DWS Balanced VIP
DWS Strategic Income VIP

Supplement  to the  currently  effective  Statement  of  Additional  Information
("SAI") for the above-listed portfolios.

The  following  information  supplements  information  contained in  "Investment
Policies and Techniques" section of the fund's SAIs:

Swaps, Caps, Floors and Collars.  Among the Strategic  Transactions into which a
Portfolio may enter are interest rate, credit default, currency, index and other
swaps and the purchase or sale of related caps, floors and collars.  A Portfolio
expects to enter  into  these  transactions  primarily  to  preserve a return or
spread on a  particular  investment  or  portion  of its  portfolio,  to protect
against currency fluctuations,  as a duration management technique or to protect
against  any  increase  in the  price  of  securities  a  Portfolio  anticipates
purchasing  at a later date or to enhance  returns.  A  Portfolio  will not sell
interest  rate  caps or  floors  where  it  does  not own  securities  or  other
instruments  providing  the income  stream a Portfolio  may be obligated to pay.
Interest  rate swaps  involve the exchange by a Portfolio  with another party of
their respective  commitments to pay or receive  interest,  e.g., an exchange of
floating rate payments for fixed rate payments with respect to a notional amount
of  principal.  A currency  swap is an  agreement  to  exchange  cash flows on a
notional  amount  of  two  or  more  currencies  based  on  the  relative  value
differential  among them and an index swap is an agreement to swap cash flows on
a notional amount based on changes in the values of the reference  indices.  The
purchase  of a cap  entitles  the  purchaser  to receive  payments on a notional
principal  amount from the party selling such cap to the extent that a specified
index exceeds a predetermined  interest rate or amount.  The purchase of a floor
entitles the purchaser to receive  payments on a notional  principal amount from
the party selling such floor to the extent that a specified  index falls below a
predetermined  interest rate or amount. A collar is a combination of a cap and a
floor that preserves a certain return within a  predetermined  range of interest
rates or values.

A Portfolio will usually enter into swaps on a net basis,  i.e., the two payment
streams  are  netted  out in a cash  settlement  on the  payment  date or  dates
specified in the instrument,  with a Portfolio  receiving or paying, as the case
may be, only the net amount of the two  payments.  Inasmuch as a Portfolio  will
segregate  assets (or enter into offsetting  positions) to cover its obligations
under  swaps,  the Advisor  and a  Portfolio  believe  such  obligations  do not
constitute senior securities under the 1940 Act and, accordingly, will not treat
them as being subject to its borrowing restrictions.  A Portfolio will not enter
into any swap, cap, floor or collar transaction  unless, at the time of entering
into  such  transaction,  the  unsecured  long-term  debt  of the  Counterparty,
combined with any credit enhancements,  is rated at least A by S&P or Moody's or
has an equivalent rating from another NRSRO or is determined to be of equivalent
credit  quality by the  Advisor.  If there is a default by the  Counterparty,  a
Portfolio may have contractual  remedies  pursuant to the agreements  related to
the transaction.  The swap market has grown substantially in recent years with a
large number of banks and investment banking firms acting both as principals and
as agents  utilizing  standardized  swap  documentation.  As a result,  the swap
market has become  relatively  liquid.  Caps, floors and collars are more recent
innovations  for  which  standardized  documentation  has  not  yet  been  fully
developed and, accordingly, they are less liquid than swaps.

DWS Balanced VIP and DWS Strategic  Income VIP may invest up to 15% of its total
assets in credit  default swaps  (measured by the notional  amount of the credit
default swap). A credit default swap is a contract  between a buyer and a seller
of protection  against a pre-defined  credit event. The buyer of protection pays
the  seller  a fixed  regular  fee  provided  that no  event  of  default  on an
underlying reference obligation has occurred. If an event of default occurs, the
seller  must pay the buyer  the full  notional  value,  or "par  value,"  of the
reference  obligation in exchange for the reference  obligation.  Credit default
swaps are used as a means of "buying"  credit  protection,  i.e.,  attempting to
mitigate the risk of default or credit quality  deterioration in some portion of
the Portfolio's  holdings,  or "selling" credit protection,  i.e., attempting to
gain exposure to an underlying issuer's credit quality  characteristics  without
directly  investing in that issuer. No more than 5% of each DWS Balanced VIP and
DWS Strategic  Income VIP's total assets may be invested in credit default swaps
for  purposes  of buying  credit  protection  on  individual  securities  if the
Portfolio  does not own the  underlying  security or  securities  at the time of
investment. Where the Portfolio is a seller of credit protection, it effectively
adds leverage to its portfolio  because,  in addition,  to its total net assets,
the Portfolio would be subject to investment  exposure on the notional amount of
the swap.  The  Portfolio  will only sell  credit  protection  with  respect  to
securities  in which it would be authorized  to invest  directly.  The Portfolio
currently


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considers credit default swaps to be illiquid and treats the market value of the
contract as illiquid for purposes of determining compliance with the Portfolio's
restrictions on investing in illiquid securities.

If the  Portfolio  is a buyer of a credit  default  swap and no event of default
occurs, the Portfolio will lose its investment and recover nothing.  However, if
the  Portfolio is a buyer and an event of default  occurs,  the  Portfolio  will
receive the full notional value of the reference obligation that may have little
or no value. As a seller,  the Portfolio receives a fixed rate of income through
the term of the  contract  (typically  between  six  months  and  three  years),
provided  that there is no default  event.  If an event of default  occurs,  the
seller must pay the buyer the full notional  value of the reference  obligation.
Credit default swaps involve greater risks than if the Portfolio had invested in
the reference obligation directly.

The  Portfolio  may use credit  default  swaps to gain  exposure  to  particular
issuers or  particular  markets  through  investments  in  portfolios  of credit
default  swaps,  such as Dow  Jones  CDX.NA.HY  certificates.  By  investing  in
certificates  representing  interests in a basket of credit default  swaps,  the
Portfolio  is taking  credit risk with respect to an entity or group of entities
and providing credit protection to the swap counterparties. For example, the CDX
EM is a tradable  basket of 19 credit  default  swaps on country  credits  which
seeks to  replicate  the  returns on the  indices of a broad  group of  emerging
markets countries.  The credits are a subset of the countries represented by the
JPMorgan Emerging Markets Bond Index Global Diversified. By purchasing interests
in CDX EM, the Portfolio is gaining  emerging  markets exposure through a single
investment.  Unlike  other types of credit  default  swaps  which are  generally
considered  illiquid,  credit  default swap  certificates  generally can be sold
within  seven  days  and are not  subject  to the  Portfolio's  restrictions  on
investing in illiquid securities.



               Please Retain This Supplement for Future Reference




July 31, 2008




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