and meeting materials to the Board and the        Portfolio’s shareholders; prepares and files updates to the Portfolio’s        prospectus and statement of additional information as well as other reports required to be        filed by the SEC; maintains the Portfolio’s records; provides the Portfolio with        office space, equipment and services; supervises, negotiates the contracts of and monitors        the performance of third parties contractors; oversees the tabulation of proxies; monitors        the valuation of portfolio securities and monitors compliance with Board-approved valuation        procedures; assists in establishing the accounting and tax policies of the Portfolio;        assists in the resolution of accounting issues that may arise with respect to the        Portfolio; establishes and monitors the Portfolio’s operating expense budgets;        reviews and processes the Portfolio’s bills; assists in determining the amount of        dividends and distributions available to be paid by the Portfolio, prepares and arranges        dividend notifications and provides information to agents to effect payments thereof;        provides to the Board periodic and special reports; provides assistance with investor and        public relations matters; and monitors the registration of shares under applicable federal        and state law. The Advisor also performs certain fund accounting services under the        Administrative Services Agreement. The Administrative Services Agreement provides that the        Advisor will not be liable under the Administrative Services Agreement except for willful        misfeasance, bad faith or negligence in the performance of its duties or from the reckless        disregard by it of its duties and obligations thereunder.

**Subadvisor Approval Policy**

For all        Portfolios, the following is added to the disclosure under**Management of the Fund**:

The        Board and the Portfolio’s shareholders recently approved a new subadvisor policy for        the Portfolios (the “Subadvisor Approval Policy”). The Subadvisor Approval        Policy permits the Advisor, subject to the approval of the Board, including a majority of        the Independent Board Members, to terminate an existing subadvisor or sub-subadvisor and        hire another subadvisor or sub-subadvisor, as applicable, and materially amend an existing        subadvisory agreement or sub-subadvisory agreement without obtaining shareholder approval.        The Portfolios could not implement the Subadvisor Approval Policy without the Securities        and Exchange Commission (the “SEC”) granting the Portfolios exemptive relief. A        number of other mutual fund complexes have obtained exemptive relief with respect to an        advisor’s ability to appoint, replace or amend the subadvisory agreement with        unaffiliated subadvisors and subadvisors that are wholly owned subsidiaries of the advisor.        However, exemptive relief with regard to an advisor’s ability to appoint, replace or        amend the subadvisory agreement with a subadvisor, who is affiliated with, but not wholly        owned subsidiary of the advisor, without shareholder approval, would be more expansive        relief than previously granted by the SEC. In addition, exemptive relief with regard to an        advisor’s ability to appoint, replace or amend a sub-subadvisory agreement with a        sub-advisor, without shareholder approval, would be more expansive relief than previously        obtained by other mutual fund complexes. Accordingly, there can be no assurance that the        Portfolios’ exemptive application will be granted by the SEC or that it will be        sufficiently broad to allow the Portfolios to implement the Subadvisor Approval Policy as        described above. The SEC also has proposed Rule 15a-5 under the Investment Company Act of        1940, as amended (the “1940 Act”) in October 2003 to permit the appointment and        termination of subadvisors and amendment to subadvisory agreements without shareholder        approval. No action has been taken on proposed Rule 15a-5 under the 1940 Act since it        proposal and there is no assurances that the rule will be adopted as proposed. The        Portfolios and the Advisor will be subject to the conditions imposed by the SEC (either by        an exemptive order or as part of the final rule) whenever the Advisor acts under the        Subadvisor Approval Policy, including any shareholder notice requirements.

**Fundamental Investment Policies**

Each        Portfolio’s fundamental restriction regarding commodities is replaced with the        following:

The Fund may not on behalf of any Portfolio purchase or sell commodities,        except as permitted by the 1940 Act, as amended, and as interpreted or modified by the        regulatory authority having jurisdiction, from time to time.

**DWS        Money Market VIP only:**

Effective on or about May 1, 2008, The Portfolio’s fundamental        restriction regarding concentration is replaced with the following:

The Portfolio may not concentrate its investments in any particular industry        (excluding US Government Obligations), as that term is used in the 1940 Act, as amended,        and as interpreted or modified by the regulatory authority having jurisdiction from time to        time; except that the Portfolio will invest more than 25% of its total assets in the        obligations of banks and other financial institutions.

The        following is added under**Investment Restrictions –        Concentration**:

DWS Money Market VIP “concentrates,” for purposes of the 1940        Act, its assets in securities related to a particular industry (i.e., banks and other        financial institutions), which means that at least 25% of its total assets will be invested        in obligations of banks and other financial institutions at all times.

The        following is added as a new paragraph under**Investment Policies        and Techniques - Bank and Savings and Loan        Obligations**:

**Bank and Savings and Loan Obligations.**These        obligations include negotiable certificates of deposit, bankers' acceptances, deposit        notes, fixed time deposits or other short-term bank obligations. Certificates of deposit        are negotiable certificates evidencing the obligations of a bank to repay funds deposited        with it for a specified period of time. The Portfolios may invest in certificates of        deposit of large domestic banks and their foreign branches, large US regulated subsidiaries        of large foreign banks (i.e., banks which at the time of their most recent annual financial        statements show total assets in excess of $1 billion), large foreign branches of large        foreign banks (Money Market VIP only) and smaller banks as described below. Although the        Portfolios recognize that the size of a bank is important, this fact alone is not        necessarily indicative of its creditworthiness. Investment in certificates of deposit        issued by foreign branches of domestic banks involves investment risks that are different        in some respects from those associated with investment in certificates of deposit issued by        domestic branches of domestic banks, including the possible imposition of withholding taxes        on interest income, the possible adoption of foreign governmental restrictions which might        adversely affect the payment of principal and interest on such certificates of deposit, or        other adverse political or economic developments. In addition, it might be more difficult        to obtain and enforce a judgment against a foreign branch of a domestic bank. Further,        foreign branches of foreign banks are not regulated by US banking authorities, and        generally are not bound by accounting, auditing and financial reporting standards        comparable to US banks.

**Trust Organization**

The        following replaces all information under**Fund        Organization**with respect to the Declaration of Trust and the        rights and obligations thereunder, except historical information and information relating        to DWS Variable Series II’s series:

DWS Variable Series II is a Massachusetts business trust organized under the        laws of Massachusetts and is governed by an Amended and Restated Declaration of Trust that        was approved by shareholders in the second quarter of 2008, as may be further amended from        time to time (the “Declaration of Trust”). All shares issued and outstanding        are fully paid and non-assessable, transferable, have no pre-emptive or conversion rights        (except as may be determined by the Board of Trustees) and are redeemable as described in        the SAI and a Portfolio’s prospectus. Each share has equal rights with each other        share of the same class of the Portfolio as to voting, dividends, exchanges, conversion        features and liquidation. Shareholders are entitled to one vote for each full share held        and fractional votes for fractional shares held.

A Portfolio generally is not required to hold meetings of its shareholders.        Under the Declaration of Trust, however, shareholder meetings will be held in connection        with the following matters to the extent and as provided in the Declaration of Trust and as        required by applicable law: (a) the election or removal of trustees if a meeting is called        for such purpose; (b) the termination of the Fund or a Portfolio; (c) an amendment of the        Declaration of Trust; and (d) such additional matters as may be required by law or as the        Trustees may determine to be necessary or desirable. Shareholders also vote upon changes in        fundamental policies or restrictions.

The Declaration of Trust provides that shareholder meeting quorum        requirements shall be established in the Fund’s By-laws. The By-laws currently in        effect provide that the presence in person or by proxy of the holders of thirty percent of        the shares entitled to vote at a meeting (or of an individual series or class if required        to vote separately) shall constitute a quorum for the transaction of business at meetings        of shareholders of the Fund.

On any matter submitted to a vote of shareholders, all shares of the Fund        entitled to vote shall, except as otherwise provided in the Fund’s By-Laws, be voted        in the aggregate as a single class without regard to series or classes of shares, except        (a) when required by applicable law or when the Trustees shall have determined that the        matter affects one or more series or classes of shares materially differently, shares shall        be voted by individual series or class; and (b) when the Trustees

have determined that the matter affects only the interests of one or more        series or classes, only shareholders of such series or classes shall be entitled to vote        thereon.

The Declaration of Trust provides that the Board of Trustees may, in its        discretion, establish minimum investment amounts for shareholder accounts, impose fees on        accounts that do not exceed a minimum investment amount and involuntarily redeem shares in        any such account in payment of such fees. The Board of Trustees, in its sole discretion,        also may cause the Fund to redeem all of the shares of the Fund or one or more series or        classes held by any shareholder for any reason, to the extent permissible by the 1940 Act,        including (a) if the shareholder owns shares having an aggregate net asset value of less        than a specified minimum amount, (b) if a particular shareholder’s ownership of        shares would disqualify a series from being a regulated investment company, (c) upon a        shareholder’s failure to provide sufficient identification to permit the Fund to        verify the shareholder’s identity, (d) upon a shareholder’s failure to pay for        shares or meet or maintain the qualifications for ownership of a particular class or series        of shares, (e) if the Board of Trustees determines (or pursuant to policies established by        the Board it is determined) that share ownership by a particular shareholder is not in the        best interests of remaining shareholders, (f) when a Portfolio is requested or compelled to        do so by governmental authority or applicable law and (g) upon a shareholder’s        failure to comply with a request for information with respect to the direct or indirect        ownership of shares of the Fund. The Declaration of Trust also authorizes the Board of        Trustees to terminate a Portfolio or any class without shareholder approval, and the Fund        may suspend the right of shareholders to require the Fund to redeem shares to the extent        permissible under the 1940 Act.

Upon the termination of the Fund or any series, after paying or adequately        providing for the payment of all liabilities which may include the establishment of a        liquidating trust or similar vehicle, and upon receipt of such releases, indemnities and        refunding agreements as they deem necessary for their protection, the Trustees may        distribute the remaining Fund property or property of the series, in cash or in kind or        partly each, to the shareholders of the Fund or the series involved, ratably according to        the number of shares of the Fund or such series held by the several shareholders of the        Fund or such series on the date of termination, except to the extent otherwise required or        permitted by the preferences and special or relative rights and privileges of any classes        of shares of a series involved, provided that any distribution to the shareholders of a        particular class of shares shall be made to such shareholders pro rata in proportion to the        number of shares of such class held by each of them. The composition of any such        distribution (e.g., cash, securities or other assets) shall be determined by the Fund in        its sole discretion, and may be different among shareholders (including differences among        shareholders in the same series or class).

Under Massachusetts law, shareholders of a Massachusetts business trust        could, under certain circumstances, be held personally liable for obligations of a        Portfolio. The Declaration of Trust, however, disclaims shareholder liability for acts or        obligations of the Portfolio and requires that notice of such disclaimer be given in each        agreement, obligation, or instrument entered into or executed by the Portfolio or the        Portfolio’s trustees. Moreover, the Declaration of Trust provides for indemnification        out of Portfolio property for all losses and expenses of any shareholder held personally        liable for the obligations of the Portfolio and the Portfolio may be covered by insurance        which the Trustees consider adequate to cover foreseeable tort claims. Thus, the risk of a        shareholder incurring financial loss on account of shareholder liability is considered by        the Advisor remote and not material, since it is limited to circumstances in which a        disclaimer is inoperative and the Portfolio itself is unable to meet its        obligations.

**Subadvisor**

**DWS        Balanced VIP only:**

The        following is added under**Management of the        Fund**:

**Subadvisor to DWS Balanced VIP.**Deutsche Asset        Management International GmbH (“DeAMi”), an investment advisor registered with        the SEC, is the subadvisor for a portion of the large cap value allocation of the Portfolio        pursuant to the sub-advisory agreement (the “Sub-Advisory Agreement”). DeAMi,        Mainzer Landstrasse 178-190, 60325 Frankfurt am Main, Germany, will render investment        advisory and management services to the Portfolio pursuant to the terms of the Sub-Advisory        Agreement between DeAMi and the Advisor. DeAMi is an affiliate of the Advisor and a        subsidiary of Deutsche Bank AG. Under the terms of the Sub-Advisory Agreement, DeAMi will        manage the investment and reinvestment of a portion of the large cap value allocation of        the Portfolio and will provide such investment advice, research and assistance as the        Advisor may, from time to time, reasonably request.

The        Advisor will pay a fee to DeAMi for serving as subadvisor to the Portfolio at the annual        rates shown below:

 

| **Assets Under Management****Managed by DeAMi (in Euros)**

                          | **Sub-Advisory Fee****(as a % of average daily net assets)**

                          |
|--------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
| €0 – €250 million                                                          | 0.300%                                                                                       |
| €250 million – €500 million                                                | 0.200%                                                                                       |
| €500 million – €1 billion                                                  | 0.120%                                                                                       |
| €1 billion – €2.5 billion                                                  | 0.080%                                                                                       |
| €2.5 billion – €5 billion                                                  | 0.055%                                                                                       |
| €5 billion – €25 billion                                                   | 0.035%                                                                                       |
| €25 billion – €50 billion                                                  | 0.025%                                                                                       |
| over €50 billion                                                                      | 0.015%                                                                                       |

The        Sub-Advisory Agreement provides that DeAMi will not be liable for any error of judgment or        mistake of law or for any loss suffered by the Portfolio in connection with matters to        which the Sub-Advisory Agreement relates, except a loss resulting from willful misconduct,        bad faith or gross negligence on the part of DeAMi in the performance of its duties or from        reckless disregard by DeAMi of its obligations and duties under the Sub-Advisory        Agreement.

 

*Please        Retain This Supplement for Future Reference*

April 3,        2008