UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549  FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY _______________________________ Investment Company Act file number  811-5002 DWS Variable Series II (Exact name of registrant as specified in charter)  345 Park Avenue New York, NY  10154-0004 (Address of principal executive offices)             (Zip code)  Paul Schubert 345 Park Avenue New York, NY  10154-0004 (Name and address of agent for service) Registrant's telephone number, including area code:(212) 454-7190 Date of fiscal year end:12/31 Date of reporting period:03/31/08  ITEM 1.  SCHEDULE OF INVESTMENTS


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Balanced VIP  Shares
        
        Value ($)Common Stocks 57.5%Consumer Discretionary 5.7%Auto Components 0.7%Aisin Seiki Co., Ltd.
        
        100
        
        3,749American Axle & Manufacturing Holdings, Inc.
        
        10,500
        
        215,250Autoliv, Inc.
        
        45,000
        
        2,259,000Bridgestone Corp.
        
        300
        
        5,126Compagnie Generale des Etablissements Michelin "B"
        
        105
        
        10,958Continental AG
        
        94
        
        9,579Cooper Tire & Rubber Co.
        
        11,700
        
        175,149Denso Corp.
        
        200
        
        6,483Lear Corp.*
        
        2,800
        
        72,548Magna International, Inc. "A"
        
        300
        
        21,815Nokian Renkaat Oyj
        
        11,000
        
        469,405Rieter Holding AG (Registered)
        
        16
        
        6,121Toyota Industries Corp.
        
        100
        
        3,6103,258,793Automobiles 0.2%Daimler AG (Registered)
        
        552
        
        47,157Fiat SpA
        
        2,516
        
        58,114Harley-Davidson, Inc.
        
        7,660
        
        287,250Honda Motor Co., Ltd.
        
        600
        
        17,196Nissan Motor Co., Ltd.
        
        900
        
        7,469PSA Peugeot Citroen
        
        112
        
        8,699Renault SA
        
        129
        
        14,273Suzuki Motor Corp.
        
        16,000
        
        405,075Toyota Motor Corp.
        
        1,000
        
        50,397Volkswagen AG
        
        93
        
        26,956922,586Distributors 0.0%Li & Fung Ltd.
        
        28,000
        
        104,221Diversified Consumer Services 0.1%DeVry, Inc.
        
        5,100
        
        213,384Sotheby's
        
        5,700
        
        164,787378,171Hotels Restaurants & Leisure 0.7%Accor SA
        
        151
        
        11,026AFC Enterprises, Inc.*
        
        6,300
        
        56,637Aristocrat Leisure Ltd.
        
        2,253
        
        19,827Bob Evans Farms, Inc.
        
        7,500
        
        206,925Carnival PLC
        
        148
        
        5,931Chipotle Mexican Grill, Inc. "B"*
        
        1,000
        
        97,090CKE Restaurants, Inc.
        
        18,600
        
        208,692Compass Group PLC
        
        1,390
        
        8,888Enterprise Inns PLC
        
        482
        
        3,835InterContinental Hotel Group PLC
        
        251
        
        3,793Jack in the Box, Inc.*
        
        4,700
        
        126,289
     Lottomatica SpA
        
        307
        
        9,571McDonald's Corp.
        
        26,400
        
        1,472,328Premier Exhibitions, Inc.*
        
        12,300
        
        74,292Shangri-La Asia Ltd.
        
        14,000
        
        37,984Sodexho Alliance SA
        
        85
        
        5,232TABCORP Holding Ltd.
        
        3,446
        
        44,563Tatts Group Ltd.
        
        7,068
        
        22,479Town Sports International Holdings, Inc.*
        
        8,100
        
        51,921TUI AG*
        
        155
        
        3,974Whitbread PLC
        
        229
        
        5,303WMS Industries, Inc.*
        
        5,700
        
        205,029Yum! Brands, Inc.
        
        23,200
        
        863,2723,544,881Household Durables 0.9%American Greetings Corp. "A"
        
        5,000
        
        92,750Blyth, Inc.
        
        4,700
        
        92,684CSS Industries, Inc.
        
        3,900
        
        136,344Electrolux AB "B"
        
        800
        
        13,152Fortune Brands, Inc.
        
        2,710
        
        188,345Garmin Ltd.
        
        9,000
        
        486,090Hooker Furniture Corp.
        
        8,000
        
        178,720Husqvarna AB "B"
        
        900
        
        10,851KB HOME
        
        23,800
        
        588,574Leggett & Platt, Inc.
        
        83,200
        
        1,268,800Libbey, Inc.
        
        1,100
        
        18,524Makita Corp.
        
        5,000
        
        157,506Matsushita Electric Industrial Co., Ltd.
        
        1,000
        
        21,728NVR, Inc.*
        
        500
        
        298,750Persimmon PLC
        
        272
        
        4,129Pioneer Corp.
        
        10,400
        
        103,621Sony Corp.
        
        400
        
        16,001Taylor Wimpey PLC
        
        1,128
        
        4,197Tupperware Brands Corp.
        
        5,600
        
        216,608Whirlpool Corp.
        
        5,000
        
        433,9004,331,274Internet & Catalog Retail 0.1%Amazon.com, Inc.*
        
        1,100
        
        78,430GSI Commerce, Inc.*
        
        2,700
        
        35,505Home Retail Group PLC
        
        703
        
        3,644Priceline.com, Inc.*
        
        500
        
        60,430Systemax, Inc.
        
        10,800
        
        130,248308,257Leisure Equipment & Products 0.0%Callaway Golf Co.
        
        8,400
        
        123,312Sturm, Ruger & Co., Inc.*
        
        2,700
        
        22,248145,560Media 1.0%British Sky Broadcasting Group PLC
        
        786
        
        8,711CBS Corp. "B"
        
        35,800
        
        790,464DG Fastchannel, Inc.*
        
        6,500
        
        124,670DISH Network Corp. "A"*
        
        8,800
        
        252,824Fairfax Media Ltd.
        
        7,736
        
        24,608Gestevision Telecinco SA
        
        4,202
        
        85,511Global Sources Ltd.*
        
        4,880
        
        72,468
     Interactive Data Corp.
        
        600
        
        17,082ITV PLC
        
        3,194
        
        4,012Lagardere SCA
        
        107
        
        8,010McGraw-Hill Companies, Inc.
        
        6,170
        
        227,982Mediaset SpA
        
        2,832
        
        26,261Modern Times Group MTG AB "B"
        
        175
        
        12,208Omnicom Group, Inc.
        
        5,620
        
        248,292Pearson PLC
        
        647
        
        8,742Publicis Groupe
        
        132
        
        5,049Reed Elsevier NV
        
        1,240
        
        23,657Reed Elsevier PLC
        
        827
        
        10,539Reuters Group PLC*
        
        846
        
        9,737Scholastic Corp.*
        
        3,400
        
        102,918Seat Pagine Gialle SpA
        
        18,242
        
        3,165Shaw Communications, Inc. "B"
        
        1,200
        
        21,955Singapore Press Holdings Ltd.
        
        190,000
        
        637,403The DIRECTV Group, Inc.*
        
        39,200
        
        971,768Thomson Corp.
        
        800
        
        26,904Time Warner, Inc.
        
        89,600
        
        1,256,192Vivendi
        
        790
        
        30,904Walt Disney Co.
        
        4,000
        
        125,520Wolters Kluwer NV
        
        599
        
        15,871WPP Group PLC
        
        846
        
        10,089Yell Group PLC
        
        684
        
        2,090Yellow Pages Income Fund (Unit)
        
        900
        
        9,1985,174,804Multiline Retail 0.3%Canadian Tire Corp. Ltd. "A"
        
        300
        
        19,363Kohl's Corp.*
        
        11,280
        
        483,799Marks & Spencer Group PLC
        
        1,148
        
        8,821Next PLC
        
        169
        
        3,820PPR
        
        57
        
        8,463Target Corp.
        
        16,500
        
        836,2201,360,486Specialty Retail 1.3%Aeropostale, Inc.*
        
        1,200
        
        32,532Barnes & Noble, Inc.
        
        27,500
        
        842,875Best Buy Co., Inc.
        
        21,820
        
        904,657Cato Corp. "A"
        
        2,200
        
        32,868Christopher & Banks Corp.
        
        13,400
        
        133,866Esprit Holdings Ltd.
        
        49,900
        
        598,316GameStop Corp. "A"*
        
        9,300
        
        480,903Gymboree Corp.*
        
        800
        
        31,904Hennes & Mauritz AB "B"
        
        1,425
        
        87,669Home Depot, Inc.
        
        8,900
        
        248,933Hot Topic, Inc.*
        
        13,900
        
        59,909Industria de Diseno Textil SA
        
        9,735
        
        540,839Jo-Ann Stores, Inc.*
        
        1,000
        
        14,730Jos. A. Bank Clothiers, Inc.*
        
        6,400
        
        131,200Kingfisher PLC
        
        1,961
        
        5,136New York & Co., Inc.*
        
        10,600
        
        60,844Rent-A-Center, Inc.*
        
        11,100
        
        203,685RONA, Inc.*
        
        500
        
        6,951Staples, Inc.
        
        16,910
        
        373,880The Buckle, Inc.
        
        4,500
        
        201,285
     Tiffany & Co.
        
        8,200
        
        343,088TJX Companies, Inc.
        
        26,900
        
        889,583Tween Brands, Inc.*
        
        6,100
        
        150,914West Marine, Inc.*
        
        2,200
        
        15,334Yamada Denki Co., Ltd.
        
        50
        
        4,3326,396,233Textiles, Apparel & Luxury Goods 0.4%Adidas AG
        
        2,429
        
        161,597Billabong International Ltd.
        
        1,159
        
        13,844Burberry Group PLC
        
        424
        
        3,790Compagnie Financiere Richemont SA "A" (Unit)
        
        6,029
        
        338,569Fossil, Inc.*
        
        5,400
        
        164,916G-III Apparel Group Ltd.*
        
        4,600
        
        61,732Gildan Activewear, Inc.*
        
        400
        
        15,089Hermes International
        
        54
        
        6,742Lululemon Athletica, Inc.*
        
        6,300
        
        179,109Luxottica Group SpA
        
        492
        
        12,390LVMH Moet Hennessy Louis Vuitton SA
        
        165
        
        18,394Movado Group, Inc.
        
        9,100
        
        177,359NIKE, Inc. "B"
        
        5,400
        
        367,200Perry Ellis International, Inc.*
        
        10,800
        
        235,764Swatch Group AG (Bearer)
        
        96
        
        25,660Swatch Group AG (Registered)
        
        162
        
        8,3181,790,473Consumer Staples 5.6%Beverages 1.8%Asahi Breweries Ltd.
        
        800
        
        16,551Carlsberg AS "B"
        
        2,450
        
        313,437Coca-Cola Amatil Ltd.
        
        2,024
        
        15,723Coca-Cola Enterprises, Inc.
        
        81,900
        
        1,981,980Diageo PLC
        
        31,866
        
        642,541Foster's Group Ltd.
        
        7,317
        
        34,237Heineken NV
        
        681
        
        39,574InBev NV
        
        4,098
        
        361,305Kirin Holdings Co., Ltd.
        
        1,000
        
        19,034Pepsi Bottling Group, Inc.
        
        87,200
        
        2,956,952PepsiAmericas, Inc.
        
        14,900
        
        380,397PepsiCo, Inc.
        
        28,660
        
        2,069,252Pernod Ricard SA
        
        308
        
        31,717SABMiller PLC
        
        698
        
        15,291Scottish & Newcastle PLC
        
        664
        
        10,4128,888,403Food & Staples Retailing 1.2%AEON Co., Ltd.
        
        1,200
        
        14,510Alimentation Couche-Tard, Inc. "B"
        
        1,200
        
        18,810BJ's Wholesale Club, Inc.*
        
        8,700
        
        310,503Carrefour SA
        
        1,049
        
        80,921Casey's General Stores, Inc.
        
        500
        
        11,300Casino Guichard-Perrachon SA
        
        82
        
        9,840Colruyt SA
        
        81
        
        20,914Costco Wholesale Corp.
        
        14,800
        
        961,556Delhaize Group
        
        449
        
        35,302George Weston Ltd.
        
        500
        
        23,002Ingles Markets, Inc. "A"
        
        1,600
        
        39,344
     J Sainsbury PLC
        
        1,318
        
        8,971Kesko Oyj "B"
        
        133
        
        6,875Koninklijke Ahold NV*
        
        3,598
        
        53,386Kroger Co.
        
        31,200
        
        792,480Loblaw Companies Ltd.
        
        900
        
        26,664Metro AG
        
        1,391
        
        112,306Olam International Ltd.
        
        39,000
        
        61,542Ruddick Corp.
        
        3,000
        
        110,580Safeway, Inc.
        
        18,900
        
        554,715Seven & I Holdings Co., Ltd.
        
        1,400
        
        35,588Shoppers Drug Mart Corp.
        
        9,400
        
        475,655SUPERVALU, Inc.
        
        21,800
        
        653,564Tesco PLC
        
        5,893
        
        44,513Wal-Mart Stores, Inc.
        
        16,400
        
        863,952Walgreen Co.
        
        13,110
        
        499,360Wesfarmers Ltd.
        
        1,464
        
        53,741Woolworths Ltd.
        
        4,380
        
        116,3805,996,274Food Products 1.1%Ajinomoto Co., Inc.
        
        1,000
        
        10,235Bunge Ltd.
        
        12,600
        
        1,094,688Cadbury Schweppes PLC
        
        1,609
        
        17,673Cal-Maine Foods, Inc.
        
        5,000
        
        166,900Danisco AS
        
        750
        
        54,805Darling International, Inc.*
        
        7,100
        
        91,945Dean Foods Co.
        
        21,260
        
        427,113Flowers Foods, Inc.
        
        12,400
        
        306,900Fresh Del Monte Produce, Inc.*
        
        6,300
        
        229,320Groupe Danone
        
        7,109
        
        635,756IAWS Group PLC
        
        2,470
        
        58,060Imperial Sugar Co.
        
        5,300
        
        99,746Kellogg Co.
        
        9,810
        
        515,614Kerry Group PLC "A"
        
        2,393
        
        74,657Nestle SA (Registered)
        
        1,442
        
        720,874Nissin Food Products Co., Ltd.
        
        100
        
        3,375Parmalat SpA
        
        2,981
        
        11,449Saputo, Inc.
        
        1,200
        
        32,360Tate & Lyle PLC
        
        461
        
        4,940Unilever NV (CVA)
        
        4,792
        
        161,023Unilever PLC
        
        966
        
        32,592Wm. Wrigley Jr. Co.
        
        4,400
        
        276,496Yakult Honsha Co., Ltd.
        
        200
        
        6,2325,032,753Household Products 0.8%Colgate-Palmolive Co.
        
        19,770
        
        1,540,281Energizer Holdings, Inc.*
        
        1,400
        
        126,672Kao Corp.
        
        1,000
        
        28,359Kimberly-Clark Corp.
        
        19,800
        
        1,278,090Procter & Gamble Co.
        
        13,490
        
        945,2443,918,646Personal Products 0.1%Alberto-Culver Co.
        
        6,000
        
        164,460Beiersdorf AG
        
        763
        
        64,176L'Oreal SA
        
        434
        
        55,196
     Shiseido Co., Ltd.
        
        1,000
        
        26,461310,293Tobacco 0.6%Altria Group, Inc.
        
        27,200
        
        603,840British American Tobacco PLC
        
        1,123
        
        42,141Imperial Tobacco Group PLC
        
        3,256
        
        149,782Japan Tobacco, Inc.
        
        107
        
        536,490Philip Morris International, Inc.*
        
        27,200
        
        1,375,776Swedish Match AB
        
        11,600
        
        252,7722,960,801Energy 7.6%Energy Equipment & Services 1.4%Acergy SA
        
        350
        
        7,485Aker Kvaerner ASA
        
        300
        
        6,864Atwood Oceanics, Inc.*
        
        2,400
        
        220,128Baker Hughes, Inc.
        
        11,750
        
        804,875Dawson Geophysical Co.*
        
        2,800
        
        189,000FMC Technologies, Inc.*
        
        10,600
        
        603,034Fugro NV (CVA)
        
        707
        
        54,896Global Industries Ltd.*
        
        3,300
        
        53,097Grey Wolf, Inc.*
        
        27,200
        
        184,416Gulf Island Fabrication, Inc.
        
        1,600
        
        45,952Noble Corp.
        
        11,260
        
        559,284Oil States International, Inc.*
        
        5,900
        
        264,379Petroleum Geo-Services ASA
        
        300
        
        7,461Pioneer Drilling Co.*
        
        3,900
        
        62,127ProSafe SE
        
        300
        
        4,730SBM Offshore NV
        
        1,914
        
        61,724Schlumberger Ltd.
        
        15,660
        
        1,362,420Seadrill Ltd.
        
        400
        
        10,769Superior Energy Services, Inc.*
        
        13,000
        
        515,060Technip SA
        
        75
        
        5,804Transocean, Inc.*
        
        10,802
        
        1,460,430Union Drilling, Inc.*
        
        8,800
        
        153,912WorleyParsons Ltd.
        
        397
        
        12,1946,650,041Oil, Gas & Consumable Fuels 6.2%Alon USA Energy, Inc.
        
        1,800
        
        27,378Alpha Natural Resources, Inc.*
        
        5,100
        
        221,544Apache Corp.
        
        9,700
        
        1,171,954ATP Oil & Gas Corp.*
        
        300
        
        9,816BG Group PLC
        
        14,490
        
        335,557Bois d'Arc Energy, Inc.*
        
        5,300
        
        113,897BP PLC
        
        3,970
        
        40,198Brigham Exploration Co.*
        
        15,400
        
        93,478Caltex Australia Ltd.
        
        413
        
        4,924Cameco Corp.
        
        200
        
        6,594Canadian Natural Resources Ltd.
        
        200
        
        13,692Canadian Oil Sands Trust (Unit)
        
        100
        
        4,043Chevron Corp.
        
        38,500
        
        3,286,360Clayton Williams Energy, Inc.*
        
        2,100
        
        110,229Comstock Resources, Inc.*
        
        4,400
        
        177,320ConocoPhillips
        
        48,580
        
        3,702,282Devon Energy Corp.
        
        12,270
        
        1,280,129
     Enbridge, Inc.
        
        100
        
        4,124EnCana Corp.
        
        200
        
        15,237Eni SpA
        
        3,316
        
        113,034EOG Resources, Inc.
        
        9,620
        
        1,154,400ExxonMobil Corp.
        
        85,900
        
        7,265,422Frontier Oil Corp.
        
        38,600
        
        1,052,236Frontline Ltd.
        
        13,000
        
        598,260Gazprom (ADR) REG S
        
        9,550
        
        487,431Hess Corp.
        
        8,700
        
        767,166Husky Energy, Inc.
        
        100
        
        3,915Imperial Oil Ltd.
        
        100
        
        5,241INPEX Holdings, Inc.
        
        5
        
        56,129KazMunaiGas Exploration Production (GDR) 144A
        
        7,600
        
        190,380Knightsbridge Tankers Ltd.
        
        3,200
        
        85,376Mariner Energy, Inc.*
        
        9,900
        
        267,399Massey Energy Co.
        
        7,900
        
        288,350Murphy Oil Corp.
        
        12,300
        
        1,010,322Neste Oil Oyj
        
        113
        
        3,953Nexen, Inc.
        
        200
        
        5,935Nippon Mining Holdings, Inc.
        
        6,500
        
        34,618Nippon Oil Corp.
        
        8,000
        
        50,521OMV AG
        
        1,633
        
        107,904Origin Energy Ltd.
        
        1,638
        
        13,740Paladin Energy Ltd.*
        
        1,466
        
        6,864Petro-Canada
        
        200
        
        8,713Petroleo Brasileiro SA (ADR)
        
        2,300
        
        234,853PetroQuest Energy, Inc.*
        
        11,100
        
        192,474Repsol YPF SA
        
        9,074
        
        313,157Royal Dutch Shell PLC "A"
        
        756
        
        26,082Royal Dutch Shell PLC "B"
        
        575
        
        19,355Santos Ltd.
        
        1,160
        
        15,523St. Mary Land & Exploration Co.
        
        7,100
        
        273,350StatoilHydro ASA
        
        14,900
        
        448,031Suncor Energy, Inc.
        
        100
        
        9,665Sunoco, Inc.
        
        10,000
        
        524,700Swift Energy Co.*
        
        4,300
        
        193,457Talisman Energy, Inc.
        
        500
        
        8,870TonenGeneral Sekiyu KK
        
        1,000
        
        8,569Total SA
        
        5,609
        
        417,079Valero Energy Corp.
        
        25,670
        
        1,260,654W&T Offshore, Inc.
        
        17,600
        
        600,336Woodside Petroleum Ltd.
        
        994
        
        49,476XTO Energy, Inc.
        
        20,520
        
        1,269,36730,061,063Financials 9.2%Capital Markets 2.1%3i Group PLC
        
        24,053
        
        396,156Ameriprise Financial, Inc.
        
        4,100
        
        212,585Bank of New York Mellon Corp.
        
        46,700
        
        1,948,791Credit Suisse Group (Registered)
        
        572
        
        29,108Daiwa Securities Group, Inc.
        
        1,000
        
        8,705GFI Group, Inc.
        
        1,200
        
        68,760IGM Financial, Inc.
        
        100
        
        4,403Lehman Brothers Holdings, Inc.
        
        31,000
        
        1,166,840
     Mediobanca SpA
        
        349
        
        7,150Morgan Stanley
        
        44,300
        
        2,024,510Nomura Holdings, Inc.
        
        900
        
        13,540Prospect Capital Corp.
        
        7,511
        
        114,317State Street Corp.
        
        21,340
        
        1,685,860The Goldman Sachs Group, Inc.
        
        15,400
        
        2,547,006UBS AG (Registered)
        
        1,122
        
        32,657Waddell & Reed Financial, Inc. "A"
        
        4,900
        
        157,43710,417,825Commercial Banks 2.3%Allied Irish Banks PLC
        
        4,947
        
        104,711AmericanWest Bancorp.
        
        2,000
        
        17,440Australia & New Zealand Banking Group Ltd.
        
        888
        
        18,377Banca Monte dei Paschi di Siena SpA
        
        915
        
        4,048Banca Popolare di Milano Scarl
        
        402
        
        4,410Banco Bilbao Vizcaya Argentaria SA
        
        2,384
        
        52,504Banco Bradesco SA (ADR) (Preferred)
        
        8,200
        
        227,632Banco Comercial Portugues SA (Registered)
        
        25,072
        
        81,527Banco Espirito Santo SA (Registered)
        
        2,747
        
        47,774Banco Latinoamericano de Exportaciones SA "E"
        
        2,000
        
        30,800Banco Popular Espanol SA
        
        560
        
        10,167Banco Santander SA
        
        3,945
        
        78,599Bancolombia SA (ADR) (REG S) (Preferred)
        
        3,400
        
        120,564Bank of East Asia Ltd.
        
        2,800
        
        14,084Bank of Ireland
        
        5,624
        
        83,265Bank of Montreal
        
        300
        
        13,430Bank of Nova Scotia
        
        500
        
        22,675Barclays PLC
        
        1,486
        
        13,454BB&T Corp.
        
        31,800
        
        1,019,508BNP Paribas
        
        2,213
        
        223,634BOC Hong Kong (Holdings) Ltd.
        
        7,000
        
        16,870Boston Private Financial Holdings, Inc.
        
        5,400
        
        57,186Canadian Imperial Bank of Commerce
        
        200
        
        12,879Capital Corp. of the West
        
        700
        
        5,614Citizens Republic Bancorp., Inc.
        
        2,100
        
        26,103City Holding Co.
        
        1,500
        
        59,850Commerzbank AG
        
        406
        
        12,706Commonwealth Bank of Australia
        
        608
        
        23,330Credit Agricole SA
        
        364
        
        11,286Danske Bank AS
        
        3,500
        
        129,340DBS Group Holdings Ltd.
        
        5,000
        
        65,765Deutsche Postbank AG
        
        64
        
        6,115Dexia SA
        
        666
        
        18,974DnB NOR ASA
        
        5,600
        
        85,350Erste Bank der oesterreichischen Sparkassen AG
        
        5,232
        
        340,496First Financial Bankshares, Inc.
        
        1,500
        
        61,470FirstMerit Corp.
        
        5,200
        
        107,432Grupo Financiero Banorte SAB de CV "O"
        
        48,800
        
        211,382Hang Seng Bank Ltd.
        
        1,300
        
        23,655HBOS PLC
        
        809
        
        8,988HSBC Holdings PLC (Registered)
        
        29,237
        
        481,531Hypo Real Estate Holding AG
        
        145
        
        3,773ICICI Bank Ltd. (ADR)
        
        900
        
        34,371Intesa Sanpaolo
        
        58,171
        
        411,078Intesa Sanpaolo (RNC)
        
        412
        
        2,720
     Jyske Bank AS (Registered)*
        
        475
        
        31,937KBC Groep NV
        
        1,627
        
        210,945Lloyds TSB Group PLC
        
        1,300
        
        11,663Mitsubishi UFJ Financial Group, Inc.
        
        3,600
        
        31,334Mizuho Financial Group, Inc.
        
        4
        
        14,742National Australia Bank Ltd.
        
        790
        
        21,876National Bank of Canada
        
        100
        
        4,661National Bank of Greece SA
        
        3,500
        
        185,823NBT Bancorp., Inc.
        
        1,300
        
        28,860Nordea Bank AB
        
        3,800
        
        61,678Old National Bancorp.
        
        6,700
        
        120,600Oriental Financial Group, Inc.
        
        8,900
        
        175,419Oversea-Chinese Banking Corp., Ltd.
        
        12,000
        
        70,991Raiffeisen International Bank-Holding AG
        
        558
        
        76,382Resona Holdings, Inc.
        
        3
        
        5,091Royal Bank of Canada
        
        700
        
        32,700Royal Bank of Scotland Group PLC
        
        2,125
        
        14,218Skandinaviska Enskilda Banken AB "A"
        
        900
        
        23,598Societe Generale
        
        2,680
        
        261,960Standard Chartered PLC
        
        6,854
        
        234,169Sterling Bancshares, Inc.
        
        16,450
        
        163,513Sumitomo Mitsui Financial Group, Inc.
        
        3
        
        19,808Sumitomo Trust & Banking Co., Ltd.
        
        1,000
        
        6,903Susquehanna Bancshares, Inc.
        
        10,200
        
        207,774SVB Financial Group*
        
        6,100
        
        266,204Svenska Handelsbanken AB "A"
        
        900
        
        26,239Sydbank AS
        
        500
        
        18,207The Bank of Yokohama Ltd.
        
        1,000
        
        6,911Tompkins Financial Corp.
        
        1,100
        
        54,120UniCredito Italiano SpA
        
        41,364
        
        276,517Unione di Banche Italiane ScpA
        
        379
        
        9,732United Overseas Bank Ltd.
        
        6,000
        
        83,933VTB Bank OJSC (GDR) 144A*
        
        28,000
        
        202,440Wachovia Corp.
        
        33,900
        
        915,300Wells Fargo & Co.
        
        91,100
        
        2,651,010WesBanco, Inc.
        
        1,200
        
        29,652Westpac Banking Corp.
        
        886
        
        19,30910,983,086Consumer Finance 0.0%Dollar Financial Corp.*
        
        6,900
        
        158,700EZCORP, Inc. "A"*
        
        3,400
        
        41,854ORIX Corp.
        
        50
        
        6,839207,393Diversified Financial Services 1.4%ASX Ltd.
        
        115
        
        3,951Bank of America Corp.
        
        106,400
        
        4,033,624Citigroup, Inc.
        
        25,500
        
        546,210CME Group, Inc.
        
        1,255
        
        588,721Deutsche Boerse AG
        
        1,625
        
        262,045Fortis
        
        2,619
        
        65,847Groupe Bruxelles Lambert SA
        
        108
        
        13,176Hong Kong Exchanges & Clearing Ltd.
        
        2,000
        
        34,664ING Groep NV (CVA)
        
        2,363
        
        88,345Interactive Brokers Group, Inc. "A"*
        
        7,900
        
        202,793JPMorgan Chase & Co.
        
        17,700
        
        760,215
     OMX AB
        
        200
        
        8,769Singapore Exchange Ltd.
        
        4,000
        
        22,0366,630,396Insurance 2.2%ACE Ltd.
        
        35,100
        
        1,932,606Aegon NV
        
        1,834
        
        27,018Aflac, Inc.
        
        10,980
        
        713,151Alleanza Assicurazioni SpA
        
        232
        
        3,029Allianz SE (Registered)
        
        875
        
        173,496Allied World Assurance Co. Holdings Ltd.
        
        9,500
        
        377,150American International Group, Inc.
        
        2,500
        
        108,125AMP Ltd.
        
        965
        
        6,948AmTrust Financial Services, Inc.
        
        10,400
        
        168,584Aspen Insurance Holdings Ltd.
        
        6,700
        
        176,746Assicurazioni Generali SpA
        
        525
        
        23,647Aviva PLC
        
        589
        
        7,217Axa
        
        7,091
        
        256,623AXA Asia Pacific Holdings Ltd.
        
        529
        
        2,669CNP Assurances
        
        24
        
        2,958Darwin Professional Underwriters, Inc.*
        
        500
        
        11,245Fidelity National Financial, Inc. "A"
        
        17,000
        
        311,610First Mercury Financial Corp.*
        
        2,000
        
        34,820Great-West Lifeco, Inc.
        
        100
        
        3,016Hallmark Financial Services, Inc.*
        
        5,100
        
        56,916Hartford Financial Services Group, Inc.
        
        22,300
        
        1,689,671Insurance Australia Group Ltd.
        
        1,063
        
        3,556Irish Life & Permanent PLC
        
        1,626
        
        31,819Legal & General Group PLC
        
        2,181
        
        5,470Loews Corp.
        
        9,500
        
        382,090Manulife Financial Corp.
        
        800
        
        30,622Max Capital Group Ltd.
        
        1,800
        
        47,142Millea Holdings, Inc.
        
        300
        
        11,100Mitsui Sumitomo Insurance Co., Ltd.
        
        1,000
        
        10,102Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
        
        128
        
        25,021National Interstate Corp.
        
        200
        
        4,670Navigators Group, Inc.*
        
        3,200
        
        174,080Old Mutual PLC
        
        1,347
        
        2,953PartnerRe Ltd.
        
        16,400
        
        1,251,320Platinum Underwriters Holdings Ltd.
        
        5,300
        
        172,038Power Corp. of Canada
        
        200
        
        6,625Power Financial Corp.
        
        100
        
        3,421Prudential PLC
        
        25,502
        
        336,744QBE Insurance Group Ltd.
        
        10,187
        
        207,352Reinsurance Group of America, Inc.
        
        5,300
        
        288,532Sampo Oyj "A"
        
        4,105
        
        111,245Seabright Insurance Holdings*
        
        6,800
        
        100,164Selective Insurance Group, Inc.
        
        700
        
        16,716Sompo Japan Insurance, Inc.
        
        1,000
        
        8,957StanCorp Financial Group, Inc.
        
        6,600
        
        314,886Storebrand ASA
        
        3,200
        
        25,294Sun Life Financial, Inc.
        
        300
        
        14,026Suncorp-Metway Ltd.
        
        457
        
        5,394Swiss Life Holding (Registered)*
        
        19
        
        5,285Swiss Re (Registered)
        
        190
        
        16,612T&D Holdings, Inc.
        
        100
        
        5,255
     The Travelers Companies, Inc.
        
        6,700
        
        320,595Topdanmark AS*
        
        125
        
        21,000Unum Group
        
        14,200
        
        312,542W.R. Berkley Corp.
        
        6,700
        
        185,523Zurich Financial Services AG (Registered)
        
        77
        
        24,27110,569,667Real Estate Investment Trusts 1.0%Alexandria Real Estate Equities, Inc. (REIT)
        
        1,400
        
        129,808Apartment Investment & Management Co. "A" (REIT)
        
        3,759
        
        134,610AvalonBay Communities, Inc. (REIT)
        
        2,500
        
        241,300BioMed Realty Trust, Inc. (REIT)
        
        3,800
        
        90,782CapitaMall Trust (REIT)
        
        6,000
        
        15,205Corio NV (REIT)
        
        72
        
        6,308Corporate Office Properties Trust (REIT)
        
        2,700
        
        90,747Cousins Properties, Inc. (REIT)
        
        3,400
        
        84,014Digital Realty Trust, Inc. (REIT)
        
        2,900
        
        102,950Equity Lifestyle Properties, Inc. (REIT)
        
        1,700
        
        83,929Equity Residential (REIT)
        
        6,800
        
        282,132First Industrial Realty Trust, Inc. (REIT)
        
        3,900
        
        120,471Glimcher Realty Trust (REIT)
        
        3,500
        
        41,860Goodman Group (REIT)
        
        1,094
        
        4,334GPT Group (REIT)
        
        1,538
        
        4,625HCP, Inc. (REIT)
        
        3,900
        
        131,859Healthcare Realty Trust, Inc. (REIT)
        
        2,600
        
        67,990Home Properties, Inc. (REIT)
        
        2,900
        
        139,171Hospitality Properties Trust (REIT)
        
        6,700
        
        227,934Host Hotels & Resorts, Inc. (REIT)
        
        12,200
        
        194,224Kimco Realty Corp. (REIT)
        
        4,000
        
        156,680LaSalle Hotel Properties (REIT)
        
        2,600
        
        74,698Lexington Realty Trust (REIT)
        
        5,900
        
        85,019Link (REIT)
        
        4,500
        
        9,987Maguire Properties, Inc. (REIT)
        
        2,700
        
        38,637Mid-America Apartment Communities, Inc. (REIT)
        
        1,800
        
        89,712Nationwide Health Properties, Inc. (REIT)
        
        1,600
        
        54,000OMEGA Healthcare Investors, Inc. (REIT)
        
        2,800
        
        48,608Parkway Properties, Inc. (REIT)
        
        2,500
        
        92,400Pennsylvania Real Estate Investment Trust (REIT)
        
        2,300
        
        56,097Potlatch Corp. (REIT)
        
        1,900
        
        78,413ProLogis (REIT)
        
        2,800
        
        164,808Public Storage (REIT)
        
        3,500
        
        310,170Realty Income Corp. (REIT)
        
        4,100
        
        105,042Senior Housing Properties Trust (REIT)
        
        5,700
        
        135,090Simon Property Group, Inc. (REIT)
        
        4,100
        
        380,931Sovran Self Storage, Inc. (REIT)
        
        1,500
        
        64,065Stockland (REIT)
        
        923
        
        5,915Strategic Hotels & Resorts, Inc. (REIT)
        
        4,900
        
        64,337Sunstone Hotel Investors, Inc. (REIT)
        
        4,600
        
        73,646Unibail-Rodamco (REIT)
        
        40
        
        10,308Vornado Realty Trust (REIT)
        
        3,500
        
        301,735Washington Real Estate Investment Trust (REIT)
        
        3,500
        
        116,970Weingarten Realty Investors (REIT)
        
        500
        
        17,220Wereldhave NV (REIT)
        
        48
        
        5,921Westfield Group (REIT)
        
        891
        
        14,5504,749,212
     Real Estate Management & Development 0.1%Brookfield Asset Management, Inc. "A"
        
        300
        
        8,084Capitaland Ltd.
        
        7,000
        
        32,652Cheung Kong (Holdings) Ltd.
        
        3,000
        
        43,161City Developments Ltd.
        
        2,000
        
        16,062Emaar Properties PJSC*
        
        48,130
        
        143,501Hang Lung Properties Ltd.
        
        4,000
        
        14,296Henderson Land Development Co., Ltd.
        
        2,000
        
        14,427Immoeast AG*
        
        4,399
        
        42,357Immofinanz Immobilien Anlagen AG
        
        4,062
        
        43,997Kerry Properties Ltd.
        
        1,000
        
        6,098Lend Lease Corp., Ltd.
        
        287
        
        3,486Meinl European Land Ltd.*
        
        2,619
        
        29,950Mitsubishi Estate Co., Ltd.
        
        1,000
        
        24,353New World Development Co., Ltd.
        
        5,000
        
        12,097Sino Land Co., Ltd.
        
        2,000
        
        4,364Sun Hung Kai Properties Ltd.
        
        2,000
        
        31,266Swire Pacific Ltd. "A"
        
        1,500
        
        17,018Wharf Holdings Ltd.
        
        47,000
        
        223,733710,902Thrifts & Mortgage Finance 0.1%Corus Bankshares, Inc.
        
        10,300
        
        100,219Dime Community Bancshares
        
        6,600
        
        115,368Flagstar Bancorp., Inc.
        
        13,800
        
        99,636Northwest Bancorp., Inc.
        
        2,900
        
        79,257Ocwen Financial Corp.*
        
        13,500
        
        59,940WSFS Financial Corp.
        
        800
        
        39,424493,844Health Care 6.9%Biotechnology 1.1%Alkermes, Inc.*
        
        14,300
        
        169,884Alnylam Pharmaceuticals, Inc.*
        
        5,100
        
        124,440Amgen, Inc.*
        
        23,600
        
        986,008Applera Corp. - Celera Group*
        
        8,700
        
        127,890Celgene Corp.*
        
        8,900
        
        545,481CSL Ltd.
        
        6,238
        
        210,421Cubist Pharmaceuticals, Inc.*
        
        10,000
        
        184,200Genentech, Inc.*
        
        10,590
        
        859,696Gilead Sciences, Inc.*
        
        28,780
        
        1,483,033Isis Pharmaceuticals, Inc.*
        
        11,100
        
        156,621Onyx Pharmaceuticals, Inc.*
        
        4,600
        
        133,538OSI Pharmaceuticals, Inc.*
        
        5,700
        
        213,1235,194,335Health Care Equipment & Supplies 1.3%Align Technology, Inc.*
        
        10,700
        
        118,877Analogic Corp.
        
        800
        
        53,232Baxter International, Inc.
        
        38,920
        
        2,250,354C.R. Bard, Inc.
        
        5,850
        
        563,940Cochlear Ltd.
        
        649
        
        32,612Cutera, Inc.*
        
        1,400
        
        18,858Essilor International SA
        
        609
        
        39,831Getinge AB "B"
        
        200
        
        5,188Hologic, Inc.*
        
        6,400
        
        355,840Intuitive Surgical, Inc.*
        
        1,800
        
        583,830
     Kinetic Concepts, Inc.*
        
        10,300
        
        476,169Medtronic, Inc.
        
        15,700
        
        759,409Meridian Bioscience, Inc.
        
        700
        
        23,401Merit Medical Systems, Inc.*
        
        4,700
        
        74,401Nobel Biocare Holding AG (Bearer)
        
        31
        
        7,216Olympus Corp.
        
        1,000
        
        30,401Smith & Nephew PLC
        
        1,343
        
        17,763Sonova Holding AG (Registered)
        
        59
        
        5,411SurModics, Inc.*
        
        4,300
        
        180,084Synthes, Inc.
        
        73
        
        10,209Terumo Corp.
        
        5,200
        
        272,044William Demant Holding AS*
        
        100
        
        8,003Zimmer Holdings, Inc.*
        
        8,290
        
        645,4596,532,532Health Care Providers & Services 1.6%Aetna, Inc.
        
        35,200
        
        1,481,568Air Methods Corp.*
        
        900
        
        43,533Alliance Imaging, Inc.*
        
        2,000
        
        17,200Amedisys, Inc.*
        
        4,500
        
        177,030AmSurg Corp.*
        
        700
        
        16,576Animal Health International, Inc.*
        
        400
        
        4,376Apria Healthcare Group, Inc.*
        
        10,600
        
        209,350Celesio AG
        
        413
        
        20,433Centene Corp.*
        
        8,700
        
        121,278CorVel Corp.*
        
        4,700
        
        143,773Fresenius Medical Care AG & Co. KGaA
        
        6,409
        
        322,295Health Net, Inc.*
        
        9,300
        
        286,440Healthspring, Inc.*
        
        10,600
        
        149,248Humana, Inc.*
        
        11,000
        
        493,460Kindred Healthcare, Inc.*
        
        8,300
        
        181,521Laboratory Corp. of America Holdings*
        
        6,500
        
        478,920Landauer, Inc.
        
        100
        
        5,034Magellan Health Services, Inc.*
        
        4,500
        
        178,605Medco Health Solutions, Inc.*
        
        18,800
        
        823,252Owens & Minor, Inc.
        
        6,400
        
        251,776RehabCare Group, Inc.*
        
        2,500
        
        37,500Res-Care, Inc.*
        
        3,500
        
        60,025Sonic Healthcare Ltd.
        
        3,672
        
        46,252UnitedHealth Group, Inc.
        
        8,730
        
        299,963WellPoint, Inc.*
        
        38,600
        
        1,703,4187,552,826Health Care Technology 0.1%Agfa Gevaert NV
        
        6,170
        
        48,338Eclipsys Corp.*
        
        8,600
        
        168,646Phase Forward, Inc.*
        
        4,200
        
        71,736TriZetto Group, Inc.*
        
        2,500
        
        41,725330,445Life Sciences Tools & Services 0.3%Cambrex Corp.
        
        14,300
        
        99,099Dionex Corp.*
        
        3,000
        
        230,970Lonza Group AG (Registered)
        
        2,981
        
        395,652MDS, Inc.*
        
        9,100
        
        177,310Nektar Therapeutics*
        
        2,000
        
        13,880PAREXEL International Corp.*
        
        7,800
        
        203,580
     Pharmanet Development Group, Inc.*
        
        4,400
        
        111,012QIAGEN NV*
        
        877
        
        18,149Thermo Fisher Scientific, Inc.*
        
        10,000
        
        568,4001,818,052Pharmaceuticals 2.5%Abbott Laboratories
        
        11,540
        
        636,431Astellas Pharma, Inc.
        
        1,500
        
        58,213AstraZeneca PLC
        
        2,082
        
        77,837Biovail Corp.
        
        10,500
        
        113,035Bristol-Myers Squibb Co.
        
        49,800
        
        1,060,740Caraco Pharmaceutical Laboratories Ltd.*
        
        5,800
        
        104,110Chugai Pharmaceutical Co., Ltd.
        
        900
        
        10,190Daiichi Sankyo Co., Ltd.
        
        2,200
        
        65,098Eisai Co., Ltd.
        
        800
        
        27,335Elan Corp. PLC*
        
        13,659
        
        283,503Eli Lilly & Co.
        
        22,820
        
        1,177,284GlaxoSmithKline PLC
        
        7,866
        
        166,690Johnson & Johnson
        
        21,982
        
        1,425,972Kyowa Hakko Kogyo Co., Ltd.
        
        1,000
        
        9,562Medicis Pharmaceutical Corp. "A"
        
        10,400
        
        204,776Merck & Co., Inc.
        
        17,900
        
        679,305Merck KGaA
        
        313
        
        38,589Mitsubishi Tanabe Pharma Corp.
        
        1,000
        
        11,661Novartis AG (Registered)
        
        2,686
        
        137,736Novo Nordisk AS "B"
        
        6,050
        
        413,972Obagi Medical Products, Inc.*
        
        800
        
        6,944Perrigo Co.
        
        7,600
        
        286,748Pfizer, Inc.
        
        178,600
        
        3,738,098Roche Holding AG (Genusschein)
        
        3,159
        
        594,803Salix Pharmaceuticals Ltd.*
        
        2,000
        
        12,560Sanofi-Aventis
        
        3,261
        
        244,688Sepracor, Inc.*
        
        22,800
        
        445,056Shionogi & Co., Ltd.
        
        1,000
        
        17,103Takeda Pharmaceutical Co., Ltd.
        
        2,500
        
        126,419UCB SA
        
        5,229
        
        181,944ViroPharma, Inc.*
        
        4,400
        
        39,33612,395,738Industrials 6.8%Aerospace & Defense 1.7%BAE Systems PLC
        
        18,635
        
        179,437Bombardier, Inc. "B"*
        
        7,300
        
        38,902CAE, Inc.
        
        1,500
        
        16,995Cobham PLC
        
        1,159
        
        4,600European Aeronautic Defence & Space Co.
        
        222
        
        5,270Finmeccanica SpA
        
        206
        
        7,018Goodrich Corp.
        
        12,700
        
        730,377Honeywell International, Inc.
        
        58,700
        
        3,311,854Northrop Grumman Corp.
        
        23,300
        
        1,812,973Rolls-Royce Group PLC*
        
        1,290
        
        10,316Rolls-Royce Group PLC "B"*
        
        115,584
        
        229Singapore Technologies Engineering Ltd.
        
        15,000
        
        36,897Teledyne Technologies, Inc.*
        
        5,200
        
        244,400Thales SA
        
        71
        
        4,602
     United Technologies Corp.
        
        28,240
        
        1,943,4778,347,347Air Freight & Logistics 0.0%Deutsche Post AG (Registered)
        
        514
        
        15,709Hub Group, Inc. "A"*
        
        1,600
        
        52,624TNT NV
        
        1,823
        
        67,765Toll Holdings Ltd.
        
        1,558
        
        14,267150,365Airlines 0.1%Air France-KLM
        
        113
        
        3,182Alaska Air Group, Inc.*
        
        600
        
        11,772Cathay Pacific Airways Ltd.
        
        13,000
        
        25,471Deutsche Lufthansa AG (Registered)
        
        185
        
        5,006Iberia Lineas Aereas de Espana SA
        
        2,831
        
        12,336Pinnacle Airlines Corp.*
        
        8,000
        
        69,840Qantas Airways Ltd.
        
        2,776
        
        9,999Singapore Airlines Ltd.
        
        6,000
        
        68,256SkyWest, Inc.
        
        3,500
        
        73,920UAL Corp.
        
        4,900
        
        105,497385,279Building Products 0.1%Apogee Enterprises, Inc.
        
        10,600
        
        163,240Asahi Glass Co., Ltd.
        
        1,000
        
        11,090Assa Abloy AB "B"
        
        400
        
        7,270Builders FirstSource, Inc.*
        
        2,600
        
        18,876Compagnie de Saint-Gobain
        
        180
        
        14,709Daikin Industries Ltd.
        
        100
        
        4,385Geberit AG (Registered)
        
        59
        
        8,791Gibraltar Industries, Inc.
        
        4,500
        
        52,785Wienerberger AG
        
        4,214
        
        225,012506,158Commercial Services & Supplies 0.8%Adecco SA (Registered)
        
        181
        
        10,463Allied Waste Industries, Inc.*
        
        121,100
        
        1,309,091American Ecology Corp.
        
        300
        
        7,599Babcock International Group PLC
        
        21,446
        
        243,207Bowne & Co., Inc.
        
        1,000
        
        15,250Brambles Ltd.
        
        3,896
        
        35,646COMSYS IT Partners, Inc.*
        
        12,900
        
        109,134Consolidated Graphics, Inc.*
        
        3,100
        
        173,755Deluxe Corp.
        
        10,000
        
        192,100Experian Group Ltd.
        
        763
        
        5,556G4S PLC
        
        997
        
        4,506Hudson Highland Group, Inc.*
        
        18,100
        
        153,307Intertek Group PLC
        
        12,051
        
        246,783Kforce, Inc.*
        
        1,300
        
        11,492Layne Christensen Co.*
        
        300
        
        10,506PeopleSupport, Inc.*
        
        3,300
        
        30,096Randstad Holdings NV
        
        248
        
        11,659Rentokil Initial PLC
        
        1,774
        
        3,425Rollins, Inc.
        
        1,600
        
        28,304Secom Co., Ltd.
        
        100
        
        4,914Securitas AB "B"
        
        400
        
        5,291Serco Group PLC
        
        21,328
        
        192,040SGS SA (Registered)
        
        7
        
        10,071
     The Brink's Co.
        
        11,200
        
        752,416United Stationers, Inc.*
        
        4,500
        
        214,650Vedior NV (CVA)
        
        795
        
        23,155Volt Information Sciences, Inc.*
        
        8,700
        
        147,5523,951,968Construction & Engineering 0.5%Acciona SA
        
        158
        
        42,308ACS, Actividades de Construccion y Servicios SA
        
        1,180
        
        67,182AMEC PLC
        
        55,767
        
        800,617Balfour Beatty PLC
        
        491
        
        4,589EMCOR Group, Inc.*
        
        4,000
        
        88,840FLSmidth & Co. AS
        
        200
        
        19,837Fomento de Construcciones y Contratas SA
        
        278
        
        18,299Granite Construction, Inc.
        
        6,500
        
        212,615Grupo Ferrovial SA
        
        367
        
        26,660Hochtief AG
        
        35
        
        3,203Integrated Electrical Services, Inc.*
        
        400
        
        6,284Leighton Holdings Ltd.
        
        8,788
        
        345,424Michael Baker Corp.*
        
        3,100
        
        69,626Orascom Construction Industries (GDR) (REG S)
        
        2,350
        
        352,053Perini Corp.*
        
        4,600
        
        166,658Sacyr Vallehermoso SA
        
        490
        
        17,015Skanska AB "B"
        
        600
        
        12,034SNC-Lavalin Group, Inc.
        
        900
        
        39,000URS Corp.*
        
        1,500
        
        49,035Vinci SA
        
        266
        
        19,263YIT Oyj*
        
        1,940
        
        55,1042,415,646Electrical Equipment 0.5%ABB Ltd. (Registered)
        
        10,762
        
        289,810Acuity Brands, Inc.
        
        2,300
        
        98,785Alstom
        
        65
        
        14,120Emerson Electric Co.
        
        15,140
        
        779,104Encore Wire Corp.
        
        2,600
        
        47,346EnerSys*
        
        2,900
        
        69,368Gamesa Corp. Tecnologica SA
        
        931
        
        42,478GrafTech International Ltd.*
        
        10,700
        
        173,447Hubbell, Inc. "B"
        
        1,600
        
        69,904II-VI, Inc.*
        
        5,800
        
        220,284LSI Industries, Inc.
        
        4,500
        
        59,445Mitsubishi Electric Corp.
        
        1,000
        
        8,813Polypore International, Inc.*
        
        1,400
        
        28,966Regal-Beloit Corp.
        
        1,200
        
        43,956Renewable Energy Corp. AS*
        
        100
        
        2,810Schneider Electric SA
        
        133
        
        17,206Solarworld AG
        
        59
        
        2,814Sumitomo Electric Industries Ltd.
        
        400
        
        5,075Superior Essex, Inc.*
        
        6,700
        
        188,404Vestas Wind Systems AS*
        
        550
        
        60,188Woodward Governor Co.
        
        7,300
        
        195,0562,417,379Industrial Conglomerates 1.1%CSR Ltd.
        
        3,192
        
        9,363Fraser & Neave Ltd.
        
        10,000
        
        35,470
     General Electric Co.
        
        106,240
        
        3,931,942Hutchison Whampoa Ltd.
        
        20,000
        
        190,340Keppel Corp., Ltd.
        
        13,000
        
        94,194Koninklijke (Royal) Philips Electronics NV
        
        2,290
        
        87,675McDermott International, Inc.*
        
        10,700
        
        586,574Orkla ASA
        
        600
        
        7,636Raven Industries, Inc.
        
        1,900
        
        57,570SembCorp Industries Ltd.
        
        10,000
        
        29,646Siemens AG (Registered)
        
        564
        
        61,207Smiths Group PLC
        
        412
        
        7,6855,099,302Machinery 1.0%Actuant Corp. "A"
        
        7,300
        
        220,533AGCO Corp.*
        
        14,400
        
        862,272Alfa Laval AB
        
        125
        
        7,609Ampco-Pittsburgh Corp.
        
        300
        
        12,897Atlas Copco AB "A"
        
        800
        
        13,691Atlas Copco AB "B"
        
        400
        
        6,289Badger Meter, Inc.
        
        200
        
        8,640Cascade Corp.
        
        1,600
        
        78,896Caterpillar, Inc.
        
        19,470
        
        1,524,306China Infrastructure Machinery Holdings Ltd.
        
        167,000
        
        127,086Columbus McKinnon Corp.*
        
        5,200
        
        161,096Crane Co.
        
        3,600
        
        145,260FANUC Ltd.
        
        100
        
        9,678Gorman-Rupp Co.
        
        300
        
        9,867KCI Konecranes Oyj
        
        943
        
        36,365Komatsu Ltd.
        
        12,400
        
        351,655Kone Oyj "B"
        
        2,080
        
        85,444Kubota Corp.
        
        1,000
        
        6,304MAN AG
        
        79
        
        10,484Metso Corp.
        
        1,744
        
        94,282Mitsubishi Heavy Industries Ltd.
        
        2,000
        
        8,704Mueller Industries, Inc.
        
        1,200
        
        34,620Parker Hannifin Corp.
        
        8,500
        
        588,795Robbins & Myers, Inc.
        
        4,500
        
        146,925Sandvik AB
        
        1,200
        
        20,891Scania AB "B"
        
        400
        
        8,401Schindler Holding AG
        
        84
        
        6,295SKF AB "B"
        
        600
        
        12,087Sulzer AG (Registered)
        
        4
        
        5,288Sun Hydraulics Corp.
        
        1,600
        
        46,832Timken Co.
        
        2,400
        
        71,328Twin Disc, Inc.
        
        2,800
        
        44,296Vallourec SA
        
        33
        
        8,024Volvo AB "A"
        
        600
        
        8,954Volvo AB "B"
        
        1,300
        
        19,728Wartsila Oyj "B"*
        
        878
        
        59,245Zardoya Otis SA
        
        675
        
        18,7534,881,820Marine 0.1%A P Moller-Maersk AS "B"
        
        3
        
        33,527Kuehne & Nagel International AG (Registered)
        
        78
        
        7,825TBS International Ltd. "A"*
        
        3,900
        
        117,780159,132
     Road & Rail 0.6%Canadian National Railway Co. (b)
        
        15,200
        
        734,464Canadian National Railway Co. (b)
        
        2,600
        
        126,067Canadian Pacific Railway Ltd.
        
        800
        
        51,439Central Japan Railway Co.
        
        1
        
        10,413ComfortDelGro Corp., Ltd.
        
        22,000
        
        29,268Dollar Thrifty Automotive Group, Inc.*
        
        11,200
        
        152,768DSV AS
        
        700
        
        15,337East Japan Railway Co.
        
        1
        
        8,325FirstGroup PLC
        
        431
        
        4,822MTR Corp., Ltd.
        
        13,000
        
        44,565Ryder System, Inc.
        
        19,400
        
        1,181,654Union Pacific Corp.
        
        4,100
        
        514,058West Japan Railway Co.
        
        1
        
        4,3992,877,579Trading Companies & Distributors 0.2%Applied Industrial Technologies, Inc.
        
        6,900
        
        206,241Bunzl PLC
        
        366
        
        5,153Electro Rent Corp.
        
        4,000
        
        60,600Finning International, Inc.
        
        700
        
        19,825Hagemeyer NV
        
        2,670
        
        20,403Itochu Corp.
        
        1,000
        
        9,921Marubeni Corp.
        
        1,000
        
        7,432Mitsubishi Corp.
        
        13,400
        
        412,927Mitsui & Co., Ltd.
        
        7,000
        
        144,921Noble Group Ltd.
        
        79,000
        
        127,477Sumitomo Corp.
        
        500
        
        6,717Wolseley PLC
        
        527
        
        5,5351,027,152Transportation Infrastructure 0.1%Abertis Infraestructuras SA
        
        1,434
        
        46,728Atlantia SpA
        
        186
        
        5,630Brisa
        
        18,169
        
        259,565Cintra Concesiones de Infraestructuras de Transporte SA
        
        1,277
        
        18,887DP World Ltd.*
        
        72,357
        
        68,739Hopewell Holdings Ltd.
        
        6,000
        
        22,918Macquarie Infrastructure Group (Unit)
        
        7,725
        
        19,821Novorossiysk Sea Trade Port (GDR) 144A*
        
        3,700
        
        55,500Transurban Group (Unit)
        
        3,144
        
        18,677516,465Information Technology 7.4%Communications Equipment 0.7%Alcatel-Lucent
        
        6,661
        
        38,147Anaren, Inc.*
        
        5,300
        
        67,098Cisco Systems, Inc.*
        
        49,770
        
        1,198,959Dycom Industries, Inc.*
        
        8,300
        
        99,683Infinera Corp.*
        
        10,000
        
        120,000MasTec, Inc.*
        
        14,400
        
        118,224Nokia Oyj
        
        15,436
        
        491,074Nortel Networks Corp.*
        
        900
        
        6,138Oplink Communications, Inc.*
        
        10,000
        
        88,700Plantronics, Inc.
        
        4,200
        
        81,102QUALCOMM, Inc.
        
        16,830
        
        690,030Research In Motion Ltd.*
        
        1,000
        
        112,514
     Tandberg ASA
        
        900
        
        13,525Tekelec*
        
        14,200
        
        176,790Telefonaktiebolaget LM Ericsson "B"
        
        55,000
        
        108,0863,410,070Computers & Peripherals 2.1%Apple, Inc.*
        
        18,600
        
        2,669,100Data Domain, Inc.*
        
        4,000
        
        95,200EMC Corp.*
        
        62,830
        
        900,982Emulex Corp.*
        
        13,800
        
        224,112Fujitsu Ltd.
        
        1,000
        
        6,566Hewlett-Packard Co.
        
        24,700
        
        1,127,802International Business Machines Corp.
        
        22,140
        
        2,549,200Lexmark International, Inc. "A"*
        
        23,700
        
        728,064Logitech International SA (Registered)*
        
        3,503
        
        88,656NEC Corp.
        
        1,000
        
        3,831Novatel Wireless, Inc.*
        
        10,700
        
        103,576QLogic Corp.*
        
        37,400
        
        574,090Rimage Corp.*
        
        500
        
        10,950Sun Microsystems, Inc.*
        
        21,500
        
        333,895Toshiba Corp.
        
        2,000
        
        13,415Western Digital Corp.*
        
        18,100
        
        489,424Wincor Nixdorf AG
        
        83
        
        6,6429,925,505Electronic Equipment & Instruments 0.9%Arrow Electronics, Inc.*
        
        37,100
        
        1,248,415Avnet, Inc.*
        
        26,400
        
        864,072Dolby Laboratories, Inc. "A"*
        
        11,400
        
        413,364Electrocomponents PLC
        
        3,804
        
        13,719Fujifilm Holdings Corp.
        
        200
        
        7,105Hitachi Ltd.
        
        2,000
        
        11,896Hoya Corp.
        
        200
        
        4,741IBIDEN Co., Ltd.
        
        100
        
        3,954Kingboard Chemical Holdings Ltd.
        
        13,000
        
        46,349Kyocera Corp.
        
        100
        
        8,410LoJack Corp.*
        
        600
        
        7,584Mettler-Toledo International, Inc.*
        
        5,000
        
        485,600Multi-Fineline Electronix, Inc.*
        
        4,700
        
        88,219Murata Manufacturing Co., Ltd.
        
        100
        
        5,040Nidec Corp.
        
        100
        
        6,247TDK Corp.
        
        100
        
        5,943Technitrol, Inc.
        
        2,600
        
        60,138Tyco Electronics Ltd.
        
        27,800
        
        954,0964,234,892Internet Software & Services 0.5%Chordiant Software, Inc.*
        
        4,500
        
        27,135CMGI, Inc.*
        
        4,500
        
        59,670CNET Networks, Inc.*
        
        11,500
        
        81,650EarthLink, Inc.*
        
        13,400
        
        101,170eBay, Inc.*
        
        8,000
        
        238,720Google, Inc. "A"*
        
        3,015
        
        1,328,017InfoSpace, Inc.
        
        2,700
        
        31,239j2 Global Communications, Inc.*
        
        2,300
        
        51,336Tencent Holdings Ltd.
        
        400
        
        2,272United Online, Inc.
        
        6,300
        
        66,528
     ValueClick, Inc.*
        
        6,100
        
        105,225Vocus, Inc.*
        
        800
        
        21,120Websense, Inc.*
        
        2,900
        
        54,375Yahoo! Japan Corp.
        
        9
        
        4,735Yahoo!, Inc.*
        
        11,900
        
        344,2672,517,459IT Services 0.8%Accenture Ltd. "A"
        
        19,610
        
        689,684Atos Origin SA*
        
        177
        
        9,851Cap Gemini SA
        
        340
        
        19,398CGI Group, Inc. "A"*
        
        600
        
        6,371Computer Sciences Corp.*
        
        27,500
        
        1,121,725CSG Systems International, Inc.*
        
        22,000
        
        250,140Fiserv, Inc.*
        
        8,400
        
        403,956iGATE Corp.*
        
        3,400
        
        24,208Indra Sistemas SA
        
        322
        
        9,272LogicaCMG PLC
        
        12,089
        
        25,368MAXIMUS, Inc.
        
        6,100
        
        223,931NTT Data Corp.
        
        1
        
        4,387Paychex, Inc.
        
        3,800
        
        130,188Redecard SA (GDR) 144A
        
        6,100
        
        202,951Sapient Corp.*
        
        9,300
        
        64,728Visa, Inc. "A"*
        
        9,500
        
        592,4203,778,578Office Electronics 0.1%Canon, Inc.
        
        11,600
        
        537,549Konica Minolta Holdings, Inc.
        
        500
        
        6,894Neopost SA
        
        90
        
        10,114554,557Semiconductors & Semiconductor Equipment 0.9%Amkor Technology, Inc.*
        
        12,000
        
        128,400ANADIGICS, Inc.*
        
        17,600
        
        115,456ARM Holdings PLC
        
        10,640
        
        18,578ASML Holding NV*
        
        5,520
        
        135,744Atheros Communications*
        
        7,700
        
        160,468Broadcom Corp. "A"*
        
        9,540
        
        183,836Cabot Microelectronics Corp.*
        
        500
        
        16,075Eagle Test Systems, Inc.*
        
        1,500
        
        15,750Infineon Technologies AG*
        
        1,742
        
        12,250Intel Corp.
        
        57,400
        
        1,215,732NVIDIA Corp.*
        
        26,700
        
        528,393OC Oerlikon Corp. AG (Registered)*
        
        131
        
        46,094Pericom Semiconductor Corp.*
        
        11,100
        
        162,948ROHM Co., Ltd.
        
        100
        
        6,209Semtech Corp.*
        
        15,600
        
        223,548Sigma Designs, Inc.*
        
        5,200
        
        117,884Skyworks Solutions, Inc.*
        
        13,000
        
        94,640Standard Microsystems Corp.*
        
        5,400
        
        157,572STMicroelectronics NV
        
        1,681
        
        17,883Texas Instruments, Inc.
        
        32,300
        
        913,121Tokyo Electron Ltd.
        
        100
        
        6,187TriQuint Semiconductor, Inc.*
        
        25,600
        
        129,536Zoran Corp.*
        
        11,700
        
        159,8224,566,126
     Software 1.4%Adobe Systems, Inc.*
        
        16,150
        
        574,779Advent Software, Inc.*
        
        4,600
        
        196,052Ansoft Corp.*
        
        3,400
        
        103,768Compuware Corp.*
        
        42,400
        
        311,216Dassault Systemes SA
        
        159
        
        9,241Electronic Arts, Inc.*
        
        8,900
        
        444,288FalconStor Software, Inc.*
        
        3,800
        
        28,918Jack Henry & Associates, Inc.
        
        5,300
        
        130,751JDA Software Group, Inc.*
        
        10,300
        
        187,975MICROS Systems, Inc.*
        
        8,300
        
        279,378Microsoft Corp.
        
        123,250
        
        3,497,835Misys PLC
        
        4,179
        
        11,484Net 1 UEPS Technologies, Inc.*
        
        5,400
        
        121,770Nintendo Co., Ltd.
        
        800
        
        414,429Progress Software Corp.*
        
        500
        
        14,960Renaissance Learning, Inc.
        
        900
        
        12,591SAP AG
        
        2,011
        
        99,913SPSS, Inc.*
        
        3,700
        
        143,486Sybase, Inc.*
        
        4,900
        
        128,870The Sage Group PLC
        
        10,531
        
        39,307Ultimate Software Group, Inc.*
        
        400
        
        12,024VMware, Inc. "A"*
        
        4,100
        
        175,5626,938,597Materials 3.2%Chemicals 1.7%Agrium, Inc.
        
        100
        
        6,212Akzo Nobel NV
        
        1,151
        
        92,426Asahi Kasei Corp.
        
        1,000
        
        5,284BASF SE
        
        319
        
        42,931Bayer AG
        
        5,799
        
        464,487Calgon Carbon Corp.*
        
        1,200
        
        18,060Celanese Corp. "A"
        
        6,900
        
        269,445CF Industries Holdings, Inc.
        
        3,000
        
        310,860Ciba Specialty Chemicals AG (Registered)
        
        171
        
        6,235Croda International PLC
        
        814
        
        10,709Dow Chemical Co.
        
        33,900
        
        1,249,215Eastman Chemical Co.
        
        4,500
        
        281,025Ecolab, Inc.
        
        12,350
        
        536,360Ferro Corp.
        
        4,500
        
        66,870GenTek, Inc.*
        
        2,500
        
        75,200Givaudan SA (Registered)
        
        8
        
        7,914JSR Corp.
        
        200
        
        4,545Koninklijke DSM NV
        
        630
        
        30,411Kuraray Co., Ltd.
        
        500
        
        6,045Linde AG
        
        1,883
        
        266,172Lubrizol Corp.
        
        900
        
        49,959Mitsubishi Chemical Holdings Corp.
        
        1,000
        
        6,629Mitsui Chemicals, Inc.
        
        1,000
        
        6,648Monsanto Co.
        
        19,500
        
        2,174,250Nitto Denko Corp.
        
        200
        
        8,580Novozymes AS "B"
        
        1,150
        
        107,678Orica Ltd.
        
        199
        
        5,314Potash Corp. of Saskatchewan, Inc.
        
        1,600
        
        248,624
     Praxair, Inc.
        
        9,700
        
        817,031Rockwood Holdings, Inc.*
        
        2,900
        
        95,033ShengdaTech, Inc.*
        
        1,300
        
        11,050Shin-Etsu Chemical Co., Ltd.
        
        400
        
        20,757Showa Denko KK
        
        2,000
        
        6,759Solvay SA
        
        573
        
        73,281Sumitomo Chemical Co., Ltd.
        
        1,000
        
        6,423Syngenta AG (Registered)
        
        162
        
        47,448Teijin Ltd.
        
        1,000
        
        4,265Terra Industries, Inc.*
        
        5,800
        
        206,074Toray Industries, Inc.
        
        1,000
        
        6,594Umicore
        
        1,130
        
        58,943Uralkali (GDR) 144A*
        
        7,700
        
        315,700Yara International ASA
        
        1,850
        
        107,5228,134,968Construction Materials 0.1%CRH PLC
        
        3,069
        
        116,069Fletcher Building Ltd.
        
        324
        
        2,143Holcim Ltd. (Registered)
        
        403
        
        42,318Imerys SA
        
        125
        
        11,462Lafarge SA
        
        481
        
        83,755255,747Containers & Packaging 0.5%Amcor Ltd.
        
        605
        
        3,960Gerresheimer AG*
        
        4,964
        
        249,740Greif, Inc. "A"
        
        3,600
        
        244,548Owens-Illinois, Inc.*
        
        12,100
        
        682,803Rock-Tenn Co. "A"
        
        8,300
        
        248,751Smurfit-Stone Container Corp.*
        
        20,300
        
        156,310Temple-Inland, Inc.
        
        65,700
        
        835,7042,421,816Metals & Mining 0.7%Acerinox SA
        
        4,331
        
        120,068Agnico-Eagle Mines Ltd.
        
        100
        
        6,783AK Steel Holding Corp.
        
        7,700
        
        419,034Alumina Ltd.
        
        739
        
        3,796Anglo American PLC
        
        4,619
        
        277,505Barrick Gold Corp.
        
        300
        
        13,117BHP Billiton Ltd.
        
        1,497
        
        49,184BHP Billiton PLC
        
        836
        
        24,797BlueScope Steel Ltd.
        
        470
        
        4,283Boliden AB
        
        1,900
        
        20,232Compass Minerals International, Inc.
        
        4,000
        
        235,920Fording Canadian Coal Trust (Unit)
        
        100
        
        5,235Fortescue Metal Group Ltd.*
        
        700
        
        4,191Freeport-McMoRan Copper & Gold, Inc.
        
        5,300
        
        509,966Goldcorp, Inc.
        
        300
        
        11,659JFE Holdings, Inc.
        
        500
        
        22,533Kinross Gold Corp.
        
        400
        
        8,924Kobe Steel Ltd.
        
        3,000
        
        8,703Mitsubishi Materials Corp.
        
        1,000
        
        4,413Newcrest Mining Ltd.
        
        264
        
        8,069Nippon Steel Corp.
        
        5,000
        
        25,721Norsk Hydro ASA
        
        1,200
        
        17,563
     Outokumpu Oyj
        
        555
        
        25,275Rautaruukki Oyj
        
        391
        
        18,895Reliance Steel & Aluminum Co.
        
        15,400
        
        921,844Rio Tinto Ltd.
        
        95
        
        10,624Rio Tinto PLC
        
        357
        
        37,066Salzgitter AG
        
        31
        
        5,386SSAB Svenskt Stal AB "A"
        
        1,200
        
        33,802Sumitomo Metal Industries Ltd.
        
        4,000
        
        15,391Teck Cominco Ltd. "B"
        
        300
        
        12,302ThyssenKrupp AG
        
        248
        
        14,175Universal Stainless & Alloy Products, Inc.*
        
        1,000
        
        29,710Vedanta Resources PLC
        
        5,831
        
        242,491voestalpine AG
        
        373
        
        25,994Worthington Industries, Inc.
        
        6,700
        
        113,029Xstrata PLC
        
        4,178
        
        292,573Yamana Gold, Inc.
        
        300
        
        4,402Zinifex Ltd.
        
        323
        
        2,9603,607,615Paper & Forest Products 0.2%Buckeye Technologies, Inc.*
        
        13,500
        
        150,660International Paper Co.
        
        16,900
        
        459,680Oji Paper Co., Ltd.
        
        1,000
        
        4,547Schweitzer-Mauduit International, Inc.
        
        2,500
        
        57,850Stora Enso Oyj "R"
        
        2,637
        
        30,463Svenska Cellulosa AB "B"
        
        3,400
        
        61,932UPM-Kymmene Oyj
        
        2,405
        
        42,707807,839Telecommunication Services 2.5%Diversified Telecommunication Services 2.0%Alaska Communications Systems Group, Inc.
        
        17,500
        
        214,200AT&T, Inc.
        
        64,400
        
        2,466,520Atlantic Tele-Network, Inc.
        
        3,600
        
        121,788BCE, Inc.
        
        1,200
        
        40,626Belgacom SA
        
        223
        
        9,874BT Group PLC
        
        4,462
        
        19,235Cable & Wireless PLC
        
        1,466
        
        4,332Deutsche Telekom AG (Registered)
        
        6,018
        
        100,056Elisa Oyj
        
        242
        
        6,043France Telecom SA
        
        8,512
        
        286,194Koninklijke (Royal) KPN NV
        
        10,615
        
        179,724Nippon Telegraph & Telephone Corp.
        
        27
        
        117,451PCCW Ltd.
        
        289,000
        
        180,967Portugal Telecom SGPS SA (Registered)
        
        9,867
        
        114,704PT Telekomunikasi Indonesia (ADR)
        
        8,700
        
        364,878Singapore Telecommunications Ltd.
        
        91,000
        
        260,802Swisscom AG (Registered)
        
        543
        
        186,120Tele2 AB "B"
        
        2,500
        
        47,276Telecom Corp. of New Zealand Ltd.
        
        73,953
        
        217,630Telecom Italia SpA
        
        51,783
        
        108,342Telecom Italia SpA (RNC)
        
        27,168
        
        45,103Telefonica SA
        
        22,954
        
        659,543Telekom Austria AG
        
        12,898
        
        266,913Telenor ASA*
        
        6,400
        
        122,999TeliaSonera AB
        
        18,500
        
        148,627
     Telstra Corp., Ltd.
        
        41,418
        
        166,911Telstra Corp., Ltd. (Insurance Receipt)
        
        21,018
        
        54,156Telus Corp.
        
        300
        
        13,064Telus Corp. (Non-Voting Shares)
        
        700
        
        29,495Verizon Communications, Inc.
        
        94,200
        
        3,433,5909,987,163Wireless Telecommunication Services 0.5%America Movil SAB de CV "L" (ADR)
        
        3,100
        
        197,439American Tower Corp. "A"*
        
        6,700
        
        262,707Bouygues SA
        
        300
        
        19,055China Mobile Ltd.
        
        12,500
        
        186,989Hutchison Telecommunications International Ltd.
        
        102,000
        
        145,951KDDI Corp.
        
        13
        
        80,351Mobistar SA
        
        53
        
        4,802NTT DoCoMo, Inc.
        
        82
        
        124,518Rogers Communications, Inc. "B"
        
        2,300
        
        82,728Softbank Corp.
        
        4,000
        
        73,759Telephone & Data Systems, Inc.
        
        19,500
        
        765,765USA Mobility, Inc.*
        
        17,800
        
        127,092Vodafone Group PLC
        
        82,319
        
        246,4922,317,648Utilities 2.6%Electric Utilities 1.2%Allegheny Energy, Inc.
        
        4,900
        
        247,450American Electric Power Co., Inc.
        
        1,500
        
        62,445Brookfield Infrastructure Partners LP
        
        12
        
        203Chubu Electric Power Co., Inc.
        
        2,300
        
        57,754CLP Holdings Ltd.
        
        12,000
        
        99,087E.ON AG
        
        3,567
        
        660,033Edison International
        
        34,600
        
        1,696,092EDP - Energias de Portugal SA
        
        19,404
        
        117,619Enel SpA
        
        22,674
        
        240,975FirstEnergy Corp.
        
        19,800
        
        1,358,676Fortis, Inc.
        
        2,400
        
        68,298Fortum Oyj
        
        386
        
        15,726Hokkaido Electric Power Co., Inc.
        
        800
        
        18,696Hongkong Electric Holding Ltd.
        
        13,500
        
        86,018Iberdrola SA
        
        28,511
        
        442,015Kansai Electric Power Co., Inc.
        
        2,600
        
        64,926Kyushu Electric Power Co., Inc.
        
        1,400
        
        34,347Oesterreichische Elektrizitaetswirtschafts AG "A"
        
        68
        
        4,851Portland General Electric Co.
        
        1,900
        
        42,845RWE AG
        
        266
        
        32,679Scottish & Southern Energy PLC
        
        1,620
        
        45,151Terna - Rete Elettrica Nationale SpA
        
        6,478
        
        27,623Tohoku Electric Power Co., Inc.
        
        1,600
        
        39,165Tokyo Electric Power Co., Inc.
        
        4,200
        
        112,980Union Fenosa SA
        
        2,526
        
        169,766Westar Energy, Inc.
        
        6,500
        
        148,0055,893,425Gas Utilities 0.3%Centrica PLC
        
        8,869
        
        52,491Gas Natural SDG SA
        
        2,642
        
        163,422Gaz de France
        
        164
        
        9,911
     Hong Kong & China Gas Co., Ltd.
        
        35,000
        
        105,736New Jersey Resources Corp.
        
        550
        
        17,078ONEOK, Inc.
        
        9,600
        
        428,448Osaka Gas Co., Ltd.
        
        8,000
        
        32,131Snam Rete Gas SpA
        
        4,641
        
        29,489South Jersey Industries, Inc.
        
        900
        
        31,599Southwest Gas Corp.
        
        2,600
        
        72,696The Laclede Group, Inc.
        
        3,300
        
        117,579Tokyo Gas Co., Ltd.
        
        8,000
        
        32,416UGI Corp.
        
        4,000
        
        99,680WGL Holdings, Inc.
        
        9,200
        
        294,9521,487,628Independent Power Producers & Energy Traders 0.2%Constellation Energy Group, Inc.
        
        6,300
        
        556,101Electric Power Development Co., Ltd.
        
        600
        
        21,633International Power PLC
        
        4,087
        
        32,278TransAlta Corp.
        
        3,000
        
        93,322703,334Multi-Utilities 0.6%AGL Energy Ltd.
        
        23,289
        
        235,509Consolidated Edison, Inc.
        
        9,700
        
        385,090National Grid PLC
        
        5,608
        
        76,954Sempra Energy
        
        37,200
        
        1,982,016Suez SA
        
        908
        
        59,656United Utilities PLC
        
        1,724
        
        23,622Veolia Environnement
        
        307
        
        21,4002,784,247Water Utilities 0.3%Severn Trent PLC
        
        474
        
        13,348Total Common Stocks(Cost $263,084,108)
        
        277,196,420Preferred Stocks 0.1%Consumer Discretionary 0.1%Porsche Automobil Holding SE
        
        1,964
        
        360,428Volkswagen AG
        
        62
        
        10,295370,723Consumer Staples 0.0%Henkel KGaA
        
        1,524
        
        70,425Financials 0.0%Farm Credit Bank of Texas, Series 1, 7.561%
        
        218,000
        
        229,687Utilities 0.0%RWE AG
        
        22
        
        2,086Total Preferred Stocks(Cost $706,118)
        
        672,921Convertible Preferred Stocks 0.0%Consumer DiscretionaryION Media Networks, Inc., 144A, 12.0% * (Cost $8,344)
        
        60,000
        
        900Participatory Notes 0.0%Merrill Lynch Pioneers Index (issuer Merrill Lynch International), Expiration date 2/27/2009*  (Cost $109,245)
        
        1,100
        
        101,904
     Warrants 0.0%MaterialsNew Asat Finance LLC, Expiration Date 2/1/2011*  (Cost $0)
        
        24,700
        
        4,159PrincipalAmount ($)(a)
        
        Value ($)Corporate Bonds 9.6%Consumer Discretionary 0.7%Affinia Group, Inc., 9.0%, 11/30/2014
        
        40,000
        
        34,550AMC Entertainment, Inc., 8.0%, 3/1/2014
        
        75,000
        
        63,562American Achievement Corp., 8.25%, 4/1/2012
        
        15,000
        
        13,388American Achievement Group Holding Corp., 14.75%, 10/1/2012 (PIK)
        
        28,200
        
        22,137Asbury Automotive Group, Inc.:7.625%, 3/15/2017
        
        35,000
        
        27,6508.0%, 3/15/2014
        
        15,000
        
        13,050Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015
        
        25,000
        
        20,000Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014
        
        30,000
        
        23,175Cablevision Systems Corp., Series B, 9.644% **, 4/1/2009
        
        20,000
        
        19,850CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015
        
        25,000
        
        23,000Carrols Corp., 9.0%, 1/15/2013
        
        15,000
        
        13,350Charter Communications Holdings LLC, 11.0%, 10/1/2015
        
        41,000
        
        28,495Charter Communications, Inc., 144A, 10.875%, 9/15/2014
        
        40,000
        
        39,400Cooper-Standard Automotive, Inc., 8.375%, 12/15/2014
        
        25,000
        
        18,938CSC Holdings, Inc.:7.25%, 7/15/2008
        
        30,000
        
        30,000Series B, 8.125%, 7/15/2009
        
        30,000
        
        30,300Series B, 8.125%, 8/15/2009
        
        60,000
        
        60,600Denny's Holdings, Inc., 10.0%, 10/1/2012
        
        10,000
        
        9,200Dollarama Group LP, 10.579% **, 8/15/2012
        
        24,000
        
        23,460EchoStar DBS Corp.:6.625%, 10/1/2014
        
        45,000
        
        40,9507.125%, 2/1/2016
        
        35,000
        
        32,637Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015
        
        35,000
        
        24,675Foot Locker, Inc., 8.5%, 1/15/2022
        
        10,000
        
        8,800French Lick Resorts & Casino LLC, 144A, 10.75%, 4/15/2014
        
        105,000
        
        63,000General Motors Corp.:7.2%, 1/15/2011
        
        95,000
        
        79,3257.4%, 9/1/2025
        
        20,000
        
        13,400Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015
        
        30,000
        
        28,538Group 1 Automotive, Inc., 8.25%, 8/15/2013
        
        15,000
        
        14,100Hanesbrands, Inc., Series B, 8.204% **, 12/15/2014
        
        45,000
        
        39,937Hertz Corp.:8.875%, 1/1/2014
        
        75,000
        
        71,06210.5%, 1/1/2016
        
        20,000
        
        18,725Idearc, Inc., 8.0%, 11/15/2016
        
        165,000
        
        106,837Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012
        
        20,000
        
        17,400ION Media Networks, Inc., 144A, 10.508% **, 1/15/2013
        
        85,000
        
        63,750Isle of Capri Casinos, Inc., 7.0%, 3/1/2014
        
        30,000
        
        21,375Jarden Corp., 7.5%, 5/1/2017
        
        25,000
        
        21,875Lamar Media Corp., Series C, 6.625%, 8/15/2015
        
        20,000
        
        17,600Liberty Media LLC:5.7%, 5/15/2013
        
        5,000
        
        4,3788.25%, 2/1/2030
        
        45,000
        
        37,765
     8.5%, 7/15/2029
        
        50,000
        
        42,721MediMedia USA, Inc., 144A, 11.375%, 11/15/2014
        
        15,000
        
        15,450MGM MIRAGE:6.75%, 9/1/2012
        
        10,000
        
        9,2758.375%, 2/1/2011
        
        20,000
        
        20,050MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010
        
        55,000
        
        53,075Norcraft Holdings/Capital, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012
        
        85,000
        
        74,375Penske Automotive Group, Inc., 7.75%, 12/15/2016
        
        80,000
        
        69,200Pinnacle Entertainment, Inc., 8.75%, 10/1/2013
        
        35,000
        
        34,475Quebecor Media, Inc., 7.75%, 3/15/2016
        
        20,000
        
        18,250Quebecor World, Inc., 144A, 9.75%, 1/15/2015*
        
        25,000
        
        12,000Reader's Digest Association, Inc., 144A, 9.0%, 2/15/2017
        
        40,000
        
        26,700Sabre Holdings Corp., 8.35%, 3/15/2016
        
        30,000
        
        23,100Seminole Hard Rock Entertainment, Inc., 144A, 5.3% **, 3/15/2014
        
        35,000
        
        27,738Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015
        
        25,000
        
        22,125Simmons Co.:Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014
        
        105,000
        
        67,7257.875%, 1/15/2014
        
        20,000
        
        16,400Sinclair Television Group, Inc., 8.0%, 3/15/2012
        
        16,000
        
        16,160Sirius Satellite Radio, Inc., 9.625%, 8/1/2013
        
        45,000
        
        37,912Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013
        
        35,000
        
        32,375Station Casinos, Inc., 6.5%, 2/1/2014
        
        50,000
        
        30,000TCI Communications, Inc., 8.75%, 8/1/2015
        
        135,000
        
        152,710Time Warner Cable, Inc., 5.4%, 7/2/2012
        
        810,000
        
        795,851Travelport LLC:7.701% **, 9/1/2014
        
        20,000
        
        16,2009.875%, 9/1/2014
        
        25,000
        
        22,438Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015
        
        60,000
        
        40,500United Components, Inc., 9.375%, 6/15/2013
        
        5,000
        
        4,581Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK)
        
        50,000
        
        30,250Vitro SAB de CV:9.125%, 2/1/2017
        
        40,000
        
        33,20011.75%, 11/1/2013
        
        15,000
        
        15,188XM Satellite Radio, Inc., 9.75%, 5/1/2014
        
        50,000
        
        48,250Young Broadcasting, Inc., 8.75%, 1/15/2014
        
        150,000
        
        88,5003,137,008Consumer Staples 0.9%Alliance One International, Inc., 8.5%, 5/15/2012
        
        15,000
        
        14,100CVS Caremark Corp., 6.25%, 6/1/2027
        
        750,000
        
        747,433Delhaize America, Inc.:8.05%, 4/15/2027
        
        30,000
        
        31,5639.0%, 4/15/2031
        
        56,000
        
        67,397General Nutrition Centers, Inc., 7.199% **, 3/15/2014 (PIK)
        
        35,000
        
        29,225Harry & David Holdings, Inc., 8.076% **, 3/1/2012
        
        30,000
        
        25,200Kellogg Co., 4.25%, 3/6/2013
        
        1,500,000
        
        1,495,342Kroger Co., 6.15%, 1/15/2020
        
        1,250,000
        
        1,283,620North Atlantic Trading Co., 144A, 10.0%, 3/1/2012
        
        348,750
        
        306,900Pierre Foods, Inc., 9.875%, 7/15/2012
        
        20,000
        
        11,000Pilgrim's Pride Corp., 7.625%, 5/1/2015
        
        15,000
        
        14,438Rite Aid Corp., 7.5%, 3/1/2017
        
        50,000
        
        45,000Smithfield Foods, Inc., 7.75%, 7/1/2017
        
        30,000
        
        29,250Viskase Companies, Inc., 11.5%, 6/15/2011
        
        480,000
        
        480,0004,580,468
     Energy 0.5%Belden & Blake Corp., 8.75%, 7/15/2012
        
        130,000
        
        130,325Bristow Group, Inc., 7.5%, 9/15/2017
        
        30,000
        
        30,150Chaparral Energy, Inc., 8.5%, 12/1/2015
        
        40,000
        
        34,800Chesapeake Energy Corp.:6.25%, 1/15/2018
        
        20,000
        
        19,1006.875%, 1/15/2016
        
        100,000
        
        99,0007.75%, 1/15/2015
        
        15,000
        
        15,450Cimarex Energy Co., 7.125%, 5/1/2017
        
        25,000
        
        24,813Delta Petroleum Corp., 7.0%, 4/1/2015
        
        75,000
        
        66,750Dynegy Holdings, Inc.:6.875%, 4/1/2011
        
        10,000
        
        9,8258.375%, 5/1/2016
        
        60,000
        
        59,400Energy Partners Ltd., 9.75%, 4/15/2014
        
        25,000
        
        20,625Frontier Oil Corp., 6.625%, 10/1/2011
        
        25,000
        
        24,688Kinder Morgan Energy Partners LP, 6.0%, 2/1/2017
        
        381,000
        
        379,159Mariner Energy, Inc.:7.5%, 4/15/2013
        
        30,000
        
        28,8008.0%, 5/15/2017
        
        20,000
        
        19,100OPTI Canada, Inc.:7.875%, 12/15/2014
        
        40,000
        
        39,1008.25%, 12/15/2014
        
        30,000
        
        29,700Plains Exploration & Production Co., 7.0%, 3/15/2017
        
        15,000
        
        14,400Quicksilver Resources, Inc., 7.125%, 4/1/2016
        
        75,000
        
        72,375Sabine Pass LNG LP, 7.5%, 11/30/2016
        
        110,000
        
        106,150Southern Natural Gas Co., 144A, 5.9%, 4/1/2017
        
        895,000
        
        874,890Stone Energy Corp., 6.75%, 12/15/2014
        
        85,000
        
        77,350Tennessee Gas Pipeline Co., 7.625%, 4/1/2037
        
        25,000
        
        26,182Whiting Petroleum Corp.:7.0%, 2/1/2014
        
        30,000
        
        29,7007.25%, 5/1/2012
        
        50,000
        
        49,3757.25%, 5/1/2013
        
        10,000
        
        9,850Williams Companies, Inc.:8.125%, 3/15/2012
        
        100,000
        
        109,2508.75%, 3/15/2032
        
        135,000
        
        155,925Williams Partners LP, 7.25%, 2/1/2017
        
        25,000
        
        25,1252,581,357Financials 3.1%Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015
        
        75,000
        
        64,875Ashton Woods USA LLC, 9.5%, 10/1/2015
        
        70,000
        
        37,450Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014
        
        15,000
        
        11,250Caterpillar Financial Services Corp., 5.45%, 4/15/2018
        
        1,500,000
        
        1,525,968Citigroup, Inc., 6.875%, 3/5/2038
        
        1,000,000
        
        999,293Conproca SA de CV, Series REG S, 12.0%, 6/16/2010
        
        405,000
        
        453,600Daimler Finance North America LLC, Series E, 3.769% **, 10/31/2008
        
        389,000
        
        387,869E*TRADE Financial Corp.:7.375%, 9/15/2013
        
        25,000
        
        17,7507.875%, 12/1/2015
        
        55,000
        
        39,050Erac USA Finance Co.:144A, 6.375%, 10/15/2017
        
        500,000
        
        446,742144A, 7.0%, 10/15/2037
        
        750,000
        
        616,552FIA Card Services NA, 7.125%, 11/15/2012
        
        1,250,000
        
        1,385,805Ford Motor Credit Co., LLC:7.25%, 10/25/2011
        
        155,000
        
        127,3217.375%, 10/28/2009
        
        380,000
        
        346,2317.875%, 6/15/2010
        
        105,000
        
        91,553
     General Electric Capital Corp., Series A, 5.25%, 10/19/2012
        
        1,250,000
        
        1,298,901GMAC LLC, 6.875%, 9/15/2011
        
        410,000
        
        313,799Hawker Beechcraft Acquisition Co., LLC:8.5%, 4/1/2015
        
        55,000
        
        56,5139.75%, 4/1/2017
        
        40,000
        
        39,800Hexion US Finance Corp., 9.75%, 11/15/2014
        
        20,000
        
        21,450Inmarsat Finance PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012
        
        30,000
        
        29,100iPayment, Inc., 9.75%, 5/15/2014
        
        25,000
        
        22,188Lehman Brothers Holdings, Inc., 5.625%, 1/24/2013
        
        625,000
        
        607,728Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)
        
        25,000
        
        20,031Morgan Stanley, Series F, 5.75%, 8/31/2012
        
        1,250,000
        
        1,272,630New ASAT (Finance) Ltd., 9.25%, 2/1/2011
        
        95,000
        
        76,000Pinnacle Foods Finance LLC, 9.25%, 4/1/2015
        
        20,000
        
        17,700Popular North America, Inc., Series E, 3.875%, 10/1/2008
        
        1,000,000
        
        996,389Regions Financial Corp., 7.375%, 12/10/2037
        
        1,000,000
        
        913,210Residential Capital LLC:3.49% **, 6/9/2008
        
        30,000
        
        23,7006.37% **, 11/21/2008
        
        235,000
        
        159,8008.125%, 11/21/2008
        
        30,000
        
        20,700The Goldman Sachs Group, Inc., 6.15%, 4/1/2018
        
        1,000,000
        
        998,516Tropicana Entertainment LLC, 9.625%, 12/15/2014
        
        45,000
        
        23,344UCI Holdco, Inc., 10.3% **, 12/15/2013 (PIK)
        
        37,370
        
        32,512Universal City Development Partners, 11.75%, 4/1/2010
        
        135,000
        
        138,712Wells Fargo & Co., 4.375%, 1/31/2013
        
        1,250,000
        
        1,243,59914,877,631Health Care 0.2%Advanced Medical Optics, Inc., 7.5%, 5/1/2017
        
        45,000
        
        38,700Bausch & Lomb, Inc., 144A, 9.875%, 11/1/2015
        
        45,000
        
        45,788Boston Scientific Corp., 6.0%, 6/15/2011
        
        25,000
        
        24,375Community Health Systems, Inc., 8.875%, 7/15/2015
        
        215,000
        
        215,806HCA, Inc.:9.125%, 11/15/2014
        
        45,000
        
        46,3509.25%, 11/15/2016
        
        90,000
        
        93,3759.625%, 11/15/2016 (PIK)
        
        45,000
        
        46,688HEALTHSOUTH Corp., 10.75%, 6/15/2016
        
        20,000
        
        21,000IASIS Healthcare LLC, 8.75%, 6/15/2014
        
        30,000
        
        29,850Psychiatric Solutions, Inc., 7.75%, 7/15/2015
        
        25,000
        
        24,875Sun Healthcare Group, Inc., 9.125%, 4/15/2015
        
        25,000
        
        24,125Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)
        
        30,000
        
        23,100The Cooper Companies, Inc., 7.125%, 2/15/2015
        
        45,000
        
        42,750Vanguard Health Holding Co. I, LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015
        
        25,000
        
        19,125Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014
        
        75,000
        
        72,187768,094Industrials 1.3%Actuant Corp., 144A, 6.875%, 6/15/2017
        
        20,000
        
        19,750Allied Security Escrow Corp., 11.375%, 7/15/2011
        
        35,000
        
        30,100American Color Graphics, Inc., 10.0%, 6/15/2010
        
        140,000
        
        61,775American Color Graphics, Inc., 144A, Promissory Note due 6/15/2008 (c)
        
        8,400
        
        3,707ARAMARK Corp., 6.739% **, 2/1/2015
        
        35,000
        
        30,887Baldor Electric Co., 8.625%, 2/15/2017
        
        25,000
        
        24,750Belden, Inc., 7.0%, 3/15/2017
        
        25,000
        
        24,125Browning-Ferris Industries, Inc., 7.4%, 9/15/2035
        
        250,000
        
        227,500Building Materials Corp. of America, 7.75%, 8/1/2014
        
        35,000
        
        25,200Cenveo Corp., 7.875%, 12/1/2013
        
        35,000
        
        28,350
     Congoleum Corp., 8.625%, 8/1/2008*
        
        190,000
        
        142,500DRS Technologies, Inc.:6.625%, 2/1/2016
        
        15,000
        
        14,6636.875%, 11/1/2013
        
        75,000
        
        73,5007.625%, 2/1/2018
        
        90,000
        
        90,000Education Management LLC, 8.75%, 6/1/2014
        
        25,000
        
        21,125Esco Corp., 144A, 8.625%, 12/15/2013
        
        55,000
        
        53,350General Cable Corp., 7.125%, 4/1/2017
        
        15,000
        
        14,325Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015
        
        75,000
        
        60,750Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013
        
        20,000
        
        18,300Harland Clarke Holdings Corp., 9.5%, 5/15/2015
        
        25,000
        
        18,375Honeywell International, Inc., 4.25%, 3/1/2013
        
        1,250,000
        
        1,262,655K. Hovnanian Enterprises, Inc.:6.25%, 1/15/2016
        
        35,000
        
        23,6258.875%, 4/1/2012
        
        90,000
        
        49,950Kansas City Southern de Mexico SA de CV:144A, 7.375%, 6/1/2014
        
        40,000
        
        36,9009.375%, 5/1/2012
        
        70,000
        
        72,275Kansas City Southern Railway Co.:7.5%, 6/15/2009
        
        20,000
        
        20,3009.5%, 10/1/2008
        
        175,000
        
        177,406Lockheed Martin Corp., 4.121%, 3/14/2013
        
        1,500,000
        
        1,502,154Mobile Services Group, Inc., 9.75%, 8/1/2014
        
        50,000
        
        46,750Navios Maritime Holdings, Inc., 9.5%, 12/15/2014
        
        40,000
        
        39,850Panolam Industries International, Inc., 10.75%, 10/1/2013
        
        45,000
        
        34,875R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017
        
        100,000
        
        62,500Rainbow National Services LLC, 144A, 10.375%, 9/1/2014
        
        9,000
        
        9,540RBS Global & Rexnord Corp., 9.5%, 8/1/2014
        
        20,000
        
        18,700Titan International, Inc., 8.0%, 1/15/2012
        
        85,000
        
        83,300TransDigm, Inc., 7.75%, 7/15/2014
        
        45,000
        
        45,000U.S. Concrete, Inc., 8.375%, 4/1/2014
        
        30,000
        
        23,550Union Pacific Corp., 5.7%, 8/15/2018
        
        1,250,000
        
        1,242,765United Rentals North America, Inc.:6.5%, 2/15/2012
        
        15,000
        
        13,5757.0%, 2/15/2014
        
        80,000
        
        62,800Xerox Capital Trust I, 8.0%, 2/1/2027
        
        15,000
        
        14,8075,826,309Information Technology 0.7%Alion Science & Technology Corp., 10.25%, 2/1/2015
        
        20,000
        
        11,300Freescale Semiconductor, Inc., 8.875%, 12/15/2014
        
        60,000
        
        46,950Hewlett-Packard Co., 4.5%, 3/1/2013
        
        2,500,000
        
        2,536,222L-3 Communications Corp.:5.875%, 1/15/2015
        
        90,000
        
        86,175Series B, 6.375%, 10/15/2015
        
        40,000
        
        39,100Lucent Technologies, Inc., 6.45%, 3/15/2029
        
        90,000
        
        64,350MasTec, Inc., 7.625%, 2/1/2017
        
        100,000
        
        87,000Seagate Technology HDD Holdings, 6.8%, 10/1/2016
        
        50,000
        
        47,625SunGard Data Systems, Inc., 10.25%, 8/15/2015
        
        60,000
        
        60,300Tyco Electronics Group SA, 144A, 6.55%, 10/1/2017
        
        500,000
        
        524,107Vangent, Inc., 9.625%, 2/15/2015
        
        15,000
        
        12,0383,515,167Materials 0.5%Appleton Papers, Inc., Series B, 8.125%, 6/15/2011
        
        15,000
        
        14,438ARCO Chemical Co., 9.8%, 2/1/2020
        
        675,000
        
        567,000Associated Materials, Inc., Step-up Coupon, 0% to 3/1/2009, 11.25% to 3/1/2014
        
        45,000
        
        30,713
     Cascades, Inc., 7.25%, 2/15/2013
        
        67,000
        
        59,127Chemtura Corp., 6.875%, 6/1/2016
        
        45,000
        
        40,050CPG International I, Inc., 10.5%, 7/1/2013
        
        55,000
        
        46,200Exopack Holding Corp., 11.25%, 2/1/2014
        
        90,000
        
        82,350Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/2017
        
        40,000
        
        42,450GEO Specialty Chemicals, Inc., 144A, 10.698% **, 12/31/2009 (d)
        
        491,000
        
        367,636Georgia-Pacific LLC, 144A, 7.125%, 1/15/2017
        
        20,000
        
        18,500Hexcel Corp., 6.75%, 2/1/2015
        
        110,000
        
        106,425Huntsman LLC, 11.625%, 10/15/2010
        
        382,000
        
        403,965Innophos, Inc., 8.875%, 8/15/2014
        
        10,000
        
        9,700Smurfit-Stone Container Enterprise, Inc., 8.25%, 10/1/2012
        
        40,000
        
        36,050Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014
        
        70,000
        
        60,725Metals USA Holdings Corp., 10.83% **, 7/1/2012 (PIK)
        
        105,000
        
        78,225Millar Western Forest Products Ltd., 7.75%, 11/15/2013
        
        15,000
        
        10,125Momentive Performance Materials, Inc., 9.75%, 12/1/2014
        
        35,000
        
        31,412Mueller Water Products, Inc., 7.375%, 6/1/2017
        
        15,000
        
        12,938NewMarket Corp., 7.125%, 12/15/2016
        
        65,000
        
        63,375Radnor Holdings Corp., 11.0%, 3/15/2010*
        
        40,000
        
        50Smurfit-Stone Container Enterprises, Inc.:8.0%, 3/15/2017
        
        50,000
        
        42,0008.375%, 7/1/2012
        
        25,000
        
        22,625Steel Dynamics, Inc.:6.75%, 4/1/2015
        
        40,000
        
        39,200144A, 7.375%, 11/1/2012
        
        10,000
        
        10,100Terra Capital, Inc., Series B, 7.0%, 2/1/2017
        
        60,000
        
        59,175The Mosaic Co., 144A, 7.625%, 12/1/2014
        
        45,000
        
        48,150Witco Corp., 6.875%, 2/1/2026
        
        60,000
        
        40,200Wolverine Tube, Inc., 10.5%, 4/1/2009
        
        130,000
        
        116,3502,459,254Telecommunication Services 0.9%AT&T, Inc., 6.3%, 1/15/2038
        
        375,000
        
        362,597BCM Ireland Preferred Equity Ltd., 144A, 11.355% **, 2/15/2017 (PIK)                             EUR
        
        83,935
        
        88,186Centennial Communications Corp.:10.0%, 1/1/2013
        
        55,000
        
        51,15010.125%, 6/15/2013
        
        20,000
        
        19,750Cincinnati Bell, Inc.:7.25%, 7/15/2013
        
        50,000
        
        49,1258.375%, 1/15/2014
        
        30,000
        
        28,125Cricket Communications, Inc., 144A, 9.375%, 11/1/2014
        
        55,000
        
        52,112Embarq Corp., 7.995%, 6/1/2036
        
        750,000
        
        684,943Embratel, Series B, 11.0%, 12/15/2008
        
        34,000
        
        35,530Intelsat Corp., 9.0%, 6/15/2016
        
        15,000
        
        15,112Intelsat Jackson Holdings Ltd.:9.25%, 6/15/2016
        
        15,000
        
        15,11311.25%, 6/15/2016
        
        45,000
        
        45,619Intelsat Subsidiary Holding Co., Ltd., 8.25%, 1/15/2013
        
        50,000
        
        50,375iPCS, Inc., 5.364% **, 5/1/2013
        
        15,000
        
        11,550MetroPCS Wireless, Inc., 9.25%, 11/1/2014
        
        60,000
        
        55,200Nortel Networks Ltd., 8.508% **, 7/15/2011
        
        50,000
        
        42,875Qwest Corp., 7.25%, 9/15/2025
        
        10,000
        
        8,700Rural Cellular Corp., 9.875%, 2/1/2010
        
        45,000
        
        46,237Stratos Global Corp., 9.875%, 2/15/2013
        
        15,000
        
        15,244SunCom Wireless Holdings, Inc., 8.5%, 6/1/2013
        
        100,000
        
        104,125Telefonica Emisiones SAU, 6.221%, 7/3/2017
        
        1,250,000
        
        1,257,794US Unwired, Inc., Series B, 10.0%, 6/15/2012
        
        60,000
        
        55,650
     Verizon Communications, Inc., 4.35%, 2/15/2013
        
        1,250,000
        
        1,224,826Virgin Media Finance PLC:8.75%,  4/15/2014                                                                                                              EUR
        45,000
        
        61,0988.75%,  4/15/2014
        
        65,000
        
        58,337West Corp., 9.5%, 10/15/2014
        
        30,000
        
        26,8504,466,223Utilities 0.8%AES Corp.:8.0%, 10/15/2017
        
        55,000
        
        55,687144A, 8.75%, 5/15/2013
        
        162,000
        
        168,480Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012
        
        210,000
        
        226,800American Electric Power Co., Inc., Series C, 5.375%, 3/15/2010
        
        1,000,000
        
        1,023,148Appalachian Power Co., 7.0%, 4/1/2038
        
        750,000
        
        734,995CMS Energy Corp., 8.5%, 4/15/2011
        
        125,000
        
        132,771DPL, Inc., 6.875%, 9/1/2011
        
        500,000
        
        533,588Edison Mission Energy, 7.0%, 5/15/2017
        
        45,000
        
        44,775Energy Future Holdings Corp., 144A, 10.875%, 11/1/2017
        
        80,000
        
        80,800Mirant Americas Generation LLC, 8.3%, 5/1/2011
        
        45,000
        
        45,900Mirant North America LLC, 7.375%, 12/31/2013
        
        20,000
        
        20,200NRG Energy, Inc.:7.25%, 2/1/2014
        
        250,000
        
        246,8727.375%, 2/1/2016
        
        485,000
        
        475,300Regency Energy Partners LP, 8.375%, 12/15/2013
        
        36,000
        
        36,720Reliant Energy, Inc., 7.875%, 6/15/2017
        
        50,000
        
        49,750Sierra Pacific Resources:6.75%, 8/15/2017
        
        60,000
        
        57,8618.625%, 3/15/2014
        
        13,000
        
        13,651Texas Competitive Electric Holdings Co., LLC, 144A, 10.25%, 11/1/2015
        
        120,000
        
        119,5504,066,848Total Corporate Bonds(Cost $47,819,788)
        
        46,278,359Asset Backed 0.7%Automobile Receivables 0.2%Capital Auto Receivables Asset Trust, "B", Series 2006-1, 5.26%, 10/15/2010
        
        566,000
        
        575,887Ford Credit Auto Owner Trust, "B", Series 2007-B, 5.69%, 11/15/2012
        
        379,000
        
        375,113951,000Home Equity Loans 0.5%Countrywide Asset-Backed Certificates, "1AF2", Series 2005-17, 5.363%, 5/25/2036
        
        689,000
        
        663,370Credit-Based Asset Servicing and Securitization, "AF2", Series 2006-CB2, 5.501%, 12/25/2036
        
        1,613,000
        
        1,557,6632,221,033Total Asset Backed(Cost $3,246,785)
        
        3,172,033Mortgage-Backed Securities Pass-Throughs 4.2%Federal Home Loan Mortgage Corp., 6.0%, with various maturities from 8/1/2035 until  3/1/2038
        
        6,637,234
        
        6,807,512Federal National Mortgage Association:4.5%, with various maturities from 11/1/2028 until 9/1/2035
        
        2,356,266
        
        2,280,6545.5%, 12/1/2034 (i)
        
        8,000,000
        
        8,074,3756.0%, 1/1/2024
        
        129,259
        
        133,5306.5%, 1/1/2038, with various maturities from 5/1/2017 until 1/1/2038
        
        2,923,364
        
        3,030,4838.0%, 9/1/2015
        
        143,022
        
        155,076Total Mortgage-Backed Securities Pass-Throughs(Cost $20,378,611)
        
        20,481,630
     Commercial and Non-Agency Mortgage-Backed Securities 10.4%Adjustable Rate Mortgage Trust, "3A31", Series 2005-10, 5.415% **, 1/25/2036
        
        1,000,000
        
        759,694Banc of America Mortgage Securities, "2A6", Series 2004-G, 4.657% **, 8/25/2034
        
        2,275,000
        
        2,313,241Bear Stearns Adjustable Rate Mortgage Trust:"13A2", Series 2004-1, 4.27% **, 4/25/2034
        
        2,411,063
        
        2,275,353"12A5", Series 2004-1, 4.375% **, 4/25/2034
        
        1,801,383
        
        1,626,727Citigroup Mortgage Loan Trust, Inc.:"1A1A", Series 2007-AR5, 5.618% **, 4/25/2037
        
        1,787,019
        
        1,433,310"1CB2", Series 2004-NCM2, 6.75%, 8/25/2034
        
        277,742
        
        287,637Countrywide Alternative Loan Trust:"3A11", Series 2005-20CB, 3.195% **, 7/25/2035
        
        1,585,875
        
        1,551,788"A1", Series 2004-1T1, 5.0%, 2/25/2034
        
        442,671
        
        425,433"1A5", Series 2003-J1, 5.25%, 10/25/2033
        
        429,014
        
        427,221"4A3", Series 2005-43, 5.714% **, 10/25/2035
        
        681,034
        
        449,652"A1", Series 2004-35T2, 6.0%, 2/25/2035
        
        482,795
        
        463,163"3A5", Series 2005-28CB, 6.0%, 8/25/2035
        
        2,060,097
        
        1,975,994"1A4", Series 2006-43CB, 6.0%, 2/25/2037
        
        1,147,195
        
        1,106,852Countrywide Home Loans, "A6", Series 2003-57, 5.5%, 1/25/2034
        
        85,661
        
        85,779First Horizon Alternative Mortgage Securities, "1A7", Series 2006-FA8, 6.0%, 2/25/2037
        
        1,937,500
        
        1,740,341First Horizon Mortgage Pass-Through Trust, "1A15", Series 2006-2, 6.0%, 8/25/2036
        
        2,716,826
        
        2,623,301GS Mortgage Securities Corp. II, "AAB", Series 2006-GG8, 5.535%, 11/10/2039
        
        1,800,000
        
        1,784,161JPMorgan Alternative Loan Trust, "2A4", Series 2006-S1, 5.5%, 2/25/2021
        
        2,503,235
        
        2,424,959JPMorgan Chase Commercial Mortgage Securities Corp., "ASB", Series 2007-CB20, 5.688%, 2/12/2051
        
        3,750,000
        
        3,728,289LB-UBS Commercial Mortgage Trust, "A2", Series 2005-C2, 4.821%, 4/15/2030
        
        132,062
        
        131,119Master Adjustable Rate Mortgages Trust, "2A1", Series 2007-1, 5.975% **, 11/25/2036
        
        2,823,682
        
        2,685,284Master Alternative Loans Trust, "5A1", Series 2005-1, 5.5%, 1/25/2020
        
        7,164
        
        6,999MLCC Mortgage Investors, Inc., "2A", Series 2005-2, 4.25% **, 10/25/2035
        
        2,920,160
        
        2,816,738Structured Adjustable Rate Mortgage Loan Trust:"6A3", Series 2005-21, 5.4%, 11/25/2035
        
        900,000
        
        636,015"1A1", Series 2005-17, 5.71% **, 8/25/2035
        
        1,149,715
        
        1,053,318Structured Asset Securities Corp., "4A1", Series 2005-6, 5.0%, 5/25/2035
        
        139,525
        
        117,157Wachovia Bank Commercial Mortgage Trust:"APB", Series 2006-C23, 5.446%, 1/15/2045
        
        2,100,000
        
        2,045,360"APB", Series 2007-C34, 5.617%, 5/15/2046
        
        2,875,000
        
        2,847,507Wachovia Mortgage Loan Trust LLC, "1A1", Series 2006-A, 5.465% **, 5/20/2036
        
        2,683,896
        
        1,876,250Washington Mutual Mortgage Pass-Through Certificates Trust:"A6", Series 2004-AR4, 3.796% **, 6/25/2034
        
        190,000
        
        189,759"A6", Series 2003-AR10, 4.054% **, 10/25/2033
        
        1,620,000
        
        1,617,248"1A6", Series 2005-AR12, 4.833% **, 10/25/2035
        
        1,880,000
        
        1,699,294"1A3", Series 2005-AR16, 5.101% **, 12/25/2035
        
        1,005,000
        
        904,453Wells Fargo Mortgage Backed Securities Trust:"A1", Series 2005-6, 5.25%, 8/25/2035
        
        2,267,541
        
        2,161,863"1A1", Series 2006-AR12, 6.023% **, 9/25/2036
        
        2,054,609
        
        1,967,644Total Commercial and Non-Agency Mortgage-Backed Securities(Cost $53,507,631)
        
        50,238,903Collateralized Mortgage Obligations 1.6%Fannie Mae Whole Loan, "1A1", Series 2004-W15, 6.0%, 8/25/2044
        
        672,796
        
        682,857Federal Home Loan Mortgage Corp.:"OS", Series 3102, Principal Only, Zero Coupon, 1/15/2036
        
        4,839,180
        
        4,037,243"H", Series 2278, 6.5%, 1/15/2031
        
        22,609
        
        23,448Government National Mortgage Association:"CK", Series 2007-31, 5.0%, 5/16/2037
        
        3,000,000
        
        2,972,781Total Collateralized Mortgage Obligations(Cost $7,109,813)
        
        7,716,329Senior Loans** 0.3%Advanced Medical Optics, Inc., Term Loan B, LIBOR plus 1.75%,  4.236%,  4/2/2014
        
        15,761
        
        14,283
     Aleris International, Inc., Term Loan B, LIBOR plus 2.375%, 4.861%, 12/14/2013
        
        59,699
        
        49,806Bausch & Lomb, Inc.:Term Delay Draw, LIBOR plus 3.25%, 5.736%, 4/11/2015
        
        5,500
        
        5,360Term Loan B, LIBOR plus 3.25%, 5.736%, 4/11/2015
        
        44,000
        
        42,880Buffets, Inc.:Letter of Credit, 4.73%, 5/1/2013
        
        27,012
        
        14,965Term Loan B, 9.574%, 1/13/2011
        
        202,418
        
        112,139Energy Future Holdings Corp.:Term Loan B1, LIBOR plus 3.5%, 5.986%, 10/10/2014
        
        249,375
        
        226,799Term Loan B3, LIBOR plus 3.5%, 5.986%, 10/10/2014
        
        164,588
        
        149,501General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 4.736%, 9/16/2013
        
        14,962
        
        12,344Golden Nugget, 5.81%, 6/16/2014
        
        35,000
        
        25,900Hawker Beechcraft, Inc.:Letter of Credit, LIBOR plus 2.0%, 4.486%, 3/26/2014
        
        1,959
        
        1,839Term Loan B, LIBOR plus 2.0%, 4.486%, 3/26/2014
        
        22,359
        
        20,980HCA, Inc., Term Loan A1, 6.33%, 11/18/2012
        
        91,363
        
        83,381IASIS Healthcare LLC, 8.494%, 6/15/2014
        
        75,792
        
        62,150Local TV On Satellite LLC, Term Loan B, LIBOR plus 2.25%, 4.736%, 5/7/2013
        
        14,850
        
        12,548Longview Power LLC:Demand Draw, 4.938%, 4/1/2014
        
        26,667
        
        23,267Letter of Credit, 5.0%, 4/1/2014
        
        13,333
        
        11,633Term Loan B, 5.0%, 4/1/2014
        
        25,000
        
        21,812Rail America, Inc. 5.32%, 10/2/2008
        
        45,000
        
        43,087Sabre, Inc., Term Loan B, LIBOR plus 2.25%, 4.736%, 9/30/2014
        
        23,027
        
        18,981Symbion, Inc.:Term Loan A, 6.494%, 8/23/2013
        
        33,793
        
        28,555Term Loan B, 6.494%, 8/23/2014
        
        33,793
        
        28,555Telesat Canada, Inc.:Term Loan B, LIBOR plus 3.0%, 5.486%,  10/31/2014
        
        56,819
        
        52,8778.09%, 9/1/2014
        
        18,898
        
        17,5879.0%, 10/31/2008
        
        225,000
        
        185,625Tribune Co., Term Loan B, 5.542%, 5/24/2014
        
        49,402
        
        33,408Total Senior Loans(Cost $1,532,583)
        
        1,300,262Government & Agency Obligations 7.6%US Government Sponsored Agencies 2.6%Federal Home Loan Mortgage Corp.:5.125%, 11/17/2017 (e)
        
        2,500,000
        
        2,687,6125.5%, 8/20/2012
        
        4,000,000
        
        4,384,424Federal National Mortgage Association:4.875%, 5/18/2012
        
        2,500,000
        
        2,675,4386.25%, 2/1/2011
        
        2,500,000
        
        2,689,34712,436,821US Treasury Obligations 5.0%US Treasury Bills:1.51% ***, 4/17/2008 (f)
        
        177,000
        
        176,9061.71% ***, 4/17/2008 (f)
        
        12,000
        
        11,9941.9% ***, 4/17/2008 (f)
        
        21,000
        
        20,9891.932% ***, 4/17/2008 (f)
        
        1,000
        
        9992.055% ***,  4/17/2008 f)
        
        12,000
        
        11,9932.1% ***, 4/17/2008 (f)
        
        339,000
        
        338,8192.153% ***, 4/17/2008 (f)
        
        1,000
        
        9992.17% ***,  4/17/2008 (f)
        
        16,000
        
        15,9922.18% ***,  4/17/2008 (f)
        
        57,000
        
        56,9702.29% ***, 4/17/2008 (f)
        
        37,000
        
        36,980
     2.3% ***,  4/17/2008 (f)
        
        10,000
        
        9,9952.83% ***,  4/17/2008 (f)
        
        73,000
        
        72,9613.03% ***,  4/17/2008 (f)
        
        7,693,000
        
        7,688,900US Treasury Bond, 6.0%, 2/15/2026 (e)
        
        4,000,000
        
        4,845,000US Treasury Notes:4.5%, 5/15/2017
        
        9,000,000
        
        9,780,4714.625%, 7/31/2012
        
        1,000,000
        
        1,093,12524,163,093Total Government & Agency Obligations(Cost $36,248,270)
        
        36,599,914Units
        
        Value ($)Other Investments 0.0%Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029  (Cost $116,080)
        
        170,000
        
        135,575Shares
        
        Value ($)Securities Lending Collateral 1.4%Daily Assets Fund Institutional, 3.25%  (g) (h)(Cost $6,527,500)
        
        
        6,527,500
        
        6,527,500Cash Equivalents 10.2%Cash Management QP Trust, 2.84%  (g)(Cost $49,087,230)
        
        
        49,087,230
        
        49,087,230% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $489,482,106) 
        103.6
        
        499,514,039Other Assets and Liabilities, Net
        (3.5)
        
        (17,398,495)Net Assets
        100.0
        
        482,115,544For information on the Funds policies regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent semi-annual or annual financial statements.*
        Non-income producing security.  In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or the interest or has filed for bankruptcy.  The following table represents bonds that are in default:Securities
        Coupon
        Maturity
        Principal Amount
        Acquisition
        Value ($)Date
        Cost ($)Congoleum Corp.
        8.625%
        8/1/2008
        190,000
        USD
        190,156
        142,500Quebecor World, Inc.
        9.75%
        1/15/2015
        25,000
        USD
        25,000
        12,000Radnor Holdings Corp.
        11.00%
        3/15/2010
        40,000
        USD
        25,775
        50240,931
        154,550**
        Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2008.***
        Annualized yield at time of purchase; not a coupon rate.
        The cost for federal income tax purposes was $491,941,603.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $7,574,358.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $34,129,079 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $26,554,721.(a)
        Principal amount is stated in US dollars unless otherwise noted.(b)
        Securities with the same description are the same corporate entity but trade on different stock exchanges.(c)
        Security issued in lieu of interest payment due 12/15/2007, which has been deferred until 6/15/2008.  This security is deemed to be non-income producing.(d)
        Security has a deferred interest payment of $15,343 from April 1, 2006.
     (e)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $6,321,360 which is 1.3% of net assets.(f)
        At March 31, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.(g)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(h)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.(i)
        Mortgage dollar rolls included.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.ADR: American Depositary ReceiptCVA: Certificaten Van AandelenGDR: Global Depositary ReceiptLIBOR: Represents the London InterBank Offered Rate.PIK: Denotes that all or a portion of the income is paid in kind.Principal Only: Principal Only (PO) bonds represent the principal only portion of payments on a pool of underlying mortgages or mortgage-backed securities.REIT: Real Estate Investment TrustRNC: Riparmio Non-Convertible (Non-Convertible Savings Shares)At March 31, 2008, the Portfolio had unfunded loan commitments of $9,684 which could be extended at the option of the borrower, pursuant to the following loan agreement:Unfunded Loan
        
        UnrealizedBorrower
        Commitment ($)
        Value ($)
        Depreciation ($)Bausch & Lomb, Inc., Term Delay Draw, 4/11/2015
        5,486
        5,360
        (126)Telesat Canada, Inc., Term Loan B, 10/31/2014
        4,198
        3,986
        (212)Total
        9,684
        9,346
        (338)
  At March 31, 2008, open futures contracts purchased were as follows:Futures
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation ($)10 Year Canadian Government Bonds
        
        6/19/2008
        
        96
        
        10,804,599
        
        11,202,572
        
        397,973DJ Euro Stoxx 50 Index
        
        6/20/2008
        
        2
        
        107,711
        
        112,060
        
        4,349EOE Dutch Stock Index
        
        4/18/2008
        
        46
        
        6,080,485
        
        6,417,645
        
        337,160Hang Seng Stock Index
        
        4/29/2008
        
        16
        
        2,293,430
        
        2,326,200
        
        32,770IBEX 35 Index
        
        4/18/2008
        
        3
        
        606,986
        
        626,842
        
        19,856Nikkei 225 CME Index
        
        6/12/2008
        
        1
        
        62,155
        
        63,525
        
        1,370Russell 2000 Index
        
        6/18/2008
        
        1
        
        339,030
        
        345,000
        
        5,970Russell E Mini 2000 Index
        
        6/20/2008
        
        9
        
        610,128
        
        621,000
        
        10,872S&P 500 Index
        
        6/19/2008
        
        50
        
        16,286,388
        
        16,550,000
        
        263,612
     S&P Mini 500 Index
        
        6/20/2008
        
        5
        
        328,775
        
        331,000
        
        2,225S&P/ TSE 60 Index
        
        6/19/2008
        
        16
        
        2,435,649
        
        2,449,764
        
        14,115SPI 200 Equity Index
        
        6/19/2008
        
        1
        
        117,326
        
        123,285
        
        5,959United Kingdom Treasury Bond
        
        6/26/2008
        
        302
        
        65,020,302
        
        66,709,271
        
        1,688,96910 Year US Treasury Note
        
        6/19/2008
        
        177
        
        20,255,976
        
        21,054,703
        
        798,7272 Year US Treasury Note
        
        6/30/2008
        
        189
        
        40,379,543
        
        40,570,031
        
        190,4885 Year US Treasury Note
        
        6/30/2008
        
        50
        
        5,682,183
        
        5,711,719
        
        29,536Total unrealized appreciation
        
        3,803,951
         At March 31, 2008, open futures contracts sold were as follows:Futures
        
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Australian Bond
        
        6/16/2008
        
        131
        
        11,855,041
        
        11,918,799
        
        (63,758)CAC 40 10 Euro Index
        
        4/18/2008
        
        61
        
        4,312,445
        
        4,538,792
        
        (226,347)DAX Index
        
        6/20/2008
        
        2
        
        496,665
        
        520,632
        
        (23,967)DJ Euro Stoxx 50 Index
        
        6/20/2008
        
        22
        
        1,178,382
        
        1,232,655
        
        (54,273)FTSE 100 Index
        
        6/20/2008
        
        7
        
        766,077
        
        793,057
        
        (26,980)2 Year Federal Republic of Germany Bond
        
        6/6/2008
        
        357
        
        59,051,850
        
        58,900,409
        
        151,44110 Year Federal Republic of Germany Bond
        
        6/6/2008
        
        150
        
        27,231,704
        
        27,465,493
        
        (233,789)10 Year Japan Government Bond
        
        6/11/2008
        
        33
        
        46,128,885
        
        46,520,465
        
        (391,580)S&P/MIB Index
        
        6/20/2008
        
        7
        
        1,667,490
        
        1,693,161
        
        (25,671)SPI 200 Index
        
        6/19/2008
        
        7
        
        824,654
        
        862,995
        
        (38,341)TOPIX Index
        
        6/13/2008
        
        79
        
        9,802,958
        
        9,633,276
        
        169,682Total net unrealized depreciation
        
        
        
        
        
        (763,583)
  At March 31, 2008, open credit default swap contracts sold were as follows:
     Effective/ExpirationDates
        
        NotionalAmount ($)
        
        Cash Flows Receivedby the Portfolio
        
        Underlying Debt Obligation
        
        Net Unrealized Appreciation/(Depreciation) ($)10/3/200712/20/2008
        
        75,0001
        
        Fixed  3.2%
        
        General Motors Corp.7.125%, 7/15/2013
        
        (2,480)10/4/200712/20/2008
        
        80,0002
        
        Fixed  2.6%
        
        General Motors Corp.7.125%, 7/15/2013
        
        (2,979)10/20/200712/20/2008
        
        150,0003
        
        Fixed  3.06%
        
        General Motors Corp.7.125%, 7/15/2013
        
        (5,106)10/9/200712/20/2008
        
        75,0004
        
        Fixed  3.1%
        
        Ford Motor Co.6.5%, 8/1/2018
        
        (2,425)10/5/200712/20/2008
        
        45,0001
        
        Fixed  3.15%
        
        Ford Motor Co.6.5%, 8/1/2018
        
        (1,439)10/20/200712/20/2008
        
        150,0003
        
        Fixed  3.05%
        
        Ford Motor Co.6.5%, 8/1/2018
        
        (4,903)12/15/200712/20/2008
        
        70,0003
        
        Fixed  2.9%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        (397)1/28/2008
3/20/2009
        
        35,0003
        
        Fixed  2.65%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        (997)2/19/2008
3/20/2009
        
        35,0005
        
        Fixed  3.8%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        3242/26/2008
3/20/2009
        
        25,0005
        
        Fixed  5.0%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        21210/23/2007
12/20/2009
        
        85,0006
        
        Fixed  4.65%
        
        Ford Motor Co.6.5%, 8/1/2018
        
        (7,237)12/13/2007
12/20/2009
        
        25,0005
        
        Fixed  5.05%
        
        Ford Motor Co.6.5%, 8/1/2018
        
        (1,632)1/29/2008
3/20/2013
        
        20,0003
        
        Fixed  3.0%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        (322)3/17/2008
3/20/2013
        
        1,500,0004
        
        Fixed  1.07%
        
        Sara Lee Corp.,   6.125%, 11/1/2032
        
        (16,713)Total net unrealized depreciation
        (46,093)
   Counterparties:1
        JPMorgan Chase Securities, Inc.2
        Citigroup Global Markets, Inc.3
        Lehman Brothers, Inc.4
        Goldman Sachs & Co.5
        Merrill Lynch Pierce, Fenner & Smith, Inc.6
        Morgan Stanley Co., Inc.
  As of March 31, 2008, the Portfolio had the following open  forward foreign currency exchange contracts:Contracts to Deliver
        In Exchange For
        Settlement Date
        Unrealized
Appreciation
(US $)USD
        3,334,511
        DKK
        16,039,000
        6/18/2008
        48,409USD
        4,678,662
        EUR
        3,014,000
        6/18/2008
        62,751USD
        503,410
        HKD
        3,912,000
        6/18/2008
        279USD
        43,766,781
        SGD
        60,150,000
        6/18/2008
        69,535Total unrealized appreciation
        
        
        180,974
     Contracts to Deliver
        In Exchange For
        Settlement Date
        Unrealized Depreciation
(US $)EUR
        83,000
        USD
        125,914
        4/7/2008
        (5,090)USD
        9,945,685
        AUD
        10,750,000
        6/18/2008
        (225,968)USD
        3,490,633
        CAD
        3,447,000
        6/18/2008
        (137,716)CHF
        16,583,000
        USD
        16,435,084
        6/18/2008
        (262,797)USD
        6,022,477
        GBP
        2,982,000
        6/18/2008
        (140,894)JPY
        1,260,822,000
        USD
        12,611,688
        6/18/2008
        (93,431)USD
        12,957,271
        NOK
        66,349,000
        6/18/2008
        (20,237)USD
        2,942,555
        NZD
        3,699,000
        6/18/2008
        (73,421)SEK
        4,032,000
        USD
        661,399
        6/18/2008
        (14,200)Total unrealized depreciation
        
        
        (973,754)
  Currency AbbreviationsAUD
        Australian Dollar
        JPY
        Japanese YenCAD
        Canadian Dollar
        NOK
        Norwegian KroneCHF
        Swiss Franc
        NZD
        New Zealand DollarDKK
        Danish Krone
        SEK
        Swedish KronaEUR
        Euro
        SGD
        Singapore DollarGBP
        British Pound
        USD
        United States DollarHKD
        Hong Kong Dollar
  Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.  Effective maturities of these investments may be shorter than stated maturities due to prepayments.  Some separate investments in the Federal Home Loan Mortgage Corp. and the Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
Value
        Net Unrealized Appreciation on  Other Financial Instruments*Level 1 - Quoted Prices
        $              289,192,245
        $               3,040,368Level 2 - Other Significant
        210,313,928
        (839,211)Observable InputsLevel 3 - Significant
        7,866
        -Unobservable InputsTotal
        $             499,514,039
        $              2,201,157
  * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future contracts, forward foreign currency exchange contracts, unfunded loan commitments and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  The following is a reconciliation of the Funds assets in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2008:  Investments in Securities at Market ValueBalance as of January 1, 2008
        $                               -Total realized gains or losses
        -Change in unrealized appreciation (depreciation)
        (534)Net purchases (sales)
        8,400Net transfers in (out) of Level 3
        -Balance as of March 31, 2008
        $                          7,866
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Blue Chip VIP  Shares
        
        Value ($)Common Stocks 97.4%Consumer Discretionary 10.6%Auto Components 0.8%Autoliv, Inc.
        
        11,100
        
        557,220Cooper Tire & Rubber Co.
        
        13,200
        
        197,604Johnson Controls, Inc.
        
        10,800
        
        365,040Lear Corp.*
        
        21,000
        
        544,1101,663,974Diversified Consumer Services 0.1%Capella Education Co.*
        
        1,100
        
        60,060DeVry, Inc.
        
        3,100
        
        129,704189,764Hotels Restaurants & Leisure 2.1%McDonald's Corp.
        
        34,400
        
        1,918,488Royal Caribbean Cruises Ltd. (a)
        
        6,100
        
        200,690Yum! Brands, Inc.
        
        63,800
        
        2,373,9984,493,176Household Durables 0.7%D.R. Horton, Inc.
        
        24,100
        
        379,575Leggett & Platt, Inc.
        
        27,100
        
        413,275NVR, Inc.*
        
        800
        
        478,000Sony Corp. (ADR)
        
        3,900
        
        156,2731,427,123Leisure Equipment & Products 0.1%Hasbro, Inc.
        
        9,400
        
        262,260Media 3.1%Comcast Corp. "A"*
        
        81,100
        
        1,568,474DISH Network Corp. "A"*
        
        29,000
        
        833,170Liberty Global, Inc. "A"*
        
        12,700
        
        432,816Morningstar, Inc.*
        
        1,600
        
        98,160Scholastic Corp.*
        
        4,200
        
        127,134Shaw Communications, Inc. "B"
        
        2,900
        
        52,722The DIRECTV Group, Inc.*
        
        123,200
        
        3,054,128Time Warner, Inc.
        
        17,000
        
        238,3406,404,944Multiline Retail 0.3%Big Lots, Inc.*
        
        16,300
        
        363,490Dollar Tree, Inc.*
        
        11,900
        
        328,321691,811Specialty Retail 3.2%AutoZone, Inc.*
        
        12,900
        
        1,468,407Best Buy Co., Inc.
        
        69,500
        
        2,881,470RadioShack Corp.
        
        90,000
        
        1,462,500Rent-A-Center, Inc.*
        
        9,300
        
        170,655TJX Companies, Inc.
        
        21,300
        
        704,3916,687,423
     Textiles, Apparel & Luxury Goods 0.2%Fossil, Inc.*
        
        10,800
        
        329,832Consumer Staples 8.2%Beverages 2.7%Coca-Cola Enterprises, Inc.
        
        34,700
        
        839,740Pepsi Bottling Group, Inc.
        
        27,100
        
        918,961PepsiCo, Inc.
        
        54,600
        
        3,942,1205,700,821Food & Staples Retailing 1.1%Great Atlantic & Pacific Tea Co., Inc.*
        
        1,800
        
        47,196Kroger Co.
        
        90,300
        
        2,293,6202,340,816Food Products 0.3%Fresh Del Monte Produce, Inc.*
        
        16,700
        
        607,880Household Products 1.8%Colgate-Palmolive Co.
        
        47,100
        
        3,669,561Procter & Gamble Co.
        
        1,800
        
        126,1263,795,687Personal Products 0.2%Herbalife Ltd.
        
        7,500
        
        356,250Tobacco 2.1%Altria Group, Inc.
        
        40,700
        
        903,540Loews Corp. - Carolina Group
        
        19,700
        
        1,429,235Philip Morris International, Inc.*
        
        40,700
        
        2,058,6064,391,381Energy 12.9%Energy Equipment & Services 3.2%ENSCO International, Inc.
        
        29,700
        
        1,859,814Global Industries Ltd.*
        
        37,900
        
        609,811Helmerich & Payne, Inc.
        
        1,700
        
        79,679Noble Corp.
        
        22,100
        
        1,097,707Superior Energy Services, Inc.*
        
        3,000
        
        118,860Transocean, Inc.*
        
        22,506
        
        3,042,8116,808,682Oil, Gas & Consumable Fuels 9.7%Alpha Natural Resources, Inc.*
        
        2,000
        
        86,880Chevron Corp.
        
        59,300
        
        5,061,848ConocoPhillips
        
        63,800
        
        4,862,198ExxonMobil Corp.
        
        64,340
        
        5,441,877Frontier Oil Corp.
        
        47,900
        
        1,305,754Frontline Ltd.
        
        10,500
        
        483,210Marathon Oil Corp.
        
        14,100
        
        642,960Petro-Canada
        
        6,300
        
        273,483Royal Dutch Shell PLC "A" (ADR)
        
        7,100
        
        489,758Sunoco, Inc.
        
        30,700
        
        1,610,82920,258,797Financials 14.4%Capital Markets 5.4%Bank of New York Mellon Corp.
        
        84,700
        
        3,534,531GFI Group, Inc.
        
        4,600
        
        263,580Morgan Stanley
        
        50,000
        
        2,285,000
     Northern Trust Corp.
        
        7,800
        
        518,466optionsXpress Holdings, Inc.
        
        2,900
        
        60,059State Street Corp.
        
        13,100
        
        1,034,900The Goldman Sachs Group, Inc.
        
        22,300
        
        3,688,19711,384,733Commercial Banks 0.7%Cullen/Frost Bankers, Inc.
        
        2,500
        
        132,600PNC Financial Services Group, Inc.
        
        17,900
        
        1,173,703Susquehanna Bancshares, Inc.
        
        5,400
        
        109,9981,416,301Diversified Financial Services 3.1%Bank of America Corp.
        
        83,000
        
        3,146,530Interactive Brokers Group, Inc. "A"*
        
        5,000
        
        128,350JPMorgan Chase & Co.
        
        73,600
        
        3,161,1206,436,000Insurance 5.1%ACE Ltd.
        
        38,400
        
        2,114,304Allied World Assurance Co. Holdings Ltd.
        
        2,700
        
        107,190Berkshire Hathaway, Inc. "B"*
        
        300
        
        1,341,870Endurance Specialty Holdings Ltd.
        
        3,100
        
        113,460Hartford Financial Services Group, Inc.
        
        8,500
        
        644,045MetLife, Inc.
        
        53,300
        
        3,211,858PartnerRe Ltd.
        
        8,000
        
        610,400The Travelers Companies, Inc.
        
        26,300
        
        1,258,455Unum Group
        
        5,200
        
        114,452W.R. Berkley Corp.
        
        9,000
        
        249,210XL Capital Ltd. "A"
        
        35,400
        
        1,046,07010,811,314Real Estate Investment Trusts 0.1%ProLogis (REIT)
        
        1,900
        
        111,834Health Care 13.5%Biotechnology 2.4%Gilead Sciences, Inc.*
        
        69,100
        
        3,560,723Isis Pharmaceuticals, Inc.* (a)
        
        16,500
        
        232,815OSI Pharmaceuticals, Inc.*
        
        31,100
        
        1,162,8294,956,367Health Care Equipment & Supplies 1.4%Baxter International, Inc.
        
        15,600
        
        901,992Intuitive Surgical, Inc.*
        
        4,500
        
        1,459,575Kinetic Concepts, Inc.*
        
        13,700
        
        633,3512,994,918Health Care Providers & Services 5.0%Aetna, Inc.
        
        71,800
        
        3,022,062Express Scripts, Inc.*
        
        14,200
        
        913,344Health Net, Inc.*
        
        40,700
        
        1,253,560Humana, Inc.*
        
        60,700
        
        2,723,002Kindred Healthcare, Inc.*
        
        4,500
        
        98,415Medco Health Solutions, Inc.*
        
        55,000
        
        2,408,45010,418,833Life Sciences Tools & Services 0.5%Invitrogen Corp.*
        
        12,600
        
        1,076,922Pharmaceuticals 4.2%Bristol-Myers Squibb Co.
        
        144,300
        
        3,073,590
     Eli Lilly & Co.
        
        25,800
        
        1,331,022Johnson & Johnson
        
        6,300
        
        408,681Merck & Co., Inc.
        
        33,000
        
        1,252,350Schering-Plough Corp.
        
        97,600
        
        1,406,416Sepracor, Inc.*
        
        70,000
        
        1,366,4008,838,459Industrials 12.7%Aerospace & Defense 6.5%Boeing Co.
        
        53,400
        
        3,971,358Bombardier, Inc. "B"*
        
        35,000
        
        186,517General Dynamics Corp.
        
        8,600
        
        716,982Goodrich Corp.
        
        2,100
        
        120,771Honeywell International, Inc.
        
        66,900
        
        3,774,498Lockheed Martin Corp.
        
        37,200
        
        3,693,960Northrop Grumman Corp.
        
        15,700
        
        1,221,61713,685,703Airlines 0.7%AMR Corp.* (a)
        
        63,700
        
        574,574US Airways Group, Inc.*
        
        93,100
        
        829,5211,404,095Commercial Services & Supplies 0.9%Allied Waste Industries, Inc.*
        
        61,400
        
        663,734Deluxe Corp.
        
        3,400
        
        65,314IKON Office Solutions, Inc.
        
        8,200
        
        62,320The Brink's Co.
        
        7,600
        
        510,568United Stationers, Inc.*
        
        11,500
        
        548,5501,850,486Construction & Engineering 1.2%EMCOR Group, Inc.*
        
        7,000
        
        155,470Fluor Corp.
        
        9,500
        
        1,341,020Perini Corp.*
        
        16,900
        
        612,287Shaw Group, Inc.*
        
        8,800
        
        414,8322,523,609Electrical Equipment 0.1%Emerson Electric Co.
        
        1,100
        
        56,606GrafTech International Ltd.*
        
        13,800
        
        223,698280,304Industrial Conglomerates 0.8%General Electric Co.
        
        47,900
        
        1,772,779Machinery 1.3%AGCO Corp.*
        
        1,700
        
        101,796Caterpillar, Inc.
        
        32,700
        
        2,560,0832,661,879Road & Rail 1.2%Ryder System, Inc.
        
        41,600
        
        2,533,856Information Technology 15.1%Communications Equipment 0.4%Cisco Systems, Inc.*
        
        37,000
        
        891,330Computers & Peripherals 4.1%Apple, Inc.*
        
        25,800
        
        3,702,300International Business Machines Corp.
        
        14,900
        
        1,715,586Lexmark International, Inc. "A"*
        
        24,400
        
        749,568
     QLogic Corp.*
        
        5,900
        
        90,565Sun Microsystems, Inc.*
        
        29,800
        
        462,794Western Digital Corp.*
        
        69,300
        
        1,873,8728,594,685Electronic Equipment & Instruments 0.6%Arrow Electronics, Inc.*
        
        5,200
        
        174,980AU Optronics Corp. (ADR) (a)
        
        34,000
        
        584,460Dolby Laboratories, Inc. "A"*
        
        12,500
        
        453,250Tyco Electronics Ltd.
        
        2,300
        
        78,9361,291,626Internet Software & Services 1.7%eBay, Inc.*
        
        32,100
        
        957,864Google, Inc. "A"*
        
        4,500
        
        1,982,115Yahoo!, Inc.*
        
        17,300
        
        500,4893,440,468IT Services 1.0%Accenture Ltd. "A"
        
        30,800
        
        1,083,236Computer Sciences Corp.*
        
        24,400
        
        995,2762,078,512Semiconductors & Semiconductor Equipment 3.7%Amkor Technology, Inc.*
        
        91,700
        
        981,190Applied Materials, Inc.
        
        147,000
        
        2,867,970NVIDIA Corp.*
        
        53,200
        
        1,052,828Texas Instruments, Inc.
        
        102,000
        
        2,883,5407,785,528Software 3.6%Activision, Inc.*
        
        7,500
        
        204,825Microsoft Corp.
        
        230,100
        
        6,530,238Symantec Corp.*
        
        44,200
        
        734,6047,469,667Materials 4.1%Chemicals 2.7%Celanese Corp. "A"
        
        24,400
        
        952,820CF Industries Holdings, Inc.
        
        17,000
        
        1,761,540Monsanto Co.
        
        13,600
        
        1,516,400Terra Industries, Inc.*
        
        41,300
        
        1,467,3895,698,149Containers & Packaging 0.7%Greif, Inc. "A"
        
        800
        
        54,344Owens-Illinois, Inc.*
        
        23,000
        
        1,297,8901,352,234Metals & Mining 0.7%AK Steel Holding Corp.
        
        27,100
        
        1,474,782Allegheny Technologies, Inc.
        
        1,100
        
        78,4961,553,278Telecommunication Services 4.3%Diversified Telecommunication Services 4.1%AT&T, Inc.
        
        68,300
        
        2,615,890Embarq Corp.
        
        40,700
        
        1,632,070Telus Corp.
        
        3,000
        
        130,644Verizon Communications, Inc.
        
        119,300
        
        4,348,4858,727,089
     Wireless Telecommunication Services 0.2%Telephone & Data Systems, Inc.
        
        4,500
        
        176,715Vimpel-Communications (ADR)
        
        7,100
        
        212,219388,934Utilities 1.6%Electric Utilities 0.2%American Electric Power Co., Inc.
        
        4,200
        
        174,846Edison International
        
        900
        
        44,118Southern Co.
        
        7,400
        
        263,514482,478Independent Power Producers & Energy Traders 0.6%Constellation Energy Group, Inc.
        
        13,300
        
        1,173,991Multi-Utilities 0.8%Sempra Energy
        
        31,500
        
        1,678,320Total Common Stocks(Cost $205,749,216)
        
        204,175,302PrincipalAmount ($)
        
        Value ($)Government & Agency Obligation 0.4%US Treasury ObligationUS Treasury Bill, 3.03%**, 4/17/2008 (b)  (Cost $768,963)
        
        770,000
        
        769,590Shares
        
        Value ($)Securities Lending Collateral 0.8%Daily Assets Fund Institutional, 3.25%  (c) (d)(Cost $1,702,550)
        
        
        1,702,550
        
        1,702,550Cash Equivalents 2.4%Cash Management QP Trust, 2.84%  (c)(Cost $5,083,222)
        
        
        5,083,222
        
        5,083,222% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $213,303,951) 
        101.0
        
        211,730,664Other Assets and Liabilities, Net
        (1.0)
        
        (2,075,459)Net Assets
        100.0
        
        209,655,205For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.**
        Annualized yield at time of purchase; not a coupon rate.
        The cost for federal income tax purposes was $215,178,488.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $3,447,824.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $14,010,128 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,457,952.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $1,655,852 which is 0.8% of net assets.(b)
        At March 31, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(d)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.
     ADR: American Depositary ReceiptREIT: Real Estate Investment TrustAt March 31, 2008, open futures contracts purchased were as follows:Futures
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation ($)S&P 500 Index
        
        6/19/2008
        
        18
        
        5,917,802
        
        5,958,000
        
        40,198
   The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
Value
        Net Unrealized Appreciation on  Other Financial Instruments*Level 1 - Quoted Prices
        $                    210,961,074
        $                          40,198Level 2 - Other Significant
        769,590
        -Observable InputsLevel 3 - Significant
        -
        -Unobservable InputsTotal
        $                    211,730,664
        $                         40,198
   * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Conservative Allocation VIP  Shares
        
        Value ($)Equity Funds 35.9%DWS Blue Chip VIP "A"
        
        2,799
        
        29,413DWS Capital Growth VIP "A"
        
        20,483
        
        391,439DWS Davis Venture Value VIP "A"
        
        73,552
        
        841,431DWS Dreman High Return Equity VIP "A"
        
        2,410
        
        24,849DWS Dreman Small Mid Cap Value VIP "A"
        
        27,900
        
        299,368DWS Global Opportunities VIP "A"
        
        1,676
        
        27,185DWS Global Thematic VIP "A"
        
        14,771
        
        150,666DWS Growth & Income VIP "A"
        
        101,447
        
        979,981DWS Health Care VIP "A"
        
        18,551
        
        251,368DWS International Select Equity VIP "A"
        
        762
        
        8,430DWS International VIP "A"
        
        67,910
        
        924,933DWS Janus Growth & Income VIP "A"
        
        13,502
        
        141,228DWS Large Cap Value VIP "A"
        
        116,233
        
        1,515,681DWS Mid Cap Growth VIP "A"
        
        1,111
        
        13,241DWS RREEF Real Estate Securities VIP "A"
        
        8,318
        
        136,001DWS Small Cap Growth VIP "A"
        
        26,913
        
        336,138DWS Technology VIP "A"
        
        25,573
        
        227,344Total Equity Funds(Cost $7,475,106)
        
        6,298,696Fixed Income  Bond Funds 45.6%DWS Core Fixed Income VIP "A"
        
        692,407
        
        7,484,918DWS Government & Agency Securities VIP "A"
        
        442
        
        5,345DWS High Income VIP "A"
        
        77,074
        
        520,252Total Fixed Income  Bond Funds(Cost $8,624,611)
        
        8,010,515Fixed Income  Money Market Fund 9.6%Cash Management QP Trust (Cost $1,686,025)
        
        
        1,686,025
        
        1,686,025% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $17,785,742) 
        91.1
        
        15,995,236Other Assets and Liabilities, Net
        8.9
        
        1,562,884Net Assets
        100.0
        
        17,558,120For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
        The cost for federal income tax purposes was $17,810,312.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $1,815,076.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,971 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,823,047.
        The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                 15,995,236Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $                  15,995,236
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Core Fixed Income VIP  PrincipalAmount ($)
        
        Value ($)Corporate Bonds 17.5%Consumer Discretionary 1.5%Comcast Cable Holdings LLC:9.875%, 6/15/2022
        
        
        250,000
        
        309,32210.125%, 4/15/2022
        
        
        363,000
        
        454,682Cox Enterprises, Inc., 144A, 4.375%, 5/1/2008
        
        
        1,320,000
        
        1,320,444McDonald's Corp., Series I, 5.35%, 3/1/2018
        
        
        650,000
        
        657,943Time Warner Entertainment Co. LP, 10.15%, 5/1/2012
        
        
        460,000
        
        524,227Viacom, Inc., 6.75%, 10/5/2037
        
        
        550,000
        
        527,4553,794,073Consumer Staples 1.5%CVS Caremark Corp., 6.302%, 6/1/2037
        
        
        1,949,000
        
        1,787,280Kroger Co., 6.4%, 8/15/2017
        
        
        324,000
        
        341,941Miller Brewing Co., 144A, 5.5%, 8/15/2013
        
        
        840,000
        
        892,768Tesco PLC, 144A, 6.15%, 11/15/2037
        
        
        900,000
        
        872,1793,894,168Energy 0.6%TransCanada PipeLines Ltd., 6.35%, 5/15/2067
        
        
        825,000
        
        729,204Valero Energy Corp., 7.5%, 4/15/2032
        
        
        610,000
        
        635,0341,364,238Financials 7.3%Banco Mercantil del Norte SA, Series A, 144A, 6.862%, 10/13/2021
        
        
        610,000
        
        560,252Caterpillar Financial Services Corp., 4.25%, 2/8/2013
        
        
        665,000
        
        664,144Corp. Andina de Fomento:5.75%, 1/12/2017
        
        
        580,000
        
        567,0696.875%, 3/15/2012
        
        
        210,000
        
        225,831Dresdner Funding Trust I, 144A, 8.151%, 6/30/2031
        
        
        400,000
        
        353,620Erac USA Finance Co.:144A, 5.8%, 10/15/2012
        
        
        545,000
        
        519,424144A, 7.0%, 10/15/2037
        
        
        1,285,000
        
        1,056,360144A, 8.0%, 1/15/2011
        
        
        1,346,000
        
        1,435,911Farmers Insurance Exchange, 144A, 8.625%, 5/1/2024
        
        
        940,000
        
        992,263FPL Group Capital, Inc.:6.65%, 6/15/2067
        
        
        859,000
        
        793,275Series D, 7.3%, 9/1/2067
        
        
        275,000
        
        268,957General Electric Capital Corp., 5.875%, 1/14/2038
        
        
        200,000
        
        192,772Glen Meadow Pass-Through Trust, 144A, 6.505%, 2/12/2067
        
        
        545,000
        
        465,790HSBC Finance Corp., 5.25%, 1/15/2014
        
        
        390,000
        
        386,442International Lease Finance Corp., 6.375%, 3/25/2013
        
        
        1,090,000
        
        1,089,160Mangrove Bay Pass-Through Trust, 144A, 6.102%, 7/15/2033
        
        
        1,010,000
        
        743,703PartnerRe Finance II, 6.44%, 12/1/2066
        
        
        697,000
        
        593,738StanCorp. Financial Group, Inc., 6.9%, 5/29/2067
        
        
        940,000
        
        835,590Standard Chartered PLC, 144A, 7.014%, 12/30/2049
        
        
        900,000
        
        783,518The Goldman Sachs Group, Inc., 6.15%, 4/1/2018
        
        
        1,035,000
        
        1,033,464The Travelers Companies, Inc., 6.25%, 3/15/2037
        
        
        310,000
        
        273,427TNK-BP Finance SA:
     Series 5, 144A, 7.5%, 3/13/2013
        
        
        365,000
        
        355,419Series 6, 144A, 7.875%, 3/13/2018 (a)
        
        
        320,000
        
        295,600UDR, Inc., Series E, (REIT), 3.9%, 3/15/2010
        
        
        345,000
        
        331,688Wells Fargo & Co., 5.25%, 10/23/2012
        
        
        400,000
        
        414,830Woori Bank, 144A, 6.208%, 5/2/2037
        
        
        765,000
        
        606,171Xstrata Finance Canada Ltd.:144A, 5.8%, 11/15/2016
        
        
        940,000
        
        907,827144A, 6.9%, 11/15/2037
        
        
        895,000
        
        865,064ZFS Finance USA Trust V, 144A, 6.5%, 5/9/2037
        
        
        1,000,000
        
        902,43618,513,745Health Care 0.2%Schering-Plough Corp., 6.55%, 9/15/2037
        
        
        400,000
        
        385,216Industrials 0.6%General Electric Co., 5.25%, 12/6/2017
        
        
        815,000
        
        813,875President & Fellows of Harvard College, 5.625%, 10/1/2038
        
        
        680,000
        
        685,4541,499,329Information Technology 0.7%Broadridge Financial Solutions, Inc., 6.125%, 6/1/2017
        
        
        823,000
        
        772,770Computer Sciences Corp., 144A, 6.5%, 3/15/2018
        
        
        325,000
        
        330,198Tyco Electronics Group SA, 144A, 6.0%, 10/1/2012
        
        
        695,000
        
        712,3331,815,301Materials 0.7%Celulosa Arauco y Constitucion SA, 5.625%, 4/20/2015
        
        
        1,295,000
        
        1,291,610Nucor Corp., 6.4%, 12/1/2037
        
        
        535,000
        
        539,928United States Steel Corp., 5.65%, 6/1/2013
        
        
        4,000
        
        3,8741,835,412Telecommunication Services 0.8%British Telecommunications PLC, 8.125%, 12/15/2010
        
        
        848,000
        
        932,600Qwest Corp., 7.625%, 6/15/2015
        
        
        234,000
        
        228,150Verizon Communications, Inc., 4.35%, 2/15/2013
        
        
        875,000
        
        857,3782,018,128Utilities 3.6%Arizona Public Service Co., 6.875%, 8/1/2036
        
        
        1,045,000
        
        994,029Commonwealth Edison Co., Series 98, 6.15%, 3/15/2012
        
        
        980,000
        
        1,022,836Dominion Resources, Inc.:Series 06-B, 6.3%, 9/30/2066
        
        
        560,000
        
        512,1367.5%, 6/30/2066
        
        
        640,000
        
        590,765Entergy Mississippi, Inc., 5.92%, 2/1/2016
        
        
        400,000
        
        407,867Integrys Energy Group, Inc., 6.11%, 12/1/2066
        
        
        1,305,000
        
        1,124,941Pedernales Electric Cooperative, Series 2002-A, 144A, 6.202%, 11/15/2032
        
        
        1,715,000
        
        1,629,301PPL Capital Funding, Inc., Series A, 6.7%, 3/30/2067
        
        
        1,580,000
        
        1,343,585Wisconsin Energy Corp., Series A, 6.25%, 5/15/2067
        
        
        1,795,000
        
        1,601,6779,227,137Total Corporate Bonds(Cost $47,255,460)
        
        44,346,747Asset Backed 1.8%Home Equity LoansCountrywide Asset-Backed Certificates:"A6", Series 2006-S6, 5.657%, 3/25/2034
        
        
        1,840,000
        
        1,512,250"A6", Series 2006-15, 5.826%, 10/25/2046
        
        
        640,000
        
        558,015"A1B", Series 2007-S1, 5.888%, 11/25/2036
        
        
        906,665
        
        863,837
     "1AF6", Series 2006-11, 6.15%, 9/25/2046
        
        
        1,830,000
        
        1,656,667Securitized Asset Backed NIM Trust, "NIM", Series 2005-FR4, 144A, 6.0%, 1/25/2036
        
        
        459,930
        
        2,636Total Asset Backed(Cost $5,668,821)
        
        4,593,405Mortgage Backed Securities Pass-Throughs 15.4%Federal Home Loan Mortgage Corp., 6.0%, 12/1/2034
        
        
        983,891
        
        1,012,370Federal National Mortgage Association:4.5%, with various maturities from 5/1/2019 until 10/1/2033
        
        
        7,713,796
        
        7,632,7075.0%, 2/1/2034
        
        
        562,974
        
        560,2485.5%, with various maturities from 7/1/2024 until 7/1/2037
        
        
        18,748,895
        
        19,002,7426.0%, 4/1/2024
        
        
        1,341,211
        
        1,385,5346.31%, 6/1/2008
        
        
        1,500,000
        
        1,502,5406.5%, with various maturities from 3/1/2017 until 4/1/2037
        
        
        7,776,270
        
        8,069,6268.0%, 9/1/2015
        
        
        25,762
        
        27,933Total Mortgage Backed Securities Pass-Throughs(Cost $38,320,411)
        
        39,193,700Commercial and Non-Agency Mortgage-Backed Securities 36.6%Adjustable Rate Mortgage Trust:"3A31", Series 2005-10, 5.414% *, 1/25/2036
        
        
        1,265,000
        
        961,012"1A4", Series 2006-2, 5.758% *, 5/25/2036
        
        
        1,705,000
        
        1,394,277Banc of America Commercial Mortgage, Inc.:"A4", Series 2007-1, 5.451%, 1/15/2049
        
        
        1,335,000
        
        1,297,473"A2", Series 2007-2, 5.634%, 4/10/2049
        
        
        820,000
        
        806,464"A2", Series 2007-3, 5.838% *, 6/10/2049
        
        
        660,000
        
        652,743"H", Series 2007-3, 144A, 5.838% *, 6/10/2049
        
        
        1,050,000
        
        530,360"AM", Series 2007-4, 6.003% *, 2/10/2051
        
        
        545,000
        
        500,430Banc of America Mortgage Securities, Inc., "1A20", Series 2005-3, 5.5%, 4/25/2035
        
        
        1,840,000
        
        1,828,514Bear Stearns Adjustable Rate Mortgage Trust:"A1", Series 2006-1, 4.625% *, 2/25/2036
        
        
        2,649,339
        
        2,502,582"2A1", Series 2006-4, 5.795% *, 10/25/2036
        
        
        1,416,941
        
        1,274,139Chase Mortgage Finance Corp., "3A1", Series 2005-A1, 5.282% *, 12/25/2035
        
        
        2,399,019
        
        2,227,215Citicorp Mortgage Securities, Inc., "1A1", Series 2004-8, 5.5%, 10/25/2034
        
        
        976,465
        
        938,112Citigroup Commercial Mortgage Trust, "ASB", Series 2006-C5, 5.413%, 10/15/2049
        
        
        1,390,000
        
        1,378,065Citigroup Mortgage Loan Trust, Inc.:"2A1", Series 2006-AR1, 4.7% *, 3/25/2036
        
        
        1,223,353
        
        1,155,520"1A1", Series 2006-AR1, 4.9% *, 10/25/2035
        
        
        392,351
        
        374,279"1A2", Series 2006-AR2, 5.527% *, 3/25/2036
        
        
        1,920,496
        
        1,841,456"1CB2", Series 2004-NCM2, 6.75%, 8/25/2034
        
        
        963,807
        
        998,143Citigroup/Deutsche Bank Commercial Mortgage Trust:"A4", Series 2005-CD1, 5.4% *, 7/15/2044
        
        
        900,000
        
        898,405"F", Series 2007-CD4, 5.555%, 12/11/2049
        
        
        960,000
        
        563,155Countrywide Alternative Loan Trust:"A2", Series 2003-6T2, 5.0%, 6/25/2033
        
        
        108,074
        
        108,092"A2", Series 2003-21T1, 5.25%, 12/25/2033
        
        
        971,017
        
        922,390"A6", Series 2004-14T2, 5.5%, 8/25/2034
        
        
        879,952
        
        850,681"7A1", Series 2004-J2, 6.0%, 12/25/2033
        
        
        230,229
        
        234,689"1A1", Series 2004-J1, 6.0%, 2/25/2034
        
        
        146,848
        
        136,870GE Capital Commercial Mortgage Corp., "AJ", Series 2007-C1, 5.677%, 12/10/2049
        
        
        2,090,000
        
        1,608,881Greenwich Capital Commercial Funding Corp.:"A4", Series 2007-GG9, 5.444%, 3/10/2039
        
        
        1,800,000
        
        1,751,305"AM", Series 2007-GG9, 5.475%, 3/10/2039
        
        
        600,000
        
        538,335"A4", Series 2007-GG11, 5.736%, 12/10/2049
        
        
        775,000
        
        765,050GS Mortgage Securities Corp. II:"A2", Series 2006-GG8, 5.479%, 11/10/2039
        
        
        1,870,000
        
        1,847,784"A4", Series 2007-GG10, 5.993% *, 8/10/2045
        
        
        1,975,000
        
        1,971,855"AM", Series 2007-GG10, 5.993% *, 8/10/2045
        
        
        1,375,000
        
        1,265,201
     "C", Series 1998-C1, 6.91%, 10/18/2030
        
        
        1,260,000
        
        1,263,361GSR Mortgage Loan Trust, "2A1", Series 2007-AR1, 5.999% *, 3/25/2037
        
        
        2,550,801
        
        2,426,014IndyMac Inda Mortgage Loan Trust, "1A1", Series 2006-AR3, 5.343% *, 12/25/2036
        
        
        1,807,163
        
        1,703,643IndyMac Index Mortgage Loan Trust, "3A1", Series 2006-AR33, 5.773% *, 1/25/2037
        
        
        1,400,075
        
        1,291,864
  JPMorgan Chase Commercial Mortgage Securities Corp.:"A4", Series 2007-LD12, 5.882%, 7/15/2017
        
        
        650,000
        
        648,156"A2", Series 2007-LD11, 5.992% *, 6/15/2049
        
        
        2,430,000
        
        2,413,583"ASB", Series 2007-LD11, 6.007% *, 6/15/2049
        
        
        3,180,000
        
        3,205,631"H", Series 2007-LD11, 144A, 6.007% *, 6/15/2049
        
        
        1,610,000
        
        826,254JPMorgan Mortgage Trust:"6A1", Series 2007-A1, 4.777% *, 7/25/2035
        
        
        1,634,275
        
        1,526,430"2A4L", Series 2006-A6, 5.562% *, 10/25/2036
        
        
        1,840,000
        
        1,486,889"2A4", Series 2006-A2, 5.747% *, 4/25/2036
        
        
        2,565,000
        
        2,103,879LB-UBS Commercial Mortgage Trust, "A2", Series 2006-C6, 5.262%, 9/15/2039
        
        
        1,030,000
        
        1,012,815Lehman Mortgage Trust:"3A3", Series 2006-1, 5.5%, 2/25/2036
        
        
        1,708,450
        
        1,697,928"1A10", Series 2006-3, 6.0%, 7/25/2036
        
        
        1,564,128
        
        1,500,121Master Alternative Loans Trust:"5A1", Series 2005-1, 5.5%, 1/25/2020
        
        
        520,398
        
        508,364"5A1", Series 2005-2, 6.5%, 12/25/2034
        
        
        144,138
        
        139,183"8A1", Series 2004-3, 7.0%, 4/25/2034
        
        
        34,130
        
        34,843Master Asset Securitization Trust, "2A7", Series 2003-9, 5.5%, 10/25/2033
        
        
        1,082,906
        
        1,083,583Merrill Lynch Mortgage Investors Trust, "A2", Series 2005-A5, 4.566%, 6/25/2035
        
        
        210,000
        
        196,306Merrill Lynch Mortgage Trust, "ASB", Series 2007-C1, 6.023% *, 6/12/2050
        
        
        900,000
        
        905,885Morgan Stanley Capital I:"A2", Series 2007-HQ11, 5.359%, 2/12/2044
        
        
        1,800,000
        
        1,759,413"AAB", Series 2007-IQ14, 5.654%, 4/15/2049
        
        
        1,845,000
        
        1,834,081"AM", Series 2007-HQ12, 5.811% *, 4/12/2049
        
        
        675,000
        
        612,109Residential Accredit Loans, Inc.:"3A1", Series 2006-QS18, 5.75%, 12/25/2021
        
        
        1,390,927
        
        1,315,029"CB", Series 2004-QS2, 5.75%, 2/25/2034
        
        
        651,223
        
        614,998Residential Funding Mortgage Security I, "2A2", Series 2007-SA1, 5.619% *, 2/25/2037
        
        
        2,317,401
        
        2,194,018Sequoia Mortgage Trust, "2A1", Series 2007-1, 5.778% *, 2/20/2047
        
        
        2,393,340
        
        2,270,347Structured Adjustable Rate Mortgage Loan Trust:"6A3", Series 2005-21, 5.4%, 11/25/2035
        
        
        1,485,000
        
        1,049,425"2A1", Series 2006-1, 5.621% *, 2/25/2036
        
        
        1,258,161
        
        953,400"1A1", Series 2005-18, 5.653% *, 9/25/2035
        
        
        1,077,953
        
        843,718Structured Asset Securities Corp., "4A1", Series 2005-6, 5.0%, 5/25/2035
        
        
        673,802
        
        565,783Wachovia Bank Commercial Mortgage Trust:"A3", Series 2007-C30, 5.246%, 12/15/2043
        
        
        1,310,000
        
        1,273,109"AJ", Series 2007-C30, 5.413%, 12/15/2043
        
        
        1,850,000
        
        1,399,867Wachovia Mortgage Loan Trust LLC, "3A1", Series 2005-B, 5.157% *, 10/20/2035
        
        
        2,224,580
        
        2,086,076Washington Mutual Mortgage Pass-Through Certificates Trust:"2A1", Series 2002-S8, 4.5%, 1/25/2018
        
        
        32,221
        
        32,193"A1", Series 2003-S7, 4.5%, 8/25/2018
        
        
        1,583,757
        
        1,535,254"1A3", Series 2005-AR16, 5.102% *, 12/25/2035
        
        
        1,660,000
        
        1,493,922"1A1", Series 2007-HY4, 5.551% *, 4/25/2037
        
        
        2,452,072
        
        2,312,696"1A1", Series 2006-AR16, 5.600% *, 12/25/2036
        
        
        2,111,189
        
        1,998,331"1A1", Series 2007-HY2, 5.625% *, 12/25/2036
        
        
        2,421,010
        
        2,315,676Wells Fargo Mortgage Backed Securities Trust:"A4", Series 2005-AR14, 5.387% *, 8/25/2035
        
        
        1,700,000
        
        1,253,270"A1", Series 2006-3, 5.5%, 3/25/2036
        
        
        1,937,423
        
        1,927,133"2A5", Series 2006-AR1, 5.551% *, 3/25/2036
        
        
        1,700,000
        
        1,220,088Total Commercial and Non-Agency Mortgage-Backed Securities(Cost $100,671,929)
        
        92,958,145
     Collateralized Mortgage Obligations 7.7%Fannie Mae Whole Loan, "1A1", Series 2004-W15, 6.0%, 8/25/2044
        
        
        985,474
        
        1,000,210Federal Home Loan Mortgage Corp.:"WB", Series 2590, 4.0%, 11/15/2027
        
        
        1,089,646
        
        1,090,978"BJ", Series 2553, 4.5%, 3/15/2029
        
        
        1,241,626
        
        1,245,194"LN", Series 3145, 4.5%, 10/15/2034
        
        
        1,734,475
        
        1,731,676"PD", Series 2890, 5.0%, 3/15/2033
        
        
        1,485,000
        
        1,466,194"OG", Series 2889, 5.0%, 5/15/2033
        
        
        1,770,000
        
        1,747,625"PE", Series 2898, 5.0%, 5/15/2033
        
        
        860,000
        
        848,142"XD", Series 2941, 5.0%, 5/15/2033
        
        
        1,055,000
        
        1,036,174"BG", Series 2869, 5.0%, 7/15/2033
        
        
        335,000
        
        331,155"KD", Series 2915, 5.0%, 9/15/2033
        
        
        1,341,000
        
        1,320,364"AC", Series R007, 5.875%, 5/15/2016
        
        
        1,229,604
        
        1,249,251"PE", Series 2165, 6.0%, 6/15/2029
        
        
        1,470,505
        
        1,519,895Federal National Mortgage Association:"QD", Series 2005-29, 5.0%, 8/25/2033
        
        
        435,000
        
        427,188"HE", Series 2005-22, 5.0%, 10/25/2033
        
        
        1,540,000
        
        1,511,409"PG", Series 2002-3, 5.5%, 2/25/2017
        
        
        500,000
        
        510,564"PH", Series 1999-19, 6.0%, 5/25/2029
        
        
        1,447,153
        
        1,495,007"Z", Series 2001-14, 6.0%, 5/25/2031
        
        
        903,914
        
        925,226Total Collateralized Mortgage Obligations(Cost $19,246,822)
        
        19,456,252Municipal Bonds and Notes 1.3%Jicarilla, NM, Sales & Special Tax Revenue, Apache Nation Revenue, 144A, 5.2%, 12/1/2013
        
        
        945,000
        
        1,002,872Menasha, WI, Anticipation Notes, Series B, 5.65%, 9/1/2009
        
        
        1,310,000
        
        1,323,951Michigan, Western Michigan University Revenue, 4.41%, 11/15/2014 (b)
        
        
        1,010,000
        
        1,033,543Total Municipal Bonds and Notes(Cost $3,233,744)
        
        3,360,366Government & Agency Obligations 15.7%US Treasury ObligationsUS Treasury Bond, 4.75%, 2/15/2037 (a)
        
        
        9,703,000
        
        10,436,032US Treasury Notes:2.5%, 3/31/2013
        
        
        8,895,000
        
        8,912,3723.5%, 2/15/2018 (a)
        
        
        4,317,000
        
        4,341,9564.75%, 5/31/2012 (a)
        
        
        1,234,000
        
        1,353,5444.875%, 8/31/2008 (a)
        
        
        14,510,000
        
        14,714,040Total Government & Agency Obligations(Cost $39,368,825)
        
        39,757,944Preferred Securities 2.3%Axa, 144A, 6.379%, 12/14/2036 **
        
        
        155,000
        
        124,941Bank of America Corp., 8.0%, 1/30/2018 **
        
        
        335,000
        
        335,402Goldman Sachs Capital II, 5.793%, 6/1/2012 **
        
        
        1,835,000
        
        1,222,293MUFG Capital Finance 1 Ltd., 6.346%, 7/25/2016 **
        
        
        525,000
        
        427,822Oil Insurance Ltd., 144A, 7.558%, 6/30/2011 **
        
        
        890,000
        
        776,240Royal Bank of Scotland Group PLC:144A, 6.99%, 10/5/2017 **
        
        
        630,000
        
        534,807Series U, 7.64%, 9/29/2017 **
        
        
        600,000
        
        516,714Santander Perpetual SA, 144A, 6.671%, 10/24/2017 **
        
        
        700,000
        
        630,813Stoneheath Re, 6.868%, 10/15/2011 **
        
        
        250,000
        
        199,400Wachovia Capital Trust III, 5.8%, 3/15/2011 **
        
        
        915,000
        
        651,938XL Capital Ltd., Series E, 6.5%, 4/15/2017 ** (a)
        
        
        590,000
        
        442,231Total Preferred Securities(Cost $7,369,835)
        
        5,862,601
     Shares
        
        Value ($)Preferred Stocks 0.2%Arch Capital Group Ltd., 8.0%
        
        7,384
        
        187,600Delphi Financial Group, Inc., 7.376%
        
        22,600
        
        427,282Total Preferred Stocks(Cost $751,264)
        
        614,882Securities Lending Collateral 11.2%Daily Assets Fund Institutional, 3.25%  (c) (d)(Cost $28,305,794)
        
        
        28,305,794
        
        28,305,794Cash Equivalents 1.3%Cash Management QP Trust, 2.84%  (c)(Cost $3,188,817)
        
        
        3,188,817
        
        3,188,817% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $293,381,722)
        111.0
        
        281,638,653Other Assets and Liabilities, Net
        (11.0)
        
        (27,901,099)Net Assets
        100.0
        
        253,737,554For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2008.**
        Date shown is call date; not a maturity date for the perpetual preferred securities.
        The cost for federal income tax purposes was $293,424,837.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $11,786,184.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,146,141 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $13,932,325.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $27,687,781 which is 10.9% of net assets.(b)
        Bond is insured by one of these companies:Insurance Coverage
        As a % Total
Investment PortfolioAmbac Financial Group
        0.4(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(d)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.REIT: Real Estate Investment TrustIncluded in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.  Effective maturities of these investments may be shorter than stated maturities due to prepayments.  Some separate investments in the Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in the investment portfolio.
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $          32,109,493Level 2 - Other Significant
        249,529,160Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $         281,638,653
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Davis Venture Value VIP  Shares
        
        Value ($)Common Stocks 98.2%Consumer Discretionary 10.8%Automobiles 1.1%Harley-Davidson, Inc. (a)
        
        83,480
        
        3,130,500Diversified Consumer Services 1.0%H&R Block, Inc.
        
        131,300
        
        2,725,788Household Durables 0.2%Hunter Douglas NV
        
        8,863
        
        599,543Internet & Catalog Retail 0.5%Amazon.com, Inc.*
        
        11,910
        
        849,183Liberty Media Corp. - Interactive "A"* (a)
        
        43,200
        
        697,2481,546,431Media 6.3%Comcast Corp. Special "A"*
        
        355,150
        
        6,737,196Grupo Televisa SA (ADR)
        
        132,000
        
        3,199,680Lagardere SCA
        
        10,100
        
        756,113Liberty Media Corp. - Entertainment "A"*
        
        34,340
        
        777,458News Corp. "A"
        
        234,500
        
        4,396,875Virgin Media, Inc. (a)
        
        54,432
        
        765,858WPP Group PLC (ADR) (a)
        
        20,500
        
        1,222,62017,855,800Multiline Retail 0.1%Sears Holdings Corp.* (a)
        
        4,300
        
        438,987Specialty Retail 1.6%Bed Bath & Beyond, Inc.* (a)
        
        54,600
        
        1,610,700CarMax, Inc.* (a)
        
        90,300
        
        1,753,626Lowe's Companies, Inc.
        
        46,340
        
        1,063,0404,427,366Consumer Staples 15.0%Beverages 2.5%Diageo PLC (ADR)
        
        48,670
        
        3,957,844Heineken Holding NV
        
        60,200
        
        3,028,5176,986,361Food & Staples Retailing 7.2%Costco Wholesale Corp.
        
        208,060
        
        13,517,658CVS Caremark Corp.
        
        110,219
        
        4,464,972Wal-Mart Stores, Inc.
        
        36,420
        
        1,918,605Whole Foods Market, Inc. (a)
        
        19,900
        
        656,10320,557,338Food Products 0.2%The Hershey Co. (a)
        
        13,200
        
        497,244Household Products 1.2%Procter & Gamble Co.
        
        49,800
        
        3,489,486Personal Products 0.4%Avon Products, Inc.
        
        26,100
        
        1,031,994
     Tobacco 3.5%Altria Group, Inc.
        
        138,100
        
        3,065,820Philip Morris International, Inc.*
        
        138,100
        
        6,985,09810,050,918Energy 16.7%Energy Equipment & Services 1.0%Transocean, Inc.*
        
        21,056
        
        2,846,771Oil, Gas & Consumable Fuels 15.7%Canadian Natural Resources Ltd.
        
        55,200
        
        3,767,952China Coal Energy Co. "H"
        
        1,234,200
        
        2,174,157ConocoPhillips
        
        133,920
        
        10,206,043Devon Energy Corp.
        
        92,300
        
        9,629,659EOG Resources, Inc.
        
        78,900
        
        9,468,000Occidental Petroleum Corp.
        
        125,900
        
        9,212,10344,457,914Financials 32.1%Capital Markets 4.4%Ameriprise Financial, Inc.
        
        41,720
        
        2,163,182Bank of New York Mellon Corp.
        
        84,050
        
        3,507,406E*TRADE Financial Corp.* (a)
        
        18,100
        
        69,866Merrill Lynch & Co., Inc. (a)
        
        37,300
        
        1,519,602Merrill Lynch & Co., Inc. (b)
        
        93,700
        
        3,435,604Morgan Stanley
        
        26,300
        
        1,201,910State Street Corp.
        
        8,300
        
        655,70012,553,270Commercial Banks 3.2%Toronto-Dominion Bank (a)
        
        20,254
        
        1,242,583Wachovia Corp.
        
        61,557
        
        1,662,039Wells Fargo & Co.
        
        207,000
        
        6,023,7008,928,322Consumer Finance 3.7%American Express Co.
        
        235,700
        
        10,304,804Discover Financial Services (a)
        
        13,300
        
        217,72110,522,525Diversified Financial Services 5.2%Citigroup, Inc.
        
        91,200
        
        1,953,504JPMorgan Chase & Co.
        
        250,284
        
        10,749,698Liberty Media Corp. - Capital "A"*
        
        8,960
        
        141,030Moody's Corp. (a)
        
        56,200
        
        1,957,44614,801,678Insurance 15.1%Ambac Financial Group, Inc. (a)
        
        56,060
        
        322,345American International Group, Inc.
        
        196,450
        
        8,496,462Aon Corp.
        
        42,800
        
        1,720,560Berkshire Hathaway, Inc. "B"*
        
        2,784
        
        12,452,554Loews Corp.
        
        147,200
        
        5,920,384Markel Corp.*
        
        580
        
        255,183MBIA, Inc. (a)
        
        23,700
        
        289,614Millea Holdings, Inc.
        
        95,200
        
        3,522,490NIPPONKOA Insurance Co., Ltd.
        
        198,200
        
        1,532,124Principal Financial Group, Inc. (a)
        
        16,800
        
        936,096Progressive Corp.
        
        255,800
        
        4,110,706
     Sun Life Financial, Inc.
        
        10,300
        
        479,980Transatlantic Holdings, Inc. (a)
        
        42,773
        
        2,837,98942,876,487Real Estate Management & Development 0.5%Hang Lung Group Ltd.
        
        261,000
        
        1,243,212Health Care 3.0%Health Care Equipment & Supplies 0.8%Covidien Ltd.
        
        50,230
        
        2,222,677Health Care Providers & Services 2.2%Cardinal Health, Inc.
        
        40,300
        
        2,116,153Express Scripts, Inc.*
        
        31,330
        
        2,015,146UnitedHealth Group, Inc.
        
        64,300
        
        2,209,3486,340,647Industrials 6.8%Air Freight & Logistics 0.7%Toll Holdings Ltd.
        
        55,849
        
        511,425United Parcel Service, Inc. "B"
        
        18,500
        
        1,350,8701,862,295Commercial Services & Supplies 0.9%Dun & Bradstreet Corp.
        
        32,000
        
        2,604,160Industrial Conglomerates 2.8%General Electric Co.
        
        120,900
        
        4,474,509Siemens AG (Registered)
        
        12,000
        
        1,302,277Tyco International Ltd.
        
        50,710
        
        2,233,7768,010,562Marine 1.0%China Shipping Development Co., Ltd. "H"
        
        450,000
        
        1,429,270Kuehne & Nagel International AG (Registered)
        
        13,720
        
        1,376,3652,805,635Road & Rail 0.1%Asciano Group
        
        40,900
        
        150,124Transportation Infrastructure 1.3%China Merchants Holdings International Co., Ltd
        
        612,065
        
        2,935,063Cosco Pacific Ltd.
        
        410,600
        
        805,9803,741,043Information Technology 8.9%Communications Equipment 0.5%Cisco Systems, Inc.*
        
        62,100
        
        1,495,989Computers & Peripherals 1.7%Dell, Inc.*
        
        132,000
        
        2,629,440Hewlett-Packard Co.
        
        46,500
        
        2,123,1904,752,630Electronic Equipment & Instruments 1.5%Agilent Technologies, Inc.*
        
        87,500
        
        2,610,125Tyco Electronics Ltd.
        
        51,680
        
        1,773,6584,383,783Internet Software & Services 0.8%eBay, Inc.*
        
        25,400
        
        757,936Google, Inc. "A"*
        
        3,252
        
        1,432,4082,190,344
     IT Services 1.6%Iron Mountain, Inc.* (a)
        
        135,049
        
        3,570,696Visa, Inc. "A"*
        
        14,540
        
        906,7144,477,410Semiconductors & Semiconductor Equipment 0.6%Texas Instruments, Inc.
        
        63,200
        
        1,786,664Software 2.2%Microsoft Corp.
        
        219,000
        
        6,215,220Materials 4.3%Construction Materials 1.4%Martin Marietta Materials, Inc. (a)
        
        23,400
        
        2,484,378Vulcan Materials Co. (a)
        
        23,100
        
        1,533,8404,018,218Containers & Packaging 1.8%Sealed Air Corp. (a)
        
        196,200
        
        4,954,050Metals & Mining 0.8%BHP Billiton PLC
        
        36,100
        
        1,070,800Rio Tinto PLC
        
        12,400
        
        1,287,4562,358,256Paper & Forest Products 0.3%Sino-Forest Corp. "A"*
        
        56,900
        
        886,941Telecommunication Services 0.6%Wireless Telecommunication ServicesSK Telecom Co., Ltd. (ADR)
        
        21,400
        
        462,454Sprint Nextel Corp.
        
        170,500
        
        1,140,6451,603,099Total Common Stocks(Cost $199,711,321)
        
        278,427,682Securities Lending Collateral 7.6%Daily Assets Fund Institutional, 3.25%  (c) (d)(Cost $21,502,296)
        
        
        21,502,296
        
        21,502,296Cash Equivalents 1.6%Cash Management QP Trust, 2.84%  (c)(Cost $4,649,242)
        
        
        4,649,242
        
        4,649,242% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $225,862,859) 
        107.4
        
        304,579,220Other Assets and Liabilities, Net
        (7.4)
        
        (20,958,737)Net Assets
        100.0
        
        283,620,483For information on the Funds policies regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent semi-annual or annual financial statements.
        The cost for federal income tax purposes was $226,078,153.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $78,501,067.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $95,635,020 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,133,953.*
        Non-income producing security.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $20,774,527 which is 7.3% of net assets.
     (b)
        The Fund may purchase securities that are subject to legal or contractual restrictions on resale (restricted securities). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Funds decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund.  The future value of these securities is uncertain and there may be changes in the estimated value of
these securities.Schedule of Restricted Securities
        Acquisition Date
        Acquisition
Cost ($)
        Value ($)
        Value as a % of
Net AssetsMerrill Lynch & Co., Inc.
        December 2007
        4,497,600
        3,435,604
        1.21%(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(d)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.ADR: American Depositary Receipt
  The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $          276,531,759Level 2 - Other Significant
        24,611,857Observable InputsLevel 3 - Significant
        3,435,604Unobservable InputsTotal
        $           304,579,220
   The following is a reconciliation of the Funds assets in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2008:  Investments in Securities at Market ValueBalance as of January 1, 2008
        $                  4,526,834Total realized gains or losses
        -Change in unrealized appreciation (depreciation)
        (1,091,230)Net purchases (sales)
        -Net transfers in (out) of Level 3
        -Balance as of March 31, 2008
        $                  3,435,604
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
   For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Dreman High Return Equity VIP  Shares
        
        Value ($)Common Stocks 99.8%Consumer Discretionary 6.4%Multiline Retail 0.8%Macy's, Inc.
        
        255,510
        
        5,892,060Specialty Retail 5.6%Borders Group, Inc. (a)
        
        393,400
        
        2,309,258Lowe's Companies, Inc.
        
        720,800
        
        16,535,152Staples, Inc.
        
        921,010
        
        20,363,53139,207,941Consumer Staples 9.2%TobaccoAltria Group, Inc.
        
        704,620
        
        15,642,564Philip Morris International, Inc.*
        
        704,620
        
        35,639,679UST, Inc.
        
        239,030
        
        13,031,91664,314,159Energy 29.3%Oil, Gas & Consumable FuelsAnadarko Petroleum Corp.
        
        509,900
        
        32,138,997Apache Corp.
        
        253,400
        
        30,615,788Chevron Corp.
        
        271,300
        
        23,158,168ConocoPhillips
        
        718,594
        
        54,764,049Devon Energy Corp.
        
        497,900
        
        51,945,907EnCana Corp.
        
        3,100
        
        234,825Occidental Petroleum Corp.
        
        174,600
        
        12,775,482205,633,216Financials 29.7%Commercial Banks 10.4%KeyCorp.
        
        754,018
        
        16,550,695PNC Financial Services Group, Inc.
        
        327,394
        
        21,467,225US Bancorp.
        
        282,800
        
        9,151,408Wachovia Corp.
        
        949,100
        
        25,625,70072,795,028Diversified Financial Services 6.8%Bank of America Corp.
        
        828,919
        
        31,424,319CIT Group, Inc.
        
        229,900
        
        2,724,315Citigroup, Inc.
        
        539,200
        
        11,549,664JPMorgan Chase & Co.
        
        45,300
        
        1,945,63547,643,933Insurance 3.3%Chubb Corp.
        
        275,600
        
        13,636,688Hartford Financial Services Group, Inc.
        
        122,988
        
        9,318,80122,955,489Thrifts & Mortgage Finance 9.2%Fannie Mae
        
        884,273
        
        23,274,065
     Freddie Mac
        
        791,691
        
        20,045,616Sovereign Bancorp, Inc.
        
        447,319
        
        4,169,013Washington Mutual, Inc. (a)
        
        1,674,875
        
        17,251,21364,739,907Health Care 13.8%Biotechnology 0.5%Amgen, Inc.*
        
        90,300
        
        3,772,734Health Care Providers & Services 5.7%Aetna, Inc.
        
        340,000
        
        14,310,600UnitedHealth Group, Inc.
        
        740,900
        
        25,457,32439,767,924Pharmaceuticals 7.6%Eli Lilly & Co.
        
        88,900
        
        4,586,351Pfizer, Inc.
        
        998,500
        
        20,898,605Wyeth
        
        672,200
        
        28,071,07253,556,028Industrials 9.2%Aerospace & Defense 3.4%Northrop Grumman Corp.
        
        120,200
        
        9,352,762United Technologies Corp.
        
        208,100
        
        14,321,44223,674,204Air Freight & Logistics 1.0%FedEx Corp.
        
        75,540
        
        7,000,292Industrial Conglomerates 4.8%3M Co.
        
        244,600
        
        19,360,090General Electric Co.
        
        387,100
        
        14,326,57133,686,661Materials 0.3%Chemicals 0.0%Tronox, Inc. "B"
        
        490
        
        1,911Metals & Mining 0.3%BHP Billiton Ltd. (ADR) (a)
        
        30,100
        
        1,982,085Telecommunication Services 1.9%Diversified Telecommunication ServicesVerizon Communications, Inc.
        
        364,100
        
        13,271,445Total Common Stocks(Cost $652,018,091)
        
        699,895,017Securities Lending Collateral 1.5%Daily Assets Fund Institutional, 3.25%  (b) (c)(Cost $10,601,800)
        
        
        10,601,800
        
        10,601,800Cash Equivalents 0.2%Cash Management QP Trust, 2.84%  (b)(Cost $1,469,681)
        
        
        1,469,681
        
        1,469,681
     % ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $664,089,572) 
        101.5
        
        711,966,498Other Assets and Liabilities, Net
        (1.5)
        
        (10,653,823)Net Assets
        100.0
        
        701,312,675For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $667,100,269.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $44,866,229.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $183,751,746 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $138,885,517.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $9,975,515 which is 1.4% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.ADR: American Depositary Receipt
   The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $             711,966,498Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $711,966,498
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2   include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Dreman Small Mid Cap Value VIP  Shares
        
        Value ($)Common Stocks 92.1%Consumer Discretionary 6.6%Auto Components 1.3%Tenneco, Inc.*
        
        208,200
        
        5,817,108Diversified Consumer Services 1.2%Regis Corp. (a)
        
        181,650
        
        4,993,559Specialty Retail 2.1%Penske Automotive Group, Inc. (a)
        
        252,800
        
        4,919,488The Men's Wearhouse, Inc.
        
        177,350
        
        4,126,9349,046,422Textiles, Apparel & Luxury Goods 2.0%Hanesbrands, Inc.*
        
        296,700
        
        8,663,640Consumer Staples 12.4%Food & Staples Retailing 2.6%Ruddick Corp. (a)
        
        273,050
        
        10,064,623Weis Markets, Inc. (a)
        
        38,350
        
        1,321,92411,386,547Food Products 8.0%Del Monte Foods Co.
        
        756,750
        
        7,211,828Hormel Foods Corp.
        
        159,800
        
        6,657,268Pilgrim's Pride Corp.
        
        220,000
        
        4,450,600Ralcorp Holdings, Inc.*
        
        138,150
        
        8,033,422The J.M. Smucker Co.
        
        159,200
        
        8,057,11234,410,230Tobacco 1.8%Vector Group Ltd. (a)
        
        444,686
        
        7,822,027Energy 7.0%Energy Equipment & Services 3.7%Atwood Oceanics, Inc.* (a)
        
        56,900
        
        5,218,868Key Energy Services, Inc.*
        
        423,450
        
        5,682,699Superior Energy Services, Inc.*
        
        132,750
        
        5,259,55516,161,122Oil, Gas & Consumable Fuels 3.3%Cimarex Energy Co.
        
        99,400
        
        5,441,156Pinnacle Gas Resources, Inc. 144A*
        
        241,000
        
        614,550St. Mary Land & Exploration Co.
        
        144,950
        
        5,580,575Uranium Resources, Inc.* (a)
        
        413,383
        
        2,476,16414,112,445Financials 21.2%Capital Markets 2.4%FBR Capital Markets Corp. 144A*
        
        95,600
        
        645,300Waddell & Reed Financial, Inc. "A"
        
        294,750
        
        9,470,31810,115,618
     Commercial Banks 2.2%Boston Private Financial Holdings, Inc. (a)
        
        261,800
        
        2,772,462Sterling Financial Corp. (a)
        
        229,723
        
        3,585,976UCBH Holdings, Inc.
        
        402,950
        
        3,126,8929,485,330Diversified Financial Services 0.5%CIT Group, Inc.
        
        182,300
        
        2,160,255CMET Finance Holdings, Inc. 144A*
        
        7,200
        
        86,4002,246,655Insurance 11.9%Arch Capital Group Ltd.*
        
        79,200
        
        5,438,664Argo Group International Holdings Ltd.* (a)
        
        155,588
        
        5,526,486Endurance Specialty Holdings Ltd.
        
        222,350
        
        8,138,010Hanover Insurance Group, Inc.
        
        123,800
        
        5,093,132HCC Insurance Holdings, Inc.
        
        230,450
        
        5,228,910Hilb Rogal & Hobbs Co. (a)
        
        151,000
        
        4,751,970IPC Holdings Ltd. (a)
        
        203,500
        
        5,698,000Platinum Underwriters Holdings Ltd.
        
        158,050
        
        5,130,303Protective Life Corp.
        
        155,100
        
        6,290,85651,296,331Real Estate Investment Trusts 4.2%American Financial Realty Trust (REIT) (a)
        
        632,400
        
        5,021,256Hospitality Properties Trust (REIT)
        
        165,700
        
        5,637,114Ventas, Inc. (REIT)
        
        163,300
        
        7,333,80317,992,173Health Care 6.8%Health Care Equipment & Supplies 4.3%Beckman Coulter, Inc.
        
        64,900
        
        4,189,295Hillenbrand Industries, Inc. (a)
        
        133,250
        
        6,369,350Kinetic Concepts, Inc.*
        
        168,700
        
        7,799,00118,357,646Health Care Providers & Services 2.5%Healthspring, Inc.* (a)
        
        390,200
        
        5,494,016Lincare Holdings, Inc.*
        
        192,900
        
        5,422,41910,916,435Industrials 20.7%Aerospace & Defense 6.0%Alliant Techsystems, Inc.*
        
        93,800
        
        9,711,114Curtiss-Wright Corp. (a)
        
        198,300
        
        8,225,484DRS Technologies, Inc.
        
        139,550
        
        8,132,97426,069,572Commercial Services & Supplies 2.2%HNI Corp.
        
        162,900
        
        4,380,381Kelly Services, Inc. "A"
        
        244,850
        
        5,034,1169,414,497Construction & Engineering 0.8%URS Corp.*
        
        103,000
        
        3,367,070Electrical Equipment 3.7%General Cable Corp.*
        
        79,600
        
        4,701,972Hubbell, Inc. "B" (a)
        
        126,900
        
        5,544,261Regal-Beloit Corp. (a)
        
        154,800
        
        5,670,32415,916,557
     Industrial Conglomerates 2.9%Walter Industries, Inc. (a)
        
        197,000
        
        12,338,110Machinery 4.0%Barnes Group, Inc. (a)
        
        354,350
        
        8,132,332Kennametal, Inc.
        
        196,000
        
        5,768,280Mueller Water Products, Inc. "A"
        
        437,150
        
        3,575,88717,476,499Trading Companies & Distributors 1.1%WESCO International, Inc.* (a)
        
        125,000
        
        4,561,250Information Technology 6.5%Communications Equipment 2.4%Arris Group, Inc.* (a)
        
        426,650
        
        2,483,103CommScope, Inc.*
        
        219,200
        
        7,634,73610,117,839Electronic Equipment & Instruments 2.1%Anixter International, Inc.* (a)
        
        140,400
        
        8,991,216Software 2.0%Jack Henry & Associates, Inc. (a)
        
        354,250
        
        8,739,348Materials 4.8%Chemicals 2.7%CF Industries Holdings, Inc.
        
        48,000
        
        4,973,760Hercules, Inc.
        
        359,950
        
        6,583,48511,557,245Metals & Mining 2.1%IAMGOLD Corp.
        
        653,400
        
        4,789,422RTI International Metals, Inc.* (a)
        
        100,150
        
        4,527,7829,317,204Telecommunication Services 1.5%Diversified Telecommunication ServicesWindstream Corp. (a)
        
        526,000
        
        6,285,700Utilities 4.6%Electric Utilities 3.0%ALLETE, Inc. (a)
        
        161,250
        
        6,227,475IDACORP, Inc. (a)
        
        207,250
        
        6,654,79712,882,272Independent Power Producers & Energy Traders 0.1%Dynegy, Inc. "A"*
        
        11,529
        
        90,964Mirant Corp.*
        
        8,069
        
        293,631384,595Multi-Utilities 1.5%Integrys Energy Group, Inc.
        
        142,800
        
        6,660,192Total Common Stocks(Cost $423,509,083)
        
        396,902,454Securities Lending Collateral 12.9%Daily Assets Fund Institutional, 3.25%  (b) (c)(Cost $55,579,525)
        
        
        55,579,525
        
        55,579,525Cash Equivalents 8.2%Cash Management QP Trust, 2.84%  (b)(Cost $35,220,483)
        
        
        35,220,483
        
        35,220,483
     % ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $514,309,091) 
        113.2
        
        487,702,462Other Assets and Liabilities, Net
        (13.2)
        
        (56,682,769)Net Assets
        100.0
        
        431,019,693For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $514,309,091.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $26,606,629.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $47,133,414 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $73,740,043.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $54,286,935 which is 12.6% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
  REIT: Real Estate Investment Trust
     The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $ 487,616,062Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        86,400Unobservable InputsTotal
        $ 487,702,462
  The following is a reconciliation of the Funds assets in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2008:  Investments in
Securities at
Market ValueBalance as of January 1, 2008
        $ 86,400Total realized gains or losses
        -Change in unrealized appreciation (depreciation)
        -Net purchases (sales)
        -Net transfers in (out) of Level 3
        -Balance as of March 31, 2008
        $ 86,400
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an   analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Global Thematic VIP  Shares
        
        Value ($)Common Stocks 92.5%Australia 0.7%Australian Wealth Management Ltd.  (Cost $1,220,965)
        
        650,325
        
        1,017,308Austria 4.5%Erste Bank der oesterreichischen Sparkassen AG
        
        7,706
        
        501,503Flughafen Wien AG
        
        14,800
        
        1,783,710Wienerberger AG
        
        78,079
        
        4,169,128(Cost $6,288,160)
        
        6,454,341Brazil 5.9%All America Latina Logistica SA (Unit)
        
        80,500
        
        812,019Diagnosticos da America SA
        
        35,500
        
        706,075Marfrig Frigorificos e Comercio de Alimentos SA*
        
        89,000
        
        907,905Petroleo Brasileiro SA (ADR)
        
        27,800
        
        2,838,658Santos Brasil Participacoes SA (Unit)
        
        150,400
        
        2,331,384SLC Agricola SA*
        
        54,500
        
        807,546(Cost $7,424,838)
        
        8,403,587Canada 1.1%Coalcorp Mining, Inc.*
        
        69,535
        
        167,326Nexen, Inc.
        
        46,300
        
        1,373,957(Cost $1,665,269)
        
        1,541,283Cayman Islands 0.6%Fresh Del Monte Produce, Inc.*  (Cost $778,210)
        
        23,100
        
        840,840China 3.1%Focus Media Holding Ltd. (ADR)*
        
        17,000
        
        597,550PetroChina Co., Ltd. "H" (ADR)
        
        6,800
        
        852,108Shanghai Electric Group Co., Ltd. "H"
        
        1,955,400
        
        1,176,932SINA Corp.*
        
        12,800
        
        451,200Sunshine Holdings Ltd.
        
        2,919,000
        
        341,483Want Want China Holdings Ltd.*
        
        2,841,000
        
        1,054,974(Cost $5,235,013)
        
        4,474,247Denmark 2.0%A P Moller-Maersk AS "B"  (Cost $3,128,080)
        
        255
        
        2,849,773France 3.6%BNP Paribas
        
        12,777
        
        1,291,178Sanofi-Aventis
        
        17,671
        
        1,325,939Societe Generale
        
        6,953
        
        679,629Vallourec SA
        
        7,238
        
        1,759,993(Cost $5,048,386)
        
        5,056,739Germany 9.6%Air Berlin PLC* (a)
        
        101,190
        
        1,177,211Allianz SE (Registered)
        
        5,400
        
        1,070,718Axel Springer AG
        
        10,886
        
        1,340,240
     BASF SE
        
        7,700
        
        1,036,263Bilfinger Berger AG
        
        16,600
        
        1,428,236Commerzbank AG
        
        35,400
        
        1,107,860Deutsche Telekom AG (Registered)
        
        78,900
        
        1,311,799Hamburger Hafen-und Logistik AG*
        
        22,200
        
        1,692,450Siemens AG (Registered)
        
        13,212
        
        1,433,807Symrise AG*
        
        81,501
        
        2,103,589(Cost $14,967,868)
        
        13,702,173Hong Kong 4.3%China Water Affairs Group Ltd.*
        
        1,087,700
        
        356,220CNOOC Ltd. (ADR)
        
        4,500
        
        660,555GOME Electrical Appliances Holdings Ltd.
        
        961,000
        
        2,206,337Hongkong & Shanghai Hotels Ltd.
        
        633,099
        
        1,039,146Hutchison Whampoa Ltd.
        
        188,000
        
        1,789,196(Cost $6,370,749)
        
        6,051,454Hungary 0.4%OTP Bank Nyrt.  (Cost $760,024)
        
        15,000
        
        616,352India 2.5%Bharti Airtel Ltd.*
        
        47,840
        
        978,691ICICI Bank Ltd. (ADR)
        
        39,100
        
        1,493,229ITC Ltd.
        
        210,300
        
        1,074,713(Cost $3,934,209)
        
        3,546,633Indonesia 1.0%PT Telekomunikasi Indonesia (ADR)  (Cost $1,497,379)
        
        33,200
        
        1,392,408Italy 2.9%Gemina SpA
        
        1,060,888
        
        1,561,289Mediolanum SpA (a)
        
        244,700
        
        1,502,910UniCredito Italiano SpA
        
        166,000
        
        1,109,703(Cost $5,142,266)
        
        4,173,902Japan 3.2%Credit Saison Co., Ltd.
        
        24,200
        
        676,748FANUC Ltd.
        
        9,500
        
        919,454Mitsubishi Heavy Industries Ltd.
        
        253,000
        
        1,101,018Mitsui Fudosan Co., Ltd.
        
        50,000
        
        1,017,497Mizuho Financial Group, Inc.
        
        218
        
        803,445(Cost $3,979,922)
        
        4,518,162Kazakhstan 1.0%Kazakhstan Kagazy PLC (GDR) 144A*
        
        181,200
        
        724,800Steppe Cement Ltd.*
        
        128,545
        
        688,841(Cost $1,603,175)
        
        1,413,641Korea 1.6%CDNetworks Co., Ltd.*
        
        31,053
        
        497,570Daesang Corp.*
        
        33,436
        
        326,328Hanarotelecom, Inc.*
        
        64,300
        
        699,285Kangwon Land, Inc.
        
        36,800
        
        760,864(Cost $2,769,956)
        
        2,284,047Luxembourg 1.3%Tenaris SA (ADR)
        
        19,900
        
        992,015
     Ternium SA (ADR)
        
        22,800
        
        818,064(Cost $1,682,776)
        
        1,810,079Malaysia 0.7%AMMB Holdings Bhd.  (Cost $824,767)
        
        966,600
        
        1,046,658Mexico 3.0%Grupo Aeroportuario del Pacifico SA de CV "B" (ADR)
        
        44,000
        
        1,980,000Grupo Televisa SA (ADR)
        
        96,800
        
        2,346,432(Cost $4,327,388)
        
        4,326,432Netherlands 2.1%European Aeronautic Defence & Space Co. (a)
        
        35,795
        
        849,710QIAGEN NV* (a)
        
        101,200
        
        2,094,268(Cost $2,620,736)
        
        2,943,978Norway 0.5%Cermaq ASA  (Cost $975,602)
        
        53,300
        
        675,380Poland 1.0%Telekomunikacja Polska SA  (Cost $1,182,370)
        
        141,500
        
        1,406,069Portugal 0.5%Banco BPI SA (Registered)  (Cost $931,301)
        
        130,132
        
        688,104Russia 2.5%Gazprom (ADR) (b)
        
        7,350
        
        374,850Gazprom (ADR) (b)
        
        34,332
        
        1,752,301Novorossiysk Sea Trade Port (GDR) 144A*
        
        36,600
        
        549,000Open Investments (GDR) (REG S)*
        
        31,200
        
        861,900(Cost $3,554,871)
        
        3,538,051Singapore 0.4%CapitaRetail China Trust (REIT)
        
        232,000
        
        220,786Food Empire Holdings Ltd.
        
        695,000
        
        353,826(Cost $859,450)
        
        574,612South Africa 1.0%Gold Fields Ltd.
        
        46,500
        
        649,194Lewis Group Ltd.
        
        156,500
        
        811,313(Cost $1,780,738)
        
        1,460,507Sweden 1.6%Tele2 AB "B"  (Cost $2,212,624)
        
        121,700
        
        2,301,392Switzerland 3.4%SGS SA (Registered)
        
        1,040
        
        1,496,324Synthes, Inc.
        
        11,350
        
        1,587,299UBS AG (Registered) (b)
        
        41,045
        
        1,194,654UBS AG (Registered) (b)
        
        20,000
        
        576,000(Cost $5,433,123)
        
        4,854,277Taiwan 0.6%Shin Kong Financial Holding Co., Ltd.  (Cost $812,388)
        
        1,178,881
        
        886,624Thailand 0.4%Seamico Securities PCL (Foreign Registered)
        
        2,363,000
        
        238,664Siam City Bank PCL (Foreign Registered)
        
        667,100
        
        339,006(Cost $593,062)
        
        577,670
     Turkey 0.6%Turkiye Is Bankasi (Isbank) "C"  (Cost $928,980)
        
        225,339
        
        834,276United Arab Emirates 0.2%DP World Ltd.*  (Cost $321,958)
        
        247,660
        
        235,277United Kingdom 3.0%AstraZeneca PLC
        
        20,114
        
        751,976G4S PLC
        
        253,492
        
        1,145,579GlaxoSmithKline PLC
        
        111,234
        
        2,357,180(Cost $4,762,601)
        
        4,254,735United States 21.7%AMR Corp.*
        
        48,600
        
        438,372Apple, Inc.*
        
        13,600
        
        1,951,600Archer-Daniels-Midland Co.
        
        43,900
        
        1,806,924BMB Munai, Inc.*
        
        34,600
        
        188,224Bunge Ltd.
        
        10,400
        
        903,552Caterpillar, Inc.
        
        10,000
        
        782,900CB Richard Ellis Group, Inc. "A"*
        
        53,200
        
        1,151,248Chiquita Brands International, Inc.*
        
        66,200
        
        1,529,882Cisco Systems, Inc.*
        
        57,650
        
        1,388,788Cogent, Inc.*
        
        123,900
        
        1,168,377Corn Products International, Inc.
        
        43,700
        
        1,623,018CVS Caremark Corp.
        
        23,100
        
        935,781Dean Foods Co.
        
        66,500
        
        1,335,985General Mills, Inc.
        
        17,900
        
        1,071,852Johnson & Johnson
        
        32,850
        
        2,130,979Mattel, Inc.
        
        85,400
        
        1,699,460Microsoft Corp.
        
        22,400
        
        635,712Monster Worldwide, Inc.*
        
        26,700
        
        646,407Morgan Stanley
        
        27,500
        
        1,256,750Mylan, Inc. (a)
        
        93,200
        
        1,081,120New York Times Co. "A"
        
        35,400
        
        668,352Pantry, Inc.*
        
        43,000
        
        906,440Pfizer, Inc.
        
        54,075
        
        1,131,790Schlumberger Ltd.
        
        6,800
        
        591,600SiRF Technology Holdings, Inc.* (a)
        
        59,100
        
        300,819Stryker Corp.
        
        14,900
        
        969,245Sun Microsystems, Inc.*
        
        63,150
        
        980,720The Blackstone Group LP (Limited Partnership)
        
        35,500
        
        563,740Wyeth
        
        27,150
        
        1,133,784(Cost $32,593,040)
        
        30,973,421Total Common Stocks(Cost $138,212,244)
        
        131,724,432Preferred Stocks 3.3%Brazil 1.3%Net Servicos de Comunicacao SA*  (Cost $2,375,595)
        
        169,766
        
        1,814,050Germany 1.1%Porsche Automobil Holding SE  (Cost $1,622,887)
        
        8,923
        
        1,637,524Russia 0.9%Sberbank*  (Cost $1,627,703)
        
        643,711
        
        1,264,892Total Preferred Stocks(Cost $5,626,185)
        
        4,716,466
     Participatory Notes 0.9%United States 0.9%Agility Capital, Inc. (issuer Citigroup Global Markets Holdings, Inc.), Expiration Date 3/17/2008
        
        75,000
        
        346,050Merrill Lynch Pioneers Index (issuer Merrill Lynch International), Expiration Date 2/1/2010 *
        
        10,000
        
        926,400Total Participatory Notes(Cost $1,522,548)
        
        1,272,450Exchange Traded Funds 1.5%iShares Nasdaq Biotechnology Index Fund (a) (Cost $2,031,008)
        
        28,725
        
        2,177,642Securities Lending Collateral 5.2%Daily Assets Fund Institutional, 3.25%  (c) (d)(Cost $7,351,155)
        
        
        7,351,155
        
        7,351,155Cash Equivalents 2.1%Cash Management QP Trust, 2.84%  (c)(Cost $3,035,135)
        
        
        3,035,135
        
        3,035,135% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $157,778,275) 
        105.5
        
        150,277,280Other Assets and Liabilities, Net
        (5.5)
        
        (7,817,996)Net Assets
        100.0
        
        142,459,284For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $159,892,399.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $9,615,119.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,133,301 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,748,420.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $7,025,467 which is 4.9% of net assets.(b)
        Securities with the same description are the same corporate entity but trade on different stock exchanges.(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(d)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.ADR: American Depositary ReceiptGDR: Global Depositary ReceiptREIT: Real Estate Investment TrustAs of March 31, 2008 the Portfolio had the following open foreign forward currency exchange contracts:Settlement
        UnrealizedContracts to Deliver
        In Exchange For
        Date
        Depreciation ($)EUR
        2,911,000
        USD
        4,297,655
        5/27/2008
        (286,790)
  Currency AbbreviationsEUR
        Euro
        
        USD
        United States Dollar
    At March 31, 2008, the DWS Global Thematic VIP had the following sector diversification:  As a % of Common,Preferred Stocks andSector
        Market Value ($)
        
        Participatory NotesIndustrials
        
        34,109,169
        
        24.8%Financials
        
        25,625,315
        
        18.6%Consumer Staples
        
        15,269,655
        
        11.7%Health Care
        
        16,154,946
        
        11.1%Consumer Discretionary
        
        14,921,268
        
        10.8%Energy
        
        9,791,594
        
        7.1%Telecommunication Services
        
        8,089,644
        
        5.9%Information Technology
        
        7,374,786
        
        5.3%Materials
        
        6,020,751
        
        4.4%Utilities
        
        356,220
        
        0.3%Total
        137,713,348
        
        100.0%
  The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
Value
        Net Unrealized Appreciation on  Other Financial Instruments*Level 1 - Quoted Prices
        $                 69,828,235
        $                              -Level 2 - Other Significant
        80,449,045
        (286,790)Observable InputsLevel 3 - Significant
        -
        -Unobservable InputsTotal
        $               150,277,280
        $               (286,790)
  * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as forward foreign currency exchange, which are valued at the unrealized appreciation/depreciation on the instrument.  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Government & Agency Securities VIP  PrincipalAmount ($)
        
        Value ($)Agencies Backed by the Full Faith and Credit of the US Government 63.0%Government National Mortgage Association:5.0%, with various maturities from 4/15/2033 until 3/15/2037 (b)
        
        
        36,752,327
        
        36,795,9875.5%, with various maturities from 10/15/2032 until 3/15/2038 (b)
        
        
        45,011,673
        
        45,990,5476.0%, with various maturities from 4/15/2013 until 3/15/2038 (b)
        
        
        34,159,530
        
        35,352,1296.5%, with various maturities from 3/15/2014 until 10/15/2037
        
        
        17,175,411
        
        17,948,5167.0%, with various maturities from 10/15/2026 until 2/20/2038
        
        
        3,796,633
        
        4,005,1767.5%, with various maturities from 4/15/2026 until 1/15/2037
        
        
        2,057,483
        
        2,185,9079.5%, with various maturities from 6/15/2013 until 12/15/2022
        
        
        52,951
        
        59,25210.0%, with various maturities from 2/15/2016 until 3/15/2016
        
        
        18,266
        
        20,802Total Agencies Backed by the Full Faith and Credit of the US Government(Cost $139,963,166)
        
        142,358,316Agencies Not Backed by the Full Faith and Credit of the US Government 28.3%Federal Home Loan Bank, 3.375%, 2/27/2013
        
        
        25,000,000
        
        25,085,820Federal Home Loan Mortgage Corp.:3.5%, 5/29/2013
        
        
        10,000,000
        
        10,066,2804.5%, 5/1/2019
        
        
        53,532
        
        53,5705.5%, 2/1/2017
        
        
        43,939
        
        45,2585.728% *, 4/1/2037
        
        
        2,917,817
        
        2,985,8165.768% *, 10/1/2036
        
        
        2,783,453
        
        2,850,9345.866% *, 11/1/2036
        
        
        1,220,472
        
        1,255,1735.878% *, 9/1/2036
        
        
        1,086,001
        
        1,113,2816.5%,  9/1/2032
        
        
        149,803
        
        156,7147.0%, with various maturities from 5/1/2029 until 8/1/2035
        
        
        1,461,045
        
        1,531,9387.5%, with various maturities from 1/1/2027 until 5/1/2032
        
        
        119,616
        
        128,3818.0%, 11/1/2030
        
        
        734
        
        8038.5%, 7/1/2030
        
        
        2,603
        
        2,842Federal National Mortgage Association:2.5%, 4/9/2010
        
        
        10,000,000
        
        10,013,1905.0%, 10/1/2033
        
        
        616,209
        
        613,2245.5%, with various maturities from 2/1/2033 until 6/1/2034
        
        
        3,499,104
        
        3,548,9176.5%, 1/1/2038
        
        
        1,937,675
        
        2,009,3547.0%, with various maturities from 9/1/2013 until 7/1/2034
        
        
        468,430
        
        495,3878.0%, 12/1/2024
        
        
        12,289
        
        13,4618.45% *, 2/27/2023
        
        
        2,000,000
        
        1,997,911Total Agencies Not Backed by the Full Faith and Credit of the US Government(Cost $63,627,658)
        
        63,968,254Collateralized Mortgage Obligations 15.5%Federal Home Loan Mortgage Corp.:"MO", Series 3171, Principal Only, Zero Coupon, 6/15/2036
        
        
        891,300
        
        689,883"FT", Series 3346, 3.168% *, 10/15/2033
        
        
        2,784,812
        
        2,706,971"GZ", Series 2906, 5.0%, 9/15/2034
        
        
        1,470,064
        
        1,313,246"ST", Series 2411, Interest Only, 5.93% *, 6/15/2021
        
        
        5,012,604
        
        579,557"1A1", Series T-59, 6.5%, 10/25/2043
        
        
        2,060,681
        
        2,154,412Federal National Mortgage Association:"LO", Series 2005-50, Principal Only, Zero Coupon, 6/25/2035
        
        
        1,093,030
        
        700,242"ZA", Series 2008-24, 5.0%, 4/25/2038
        
        
        525,005
        
        452,133"AN", Series 2007-108, 8.941% *, 11/25/2037
        
        
        2,795,873
        
        3,074,831
     Government National Mortgage Association:"JO", Series 2006-22, Principal Only, Zero Coupon, 4/20/2036
        
        
        1,059,446
        
        822,640"OD", Series 2006-36, Principal Only, Zero Coupon, 7/16/2036
        
        
        536,893
        
        447,369"FH", Series 1999-18, 3.07% *, 5/16/2029
        
        
        2,422,481
        
        2,344,813"FE", Series 2003-57, 3.118% *, 3/16/2033
        
        
        164,506
        
        159,510"FB", Series 2001-28, 3.318% *, 6/16/2031
        
        
        756,821
        
        748,296"SP", Series 2005-61, Interest Only, 3.46% *, 8/16/2035
        
        
        1,490,402
        
        130,358"SA", Series 2002-65, Interest Only, 3.71% *, 9/20/2032
        
        
        4,876,738
        
        386,488"NS", Series 2007-72,  Interest Only, 3.994% *, 11/20/2037
        
        
        915,852
        
        60,460"GS", Series 2006-16,  Interest Only, 4.454% *, 4/20/2036
        
        
        1,628,035
        
        164,046"KS", Series 2004-96,  Interest Only, 4.46% *, 7/20/2034
        
        
        812,184
        
        88,089"GD", Series 2004-26, 5.0%, 11/16/2032
        
        
        2,184,000
        
        2,187,447"LG", Series 2003- 70, 5.0%, 8/20/2033
        
        
        4,000,000
        
        3,859,401"KE", Series 2004-19, 5.0%, 3/16/2034
        
        
        500,000
        
        483,970"ZM", Series 2004-24, 5.0%, 4/20/2034
        
        
        1,823,744
        
        1,715,563"LE", Series 2004-87, 5.0%, 10/20/2034
        
        
        1,000,000
        
        943,495"ZB", Series 2005-15, 5.0%, 2/16/2035
        
        
        1,282,943
        
        1,196,750"CK", Series 2007-31, 5.0%, 5/16/2037
        
        
        1,000,000
        
        990,927"SJ", Series 1999-43,  Interest Only, 5.183% *, 11/16/2029
        
        
        390,341
        
        39,817"ZB", Series 2003-85, 5.5%, 10/20/2033
        
        
        2,435,101
        
        2,400,366"B", Series 2005-88, 5.5%, 11/20/2035
        
        
        1,804,000
        
        1,804,339"ZA", Series 2006-7, 5.5%, 2/20/2036
        
        
        1,905,891
        
        1,847,576"PH" Series 2002- 84, 6.0%, 11/16/2032
        
        
        500,000
        
        512,778Total Collateralized Mortgage Obligations(Cost $34,155,341)
        
        35,005,773US Treasury Obligations 5.1%US Treasury Bill, 3.03% **, 4/17/2008 (a)
        
        
        536,000
        
        535,714US Treasury Inflation Indexed Notes:2.0%, 4/15/2012
        
        
        3,120,120
        
        3,359,2493.375%, 1/15/2012
        
        
        4,159,960
        
        4,682,880US Treasury Note, 2.5%, 3/31/2013
        
        
        3,000,000
        
        3,005,859Total US Treasury Obligations(Cost $11,564,127)
        
        11,583,702Shares
        
        Value ($)Cash Equivalents 0.3%Cash Management QP Trust, 2.84% (c)(Cost $612,557)
        
        
        612,557
        
        612,557% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $249,922,849) 
        112.2
        
        253,528,602Other Assets and Liabilities, Net
        (12.2)
        
        (27,521,554)Net Assets
        100.0
        
        226,007,048For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2008.**
        Annualized yield at time of purchase; not a coupon rate.
        The cost for federal income tax purposes was $249,953,792.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $3,574,810.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $4,494,998 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $920,188.(a)
        At March 31, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
     (b)
        Mortgage dollar rolls included.(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.Principal Only: Principal Only (PO) bonds represent the principal only portion of payments on a pool of underlying mortgages or mortgage-backed securities.
  At March 31, 2008, open futures contracts sold were as follows:Futures
        
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Interest Rate Swap
        
        6/16/2008
        
        93
        
        10,531,499
        
        10,708,079
        
        (176,580)10 Year US Treasury Note
        
        6/19/2008
        
        65
        
        7,746,365
        
        7,731,954
        
        14,411Total net unrealized depreciation
        
        
        
        
        
        
        
        (162,169)
  Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.  Effective maturities of these investments may be shorter than stated maturities due to prepayments.  Some separate investments in the Federal Home Loan Mortgage Corp., Federal National Mortgage Association and Government National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.  The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
Value
        Net Unrealized Depreciation on  Other Financial Instruments*Level 1 - Quoted Prices
        $              612,557
        $                  (162,169)Level 2 - Other Significant
        250,918,134
        -Observable InputsLevel 3 - Significant
        1,997,911
        -Unobservable InputsTotal
        $                253,528,602
        $                 (162,169)
  * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  The following is a reconciliation of the Funds assets in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2008:  Investments in Securities at Market ValueBalance as of January 1, 2008
        $                                 -Total realized gains or losses
        -Change in unrealized appreciation (depreciation)
        (2,089)Net purchases (sales)
        2,000,000Net transfers in (out) of Level 3
        -Balance as of March 31, 2008
        $                    1,997,911
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs   and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Growth Allocation VIP  Shares
        
        Value ($)Equity Funds 66.6%DWS Blue Chip VIP "A"
        
        2,347
        
        24,665DWS Capital Growth VIP "A"
        
        47,820
        
        913,847DWS Davis Venture Value VIP "A"
        
        230,588
        
        2,637,932DWS Dreman High Return Equity VIP "A"
        
        6,144
        
        63,348DWS Dreman Small Mid Cap Value VIP "A"
        
        75,688
        
        812,130DWS Global Opportunities VIP "A"
        
        2,419
        
        39,228DWS Global Thematic VIP "A"
        
        44,351
        
        452,383DWS Growth & Income VIP "A"
        
        317,367
        
        3,065,761DWS Health Care VIP "A"
        
        61,193
        
        829,161DWS International Select Equity VIP "A"
        
        3,135
        
        34,705DWS International VIP "A"
        
        257,709
        
        3,510,003DWS Janus Growth & Income VIP "A"
        
        2,178
        
        22,779DWS Large Cap Value VIP "A"
        
        364,597
        
        4,754,343DWS Mid Cap Growth VIP "A"
        
        1,913
        
        22,799DWS RREEF Real Estate Securities VIP "A"
        
        25,993
        
        424,981DWS Small Cap Growth VIP "A"
        
        75,433
        
        942,163DWS Technology VIP "A"
        
        112,009
        
        995,764Total Equity Funds(Cost $23,472,710)
        
        19,545,992Fixed Income  Bond Funds 21.3%DWS Core Fixed Income VIP "A"
        
        548,815
        
        5,932,689DWS Government & Agency Securities VIP "A"
        
        299
        
        3,607DWS High Income VIP "A"
        
        47,015
        
        317,349Total Fixed Income  Bond Funds(Cost $6,764,148)
        
        6,253,645Fixed Income - Money Market Fund 0.6%Cash Management QP Trust (Cost $159,293)
        
        159,293
        
        159,293% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $30,396,151)
        88.5
        
        25,958,930Other Assets and Liabilities, Net
        11.5
        
        3,371,048Net Assets
        100.0
        
        29,329,978For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
        The cost for federal income tax purposes was $30,400,491.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $4,441,561.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,813 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,443,374.
     The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                   25,958,930Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $                   25,958,930
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS High Income VIP  PrincipalAmount ($) (a)
        
        Value ($)Corporate Bonds 85.0%Consumer Discretionary 15.9%Affinia Group, Inc., 9.0%, 11/30/2014
        
        
        605,000
        
        522,569AMC Entertainment, Inc., 8.0%, 3/1/2014
        
        
        1,305,000
        
        1,105,987American Achievement Corp., 8.25%, 4/1/2012
        
        
        255,000
        
        227,588American Achievement Group Holding Corp., 14.75%, 10/1/2012 (PIK) (b)
        
        
        488,392
        
        383,388Asbury Automotive Group, Inc.:7.625%, 3/15/2017
        
        
        590,000
        
        466,1008.0%, 3/15/2014
        
        
        250,000
        
        217,500Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015 (b)
        
        
        420,000
        
        336,000Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014
        
        
        510,000
        
        393,975Cablevision Systems Corp., Series B, 9.644% **, 4/1/2009
        
        
        335,000
        
        332,487CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015
        
        
        380,000
        
        349,600Carrols Corp., 9.0%, 1/15/2013 (b)
        
        
        250,000
        
        222,500Charter Communications Holdings LLC, 11.0%, 10/1/2015
        
        
        727,000
        
        505,265Charter Communications, Inc., 144A, 10.875%, 9/15/2014
        
        
        655,000
        
        645,175Cirsa Capital Luxembourg, 144A, 7.875%, 7/15/2012
        EUR
        
        285,000
        
        328,459Cooper-Standard Automotive, Inc., 8.375%, 12/15/2014
        
        
        325,000
        
        246,188CSC Holdings, Inc.:7.25%, 7/15/2008
        
        
        540,000
        
        540,000Series B, 8.125%, 7/15/2009
        
        
        450,000
        
        454,500Series B, 8.125%, 8/15/2009
        
        
        900,000
        
        909,000Denny's Holdings, Inc., 10.0%, 10/1/2012 (b)
        
        
        165,000
        
        151,800Dollarama Group LP, 10.579% **, 8/15/2012
        
        
        387,000
        
        378,292EchoStar DBS Corp.:6.375%, 10/1/2011
        
        
        80,000
        
        76,8006.625%, 10/1/2014
        
        
        665,000
        
        605,1507.125%, 2/1/2016
        
        
        650,000
        
        606,125Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015
        
        
        580,000
        
        408,900Foot Locker, Inc., 8.5%, 1/15/2022
        
        
        175,000
        
        154,000French Lick Resorts & Casino LLC, 144A, 10.75%, 4/15/2014
        
        
        1,865,000
        
        1,119,000General Motors Corp.:7.2%, 1/15/2011
        
        
        1,645,000
        
        1,373,5757.4%, 9/1/2025
        
        
        270,000
        
        180,900Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015
        
        
        505,000
        
        480,381Group 1 Automotive, Inc., 8.25%, 8/15/2013
        
        
        250,000
        
        235,000Hanesbrands, Inc., Series B, 8.204% **, 12/15/2014
        
        
        755,000
        
        670,062Hertz Corp.:8.875%, 1/1/2014
        
        
        1,180,000
        
        1,118,05010.5%, 1/1/2016 (b)
        
        
        310,000
        
        290,238Idearc, Inc., 8.0%, 11/15/2016
        
        
        2,640,000
        
        1,709,400Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012
        
        
        330,000
        
        287,100ION Media Networks, Inc., 144A, 10.508% **, 1/15/2013
        
        
        515,000
        
        386,250Isle of Capri Casinos, Inc., 7.0%, 3/1/2014
        
        
        475,000
        
        338,437Jarden Corp., 7.5%, 5/1/2017 (b)
        
        
        420,000
        
        367,500Kabel Deutschland GmbH, 10.625%, 7/1/2014
        
        
        115,000
        
        112,844Lamar Media Corp., Series C, 6.625%, 8/15/2015
        
        
        330,000
        
        290,400Liberty Media LLC:
     5.7%, 5/15/2013
        
        
        95,000
        
        83,1778.25%, 2/1/2030 (b)
        
        
        765,000
        
        641,9998.5%, 7/15/2029 (b)
        
        
        735,000
        
        628,002Mediacom Broadband LLC, 8.5%, 10/15/2015
        
        
        40,000
        
        33,600MediMedia USA, Inc., 144A, 11.375%, 11/15/2014
        
        
        255,000
        
        262,650MGM MIRAGE:6.75%, 9/1/2012
        
        
        215,000
        
        199,4138.375%, 2/1/2011
        
        
        475,000
        
        476,187MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010
        
        
        880,000
        
        849,200Norcraft Holdings/Capital, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012 (b)
        
        
        1,385,000
        
        1,211,875Penske Automotive Group, Inc., 7.75%, 12/15/2016
        
        
        1,260,000
        
        1,089,900Pinnacle Entertainment, Inc., 8.75%, 10/1/2013
        
        
        525,000
        
        517,125Quebecor Media, Inc., 7.75%, 3/15/2016
        
        
        325,000
        
        296,563Quebecor World, Inc., 144A, 9.75%, 1/15/2015 *
        
        
        420,000
        
        201,600Quiksilver, Inc., 6.875%, 4/15/2015
        
        
        560,000
        
        450,800Reader's Digest Association, Inc., 144A, 9.0%, 2/15/2017
        
        
        345,000
        
        230,288Sabre Holdings Corp., 8.35%, 3/15/2016
        
        
        460,000
        
        354,200Seminole Hard Rock Entertainment, Inc., 144A, 5.3% **, 3/15/2014
        
        
        590,000
        
        467,575Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015
        
        
        410,000
        
        362,850Simmons Co.:Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014
        
        
        1,655,000
        
        1,067,4757.875%, 1/15/2014
        
        
        310,000
        
        254,200Sinclair Television Group, Inc., 8.0%, 3/15/2012 (b)
        
        
        302,000
        
        305,020Sirius Satellite Radio, Inc., 9.625%, 8/1/2013
        
        
        755,000
        
        636,087Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013 (b)
        
        
        490,000
        
        453,250Station Casinos, Inc., 6.5%, 2/1/2014
        
        
        805,000
        
        483,000Travelport LLC:7.701% **, 9/1/2014
        
        
        390,000
        
        315,9009.875%, 9/1/2014
        
        
        395,000
        
        354,512Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015
        
        
        855,000
        
        577,125United Components, Inc., 9.375%, 6/15/2013
        
        
        80,000
        
        73,300Unity Media GmbH, 144A, 10.375%, 2/15/2015
        
        
        255,000
        
        229,500Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK)
        
        
        720,000
        
        435,600UPC Holding BV:144A, 7.75%, 1/15/2014
        EUR
        
        430,000
        
        603,339144A, 8.0%, 11/1/2016
        EUR
        
        190,000
        
        251,968Vitro SAB de CV:9.125%, 2/1/2017
        
        
        1,470,000
        
        1,220,10011.75%, 11/1/2013
        
        
        215,000
        
        217,688XM Satellite Radio, Inc., 9.75%, 5/1/2014
        
        
        855,000
        
        825,075Young Broadcasting, Inc., 8.75%, 1/15/2014
        
        
        2,405,000
        
        1,418,95037,605,578Consumer Staples 3.7%Alliance One International, Inc., 8.5%, 5/15/2012
        
        
        250,000
        
        235,000Delhaize America, Inc.:8.05%, 4/15/2027
        
        
        190,000
        
        199,8989.0%, 4/15/2031
        
        
        1,017,000
        
        1,223,969General Nutrition Centers, Inc., 7.199% **, 3/15/2014 (PIK)
        
        
        590,000
        
        492,650Harry & David Holdings, Inc., 8.076% **, 3/1/2012
        
        
        360,000
        
        302,400North Atlantic Trading Co., 144A, 10.0%, 3/1/2012
        
        
        2,081,750
        
        1,831,940Pierre Foods, Inc., 9.875%, 7/15/2012
        
        
        290,000
        
        159,500Pilgrim's Pride Corp., 7.625%, 5/1/2015
        
        
        210,000
        
        202,125Rite Aid Corp., 7.5%, 3/1/2017
        
        
        690,000
        
        621,000Smithfield Foods, Inc., 7.75%, 7/1/2017
        
        
        380,000
        
        370,500
     Viskase Companies, Inc., 11.5%, 6/15/2011
        
        
        3,100,000
        
        3,100,0008,738,982Energy 9.7%Atlas Energy Resources LLC, 144A, 10.75%, 2/1/2018
        
        
        165,000
        
        167,063Belden & Blake Corp., 8.75%, 7/15/2012
        
        
        2,280,000
        
        2,285,700Bristow Group, Inc., 7.5%, 9/15/2017
        
        
        500,000
        
        502,500Chaparral Energy, Inc., 8.5%, 12/1/2015
        
        
        600,000
        
        522,000Chesapeake Energy Corp.:6.25%, 1/15/2018
        
        
        325,000
        
        310,3756.875%, 1/15/2016
        
        
        1,421,000
        
        1,406,7907.75%, 1/15/2015 (b)
        
        
        220,000
        
        226,600Cimarex Energy Co., 7.125%, 5/1/2017
        
        
        410,000
        
        406,925Delta Petroleum Corp., 7.0%, 4/1/2015
        
        
        1,115,000
        
        992,350Dynegy Holdings, Inc.:6.875%, 4/1/2011 (b)
        
        
        195,000
        
        191,5888.375%, 5/1/2016
        
        
        945,000
        
        935,550El Paso Corp., 9.625%, 5/15/2012
        
        
        320,000
        
        346,376Energy Partners Ltd., 9.75%, 4/15/2014
        
        
        405,000
        
        334,125EXCO Resources, Inc., 7.25%, 1/15/2011
        
        
        645,000
        
        627,262Frontier Oil Corp., 6.625%, 10/1/2011
        
        
        365,000
        
        360,438Mariner Energy, Inc.:7.5%, 4/15/2013
        
        
        390,000
        
        374,4008.0%, 5/15/2017
        
        
        470,000
        
        448,850OPTI Canada, Inc., 8.25%, 12/15/2014
        
        
        1,060,000
        
        1,049,400Petrohawk Energy Corp., 9.125%, 7/15/2013
        
        
        450,000
        
        462,375Plains Exploration & Production Co., 7.0%, 3/15/2017
        
        
        245,000
        
        235,200Quicksilver Resources, Inc., 7.125%, 4/1/2016
        
        
        1,155,000
        
        1,114,575Sabine Pass LNG LP, 7.5%, 11/30/2016
        
        
        1,370,000
        
        1,322,050Southwestern Energy Co., 144A, 7.5%, 2/1/2018
        
        
        585,000
        
        605,475Stone Energy Corp.:6.75%, 12/15/2014
        
        
        1,450,000
        
        1,319,5008.25%, 12/15/2011
        
        
        500,000
        
        495,000Tennessee Gas Pipeline Co., 7.625%, 4/1/2037
        
        
        420,000
        
        439,858Whiting Petroleum Corp.:7.0%, 2/1/2014
        
        
        500,000
        
        495,0007.25%, 5/1/2012
        
        
        680,000
        
        671,5007.25%, 5/1/2013
        
        
        165,000
        
        162,525Williams Companies, Inc.:8.125%, 3/15/2012
        
        
        1,365,000
        
        1,491,2628.75%, 3/15/2032
        
        
        1,885,000
        
        2,177,175Williams Partners LP, 7.25%, 2/1/2017
        
        
        420,000
        
        422,10022,901,887Financials 11.7%Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015
        
        
        1,250,000
        
        1,081,250Ashton Woods USA LLC, 9.5%, 10/1/2015
        
        
        1,370,000
        
        732,950Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014
        
        
        250,000
        
        187,500CEVA Group PLC, 144A, 8.5%, 12/1/2014
        EUR
        
        360,000
        
        406,370Conproca SA de CV, Series REG S, 12.0%, 6/16/2010
        
        
        2,385,000
        
        2,671,200E*TRADE Financial Corp.:7.375%, 9/15/2013
        
        
        340,000
        
        241,4007.875%, 12/1/2015
        
        
        850,000
        
        603,500Ford Motor Credit Co., LLC:7.25%, 10/25/2011
        
        
        2,960,000
        
        2,431,4157.375%, 10/28/2009
        
        
        3,240,000
        
        2,952,0717.875%, 6/15/2010
        
        
        1,790,000
        
        1,560,767GMAC LLC, 6.875%, 9/15/2011
        
        
        6,055,000
        
        4,634,279
     Hawker Beechcraft Acquisition Co., LLC:8.5%, 4/1/2015
        
        
        780,000
        
        801,4508.875%, 4/1/2015 (PIK)
        
        
        895,000
        
        915,1379.75%, 4/1/2017 (b)
        
        
        630,000
        
        626,850Hexion US Finance Corp., 9.75%, 11/15/2014
        
        
        230,000
        
        246,675Inmarsat Finance PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012
        
        
        910,000
        
        882,700iPayment, Inc., 9.75%, 5/15/2014
        
        
        475,000
        
        421,562Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)
        
        
        430,000
        
        344,538New ASAT (Finance) Ltd., 9.25%, 2/1/2011
        
        
        575,000
        
        460,000Petroplus Finance Ltd.:144A, 6.75%, 5/1/2014
        
        
        355,000
        
        323,938144A, 7.0%, 5/1/2017
        
        
        355,000
        
        316,838Pinnacle Foods Finance LLC, 9.25%, 4/1/2015
        
        
        335,000
        
        296,475Residential Capital LLC:3.49% **, 6/9/2008
        
        
        160,000
        
        126,4006.37% **, 11/21/2008
        
        
        1,290,000
        
        877,2008.125%, 11/21/2008
        
        
        400,000
        
        276,000Tropicana Entertainment LLC, 9.625%, 12/15/2014
        
        
        675,000
        
        350,156UCI Holdco, Inc., 10.3% **, 12/15/2013 (PIK)
        
        
        592,801
        
        515,737Universal City Development Partners, 11.75%, 4/1/2010
        
        
        2,125,000
        
        2,183,437Yankee Acquisition Corp., Series B, 8.5%, 2/15/2015
        
        
        125,000
        
        100,93827,568,733Health Care 5.2%Advanced Medical Optics, Inc., 7.5%, 5/1/2017 (b)
        
        
        620,000
        
        533,200Bausch & Lomb, Inc., 144A, 9.875%, 11/1/2015
        
        
        665,000
        
        676,638Boston Scientific Corp., 6.0%, 6/15/2011
        
        
        410,000
        
        399,750Community Health Systems, Inc., 8.875%, 7/15/2015
        
        
        3,010,000
        
        3,021,287HCA, Inc.:9.125%, 11/15/2014
        
        
        760,000
        
        782,8009.25%, 11/15/2016
        
        
        1,785,000
        
        1,851,9379.625%, 11/15/2016 (PIK)
        
        
        670,000
        
        695,125HEALTHSOUTH Corp., 10.75%, 6/15/2016
        
        
        325,000
        
        341,250IASIS Healthcare LLC, 8.75%, 6/15/2014
        
        
        490,000
        
        487,550Psychiatric Solutions, Inc., 7.75%, 7/15/2015
        
        
        420,000
        
        417,900Sun Healthcare Group, Inc., 9.125%, 4/15/2015
        
        
        420,000
        
        405,300Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)
        
        
        515,000
        
        396,550The Cooper Companies, Inc., 7.125%, 2/15/2015
        
        
        840,000
        
        798,000Vanguard Health Holding Co. I, LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015
        
        
        505,000
        
        386,325Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014
        
        
        1,215,000
        
        1,169,43812,363,050Industrials 11.2%Actuant Corp., 144A, 6.875%, 6/15/2017
        
        
        335,000
        
        330,813Allied Security Escrow Corp., 11.375%, 7/15/2011
        
        
        769,000
        
        661,340Allied Waste North America, Inc., 6.5%, 11/15/2010
        
        
        280,000
        
        280,000American Color Graphics, Inc., 10.0%, 6/15/2010
        
        
        850,000
        
        375,063American Color Graphics, Inc., 144A, Promissory Note due 6/15/2008 (f)
        
        
        51,000
        
        22,504American Railcar Industries, Inc., 7.5%, 3/1/2014
        
        
        420,000
        
        369,600ARAMARK Corp., 6.739% **, 2/1/2015
        
        
        585,000
        
        516,262Baldor Electric Co., 8.625%, 2/15/2017 (b)
        
        
        420,000
        
        415,800Belden, Inc., 7.0%, 3/15/2017
        
        
        420,000
        
        405,300Browning-Ferris Industries, Inc., 7.4%, 9/15/2035
        
        
        1,560,000
        
        1,419,600Building Materials Corp. of America, 7.75%, 8/1/2014
        
        
        585,000
        
        421,200Cenveo Corp., 7.875%, 12/1/2013
        
        
        572,000
        
        463,320Congoleum Corp., 8.625%, 8/1/2008 *
        
        
        1,200,000
        
        900,000
     DRS Technologies, Inc.:6.625%, 2/1/2016
        
        
        210,000
        
        205,2756.875%, 11/1/2013
        
        
        655,000
        
        641,9007.625%, 2/1/2018
        
        
        1,450,000
        
        1,450,000Education Management LLC, 8.75%, 6/1/2014
        
        
        430,000
        
        363,350Esco Corp.:144A, 6.675% **, 12/15/2013
        
        
        430,000
        
        369,800144A, 8.625%, 12/15/2013
        
        
        730,000
        
        708,100General Cable Corp.:7.104% **, 4/1/2015
        
        
        505,000
        
        435,5627.125%, 4/1/2017 (b)
        
        
        500,000
        
        477,500Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015
        
        
        435,000
        
        352,350Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013
        
        
        335,000
        
        306,525Harland Clarke Holdings Corp., 9.5%, 5/15/2015
        
        
        420,000
        
        308,700K. Hovnanian Enterprises, Inc.:6.25%, 1/15/2016
        
        
        575,000
        
        388,1258.875%, 4/1/2012
        
        
        1,495,000
        
        829,725Kansas City Southern de Mexico SA de CV:144A, 7.375%, 6/1/2014
        
        
        605,000
        
        558,1127.625%, 12/1/2013
        
        
        1,085,000
        
        1,019,9009.375%, 5/1/2012
        
        
        1,065,000
        
        1,099,612Kansas City Southern Railway Co.:7.5%, 6/15/2009
        
        
        380,000
        
        385,7009.5%, 10/1/2008
        
        
        2,705,000
        
        2,742,194Mobile Services Group, Inc., 9.75%, 8/1/2014
        
        
        775,000
        
        724,625Navios Maritime Holdings, Inc., 9.5%, 12/15/2014 (b)
        
        
        675,000
        
        672,469Panolam Industries International, Inc., 10.75%, 10/1/2013
        
        
        265,000
        
        205,375R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017
        
        
        1,560,000
        
        975,000Rainbow National Services LLC, 144A, 10.375%, 9/1/2014
        
        
        112,000
        
        118,720RBS Global, Inc. & Rexnord Corp., 9.5%, 8/1/2014
        
        
        370,000
        
        345,950Titan International, Inc., 8.0%, 1/15/2012
        
        
        1,325,000
        
        1,298,500TransDigm, Inc., 7.75%, 7/15/2014
        
        
        260,000
        
        260,000U.S. Concrete, Inc., 8.375%, 4/1/2014
        
        
        470,000
        
        368,950United Rentals North America, Inc.:6.5%, 2/15/2012
        
        
        815,000
        
        737,5757.0%, 2/15/2014
        
        
        1,095,000
        
        859,575Vought Aircraft Industries, Inc., 8.0%, 7/15/2011
        
        
        250,000
        
        229,375Xerox Capital Trust I, 8.0%, 2/1/2027
        
        
        315,000
        
        310,94126,330,287Information Technology 3.0%Alion Science & Technology Corp., 10.25%, 2/1/2015
        
        
        350,000
        
        197,750Freescale Semiconductor, Inc., 8.875%, 12/15/2014
        
        
        1,255,000
        
        982,037L-3 Communications Corp.:5.875%, 1/15/2015
        
        
        1,280,000
        
        1,225,600Series B, 6.375%, 10/15/2015
        
        
        705,000
        
        689,138Lucent Technologies, Inc., 6.45%, 3/15/2029 (b)
        
        
        1,410,000
        
        1,008,150MasTec, Inc., 7.625%, 2/1/2017
        
        
        610,000
        
        530,700Sanmina-SCI Corp., 144A, 5.55% **, 6/15/2010
        
        
        196,000
        
        190,120Seagate Technology HDD Holdings, 6.8%, 10/1/2016
        
        
        800,000
        
        762,000SunGard Data Systems, Inc., 10.25%, 8/15/2015
        
        
        1,090,000
        
        1,095,450Vangent, Inc., 9.625%, 2/15/2015
        
        
        350,000
        
        280,8756,961,820Materials 10.4%Appleton Papers, Inc., Series B, 8.125%, 6/15/2011
        
        
        235,000
        
        226,188ARCO Chemical Co., 9.8%, 2/1/2020
        
        
        3,790,000
        
        3,183,600
     Associated Materials, Inc., Step-up Coupon, 0% to 3/1/2009, 11.25% to 3/1/2014
        
        
        850,000
        
        580,125Cascades, Inc., 7.25%, 2/15/2013
        
        
        1,246,000
        
        1,099,595Chemtura Corp., 6.875%, 6/1/2016
        
        
        720,000
        
        640,800Clondalkin Acquisition BV, 144A, 4.8% **, 12/15/2013
        
        
        540,000
        
        442,800CPG International I, Inc., 10.5%, 7/1/2013
        
        
        880,000
        
        739,200Exopack Holding Corp., 11.25%, 2/1/2014 (b)
        
        
        1,415,000
        
        1,294,725Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/2017
        
        
        665,000
        
        705,731GEO Specialty Chemicals, Inc., 144A, 10.698% **, 12/31/2009 (c)
        
        
        3,044,000
        
        2,279,195Georgia-Pacific LLC:144A, 7.125%, 1/15/2017
        
        
        295,000
        
        272,8759.5%, 12/1/2011
        
        
        330,000
        
        335,775Hexcel Corp., 6.75%, 2/1/2015
        
        
        1,735,000
        
        1,678,612Huntsman LLC, 11.625%, 10/15/2010
        
        
        1,277,000
        
        1,350,427Innophos, Inc., 8.875%, 8/15/2014
        
        
        190,000
        
        184,300Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014
        
        
        1,145,000
        
        993,288Metals USA Holdings Corp., 10.83% **, 7/1/2012 (PIK)
        
        
        565,000
        
        420,925Millar Western Forest Products Ltd., 7.75%, 11/15/2013
        
        
        200,000
        
        135,000Momentive Performance Materials, Inc., 9.75%, 12/1/2014 (b)
        
        
        475,000
        
        426,313Mueller Water Products, Inc., 7.375%, 6/1/2017
        
        
        245,000
        
        211,313NewMarket Corp., 7.125%, 12/15/2016
        
        
        1,005,000
        
        979,875OI European Group BV, 144A, 6.875%, 3/31/2017
        EUR
        
        475,000
        
        704,911Pliant Corp., 11.625%, 6/15/2009 (PIK)
        
        
        11
        
        11Radnor Holdings Corp., 11.0%, 3/15/2010 *
        
        
        265,000
        
        331Rhodia SA, 144A, 7.326% **, 10/15/2013
        EUR
        
        475,000
        
        652,418Smurfit-Stone Container Enterprises, Inc.:8.0%, 3/15/2017
        
        
        835,000
        
        701,4008.25%, 10/1/2012
        
        
        620,000
        
        558,7758.375%, 7/1/2012
        
        
        420,000
        
        380,100Steel Dynamics, Inc.:6.75%, 4/1/2015
        
        
        675,000
        
        661,500144A, 7.375%, 11/1/2012
        
        
        155,000
        
        156,550Terra Capital, Inc., Series B, 7.0%, 2/1/2017
        
        
        905,000
        
        892,556The Mosaic Co., 144A, 7.625%, 12/1/2014
        
        
        755,000
        
        807,850Witco Corp., 6.875%, 2/1/2026
        
        
        360,000
        
        241,200Wolverine Tube, Inc., 10.5%, 4/1/2009
        
        
        770,000
        
        689,15024,627,414Telecommunication Services 7.1%BCM Ireland Preferred Equity Ltd., 144A, 11.355% **, 2/15/2017 (PIK)
        EUR
        
        494,173
        
        519,199Centennial Communications Corp.:10.0%, 1/1/2013
        
        
        995,000
        
        925,35010.125%, 6/15/2013
        
        
        335,000
        
        330,813Cincinnati Bell, Inc.:7.25%, 7/15/2013
        
        
        795,000
        
        781,0878.375%, 1/15/2014 (b)
        
        
        450,000
        
        421,875Cricket Communications, Inc., 144A, 9.375%, 11/1/2014
        
        
        900,000
        
        852,750Embratel, Series B, 11.0%, 12/15/2008 (b)
        
        
        197,000
        
        205,865Grupo Iusacell Celular SA de CV, 10.0%, 3/31/2012
        
        
        270,021
        
        261,920Intelsat Corp., 9.0%, 6/15/2016
        
        
        330,000
        
        332,475Intelsat Jackson Holdings Ltd.:9.25%, 6/15/2016
        
        
        285,000
        
        287,13811.25%, 6/15/2016
        
        
        860,000
        
        871,825Intelsat Subsidiary Holding Co., Ltd., 8.25%, 1/15/2013
        
        
        700,000
        
        705,250iPCS, Inc., 5.364% **, 5/1/2013
        
        
        200,000
        
        154,000MetroPCS Wireless, Inc., 9.25%, 11/1/2014
        
        
        975,000
        
        897,000Millicom International Cellular SA, 10.0%, 12/1/2013
        
        
        1,645,000
        
        1,743,700
     Nortel Networks Ltd., 8.508% **, 7/15/2011
        
        
        780,000
        
        668,850Orascom Telecom Finance, 144A, 7.875%, 2/8/2014
        
        
        170,000
        
        157,675Qwest Corp.:7.25%, 9/15/2025
        
        
        145,000
        
        126,1507.875%, 9/1/2011
        
        
        415,000
        
        413,962Rural Cellular Corp., 9.875%, 2/1/2010
        
        
        775,000
        
        796,312Stratos Global Corp., 9.875%, 2/15/2013
        
        
        330,000
        
        335,363SunCom Wireless Holdings, Inc., 8.5%, 6/1/2013
        
        
        1,710,000
        
        1,780,537US Unwired, Inc., Series B, 10.0%, 6/15/2012
        
        
        980,000
        
        908,950Virgin Media Finance PLC:8.75%,  4/15/2014
        EUR
        
        700,000
        
        950,4078.75%,  4/15/2014
        
        
        990,000
        
        888,525West Corp., 9.5%, 10/15/2014
        
        
        500,000
        
        447,50016,764,478Utilities 7.1%AES Corp.:8.0%, 10/15/2017
        
        
        830,000
        
        840,375144A, 8.75%, 5/15/2013
        
        
        1,504,000
        
        1,564,160Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012
        
        
        2,355,000
        
        2,543,400CMS Energy Corp., 8.5%, 4/15/2011
        
        
        1,030,000
        
        1,094,035Edison Mission Energy, 7.0%, 5/15/2017
        
        
        760,000
        
        756,200Energy Future Holdings Corp., 144A, 10.875%, 11/1/2017
        
        
        1,240,000
        
        1,252,400Mirant Americas Generation LLC, 8.3%, 5/1/2011
        
        
        610,000
        
        622,200Mirant North America LLC, 7.375%, 12/31/2013
        
        
        300,000
        
        303,000NRG Energy, Inc.:7.25%, 2/1/2014
        
        
        1,560,000
        
        1,540,5007.375%, 2/1/2016
        
        
        1,830,000
        
        1,793,400Regency Energy Partners LP, 8.375%, 12/15/2013
        
        
        575,000
        
        586,500Reliant Energy, Inc., 7.875%, 6/15/2017 (b)
        
        
        840,000
        
        835,800Sierra Pacific Resources:6.75%, 8/15/2017
        
        
        975,000
        
        940,2348.625%, 3/15/2014
        
        
        200,000
        
        210,012Texas Competitive Electric Holdings Co., LLC, 144A, 10.25%, 11/1/2015
        
        
        1,820,000
        
        1,813,17516,695,391Total Corporate Bonds(Cost $223,764,193)
        
        200,557,620Senior Loans** 7.0%Advanced Medical Optics, Inc., Term Loan B, LIBOR plus 1.75%, 4.236%, 4/2/2014
        
        
        248,076
        
        224,818Aleris International, Inc., Term Loan B, LIBOR plus 2.375%, 4.861%, 12/14/2013
        
        
        333,317
        
        278,081Alliance Mortgage Cycle Loan, LIBOR plus 7.25%, 9.736%, 6/4/2010 *
        
        
        700,000
        
        35,000Bausch & Lomb, Inc.:Term Delay Draw, LIBOR plus 3.25%, 5.736%, 4/11/2015
        
        
        82,000
        
        79,913Term Loan B, LIBOR plus 3.25%, 5.736%, 4/11/2015
        
        
        661,000
        
        644,174Buffets, Inc.:Letter of Credit, 4.73%, 5/1/2013
        
        
        147,980
        
        81,981Term Loan B, 9.954%, 1/13/2011
        
        
        1,108,918
        
        614,341Charter Communications Operations:Term Loan, LIBOR plus 2.0%, 4.486%, 3/6/2014
        
        
        755,000
        
        734,992Term Loan B, LIBOR plus 3.25%, 5.736%, 4/27/2011
        
        
        710,000
        
        601,789Energy Future Holdings Corp.:Term Loan B1, LIBOR plus 3.5%, 5.986%, 10/10/2014
        
        
        3,795,488
        
        3,451,882Term Loan B3, LIBOR plus 3.5%, 5.986%, 10/10/2014
        
        
        2,473,801
        
        2,247,040General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 4.736%, 9/16/2013
        
        
        250,025
        
        206,271Golden Nugget, 5.81%, 6/16/2014
        
        
        460,000
        
        340,400Hawker Beechcraft, Inc.:Letter of Credit, LIBOR plus 2.0%, 4.486%, 3/26/2014
        
        
        12,291
        
        11,533
     Term Loan B, LIBOR plus 2.0%, 4.486%, 3/26/2014
        
        
        211,441
        
        198,403HCA, Inc., Term Loan A1, 6.33%, 11/18/2012
        
        
        1,282,128
        
        1,170,115Hexion Specialty Chemicals:Term Loan C1, LIBOR plus 2.25%, 4.736%, 5/5/2013
        
        
        706,396
        
        661,657Term Loan C2, LIBOR plus 2.25%, 4.736%, 5/5/2013
        
        
        188,524
        
        176,688IASIS Healthcare LLC, 8.494%, 6/15/2014
        
        
        411,444
        
        337,384Local TV on Satellite LLC, Term Loan B, LIBOR plus 2.25%, 4.736%, 5/7/2013
        
        
        238,775
        
        201,765Longview Power LLC:Demand Draw, 4.938%, 4/1/2014
        
        
        105,000
        
        91,612Letter of Credit, 5.0%, 4/1/2014
        
        
        30,000
        
        26,175Term Loan B, 5.0%, 4/1/2014
        
        
        90,000
        
        78,525Rail America, Inc., 5.32%, 10/2/2008
        
        
        720,000
        
        689,400Sabre, Inc., Term Loan B, LIBOR plus 2.25%, 4.736%, 9/30/2014
        
        
        412,595
        
        340,104Symbion, Inc.:Term Loan A, 6.494%, 8/23/2013
        
        
        193,100
        
        163,169Term Loan B, 6.494%, 8/23/2014
        
        
        193,100
        
        163,169Telesat Canada, Inc.:Term Loan B, LIBOR plus 3.0%, 5.486%,  10/31/2014
        
        
        880,693
        
        819,5968.09%, 9/1/2014
        
        
        292,913
        
        272,5939.0%, 10/31/2008
        
        
        1,285,000
        
        1,060,125Tribune Co., Term Loan B, 5.542%, 5/24/2014
        
        
        835,725
        
        565,159Total Senior Loans(Cost $19,327,582)
        
        16,567,854Shares
        
        Value ($)Warrants 0.0%Dayton Superior Corp., 144A, Expiration Date 6/15/2009*
        
        95
        
        0DeCrane Aircraft Holdings, Inc., 144A, Expiration Date 9/30/2008*
        
        1,350
        
        0New Asat (Finance) Ltd., Expiration Date 2/1/2011*
        
        149,500
        
        25,174Total Warrants(Cost $1)
        
        25,174Units
        
        Value ($)Other Investments 0.4%Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029  (Cost $944,787)
        
        1,100,000
        
        877,250Shares
        
        Value ($)Common Stocks 0.0%GEO Specialty Chemicals, Inc.*
        
        24,225
        
        20,688GEO Specialty Chemicals, Inc. 144A*
        
        2,206
        
        1,875Total Common Stocks(Cost $290,952)
        
        22,563Convertible Preferred Stocks 0.0%ION Media Networks:Series AI, 144A, 12.0% *
        
        
        30,000
        
        450Series B, 12.0% *
        
        
        5,000
        
        75144A, 12.0% *
        
        
        3
        
        4,500Total Preferred Stocks(Cost $46,019)
        
        5,025Securities Lending Collateral 3.7%Daily Assets Fund Institutional, 3.25%  (d) (e)(Cost $8,654,430)
        
        
        8,654,430
        
        8,654,430
     Cash Equivalents 5.4%Cash Management QP Trust, 2.84%  (d)(Cost $12,734,364)
        
        
        12,734,364
        
        12,734,364% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $265,762,328) 
        101.5
        
        239,444,280Other Assets and Liabilities, Net
        (1.5)
        
        (3,540,708)Net Assets
        100.0
        
        235,903,572For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.  In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or the interest or has filed for bankruptcy.  The following table represents bonds that are in default:Securities
        Coupon
        Maturity
Date
        Principal Amount
        
        Acquisition
Cost ($)
        Value ($)Alliance Mortgage Cycle Loan
        9.736%
        6/4/2010
        700,000
        USD
        700,000
        35,000Congoleum Corp.
        8.625%
        8/1/2008
        1,200,000
        USD
        1,021,050
        900,000Quebecor World, Inc.
        9.75%
        1/15/2015
        420,000
        USD
        420,000
        201,600Radnor Holdings Corp.
        11.0%
        3/15/2010
        265,000
        USD
        234,313
        3312,375,363
        1,136,931**
        Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2008.
        The cost for federal income tax purposes was $265,829,372.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $26,373,772.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $787,800 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $27,161,572.(a)
        Principal amount stated in US dollars unless otherwise noted.(b)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $8,231,970 which is 3.5% of net assets.(c)
        Security has a deferred interest payment of $92,407 from April 1, 2006(d)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(e)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.(f)
        Security issued in lieu of interest payment due 12/15/2007, which has been deferred until 6/15/2008. This security is deemed to be non- income producing.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.LIBOR: Represents the London InterBank Offered Rate.PIK: Denotes that all or a portion of the income is paid in kind.At March 31, 2008 the Portfolio had unfunded loan commitments of $147,321 which could be extended at the option of the borrower, pursuant to the following loan agreement:Unfunded Loan
        
        Unrealized
     Borrower
        Commitment ($)
        Value ($)
        Depreciation ($)Bausch & Lomb, Inc., Term Delay Draw, 4/11/2015
        81,795
        79,913
        (1,882)Telesat Canada, Inc., Term Loan B, 10/31/2014
        65,526
        61,787
        (3,739)Total
        $   147,321
        $   141,700
        $   (5,621)
  At March 31, 2008, open credit default swaps were as follows:Effective/ExpirationDates
        
        NotionalAmount ($)
        
        Cash Flows Receivedby the Portfolio
        
        Underlying Debt Obligation
        
        Net UnrealizedAppreciation/(Depreciation) ($)10/3/200712/20/2008
        
        430,0001
        
        Fixed  3.2%
        
        General Motors Corp., 7.125%, 7/15/2013
        
        (14,220)10/4/200712/20/2008
        
        450,0002
        
        Fixed  2.6%
        
        General Motors Corp., 7.125%, 7/15/2013
        
        (16,755)10/22/200712/20/2008
        
        845,0003
        
        Fixed  3.06%
        
        General Motors Corp., 7.125%, 7/15/2013
        
        (28,765)10/4/200712/20/2008
        
        430,0004
        
        Fixed  3.1%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (13,904)10/5/2007
12/20/2008
        
        255,0001
        
        Fixed  3.15%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (8,156)10/20/2007
12/20/2008
        
        845,0003
        
        Fixed  3.05%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (27,619)11/21/2007
12/20/2008
        
        430,0005
        
        Fixed  4.02%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        43312/5/2007 12/20/2008
        
        535,0003
        
        Fixed  2.9%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        (3,037)1/28/2008 3/20/2009
        
        550,0003
        
        Fixed  2.65%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        (15,661)2/19/20083/20/2009
        
        405,0005
        
        Fixed  3.8%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        3,7492/26/2008   3/20/2009
        
        430,0005
        
        Fixed  5.0%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        3,64010/23/2007
12/20/2008
        
        485,0006
        
        Fixed  4.65%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (41,296)12/13/2007
12/20/2009
        
        400,0005
        
        Fixed  5.05%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (26,103)1/29/20083/20/2013
        
        330,0003
        
        Fixed  3.0%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        (5,316)Total net unrealized depreciation
        
        (193,010)
  Counterparties:1
        JPMorgan Chase2
        Citigroup Global Markets, Inc.3
        Lehman Brothers, Inc.
     4
        Goldman Sachs & Co.5
        Merrill Lynch, Pierce, Fenner & Smith, Inc.6
        Morgan Stanley Co., Inc.
  As of March 31, 2008, the Portfolio had the following open forward currency exchange contracts:  Settlement
        UnrealizedContracts to Deliver
        In Exchange For
        Date
        Depreciation ($)EUR
        2,639,000
        USD
        4,003,469
        4/7/2008
        (161,851)
  Currency AbbreviationsEUR
        Euro
        USD
        United States Dollar
        The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in
Securities at
Value
        Net Unrealized Depreciation on
Other Financial Instruments*Level 1 - Quoted Prices
        $    21,388,794
        $                -Level 2 - Other Significant
        217,985,246
        (360,482)Observable InputsLevel 3 - Significant
        70,240
        -Unobservable InputsTotal
        $   239,444,280
        $   (360,482)
  * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as forward foreign currency exchange contracts, unfunded loan commitments and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  The following is a reconciliation of the Funds assets in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2008:  Investments in
Securities at         Market ValueBalance as of January 1, 2008
        $     22,466Total realized gains or losses
        -Change in unrealized appreciation (depreciation)
        (3,226)Net purchases (sales)
        51,000Net transfers in (out) of Level 3
        -Balance as of March 31, 2008
        $    70,240
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs   and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS International Select Equity VIP  Shares
        
        Value ($)Common Stocks 92.2%Australia 1.7%Leighton Holdings Ltd. (a) (Cost $3,416,819)
        
        93,000
        
        3,655,489Austria 2.5%Erste Bank der oesterreichischen Sparkassen AG
        
        28,238
        
        1,837,715Wienerberger AG
        
        68,164
        
        3,639,704(Cost $5,846,419)
        
        5,477,419Belgium 2.6%InBev NV
        
        40,000
        
        3,526,645KBC Groep NV
        
        17,100
        
        2,217,067(Cost $5,334,966)
        
        5,743,712Brazil 1.9%Banco Bradesco SA (ADR) (Preferred) (a)
        
        92,800
        
        2,576,128Petroleo Brasileiro SA (ADR)
        
        15,300
        
        1,562,283(Cost $4,451,525)
        
        4,138,411Canada 2.4%Potash Corp. of Saskatchewan, Inc.
        
        26,900
        
        4,179,989Shoppers Drug Mart Corp.
        
        23,400
        
        1,184,077(Cost $4,613,735)
        
        5,364,066China 1.0%China Infrastructure Machinery Holdings Ltd.  (Cost $4,187,893)
        
        2,780,000
        
        2,115,568Denmark 1.0%Novo Nordisk AS "B"  (Cost $2,148,663)
        
        31,900
        
        2,182,762Egypt 1.6%Orascom Construction Industries (GDR) (REG S)  (Cost $4,275,263)
        
        23,800
        
        3,565,472Finland 4.3%Nokia Oyj
        
        98,700
        
        3,139,995Nokian Renkaat Oyj
        
        147,200
        
        6,281,488(Cost $5,592,928)
        
        9,421,483France 2.5%BNP Paribas
        
        21,565
        
        2,179,248Societe Generale
        
        34,264
        
        3,349,172(Cost $5,667,760)
        
        5,528,420Germany 8.5%Bayer AG
        
        66,011
        
        5,287,329Deutsche Boerse AG
        
        13,800
        
        2,225,366E.ON AG
        
        23,538
        
        4,355,442Gerresheimer AG*
        
        63,816
        
        3,210,595Linde AG
        
        25,900
        
        3,661,102(Cost $12,890,859)
        
        18,739,834
     Greece 1.0%National Bank of Greece SA  (Cost $1,572,391)
        
        40,600
        
        2,155,547Hong Kong 4.3%Esprit Holdings Ltd.
        
        537,500
        
        6,444,784Wharf Holdings Ltd.
        
        634,375
        
        3,019,796(Cost $9,208,858)
        
        9,464,580India 2.1%Bharti Airtel Ltd.*
        
        197,284
        
        4,035,957ICICI Bank Ltd.
        
        26,000
        
        502,241(Cost $5,207,399)
        
        4,538,198Italy 1.7%Intesa Sanpaolo  (Cost $3,789,128)
        
        544,000
        
        3,844,297Japan 13.4%Canon, Inc.
        
        114,600
        
        5,310,610Japan Tobacco, Inc.
        
        913
        
        4,577,712Komatsu Ltd.
        
        144,000
        
        4,083,736Mitsubishi Corp.
        
        111,200
        
        3,426,681Nintendo Co., Ltd.
        
        7,900
        
        4,092,488Suzuki Motor Corp.
        
        199,000
        
        5,038,124Terumo Corp.
        
        55,700
        
        2,914,012(Cost $26,892,304)
        
        29,443,363Kazakhstan 1.0%KazMunaiGas Exploration Production (GDR) 144A  (Cost $1,437,000)
        
        84,200
        
        2,109,210Mexico 1.6%Empresas ICA SAB de CV*
        
        170,500
        
        1,017,129Grupo Financiero Banorte SAB de CV "O"
        
        551,900
        
        2,390,603(Cost $3,152,041)
        
        3,407,732Norway 1.8%StatoilHydro ASA  (Cost $3,630,129)
        
        134,200
        
        4,035,284Russia 5.0%Gazprom (ADR) (b)
        
        70,200
        
        3,583,000Gazprom (ADR) (b)
        
        17,250
        
        879,750Sberbank*
        
        759,017
        
        2,375,723Uralkali (GDR) 144A*
        
        99,900
        
        4,095,900(Cost $10,263,383)
        
        10,934,373Spain 5.1%Iberdrola SA
        
        312,442
        
        4,843,886Telefonica SA
        
        223,062
        
        6,409,291(Cost $9,017,561)
        
        11,253,177Switzerland 8.6%Compagnie Financiere Richemont SA "A" (Unit)
        
        46,389
        
        2,605,057Lonza Group AG (Registered) (a)
        
        36,594
        
        4,856,928Nestle SA (Registered)
        
        8,473
        
        4,235,757Roche Holding AG (Genusschein)
        
        18,025
        
        3,393,897Xstrata PLC
        
        53,359
        
        3,736,570(Cost $13,715,134)
        
        18,828,209United Arab Emirates 0.7%DP World Ltd.*
        
        389,297
        
        369,832
     Emaar Properties*
        
        403,162
        
        1,202,043(Cost $1,813,338)
        
        1,571,875United Kingdom 15.9%3i Group PLC
        
        272,661
        
        4,490,762AMEC PLC
        
        569,188
        
        8,171,527Babcock International Group PLC
        
        235,234
        
        2,667,657BG Group PLC
        
        159,721
        
        3,698,790HSBC Holdings PLC (Registered)
        
        240,253
        
        3,956,947Intertek Group PLC
        
        135,706
        
        2,779,020Prudential PLC
        
        236,373
        
        3,121,217Standard Chartered PLC
        
        86,568
        
        2,957,618Vedanta Resources PLC
        
        75,507
        
        3,140,075(Cost $34,005,532)
        
        34,983,613Total Common Stocks(Cost $182,131,028)
        
        202,502,094Preferred Stocks 2.1%GermanyPorsche Automobil Holding SE  (Cost $2,654,987)
        
        24,575
        
        4,509,935Participatory Note 0.4%Merrill Lynch Pioneers Index (issuer Merrill Lynch International), Expiration Date  2/1/2010 *  (Cost $1,013,002)
        
        10,200
        
        944,928Securities Lending Collateral 3.4%Daily Assets Fund Institutional, 3.25%  (c) (d)(Cost $7,488,439)
        
        
        7,488,439
        
        7,488,439Cash Equivalents 1.6%Cash Management QP Trust, 2.84%  (c)(Cost $3,610,251)
        
        
        3,610,251
        
        3,610,251% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $196,897,707)
        99.7
        
        219,055,647Other Assets and Liabilities, Net
        0.3
        
        632,554Net Assets
        100.0
        
        219,688,201For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $197,744,122.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $21,311,525.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $32,556,402 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,244,877.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $7,276,733 which is 3.3% of net assets.(b)
        Securities with the same description are the same corporate entity but trade on different stock exchanges.(c)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(d)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.ADR: American Depositary Receipt
     GDR: Global Depositary Receipt
     At March 31, 2008 the DWS International Select Equity VIP had the following sector diversification:  As a % of Common,Preferred Stocks andSector
        Market Value ($)
        
        Participatory NotesFinancials
        
        45,346,418
        
        21.8%Industrials
        
        35,491,814
        
        17.1%Consumer Discretionary
        
        24,879,389
        
        12.0%Materials
        
        24,100,965
        
        11.6%Health Care
        
        16,558,194
        
        8.0%Energy
        
        15,868,317
        
        7.6%Consumer Staples
        
        13,524,191
        
        6.5%Information Technology
        
        12,543,093
        
        6.0%Telecommunication Services
        
        10,445,248
        
        5.0%Utilities
        
        9,199,328
        
        4.4%Total
        207,956,957
        
        100.0%
                            The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                29,416,577Level 2 - Other Significant
        189,639,070Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $              219,055,647
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Janus Growth & Income VIP  Shares
        
        Value ($)Common Stocks 96.3%Consumer Discretionary 13.3%Automobiles 0.8%Bayerische Motoren Werke (BMW) AG
        
        22,630
        
        1,249,503Hotels Restaurants & Leisure 3.6%Crown Ltd.*
        
        41,855
        
        402,563Melco PBL Entertainment (Macau) Ltd. (ADR)* (a)
        
        248,720
        
        2,830,433MGM MIRAGE*
        
        10,600
        
        622,962Starwood Hotels & Resorts Worldwide, Inc.
        
        29,880
        
        1,546,2905,402,248Household Durables 0.3%Sony Corp. (ADR)
        
        12,465
        
        499,473Internet & Catalog Retail 0.4%Liberty Media Corp. - Interactive "A"* (a)
        
        37,580
        
        606,541Media 3.2%British Sky Broadcasting Group PLC
        
        233,046
        
        2,582,624Comcast Corp. "A"* (a)
        
        22,770
        
        440,372Lamar Advertising Co. "A" (a)
        
        21,540
        
        773,932News Corp. "B"
        
        54,275
        
        1,033,3964,830,324Multiline Retail 1.6%Nordstrom, Inc. (a)
        
        73,700
        
        2,402,620Specialty Retail 2.8%Esprit Holdings Ltd.
        
        137,325
        
        1,646,567PETsMART, Inc. (a)
        
        26,210
        
        535,733Tiffany & Co.
        
        47,195
        
        1,974,6394,156,939Textiles, Apparel & Luxury Goods 0.6%NIKE, Inc. "B"
        
        12,450
        
        846,600Consumer Staples 16.7%Beverages 2.7%InBev NV
        
        37,385
        
        3,296,091The Coca-Cola Co.
        
        12,465
        
        758,7444,054,835Food & Staples Retailing 3.4%CVS Caremark Corp.
        
        127,510
        
        5,165,430Food Products 4.0%Archer-Daniels-Midland Co.
        
        14,515
        
        597,437Nestle SA (ADR) (Registered)
        
        19,905
        
        2,490,115Nestle SA (Registered)
        
        4,950
        
        2,474,566TreeHouse Foods, Inc.*
        
        23,095
        
        527,9526,090,070Household Products 3.4%Procter & Gamble Co.
        
        52,960
        
        3,710,907
     Reckitt Benckiser Group PLC
        
        25,098
        
        1,390,0495,100,956Personal Products 1.0%Avon Products, Inc.
        
        37,425
        
        1,479,785Tobacco 2.2%Altria Group, Inc.
        
        46,045
        
        1,022,199Philip Morris International, Inc.*
        
        46,045
        
        2,328,9563,351,155Energy 13.7%Energy Equipment & Services 0.4%Halliburton Co.
        
        17,815
        
        700,664Oil, Gas & Consumable Fuels 13.3%EnCana Corp.
        
        69,328
        
        5,251,596EOG Resources, Inc.
        
        19,025
        
        2,283,000ExxonMobil Corp.
        
        27,235
        
        2,303,536Hess Corp.
        
        62,544
        
        5,515,130Suncor Energy, Inc.
        
        26,778
        
        2,588,188Valero Energy Corp.
        
        42,390
        
        2,081,77320,023,223Financials 8.4%Capital Markets 2.3%Goldman Sachs Group, Inc.
        
        21,170
        
        3,501,306Consumer Finance 2.7%American Express Co.
        
        93,400
        
        4,083,448Diversified Financial Services 1.4%JPMorgan Chase & Co.
        
        47,835
        
        2,054,513Real Estate Management & Development 0.4%Hang Lung Properties Ltd.
        
        184,725
        
        660,192Thrifts & Mortgage Finance 1.6%Fannie Mae (a)
        
        90,215
        
        2,374,459Health Care 10.8%Biotechnology 2.2%Celgene Corp.* (a)
        
        12,505
        
        766,432Genentech, Inc.*
        
        31,535
        
        2,560,0113,326,443Health Care Equipment & Supplies 2.6%Alcon, Inc.
        
        14,940
        
        2,125,215Medtronic, Inc.
        
        23,660
        
        1,144,434Nobel Biocare Holding AG (Bearer) (a)
        
        2,485
        
        578,4513,848,100Health Care Providers & Services 2.1%Coventry Health Care, Inc.*
        
        38,370
        
        1,548,229Pediatrix Medical Group, Inc.*
        
        24,040
        
        1,620,2963,168,525Pharmaceuticals 3.9%Merck & Co., Inc.
        
        50,325
        
        1,909,834Roche Holding AG (Genusschein)
        
        16,941
        
        3,189,793Wyeth
        
        18,835
        
        786,5495,886,176
     Industrials 6.4%Aerospace & Defense 2.7%BAE Systems PLC (ADR) (a)
        
        30,000
        
        1,169,250Boeing Co.
        
        20,725
        
        1,541,318Empresa Brasiliera de Aeronautica SA (ADR)
        
        35,993
        
        1,422,0844,132,652Air Freight & Logistics 0.5%United Parcel Service, Inc. "B"
        
        9,170
        
        669,593Electrical Equipment 0.8%JA Solar Holdings Co., Ltd. (ADR)*
        
        14,100
        
        262,260Suntech Power Holdings Co., Ltd. (ADR)*
        
        24,667
        
        1,000,4941,262,754Industrial Conglomerates 1.6%General Electric Co.
        
        45,290
        
        1,676,183Siemens AG (Registered)
        
        6,225
        
        675,5562,351,739Machinery 0.8%Danaher Corp.
        
        8,700
        
        661,461Watts Water Technologies, Inc. "A" (a)
        
        18,880
        
        529,2061,190,667Information Technology 23.8%Communications Equipment 5.2%Corning, Inc.
        
        125,977
        
        3,028,487Nokia Oyj (ADR)
        
        78,398
        
        2,495,408QUALCOMM, Inc.
        
        39,185
        
        1,606,585Research In Motion Ltd.*
        
        6,245
        
        700,8777,831,357Computers & Peripherals 3.8%Apple, Inc.*
        
        15,824
        
        2,270,744Dell, Inc.*
        
        27,085
        
        539,533EMC Corp.*
        
        206,440
        
        2,960,3505,770,627Internet Software & Services 3.7%eBay, Inc.*
        
        69,925
        
        2,086,562Google, Inc. "A"*
        
        7,884
        
        3,472,6655,559,227IT Services 2.0%Infosys Technologies Ltd. (ADR) (a)
        
        27,424
        
        980,957Satyam Computer Services, Ltd. (ADR) (a)
        
        27,424
        
        619,508Western Union Co.
        
        67,775
        
        1,441,5743,042,039Semiconductors & Semiconductor Equipment 5.2%ASML Holding NV (NY Registered Shares)* (a)
        
        57,272
        
        1,420,918KLA-Tencor Corp. (a)
        
        32,210
        
        1,194,991Samsung Electronics Co., Ltd. (GDR) 144A
        
        9,834
        
        3,070,666Texas Instruments, Inc.
        
        78,495
        
        2,219,0547,905,629Software 3.9%Electronic Arts, Inc.*
        
        24,965
        
        1,246,253Microsoft Corp.
        
        75,295
        
        2,136,872Oracle Corp.*
        
        124,795
        
        2,440,9905,824,115
     Materials 2.5%Chemicals 2.0%Potash Corp. of Saskatchewan, Inc.
        
        6,255
        
        970,838Syngenta AG (ADR)
        
        33,680
        
        1,970,6172,941,455Paper & Forest Products 0.5%Weyerhaeuser Co.
        
        11,845
        
        770,399Telecommunication Services 0.4%Wireless Telecommunication ServicesAmerican Tower Corp. "A"*
        
        13,855
        
        543,255Utilities 0.3%Water UtilitiesAqua America, Inc. (a)
        
        25,600
        
        480,768Total Common Stocks(Cost $128,546,834)
        
        145,139,804Preferred Stocks 0.7%Fannie Mae, 8.25%
        
        25,055
        
        602,573Freddie Mac, Series Z, 8.375%
        
        19,750
        
        481,900Total Preferred Stocks(Cost $1,138,939)
        
        1,084,473PrincipalAmount ($)
        
        Value ($)Corporate Bonds 0.5%EnergySuntech Power Holdings Co., Ltd., 144A (ADR), 3.0%, 3/15/2013 (Cost $623,000)
        
        623,000
        
        757,724Government & Agency Obligation 1.6%US Treasury ObligationUS Treasury Note, 2.125%, 1/31/2010 (a) (Cost $2,328,769)
        
        2,326,000
        
        2,345,808Shares
        
        Value ($)Securities Lending Collateral 7.7%Daily Assets Institutional, 3.25%  (b) (c)(Cost $11,572,644)
        
        
        11,572,644
        
        11,572,644Cash Equivalents 1.0%Cash Management QP Trust, 2.84%  (b)(Cost $1,485,421)
        
        
        1,485,421
        
        1,485,421% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $145,695,607) 
        107.8
        
        162,385,874Other Assets and Liabilities, Net
        (7.8)
        
        (11,737,420)Net Assets
        100.0
        
        150,648,454For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $146,192,788.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $16,193,086.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $28,304,573 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $12,111,487.
     (a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $11,365,777 which is 7.5% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.ADR: American Depositary ReceiptGDR: Global Depositary Receipt
  As of March 31, 2008, the Portfolio had the following open forward foreign currency exchange contracts:  Settlement
        UnrealizedContracts to Deliver
        In Exchange For
        Date
        Depreciation ( $)CHF
        1,355,000
        USD
        1,238,121
        5/2/2008
        (126,546)EUR
        915,000
        USD
        1,358,592
        5/2/2008
        (84,327)EUR
        200,000
        USD
        284,195
        5/14/2008
        (30,996)CHF
        925,000
        USD
        841,123
        8/14/2008
        (89,779)Total unrealized depreciation
        
        
        
        
        (331,648)
  Currecy Abbreviations CHF
        Swiss Franc
        USD
        United States Dollar
 EUR
        Euro
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
Value
        Net Unrealized Depreciation on  Other Financial Instruments*Level 1 - Quoted Prices
        $             141,136,389
        $                              -Level 2 - Other Significant
        21,249,485
        (331,648)Observable InputsLevel 3 - Significant
        -
        -Unobservable InputsTotal
        $             162,385,874
        $                 (331,648)
  * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as  forward foreign currency exchange contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Large Cap Value VIP  Shares
        
        Value ($)Common Stocks 90.0%Consumer Discretionary 4.4%Distributors 0.5%Genuine Parts Co.
        
        26,845
        
        1,079,706Hotels Restaurants & Leisure 1.4%McDonald's Corp.
        
        51,964
        
        2,898,032Household Durables 0.6%Centex Corp.
        
        51,867
        
        1,255,700Media 1.3%Gannett Co., Inc.
        
        92,934
        
        2,699,732Specialty Retail 0.6%Office Depot, Inc.*
        
        113,416
        
        1,253,247Consumer Staples 9.6%Food & Staples Retailing 2.1%CVS Caremark Corp.
        
        110,241
        
        4,465,863Food Products 4.2%General Mills, Inc.
        
        60,264
        
        3,608,608Kraft Foods, Inc. "A"
        
        92,482
        
        2,867,867Sara Lee Corp.
        
        171,740
        
        2,400,9258,877,400Tobacco 3.3%Altria Group, Inc.
        
        60,632
        
        1,346,030Philip Morris International, Inc.*
        
        60,632
        
        3,066,767Reynolds American, Inc. (a)
        
        41,659
        
        2,459,1316,871,928Energy 24.2%Energy Equipment & Services 5.7%ENSCO International, Inc.
        
        44,227
        
        2,769,495Halliburton Co.
        
        137,989
        
        5,427,107Noble Corp.
        
        75,319
        
        3,741,09511,937,697Oil, Gas & Consumable Fuels 18.5%Cameco Corp.
        
        76,148
        
        2,508,315Chevron Corp.
        
        25,992
        
        2,218,677ConocoPhillips
        
        45,241
        
        3,447,817Devon Energy Corp.
        
        51,473
        
        5,370,178ExxonMobil Corp.
        
        50,320
        
        4,256,065Hess Corp.
        
        29,137
        
        2,569,301Marathon Oil Corp.
        
        67,416
        
        3,074,170Nexen, Inc.
        
        84,134
        
        2,491,208Noble Energy
        
        65,930
        
        4,799,704Occidental Petroleum Corp.
        
        42,918
        
        3,140,310Suncor Energy, Inc.
        
        51,221
        
        4,935,14338,810,888
     Financials 13.7%Capital Markets 1.3%Bank of New York Mellon Corp.
        
        68,259
        
        2,848,448Commercial Banks 4.6%BB&T Corp. (a)
        
        33,374
        
        1,069,970Canadian Imperial Bank of Commerce
        
        40,277
        
        2,593,839Comerica, Inc.
        
        56,873
        
        1,995,105Synovus Financial Corp.
        
        178,128
        
        1,970,096US Bancorp.
        
        33,610
        
        1,087,619Zions Bancorp.
        
        19,625
        
        893,9199,610,548Insurance 7.8%Aflac, Inc.
        
        35,048
        
        2,276,368Allstate Corp.
        
        81,582
        
        3,920,831Genworth Financial, Inc. "A"
        
        102,118
        
        2,311,951Hartford Financial Services Group, Inc.
        
        28,767
        
        2,179,675Loews Corp.
        
        83,926
        
        3,375,504MetLife, Inc.
        
        37,591
        
        2,265,23416,329,563Health Care 8.3%Health Care Equipment & Supplies 1.0%Baxter International, Inc.
        
        36,825
        
        2,129,222Health Care Providers & Services 0.9%WellPoint, Inc.*
        
        42,077
        
        1,856,858Life Sciences Tools & Services 1.3%Thermo Fisher Scientific, Inc.*
        
        46,725
        
        2,655,849Pharmaceuticals 5.1%Abbott Laboratories
        
        42,402
        
        2,338,470Merck & Co., Inc.
        
        37,457
        
        1,421,493Pfizer, Inc.
        
        115,834
        
        2,424,406Teva Pharmaceutical Industries Ltd. (ADR)
        
        46,505
        
        2,148,066Wyeth
        
        59,011
        
        2,464,29910,796,734Industrials 6.4%Aerospace & Defense 4.4%Honeywell International, Inc.
        
        65,477
        
        3,694,213Raytheon Co.
        
        42,553
        
        2,749,349United Technologies Corp.
        
        39,805
        
        2,739,3809,182,942Industrial Conglomerates 0.8%General Electric Co.
        
        45,000
        
        1,665,450Machinery 1.2%Dover Corp.
        
        63,122
        
        2,637,237Information Technology 2.8%Computers & Peripherals 1.3%Brocade Communications Systems, Inc.*
        
        384,792
        
        2,808,981Semiconductors & Semiconductor Equipment 1.5%Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
        
        295,943
        
        3,039,335
     Materials 4.0%Chemicals 2.8%Air Products & Chemicals, Inc.
        
        40,200
        
        3,698,400Dow Chemical Co.
        
        60,004
        
        2,211,1475,909,547Containers & Packaging 1.2%Sonoco Products Co.
        
        85,407
        
        2,445,203Telecommunication Services 4.4%Diversified Telecommunication ServicesAT&T, Inc.
        
        140,480
        
        5,380,384BCE, Inc.
        
        112,734
        
        3,802,5189,182,902Utilities 12.2%Electric Utilities 10.4%Allegheny Energy, Inc.
        
        69,220
        
        3,495,610Duke Energy Corp.
        
        150,959
        
        2,694,618Entergy Corp.
        
        26,673
        
        2,909,491Exelon Corp.
        
        65,184
        
        5,297,504FirstEnergy Corp.
        
        54,502
        
        3,739,927FPL Group, Inc.
        
        58,947
        
        3,698,33521,835,485Multi-Utilities 1.8%PG&E Corp.
        
        106,177
        
        3,909,437Total Common Stocks(Cost $172,192,909)
        
        188,993,934Securities Lending Collateral 1.0%Daily Assets Fund Institutional, 3.25%  (b) (c)(Cost $1,989,500)
        
        
        1,989,500
        
        1,989,500Cash Equivalents 3.1%Cash Management QP Trust, 2.84%  (b)(Cost $6,495,636)
        
        
        6,495,636
        
        6,495,636% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $180,678,045) 
        94.1
        
        197,479,070Other Assets and Liabilities, Net
        5.9
        
        12,469,397Net Assets
        100.0
        
        209,948,467For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $182,701,744.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $14,777,326.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $25,911,872 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,134,546.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $1,906,280 which is 0.9% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.ADR: American Depositary Receipt
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:   Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $             197,479,070Level 2 - Other Significant
        -                                                                      -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $197,479,070
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Mid Cap Growth VIP  Shares
        
        Value ($)Common Stocks 99.6%Consumer Discretionary 19.6%Diversified Consumer Services 0.8%Strayer Education, Inc. (a)
        
        2,200
        
        335,500Hotels Restaurants & Leisure 2.3%Darden Restaurants, Inc.
        
        14,700
        
        478,485Starwood Hotels & Resorts Worldwide, Inc.
        
        9,500
        
        491,625970,110Specialty Retail 15.0%American Eagle Outfitters, Inc.
        
        19,300
        
        337,943Chico's FAS, Inc.* (a)
        
        49,100
        
        349,101Children's Place Retail Stores, Inc.*
        
        24,700
        
        606,632Guess?, Inc. (a)
        
        40,900
        
        1,655,223Tiffany & Co. (a)
        
        18,000
        
        753,120Urban Outfitters, Inc.* (a)
        
        83,200
        
        2,608,3206,310,339Textiles, Apparel & Luxury Goods 1.5%Phillips-Van Heusen Corp.
        
        16,600
        
        629,472Consumer Staples 2.4%Food & Staples Retailing 1.0%Whole Foods Market, Inc. (a)
        
        12,300
        
        405,531Personal Products 1.4%Herbalife Ltd. (a)
        
        12,800
        
        608,000Energy 14.4%Energy Equipment & Services 5.8%FMC Technologies, Inc.* (a)
        
        14,100
        
        802,149National-Oilwell Varco, Inc.* (a)
        
        14,000
        
        817,320Rowan Companies, Inc. (a)
        
        20,350
        
        838,0132,457,482Oil, Gas & Consumable Fuels 8.6%Southwestern Energy Co.* (a)
        
        56,600
        
        1,906,854Ultra Petroleum Corp.* (a)
        
        21,830
        
        1,691,8253,598,679Financials 8.6%Capital Markets 7.5%Affiliated Managers Group, Inc.*
        
        14,510
        
        1,316,637E*TRADE Financial Corp.* (a)
        
        91,100
        
        351,646T. Rowe Price Group, Inc. (a)
        
        16,700
        
        835,000Waddell & Reed Financial, Inc. "A" (a)
        
        20,700
        
        665,0913,168,374Real Estate Management & Development 1.1%Jones Lang LaSalle, Inc. (a)
        
        5,800
        
        448,572
     Health Care 11.1%Health Care Providers & Services 4.7%Pediatrix Medical Group, Inc.*
        
        23,200
        
        1,563,680WellCare Health Plans, Inc.* (a)
        
        10,000
        
        389,5001,953,180Life Sciences Tools & Services 4.9%Covance, Inc.*
        
        13,000
        
        1,078,610Pharmaceutical Product Development, Inc.
        
        23,400
        
        980,4602,059,070Pharmaceuticals 1.5%Mylan, Inc. (a)
        
        53,700
        
        622,920Industrials 16.4%Aerospace & Defense 2.0%BE Aerospace, Inc.*
        
        24,400
        
        852,780Commercial Services & Supplies 1.8%Huron Consulting Group, Inc.* (a)
        
        6,800
        
        282,540Robert Half International, Inc. (a)
        
        17,600
        
        453,024735,564Construction & Engineering 1.0%Aecom Technology Corp.* (a)
        
        16,200
        
        421,362Electrical Equipment 3.6%General Cable Corp.* (a)
        
        8,500
        
        502,095Roper Industries, Inc. (a)
        
        17,150
        
        1,019,3961,521,491Industrial Conglomerates 1.7%McDermott International, Inc.*
        
        13,200
        
        723,624Machinery 6.3%Harsco Corp.
        
        9,600
        
        531,648Manitowoc Co., Inc. (a)
        
        14,400
        
        587,520Oshkosh Truck Corp. (a)
        
        15,180
        
        550,731Terex Corp.*
        
        15,680
        
        980,0002,649,899Information Technology 17.1%Communications Equipment 4.3%F5 Networks, Inc.* (a)
        
        41,700
        
        757,689Foundry Networks, Inc.* (a)
        
        64,000
        
        741,120Riverbed Technology, Inc.* (a)
        
        19,800
        
        294,2281,793,037IT Services 0.9%Alliance Data Systems Corp.* (a)
        
        8,100
        
        384,831Semiconductors & Semiconductor Equipment 4.5%MEMC Electronic Materials, Inc.*
        
        16,800
        
        1,191,120Tessera Technologies, Inc.*
        
        34,300
        
        713,4401,904,560Software 7.4%Activision, Inc.*
        
        47,800
        
        1,305,418Blackboard, Inc.*
        
        13,200
        
        439,956Citrix Systems, Inc.*
        
        13,800
        
        404,754FactSet Research Systems, Inc. (a)
        
        17,900
        
        964,2733,114,401
     Materials 3.5%Metals & MiningAllegheny Technologies, Inc.
        
        6,000
        
        428,160Gerdau Ameristeel Corp.
        
        73,000
        
        1,030,0301,458,190Telecommunication Services 6.5%Wireless Telecommunication ServicesCrown Castle International Corp.* (a)
        
        21,100
        
        727,739NII Holdings, Inc.* (a)
        
        29,060
        
        923,527SBA Communications Corp. "A"* (a)
        
        36,400
        
        1,085,8122,737,078Total Common Stocks(Cost $36,592,869)
        
        41,864,046Securities Lending Collateral 41.1%Daily Assets Fund Institutional, 3.25%  (b) (c)(Cost $17,260,181)
        
        
        17,260,181
        
        17,260,181Cash Equivalents 0.7%Cash Management QP Trust, 2.84%  (b)(Cost $318,727)
        
        
        318,727
        
        318,727% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $54,171,777) 
        141.4
        
        59,442,954Other Assets and Liabilities, Net
        (41.4)
        
        (17,404,676)Net Assets
        100.0
        
        42,038,278For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $54,171,777.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $5,271,177.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,844,158 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,572,981.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $17,099,774 which is 40.7% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.
     The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:   Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                   59,442,954Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $                    59,442,954
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Moderate Allocation VIP  Shares
        
        Value ($)Equity Funds 53.5%DWS Blue Chip VIP "A"
        
        2,577
        
        27,083DWS Capital Growth VIP "A"
        
        67,367
        
        1,287,383DWS Davis Venture Value VIP "A"
        
        222,887
        
        2,549,831DWS Dreman High Return Equity VIP "A"
        
        4,949
        
        51,029DWS Dreman Small Mid Cap Value VIP "A"
        
        77,472
        
        831,271DWS Global Opportunities VIP "A"
        
        3,103
        
        50,336DWS Global Thematic VIP "A"
        
        57,369
        
        585,167DWS Growth & Income VIP "A"
        
        269,363
        
        2,602,042DWS Health Care VIP "A"
        
        85,335
        
        1,156,289DWS International Select Equity VIP "A"
        
        1,457
        
        16,131DWS International VIP "A"
        
        207,071
        
        2,820,305DWS Large Cap Value VIP "A"
        
        334,896
        
        4,367,040DWS Mid Cap Growth VIP "A"
        
        2,469
        
        29,426DWS RREEF Real Estate Securities VIP "A"
        
        27,193
        
        444,611DWS Small Cap Growth VIP "A"
        
        75,718
        
        945,718DWS Technology VIP "A"
        
        82,015
        
        729,111Total Equity Funds(Cost $22,018,832)
        
        18,492,773Fixed Income  Bond Funds 34.5%DWS Core Fixed Income VIP "A"
        
        1,007,278
        
        10,888,680DWS Government & Agency Securities VIP "A"
        
        55
        
        663DWS High Income VIP "A"
        
        156,224
        
        1,054,511Total Fixed Income  Bond Funds(Cost $12,942,737)
        
        11,943,854Fixed Income  Money Market Fund 1.2%Cash Management QP Trust (Cost $416,030)
        
        
        416,030
        
        416,030% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $35,377,599) 
        89.2
        
        30,852,657Other Assets and Liabilities, Net
        10.8
        
        3,719,746Net Assets
        100.0
        
        34,572,403For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
        The cost for federal income tax purposes was $35,399,764.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $4,547,107.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,863 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,550,970.
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                30,852,657Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $                30,852,657
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Money Market VIP  PrincipalAmount ($)
        
        Value ($)Certificates of Deposit and Bank Notes 29.4%ABN AMRO Bank NV:2.525%, 6/18/2008
        
        4,000,000
        
        4,000,0432.99%, 6/16/2008
        
        7,500,000
        
        7,499,984Banco Santander SA:4.22%, 6/16/2008
        
        6,800,000
        
        6,800,9874.36%, 4/11/2008
        
        1,250,000
        
        1,250,021Bank of Scotland PLC, 3.02%, 5/15/2008
        
        2,000,000
        
        2,000,000Barclays Bank PLC:3.15%, 7/30/2008
        
        3,800,000
        
        3,800,0005.2%, 4/9/2008
        
        1,800,000
        
        1,800,000BNP Paribas, 4.4%, 7/7/2008
        
        1,750,000
        
        1,750,046Calyon:3.85%, 4/22/2008
        
        3,000,000
        
        3,001,0894.03%, 7/14/2008
        
        1,250,000
        
        1,250,0004.38%, 4/10/2008
        
        3,800,000
        
        3,800,309Citibank NA, 3.01%, 5/15/2008
        
        2,500,000
        
        2,500,000Credit Agricole SA, 3.1%, 5/2/2008
        
        4,000,000
        
        4,000,068Credit Industriel et Commercial:2.665%, 6/19/2008
        
        4,000,000
        
        4,000,0443.41%, 4/1/2008
        
        4,000,000
        
        4,000,0004.135%, 4/15/2008
        
        5,000,000
        
        5,000,0104.615%, 4/7/2008
        
        3,700,000
        
        3,700,003JPMorgan Chase Bank NA:2.8%, 8/11/2008
        
        2,000,000
        
        2,000,0003.05%, 4/25/2008
        
        6,000,000
        
        6,000,0004.75%, 6/10/2008
        
        1,900,000
        
        1,900,000Landesbank Hessen-Thuringen Girozentrale, 3.1%, 5/5/2008
        
        3,800,000
        
        3,800,000Metropolitan Life Global Funding I, 144A, 3.8%, 1/20/2009
        
        750,000
        
        750,000Mizuho Corporate Bank Ltd.:3.05%, 5/14/2008
        
        4,000,000
        
        4,000,6833.11%, 4/1/2008
        
        1,200,000
        
        1,200,0003.35%, 4/24/2008
        
        7,000,000
        
        7,000,000Natixis, 3.1%, 5/23/2008
        
        8,000,000
        
        8,000,000Norinchukin Bank Ltd.:4.37%, 4/11/2008
        
        5,500,000
        
        5,500,0004.59%, 4/7/2008
        
        3,900,000
        
        3,900,957Toronto-Dominion Bank, 2.68%, 8/18/2008
        
        2,000,000
        
        2,001,980UBS AG:3.33%, 5/23/2008
        
        1,200,000
        
        1,200,0004.03%, 7/11/2008
        
        6,000,000
        
        6,000,4954.3%, 7/8/2008
        
        4,000,000
        
        4,000,000Total Certificates of Deposit and Bank Notes(Cost $117,406,719)
        
        117,406,719Commercial Paper 43.4%Issued at Discount** 36.3%Astrazeneca PLC:2.26%, 9/29/2008
        
        2,200,000
        
        2,175,002
     2.88%, 8/20/2008
        
        1,500,000
        
        1,483,0803.67%, 7/17/2008
        
        2,000,000
        
        1,978,1844.95%, 4/7/2008
        
        2,750,000
        
        2,747,731Bank of America Corp., 4.865%, 4/11/2008
        
        2,000,000
        
        1,997,297Bank of Scotland PLC, 2.55%, 6/18/2008
        
        4,000,000
        
        3,977,900CBA (Delaware) Finance, Inc., 2.88%, 5/30/2008
        
        3,000,000
        
        2,985,840Eksportfinans AS, 4.61%, 4/21/2008
        
        6,000,000
        
        5,984,633General Electric Capital Corp.:2.75%, 9/19/2008
        
        2,000,000
        
        1,973,8753.0%, 5/27/2008
        
        2,000,000
        
        1,990,667Giro Balanced Funding Corp.:3.265%, 4/4/2008
        
        2,000,000
        
        1,999,4563.49%, 4/11/2008
        
        3,800,000
        
        3,796,316Greenwich Capital Holdings, Inc.:3.34%, 4/24/2008
        
        3,600,000
        
        3,592,3183.8%, 5/23/2008
        
        500,000
        
        497,2564.81%, 5/28/2008
        
        1,800,000
        
        1,786,291International Lease Finance Corp., 2.85%, 5/19/2008
        
        3,000,000
        
        2,988,600JPMorgan Chase & Co., 2.49%, 9/29/2008
        
        3,300,000
        
        3,258,687KBC Financial Products International Ltd., 2.975%, 8/19/2008
        
        3,000,000
        
        2,965,292Liberty Street Funding LLC:3.15%, 4/18/2008
        
        8,000,000
        
        7,988,1003.17%, 4/23/2008
        
        5,000,000
        
        4,990,3143.2%, 4/11/2008
        
        3,000,000
        
        2,997,333Nestle Capital Corp.:2.49%, 12/17/2008
        
        1,500,000
        
        1,473,0254.3%, 10/31/2008
        
        500,000
        
        487,279Nissan Motor Acceptance Corp., 3.3%, 4/9/2008
        
        1,000,000
        
        999,267Old Line Funding LLC:3.12%, 4/11/2008
        
        5,000,000
        
        4,995,6673.12%, 5/30/2008
        
        1,500,000
        
        1,492,3303.18%, 4/11/2008
        
        2,858,000
        
        2,855,475Perry Global Funding LLC, 4.4%, 4/2/2008
        
        5,000,000
        
        4,999,389Pfizer, Inc.:2.685%, 8/6/2008
        
        2,050,000
        
        2,030,5824.4%, 5/14/2008
        
        2,500,000
        
        2,486,8614.41%, 5/16/2008
        
        1,000,000
        
        994,4874.53%, 4/28/2008
        
        1,800,000
        
        1,793,884Ranger Funding Co., LLC, 3.25%, 4/10/2008
        
        3,000,000
        
        2,997,562Royal Bank of Scotland Group PLC, 4.19%, 7/10/2008
        
        4,200,000
        
        4,151,117Scaldis Capital LLC:2.95%, 4/25/2008
        
        6,000,000
        
        5,988,2003.07%, 4/28/2008
        
        4,000,000
        
        3,990,790Scotiabanc, Inc., 3.02%, 5/13/2008
        
        750,000
        
        747,358Societe Generale North America, Inc.:3.15%, 7/22/2008
        
        2,054,000
        
        2,033,8713.88%, 4/15/2008
        
        3,800,000
        
        3,794,266Starbird Funding Corp., 3.15%, 4/23/2008
        
        3,800,000
        
        3,792,685Thunder Bay Funding LLC, 3.12%, 4/11/2008
        
        5,000,000
        
        4,995,667Toyota Motor Credit Corp.:3.24%, 4/25/2008
        
        2,000,000
        
        1,995,6804.29%, 4/7/2008
        
        1,800,000
        
        1,798,7134.61%, 4/25/2008
        
        3,300,000
        
        3,289,858Tulip Funding Corp., 3.17%, 5/7/2008
        
        2,000,000
        
        1,993,660United Parcel Service, Inc., 4.18%, 5/30/2008
        
        750,000
        
        744,862Variable Funding Capital Co., LLC, 3.12%, 4/11/2008
        
        3,800,000
        
        3,796,707Victory Receivables Corp.:
     3.0%, 4/17/2008
        
        4,000,000
        
        3,994,6673.3%, 4/2/2008
        
        4,000,000
        
        3,999,6333.32%, 4/7/2008
        
        1,900,000
        
        1,898,949144,766,663Issued at Par 7.1%Lehman Brothers Holdings, Inc., 3.35%, 4/1/2008
        
        5,000,000
        
        5,000,000Market Street Funding LLC, 3.3%, 4/1/2008
        
        5,000,000
        
        5,000,000Nieuw Amsterdam Receivables Corp., 3.25%, 4/1/2008
        
        5,000,000
        
        5,000,000Nissan Motor Acceptance Corp.:2.8%, 4/1/2008
        
        2,000,000
        
        2,000,0003.1%, 4/1/2008
        
        1,000,000
        
        1,000,000Romulus Funding Corp., 3.45%, 4/1/2008
        
        2,300,000
        
        2,300,000Starbird Funding Corp., 3.55%, 4/1/2008
        
        8,000,000
        
        8,000,00028,300,000Total Commercial Paper(Cost $173,066,663)
        
        173,066,663Short Term Notes* 22.8%Abbey National Treasury Services PLC, 3.26%, 2/20/2009
        
        2,000,000
        
        2,000,000ANZ National (International) Ltd., 144A, 3.21%, 4/10/2009
        
        1,000,000
        
        1,000,000Australia & New Zealand Banking Group Ltd., 144A, 3.35%, 4/2/2009
        
        2,000,000
        
        2,000,000Banco Bilbao Vizcaya Argentaria SA, 4.017%, 4/17/2008
        
        3,500,000
        
        3,500,066Banco Espanol de Credito SA, 3.941%, 8/11/2008
        
        3,700,000
        
        3,700,000Bank of America NA:2.315%, 5/16/2008
        
        2,500,000
        
        2,500,0003.208%, 4/3/2009
        
        1,900,000
        
        1,900,000Bank of Scotland PLC, 4.614%, 4/6/2009
        
        2,500,000
        
        2,500,000BNP Paribas:2.606%, 8/25/2008
        
        3,000,000
        
        3,000,0004.079%, 2/13/2009
        
        1,500,000
        
        1,500,000Caja de Ahorros y Monte de Piedad de Madrid, 4.043%, 8/12/2008
        
        1,000,000
        
        1,000,000Canadian Imperial Bank of Commerce, 2.41%, 6/9/2008
        
        1,000,000
        
        1,000,000Commonwealth Bank of Australia, 2.703%, 12/18/2008
        
        1,000,000
        
        999,814Credit Agricole SA:2.568%, 7/22/2008
        
        3,000,000
        
        3,000,000144A, 2.828%, 4/22/2009
        
        2,500,000
        
        2,500,000Danske Bank AS, 2.505%, 8/19/2008
        
        3,200,000
        
        3,199,918DNB NOR Bank ASA, 2.598%, 9/24/2008
        
        9,500,000
        
        9,500,000Fortis Bank SA, 3.863%, 7/18/2008
        
        3,800,000
        
        3,801,176General Electric Capital Corp., 2.618%, 8/19/2011
        
        10,000,000
        
        10,000,000ING Bank NV, 144A, 3.281%, 3/26/2009
        
        750,000
        
        750,000Intesa Bank Ireland PLC, 2.608%, 8/22/2008
        
        500,000
        
        500,000JPMorgan Chase & Co., 4.742%, 4/3/2009
        
        4,000,000
        
        3,999,795Marshall & Ilsley Bank, 2.827%, 8/14/2008
        
        4,000,000
        
        4,000,000Metropolitan Life Global Funding I, 144A, 4.247%, 2/9/2009
        
        750,000
        
        750,000National Australia Bank Ltd.:3.045%, 4/7/2009
        
        1,250,000
        
        1,250,0003.27%, 2/19/2009
        
        2,000,000
        
        2,000,000Natixis, 3.24%, 4/6/2009
        
        3,000,000
        
        3,000,000Northern Rock PLC, 3.116%, 8/4/2008
        
        3,500,000
        
        3,500,000Procter & Gamble International Funding SCA, 3.14%, 2/19/2009
        
        750,000
        
        750,000San Paolo IMI, 3.264%, 3/5/2009
        
        3,000,000
        
        3,000,000Skandinaviska Enskilda Banken AB, 2.795%, 8/19/2008
        
        4,000,000
        
        4,000,000UniCredito Italiano Bank (Ireland) PLC:2.837%, 8/14/2008
        
        1,000,000
        
        1,000,000
     3.078%, 8/8/2008
        
        4,000,000
        
        4,000,000Total Short Term Notes(Cost $91,100,769)
        
        91,100,769Asset Backed 0.7%Steers (Delaware) Business Trust, 144A, 2.674% *, 5/27/2048 (Cost $2,919,175)
        
        2,919,175
        
        2,919,175Master Notes 2.0%Citigroup Global Markets, Inc., 3.15% *, 4/1/2008 (a) (Cost $8,000,000)
        
        8,000,000
        
        8,000,000Time Deposit 0.5%Societe Generale, 2.75%, 4/1/2008 (Cost $1,812,511)
        
        1,812,511
        
        1,812,511Government & Agency Obligations 1.7%US Government Sponsored AgenciesFederal Home Loan Bank:2.37%**, 4/3/2009
        
        1,200,000
        
        1,200,0003.96%**, 4/9/2008
        
        2,000,000
        
        1,998,2404.15%**, 6/9/2008
        
        1,000,000
        
        992,046Federal National Mortgage Association:3.73%**, 5/29/2008
        
        1,500,000
        
        1,490,9864.2%**, 4/18/2008
        
        1,000,000
        
        998,016Total Government & Agency Obligations(Cost $6,679,288)
        
        6,679,288% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $400,985,125)
        100.5
        
        400,985,125Other Assets and Liabilities, Net
        (0.5)
        
        (1,933,867)Net Assets
        100.0
        
        399,051,258For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
        The cost for federal income tax purposes was $400,985,125.*
        Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2008.**
        Annualized yield at time of purchase; not a coupon rate.(a)
        Reset date; not a maturity date.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                       -Level 2 - Other Significant
        400,985,125Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $       400,985,125
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  Securities in the Fund are included in Level 2 since the securities are valued utilizing the amortized cost method permitted in accordance with Rule 2A-7 under the 1940 Act.For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Small Cap Growth VIP  Shares
        
        Value ($)Common Stocks 98.7%Consumer Discretionary 23.1%Diversified Consumer Services 0.7%Capella Education Co.*
        
        19,500
        
        1,064,700Hotels Restaurants & Leisure 7.7%Buffalo Wild Wings, Inc.* (a)
        
        153,200
        
        3,753,400McCormick & Schmick's Seafood Restaurants, Inc.*
        
        116,300
        
        1,354,895Orient-Express Hotels Ltd. "A"
        
        109,400
        
        4,721,704Pinnacle Entertainment, Inc.* (a)
        
        87,700
        
        1,122,56010,952,559Specialty Retail 12.9%bebe stores, inc. (a)
        
        224,100
        
        2,409,075Cabela's, Inc.* (a)
        
        120,700
        
        1,709,112Children's Place Retail Stores, Inc.* (a)
        
        77,200
        
        1,896,032Citi Trends, Inc.*
        
        115,000
        
        2,121,750Guess?, Inc.
        
        216,500
        
        8,761,755Zumiez, Inc.* (a)
        
        98,700
        
        1,548,60318,446,327Textiles, Apparel & Luxury Goods 1.8%Volcom, Inc.*
        
        123,600
        
        2,497,956Consumer Staples 2.0%Personal ProductsAmerican Oriental Bioengineering, Inc.* (a)
        
        356,500
        
        2,887,650Energy 12.4%Energy Equipment & Services 5.1%Atwood Oceanics, Inc.*
        
        56,400
        
        5,173,008Dril-Quip, Inc.*
        
        45,100
        
        2,095,7977,268,805Oil, Gas & Consumable Fuels 7.3%Carrizo Oil & Gas, Inc.*
        
        125,500
        
        7,438,385EXCO Resources, Inc.*
        
        166,700
        
        3,083,95010,522,335Financials 7.9%Capital Markets 3.1%FCStone Group, Inc.*
        
        34,500
        
        955,650Waddell & Reed Financial, Inc. "A"
        
        107,700
        
        3,460,4014,416,051Diversified Financial Services 2.7%Portfolio Recovery Associates, Inc. (a)
        
        90,370
        
        3,875,969Insurance 2.1%eHealth, Inc.* (a)
        
        133,200
        
        2,939,724
     Health Care 13.4%Health Care Equipment & Supplies 3.7%Orthofix International NV*
        
        68,000
        
        2,704,360West Pharmaceutical Services, Inc.
        
        59,000
        
        2,609,5705,313,930Health Care Providers & Services 8.0%inVentiv Health, Inc.*
        
        125,100
        
        3,604,131Nighthawk Radiology Holdings, Inc.* (a)
        
        78,600
        
        735,696Providence Service Corp.* (a)
        
        181,900
        
        5,457,000Psychiatric Solutions, Inc.* (a)
        
        50,600
        
        1,716,35211,513,179Life Sciences Tools & Services 1.7%Kendle International, Inc.* (a)
        
        52,600
        
        2,362,792Industrials 11.7%Aerospace & Defense 3.3%BE Aerospace, Inc.*
        
        135,600
        
        4,739,220Commercial Services & Supplies 6.0%Heidrick & Struggles International, Inc. (a)
        
        52,800
        
        1,717,584Hill International, Inc.*
        
        212,000
        
        2,652,120Huron Consulting Group, Inc.*
        
        61,400
        
        2,551,170Korn/Ferry International*
        
        95,000
        
        1,605,5008,526,374Construction & Engineering 1.0%Aecom Technology Corp.*
        
        57,100
        
        1,485,171Electrical Equipment 1.4%Baldor Electric Co.
        
        71,900
        
        2,013,200Information Technology 26.8%Communications Equipment 3.5%Blue Coat Systems, Inc.*
        
        56,600
        
        1,247,464Foundry Networks, Inc.*
        
        233,700
        
        2,706,246Riverbed Technology, Inc.*
        
        67,000
        
        995,6204,949,330Electronic Equipment & Instruments 4.2%Itron, Inc.* (a)
        
        67,200
        
        6,063,456Internet Software & Services 3.9%DealerTrack Holdings, Inc.*
        
        109,500
        
        2,214,090LoopNet, Inc.* (a)
        
        264,100
        
        3,354,0705,568,160IT Services 4.0%CyberSource Corp.*
        
        220,900
        
        3,227,349Forrester Research, Inc.*
        
        93,200
        
        2,477,2565,704,605Semiconductors & Semiconductor Equipment 6.1%Atheros Communications*
        
        103,300
        
        2,152,772Netlogic Microsystems, Inc.* (a)
        
        66,300
        
        1,600,482Standard Microsystems Corp.*
        
        82,900
        
        2,419,022Tessera Technologies, Inc.*
        
        120,000
        
        2,496,0008,668,276Software 5.1%Blackboard, Inc.*
        
        93,300
        
        3,109,689Informatica Corp.*
        
        115,300
        
        1,967,018THQ, Inc.*
        
        103,350
        
        2,253,0307,329,737
     Materials 1.4%Chemicals 0.7%Flotek Industries, Inc.* (a)
        
        71,000
        
        1,035,890Metals & Mining 0.7%Haynes International, Inc.*
        
        18,100
        
        993,328Total Common Stocks(Cost $138,593,517)
        
        141,138,724Securities Lending Collateral 21.7%Daily Assets Institutional, 3.25%  (b) (c)(Cost $31,099,625)
        
        
        31,099,625
        
        31,099,625Cash Equivalents 1.4%Cash Management QP Trust, 2.84%  (b)(Cost $2,047,954)
        
        
        2,047,954
        
        2,047,954% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $171,741,096) 
        121.8
        
        174,286,303Other Assets and Liabilities, Net
        (21.8)
        
        (31,229,022)Net Assets
        100.0
        
        143,057,281For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $171,784,621.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $2,501,682.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $26,512,023 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $24,010,341.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $30,118,702 which is 21.1% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.
                 The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $             174,286,303Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $174,286,303
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Strategic Income VIP  PrincipalAmount ($)(a)
        
        Value ($)Corporate Bonds 29.9%Consumer Discretionary 4.7%Affinia Group, Inc., 9.0%, 11/30/2014
        
        
        90,000
        
        77,737AMC Entertainment, Inc., 8.0%, 3/1/2014
        
        
        145,000
        
        122,887American Achievement Corp., 8.25%, 4/1/2012
        
        
        30,000
        
        26,775American Achievement Group Holding Corp., 14.75%, 10/1/2012 (PIK) (b)
        
        
        47,542
        
        37,320Asbury Automotive Group, Inc.:7.625%, 3/15/2017
        
        
        65,000
        
        51,3508.0%, 3/15/2014 (b)
        
        
        30,000
        
        26,100Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015 (b)
        
        
        120,000
        
        96,000Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014
        
        
        55,000
        
        42,488Cablevision Systems Corp., Series B, 9.644% **, 4/1/2009
        
        
        25,000
        
        24,813CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015
        
        
        50,000
        
        46,000Carrols Corp., 9.0%, 1/15/2013 (b)
        
        
        30,000
        
        26,700Charter Communications Holdings LLC, 11.0%, 10/1/2015
        
        
        111,000
        
        77,145Charter Communications, Inc., 144A, 10.875%, 9/15/2014
        
        
        100,000
        
        98,500Cooper-Standard Automotive, Inc., 8.375%, 12/15/2014
        
        
        40,000
        
        30,300CSC Holdings, Inc.:7.25%, 7/15/2008
        
        
        50,000
        
        50,000Series B, 8.125%, 7/15/2009
        
        
        55,000
        
        55,550Series B, 8.125%, 8/15/2009
        
        
        110,000
        
        111,100Denny's Holdings, Inc., 10.0%, 10/1/2012 (b)
        
        
        20,000
        
        18,400Dollarama Group LP, 10.579% **, 8/15/2012
        
        
        52,000
        
        50,830EchoStar DBS Corp.:6.375%, 10/1/2011
        
        
        15,000
        
        14,4006.625%, 10/1/2014
        
        
        65,000
        
        59,1507.125%, 2/1/2016
        
        
        80,000
        
        74,600Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015
        
        
        80,000
        
        56,400Foot Locker, Inc., 8.5%, 1/15/2022
        
        
        20,000
        
        17,600French Lick Resorts & Casino LLC, 144A, 10.75%, 4/15/2014
        
        
        255,000
        
        153,000General Motors Corp.:7.2%, 1/15/2011
        
        
        200,000
        
        167,0007.4%, 9/1/2025
        
        
        40,000
        
        26,800Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015
        
        
        55,000
        
        52,319Group 1 Automotive, Inc., 8.25%, 8/15/2013
        
        
        30,000
        
        28,200Hanesbrands, Inc., Series B, 8.204% **, 12/15/2014 (b)
        
        
        100,000
        
        88,750Hertz Corp.:8.875%, 1/1/2014
        
        
        80,000
        
        75,80010.5%, 1/1/2016 (b)
        
        
        35,000
        
        32,769Idearc, Inc., 8.0%, 11/15/2016
        
        
        395,000
        
        255,762Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012
        
        
        40,000
        
        34,800ION Media Networks, Inc., 144A, 10.508% **, 1/15/2013
        
        
        55,000
        
        41,250Isle of Capri Casinos, Inc., 7.0%, 3/1/2014
        
        
        70,000
        
        49,875Jarden Corp., 7.5%, 5/1/2017 (b)
        
        
        50,000
        
        43,750Kabel Deutschland GmbH, 10.625%, 7/1/2014
        
        
        75,000
        
        73,594Lamar Media Corp., Series C, 6.625%, 8/15/2015
        
        
        40,000
        
        35,200Liberty Media LLC:5.7%, 5/15/2013 (b)
        
        
        10,000
        
        8,755
     8.25%, 2/1/2030 (b)
        
        
        50,000
        
        41,9618.5%, 7/15/2029
        
        
        95,000
        
        81,170Mediacom Broadband LLC, 8.5%, 10/15/2015 (b)
        
        
        5,000
        
        4,200MediMedia USA, Inc., 144A, 11.375%, 11/15/2014
        
        
        30,000
        
        30,900MGM MIRAGE:6.75%, 9/1/2012
        
        
        35,000
        
        32,4638.375%, 2/1/2011
        
        
        65,000
        
        65,162MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010
        
        
        95,000
        
        91,675News America, Inc., 6.65%, 11/15/2037
        
        
        430,000
        
        433,650Norcraft Holdings/Capital, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012 (b)
        
        
        155,000
        
        135,625Penske Automotive Group, Inc., 7.75%, 12/15/2016
        
        
        140,000
        
        121,100Pinnacle Entertainment, Inc., 8.75%, 10/1/2013
        
        
        60,000
        
        59,100Quebecor Media, Inc., 7.75%, 3/15/2016
        
        
        40,000
        
        36,500Quebecor World, Inc., 144A, 9.75%, 1/15/2015 *
        
        
        45,000
        
        21,600Reader's Digest Association, Inc., 144A, 9.0%, 2/15/2017
        
        
        50,000
        
        33,375Sabre Holdings Corp., 8.35%, 3/15/2016
        
        
        50,000
        
        38,500Seminole Hard Rock Entertainment, Inc., 144A, 5.3% **, 3/15/2014
        
        
        65,000
        
        51,513Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015
        
        
        50,000
        
        44,250Simmons Co.:Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014
        
        
        185,000
        
        119,3257.875%, 1/15/2014
        
        
        50,000
        
        41,000Sinclair Television Group, Inc., 8.0%, 3/15/2012 (b)
        
        
        29,000
        
        29,290Sirius Satellite Radio, Inc., 9.625%, 8/1/2013
        
        
        85,000
        
        71,612Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013 (b)
        
        
        55,000
        
        50,875Station Casinos, Inc., 6.5%, 2/1/2014
        
        
        120,000
        
        72,000Travelport LLC:7.701% **, 9/1/2014
        
        
        45,000
        
        36,4509.875%, 9/1/2014
        
        
        55,000
        
        49,363Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015
        
        
        150,000
        
        101,250United Components, Inc., 9.375%, 6/15/2013
        
        
        10,000
        
        9,163Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK)
        
        
        110,000
        
        66,550UPC Holding BV:144A, 7.75%, 1/15/2014
        EUR
        
        100,000
        
        140,311144A, 8.0%, 11/1/2016
        EUR
        
        50,000
        
        66,307Vitro SAB de CV:9.125%, 2/1/2017
        
        
        220,000
        
        182,600Series A, 11.75%, 11/1/2013
        
        
        35,000
        
        35,438XM Satellite Radio, Inc., 9.75%, 5/1/2014
        
        
        115,000
        
        110,975Young Broadcasting, Inc., 8.75%, 1/15/2014
        
        
        330,000
        
        194,7005,159,722Consumer Staples 1.6%Alliance One International, Inc., 8.5%, 5/15/2012
        
        
        20,000
        
        18,800Archer-Daniels-Midland Co., 6.45%, 1/15/2038
        
        
        285,000
        
        289,493Delhaize America, Inc.:8.05%, 4/15/2027
        
        
        20,000
        
        21,0429.0%, 4/15/2031
        
        
        132,000
        
        158,863General Nutrition Centers, Inc., 7.199% **, 3/15/2014 (PIK)
        
        
        65,000
        
        54,275Harry & David Holdings, Inc., 8.076% **, 3/1/2012
        
        
        50,000
        
        42,000North Atlantic Trading Co., 144A, 10.0%, 3/1/2012
        
        
        223,000
        
        196,240Pierre Foods, Inc., 9.875%, 7/15/2012
        
        
        35,000
        
        19,250Pilgrim's Pride Corp., 7.625%, 5/1/2015
        
        
        25,000
        
        24,062Reynolds American, Inc., 6.75%, 6/15/2017
        
        
        600,000
        
        606,878Rite Aid Corp., 7.5%, 3/1/2017
        
        
        95,000
        
        85,500Smithfield Foods, Inc., 7.75%, 7/1/2017 (b)
        
        
        55,000
        
        53,625
     Viskase Companies, Inc., 11.5%, 6/15/2011
        
        
        225,000
        
        225,0001,795,028Energy 3.4%Atlas Energy Resources LLC, 144A, 10.75%, 2/1/2018
        
        
        25,000
        
        25,313Belden & Blake Corp., 8.75%, 7/15/2012
        
        
        310,000
        
        310,775Bristow Group, Inc., 7.5%, 9/15/2017
        
        
        70,000
        
        70,350Chaparral Energy, Inc., 8.5%, 12/1/2015
        
        
        110,000
        
        95,700Chesapeake Energy Corp.:6.25%, 1/15/2018
        
        
        35,000
        
        33,4256.875%, 1/15/2016
        
        
        170,000
        
        168,3007.75%, 1/15/2015 (b)
        
        
        25,000
        
        25,750Cimarex Energy Co., 7.125%, 5/1/2017
        
        
        45,000
        
        44,663Delta Petroleum Corp., 7.0%, 4/1/2015
        
        
        125,000
        
        111,250Dynegy Holdings, Inc.:6.875%, 4/1/2011 (b)
        
        
        15,000
        
        14,7388.375%, 5/1/2016
        
        
        105,000
        
        103,950El Paso Corp., 9.625%, 5/15/2012
        
        
        50,000
        
        54,121Energy Partners Ltd., 9.75%, 4/15/2014
        
        
        50,000
        
        41,250EXCO Resources, Inc., 7.25%, 1/15/2011
        
        
        95,000
        
        92,387Frontier Oil Corp., 6.625%, 10/1/2011
        
        
        40,000
        
        39,500GAZ Capital (Gazprom), 144A, 6.51%, 3/7/2022
        
        
        230,000
        
        204,987Mariner Energy, Inc.:7.5%, 4/15/2013
        
        
        60,000
        
        57,6008.0%, 5/15/2017
        
        
        95,000
        
        90,725OPTI Canada, Inc.:7.875%, 12/15/2014
        
        
        90,000
        
        87,9758.25%, 12/15/2014
        
        
        160,000
        
        158,400Petrobras International Finance Co., 5.875%, 3/1/2018
        
        
        95,000
        
        91,442Petrohawk Energy Corp., 9.125%, 7/15/2013
        
        
        65,000
        
        66,788Petronas Capital Ltd., Series REG S, 7.875%, 5/22/2022
        
        
        115,000
        
        140,769Plains Exploration & Production Co., 7.0%, 3/15/2017 (b)
        
        
        60,000
        
        57,600Quicksilver Resources, Inc., 7.125%, 4/1/2016
        
        
        170,000
        
        164,050Sabine Pass LNG LP:7.25%, 11/30/2013
        
        
        100,000
        
        96,5007.5%, 11/30/2016
        
        
        200,000
        
        193,000Southwestern Energy Co., 144A, 7.5%, 2/1/2018
        
        
        85,000
        
        87,975Stone Energy Corp.:6.75%, 12/15/2014
        
        
        195,000
        
        177,4508.25%, 12/15/2011 (b)
        
        
        75,000
        
        74,250Tennessee Gas Pipeline Co., 7.625%, 4/1/2037
        
        
        45,000
        
        47,128Whiting Petroleum Corp.:7.0%, 2/1/2014
        
        
        70,000
        
        69,3007.25%, 5/1/2012
        
        
        125,000
        
        123,4377.25%, 5/1/2013
        
        
        30,000
        
        29,550Williams Companies, Inc.:8.125%, 3/15/2012
        
        
        180,000
        
        196,6508.75%, 3/15/2032
        
        
        265,000
        
        306,075Williams Partners LP, 7.25%, 2/1/2017
        
        
        45,000
        
        45,2253,798,348Financials 7.6%Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015
        
        
        160,000
        
        138,400American General Finance Corp., Series J, 6.9%, 12/15/2017
        
        
        350,000
        
        342,046Ashton Woods USA LLC, 9.5%, 10/1/2015
        
        
        145,000
        
        77,575Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014
        
        
        30,000
        
        22,500Caterpillar Financial Services Corp., 5.45%, 4/15/2018
        
        
        185,000
        
        188,203CIT Group, Inc., 5.4%, 2/13/2012
        
        
        400,000
        
        319,364
     Conproca SA de CV, Series REG S, 12.0%, 6/16/2010
        
        
        300,000
        
        336,000E*TRADE Financial Corp.:7.375%, 9/15/2013
        
        
        50,000
        
        35,5007.875%, 12/1/2015
        
        
        130,000
        
        92,300Ford Motor Credit Co., LLC:7.25%, 10/25/2011
        
        
        125,000
        
        102,6787.375%, 10/28/2009
        
        
        690,000
        
        628,6827.875%, 6/15/2010
        
        
        205,000
        
        178,747GMAC LLC, 6.875%, 9/15/2011
        
        
        750,000
        
        574,023Hawker Beechcraft Acquisition Co., LLC:8.5%, 4/1/2015
        
        
        115,000
        
        118,1628.875%, 4/1/2015 (PIK) (b)
        
        
        100,000
        
        102,2509.75%, 4/1/2017 (b)
        
        
        110,000
        
        109,450Hexion US Finance Corp., 9.75%, 11/15/2014
        
        
        35,000
        
        37,538Inmarsat Finance PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012
        
        
        135,000
        
        130,950iPayment, Inc., 9.75%, 5/15/2014
        
        
        45,000
        
        39,938John Deere Capital Corp., Series D, 5.35%, 4/3/2018
        
        
        350,000
        
        348,929Kreditanstalt fuer Wiederaufbau:2.05%, 9/21/2009
        JPY
        
        185,000,000
        
        1,889,0472.05%, 2/16/2026
        JPY
        
        110,000,000
        
        1,138,611Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)
        
        
        50,000
        
        40,063New ASAT (Finance) Ltd., 9.25%, 2/1/2011
        
        
        90,000
        
        72,000Petroplus Finance Ltd., 144A, 7.0%, 5/1/2017
        
        
        75,000
        
        66,937Pinnacle Foods Finance LLC, 9.25%, 4/1/2015
        
        
        35,000
        
        30,975Residential Capital LLC:3.49% **, 6/9/2008
        
        
        20,000
        
        15,8006.37% **, 11/21/2008
        
        
        155,000
        
        105,4008.125%, 11/21/2008
        
        
        60,000
        
        41,400The Goldman Sachs Group, Inc., 6.15%, 4/1/2018
        
        
        700,000
        
        698,961Tropicana Entertainment LLC, 9.625%, 12/15/2014
        
        
        100,000
        
        51,875UCI Holdco, Inc., 10.3% **, 12/15/2013 (PIK)
        
        
        64,332
        
        55,969Universal City Development Partners, 11.75%, 4/1/2010 (b)
        
        
        235,000
        
        241,462Yankee Acquisition Corp., Series B, 8.5%, 2/15/2015
        
        
        20,000
        
        16,1508,387,885Health Care 1.5%Advanced Medical Optics, Inc., 7.5%, 5/1/2017
        
        
        90,000
        
        77,400Bausch & Lomb, Inc., 144A, 9.875%, 11/1/2015
        
        
        80,000
        
        81,400Boston Scientific Corp., 6.0%, 6/15/2011
        
        
        50,000
        
        48,750Community Health Systems, Inc., 8.875%, 7/15/2015
        
        
        390,000
        
        391,462HCA, Inc.:9.125%, 11/15/2014
        
        
        95,000
        
        97,8509.25%, 11/15/2016
        
        
        270,000
        
        280,1259.625%, 11/15/2016 (PIK)
        
        
        145,000
        
        150,438HEALTHSOUTH Corp., 10.75%, 6/15/2016
        
        
        50,000
        
        52,500IASIS Healthcare LLC, 8.75%, 6/15/2014
        
        
        75,000
        
        74,625Psychiatric Solutions, Inc., 7.75%, 7/15/2015
        
        
        50,000
        
        49,750Sun Healthcare Group, Inc., 9.125%, 4/15/2015
        
        
        45,000
        
        43,425Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)
        
        
        55,000
        
        42,350The Cooper Companies, Inc., 7.125%, 2/15/2015 (b)
        
        
        95,000
        
        90,250Vanguard Health Holding Co. I, LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015
        
        
        75,000
        
        57,375Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014
        
        
        150,000
        
        144,3751,682,075Industrials 3.1%Actuant Corp., 144A, 6.875%, 6/15/2017 (b)
        
        
        40,000
        
        39,500
     Allied Security Escrow Corp., 11.375%, 7/15/2011
        
        
        85,000
        
        73,100Allied Waste North America, Inc., 6.5%, 11/15/2010
        
        
        40,000
        
        40,000American Color Graphics, Inc., 10.0%, 6/15/2010
        
        
        80,000
        
        35,300American Color Graphics, Inc., 144A, Promissory Note due 6/15/2008 (h)
        
        
        4,800
        
        2,118ARAMARK Corp., 6.739% **, 2/1/2015
        
        
        65,000
        
        57,362Baldor Electric Co., 8.625%, 2/15/2017
        
        
        45,000
        
        44,550Belden, Inc., 7.0%, 3/15/2017
        
        
        45,000
        
        43,425Bombardier, Inc., 144A, 6.75%, 5/1/2012
        
        
        100,000
        
        99,000Browning-Ferris Industries, Inc., 7.4%, 9/15/2035
        
        
        165,000
        
        150,150Building Materials Corp. of America, 7.75%, 8/1/2014
        
        
        65,000
        
        46,800Cenveo Corp., 7.875%, 12/1/2013
        
        
        85,000
        
        68,850Congoleum Corp., 8.625%, 8/1/2008 *
        
        
        125,000
        
        93,750DRS Technologies, Inc.:6.625%, 2/1/2016
        
        
        25,000
        
        24,4386.875%, 11/1/2013 (b)
        
        
        195,000
        
        191,1007.625%, 2/1/2018
        
        
        165,000
        
        165,000Education Management LLC, 8.75%, 6/1/2014
        
        
        45,000
        
        38,025Esco Corp., 144A, 8.625%, 12/15/2013
        
        
        95,000
        
        92,150General Cable Corp.:7.104% **, 4/1/2015
        
        
        55,000
        
        47,4377.125%, 4/1/2017 (b)
        
        
        55,000
        
        52,525Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015
        
        
        45,000
        
        36,450Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013
        
        
        50,000
        
        45,750Harland Clarke Holdings Corp., 9.5%, 5/15/2015 (b)
        
        
        45,000
        
        33,075K. Hovnanian Enterprises, Inc.:6.25%, 1/15/2016
        
        
        85,000
        
        57,3758.875%, 4/1/2012
        
        
        170,000
        
        94,350Kansas City Southern de Mexico SA de CV:144A, 7.375%, 6/1/2014
        
        
        90,000
        
        83,0257.625%, 12/1/2013 (b)
        
        
        155,000
        
        145,7009.375%, 5/1/2012
        
        
        140,000
        
        144,550Kansas City Southern Railway Co.:7.5%, 6/15/2009
        
        
        45,000
        
        45,6759.5%, 10/1/2008
        
        
        385,000
        
        390,294Mobile Services Group, Inc., 9.75%, 8/1/2014
        
        
        85,000
        
        79,475Navios Maritime Holdings, Inc., 9.5%, 12/15/2014 (b)
        
        
        75,000
        
        74,719Panolam Industries International, Inc., 10.75%, 10/1/2013
        
        
        30,000
        
        23,250R.H. Donnelley Corp., 144A, 8.875%, 10/15/2017
        
        
        310,000
        
        193,750Rainbow National Services LLC, 144A, 10.375%, 9/1/2014
        
        
        13,000
        
        13,780RBS Global & Rexnord Corp., 9.5%, 8/1/2014
        
        
        45,000
        
        42,075Titan International, Inc., 8.0%, 1/15/2012
        
        
        195,000
        
        191,100TransDigm, Inc., 7.75%, 7/15/2014
        
        
        30,000
        
        30,000U.S. Concrete, Inc., 8.375%, 4/1/2014 (b)
        
        
        55,000
        
        43,175United Rentals North America, Inc.:6.5%, 2/15/2012 (b)
        
        
        125,000
        
        113,1257.0%, 2/15/2014
        
        
        175,000
        
        137,375Vought Aircraft Industries, Inc., 8.0%, 7/15/2011
        
        
        35,000
        
        32,112Xerox Capital Trust I, 8.0%, 2/1/2027
        
        
        35,000
        
        34,5493,489,309Information Technology 0.8%Alion Science & Technology Corp., 10.25%, 2/1/2015
        
        
        40,000
        
        22,600Freescale Semiconductor, Inc., 8.875%, 12/15/2014 (b)
        
        
        190,000
        
        148,675L-3 Communications Corp.:5.875%, 1/15/2015
        
        
        160,000
        
        153,200Series B, 6.375%, 10/15/2015
        
        
        80,000
        
        78,200Lucent Technologies, Inc., 6.45%, 3/15/2029 (b)
        
        
        205,000
        
        146,575
     MasTec, Inc., 7.625%, 2/1/2017
        
        
        65,000
        
        56,550Sanmina-SCI Corp., 144A, 5.55% **, 6/15/2010
        
        
        24,000
        
        23,280Seagate Technology HDD Holdings, 6.8%, 10/1/2016 (b)
        
        
        90,000
        
        85,725SunGard Data Systems, Inc., 10.25%, 8/15/2015
        
        
        135,000
        
        135,675Vangent, Inc., 9.625%, 2/15/2015
        
        
        35,000
        
        28,088878,568Materials 2.7%Appleton Papers, Inc., Series B, 8.125%, 6/15/2011 (b)
        
        
        25,000
        
        24,063ARCO Chemical Co., 9.8%, 2/1/2020
        
        
        440,000
        
        369,600Associated Materials, Inc., Step-up Coupon, 0% to 3/1/2009, 11.25% to 3/1/2014
        
        
        95,000
        
        64,838Cascades, Inc., 7.25%, 2/15/2013
        
        
        140,000
        
        123,550Chemtura Corp., 6.875%, 6/1/2016
        
        
        80,000
        
        71,200Clondalkin Acquisition BV, 144A, 4.8% **, 12/15/2013
        
        
        75,000
        
        61,500CPG International I, Inc., 10.5%, 7/1/2013
        
        
        130,000
        
        109,200Exopack Holding Corp., 11.25%, 2/1/2014 (b)
        
        
        160,000
        
        146,400Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/2017
        
        
        75,000
        
        79,594GEO Specialty Chemicals, Inc., 144A, 10.698% **, 12/31/2009 (c)
        
        
        283,000
        
        211,896Georgia-Pacific LLC:144A, 7.125%, 1/15/2017
        
        
        35,000
        
        32,3759.5%, 12/1/2011
        
        
        50,000
        
        50,875Hexcel Corp., 6.75%, 2/1/2015
        
        
        195,000
        
        188,662Huntsman LLC, 11.625%, 10/15/2010
        
        
        243,000
        
        256,972Innophos, Inc., 8.875%, 8/15/2014
        
        
        35,000
        
        33,950Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014
        
        
        130,000
        
        112,775Metals USA Holdings Corp., 10.83% **, 7/1/2012 (PIK)
        
        
        70,000
        
        52,150Millar Western Forest Products Ltd., 7.75%, 11/15/2013
        
        
        35,000
        
        23,625Momentive Performance Materials, Inc., 9.75%, 12/1/2014 (b)
        
        
        60,000
        
        53,850Mueller Water Products, Inc., 7.375%, 6/1/2017 (b)
        
        
        30,000
        
        25,875NewMarket Corp., 7.125%, 12/15/2016
        
        
        110,000
        
        107,250NewPage Corp., 144A, 10.0%, 5/1/2012 (b)
        
        
        110,000
        
        111,650OI European Group BV, 144A, 6.875%, 3/31/2017
        EUR
        
        65,000
        
        96,462Pliant Corp., 11.625%, 6/15/2009 (PIK)
        
        
        10
        
        10Radnor Holdings Corp., 11.0%, 3/15/2010 *
        
        
        25,000
        
        31Smurfit-Stone Container Enterprises, Inc.:8.0%, 3/15/2017
        
        
        115,000
        
        96,6008.25%, 10/1/2012
        
        
        75,000
        
        67,5948.375%, 7/1/2012
        
        
        55,000
        
        49,775Steel Dynamics, Inc.:6.75%, 4/1/2015
        
        
        75,000
        
        73,500144A, 7.375%, 11/1/2012
        
        
        20,000
        
        20,200Terra Capital, Inc., Series B, 7.0%, 2/1/2017
        
        
        110,000
        
        108,487The Mosaic Co., 144A, 7.625%, 12/1/2014
        
        
        85,000
        
        90,950Witco Corp., 6.875%, 2/1/2026
        
        
        35,000
        
        23,450Wolverine Tube, Inc., 10.5%, 4/1/2009
        
        
        85,000
        
        76,0753,014,984Telecommunication Services 1.9%BCM Ireland Preferred Equity Ltd., 144A, 11.355% **, 2/15/2017 (PIK)
        EUR
        
        61,552
        
        64,669Centennial Communications Corp.:10.0%, 1/1/2013
        
        
        110,000
        
        102,30010.125%, 6/15/2013
        
        
        40,000
        
        39,500Cincinnati Bell, Inc.:7.25%, 7/15/2013
        
        
        100,000
        
        98,2508.375%, 1/15/2014 (b)
        
        
        55,000
        
        51,562Cricket Communications, Inc., 144A, 9.375%, 11/1/2014
        
        
        120,000
        
        113,700Embratel, Series B, 11.0%, 12/15/2008 (b)
        
        
        20,000
        
        20,900
     Grupo Iusacell Celular SA de CV, 10.0%, 3/31/2012
        
        
        28,422
        
        27,569Intelsat Corp., 9.0%, 6/15/2016
        
        
        40,000
        
        40,300Intelsat Jackson Holdings Ltd.:9.25%, 6/15/2016
        
        
        35,000
        
        35,26311.25%, 6/15/2016
        
        
        95,000
        
        96,306Intelsat Subsidiary Holding Co., Ltd., 8.25%, 1/15/2013
        
        
        80,000
        
        80,600iPCS, Inc., 5.364% **, 5/1/2013
        
        
        35,000
        
        26,950MetroPCS Wireless, Inc., 9.25%, 11/1/2014
        
        
        150,000
        
        138,000Millicom International Cellular SA, 10.0%, 12/1/2013
        
        
        265,000
        
        280,900Nortel Networks Ltd., 8.508% **, 7/15/2011
        
        
        85,000
        
        72,887Qwest Corp.:7.25%, 9/15/2025
        
        
        20,000
        
        17,4007.875%, 9/1/2011
        
        
        60,000
        
        59,850Rural Cellular Corp., 9.875%, 2/1/2010
        
        
        85,000
        
        87,337Stratos Global Corp., 9.875%, 2/15/2013 (b)
        
        
        30,000
        
        30,488SunCom Wireless Holdings, Inc., 8.5%, 6/1/2013
        
        
        255,000
        
        265,519US Unwired, Inc., Series B, 10.0%, 6/15/2012
        
        
        110,000
        
        102,025Virgin Media Finance PLC:8.75%,  4/15/2014
        EUR
        
        85,000
        
        115,4078.75%,  4/15/2014 (b)
        
        
        120,000
        
        107,700West Corp., 9.5%, 10/15/2014
        
        
        55,000
        
        49,2252,124,607Utilities 2.6%AES Corp.:8.0%, 10/15/2017
        
        
        100,000
        
        101,250144A, 8.75%, 5/15/2013
        
        
        290,000
        
        301,600Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012
        
        
        370,000
        
        399,600CMS Energy Corp., 8.5%, 4/15/2011 (b)
        
        
        225,000
        
        238,988Edison Mission Energy, 7.0%, 5/15/2017
        
        
        85,000
        
        84,575Energy Future Holdings Corp., 144A, 10.875%, 11/1/2017
        
        
        150,000
        
        151,500Intergas Finance BV, Series REG S, 6.875%, 11/4/2011
        
        
        375,000
        
        359,062Mirant Americas Generation LLC, 8.3%, 5/1/2011
        
        
        130,000
        
        132,600Mirant North America LLC, 7.375%, 12/31/2013
        
        
        60,000
        
        60,600NRG Energy, Inc.:7.25%, 2/1/2014
        
        
        165,000
        
        162,9387.375%, 2/1/2016
        
        
        400,000
        
        392,000Regency Energy Partners LP, 8.375%, 12/15/2013
        
        
        80,000
        
        81,600Reliant Energy, Inc., 7.875%, 6/15/2017 (b)
        
        
        95,000
        
        94,525Sierra Pacific Resources:6.75%, 8/15/2017
        
        
        105,000
        
        101,2568.625%, 3/15/2014
        
        
        25,000
        
        26,252Texas Competitive Electric Holdings Co., LLC, 144A, 10.25%, 11/1/2015
        
        
        220,000
        
        219,1752,907,521Total Corporate Bonds(Cost $35,285,232)
        
        33,238,047Commercial and Non-Agency Mortgage-Backed Securities 4.5%Credit Suisse Mortgage Capital Certificates Trust, "A2", Series 2007-C1, 5.268%, 2/15/2040
        
        
        1,174,000
        
        1,146,294Greenwich Capital Commercial Funding Corp., "A4", Series 2007-GG9, 5.444%, 3/10/2039
        
        
        1,498,000
        
        1,457,475JPMorgan Chase Commercial Mortgage Securities Corp., "F", Series 2004-LN2, 144A, 5.631% **, 7/15/2041
        
        
        500,000
        
        373,926Morgan Stanley Capital I Trust, "A4", Series 2007-HQ11, 5.447%, 2/12/2044
        
        
        720,000
        
        698,161Wachovia Bank Commercial Mortgage Trust, "A2", Series 2007-C32, 5.923% **, 6/15/2049
        
        
        1,400,000
        
        1,383,361Total Commercial and Non-Agency Mortgage-Backed Securities(Cost $5,163,671)
        
        5,059,217
     Asset Backed 0.7%Credit Card ReceivablesWashington Mutual Master Note Trust, "C1", Series 2007-C1, 144A, 3.217% **, 5/15/2014  (Cost $954,141)
        
        
        1,000,000
        
        787,344Government & Agency Obligations 45.8%Sovereign Bonds 33.0%Aries Vermogensverwaltung GmbH, Series C, REG S, 9.6%, 10/25/2014
        
        
        250,000
        
        327,580Dominican Republic, Series REG S, 9.5%, 9/27/2011
        
        
        198,271
        
        208,185Federal Republic of Germany:Series 98, 4.125%, 7/4/2008
        EUR
        
        1,000,000
        
        1,578,717Series 94, 6.25%, 1/4/2024
        EUR
        
        2,000,000
        
        3,816,941Federative Republic of Brazil:6.0%, 1/17/2017 (b)
        
        
        1,560,000
        
        1,590,4207.125%, 1/20/2037 (b)
        
        
        310,000
        
        334,1807.875%, 3/7/2015 (b)
        
        
        275,000
        
        310,7508.75%, 2/4/2025
        
        
        305,000
        
        373,6258.875%, 10/14/2019 (b)
        
        
        715,000
        
        883,02511.0%, 8/17/2040 (b)
        
        
        765,000
        
        1,024,33512.5%, 1/5/2016
        BRL
        
        250,000
        
        148,749Government of Canada, 4.25%, 12/1/2008
        CAD
        
        1,000,000
        
        985,143Government of Ukraine:144A, 6.75%, 11/14/2017
        
        
        250,000
        
        246,250Series REG S, 7.65%, 6/11/2013
        
        
        150,000
        
        159,375Kingdom of Spain, 3.15%, 1/31/2016
        EUR
        
        1,300,000
        
        1,931,283Province of Quebec, Series PO, 1.6%, 5/9/2013
        JPY
        
        250,000,000
        
        2,582,945Republic of Argentina:3.092% **, 8/3/2012 (PIK)
        
        
        606,250
        
        513,5465.83%, 12/31/2033 (PIK)
        ARS
        
        423
        
        126Republic of Colombia:8.25%, 12/22/2014
        
        
        170,000
        
        197,20010.0%, 1/23/2012 (b)
        
        
        340,000
        
        403,240Republic of El Salvador, 144A, 7.65%, 6/15/2035
        
        
        676,000
        
        716,560Republic of Ghana, 144A, 8.5%, 10/4/2017
        
        
        100,000
        
        104,500Republic of Greece:3.6%, 7/20/2016
        EUR
        
        1,400,000
        
        2,091,9124.5%, 9/20/2037
        EUR
        
        1,500,000
        
        2,145,093Republic of Indonesia, 144A, 6.875%, 3/9/2017 (b)
        
        
        440,000
        
        460,900Republic of Panama:7.125%, 1/29/2026
        
        
        166,000
        
        179,2809.375%, 1/16/2023
        
        
        670,000
        
        869,325Republic of Peru:6.55%, 3/14/2037 (b)
        
        
        470,000
        
        485,9807.35%, 7/21/2025 (b)
        
        
        1,140,000
        
        1,282,500Republic of Philippines:7.75%, 1/14/2031 (b)
        
        
        100,000
        
        111,6208.0%, 1/15/2016 (b)
        
        
        640,000
        
        729,6008.375%, 2/15/2011 (b)
        
        
        25,000
        
        27,3759.375%, 1/18/2017
        
        
        175,000
        
        218,750Republic of Turkey:7.0%, 9/26/2016
        
        
        525,000
        
        532,8757.25%, 3/15/2015
        
        
        80,000
        
        84,20011.75%, 6/15/2010
        
        
        475,000
        
        549,813Republic of Uruguay:7.625%, 3/21/2036 (b)
        
        
        101,000
        
        102,263
     8.0%, 11/18/2022
        
        
        265,000
        
        283,5509.25%, 5/17/2017
        
        
        105,000
        
        124,163Republic of Venezuela, 10.75%, 9/19/2013
        
        
        760,000
        
        775,200Russian Federation, Series REG S, 7.5%, 3/31/2030
        
        
        1,649,875
        
        1,894,335Russian Ministry of Finance, Series VII, 3.0%,  5/14/2011
        
        
        290,000
        
        278,139Socialist Republic of Vietnam, 144A, 6.875%, 1/15/2016
        
        
        640,000
        
        675,200United Kingdom Treasury Bond, 5.75%, 12/7/2009
        GBP
        
        1,750,000
        
        3,581,153United Mexican States:5.625%, 1/15/2017 (b)
        
        
        595,000
        
        625,345Series A, 6.75%, 9/27/2034
        
        
        98,000
        
        109,31936,654,565US Government Sponsored Agencies 1.7%Federal National Mortgage Association, 8.45% **, 2/27/2023
        
        
        250,000
        
        249,739Tennessee Valley Authority, Series A, 6.79%, 5/23/2012
        
        
        1,500,000
        
        1,699,7811,949,520US Treasury Obligations 11.1%US Treasury Bill, 3.03% ***, 4/17/2008 (d)
        
        
        795,000
        
        794,576US Treasury Bond, 5.25%, 11/15/2028
        
        
        1,700,000
        
        1,913,165US Treasury Notes:2.0%, 2/28/2010
        
        
        4,800,000
        
        4,833,3742.5%, 3/31/2013
        
        
        3,103,000
        
        3,109,0603.5%, 2/15/2018
        
        
        1,650,000
        
        1,659,53912,309,714Total Government & Agency Obligations(Cost $48,651,193)
        
        50,913,799Loan Participations and Assignments 2.6%Senior Loans** 1.8%Advanced Medical Optics, Inc., Term Loan B, LIBOR plus 1.75%, 4.236%, 4/2/2014
        
        
        29,699
        
        26,915Aleris International, Inc., Term Loan B, LIBOR plus 2.375%, 4.861%, 12/14/2013
        
        
        39,698
        
        33,120Algoma Steel, Inc., Term Loan, LIBOR plus 2.5%, 4.986%, 6/30/2013
        
        
        17,760
        
        15,762Bausch & Lomb, Inc.:Term Delay Draw, LIBOR plus 3.25%, 5.736%, 4/11/2015
        
        
        10,000
        
        9,746Term Loan B, LIBOR plus 3.25%, 5.736%, 4/11/2015
        
        
        80,000
        
        77,964Buffets, Inc.:Letter of Credit, 4.73%, 5/1/2013
        
        
        18,791
        
        10,410Term Loan B, 9.954%, 1/13/2011
        
        
        140,823
        
        78,016Charter Communications Operations:Term Loan, LIBOR plus 2.0%, 4.486%, 3/6/2014
        
        
        114,737
        
        111,697Term Loan B, LIBOR plus 3.25%, 5.736%, 4/27/2011
        
        
        105,000
        
        88,997Energy Future Holdings Corp.:Term Loan B1, LIBOR plus 3.5%, 5.986%, 10/10/2014
        
        
        462,675
        
        420,789Term Loan B3, LIBOR plus 3.5%, 5.986%, 10/10/2014
        
        
        298,500
        
        271,138General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 4.736%, 9/16/2013
        
        
        29,850
        
        24,626Golden Nugget, 5.81%, 6/16/2014
        
        
        55,000
        
        40,700Hawker Beechcraft, Inc.:Letter of Credit, LIBOR plus 2.0%, 4.486%, 3/26/2014
        
        
        2,405
        
        2,256Term Loan B, LIBOR plus 2.0%, 4.486%, 3/26/2014
        
        
        41,369
        
        38,818HCA, Inc., Term Loan A1, 6.33%, 11/18/2012
        
        
        164,675
        
        150,288Hexion Specialty Chemicals:Term Loan C1, LIBOR plus 2.25%, 4.736%, 5/5/2013
        
        
        104,707
        
        98,075Term Loan C2, LIBOR plus 2.25%, 4.736%, 5/5/2013
        
        
        36,057
        
        33,793Local TV On Satellite LLC, Term Loan B, LIBOR plus 2.25%, 4.736%, 5/7/2013
        
        
        29,775
        
        25,160Longview Power LLC:Demand Draw, 4.938%, 4/1/2014
        
        
        14,000
        
        12,215Letter of Credit, 5.0%, 4/1/2014
        
        
        4,000
        
        3,490
     Term Loan B, 5.0%, 4/1/2014
        
        
        12,000
        
        10,470NewPage Corp., Term Loan B, LIBOR plus 3.0%, 5.486%, 11/5/2014
        
        
        14,962
        
        14,710Sabre, Inc., Term Loan B, LIBOR plus 2.25%, 4.736%, 9/30/2014
        
        
        48,590
        
        40,053Symbion, Inc.:Term Loan A, 6.494%, 8/23/2013
        
        
        24,075
        
        20,343Term Loan B, 6.494%, 8/23/2014
        
        
        24,075
        
        20,343Telesat Canada, Inc.:Term Loan B, LIBOR plus 3.0%, 5.486%, 10/31/2014
        
        
        106,536
        
        99,1458.09%, 9/1/2014
        
        
        35,431
        
        32,9739.0%, 10/31/2008
        
        
        150,000
        
        123,750Tribune Co., Term Loan B, 5.542%, 5/24/2014
        
        
        89,325
        
        60,4061,996,168Sovereign Loans 0.8%Credit Suisse (City of Kyiv Ukraine), 144A, 8.25%, 11/26/2012
        
        
        630,000
        
        636,615CSFB International (Exim Ukraine), 6.8%, 10/4/2012
        
        
        205,000
        
        198,594835,209Total Loan Participations and Assignments(Cost $3,069,473)
        
        2,831,377Municipal Bonds and Notes 1.4%Colorado, Department of Transportation, Revenue Anticipation Notes, 6.0%, 6/15/2015 (e)
        
        
        600,000
        
        650,034Georgia, State Road & Thruway Authority Revenue, Federal Highway Grant Anticipation Bonds, 5.0%, 6/1/2013 (e)
        
        
        800,000
        
        874,536Total Municipal Bonds and Notes(Cost $1,527,182)
        
        1,524,570Shares
        
        Value ($)Warrants 0.0%Dayton Superior Corp., 144A, Expiration Date 6/15/2009*
        
        10
        
        0New Asat (Finance) Ltd., Expiration Date 2/1/2011*
        
        15,600
        
        2,627Total Warrants(Cost $0)
        
        2,627Units
        
        Value ($)Other Investments 0.1%Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029  (Cost $67,233)
        
        85,000
        
        67,787Shares
        
        Value ($)Common Stocks 0.0%GEO Specialty Chemicals, Inc.*  (Cost $19,822)
        
        2,058
        
        1,757Convertible Preferred Stock 0.0%Consumer DiscretionaryION Media Networks:144A, 12.0% *
        
        
        10,000
        
        150Series AI, 144A, 12.0% *
        
        
        20,000
        
        300Total Convertible Preferred Stocks(Cost $4,191)
        
        
        
        450Securities Lending Collateral 8.2%Daily Assets Fund Institutional, 3.25%  (f) (g)(Cost $9,150,615)
        
        
        9,150,615
        
        9,150,615Cash Equivalents 15.4%Cash Management QP Trust, 2.84%  (f)(Cost $17,099,134)
        
        
        17,099,134
        
        17,099,134
     % ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $120,991,887) 
        108.6
        
        120,676,724Other Assets and Liabilities, Net
        (8.6)
        
        (9,509,727)Net Assets
        100.0
        
        111,166,997For information on the Funds policies regarding the valuation of investments and other significant accounting policies, please refer to the Funds most recent semi-annual or annual financial statements.*
        Non-income producing security.  In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.  The following table represents bonds that are in default:Securities
        Coupon
        Maturity
Date
        Principal Amount ($)
        Acquisition
Cost ($)
        Value ($)Congoleum Corp.
        8.625%
        8/1/2008
        125,000
        USD
        105,994
        93,750Quebecor World, Inc.
        9.75%
        1/15/20015
        45,000
        USD
        45,000
        21,600Radnor Holdings Corp.
        11.0%
        3/15/2010
        25,000
        USD
        15,888
        31166,882
        115,381**
        Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2008.***
        Annualized yield at time of purchase; not a coupon rate.
        The cost for federal income tax purposes was $121,080,131.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $394,762.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,985,800 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,380,562.(a)
        Principal amount stated in US dollars unless otherwise noted.(b)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $8,829,770 which is 7.9% of net assets.(c)
        Security has a deferred interest payment of $9,219 from April 1, 2006.(d)
        At March 31, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.(e)
        Bond is insured by one of these companies:Insurance Coverage
        As a % of Total
Investment PortfolioAmbac Financial Group, Inc.
        0.6MBIA Corp.
        0.7(f)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(g)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.(h)
        Security issued in lieu of interest payment due 12/15/2007, which has been deferred until 6/15/2008. This security is deemed to be non-income producing.144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.PIK: Denotes that all or a portion of the income is paid in kind.LIBOR: Represents the London InterBank Offered Rate.At March 31, 2008 the Portfolio had unfunded loan commitments of $17,913 which could be extended at the option of the borrower, pursuant to the following loan agreement:Unfunded Loan
        
        UnrealizedBorrower
        Commitment ($)
        Value ($)
        Depreciation ($)Bausch & Lomb, Inc., Term Delay Draw, 4/11/2015
        9,975
        9,746
        (229)Telesat Canada, Inc., Term Loan B, 10/31/2014
        7,938
        7,474
        (464)
     Total
        17,913
        17,220
        (693)
  At March 31, 2008, open futures contracts purchased were as follows:Futures
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedAppreciation/(Depreciation) ($)10 Year Canadian Government Bond
        
        6/19/2008
        
        34
        
        3,826,629
        
        3,967,578
        
        140,9492 Year Federal Republic of Germany Bond
        
        6/6/2008
        
        35
        
        5,818,546
        
        5,774,550
        
        (43,996)United Kingdom Treasury Bond
        
        6/26/2008
        
        63
        
        13,550,814
        
        13,916,172
        
        365,35810 Year US Treasury Note
        
        6/19/2008
        
        80
        
        9,261,509
        
        9,516,250
        
        254,7412 Year US Treasury Note
        
        6/30/2008
        
        20
        
        4,264,608
        
        4,293,125
        
        28,517Total net unrealized appreciation
        
        745,569At March 31, 2008, open futures contracts sold were as follows:Futures
        
        
        ExpirationDate
        
        Contracts
        
        AggregatedFaceValue ($)
        
        Value ($)
        
        UnrealizedDepreciation ($)10 Year Australian Treasury Bond
        
        6/16/2008
        
        2
        
        180,982
        
        181,966
        
        (984)10 Year Federal Republic of Germany Bond
        
        6/6/2008
        
        55
        
        9,982,077
        
        10,070,680
        
        (88,603)10 Year Japanese Government Bond
        
        6/11/2008
        
        10
        
        13,978,450
        
        14,097,111
        
        (118,661)Total unrealized depreciation
        
        (208,248)At March 31, 2008, open credit default swaps were as follows:Effective/ExpirationDates
        
        NotionalAmount ($)
        
        Cash Flows Receivedby the Portfolio
        
        Underlying Debt Obligation
        
        Net UnrealizedAppreciation/(Depreciation) ($)10/3/200712/20/2008
        
        50,0001
        
        Fixed  3.2%
        
        General Motors Corp., 7.125%, 7/15/2013
        
        (1,653)10/4/200712/20/2008
        
        55,0002
        
        Fixed  2.6%
        
        General Motors Corp., 7.125%, 7/15/2013
        
        (2,048)10/23/200712/20/2008
        
        100,0003
        
        Fixed  3.0%
        
        General Motors Corp., 7.125%, 7/15/2013
        
        (3,446)10/4/200712/20/2008
        
        50,0004
        
        Fixed  3.1%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (1,617)10/5/200712/20/2008
        
        30,0001
        
        Fixed  3.15%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (960)10/23/200712/20/2008
        
        110,0003
        
        Fixed  3.4%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (3,325)11/21/200712/20/2008
        
        55,0005
        
        Fixed  4.02%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        55
     2/19/20083/20/2009
        
        190,0005
        
        Fixed  3.8%
        
        HCA, Inc.,
7.7%, 3/20/2009
        
        1,7592/26/20083/20/2009
        
        150,0005
        
        Fixed  5.0%
        
        Tenet Healthcare Corp., 7.375%, 2/1/2013
        
        1,27010/23/200712/20/2009
        
        55,0003
        
        Fixed  4.65%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (4,683)12/11/200712/20/2009
        
        60,0005
        
        Fixed  5.05%
        
        Ford Motor Co.,
6.5%, 8/1/2018
        
        (3,915)3/31/20086/20/2013
        
        300,0001
        
        Fixed  1.52%
        
        CenturyTel, Inc.,6.0%, 6/21/2017
        
        406Total net unrealized depreciation
        
        (18,157)
  Counterparties:1
        JPMorgan Chase Securities, Inc.2
        Citigroup Global Markets, Inc.3
        Morgan Stanley Co., Inc.4
        Goldman Sachs & Co.5
        Merrill Lynch, Pierce, Fenner & Smith, Inc.
   At March 31, 2008, the Portfolio had the following open forward currency exchange contracts:  Settlement
        UnrealizedContracts to Deliver
        In Exchange For
        Date
        Appreciation ($)GBP
        1,825,000
        USD
        3,684,347
        5/19/2008
        74,284USD
        1,290,259
        JPY
        130,000,000
        5/19/2008
        15,500USD
        5,268,540
        EUR
        3,394,000
        6/18/2008
        70,663USD
        9,351,466
        SGD
        12,852,000
        6/18/2008
        14,857Total unrealized appreciation
        
        
        
        175,304Settlement
        UnrealizedContracts to Deliver
        In Exchange For
        Date
        Depreciation ($)EUR
        273,000
        USD
        414,152
        4/7/2008
        (16,743)USD
        2,738,533
        AUD
        2,960,000
        6/18/2008
        (62,220)USD
        2,309,873
        CAD
        2,281,000
        6/18/2008
        (91,131)CHF
        5,034,000
        USD
        4,989,098
        6/18/2008
        (79,776)USD
        2,978,925
        GBP
        1,475,000
        6/18/2008
        (69,691)JPY
        253,774,000
        USD
        2,538,438
        6/18/2008
        (18,806)USD
        3,167,012
        NOK
        16,217,000
        6/18/2008
        (4,946)SEK
        11,861,000
        USD
        1,945,648
        6/18/2008
        (41,772)Total unrealized depreciation
        
        
        
        (385,085)
  Currency AbbreviationsARS
        Argentine Peso
        
        GBP
        British PoundAUD
        Australian Dollar
        
        JPY
        Japanese YenBRL
        Brazilian Real
        
        NOK
        Nowegian KroneCAD
        Canadian Dollar
        
        SEK
        Swedish KronaCHF
        Swiss Franc
        
        SGD
        Singapore DollarEUR
        Euro
        
        USD
        United States Dollar
     The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
Value
        Net Unrealized Appreciation/Depreciation on Other Financial Instruments*Level 1 - Quoted Prices
        $        26,250,199
        $          537,321Level 2 - Other Significant
        94,170,284
        (228,631)Observable InputsLevel 3 - Significant
        256,241
        -Unobservable InputsTotal
        $       120,676,724
        $          308,690
  * Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as forward foreign currency exchange contracts, future contracts, unfunded loan commitments and swap contracts  which are valued at the unrealized appreciation/depreciation on the instrument.  The following is a reconciliation of the Funds assets in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2008:  Investments in Securities at Market ValueBalance as of January 1, 2008
        $                        1,749Total realized gains or losses
        -Change in unrealized appreciation (depreciation)
        (308)Net purchases (sales)
        254,800Net transfers in (out) of Level 3
        -Balance as of March 31, 2008
        $                    256,241
  The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.   The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Technology VIP  Shares
        
        Value ($)Common Stocks 93.6%Consumer Discretionary 0.9%MediaGrupo Televisa SA (ADR)
        
        46,100
        
        1,117,464Financials 0.5%Real Estate Investment TrustsDuPont Fabros Technology, Inc. (REIT) (a)
        
        39,700
        
        654,653Industrials 1.9%Commercial Services & Supplies 0.9%Manpower, Inc.
        
        19,800
        
        1,113,948Electrical Equipment 1.0%First Solar, Inc.*
        
        3,000
        
        693,420Yingli Green Energy Holding Co., Ltd. (ADR)* (a)
        
        27,700
        
        473,6701,167,090Information Technology 90.3%Communications Equipment 18.8%Ciena Corp.* (a)
        
        62,900
        
        1,939,207Cisco Systems, Inc.*
        
        173,600
        
        4,182,024Foundry Networks, Inc.*
        
        166,800
        
        1,931,544Juniper Networks, Inc.*
        
        179,600
        
        4,490,000NICE Systems Ltd. (ADR)*
        
        34,600
        
        976,412Nokia Oyj (ADR)
        
        69,600
        
        2,215,368Polycom, Inc.*
        
        128,100
        
        2,887,374QUALCOMM, Inc.
        
        50,916
        
        2,087,556Research In Motion Ltd.*
        
        9,500
        
        1,066,185Riverbed Technology, Inc.*
        
        17,400
        
        258,564Sonus Networks, Inc.* (a)
        
        265,200
        
        912,28822,946,522Computers & Peripherals 15.8%Apple, Inc.*
        
        30,000
        
        4,305,000Asustek Computer, Inc.
        
        270,309
        
        793,754Brocade Communications Systems, Inc.*
        
        82,500
        
        602,250Dell, Inc.*
        
        67,100
        
        1,336,632EMC Corp.*
        
        81,300
        
        1,165,842Hewlett-Packard Co.
        
        103,400
        
        4,721,244International Business Machines Corp.
        
        35,600
        
        4,098,984Seagate Technology
        
        45,900
        
        961,146Sun Microsystems, Inc.*
        
        82,025
        
        1,273,84819,258,700Electronic Equipment & Instruments 1.0%Brightpoint, Inc.* (a)
        
        55,500
        
        463,980Hon Hai Precision Industry Co., Ltd.
        
        139,240
        
        799,5891,263,569
     Internet Software & Services 9.6%Akamai Technologies, Inc.* (a)
        
        89,600
        
        2,523,136Google, Inc. "A"*
        
        11,600
        
        5,109,452SINA Corp.* (a)
        
        16,400
        
        578,100Yahoo!, Inc.*
        
        121,300
        
        3,509,20911,719,897IT Services 6.0%Cognizant Technology Solutions Corp. "A"*
        
        55,900
        
        1,611,597Fiserv, Inc.*
        
        30,900
        
        1,485,981Global Payments, Inc.
        
        69,000
        
        2,853,840Visa, Inc. "A"*
        
        22,600
        
        1,409,3367,360,754Semiconductors & Semiconductor Equipment 21.8%Advanced Semiconductor Engineering, Inc.
        
        1,153,671
        
        1,126,685Applied Materials, Inc.
        
        46,100
        
        899,411ASML Holding NV (NY Registered Shares)* (a)
        
        33,600
        
        833,616Atheros Communications*
        
        57,300
        
        1,194,132Broadcom Corp. "A"*
        
        40,500
        
        780,435Cymer, Inc.* (a)
        
        18,700
        
        486,948FormFactor, Inc.* (a)
        
        23,500
        
        448,850Intel Corp.
        
        354,689
        
        7,512,313KLA-Tencor Corp. (a)
        
        23,300
        
        864,430MediaTek, Inc.
        
        58,700
        
        766,298MEMC Electronic Materials, Inc.*
        
        9,600
        
        680,640Microchip Technology, Inc. (a)
        
        87,900
        
        2,876,967Microsemi Corp.* (a)
        
        31,200
        
        711,360MKS Instruments, Inc.*
        
        50,300
        
        1,076,420National Semiconductor Corp.
        
        70,400
        
        1,289,728Novellus Systems, Inc.* (a)
        
        42,400
        
        892,520NVIDIA Corp.*
        
        64,250
        
        1,271,507PMC-Sierra, Inc.* (a)
        
        105,800
        
        603,060SiRF Technology Holdings, Inc.* (a)
        
        30,000
        
        152,700Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
        
        61,606
        
        632,694Texas Instruments, Inc.
        
        33,500
        
        947,045Varian Semiconductor Equipment Associates, Inc.*
        
        21,700
        
        610,85526,658,614Software 17.3%Activision, Inc.*
        
        50,700
        
        1,384,617Adobe Systems, Inc.*
        
        38,900
        
        1,384,451Citrix Systems, Inc.*
        
        121,900
        
        3,575,327Electronic Arts, Inc.*
        
        32,700
        
        1,632,384McAfee, Inc.*
        
        41,500
        
        1,373,235Microsoft Corp.
        
        127,100
        
        3,607,098Nintendo Co., Ltd.
        
        1,400
        
        725,251Nuance Communications, Inc.* (a)
        
        32,600
        
        567,566Oracle Corp.*
        
        134,900
        
        2,638,644Salesforce.com, Inc.* (a)
        
        22,100
        
        1,278,927Symantec Corp.*
        
        81,000
        
        1,346,220THQ, Inc.* (a)
        
        30,500
        
        664,900VMware, Inc. "A"* (a)
        
        12,000
        
        513,840VanceInfo Technologies Inc. (ADR)* (a)
        
        54,400
        
        369,92021,062,380Total Common Stocks(Cost $108,047,711)
        
        114,323,591
     Securities Lending Collateral 13.0%Daily Assets Fund Institutional, 3.25%  (b) (c)(Cost $15,935,401)
        
        
        15,935,401
        
        15,935,401Cash Equivalents 6.0%Cash Management QP Trust, 2.84%  (b)(Cost $7,296,819)
        
        
        7,296,819
        
        7,296,819% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $131,279,931) 
        112.6
        
        137,555,811Other Assets and Liabilities, Net
        (12.6)
        
        (15,359,212)Net Assets
        100.0
        
        122,196,599For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $139,572,952.  At March 31, 2008, net unrealized depreciation for all securities based on tax cost was $2,017,141.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $16,721,562 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $18,738,703.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $15,485,407 which is 12.7% of net assets.(b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.ADR: American Depositary ReceiptREIT: Real Estate Investment Trust
   The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:  Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $             133,344,234Level 2 - Other Significant
        4,211,577Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $137,555,811
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
   
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments


Investment Portfolio
        as of March 31, 2008  (Unaudited)
   DWS Turner Mid Cap Growth VIP  Shares
        
        Value ($)Common Stocks 97.3%Consumer Discretionary 15.8%Hotels Restaurants & Leisure 4.5%Chipotle Mexican Grill, Inc. "A"* (a)
        
        7,680
        
        871,142Darden Restaurants, Inc.
        
        22,560
        
        734,328International Game Technology
        
        38,120
        
        1,532,805WMS Industries, Inc.* (a)
        
        36,015
        
        1,295,460Wynn Resorts Ltd. (a)
        
        7,540
        
        758,8265,192,561Household Durables 1.6%D.R. Horton, Inc.
        
        48,460
        
        763,245Pulte Homes, Inc. (a)
        
        75,920
        
        1,104,6361,867,881Internet & Catalog Retail 1.0%Priceline.com, Inc.* (a)
        
        9,760
        
        1,179,594Media 0.7%Central European Media Enterprises Ltd. "A"* (a)
        
        9,350
        
        796,900Multiline Retail 1.1%Nordstrom, Inc. (a)
        
        39,290
        
        1,280,854Specialty Retail 5.9%Dick's Sporting Goods, Inc.* (a)
        
        18,880
        
        505,606GameStop Corp. "A"*
        
        34,310
        
        1,774,170Guess?, Inc. (a)
        
        44,330
        
        1,794,035TJX Companies, Inc.
        
        46,140
        
        1,525,850Urban Outfitters, Inc.*
        
        36,390
        
        1,140,8276,740,488Textiles, Apparel & Luxury Goods 1.0%Coach, Inc.*
        
        35,670
        
        1,075,450Consumer Staples 3.8%Beverages 1.9%Central European Distribution Corp.* (a)
        
        14,530
        
        845,501Molson Coors Brewing Co. "B"
        
        24,850
        
        1,306,3642,151,865Personal Products 1.9%Alberto-Culver Co.
        
        55,130
        
        1,511,113Chattem, Inc.* (a)
        
        10,870
        
        721,1162,232,229Energy 12.3%Energy Equipment & Services 3.9%Diamond Offshore Drilling, Inc. (a)
        
        10,760
        
        1,252,464National-Oilwell Varco, Inc.*
        
        12,870
        
        751,351Weatherford International Ltd.*
        
        34,060
        
        2,468,3284,472,143
     Oil, Gas & Consumable Fuels 8.4%CONSOL Energy, Inc.
        
        23,440
        
        1,621,813Denbury Resources, Inc.*
        
        26,440
        
        754,862Quicksilver Resources, Inc.* (a)
        
        39,500
        
        1,442,935Range Resources Corp.
        
        41,204
        
        2,614,394Southwestern Energy Co.*
        
        33,820
        
        1,139,396Ultra Petroleum Corp.*
        
        11,650
        
        902,875Williams Companies, Inc.
        
        34,230
        
        1,128,9059,605,180Financials 10.3%Capital Markets 5.7%BlackRock, Inc. (a)
        
        9,510
        
        1,941,752Federated Investors, Inc. "B"
        
        16,660
        
        652,405Northern Trust Corp.
        
        22,810
        
        1,516,181T. Rowe Price Group, Inc. (a)
        
        48,530
        
        2,426,5006,536,838Diversified Financial Services 1.2%Interactive Brokers Group, Inc. "A"* (a)
        
        22,790
        
        585,019IntercontinentalExchange, Inc.*
        
        6,320
        
        824,7601,409,779Insurance 1.6%Aon Corp.
        
        23,560
        
        947,112Assurant, Inc.
        
        14,750
        
        897,6851,844,797Real Estate Investment Trusts 0.6%Public Storage (REIT)
        
        7,410
        
        656,674Thrifts & Mortgage Finance 1.2%Hudson City Bancorp, Inc. (a)
        
        73,780
        
        1,304,431Health Care 12.2%Biotechnology 2.4%Alexion Pharmaceuticals, Inc.*
        
        12,050
        
        714,565BioMarin Pharmaceutical, Inc.* (a)
        
        33,770
        
        1,194,445United Therapeutics Corp.*
        
        10,360
        
        898,2122,807,222Health Care Equipment & Supplies 3.6%C.R. Bard, Inc.
        
        7,700
        
        742,280DENTSPLY International, Inc.
        
        24,390
        
        941,454Hologic, Inc.*
        
        13,730
        
        763,388Intuitive Surgical, Inc.*
        
        5,040
        
        1,634,7244,081,846Health Care Providers & Services 2.6%Express Scripts, Inc.*
        
        30,930
        
        1,989,418Henry Schein, Inc.* (a)
        
        17,940
        
        1,029,7563,019,174Life Sciences Tools & Services 1.4%Charles River Laboratories International, Inc.*
        
        17,260
        
        1,017,304Covance, Inc.*
        
        6,930
        
        574,9821,592,286Pharmaceuticals 2.2%Allergan, Inc.
        
        30,870
        
        1,740,759Shire PLC (ADR) (a)
        
        13,090
        
        758,6972,499,456
     Industrials 16.7%Aerospace & Defense 0.6%Precision Castparts Corp.
        
        6,900
        
        704,352Air Freight & Logistics 1.3%Expeditors International of Washington, Inc.
        
        32,670
        
        1,476,031Commercial Services & Supplies 2.6%Covanta Holding Corp.*
        
        25,500
        
        701,250FTI Consulting, Inc.* (a)
        
        17,760
        
        1,261,671Stericycle, Inc.*
        
        19,270
        
        992,4052,955,326Construction & Engineering 1.5%Fluor Corp.
        
        6,200
        
        875,192Shaw Group, Inc.* (a)
        
        19,150
        
        902,7311,777,923Electrical Equipment 2.6%AMETEK, Inc.
        
        37,040
        
        1,626,427First Solar, Inc.*
        
        5,860
        
        1,354,4802,980,907Machinery 6.4%AGCO Corp.*
        
        28,300
        
        1,694,604Flowserve Corp.
        
        21,400
        
        2,233,732Harsco Corp.
        
        20,090
        
        1,112,584Joy Global, Inc.
        
        16,550
        
        1,078,398SPX Corp.
        
        11,790
        
        1,236,7717,356,089Road & Rail 1.7%CSX Corp.
        
        21,860
        
        1,225,690Ryder System, Inc.
        
        11,020
        
        671,2281,896,918Information Technology 15.7%Communications Equipment 1.2%Juniper Networks, Inc.*
        
        54,530
        
        1,363,250Internet Software & Services 4.0%Akamai Technologies, Inc.* (a)
        
        29,680
        
        835,789Omniture, Inc.*
        
        29,060
        
        674,483VeriSign, Inc.* (a)
        
        42,820
        
        1,423,337VistaPrint Ltd.* (a)
        
        25,510
        
        891,574Websense, Inc.*
        
        39,600
        
        742,5004,567,683IT Services 1.5%MasterCard, Inc. "A" (a)
        
        7,660
        
        1,708,103Semiconductors & Semiconductor Equipment 4.4%Altera Corp.
        
        62,440
        
        1,150,769Atheros Communications* (a)
        
        26,380
        
        549,759Cavium Networks, Inc.* (a)
        
        39,450
        
        646,980MEMC Electronic Materials, Inc.*
        
        21,180
        
        1,501,662Varian Semiconductor Equipment Associates, Inc.*
        
        44,080
        
        1,240,8525,090,022Software 4.6%Activision, Inc.*
        
        42,670
        
        1,165,318Informatica Corp.*
        
        68,230
        
        1,164,004McAfee, Inc.*
        
        44,750
        
        1,480,777MICROS Systems, Inc.*
        
        2,910
        
        97,951
     Salesforce.com, Inc.*
        
        23,630
        
        1,367,4685,275,518Materials 6.3%Chemicals 3.0%Air Products & Chemicals, Inc.
        
        17,510
        
        1,610,920Celanese Corp. "A"
        
        14,770
        
        576,769The Mosaic Co.*
        
        12,020
        
        1,233,2523,420,941Containers & Packaging 1.8%Owens-Illinois, Inc.*
        
        36,440
        
        2,056,309Metals & Mining 1.5%Agnico-Eagle Mines Ltd. (a)
        
        6,490
        
        439,438Steel Dynamics, Inc. (a)
        
        40,760
        
        1,346,7101,786,148Telecommunication Services 1.6%Wireless Telecommunication ServicesCrown Castle International Corp.* (a)
        
        24,260
        
        836,727Millicom International Cellular SA*
        
        9,810
        
        927,5361,764,263Utilities 2.6%Gas Utilities 0.8%Questar Corp.
        
        15,830
        
        895,345Independent Power Producers & Energy Traders 1.8%Constellation Energy Group, Inc.
        
        10,660
        
        940,958NRG Energy, Inc.*
        
        13,330
        
        519,737Reliant Energy, Inc.*
        
        26,400
        
        624,3602,085,055Total Common Stocks(Cost $92,831,578)
        
        111,507,831Securities Lending Collateral 22.3%Daily Assets Fund Institutional, 3.25%  (b) (c)(Cost $25,546,444)
        
        
        25,546,444
        
        25,546,444Cash Equivalents 2.2%Cash Management QP Trust, 2.84%  (b)(Cost $2,511,193)
        
        
        2,511,193
        
        2,511,193% ofNet Assets
        
        Value ($)Total Investment Portfolio(Cost $120,889,215) 
        121.8
        
        139,565,468Other Assets and Liabilities, Net
        (21.8)
        
        (24,980,331)Net Assets
        100.0
        
        114,585,137For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*
        Non-income producing security.
        The cost for federal income tax purposes was $121,015,432.  At March 31, 2008, net unrealized appreciation for all securities based on tax cost was $18,550,036.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,550,961 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,000,925.(a)
        All or a portion of these securities were on loan.  The value of all securities loaned at March 31, 2008 amounted to $24,553,453 which is 21.4% of net assets.
     (b)
        Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.(c)
        Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.ADR: American Depositary ReceiptREIT: Real Estate Investment Trust
    The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds assets carried at fair value:   Valuation Inputs
        Investments in  Securities at
ValueLevel 1 - Quoted Prices
        $                   139,565,468Level 2 - Other Significant
        -Observable InputsLevel 3 - Significant
        -Unobservable InputsTotal
        $                   139,565,468
   The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157"), effective January 1, 2008, which governs the application of generally accepted accounting principles that require fair value measurements of the Funds assets and liabilities.  Fair value is an estimate of  the price the Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent
in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.  Various inputs are used in determining the value of the Funds investments. These inputs are summarized in the three broad levels as follows:  
        Level 1  quoted prices in active markets for identical securities
 
        Level 2  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
 
        Level 3  significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments)
  For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.  The Funds Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly.  Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants.  Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for
similar liabilities.  For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.  In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.  The Fund may record changes to valuations based on the amount that might reasonably be expected to receive for a security upon its current sale consistent with the fair value measurement objective.  Each determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another.  Examples of such factors may include, but are not limited to the type of the security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issue or of comparable companies, quotations or evaluated prices from broker-dealers and/or pricing services, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the companys financial statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which the security is normally traded.   Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value determined upon sale of those investments.


ITEM 2.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)          There have been no changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 3.
        EXHIBITSCertification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.


SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Variable Series II
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        May 14, 2008
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Variable Series II
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        May 14, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        May 14, 2008