UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-07507  DWS Investments VIT Funds (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        12/31
  Date of reporting period:
        06/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 e500vip_coverlogo0 June 30, 2008  SEMIANNUAL
REPORT DWS INVESTMENTS VIT FUNDS DWS Equity 500 Index VIP Contents click here     Performance Summary
click here      Information About Your Portfolio's Expenses
click here        Management Summary
click here     Portfolio Summary
click here   Investment Portfolio
click here       Financial Statements
click here       Financial Highlights
click here      Notes to Financial Statements
click here       Proxy Voting
click here        Summary of Management Fee Evaluation by Independent Fee Consultant This report must be preceded or accompanied by a prospectus. To obtain an additional prospectus, call (800) 778-1482 or
your financial representative. We advise you to consider the portfolio's objectives, risks, charges and expenses carefully
before investing. The prospectus contains this and other important information about the portfolio. Please read the
prospectus carefully before you invest. The Portfolio may not be able to mirror the S&P 500® closely
enough to track its performance for several reasons, including
the Portfolio's cost to buy and sell securities, the flow of money
into and out of the Portfolio, and the potential
underperformance of stocks selected. This Portfolio is subject
to stock market risk, meaning stocks in the Portfolio may
decline in value for extended periods due to the activities and
financial prospects of individual companies, or due to general
market and economic conditions. Additionally, derivatives may
be more volatile and less liquid than traditional securities, and
the Portfolio could suffer losses on its derivatives positions. All
of these factors may result in greater share price volatility.
Please read the prospectus for specific details regarding the
Portfolio's risk profile. "Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's
500" and "500" are trademarks of The McGraw-Hill
Companies, Inc., and have been licensed for use by the
Portfolio's advisor. DWS Equity 500 Index VIP is not sponsored,
endorsed, sold, nor promoted by Standard & Poor's, and
Standard & Poor's makes no representation regarding the
advisability of investing in the Portfolio. There is no guarantee
that the Portfolio will be able to mirror the S&P 500 index
closely enough to track its performance. DWS Investments is part of Deutsche Bank's Asset Management
division and, within the US, represents the retail asset
management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas
Inc. and DWS Trust Company. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryJune 30, 2008 All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not
guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when
sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the
performance data quoted. Please contact your participating insurance company for the Portfolio's most recent month-end
performance. Performance figures for Classes A, B and B2 differ because each class maintains a distinct expense structure.
Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the
Portfolio or any variable life insurance policy or variable annuity contract for which the Portfolio is an investment option. These
charges and fees will reduce returns. The total annual portfolio operating expense ratios, gross of any fee waivers or expense reimbursements, as stated in the fee
table of the prospectus dated May 1, 2008 are 0.31%, 0.56% and 0.71% for Class A, Class B and Class B2 shares, respectively.
Please see the Information About Your Portfolio's Expenses, the Financial Highlights and Notes to the Financial Statements
(Note C, Related Parties) sections of this report for gross and net expense related disclosure for the period ended June 30,
2008. Portfolio returns during all periods shown reflect a fee waiver/and or reimbursement. Without this waiver/reimbursement, returns
would have been lower. Growth of an Assumed $10,000 Investment[] DWS Equity 500 Index VIP  Class A
[]S&P 500® Index
The Standard & Poor's (S&P) 500® Index is
an unmanaged, capitalization-weighted index
of 500 stocks. The index is designed to
measure performance of the broad domestic
economy through changes in the aggregate
market value of 500 stocks representing all
major industries.
Index returns assume reinvestment of
dividends and, unlike portfolio returns, do not
reflect any fees or expenses. It is not
possible to invest directly into an index.e500vip_g10k50Yearly periods ended June 30 Comparative Results (as of June 30, 2008)DWS Equity 500 Index VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$8,792
$8,664
$11,298
$14,226
$12,895Average annual total return
-12.08%
-13.36%
4.15%
7.30%
2.58%S&P 500 Index
Growth of $10,000
$8,809
$8,688
$11,381
$14,413
$13,287Average annual total return
-11.91%
-13.12%
4.41%
7.58%
2.88%DWS Equity 500 Index VIP
6-Month
1-Year
3-Year
5-Year
Life of Class*Class B
Growth of $10,000
$8,782
$8,643
$11,221
$14,057
$12,904Average annual total return
-12.18%
-13.57%
3.91%
7.05%
4.22%S&P 500 Index
Growth of $
$8,809
$8,688
$11,381
$14,413
$13,321Average annual total return
-11.91%
-13.12%
4.41%
7.58%
4.76%DWS Equity 500 Index VIP
6-Month
1-Year
3-Year
5-Year
Life of Class**Class B2
Growth of $10,000
$8,785
$8,641
N/A
N/A
$10,735Average annual total return
-12.15%
-13.59%
N/A
N/A
2.58%S&P 500 Index
Growth of $10,000
$8,809
$8,688
N/A
N/A
$10,985Average annual total return
-11.91%
-13.12%
N/A
N/A
3.47% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  * The Portfolio commenced offering Class B shares on April 30, 2002. Index returns began on April 30, 2002.  ** The Portfolio commenced offering Class B2 shares on September 16, 2005. Index returns began on September 30, 2005.  Information concerning portfolio holdings of the Portfolio as of a month end will be posted to
www.dws-investments.com on or after the last day of the following month. Information About Your Portfolio's Expenses As an investor of the Portfolio, you incur two types of
costs: ongoing expenses and transaction costs.
Ongoing expenses include management fees,
distribution and service (12b-1) fees and other
Portfolio expenses. Examples of transaction costs
include contract charges, redemption fees and
account maintenance fees, which are not shown in
this section. The following tables are intended to help
you understand your ongoing expenses (in dollars) of
investing in the Portfolio and to help you compare
these expenses with the ongoing expenses of
investing in other mutual funds. In the most recent
period, the Portfolio limited these expenses; had it not
done so, expenses would have been higher. The
example in the table is based on an investment of
$1,000 invested at the beginning of the period and
held for the entire six-month period(January 1, 2008
to June 30, 2008). The tables illustrate your Portfolio's expenses in two
ways: •    Actual Portfolio Return. This helps you estimate
the actual dollar amount of ongoing expenses (but
not transaction costs) paid on a $1,000 investment
in the Portfolio using the Portfolio's actual return
during the period. To estimate the expenses you
paid over the period, simply divide your account
value by $1,000 (for example, an $8,600 account
value divided by $1,000 = 8.6), then multiply the
result by the number in the "Expenses Paid per
$1,000" line under the share class you hold. •    Hypothetical 5% Portfolio Return. This helps you
to compare your Portfolio's ongoing expenses (but
not transaction costs) with those of other mutual
funds using the Portfolio's actual expense ratio and
a hypothetical rate of return of 5% per year before
expenses. Examples using a 5% hypothetical
Portfolio return may be found in the shareholder
reports of other mutual funds. The hypothetical
account values and expenses may not be used to
estimate the actual ending account balance or
expenses you paid for the period. Please note that the expenses shown in these tables
are meant to highlight your ongoing expenses only
and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is
useful in comparing ongoing expenses only and will
not help you determine the relative total expense of
owning different funds. If these transaction costs had
been included, your costs would have been higher. Expenses and Value of a $1,000 Investmentfor the six months ended June 30, 2008Actual Portfolio Return
Class A

Class B

Class B2Beginning Account Value 1/1/08
$       1,000.00

$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       879.20

$       878.20

$       878.50Expenses Paid per $1,000*
$       1.31

$       2.48

$       2.94 Hypothetical 5% Portfolio Return
Class A

Class B

Class B2Beginning Account Value 1/1/08
$       1,000.00

$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       1,023.47

$       1,022.23

$       1,021.73Expenses Paid per $1,000*
$       1.41

$       2.66

$       3.17 * Expenses are equal to the Portfolio's annualized expense ratio for each share class, multiplied by the average account value over the
period, multiplied by the number of days in the most recent six-month period, then divided by 365.  Annualized Expense Ratios
Class A

Class B

Class B2DWS Equity 500 Index VIP
0.28%

0.53%

0.63% For more information, please refer to the Portfolio's prospectus. These tables do not reflect charges and fees ("contract charges") associated with the separate account that
invests in the Portfolio or any variable life insurance policy or variable annuity contract for which the Portfolio is an
investment option. Management SummaryJune 30, 2008 The first half of 2008 was a period of considerable economic uncertainty and significant turmoil throughout the
capital markets. At mid-year 2008, the US economy is experiencing a number of interrelated problems including
liquidity issues in financial markets, increased concern about rising prices for energy and food, and rising
unemployment. Essentially all equity indices posted negative returns for the six months ended June 30, 2008. The Russell
3000® Index, which is generally regarded as a good indicator of the broad stock market, had a total return
of -11.05% for the six months ended June 2008. The Standard & Poor's 500® (the S&P 500) Index returned
-11.91% for this period. The only industry sectors within the S&P 500 with positive returns for this period were
energy, materials and utilities; the weakest sector by far was financials. The Portfolio returned -12.08% (Class A shares, unadjusted for contract charges). Since the Portfolio's investment
strategy is to replicate, as closely as possible, before the deduction of expenses, the performance of the S&P 500
Index, the Portfolio's return is normally close to the return of the index. The top two contributors to the return of the index and the Portfolio were Wal-Mart Stores, Inc. and International
Business Machines Corp. Many of the stocks that contributed strongly to the return of the index and Portfolio
were energy companies; these included Devon Energy Corp., Halliburton Co., Chevron Corp. and Chesapeake
Energy Corp. The greatest detractor from performance for the index and Portfolio was General Electric Co., which
has a weight of more than 2% in the index. Most of the other strong detractors for the index and Portfolio were in
the financials sector; these included American International Group, Inc., Bank of America Corp. and Citigroup, Inc. Brent Reeder
Vice President
Northern Trust Investments, N.A. (NTI), Subadvisor to the Portfolio All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not
guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when
sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the
performance data quoted. Please contact your participating insurance company for the Portfolio's most recent month-end
performance. Performance figures for Classes A and B differ because each class maintains a distinct expense structure.
Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the
Portfolio or any variable life insurance policy or variable annuity contract for which the Portfolio is an investment option. These
charges and fees will reduce returns. Risk Considerations The Portfolio may not be able to mirror the S&P 500® closely enough to track its performance for several reasons, including the
Portfolio's cost to buy and sell securities, the flow of money into and out of the Portfolio, and the potential underperformance of
stocks selected. This Portfolio is subject to stock market risk, meaning stocks in the Portfolio may decline in value for extended
periods due to the activities and financial prospects of individual companies, or due to general market and economic conditions.
Additionally, derivatives may be more volatile and less liquid than traditional securities, and the Portfolio could suffer losses on its
derivatives positions. All of these factors may result in greater share price volatility. Please read the prospectus for specific details
regarding the Portfolio's risk profile. The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization, which represents
approximately 98% of the investable US equity market. The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index of 500 stocks. The index is designed to measure
performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. "Standard & Poor's," "S&P," "S&P 500," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies, Inc., and have
been licensed for use by the Portfolio's advisor. DWS Equity 500 Index VIP is not sponsored, endorsed, sold, nor promoted by Standard &
Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the Portfolio. There is no guarantee that the
Portfolio will be able to mirror the S&P 500 index closely enough to track its performance. Index returns assume reinvestment of dividends and, unlike Portfolio returns, do not reflect any fees or expenses. It is not possible to invest
directly into an index. Portfolio management market commentary is as of June 30, 2008, and may not come to pass. This information is subject to change at any
time based on market and other conditions and should not be construed as a recommendation. Past performance does not guarantee future
results. Portfolio Summary Asset Allocation(As a % of Investment Portfolio excluding Securities Lending Collateral)
6/30/08
12/31/07Common Stocks
99%
99%Cash Equivalents
1%
1%100%
100% Sector Diversification(As a % of Common Stocks)
6/30/08
12/31/07Information Technology
17%
17%Energy
16%
13%Financials
14%
18%Health Care
12%
12%Industrials
11%
11%Consumer Staples
11%
10%Consumer Discretionary
8%
8%Utilities
4%
4%Materials
4%
3%Telecommunication Services
3%
4%100%
100% Ten Largest Equity Holdings(19.3% of Net Assets)1.      ExxonMobil Corp.
Explorer and producer of oil and gas
4.1%2.      General Electric Co.
Manufactures, distributes and markets electrical products
2.4%3.      Microsoft Corp.
Developer of computer software
2.0%4.      Chevron Corp.
Operator of petroleum exploration, delivery and refining facilities
1.8%5.      AT&T, Inc.
Provider of communications services
1.8%6.      Procter & Gamble Co.
Manufacturer of diversified consumer products
1.6%7.      Johnson & Johnson
Provider of health care products
1.6%8.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
1.4%9.      Apple, Inc.
Manufacturer of personal computers and related personal computing and communication solutions
1.3%10.     ConocoPhillips
Producer of petroleum and other natural gases
1.3% Asset allocation, sector diversification, and holdings are subject to change. For more complete details about the Portfolio's investment portfolio, see page 7. Information concerning portfolio holdings of the Portfolio as
of month end will be posted to www.dws-investments.com on or after the last day of the following month. In addition, the Portfolio's top ten
holdings and other information about the Portfolio is posted on www.dws-investments.com as of the calendar quarter-end on or after the 15th
day following quarter-end. Following the Portfolio's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC
on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public
Reference Room may be obtained by calling (800) SEC-0330. Investment PortfolioJune 30, 2008 (Unaudited) Shares
Value ($)Common Stocks 98.8%Consumer Discretionary 8.0%Auto Components 0.2%Goodyear Tire & Rubber Co.*
20,394
363,625Johnson Controls, Inc.
50,238
1,440,8261,804,451Automobiles 0.2%Ford Motor Co.* (a)
185,962
894,477General Motors Corp. (a)
47,966
551,609Harley-Davidson, Inc.
19,986
724,6932,170,779Distributors 0.1%Genuine Parts Co.
13,909
551,909Diversified Consumer Services 0.1%Apollo Group, Inc. "A"*
11,644
515,364H&R Block, Inc.
27,596
590,5541,105,918Hotels Restaurants & Leisure 1.2%Carnival Corp. (Unit)
37,046
1,221,036Darden Restaurants, Inc.
11,854
378,617International Game Technology
26,256
655,875Marriott International, Inc. "A"
25,440
667,545McDonald's Corp.
96,091
5,402,236Starbucks Corp.*
61,728
971,599Starwood Hotels & Resorts
Worldwide, Inc.
15,825
634,108Wendy's International, Inc.
7,411
201,727Wyndham Worldwide Corp.
14,937
267,522Yum! Brands, Inc.
40,216
1,411,17911,811,444Household Durables 0.4%Black & Decker Corp.
5,122
294,566Centex Corp.
10,635
142,190D.R. Horton, Inc. (a)
23,500
254,975Fortune Brands, Inc.
13,055
814,762Harman International
Industries, Inc.
4,900
202,811KB HOME
7,792
131,919Leggett & Platt, Inc.
14,064
235,853Lennar Corp. "A" (a)
12,000
148,080Newell Rubbermaid, Inc.
23,497
394,515Pulte Homes, Inc.
18,382
177,019Snap-on, Inc.
4,893
254,485The Stanley Works
6,656
298,388Whirlpool Corp.
6,388
394,3313,743,894Internet & Catalog Retail 0.3%Amazon.com, Inc.*
26,228
1,923,299Expedia, Inc.*
17,753
326,300IAC/InterActiveCorp.*
15,400
296,9122,546,511Leisure Equipment & Products 0.1%Eastman Kodak Co.
24,407
352,193Hasbro, Inc.
11,686
417,424Mattel, Inc.
30,698
525,5501,295,167Shares
Value ($)Media 2.8%CBS Corp. "B"
57,687
1,124,320Clear Channel
Communications, Inc.
42,152
1,483,751Comcast Corp. "A"
250,987
4,761,223E.W. Scripps Co. "A"
7,500
311,550Gannett Co., Inc.
19,442
421,308Interpublic Group of
Companies, Inc.*
39,697
341,394McGraw-Hill Companies, Inc.
27,264
1,093,832Meredith Corp.
3,224
91,207New York Times Co. "A" (a)
12,310
189,451News Corp. "A"
195,254
2,936,620Omnicom Group, Inc.
27,132
1,217,684The DIRECTV Group, Inc.*
60,200
1,559,782Time Warner, Inc.
303,230
4,487,804Viacom, Inc. "B"*
53,687
1,639,601Walt Disney Co. (a)
161,380
5,035,056Washington Post Co. "B"
518
304,01426,998,597Multiline Retail 0.7%Big Lots, Inc.* (a)
6,892
215,306Dillard's, Inc. "A" (a)
4,851
56,126Family Dollar Stores, Inc.
11,870
236,688J.C. Penney Co., Inc.
18,822
683,050Kohl's Corp.*
25,978
1,040,159Macy's, Inc.
35,608
691,507Nordstrom, Inc. (a)
14,848
449,895Sears Holdings Corp.* (a)
5,943
437,761Target Corp. (a)
66,010
3,068,8056,879,297Specialty Retail 1.5%Abercrombie & Fitch Co. "A"
7,400
463,832AutoNation, Inc.*
11,351
113,737AutoZone, Inc.*
3,691
446,648Bed Bath & Beyond, Inc.*
21,916
615,840Best Buy Co., Inc.
29,336
1,161,706GameStop Corp. "A"*
13,700
553,480Home Depot, Inc.
143,785
3,367,445Limited Brands, Inc.
25,370
427,484Lowe's Companies, Inc.
124,000
2,573,000Office Depot, Inc.*
23,203
253,841RadioShack Corp.
11,145
136,749Staples, Inc.
59,489
1,412,864The Gap, Inc.
38,032
633,993The Sherwin-Williams Co.
8,389
385,307Tiffany & Co.
10,700
436,025TJX Companies, Inc.
36,058
1,134,74514,116,696Textiles, Apparel & Luxury Goods 0.4%Coach, Inc.*
28,900
834,632Jones Apparel Group, Inc.
7,294
100,292Liz Claiborne, Inc.
8,024
113,540NIKE, Inc. "B"
32,150
1,916,461Polo Ralph Lauren Corp.
4,900
307,622VF Corp.
7,387
525,8073,798,354Shares
Value ($)Consumer Staples 10.6%Beverages 2.4%Anheuser-Busch Companies, Inc.
60,409
3,752,607Brown-Forman Corp. "B"
7,080
535,035Coca-Cola Co.
169,314
8,800,942Coca-Cola Enterprises, Inc.
24,350
421,255Constellation Brands, Inc. "A"*
16,600
329,676Molson Coors Brewing Co. "B"
11,784
640,225Pepsi Bottling Group, Inc.
11,411
318,595PepsiCo, Inc.
134,446
8,549,42123,347,756Food & Staples Retailing 2.7%Costco Wholesale Corp.
36,745
2,577,294CVS Caremark Corp.
121,190
4,795,488Kroger Co.
56,463
1,630,087Safeway, Inc.
37,127
1,059,976SUPERVALU, Inc.
18,148
560,592Sysco Corp.
50,857
1,399,076Wal-Mart Stores, Inc.
197,227
11,084,158Walgreen Co.
83,896
2,727,459Whole Foods Market, Inc. (a)
12,000
284,28026,118,410Food Products 1.5%Archer-Daniels-Midland Co.
54,607
1,842,986Campbell Soup Co.
18,285
611,816ConAgra Foods, Inc.
41,305
796,360Dean Foods Co.*
11,500
225,630General Mills, Inc.
28,428
1,727,570H.J. Heinz Co.
26,679
1,276,590Kellogg Co.
21,532
1,033,967Kraft Foods, Inc. "A"
128,482
3,655,313McCormick & Co., Inc.
11,714
417,721Sara Lee Corp.
59,839
733,028The Hershey Co.
14,246
466,984Tyson Foods, Inc. "A"
22,800
340,632Wm. Wrigley Jr. Co.
18,233
1,418,16314,546,760Household Products 2.2%Clorox Co.
11,630
607,086Colgate-Palmolive Co.
43,021
2,972,751Kimberly-Clark Corp.
35,447
2,119,022Procter & Gamble Co.
258,755
15,734,89121,433,750Personal Products 0.2%Avon Products, Inc.
36,170
1,302,843Estee Lauder Companies, Inc. "A"
9,700
450,5651,753,408Tobacco 1.6%Altria Group, Inc.
177,470
3,648,783Lorillard, Inc.*
14,702
1,016,790Philip Morris International, Inc.*
178,770
8,829,450Reynolds American, Inc.
14,528
678,022UST, Inc.
12,535
684,53714,857,582Energy 16.0%Energy Equipment & Services 3.6%Baker Hughes, Inc.
26,171
2,285,775BJ Services Co.
24,886
794,859Cameron International Corp.*
18,400
1,018,440Shares
Value ($)ENSCO International, Inc.
12,200
985,028Halliburton Co.
73,973
3,925,747Nabors Industries Ltd.*
23,796
1,171,477National-Oilwell Varco, Inc.* (a)
35,200
3,122,944Noble Corp.
22,790
1,480,438Rowan Companies, Inc.
9,482
443,283Schlumberger Ltd. (a)
101,118
10,863,107Smith International, Inc.
17,000
1,413,380Transocean, Inc.*
26,999
4,114,378Weatherford International Ltd.*
57,588
2,855,78934,474,645Oil, Gas & Consumable Fuels 12.4%Anadarko Petroleum Corp.
39,714
2,972,196Apache Corp.
28,253
3,927,167Cabot Oil & Gas Corp.
8,400
568,932Chesapeake Energy Corp.
40,700
2,684,572Chevron Corp. (a)
175,282
17,375,705ConocoPhillips
130,742
12,340,737CONSOL Energy, Inc.
15,500
1,741,735Devon Energy Corp.
37,792
4,541,087El Paso Corp.
59,554
1,294,704EOG Resources, Inc.
21,057
2,762,678ExxonMobil Corp. (a)
447,804
39,464,967Hess Corp.
23,850
3,009,631Marathon Oil Corp.
59,942
3,109,192Massey Energy Co.
6,600
618,750Murphy Oil Corp.
16,100
1,578,605Noble Energy, Inc.
14,700
1,478,232Occidental Petroleum Corp.
69,588
6,253,178Peabody Energy Corp.
23,200
2,042,760Range Resources Corp.
12,368
810,599Southwestern Energy Co.*
29,600
1,409,256Spectra Energy Corp.
53,691
1,543,079Sunoco, Inc.
9,916
403,482Tesoro Corp. (a)
12,600
249,102Valero Energy Corp.
44,772
1,843,711Williams Companies, Inc.
49,487
1,994,821XTO Energy, Inc.
43,285
2,965,455118,984,333Financials 14.1%Capital Markets 2.8%American Capital Strategies Ltd.
16,100
382,697Ameriprise Financial, Inc.
18,805
764,799Bank of New York Mellon Corp.
96,948
3,667,543Charles Schwab Corp.
78,663
1,615,738E*TRADE Financial Corp.* (a)
39,900
125,286Federated Investors, Inc. "B"
7,200
247,824Franklin Resources, Inc.
13,252
1,214,546Janus Capital Group, Inc.
12,371
327,460Legg Mason, Inc.
11,500
501,055Lehman Brothers Holdings, Inc. (a)
59,842
1,185,470Merrill Lynch & Co., Inc.
84,172
2,669,094Morgan Stanley
93,840
3,384,809Northern Trust Corp.
16,549
1,134,765State Street Corp.
36,165
2,314,198T. Rowe Price Group, Inc.
22,020
1,243,470The Goldman Sachs Group, Inc.
33,433
5,847,43226,626,186Commercial Banks 2.2%BB&T Corp. (a)
46,334
1,055,025Comerica, Inc. (a)
13,137
336,701Shares
Value ($)Fifth Third Bancorp.
46,406
472,413First Horizon National Corp.
10,698
79,486Huntington Bancshares, Inc.
31,660
182,678KeyCorp.
41,429
454,890M&T Bank Corp. (a)
6,450
454,983Marshall & Ilsley Corp.
21,852
334,991National City Corp. (a)
56,976
271,776PNC Financial Services Group, Inc.
29,226
1,668,805Regions Financial Corp.
58,861
642,174SunTrust Banks, Inc.
29,871
1,081,928US Bancorp.
147,554
4,115,281Wachovia Corp.
183,899
2,855,951Wells Fargo & Co.
279,948
6,648,765Zions Bancorp.
9,111
286,90520,942,752Consumer Finance 0.6%American Express Co.
98,125
3,696,369Capital One Financial Corp.
31,802
1,208,794Discover Financial Services
40,570
534,307SLM Corp.*
40,278
779,3796,218,849Diversified Financial Services 3.3%Bank of America Corp. (a)
377,386
9,008,204CIT Group, Inc.
24,624
167,689Citigroup, Inc.
459,731
7,705,092CME Group, Inc.
4,600
1,762,674IntercontinentalExchange, Inc.*
6,000
684,000JPMorgan Chase & Co.
292,691
10,042,228Leucadia National Corp.
14,500
680,630Moody's Corp. (a)
17,252
594,159NYSE Euronext
22,500
1,139,85031,784,526Insurance 3.5%ACE Ltd.
28,276
1,557,725Aflac, Inc.
40,237
2,526,884Allstate Corp.
46,656
2,127,047American International Group, Inc.
227,881
6,029,731Aon Corp.
25,283
1,161,501Assurant, Inc.
8,100
534,276Chubb Corp.
30,970
1,517,840Cincinnati Financial Corp.
14,509
368,529Genworth Financial, Inc. "A"
36,700
653,627Hartford Financial Services
Group, Inc.
26,634
1,719,757Lincoln National Corp.
21,969
995,635Loews Corp.
30,682
1,438,986Marsh & McLennan
Companies, Inc.
43,313
1,149,960MBIA, Inc. (a)
17,264
75,789MetLife, Inc.
60,232
3,178,443Principal Financial Group, Inc.
21,911
919,605Progressive Corp.
57,456
1,075,576Prudential Financial, Inc.
36,963
2,208,170Safeco Corp.
7,618
511,625The Travelers Companies, Inc.
51,271
2,225,161Torchmark Corp.
7,610
446,326Unum Group
30,165
616,874XL Capital Ltd. "A"
15,377
316,15133,355,218Shares
Value ($)Real Estate Investment Trusts 1.2%Apartment Investment &
Management Co. "A" (REIT)
7,938
270,368AvalonBay Communities,
Inc. (REIT)
6,500
579,540Boston Properties, Inc. (REIT)
10,200
920,244Developers Diversified Realty
Corp. (REIT)
10,200
354,042Equity Residential (REIT)
23,130
885,185General Growth Properties,
Inc. (REIT)
22,900
802,187HCP, Inc. (REIT)
18,900
601,209Host Hotels & Resorts, Inc. (REIT)
44,800
611,520Kimco Realty Corp. (REIT)
21,000
724,920Plum Creek Timber Co., Inc. (REIT)
14,500
619,295ProLogis (REIT)
22,100
1,201,135Public Storage (REIT)
10,446
843,932Simon Property Group, Inc. (REIT)
19,041
1,711,596Vornado Realty Trust (REIT)
11,500
1,012,00011,137,173Real Estate Management & Development 0.0%CB Richard Ellis Group, Inc. "A"*
14,900
286,080Thrifts & Mortgage Finance 0.5%Countrywide Financial Corp.
55,238
234,762Fannie Mae (a)
90,150
1,758,826Freddie Mac
54,763
898,113Hudson City Bancorp., Inc.
44,000
733,920MGIC Investment Corp.
7,942
48,526Sovereign Bancorp., Inc.
40,598
298,801Washington Mutual, Inc. (a)
90,243
444,8984,417,846Health Care 11.8%Biotechnology 1.4%Amgen, Inc.*
92,216
4,348,907Biogen Idec, Inc.*
24,860
1,389,425Celgene Corp.*
37,000
2,363,190Genzyme Corp.*
22,703
1,635,070Gilead Sciences, Inc.*
78,172
4,139,20713,875,799Health Care Equipment & Supplies 2.1%Baxter International, Inc.
53,203
3,401,800Becton, Dickinson & Co.
20,678
1,681,121Boston Scientific Corp.*
114,165
1,403,088C.R. Bard, Inc.
8,398
738,604Covidien Ltd.
42,288
2,025,172Hospira, Inc.*
13,420
538,276Intuitive Surgical, Inc.*
3,300
889,020Medtronic, Inc.
95,125
4,922,719St. Jude Medical, Inc.*
28,688
1,172,766Stryker Corp.
20,282
1,275,332Varian Medical Systems, Inc.*
10,600
549,610Zimmer Holdings, Inc.*
19,684
1,339,49619,937,004Health Care Providers & Services 1.8%Aetna, Inc.
41,072
1,664,648AmerisourceBergen Corp.
13,882
555,141Cardinal Health, Inc.
30,200
1,557,716CIGNA Corp.
23,805
842,459Coventry Health Care, Inc.*
12,795
389,224Express Scripts, Inc.*
21,268
1,333,929Humana, Inc.*
14,375
571,694Shares
Value ($)Laboratory Corp. of America
Holdings*
9,391
653,895McKesson Corp.
23,515
1,314,724Medco Health Solutions, Inc.*
42,928
2,026,202Patterson Companies, Inc.*
11,000
323,290Quest Diagnostics, Inc.
13,316
645,426Tenet Healthcare Corp.*
40,600
225,736UnitedHealth Group, Inc.
104,108
2,732,835WellPoint, Inc.*
44,588
2,125,06416,961,983Health Care Technology 0.0%IMS Health, Inc.
16,930
394,469Life Sciences Tools & Services 0.4%Applera Corp.  Applied
Biosystems Group
14,329
479,735Millipore Corp.*
4,615
313,174PerkinElmer, Inc.
10,036
279,503Thermo Fisher Scientific, Inc.*
35,421
1,974,012Waters Corp.*
8,500
548,2503,594,674Pharmaceuticals 6.1%Abbott Laboratories
130,782
6,927,523Allergan, Inc.
26,024
1,354,549Barr Pharmaceuticals, Inc.*
9,200
414,736Bristol-Myers Squibb Co. (a)
167,762
3,444,154Eli Lilly & Co.
83,837
3,869,916Forest Laboratories, Inc.*
26,395
916,962Johnson & Johnson
238,834
15,366,580King Pharmaceuticals, Inc.*
21,286
222,864Merck & Co., Inc.
181,959
6,858,035Mylan, Inc. (a)
26,936
325,118Pfizer, Inc.
573,389
10,017,106Schering-Plough Corp.
137,450
2,706,390Watson Pharmaceuticals, Inc.*
9,055
246,024Wyeth
112,976
5,418,32958,088,286Industrials 11.0%Aerospace & Defense 2.6%Boeing Co.
63,708
4,186,890General Dynamics Corp.
33,734
2,840,403Goodrich Corp.
10,561
501,225Honeywell International, Inc.
62,847
3,159,947L-3 Communications Holdings, Inc.
10,400
945,048Lockheed Martin Corp.
28,593
2,820,985Northrop Grumman Corp.
28,931
1,935,484Precision Castparts Corp.
11,800
1,137,166Raytheon Co.
35,796
2,014,599Rockwell Collins, Inc.
13,631
653,743United Technologies Corp.
82,500
5,090,25025,285,740Air Freight & Logistics 0.9%C.H. Robinson Worldwide, Inc.
14,500
795,180Expeditors International of
Washington, Inc.
18,100
778,300FedEx Corp.
26,265
2,069,420United Parcel Service, Inc. "B"
86,558
5,320,7208,963,620Airlines 0.1%Southwest Airlines Co.
61,995
808,415Shares
Value ($)Building Products 0.1%Masco Corp.
31,265
491,798Commercial Services & Supplies 0.5%Allied Waste Industries, Inc.*
25,075
316,447Avery Dennison Corp.
8,886
390,362Cintas Corp.
11,542
305,978Equifax, Inc.
10,991
369,517Monster Worldwide, Inc.*
10,585
218,157Pitney Bowes, Inc.
17,646
601,729R.R. Donnelley & Sons Co.
18,229
541,219Robert Half International, Inc.
13,600
325,992Waste Management, Inc.
42,069
1,586,4224,655,823Construction & Engineering 0.2%Fluor Corp.
7,525
1,400,252Jacobs Engineering Group, Inc.*
10,300
831,2102,231,462Electrical Equipment 0.5%Cooper Industries Ltd. "A"
14,728
581,756Emerson Electric Co.
66,204
3,273,788Rockwell Automation, Inc.
12,447
544,3074,399,851Industrial Conglomerates 3.1%3M Co.
59,736
4,157,028General Electric Co. (a)
844,832
22,548,566Textron, Inc.
21,182
1,015,253Tyco International Ltd.
40,888
1,637,15629,358,003Machinery 1.9%Caterpillar, Inc.
52,136
3,848,680Cummins, Inc.
17,212
1,127,730Danaher Corp.
21,465
1,659,244Deere & Co.
36,524
2,634,476Dover Corp.
16,002
774,017Eaton Corp.
13,905
1,181,508Illinois Tool Works, Inc.
33,694
1,600,802Ingersoll-Rand Co., Ltd. "A"
26,840
1,004,621ITT Corp.
15,394
974,902Manitowoc Co., Inc.
11,000
357,830PACCAR, Inc.
30,901
1,292,589Pall Corp.
10,153
402,871Parker Hannifin Corp.
14,268
1,017,594Terex Corp.*
8,500
436,64518,313,509Road & Rail 1.1%Burlington Northern Santa Fe Corp.
24,838
2,481,068CSX Corp.
34,348
2,157,398Norfolk Southern Corp.
31,786
1,992,028Ryder System, Inc.
4,852
334,206Union Pacific Corp.
43,762
3,304,03110,268,731Trading Companies & Distributors 0.0%W.W. Grainger, Inc.
5,509
450,636Information Technology 16.2%Communications Equipment 2.5%Ciena Corp.* (a)
8,765
203,085Cisco Systems, Inc.*
500,695
11,646,166Corning, Inc.
133,422
3,075,377JDS Uniphase Corp.*
18,978
215,590Shares
Value ($)Juniper Networks, Inc.*
44,500
987,010Motorola, Inc.
193,180
1,417,941QUALCOMM, Inc.
137,220
6,088,452Tellabs, Inc.*
35,416
164,68423,798,305Computers & Peripherals 4.6%Apple, Inc.*
74,762
12,518,149Dell, Inc.*
171,309
3,748,241EMC Corp.*
175,267
2,574,672Hewlett-Packard Co.
209,027
9,241,084International Business
Machines Corp.
116,402
13,797,129Lexmark International, Inc. "A"*
8,068
269,713NetApp, Inc.*
29,084
629,960QLogic Corp.*
11,218
163,671SanDisk Corp.*
19,100
357,170Sun Microsystems, Inc.*
66,245
720,748Teradata Corp.*
15,251
352,90844,373,445Electronic Equipment & Instruments 0.3%Agilent Technologies, Inc.*
31,097
1,105,188Jabil Circuit, Inc.
16,647
273,177Molex, Inc.
12,017
293,335Tyco Electronics Ltd.
40,488
1,450,2803,121,980Internet Software & Services 1.7%Akamai Technologies, Inc.*
14,300
497,497eBay, Inc.*
93,668
2,559,947Google, Inc. "A"* (a)
19,753
10,398,374VeriSign, Inc.*
16,500
623,700Yahoo!, Inc.*
115,188
2,379,78416,459,302IT Services 1.0%Affiliated Computer Services,
Inc. "A"*
8,173
437,174Automatic Data Processing, Inc.
43,908
1,839,745Cognizant Technology Solutions
Corp. "A"*
24,500
796,495Computer Sciences Corp.*
12,844
601,613Convergys Corp.*
10,872
161,558Electronic Data Systems Corp.
42,591
1,049,442Fidelity National Information
Services, Inc.
14,600
538,886Fiserv, Inc.*
13,842
628,012Paychex, Inc.
27,211
851,160Total System Services, Inc.
15,461
343,543Unisys Corp.*
27,480
108,546Western Union Co.
62,712
1,550,2418,906,415Office Electronics 0.1%Xerox Corp.
76,188
1,033,109Semiconductors & Semiconductor Equipment 2.5%Advanced Micro Devices, Inc.* (a)
50,960
297,097Altera Corp.
25,386
525,490Analog Devices, Inc.
24,535
779,477Applied Materials, Inc.
114,830
2,192,105Broadcom Corp. "A"*
37,921
1,034,864Intel Corp.
485,445
10,427,358KLA-Tencor Corp.
14,445
588,056Linear Technology Corp.
18,814
612,772LSI Corp.* (a)
54,013
331,640Shares
Value ($)MEMC Electronic Materials, Inc.*
19,300
1,187,722Microchip Technology, Inc.
15,700
479,478Micron Technology, Inc.*
64,520
387,120National Semiconductor Corp.
18,326
376,416Novellus Systems, Inc.* (a)
8,514
180,412NVIDIA Corp.*
47,021
880,233Teradyne, Inc.*
14,604
161,666Texas Instruments, Inc.
112,079
3,156,145Xilinx, Inc.
23,646
597,06124,195,112Software 3.5%Adobe Systems, Inc.*
45,110
1,776,883Autodesk, Inc.*
18,948
640,632BMC Software, Inc.*
16,206
583,416CA, Inc.
33,059
763,332Citrix Systems, Inc.*
15,498
455,796Compuware Corp.*
22,146
211,273Electronic Arts, Inc.*
26,958
1,197,744Intuit, Inc.*
27,170
749,077Microsoft Corp.
678,871
18,675,741Novell, Inc.*
30,136
177,501Oracle Corp.*
336,178
7,059,738Symantec Corp.*
71,252
1,378,72633,669,859Materials 3.8%Chemicals 2.1%Air Products & Chemicals, Inc.
17,839
1,763,564Ashland, Inc.
4,808
231,746Dow Chemical Co. (a)
78,861
2,753,037E.I. du Pont de Nemours & Co.
76,312
3,273,022Eastman Chemical Co.
6,830
470,314Ecolab, Inc.
14,866
639,089Hercules, Inc.
10,007
169,419International Flavors &
Fragrances, Inc.
6,543
255,570Monsanto Co.
46,516
5,881,483PPG Industries, Inc.
13,850
794,574Praxair, Inc.
26,585
2,505,370Rohm & Haas Co.
10,694
496,629Sigma-Aldrich Corp.
10,940
589,22819,823,045Construction Materials 0.1%Vulcan Materials Co. (a)
8,825
527,559Containers & Packaging 0.1%Ball Corp.
8,236
393,187Bemis Co., Inc.
7,872
176,490Pactiv Corp.*
11,119
236,056Sealed Air Corp.
13,996
266,0641,071,797Metals & Mining 1.4%AK Steel Holding Corp.
9,500
655,500Alcoa, Inc.
69,081
2,460,665Allegheny Technologies, Inc.
8,617
510,816Freeport-McMoRan Copper & Gold,
Inc.
32,499
3,808,558Newmont Mining Corp.
38,432
2,004,613Nucor Corp.
26,530
1,980,995Titanium Metals Corp.
7,600
106,324United States Steel Corp.
9,959
1,840,22413,367,695Shares
Value ($)Paper & Forest Products 0.2%International Paper Co. (a)
36,272
845,138MeadWestvaco Corp.
14,759
351,854Weyerhaeuser Co.
17,898
915,3042,112,296Telecommunication Services 3.3%Diversified Telecommunication Services 2.9%AT&T, Inc.
503,536
16,964,128CenturyTel, Inc.
8,919
317,427Citizens Communications Co.
27,490
311,737Embarq Corp.
12,498
590,780Qwest Communications
International, Inc. (a)
128,940
506,734Verizon Communications, Inc. (a)
241,629
8,553,667Windstream Corp.
37,859
467,18027,711,653Wireless Telecommunication Services 0.4%American Tower Corp. "A"*
33,600
1,419,600Sprint Nextel Corp.
241,668
2,295,8463,715,446Utilities 3.9%Electric Utilities 2.3%Allegheny Energy, Inc.
14,110
707,052American Electric Power Co., Inc.
34,016
1,368,464Duke Energy Corp.
107,183
1,862,840Edison International
27,667
1,421,530Entergy Corp.
16,256
1,958,523Exelon Corp.
55,642
5,005,554FirstEnergy Corp.
25,854
2,128,560FPL Group, Inc.
34,584
2,268,019Pepco Holdings, Inc.
17,300
443,745Pinnacle West Capital Corp.
7,608
234,098PPL Corp.
31,628
1,653,196Progress Energy, Inc.
21,831
913,191Southern Co.
65,004
2,269,94022,234,712Gas Utilities 0.1%Nicor, Inc.
3,884
165,419Questar Corp.
14,700
1,044,2881,209,707Independent Power Producers & Energy Traders 0.3%AES Corp.* (a)
56,948
1,093,971Constellation Energy Group, Inc.
15,110
1,240,531Dynegy, Inc. "A"*
39,872
340,9062,675,408Shares
Value ($)Multi-Utilities 1.2%Ameren Corp.
17,369
733,493CenterPoint Energy, Inc.
26,021
417,637CMS Energy Corp.
22,772
339,303Consolidated Edison, Inc.
23,122
903,839Dominion Resources, Inc.
48,958
2,325,015DTE Energy Co.
15,157
643,263Integrys Energy Group, Inc.
6,800
345,644NiSource, Inc.
23,708
424,847PG&E Corp.
30,249
1,200,583Public Service Enterprise Group,
Inc. (a)
43,050
1,977,287Sempra Energy
21,187
1,196,006TECO Energy, Inc.
17,800
382,522Xcel Energy, Inc.
34,057
683,52411,572,963Total Common Stocks (Cost $847,352,067)
946,767,902 Principal
Amount ($)
Value ($)Government & Agency Obligation 0.1%US Treasury ObligationUS Treasury Bill, 2.173%**,
12/4/2008 (b) (Cost $871,812)
880,000
872,061 Shares
Value ($)Securities Lending Collateral 12.4%Daily Assets Fund Institutional,
2.74% (c) (d)
(Cost $119,328,136)
119,328,136
119,328,136Cash Equivalents 1.2%Cash Management QP Trust,
2.49% (c) (Cost $11,223,422)
11,223,422
11,223,422 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $978,775,437)+
112.5
1,078,191,521Other Assets and Liabilities, Net
(12.5)
(119,480,094)Net Assets
100.0
958,711,427 * Non-income producing security.  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $998,948,415. At June 30, 2008, net unrealized appreciation for all securities based on tax
cost was $79,243,106. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $229,525,596 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $150,282,490.  (a) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at June 30, 2008
amounted to $117,421,917 which is 12.2% of net assets.  (b) At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.  (c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period
end.  (d) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  REIT: Real Estate Investment Trust The accompanying notes are an integral part of the financial statements. At June 30, 2008, open futures contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregate
Face
Value ($)
Value ($)
Unrealized
Depreciation ($)S&P 500 Index
9/18/2008
40
13,205,220
12,811,000
(394,220) The following is a summary of the inputs used as of June 30, 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
$       1,077,319,460
$       (394,220)Level 2  Other Significant Observable Inputs
872,061
Level 3  Significant Unobservable Inputs

Total
$    1,078,191,521
$    (394,220) + + 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 accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilities
as of June 30, 2008 (Unaudited)AssetsInvestments:Investments in securities, at value
(cost $848,223,879)  including
$117,421,917 of securities loaned
$       947,639,963Investment in Daily Assets Fund Institutional
(cost $119,328,136)*
119,328,136Investment in Cash Management QP Trust
(cost $11,223,422)
11,223,422Total investments, at value (cost $978,775,437)
1,078,191,521Cash
35,673Dividends receivable
1,235,384Receivable for investments sold
259,408Interest receivable
51,625Receivable for Portfolio shares sold
223,979Receivable for daily variation margin on open
futures contracts
10,987Other assets
37,683Total assets
1,080,046,260LiabilitiesPayable upon return of securities loaned
119,328,136Payable for investments purchased
872,117Payable for Portfolio shares redeemed
783,922Accrued management fee
139,285Other accrued expenses and payables
211,373Total liabilities
121,334,833Net assets, at value
$    958,711,427Net Assets Consist ofUndistributed net investment income
9,296,150Net unrealized appreciation (depreciation) on:Investments
99,416,084Futures
(394,220)Accumulated net realized gain (loss)
(23,745,315)Paid-in capital
874,138,728Net assets, at value
$    958,711,427Class A
Net Asset Value, offering and redemption price
per share ($877,157,618 ÷ 65,634,610
outstanding shares of beneficial interest,
$.001 par value, unlimited number of shares
authorized)
$    13.36Class B
Net Asset Value, offering and redemption price
per share ($53,413,273 ÷ 3,994,186 outstanding
shares of beneficial interest, $.001 par value,
unlimited number of shares authorized)
$    13.37Class B2
Net Asset Value, offering and redemption price
per share ($28,140,536 ÷ 2,103,919 outstanding
shares of beneficial interest, $.001 par value,
unlimited number of shares authorized)
$    13.38 * Represents collateral on securities loaned.  The accompanying notes are an integral part of the financial statements. Statement of Operations
for the six months ended June 30, 2008 (Unaudited)Investment IncomeIncome:Dividends
$       10,526,189Interest
12,287Interest  Cash Management QP Trust
87,546Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
177,703Total Income
10,803,725Expenses:Management fee
1,031,646Administration fee
518,590Custodian fee
25,947Distribution service fees (Class B and Class B2)
120,108Record keeping fee (Class B2)
26,887Services to shareholders
1,063Professional fees
39,312Trustees' fees and expenses
21,431Reports to shareholders
19,170Other
33,134Total expenses before expense reductions
1,837,288Expense reductions
(243,101)Total expenses after expense reductions
1,594,187Net investment income (loss)
9,209,538Realized and Unrealized Gain (Loss) on Investment
TransactionsNet realized gain (loss) from:Investments
14,332,282Futures
(495,440)13,836,842Change in net unrealized appreciation
(depreciation)Investments
(157,714,913)Futures
(443,522)(158,158,435)Net gain (loss)
(144,321,593)Net increase (decrease) in net assets
resulting from operations
$    (135,112,055) The accompanying notes are an integral part of the financial statements.  Statement of Changes in Net AssetsIncrease (Decrease) in Net
Assets
Six Months
Ended
June 30, 2008
(Unaudited)
Year Ended
December 31,
2007Operations:Net investment income (loss)
$       9,209,538
$       22,969,195Net realized gain (loss)
13,836,842
113,424,087Change in net unrealized
appreciation (depreciation)
(158,158,435)
(54,265,444)Net increase (decrease) in net
assets resulting from
operations
(135,112,055)
82,127,838Distributions to shareholders from:Net investment income:Class A
(20,754,466)
(21,156,472)Class B
(1,112,015)
(1,115,985)Class B2
(765,628)
(629,996)Total Distributions
(22,632,109)
(22,902,453)Portfolio share transactions:Class A
Proceeds from shares sold
36,545,380
142,014,066Reinvestment of distributions
20,754,466
21,156,472Cost of shares redeemed
(82,578,262)
(285,852,359)In-kind redemptions

(297,115,219)Net increase (decrease) in net
assets from Class A share
transactions
(25,278,416)
(419,797,040)Class B
Proceeds from shares sold
1,488,386
14,114,550Reinvestment of distributions
1,112,015
1,115,985Cost of shares redeemed
(5,218,118)
(37,769,157)Net increase (decrease) in net
assets from Class B share
transactions
(2,617,717)
(22,538,622)Class B2
Proceeds from shares sold
1,116,839
3,660,238Reinvestment of distributions
765,628
629,996Cost of shares redeemed
(16,507,763)
(15,637,931)Net increase (decrease) in net
assets from Class B2 share
transactions
(14,625,296)
(11,347,697)Increase (decrease) in net
assets
(200,265,593)
(394,457,974)Net assets at beginning of
period
1,158,977,020
1,553,434,994Net assets at end of period
(including undistributed
net investment income of
$9,296,150 and $22,718,721,
respectively)
$    958,711,427
$    1,158,977,020 Statement of Changes in Net Assets(continued)Other Information
Six Months
Ended
June 30, 2008
(Unaudited)
Year Ended
December 31,
2007Class A
Shares outstanding at
beginning of period
67,350,398
94,305,191Shares sold
2,580,733
9,198,622Shares issued to
shareholders in reinvestment
of distributions
1,446,304
1,366,697Shares redeemed
(5,742,825)
(18,652,060)In-kind redemptions

(18,868,052)Net increase (decrease) in
Class A shares
(1,715,788)
(26,954,793)Shares outstanding at end of
period
65,634,610
67,350,398Class B
Shares outstanding at
beginning of period
4,176,782
5,613,107Shares sold
104,325
915,083Shares issued to
shareholders in reinvestment
of distributions
77,384
72,046Shares redeemed
(364,305)
(2,423,454)Net increase (decrease) in
Class B shares
(182,596)
(1,436,325)Shares outstanding at end of
period
3,994,186
4,176,782Class B2
Shares outstanding at
beginning of period
3,113,678
3,841,811Shares sold
78,070
240,022Shares issued to
shareholders in reinvestment
of distributions
53,280
40,645Shares redeemed
(1,141,109)
(1,008,800)Net increase (decrease) in
Class B2 shares
(1,009,759)
(728,133)Shares outstanding at end of
period
2,103,919
3,113,678 The accompanying notes are an integral part of the financial statements. Financial Highlights Class A
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    15.53
$    14.97
$    13.11
$    12.73
$    11.64
$    9.20Income (loss) from investment operations:
Net investment income (loss)b
.13
.27
.24
.21
.21
.15Net realized and unrealized gain (loss)
(1.98)
.52
1.78
.37
1.01
2.41Total from investment operations
(1.85)
.79
2.02
.58
1.22
2.56Less distributions from:
Net investment income
(.32)
(.23)
(.16)
(.20)
(.13)
(.12)Net asset value, end of period
$    13.36
$    15.53
$    14.97
$    13.11
$    12.73
$    11.64Total Return (%)
(12.08)c**
5.30c
15.52c
4.68
10.59c
28.16cRatios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
877
1,046
1,412
1,102
790
627Ratio of expenses before expense reductions and/or recoupments (%)
.33*
.33
.28
.27
.28
.30Ratio of expenses after expense reductions and/or recoupments (%)
.28*
.30
.27
.27
.29
.30Ratio of net investment income (loss) (%)
1.80*
1.71
1.73
1.62
1.76
1.50Portfolio turnover rate (%)
3**
7d
9
15
1
1aFor the six months ended June 30, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dExcludes portfolio securities delivered as a result of processing redemption in-kind transactions.*Annualized**Not annualized Class B
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    15.52
$    14.96
$    13.10
$    12.72
$    11.63
$    9.20Income (loss) from investment operations:
Net investment income (loss)b
.11
.23
.21
.17
.20
.14Net realized and unrealized gain (loss)
(1.98)
.52
1.78
.38
.99
2.40Total from investment operations
(1.87)
.75
1.99
.55
1.19
2.54Less distributions from:
Net investment income
(.28)
(.19)
(.13)
(.17)
(.10)
(.11)Net asset value, end of period
$    13.37
$    15.52
$    14.96
$    13.10
$    12.72
$    11.63Total Return (%)
(12.18)c**
5.03c
15.24c
4.42
10.32c
27.83Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
53
65
84
68
53
17Ratio of expenses before expense reductions and/or recoupments (%)
.58*
.58
.53
.52
.53
.55Ratio of expenses after expense reductions and/or recoupments (%)
.53*
.55
.52
.52
.54
.55Ratio of net investment income (loss) (%)
1.55*
1.46
1.48
1.37
1.71
1.29Portfolio turnover rate (%)
3**
7d
9
15
1
1aFor the six months ended June 30, 2008 (Unaudited).bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dExcludes portfolio securities delivered as a result of processing redemption in-kind transactions.*Annualized**Not annualized Class B2
Years Ended December 31,
2008a
2007
2006
2005bSelected Per Share DataNet asset value, beginning of period
$    15.51
$    14.96
$    13.09
$    12.94Income (loss) from investment operations:
Net investment income (loss)c
.10
.21
.19
.05Net realized and unrealized gain (loss)
(1.97)
.52
1.79
.10Total from investment operations
(1.87)
.73
1.98
.15Less distributions from:
Net investment income
(.26)
(.18)
(.11)
Net asset value, end of period
$    13.38
$    15.51
$    14.96
$    13.09Total Return (%)d
(12.15)**
4.85
15.20
1.16**Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
28
48
57
59Ratio of expenses before expense reductions (%)
.72*
.72
.67
.66*Ratio of expenses after expense reductions (%)
.63*
.65
.63
.63*Ratio of net investment income (loss) (%)
1.45*
1.36
1.37
1.34*Portfolio turnover rate (%)
3**
7e
9
15aFor the six months ended June 30, 2008 (Unaudited).bFor the period September 16, 2005 (commencement of operations) to December 31, 2005.cBased on average shares outstanding during the period.dTotal return would have been lower had certain expenses not been reduced.eExcludes portfolio securities delivered as a result of processing redemption in-kind transactions.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940 as amended,
(the "1940 Act"), as a diversified, open-end management investment company. The Trust is organized as a
Massachusetts business trust. The Trust is comprised of several portfolios. DWS Equity 500 Index VIP (the
"Portfolio") is one of the series the Trust offers to investors. The Portfolio is an underlying investment vehicle for
variable annuity contracts and variable life insurance policies to be offered by the separate accounts of certain life
insurance companies ("Participating Insurance Companies"). Multiple Classes of Shares of Beneficial Interest. The Portfolio offers three classes of shares to investors: Class A
shares, Class B shares and Class B2 shares. Class B and Class B2 shares are subject to Rule 12b-1 distribution
fees under the 1940 Act equal to an annual rate up to 0.25% of Class B and Class B2 shares average daily net
assets.  In addition, Class B2 shares are subject to record keeping fees equal to an annual rate of up to 0.15% of
average daily net assets. Class A shares are not subject to such fees. Investment income, realized and unrealized gains and losses, and certain Portfolio-level expenses and expense
reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class (including the applicable 12b-1 distribution fees
and record keeping fees). Differences in class-level expenses may result in payment of different per share
dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements. The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in
the United States of America which require the use of management estimates. Actual results could differ from
those estimates. The policies described below are followed consistently by the Portfolio in the preparation of its
financial statements. Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York
Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale
price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the
security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at
the most recent bid quotation. Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par,
are valued at amortized cost. Investments in open-end investment companies and Cash Management QP Trust
are valued at their net asset value each business day. Securities and other assets for which market quotations are not readily available or for which the above valuation
procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as
determined in accordance with procedures approved by the Trustees. The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,
Fair Value Measurements ("FAS 157"), which governs the application of generally accepted accounting principles
that require fair value measurements of 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. New Accounting Pronouncements. In March 2008, FASB issued Statement of Financial Accounting Standards
No. 161 ("FAS 161") Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB
Statement No. 133. FAS 161 requires enhanced disclosure about an entity's derivative and hedging activities. FAS
161 is effective for fiscal years beginning after November 15, 2008. Management is currently evaluating the
impact the adoption of FAS 161 will have on the Portfolio's financial statement disclosures. Securities Lending. The Portfolio may lend securities to financial institutions. The Portfolio retains beneficial
ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of
securities and to participate in any changes in their market value. The Portfolio requires the borrowers of the
securities to maintain collateral with the Portfolio consisting of liquid, unencumbered assets having a value at
least equal to the value of the securities loaned. The Portfolio may invest the cash collateral into a joint trading
account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Portfolio
receives compensation for lending its securities either in the form of fees or by earning interest on invested cash
collateral net of fees paid to a lending agent. Either the Portfolio or the borrower may terminate the loan. The
Portfolio is subject to all investment risks associated with the value of any cash collateral received, including, but
not limited to, interest rate, credit and liquidity risk associated with such investments. Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures
exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount
of a financial instrument at a specified price on a specific date (settlement date). The Portfolio invests in futures to
keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock
market. Upon entering into a futures contract, the Portfolio is required to deposit with a financial intermediary an amount
("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent
payments ("variation margin") are made or received by the Portfolio depending upon the daily fluctuations in the
value of the underlying security and are recorded for financial reporting purposes as unrealized gains or losses by
the Portfolio. When entering into a closing transaction, the Portfolio will realize a gain or loss equal to the
difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are
valued at the most recent settlement price. Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market
will limit the Portfolio's ability to close out a futures contract prior to the settlement date and that a change in the
value of a futures contract may not correlate exactly with the changes in the value of the securities hedged.
When utilizing futures contracts to hedge, the Portfolio gives up the opportunity to profit from favorable price
movements in the hedged positions during the term of the contract. Federal Income Taxes. The Portfolio's policy is to comply with the requirements of the Internal Revenue Code, as
amended, which are applicable to regulated investment companies, and to distribute all of its taxable and
tax-exempt income to its shareholders. At December 31, 2007, DWS Equity 500 Index VIP had a net tax basis capital loss carryforward of approximately
$17,360,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully
utilized or until December 31, 2012, whichever occurs first. During the year ended December 31, 2007, the
Portfolio utilized $42,684,000 of its prior year capital loss carryforward. The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2007 and has determined
that no provision for income tax is required in the Portfolio's financial statements. The Portfolio's federal tax
returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. Distribution of Income and Gains. Net investment income of the Portfolio, if any, is declared and distributed to
shareholders annually. Net realized gains from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Portfolio if not distributed, and, therefore, will be distributed to
shareholders at least annually. The timing and characterization of certain income and capital gains distributions are determined annually in
accordance with federal tax regulations, which may differ from accounting principles generally accepted in the
United States of America. These differences primarily relate to in-kind redemptions, investments in futures
contracts and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain
(loss) on investment transactions for a reporting period may differ significantly from distributions during such
period. Accordingly, the Portfolio may periodically make reclassifications among certain of its capital accounts
without impacting the net asset value of the Portfolio. The tax character of current year distributions will be determined at the end of the current fiscal year. Contingencies.In the normal course of business, the Portfolio may enter into contracts with service providers
that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the Portfolio that have not yet been made.
However, based on experience, the Portfolio expects the risk of loss to be remote. Expenses. Expenses of the Trust arising in connection with a specific portfolio are allocated to that portfolio.
Other Trust expenses which cannot be directly attributed to a portfolio are apportioned among the portfolios in the
Trust. Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset valuation
calculations. However, for financial reporting purposes, investment security transactions are reported on trade
date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of
foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the
ex-dividend as soon as the Portfolio is informed of such dividends. Realized gains and losses from investment
transactions are recorded on an identified cost basis. B. Purchases and Sales of Securities During the six months ended June 30, 2008, purchases and sales of investment securities (excluding short-term
investments) aggregated $27,301,208 and $87,335,529, respectively. C. Related Parties Management Agreement. Under the Investment Management Agreement with Deutsche Investment
Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank
AG, the Advisor directs the investments of the Portfolio in accordance with its investment objectives, policies and
restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be
purchased, sold, or entered into by the Portfolio or delegates such responsibility to the Portfolio's subadvisor.
Pursuant to the Investment Management Agreement with the Advisor, the Portfolio pays an annual management
fee based on the Portfolio's average daily net assets, accrued daily and payable monthly, at the following annual
rates: First $1 billion of the Portfolio's average daily net assets
.200%Next $1 billion of such net assets
.175%Over $2 billion of such net assets
.150% Northern Trust Investments, N.A. ("NTI") acts as investment sub-advisor for the Portfolio. As the Portfolio's
investment sub-advisor, NTI makes the Portfolio's investment decisions. It buys and sells securities for the
Portfolio and conducts the research that leads to these purchase and sale decisions. NTI is paid by the Advisor for
its services. For the period from January 1, 2008 through April 30, 2009, the Advisor contractually agreed to waive all or a
portion of its management fee and reimburse or pay certain operating expenses of the Portfolio to the extent
necessary to maintain operating expenses of each class (excluding certain expenses such as extraordinary
expenses, taxes, brokerage and interest) as follows: Class A
.28%Class B
.53%Class B2
.63% Accordingly, for the six months ended June 30, 2008, the Advisor waived a portion of its management fee
aggregating $229,009 and the amount charged aggregated $802,637, which was equivalent to an annualized
effective rate of 0.15% of the Portfolio's average daily net assets. In addition, the Advisor reimbursed the Portfolio $7,840 of record keeping fees for Class B2 shares for the six
months ended June 30, 2008. Administration Fee. Pursuant to the Administrative Services Agreement, DIMA provides most administrative
services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio
pays DIMA an annual fee ("Administration fee") of 0.10% of the Portfolio's average daily net assets, computed
and accrued daily and payable monthly. For the six months ended June 30, 2008, DIMA received an
Administration fee of $518,590, of which $83,013 is unpaid. Distribution Service Agreement. DWS Investments Distributors, Inc. ("DIDI"), an affiliate of the Advisor, is the
Portfolio's distributor. In accordance with the Distribution Plan, DIDI receives 12b-1 fees of 0.25% of average daily
net assets of Class B and B2 shares. For the six months ended June 30, 2008, the Distribution Service Fees were
as follows: Distribution Service Fees
Total
Aggregated
Unpaid at
June 30, 2008Class B
$       72,317
$       15,335Class B2
47,791
6,628$    120,108
$    21,963 Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer
agent, dividend-paying agent and shareholder service agent of the Portfolio. Pursuant to a sub-transfer agency
agreement among DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend
paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder
servicing fee they receive from the Portfolio. For the six months ended June 30, 2008, the amounts charged to
the Portfolio by DISC were as follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
June 30, 2008Class A
$       446
$       446
$       Class B
67
63
4Class B2
69
69
$    582
$    578
$    4 Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing
typesetting and certain regulatory filing services to the Portfolio. For the six months ended June 30, 2008, the
amount charged to the Portfolio by DIMA included in the Statement of Operations under "reports to
shareholders" aggregated $4,073, of which $1,784 is unpaid. Trustees' Fees and Expenses. The Portfolio paid each Trustee not affiliated with the Advisor retainer fees plus
specified amounts for various committee services and for the Board Chairperson and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two DWS Portfolio Boards of Directors, certain
Independent Board Members retired prior to their normal retirement date, and received a one-time retirement
benefit. DIMA has agreed to reimburse the Portfolios for the cost of this benefit. For the six months ended
June 30, 2008, the Portfolio paid its allocated portion of the retirement benefit of $5,450 to the non-continuing
Independent Board Members, and the Portfolio was reimbursed by DIMA for this payment. Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Portfolio may invest in the
Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by the Manager or Advisor. The
QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and
the maintenance of liquidity. The QP Trust does not pay the Manager or Advisor a management fee for the
affiliated funds' investments in the QP Trust. D. Fee Reductions The Portfolio has entered into an arrangement with its custodian whereby credits realized as a result of
uninvested cash balances are used to reduce a portion of the Portfolio's custodian expenses. During the six
months ended June 30, 2008, the Portfolio's custodian fee was reduced by $224 for custody credits earned. E. Line of Credit The Fund and other affiliated funds (the "Participants") share in a $490 million revolving credit facility provided by
a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of
redemption requests that otherwise might require the untimely disposition of securities. The Participants are
charged an annual commitment fee which is allocated based on net assets, among each of the Participants.
Interest is calculated at the Federal Funds Rate plus 0.35 percent. The Fund may borrow up to a maximum of
33 percent of its net assets under the agreement. F. Ownership of the Portfolio At June 30, 2008, two participating insurance companies were beneficial owners of record of 10% or more of the
total outstanding Class A shares of the Portfolio, each owning 54% and 17%, respectively. At June 30, 2008, one
participating insurance company was a beneficial owner of record of 10% or more of the total outstanding
Class B shares of the Portfolio, owning 83%. Proxy Voting The Portfolio's policies and procedures for voting proxies for portfolio securities and information about how the
Portfolio voted proxies related to its portfolio securities during the 12-month period ended June 30 are available
on our Web site  www.dws-investments.com (click on "proxy voting" at the bottom of the page)  or on the
SEC's Web site  www.sec.gov. To obtain a written copy of the Portfolio's policies and procedures without
charge, upon request, call us toll free at (800) 778-1482. Summary of Management Fee Evaluation by Independent
Fee Consultant October 26, 2007 Pursuant to an Order entered into by Deutsche Investment Management Americas and affiliates (collectively,
"DeAM") with the Attorney General of New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Scudder Funds. My duties include preparing an annual written evaluation of the
management fees DeAM charges the Funds, considering among other factors the management fees charged by
other mutual fund companies for like services, management fees DeAM charges other clients for like services,
DeAM's costs of supplying services under the management agreements and related profit margins, possible
economies of scale if a Fund grows larger, and the nature and quality of DeAM's services, including fund
performance. This report summarizes my evaluation for 2007, including my qualifications, the evaluation process
for each of the DWS Scudder Funds, consideration of certain complex-level factors, and my conclusions. Qualifications For more than 30 years I have served in various professional capacities within the investment management
business. I have held investment analysis and advisory positions, including securities analyst, portfolio strategist
and director of investment policy with a large investment firm. I have also performed business management
functions, including business development, financial management and marketing research and analysis. Since 1991, I have been an independent consultant within the asset management industry. I have provided
services to over 125 client organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past several years I have completed a number of assignments for
mutual fund boards, specifically including assisting boards with management contract renewal. I hold a Master of Business Administration degree, with highest honors, from Harvard University; and Master of
Science and Bachelor of Science (highest honors) degrees from the University of California at Berkeley. I am an
independent director and audit committee financial expert for two closed-end mutual funds, serve on the board of
directors of a private market research company, and have served in various leadership and financial oversight
capacities with non-profit organizations. Evaluation of Fees for each DWS Scudder Fund My work focused primarily on evaluating, fund-by-fund, the fees charged to each of the 136 Fund portfolios in the
DWS Scudder Fund family. For each Fund, I considered each of the key factors mentioned above, as well as any
other relevant information. In doing so I worked closely with the Funds' Independent Directors in their annual
contract renewal process, as well as in their approval of contracts for several new funds (documented separately). In evaluating each Fund's fees, I reviewed comprehensive materials provided by or on behalf of DeAM, including
expense information prepared by Lipper Analytical, comparative performance information, profitability data,
manager histories, and other materials. I also accessed certain additional information from the Lipper, Strategic
Insight, and Morningstar databases and drew on my industry knowledge and experience. To facilitate evaluating this considerable body of information, I prepared for each Fund a document summarizing
the key data elements in each area as well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others. In the course of contract renewal, DeAM agreed to implement a number of fee and expense adjustments
requested by the Independent Directors which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes. Fees and Expenses Compared with Other Funds The competitive fee and expense evaluation for each fund focused on two primary comparisons: The Fund's contractual management fee (the advisory fee plus the administration fee where applicable)
compared with those of a group of typically 12-15 funds in the same Lipper investment category (e.g. Large
Capitalization Growth) having similar distribution arrangements and being of similar size. The Fund's total expenses compared with a broader universe of funds from the same Lipper investment
category and having similar distribution arrangements. These two comparisons provide a view of not only the level of the fee compared with funds of similar scale but
also the total expense the Fund bears for all the services it receives, in comparison with the investment choices
available in the Fund's investment category and distribution channel. The principal figure-of-merit used in these
comparisons was the subject Fund's percentile ranking against peers. DeAM's Fees for Similar Services to Others DeAM provided management fee schedules for all of its US domiciled fund and non-fund investment
management accounts in any of the investment categories where there is a DWS Scudder Fund. These similar
products included the other DWS Scudder Funds, non-fund pooled accounts, institutional accounts and
sub-advisory accounts. Using this information, I calculated for each Fund the fee that would be charged to each
similar product, at the subject Fund's asset level. Evaluating information regarding non-fund products is difficult because there are varying levels of services
required for different types of accounts, with mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows than other types of accounts. Also,
while mutual fund fees for similar fund products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail funds versus those used in variable
insurance products), differences in underlying investment processes and other factors. Costs and Profit Margins DeAM provided a detailed profitability analysis for each Fund. After making some adjustments so that the
presentation would be more comparable to the available industry figures, I reviewed profit margins from
investment management alone, from investment management plus other fund services (excluding distribution)
provided to the Funds by DeAM (principally shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability. Economies of Scale Economies of scale  an expected decline in management cost per dollar of fund assets as fund assets grow 
are very rarely quantified and documented because of inherent difficulties in collecting and analyzing relevant
data. However, in virtually every investment category that I reviewed, larger funds tend to have lower fees and
lower total expenses than smaller funds. To see how each DWS Scudder Fund compares with this industry
observation, I reviewed: The trend in Fund assets over the last five years and the accompanying trend in total expenses. This shows if
the Fund has grown and, if so, whether total expense (management fees as well as other expenses) have
declined as a percent of assets. Whether the Fund has break-points in its management fee schedule, the extent of the fee reduction built into
the schedule and the asset levels where the breaks take effect, and in the case of a sub-advised Fund how the
Fund's break-points compare with those of the sub-advisory fee schedule. How the Fund's contractual fee schedule compares with trends in the industry data. To accomplish this, I
constructed a chart showing how actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual fee schedule superimposed. Quality of Service  Performance The quality-of-service evaluation focused on investment performance, which is the principal result of the
investment management service. Each Fund's performance was reviewed over the past 1, 3, 5 and 10 years, as
applicable, and compared with that of other funds in the same investment category and with a suitable market
index. In addition, I calculated and reviewed risk-adjusted returns relative to an index of similar mutual funds' returns and
a suitable market index. The risk-adjusted returns analysis provides a way of determining the extent to which the
Fund's return comparisons are mainly the product of investment value-added (or lack thereof) or alternatively
taking considerably more or less risk than is typical in its investment category. I also received and considered the history of portfolio manager changes for each Fund, as this provided an
important context for evaluating the performance results. Complex-Level Considerations While this evaluation was conducted mainly at the individual fund level, there are some issues relating to the
reasonableness of fees that can alternatively be considered across the whole fund complex: I reviewed DeAM's profitability analysis for all DWS Scudder funds, with a view toward determining if the
allocation procedures used were reasonable and how profit levels compared with public data for other
investment managers. I considered whether DeAM and affiliates receive any significant ancillary or "fall-out" benefits that should be
considered in interpreting the direct profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the Deutsche Bank organization. I considered how aggregated DWS Scudder Fund expenses had varied over the years, by asset class and in the
context of trends in asset levels. I reviewed the structure of the DeAM organization, trends in staffing levels, and information on compensation
of investment management and other professionals compared with industry data. Findings Based on the process and analysis discussed above, which included reviewing a wide range of information from
management and external data sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits associated with managing the Funds,
economies of scale, possible fall-out benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Scudder Funds are reasonable. e500vip_m0Thomas H. Mack e500vip_backcover0e500vip_backcoverlogo0 Deutsche Investment Management Americas Inc. ("DIMA"), an indirect, wholly owned subsidiary of Deutsche
Bank AG, is the Portfolio's Advisor. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the
retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche
Investment Management Americas Inc. and DWS Trust Company. The views expressed in this report reflect those of the portfolio managers only through the end of the period of
the report as stated on the cover. The managers' views are subject to change at any time based on market and
other conditions and should not be construed as a recommendation. This information must be preceded or accompanied by a current prospectus. Portfolio changes should not be considered recommendations for action by individual investors. DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606
(800) 778-1482 vit-equ500-3  (R-4303-1  8/08)


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)       There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
   
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Equity 500 Index VIP, a series of DWS Investments VIT Funds
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 19, 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 Equity 500 Index VIP, a series of DWS Investments VIT Funds
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 19, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:                                        August 19, 2008