Exhibit 77D - DWS S&P 500 Plus Fund (formerly
DWS Enhanced S&P 500 Index Fund) (a series of
DWS Value Equity Trust)

As of December 31, 2008, Northern Trust
Investments, N.A. no longer serves as a
subadvisor to the Fund.
Deutsche Investment Management Americas Inc.
Effective January 1, 2009, Deutsche Investment
Management Americas Inc., the Fund's
investment advisor ("DIMA") assumed
responsibility for managing
the Fund's portfolio.  The Fund's investment
program has two main components or strategies:
(i) a passive
Standard & Poor's 500 Index(r) tracking
strategy (the "Index Strategy", and (ii) a
global tactical asset
allocation overlay strategy known as iGAP
(integrated Global Alpha Platform) that seeks
to provide
enhanced returns (the "iGAP Strategy"). Under
normal circumstances, the fund intends to
invest at least
80% of its total assets, determined at the
time of purchase, in stocks of companies
included in the S&P 500
Index.

Index Strategy. The fund will implement the
Index Strategy by investing primarily in the
securities of the
companies included in the S&P 500 Index and
derivative instruments, such as futures
contracts and options,
that provide exposure to the stocks of
companies in the S&P 500 Index.  Futures
contracts and options are
used as a low-cost method of gaining exposure
to a particular market without investing
directly in those
securities. The portfolio management team uses
quantitative analysis techniques to structure
the fund with
the goal of obtaining a high correlation to
the S&P 500 Index, while seeking to keep the
fund as fully
invested as reasonably possible in all market
environments. To attempt to replicate the risk
and return
characteristics of the S&P 500 Index as
closely as possible, the fund invests in a
statistically selected
sample of the securities found in the S&P 500
Index using a process known as "optimization."
This process
is intended to select stocks for the fund so
that industry weightings, market
capitalizations and fundamental
characteristics (price-to-book ratios, price-
to-earnings ratios, debt-to-asset ratios and
dividend yields),
closely replicate those of the securities in
the S&P 500 Index. We may exclude or remove
any stock from
the fund's portfolio if we believe that the
stock is illiquid or that the merit of the
investment has been
impaired by financial conditions or other
extraordinary events. At times, the portfolio
management team
may purchase a stock not included in the S&P
500 Index when it is believed to be a cost-
efficient way of
approximating the S&P 500 Index's performance,
for example, in anticipation of a stock being
added to the
S&P 500 Index. The fund may hold assets in
short-term debt securities or money market
instruments for
liquidity purposes.

In an effort to run an efficient and effective
Index Strategy, the fund uses the process of
"optimization," a
statistical sampling technique. First, the
fund buys the stocks that make up the larger
portions of the S&P
500 Index's value in roughly the same
proportion as the S&P 500 Index. Second,
smaller stocks are
analyzed and selected based on liquidity. In
selecting smaller stocks, the portfolio
management team tries
to replicate the industry and risk
characteristics of all of the smaller
companies in the S&P 500 Index
without buying all of those stocks. This
approach attempts to maximize the fund's
liquidity and returns
while minimizing its costs.

iGAP Strategy. In addition to the fund's Index
Strategy, the Advisor seeks to enhance returns
by
employing a global tactical asset allocation
overlay strategy. This strategy, which the
Advisor calls iGAP
(integrated Global Alpha Platform), attempts
to take advantage of short-term and medium-
term mispricings
within global equity, bond and currency
markets.  The iGAP strategy is implemented
through the use of
derivatives, which are contracts or other
instruments whose value is based on, for
example, indices,
currencies or securities. The iGAP strategy
primarily uses exchange-traded futures
contracts on global
bonds, equities and currencies and over-the-
counter forward currency contracts, and is
expected to have a
low correlation to the fund's holdings.
Because the iGAP strategy relies primarily on
futures, forward
currency contracts and other derivative
instruments, the notional amount of the fund's
aggregate exposure
obtained from such investments within the iGAP
strategy will often exceed 100% of the net
assets of the
fund (assuming the maximum allocation to the
iGAP strategy).

Other Derivatives. The Advisor may also use
derivatives and currency transactions outside
of the iGAP
strategy for hedging purposes, in
circumstances where the Advisor believes they
offer a more efficient
means of gaining exposure to a particular
asset class or market or to maintain a high
degree of liquidity to
meet shareholder redemptions or other needs
while maintaining exposure to the market.
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