UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-4257  DWS Variable Series I (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   
 June 30, 2008  SEMIANNUAL
REPORT DWS VARIABLE SERIES I  DWS Bond VIP
DWS Growth & Income VIP
DWS Capital Growth VIP
DWS Global Opportunities VIP
DWS International VIP
DWS Health Care VIP dvs1_coverlogo0 Contents Performance Summary, Information About Your Portfolio's Expenses, Management Summary,
Portfolio Summary, Investment Portfolio, Financial Statements and Financial Highlights for: click here        DWS Bond VIP
click here     DWS Growth & Income VIP
click here     DWS Capital Growth VIP
click here     DWS Global Opportunities VIP
click here        DWS International VIP
click here     DWS Health Care VIP
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 product's objectives, risks, charges and expenses carefully
before investing. The prospectus contains this and other important information about the investment product. Please read
the prospectus carefully before you invest. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT 
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Investments in variable portfolios involve risk. Some portfolios have more risk than others. These include portfolios that allow exposure to or
otherwise concentrate investments in certain sectors, geographic regions, security types, market capitalization or foreign securities (e.g.,
political or economic instability, which can be accentuated in Emerging Market countries). Please read the prospectus for specific details
regarding its investments and risk profile. 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. Performance SummaryJune 30, 2008 DWS Bond VIP 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
redeemed, 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 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. While all share classes have the same underlying portfolio,
their performance will differ. The total annual portfolio operating expense ratio, gross of any fee waivers or expense reimbursements, as stated in the fee
table of the prospectus dated May 1, 2008 is 0.57% for Class A shares. 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 3-year, 5-year and 10-year periods shown reflect a fee waiver and/or expense reimbursement. Without this
waiver/reimbursement, returns would have been lower. Risk Considerations Investments by the Portfolio in lower-rated bonds present greater risk to principal and income than investments in higher-quality
securities. This Portfolio invests in individual bonds whose yields and market values fluctuate so that your investment may be worth
more or less than its original cost. Bond investments are subject to interest-rate risk such that when interest rates rise, the prices of
the bonds, and thus the value of the investment, can decline and the investor can lose principal value. Additionally, investing in foreign
securities presents certain risks, such as currency fluctuation and changes in political/economic conditions and market risks. All of
these factors may result in greater share price volatility. In the current market environment, mortgage-backed securities are
experiencing increased volatility. Please see this Portfolio's prospectus for specific details regarding its investments and risk profile. Growth of an Assumed $10,000 Investment[] DWS Bond VIP  Class A
[]Lehman Brothers US Aggregate Index
The Lehman Brothers US Aggregate Index is
an unmanaged, market value-weighted
measure of Treasury issues, agency issues,
corporate bond issues and mortgage
securities.
Index returns, unlike portfolio returns, do not
reflect any fees or expenses. It is not
possible to invest directly into an index.dvs1_g10k650Yearly periods ended June 30 Comparative ResultsDWS Bond VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$9,836
$10,142
$10,730
$11,668
$15,646Average annual total return
-1.64%
1.42%
2.38%
3.13%
4.58%Lehman Brothers
US Aggregate Index
Growth of $10,000
$10,113
$10,712
$11,276
$12,082
$17,382Average annual total return
1.13%
7.12%
4.09%
3.85%
5.68% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  Information About Your Portfolio's Expenses DWS Bond VIP 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. The example in the
table is based on an investment of $1,000 invested at
the beginning of the six-month period and held for the
entire 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 ABeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       983.60Expenses Paid per $1,000*
$       2.91Hypothetical 5% Portfolio Return
Class ABeginning Account Value 1/1/08
$       1,000.00Ending Account Value 6/30/08
$       1,021.93Expenses Paid per $1,000*
$       2.97 * 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 366.  Annualized Expense Ratios
Class ADWS Variable Series I  DWS Bond VIP
.59% 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 DWS Bond VIP The US Federal Reserve Board (the Fed) did its part to restore hope to the US financial markets in the first quarter
of 2008, easing its benchmark fed funds rate (the overnight rate charged by banks when they borrow money from
each other) by 200 basis points (or two percentage points), and staving off a financial meltdown by arranging the
sale of Bear Stearns to JP Morgan. The Bear Stearns rescue, along with extraordinary measures to add liquidity,
supported a rally in mortgage-backed securities and corporate bonds that lasted through most of the second
quarter. However, assets that trade at a yield spread over Treasuries came under renewed stress near the end of
the period.1 Inflation fears were reignited as oil threatened to breach the $150 per barrel level and another round
of deterioration in financial sector fundamentals returned to haunt the markets. Downgrades of insurers, housing
market declines, the threat of bank failures, and questions regarding the ongoing viability of Fannie Mae and
Freddie Mac all pressured prices. The two-year Treasury yield fell from 3.05% to 2.62% over the period after
having reached as low as 1.35%, and the 10-year yield fell from 4.04% to 3.97%. During the six-month period ended June 30, 2008, the Portfolio provided a total return of -1.64% (Class A shares,
unadjusted for contract charges) compared with the 1.13% return of its benchmark, the Lehman Brothers US
Aggregate Index. The Portfolio's focus on fixed-income sectors that trade at a yield spread to Treasuries detracted from
performance for the full period, driven by the unprecedented flight to quality in the first quarter that boosted
Treasuries. In particular, the Portfolio's exposure to commercial mortgage-backed securities and prime hybrid
adjustable rate mortgages within the residential mortgage sector suffered from the lack of market liquidity.2 Our
high-yield corporate and emerging-market holdings underperformed, although our relatively defensive positioning
within the high-yield sector helped to limit the downside impact. While further volatility can be expected, we
remain focused on fundamental security level analysis to ensure that the Portfolio is comprised of holdings that
we believe can maintain sound credit quality under difficult scenarios for the economy. The following members of the management team handle the day-to-day operations of the high-yield and core
bond, active fixed-income and high-yield portions of the Portfolio.Portfolio Managers, Aberdeen Asset Management, Inc., Subadvisor to the PortfolioGary W. Bartlett, CFA
Warren S. Davis, III
Thomas J. Flaherty
J. Christopher Gagnier
Daniel R. Taylor, CFA
Timothy C. Vile, CFA
William T. Lissenden The following portfolio managers are responsible for the day-to-day management of the foreign securities,
foreign currencies and related investments for the Portfolio.Portfolio Managers, Aberdeen Asset Management Investment Services Limited, Sub-subadvisor to the PortfolioBrett Diment
Annette Fraser
Anthony Fletcher
Nik Hart
Stephen Ilott
Ian Winship
Matthew Cobon The Lehman Brothers US Aggregate Index is an unmanaged, market-value-weighted measure of Treasury issues, agency issues, corporate
bond issues and mortgage securities. Index returns, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to invest directly into an index. 1 The yield spread is the difference between the yield of a security and the yield of a comparable-duration Treasury. A large spread indicates
that investors require yields substantially above those of Treasuries in order to invest in lower-quality bonds. This is generally indicative of
a higher-risk environment. A smaller spread generally indicates a more positive environment, since investors are less concerned about risk
and therefore willing to accept lower yields. A drop in the yield spread is a positive.  2 A prime hybrid ARM loan is one made to a borrower with a positive credit history and features an interest rate that is fixed for an initial
period of time, then floats thereafter.  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. Past performance does not guarantee future results. Portfolio Summary DWS Bond VIP Asset Allocation(As a % of Investment Portfolio excluding Securities Lending Collateral)
6/30/08
12/31/07Commercial and Non-Agency Mortgage-Backed Securities
39%
35%Corporate Bonds
21%
19%Government & Agency Obligations
13%
17%Mortgage Backed Securities Pass-Throughs
13%
15%Collateralized Mortgage Obligations
6%
4%Preferred Securities
3%
5%Municipal Bonds and Notes
2%
2%Cash Equivalents
2%
2%Asset Backed
1%
1%100%
100% Quality(Excludes Securities Lending Collateral)
6/30/08
12/31/07US Government & Treasury Obligations
32%
36%AAA*
41%
35%AA
4%
3%A
5%
7%BBB
13%
13%BB or Below
5%
6%100%
100% Effective Maturity(Excludes Cash Equivalents and Securities Lending Collateral)
6/30/08
12/31/07Under 1 year
3%
3%1-4.99 years
38%
45%5-9.99 years
47%
41%10-14.99 years
2%
1%15+ years
10%
10%100%
100% * Category includes cash equivalents  Weighted average effective maturity: 7.38 and 6.99 years, respectively. Asset allocation, quality and effective maturity are subject to change. The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit
ratings. The ratings of Moody's and S&P represent their opinions as to the quality of the securities they rate. Ratings are relative and
subjective and are not absolute standards of quality. The Portfolio's credit quality does not remove market risk. For more complete details about the Portfolio's investment portfolio, see page 8. 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. 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) DWS Bond VIP Principal
Amount ($)(a)
Value ($)Corporate Bonds 20.8%Consumer Discretionary 1.3%AutoNation, Inc.:4.713%*, 4/15/2013
62,000
52,3907.0%, 4/15/2014
65,000
57,850Avis Budget Car Rental LLC,
7.625%, 5/15/2014 (b)
58,000
46,400Caesars Entertainment, Inc.,
8.125%, 5/15/2011 (b)
123,000
98,400Comcast Cable Holdings LLC,
10.125%, 4/15/2022
168,000
208,105Comcast Corp., 6.4%, 5/15/2038
95,000
87,635Dex Media, Inc.,
8.0%, 11/15/2013 (b)
65,000
47,450Expedia, Inc., 144A,
8.5%, 7/1/2016 (b)
135,000
131,962Great Canadian Gaming Corp.,
144A, 7.25%, 2/15/2015
75,000
72,750Grupo Televisa SA, 144A,
6.0%, 5/15/2018
500,000
486,270INVISTA, 144A, 9.25%, 5/1/2012
198,000
202,455TCI Communications, Inc.,
8.75%, 8/1/2015
511,000
577,622Valassis Communications, Inc.,
8.25%, 3/1/2015 (b)
31,000
28,133Viacom, Inc., 5.75%, 4/30/2011
458,000
459,0682,556,490Consumer Staples 1.5%Constellation Brands, Inc.:7.25%, 9/1/2016 (b)
69,000
64,8608.375%, 12/15/2014
66,000
66,825CVS Caremark Corp.:6.25%, 6/1/2027 (b)
332,000
325,1356.302%, 6/1/2037
1,050,000
900,375Delhaize America, Inc.,
9.0%, 4/15/2031
400,000
470,881Kroger Co., 6.8%, 4/1/2011
505,000
526,605Miller Brewing Co., 144A,
5.5%, 8/15/2013
680,000
694,9503,049,631Energy 2.0%Allis-Chalmers Energy, Inc.,
8.5%, 3/1/2017 (b)
68,000
62,900Chesapeake Energy Corp.:7.25%, 12/15/2018 (b)
97,000
94,3327.5%, 9/15/2013
79,000
79,000Copano Energy LLC, 144A,
7.75%, 6/1/2018
47,000
45,825Dynegy Holdings, Inc.,
7.5%, 6/1/2015
74,000
68,265Enbridge Energy Partners LP,
8.05%, 10/1/2037
61,000
56,760Enterprise Products Operating LP:Series B, 5.6%, 10/15/2014
680,000
666,1278.375%, 8/1/2066
367,000
366,895Kinder Morgan Energy Partners LP,
6.95%, 1/15/2038
510,000
506,186Linn Energy LLC, 144A,
9.875%, 7/1/2018
134,000
132,660Principal
Amount ($)(a)
Value ($)National-Oilwell Varco, Inc.,
Series B, 6.125%, 8/15/2015
161,000
163,498Petro-Canada, 6.8%, 5/15/2038
545,000
533,832Petroleos de Venezuela SA,
5.25%, 4/12/2017
200,000
139,000Plains Exploration & Production
Co., 7.625%, 6/1/2018 (b)
89,000
89,000Quicksilver Resources, Inc.:7.125%, 4/1/2016
69,000
64,2567.75%, 8/1/2015
154,000
152,460SandRidge Energy, Inc.:144A, 6.323%*, 4/1/2014
15,000
14,720144A, 8.0%, 6/1/2018
52,000
52,260144A, 8.625%, 4/1/2015 (PIK)
30,000
30,750SESI LLC, 6.875%, 6/1/2014
34,000
32,470Southern Union Co.,
7.2%, 11/1/2066
190,000
153,317TransCanada PipeLines Ltd.,
6.35%, 5/15/2067
684,000
590,6134,095,126Financials 7.4%AES El Salvador Trust, 144A,
6.75%, 2/1/2016
475,000
426,563American International Group, Inc.,
144A, 8.175%, 5/15/2058
315,000
296,449Arch Western Finance,
6.75%, 7/1/2013 (b)
70,000
68,600Banco Mercantil del Norte
SA, Series A, 144A,
6.862%, 10/13/2021
362,000
337,594Bank of New York Mellon Corp.,
Series G, 4.95%, 11/1/2012
654,000
652,099Banque Centrale de Tunisie,
8.25%, 9/19/2027
70,000
80,521Berkshire Hathaway Finance Corp.,
144A, 4.6%, 5/15/2013
1,025,000
1,021,862Corp. Andina de Fomento,
6.875%, 3/15/2012
115,000
120,859Discover Financial Services,
3.316%*, 6/11/2010
550,000
470,369EDP Finance BV, 144A, 5.375%,
11/2/2012
865,000
862,260Erac USA Finance Co.:144A, 5.8%, 10/15/2012
340,000
321,351144A, 7.0%, 10/15/2037
950,000
790,192144A, 8.0%, 1/15/2011
330,000
340,810ESI Tractebel Acquisition Corp.,
Series B, 7.99%, 12/30/2011 (b)
107,000
108,873Farmers Exchange Capital, 144A,
7.2%, 7/15/2048
385,000
347,687FPL Group Capital, Inc.:6.65%, 6/15/2067
360,000
318,244Series D, 7.3%, 9/1/2067
20,000
18,819General Electric Capital Corp.:5.625%, 5/1/2018
445,000
430,3395.875%, 1/14/2038
730,000
661,576Glen Meadow Pass-Through Trust,
144A, 6.505%, 2/12/2067
330,000
284,913HBOS PLC, 144A,
6.75%, 5/21/2018 (b)
175,000
167,364HSBC Bank USA NA,
7.0%, 1/15/2039
515,000
503,888Principal
Amount ($)(a)
Value ($)KazMunaiGaz Finance
Sub BV, Series REG S,
9.125%, 7/2/2018
100,000
100,500KeyCorp., Series H,
6.5%, 5/14/2013
190,000
169,643Merrill Lynch & Co., Inc.,
7.75%, 5/14/2038
355,000
332,804Metropolitan Life Global
Funding I, 144A,
5.125%, 4/10/2013
565,000
556,349Morgan Stanley:Series F, 6.0%, 4/28/2015
255,000
243,785Series F, 6.625%, 4/1/2018
300,000
284,257National Australia Bank Ltd.,
144A, 5.35%, 6/12/2013
435,000
434,313NLV Financial Corp., 144A,
6.5%, 3/15/2035
734,000
611,534NYSE Euronext, 
4.8%, 6/28/2013
455,000
448,739Petroplus Finance Ltd.,
144A, 7.0%, 5/1/2017
150,000
132,375Red Arrow International
Leasing, "A",
8.375%, 6/30/2012  RUB
3,108,106
131,687Rio Tinto Finance (USA) Ltd.:5.875%, 7/15/2013
540,000
542,9946.5%, 7/15/2018
255,000
255,7747.125%, 7/15/2028
195,000
197,324SPI Electricity & Gas Australia
Holdings Property Ltd.,
144A, 6.15%, 11/15/2013
425,000
428,122Standard Chartered Bank,
144A, 6.4%, 9/26/2017
345,000
337,267TNK-BP Finance SA, 144A,
7.5%, 3/13/2013
150,000
147,750UDR, Inc., Series E, (REIT),
3.9%, 3/15/2010
245,000
235,675Wells Fargo & Co., 5.25%,
10/23/2012
210,000
211,177Xstrata Finance Canada Ltd.,
144A, 6.9%, 11/15/2037
585,000
562,71314,996,014Health Care 0.7%Advanced Medical Optics,
Inc., 7.5%, 5/1/2017 (b)
70,000
64,400Boston Scientific Corp.,
5.45%, 6/15/2014
86,000
79,335Medco Health Solutions, Inc.,
6.125%, 3/15/2013
725,000
727,414Quest Diagnostics, Inc.,
6.95%, 7/1/2037
260,000
252,747Schering-Plough Corp.,
6.55%, 9/15/2037
385,000
375,9991,499,895Industrials 1.0%Allied Waste North America,
Inc., Series B,
5.75%, 2/15/2011 (b)
31,000
30,458America West Airlines,
Inc., Series 99-1,
7.93%, 1/2/2019
209,827
191,992Arizona Public Service Co.,
5.625%, 5/15/2033
550,000
427,718Iron Mountain, Inc.,
8.625%, 4/1/2013 (b)
99,000
99,495Kansas City Southern de
Mexico SA de CV,
9.375%, 5/1/2012
460,000
478,400Principal
Amount ($)(a)
Value ($)Northwest Pipelines Corp.,
5.95%, 4/15/2017
450,000
435,375United Technologies Corp.,
6.125%, 7/15/2038
365,000
366,6482,030,086Information Technology 0.6%Broadridge Financial Solutions, Inc.,
6.125%, 6/1/2017
494,000
415,470Tyco Electronics Group SA,
6.0%, 10/1/2012
695,000
701,7531,117,223Materials 1.3%Airgas, Inc., 144A,
7.125%, 10/1/2018 (b)
68,000
68,510ArcelorMittal, 144A,
5.375%, 6/1/2013
615,000
605,579Celulosa Arauco y Constitucion SA,
5.625%, 4/20/2015
385,000
373,702Freeport-McMoRan Copper & Gold,
Inc., 8.375%, 4/1/2017
221,000
233,155Huntsman International LLC,
7.375%, 1/1/2015
99,000
86,625Momentive Performance Materials,
Inc., 9.75%, 12/1/2014 (b)
52,000
44,460Nucor Corp., 6.4%, 12/1/2037
295,000
299,303Peabody Energy Corp., Series B,
6.875%, 3/15/2013
38,000
38,095Pliant Corp., 11.625%,
6/15/2009 (PIK)
7
7Sappi Papier Holding AG, 144A,
6.75%, 6/15/2012
85,000
81,661Steel Dynamics, Inc.:144A, 7.375%, 11/1/2012
90,000
90,000144A, 7.75%, 4/15/2016
156,000
155,220The Mosaic Co., 144A,
7.375%, 12/1/2014
157,000
164,065United States Steel Corp.,
5.65%, 6/1/2013
441,000
429,3852,669,767Telecommunication Services 0.9%Cincinnati Bell, Inc.,
7.25%, 7/15/2013
58,000
56,550Citizens Communications Co.,
9.0%, 8/15/2031
177,000
159,300Qwest Corp.:7.5%, 10/1/2014
265,000
255,0637.625%, 6/15/2015
309,000
297,412Telecom Italia Capital:6.2%, 7/18/2011 (b)
175,000
178,4517.721%, 6/4/2038
310,000
315,003Verizon Communications, Inc.:5.25%, 4/15/2013
105,000
104,3966.9%, 4/15/2038
330,000
326,130Windstream Corp.,
8.125%, 8/1/2013
35,000
34,9131,727,218Utilities 4.1%Allegheny Energy Supply Co., LLC,
144A, 8.25%, 4/15/2012
365,000
380,513Baltimore Gas & Electric Co.,
6.35%, 10/1/2036
260,000
236,825CMS Energy Corp.,
8.5%, 4/15/2011 (b)
35,000
36,537Principal
Amount ($)(a)
Value ($)Commonwealth Edison Co.:5.8%, 3/15/2018 (b)
110,000
107,379Series 98, 6.15%, 3/15/2012
550,000
561,8416.95%, 7/15/2018
310,000
307,675Constellation Energy Group, Inc.,
7.6%, 4/1/2032
205,000
205,345Dominion Resources, Inc.:Series 06-B, 6.3%, 9/30/2066
330,000
302,0337.5%, 6/30/2066
935,000
869,902Edison Mission Energy,
7.5%, 6/15/2013
57,000
56,573Energy Future Holdings Corp.,
7.48%, 1/1/2017
387,152
334,499Integrys Energy Group, Inc.,
6.11%, 12/1/2066
580,000
480,181Intergen NV, 144A,
9.0%, 6/30/2017
150,000
155,250Majapahit Holding BV, Series REG
S, 7.75%, 10/17/2016
100,000
93,832Mirant North America LLC,
7.375%, 12/31/2013
49,000
48,571NRG Energy, Inc.,
7.375%, 1/15/2017 (b)
305,000
288,225Orion Power Holdings, Inc.,
12.0%, 5/1/2010
90,000
97,200Pedernales Electric Cooperative,
Series 2002-A, 144A,
6.202%, 11/15/2032
315,000
291,107PNM Resources, Inc.,
9.25%, 5/15/2015
69,000
71,243PPL Capital Funding, Inc., Series A,
6.7%, 3/30/2067
830,000
708,020PSE&G Energy Holdings LLC,
8.5%, 6/15/2011
150,000
157,331Regency Energy Partners LP,
8.375%, 12/15/2013
176,000
179,960Reliant Energy, Inc.,
6.75%, 12/15/2014
177,000
180,540Sierra Pacific Power Co., Series P,
6.75%, 7/1/2037
550,000
537,491Union Electric Co., 6.7%, 2/1/2019
645,000
653,335Wisconsin Energy Corp., Series A,
6.25%, 5/15/2067
955,000
821,4348,162,842Total Corporate Bonds (Cost $44,155,921)
41,904,292Asset Backed 1.1%Automobile Receivables 0.2%Household Automotive Trust,
"A4", Series 2006-1,
5.52%, 3/18/2013
500,000
498,483Home Equity Loans 0.9%Chase Funding Loan Acquisition
Trust, "IA5", Series 2001-C2,
6.468%, 2/25/2013
689,888
654,317Countrywide Asset-Backed
Certificates, "2A3",
Series 2005-12,
5.069%, 2/25/2036
1,098,267
1,080,018Soundview Home Equity Loan
Trust, "A2", Series 2005-CTX1,
5.195%, 11/25/2035
79,035
78,7761,813,111Total Asset Backed (Cost $2,271,995)
2,311,594Principal
Amount ($)(a)
Value ($)Mortgage-Backed Securities
Pass-Throughs 12.8%Federal Home Loan
Mortgage Corp.:5.5%, with various maturities
from 10/1/2023 until 8/1/2024
752,617
748,9435.523%*, 2/1/2038
975,215
973,7266.5%, 3/1/2026
1,370,516
1,424,1987.0%, 1/1/2038
454,193
477,882Federal National Mortgage
Association:4.5%, 6/1/2034
990,706
920,5835.0%, with various maturities
from 2/1/2021 until 5/1/2034
2,828,884
2,756,8055.5%, with various maturities
from 1/1/2025 until 7/1/2037
9,968,035
9,855,9446.0%, with various maturities
from 4/1/2024 until 3/1/2025
1,381,887
1,410,7136.5%, with various maturities
from 3/1/2017 until 1/1/2038
6,921,728
7,147,5468.0%, 9/1/2015
31,073
33,027Total Mortgage-Backed Securities
Pass-Throughs (Cost $25,696,030)
25,749,367Commercial and Non-Agency Mortgage-Backed
Securities 38.4%Adjustable Rate Mortgage Trust,
"3A31", Series 2005-10,
5.417%*, 1/25/2036
820,000
701,917American Home Mortgage
Investment Trust, "5A3",
Series 2005-2,
5.077%, 9/25/2035
1,050,000
942,744Banc of America Mortgage
Securities, Inc., "1A20",
Series 2005-3, 5.5%, 4/25/2035
1,095,000
1,060,710Bear Stearns Adjustable Rate
Mortgage Trust:"A1", Series 2006-1,
4.625%*, 2/25/2036
1,767,295
1,687,479"2A1", Series 2006-4,
5.794%*, 10/25/2036
699,927
620,535"3A1", Series 2007-5,
5.984%*, 8/25/2047
1,596,693
1,460,086"22A1", Series 2007-4,
6.001%*, 6/25/2047
1,617,261
1,488,783Bear Stearns Commercial
Mortgage Securities:"A2", Series 2007-PW16,
5.85%*, 6/11/2040
1,650,000
1,627,335"AAB", Series 2007-PW16,
5.902%*, 6/11/2040
1,200,000
1,157,720Chase Mortgage Finance Corp.:"3A1", Series 2005-A1,
5.281%*, 12/25/2035
1,257,308
1,210,389"3A1", Series 2007-A3,
5.988%*, 12/25/2037
902,274
885,257Citicorp Mortgage Securities, Inc.,
"3A1", Series 2004-1,
4.75%, 1/25/2034
1,445,497
1,402,857Citigroup Mortgage Loan
Trust, Inc.:"1A2", Series 2006-AR2,
5.526%*, 3/25/2036
1,032,739
962,267"2A1A", Series 2007-AR8,
5.913%*, 7/25/2037
682,806
655,093"1CB2", Series 2004-NCM2,
6.75%, 8/25/2034
626,858
607,660Principal
Amount ($)(a)
Value ($)Citigroup/Deutsche Bank
Commercial Mortgage Trust,
"A4", Series 2005-CD1,
5.4%*, 7/15/2044
800,000
771,431Countrywide Alternative
Loan Trust:"1A1", Series 2004-2CB,
4.25%, 3/25/2034
296,162
286,231"A1", Series 2004-1T1,
5.0%, 2/25/2034
322,894
308,350"A2", Series 2002-18,
5.25%, 2/25/2033
609,326
590,155"A2", Series 2003-21T1,
5.25%, 12/25/2033
518,317
476,552"A2", Series 2004-1T1,
5.5%, 2/25/2034
214,446
206,049Countrywide Capital Cobalt,
"AAB", Series 2006-C1,
5.223%, 8/15/2048
559,000
532,006Countrywide Home Loans:"A1", Series 2005-29,
5.75%, 12/25/2035
1,161,076
1,100,073"A2", Series 2006-1,
6.0%, 3/25/2036
842,389
807,641Credit Suisse Mortgage Capital
Certificates, Inc.:"3A1", Series 2006-9,
6.0%, 11/25/2036
1,304,034
1,263,283"3A19", Series 2007-5,
6.0%, 8/25/2037
1,077,611
1,043,935CS First Boston Mortgage
Securities Corp., "10A3",
Series 2005-10,
6.0%, 11/25/2035
236,499
218,989First Franklin Mortgage Loan Asset
Backed Certificate, "A2A",
Series 2007-FFC, 2.633%*,
6/25/2027
820,174
457,175GE Capital Commercial Mortgage
Corp., "AJ", Series 2007-C1,
5.677%, 12/10/2049
1,160,000
917,883GMAC Mortgage Corp. Loan Trust,
"A1", Series 2006-J1,
5.75%, 4/25/2036
1,085,487
1,061,041Greenwich Capital Commercial
Funding Corp.:"A2", Series 2007-GG9,
5.381%, 3/10/2039
775,000
757,974"AM", Series 2007-GG9,
5.475%, 3/10/2039
1,025,000
915,188"AJ", Series 2007-GG9,
5.505%, 3/10/2039
108,000
84,751"A4", Series 2007-GG11,
5.736%, 12/10/2049
700,000
661,693GS Mortgage Securities Corp. II:"A2", Series 2006-GG8,
5.479%, 11/10/2039
1,100,000
1,090,821"A2", Series 2007-GG10,
5.778%, 8/10/2045
1,640,000
1,618,591"AAB", Series 2007-GG10,
5.993%*, 8/10/2045
1,620,000
1,568,585"J", Series 2007-GG10, 144A,
5.993%*, 8/10/2045
1,096,000
442,680"AJ", Series 2007-GG10,
5.993%*, 8/10/2045
1,130,000
904,988"K", Series 2007-GG10, 144A,
5.993%*, 8/10/2045
767,000
267,581"A4", Series 2007-GG10,
5.993%*, 8/10/2045
600,000
573,724Principal
Amount ($)(a)
Value ($)GSR Mortgage Loan Trust:"1A1", Series 2007-AR2,
5.781%*, 5/25/2047
1,158,513
1,076,535"2A1", Series 2007-AR1,
5.998%*, 3/25/2037
1,965,861
1,812,689Indymac Inda Mortgage Loan Trust,
"1A2", Series 2007-AR1,
5.731%*, 3/25/2037
1,040,812
1,014,598Indymac Index Mortgage Loan
Trust, "3A1", Series 2006-AR33,
5.768%*, 1/25/2037
721,446
679,684JPMorgan Chase Commercial
Mortgage Securities Corp.:"A3A1", Series 2005-LDP4,
4.871%, 10/15/2042
235,000
230,912"ASB", Series 2007-LD12,
5.833%, 2/15/2051
1,175,000
1,137,485"A4", Series 2007-LD12,
5.882%, 2/15/2051
575,000
549,004"ASB", Series 2007-CB19,
5.92%*, 2/12/2049
880,000
850,869"F", Series 2007-LD11,
6.007%*, 6/15/2049
650,000
416,283"G", Series 2007-LD11, 144A,
6.007%*, 6/15/2049
760,000
458,611"H", Series 2007-LD11, 144A,
6.007%*, 6/15/2049
460,000
206,998"E", Series 2007-LD11,
6.007%*, 6/15/2049
590,000
389,438"A4", Series 2007-LD11,
6.007%*, 6/15/2049
570,000
545,224JPMorgan Mortgage Trust,
"2A4", Series 2006-A2,
5.755%*, 4/25/2036
1,420,000
1,232,403Master Alternative Loans Trust:"5A1", Series 2005-1,
5.5%, 1/25/2020
829,595
751,302"5A1", Series 2005-2,
6.5%, 12/25/2034
108,370
89,879"8A1", Series 2004-3,
7.0%, 4/25/2034
22,903
21,014Master Asset Securitization
Trust, "2A7", Series 2003-9,
5.5%, 10/25/2033
522,553
494,140Merrill Lynch Mortgage Investors
Trust, "A2", Series 2005-A5,
4.566%, 6/25/2035
105,000
98,914Merrill Lynch Mortgage Trust,
"ASB", Series 2007-C1,
6.023%*, 6/12/2050
590,000
571,518Merrill Lynch/Countrywide
Commercial Mortgage Trust,
"ASB", Series 2007-5,
5.362%, 8/12/2048
1,000,000
942,271Morgan Stanley Capital I:"A2", Series 2007-HQ11,
5.359%, 2/12/2044
1,600,000
1,562,685"AAB", Series 2007-IQ14,
5.654%, 4/15/2049
1,105,000
1,057,407"AM", Series 2007-HQ12,
5.811%*, 4/12/2049
600,000
541,574"AJ", Series 2007-IQ15,
6.077%*, 6/11/2049
900,000
723,873"F", Series 1998-HF1, 144A,
7.18%, 3/15/2030
75,799
75,944New York Mortgage Trust,
"2A3", Series 2006-1,
5.647%*, 5/25/2036
1,100,000
1,044,050Principal
Amount ($)(a)
Value ($)Residential Accredit Loans, Inc.:"3A1", Series 2006-QS18,
5.75%, 12/25/2021
728,589
690,154"CB", Series 2004-QS2,
5.75%, 2/25/2034
518,236
445,035Residential Funding Mortgage
Securities I, "2A2", Series
2007-SA1, 5.613%*, 2/25/2037
1,324,249
1,253,949Sequoia Mortgage Trust,
"2A1", Series 2007-1,
5.762%*, 2/20/2047
1,335,853
1,273,794Structured Adjustable Rate
Mortgage Loan Trust:"1A4", Series 2005-22,
5.25%, 12/25/2035
1,160,000
840,612"6A3", Series 2005-21,
5.4%, 11/25/2035
740,000
624,467"7A4", Series 2006-1,
5.62%, 2/25/2036
930,000
699,490Structured Asset Securities Corp.,
"2A1", Series 2003-1,
6.0%, 2/25/2018
4,010
3,984SunTrust Adjustable Rate
Mortgage Loan Trust,
"3A1", Series 2007-4,
5.999%*, 10/25/2037
1,602,625
1,506,258Wachovia Bank Commercial
Mortgage Trust:"A3", Series 2007-C30,
5.246%, 12/15/2043
770,000
747,792"A2", Series 2007-C31,
5.421%, 4/15/2047
1,080,000
1,052,283"H", Series 2007-C32, 144A,
5.929%*, 6/15/2049
770,000
342,750"ABP", Series 2007-C32,
5.929%*, 6/15/2049
720,000
695,199Wachovia Mortgage Loan Trust
LLC, "3A1", Series 2005-B,
5.157%*, 10/20/2035
1,083,991
1,053,507Washington Mutual Mortgage
Pass-Through Certificates Trust:"1A3", Series 2005-AR16,
5.099%*, 12/25/2035
825,000
777,613"1A1", Series 2006-AR18,
5.343%*, 1/25/2037
1,159,900
1,096,946"4A1", Series 2007-HY3,
5.348%*, 3/25/2037
1,594,393
1,486,826"1A1", Series 2007-HY4,
5.55%*, 4/25/2037
1,367,845
1,296,221"1A1", Series 2006-AR16,
5.606%*, 12/25/2036
1,088,669
997,862"1A1", Series 2007-HY2,
5.622%*, 12/25/2036
1,407,907
1,319,814"2A3", Series 2006-AR6,
5.954%*, 8/25/2036
1,055,000
905,042Wells Fargo Mortgage Backed
Securities Trust:"B1", Series 2005-AR12,
4.327%*, 7/25/2035
758,222
520,702"2A5", Series 2006-AR2,
5.106%*, 3/25/2036
2,510,272
2,431,779"A4", Series 2005-AR14,
5.387%*, 8/25/2035
945,000
796,097"2A5", Series 2006-AR1,
5.551%*, 3/25/2036
935,000
778,946Total Commercial and Non-Agency
Mortgage-Backed Securities
(Cost $84,256,120)
77,610,628Principal
Amount ($)(a)
Value ($)Collateralized Mortgage Obligations 5.5%Fannie Mae Whole Loan,
"1A1", Series 2004-W15,
6.0%, 8/25/2044
289,815
282,890Federal Home Loan
Mortgage Corp.:"WJ", Series 2557,
5.0%, 7/15/2014
331,932
334,407"TA", Series 2750,
5.0%, 2/15/2032
1,010,000
993,511"PD", Series 2774,
5.0%, 8/15/2032
1,010,000
992,545"ME", Series 2775,
5.0%, 12/15/2032
460,000
451,812"EG", Series 2836,
5.0%, 12/15/2032
1,580,000
1,545,989"PD", Series 2893,
5.0%, 2/15/2033
800,000
780,851"OG", Series 2889,
5.0%, 5/15/2033
685,000
668,576"PE", Series 2898,
5.0%, 5/15/2033
335,000
327,458"PD", Series 2939,
5.0%, 7/15/2033
535,000
521,743"KG", Series 2987,
5.0%, 12/15/2034
1,470,000
1,425,166Federal National Mortgage
Association:"EG", Series 2005-22,
5.0%, 11/25/2033
750,000
730,201"WD", Series 2005-86,
5.0%, 3/25/2034
1,525,000
1,485,293"PG", Series 2002-3,
5.5%, 2/25/2017
476,243
480,809"ZQ", Series G92-9,
7.0%, 12/25/2021
41,017
41,309Total Collateralized Mortgage Obligations
(Cost $11,091,980)
11,062,560Government & Agency Obligations 13.2%Sovereign Bonds 2.3%Dominican Republic, 
Series REG S,
8.625%, 4/20/2027
200,000
205,000Government of Malaysia,
Series 1/04, 
4.305%, 2/27/2009       MYR
570,000
175,161Government of Ukraine,
Series REG S,
6.75%, 11/14/2017
390,000
349,635Government of Indonesia:Series REG S, 
8.5%, 10/12/2035
100,000
104,843Series FR49, 
9.0%, 9/15/2013 IDR
900,000,000
82,659Series FR23, 
11.0%, 12/15/2012       IDR
1,600,000,000
161,727Series FR18, 
13.175%,7/15/2012       IDR
270,000,000
29,457Series FR16, 
13.45%, 8/15/2011       IDR
480,000,000
53,036Mexican Bonds, Series M-10,
7.25%, 12/15/2016       MXN
1,900,000
163,034Nota do Tesouro Nacional,
10.0%, 1/1/2017    BRL
710,000
343,037Principal
Amount ($)(a)
Value ($)Republic of Argentina:GDP Linked Note, 
12/15/2035
410,000
37,6483.0%*, 4/30/2013 (PIK)
70,000
33,346Series X, 7.0%, 4/17/2017
260,000
178,757Republic of Ecuador, 
Series REG S,
9.375%, 12/15/2015
170,000
175,100Republic of Egypt:9.1%, 7/12/2010        EGP
380,000
73,6609.1%, 9/20/2012        EGP
230,000
43,230Series 91, Treasury Bill,
9.16%**, 8/19/2008      EGP
700,000
129,5649.35%, 8/16/2010       EGP
80,000
15,454Republic of El Salvador:Series REG S, 
7.65%, 6/15/2035
90,000
92,700Series REG S, 
8.25%, 4/10/2032
40,000
44,000Republic of Gabon, Series
REG S, 8.2%, 12/12/2017
200,000
207,500Republic of Georgia,
7.5%, 4/15/2013
170,000
167,093Republic of Pakistan, Series
REG S, 6.875%, 6/1/2017
100,000
79,500Republic of Panama:6.7%, 1/26/2036
170,000
172,5507.125%, 1/29/2026
220,000
232,1007.25%, 3/15/2015
80,000
86,000Republic of Peru, 
8.2%, 8/12/2026 PEN
660,000
243,096Republic of Philippines:7.75%, 1/14/2031
100,000
103,6208.25%, 1/15/2014
70,000
74,9009.0%, 2/15/2013
120,000
131,7009.5%, 2/2/2030
60,000
73,275Republic of Turkey:Series CPI, 
10.0%, 2/15/2012        TRY
178,287
139,43116.0%, 3/7/2012        TRY
220,000
155,602Republic of Uruguay:7.875%, 1/15/2033 (PIK)
80,000
84,0008.0%, 11/18/2022
70,000
74,725Republic of Venezuela:Series REG S, 
9.0%, 5/7/2023
50,000
43,75010.75%, 9/19/2013
40,000
41,600State of Qatar, Series REG S,
9.75%, 6/15/2030
50,000
76,3004,677,790US Treasury Obligations 10.9%US Treasury Bonds:4.75%, 2/15/2037
630,000
650,5736.0%, 2/15/2026 (b)
4,034,000
4,724,5086.875%, 8/15/2025 (b)
405,000
516,3758.125%, 8/15/2019 (b)
450,000
601,031US Treasury Inflation Index
Note, 2.0%, 1/15/2014
5,202,360
5,523,039US Treasury Notes:3.375%, 6/30/2013
45,000
45,0813.5%, 2/15/2018
560,000
539,0443.875%, 5/15/2018 (b)
7,515,000
7,452,1824.0%, 2/15/2015 (b)
1,515,000
1,557,255Principal
Amount ($)(a)
Value ($)4.5%, 4/30/2012
160,000
167,7254.875%, 5/31/2011 (f)
100,000
105,53121,882,344Total Government & Agency Obligations
(Cost $26,184,269)
26,560,134Municipal Bonds and Notes 2.3%Gwinnett County, GA,
Development Authority
Revenue, Gwinnett Stadium
Project, 6.4%, 1/1/2028
655,000
662,657Jicarilla, NM, Sales & Special Tax
Revenue, Apache
Nation Revenue, 144A,
5.2%, 12/1/2013
670,000
680,392Los Angeles, CA, Community
Development Agency Tax
Allocation Revenue, Adelante
Eastside Project, Series C,
6.49%, 9/1/2037 (c)
325,000
297,128New Jersey, Economic
Development Authority
Revenue, Series B,
6.5%, 11/1/2013
860,000
900,558Rhode Island, Convention Center
Authority Revenue, Civic Center,
Series A, 6.06%, 5/15/2035 (c)
585,000
600,848Virgin Islands, Port Authority
Marine Revenue, Series B,
5.08%, 9/1/2013 (c)
1,420,000
1,424,444Total Municipal Bonds and Notes
(Cost $4,573,541)
4,566,027Preferred Securities 3.2%Bank of America Corp., Series M,
8.125%, 5/15/2018***
480,000
453,725Catlin Insurance Co., Ltd., 144A,
7.249%, 1/19/2017***
208,000
151,826Citigroup, Inc., Series E,
8.4%, 4/30/2018***
248,000
235,751ComEd Financing III,
6.35%, 3/15/2033
238,000
187,837JPMorgan Chase & Co., Series 1,
7.9%, 4/30/2018***
615,000
576,649Mangrove Bay Pass-Through Trust,
144A, 6.102%, 7/15/2013***
540,000
329,740Oil Insurance Ltd., 144A,
7.558%, 6/30/2011***
1,505,000
1,281,222PNC Financial Services Group, Inc.,
Series K, 8.25%, 5/21/2013***
435,000
434,071Royal Bank of Scotland Group PLC,
Series U, 7.64%, 9/29/2017***
1,800,000
1,645,792Santander Perpetual SA, 144A,
6.671%, 10/24/2017***
500,000
483,031Wells Fargo Capital XIII,
7.7%, 3/26/2013***
285,000
283,303XL Capital Ltd., Series E,
6.5%, 4/15/2017***
711,000
479,925Total Preferred Securities (Cost $7,560,734)
6,542,872 Shares
Value ($)Preferred Stocks 0.2%Arch Capital Group Ltd., 8.0%
4,202
98,127Delphi Financial Group,
Inc., 7.376%
18,000
343,125Ford Motor Credit Co.,
LLC, 7.375%
1,020
14,035Total Preferred Stocks (Cost $578,444)
455,287Securities Lending Collateral 8.2%Daily Assets Fund Institutional,
2.74% (d) (e) (Cost $16,644,679)
16,644,679
16,644,679Shares
Value ($)Cash Equivalents 1.7%Cash Management QP Trust,
2.49% (d) (Cost $3,450,930)
3,450,930
3,450,930 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $226,464,643)+
107.4
216,858,370Other Assets and Liabilities,
Net (b)
(7.4)
(14,972,066)Net Assets
100.0
201,886,304 * Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the
US Treasury bill rate. These securities are shown at their current rate as of June 30, 2008.  ** Bond equivalent yield to maturity; not a coupon rate.  *** Date shown is call date; not a maturity date for the perpetual preferred securities.  +  The cost for federal income tax purposes was $226,506,299. At June 30, 2008, net unrealized depreciation for all securities based on tax
cost was $9,647,929. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $1,293,064 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $10,940,993.  (a) Principal amount stated in US dollars unless otherwise noted.  (b) All or a portion of these securities were on loan (see Notes to Financial Statements) amounting to $14,540,740. In addition, included in
other assets and liabilities, net are pending sales, amounting to $1,570,705, that are also on loan. The value of all securities loaned at June
30, 2008 amounted to $16,111,445 which is 8.0% of net assets.  (c)  Bond is insured by one of these companies:  Insurance Coverage
As a % of Total
Investment PortfolioFinancial Guaranty Insurance Co.
0.9Radian Asset Assurance
0.2 (d) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at
period end.  (e) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  (f) At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.  144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. PIK: Denotes that all or a portion of the income is paid in kind. REIT: Real Estate Investment Trust As of June 30, 2008, open futures contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregated
Face
Value ($)
Value ($)
Unrealized
Appreciation ($)5 Year US Treasury Note
9/30/2008
58
6,359,285
6,412,172
52,887 As of June 30, 2008, open futures contracts sold were as follows: Futures
Expiration
Date
Contracts
Aggregated
Face
Value ($)
Value ($)
Unrealized 
Depreciation ($)10 Year US Treasury Note
9/19/2008
25
2,796,807
2,848,047
(51,240) As of June 30, 2008, the Portfolio entered into the following open forward foreign currency exchange contracts: Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Appreciation ($)CHF
276,000

USD
275,771

7/16/2008

5,535CLP
122,165,000

USD
269,978

7/15/2008

37,360EUR
185,566

HUF
45,767,000

7/16/2008

13,261EUR
751,000

USD
1,183,223

7/16/2008

1,828JPY
831,036

EUR
5,115

7/16/2008

290JPY
26,650,000

EUR
165,104

7/16/2008

8,510NOK
1,355,000

EUR
171,240

7/16/2008

3,807NZD
1,091,000

USD
854,856

7/16/2008

25,778SEK
1,527,000

EUR
163,391

7/16/2008

3,715USD
274,637

AUD
299,000

7/16/2008

11,324USD
251,424

CHF
262,000

7/16/2008

5,104USD
488,758

CNY
3,326,000

9/23/2008

2,334USD
252,597

JPY
27,100,000

7/16/2008

2,859USD
257,381

MXN
2,741,000

7/16/2008

7,744USD
114,346

RUB
2,714,000

7/16/2008

1,334USD
293,921

RUB
6,943,000

7/16/2008

2,013USD
231,453

RUB
5,508,000

8/8/2008

3,192USD
170,602

TRY
215,000

7/16/2008

3,918USD
80,185

UAH
416,000

1/23/2009

3,033USD
85,085

ZAR
672,000

7/16/2008

337Total unrealized appreciation
143,276 Contracts to Deliver

In Exchange For

Settlement
Date

Unrealized
Depreciation ($)AUD
291,000

NZD
344,914

7/16/2008

(16,202)BRL
34,000

USD
19,765

7/16/2008

(1,355)EUR
177,206

JPY
28,020,000

7/16/2008

(14,634)EUR
149,000

USD
230,901

7/16/2008

(3,490)GBP
117,000

USD
228,795

7/16/2008

(3,946)GBP
129,000

USD
254,781

7/16/2008

(1,832)GBP
1,128

USD
2,177

7/16/2008

(67)HUF
45,767,000

USD
283,668

7/16/2008

(21,505)JPY
738,974

EUR
4,549

7/16/2008

(69)JPY
22,570,000

USD
212,695

7/16/2008

(59)RUB
2,714,000

USD
115,195

7/16/2008

(485)TRY
215,000

USD
157,960

7/16/2008

(16,560)TRY
61,000

USD
47,963

7/16/2008

(1,552)USD
260,869

CLP
122,165,000

7/15/2008

(28,251)USD
710,846

JPY
71,391,000

7/16/2008

(37,885)USD
600,835

NOK
3,044,000

7/16/2008

(4,233)USD
5,379

NZD
7,000

7/16/2008

(59)USD
73,746

PEN
208,000

7/16/2008

(3,535)USD
575,387

SEK
3,442,000

7/16/2008

(4,391)Total unrealized depreciation
(160,110) Currency AbbreviationsAUD     Australian DollarBRL     Brazilian RealCHF     Swiss FrancCLP     Chilean PesoCNY     Yuan RenminbiEGP     Egyptian PoundEUR     EuroGBP     British PoundHUF     Hungarian ForintIDR     Indonesian RupiahJPY     Japanese YenMXN     Mexican PesoMYR     Malaysian RinggitNOK     Norwegian KroneNZD     New Zealand DollarPEN     Peruvian Nouveau SolRUB     Russian RubleSEK     Swedish KronaTRY     Turkish LiraUAH     Ukraine HryvnaUSD     United States DollarZAR     South African Rand Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets.
Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the
Federal National Mortgage Association and Federal Home Loan Mortgage Corp. issues have similar coupon rates and have been aggregated
for presentation purposes in the investment portfolio. 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
Appreciation/
(Depreciation)
on Other
Financial
Instruments++Level 1  Quoted Prices
$       20,550,896
$       1,647Level 2  Other Significant Observable Inputs
195,247,333
(16,834)Level 3  Significant Unobservable Inputs
1,060,141
Total
$    216,858,370
$    (15,187) + + Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as future contracts, written
options and forward foreign currency exchange contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  The following is a reconciliation of the Fund's assets in which significant unobservable inputs (Level 3) were used in determining fair value at
June 30, 2008: Investments in
Securities at
Market ValueBalance as of January 1, 2008
$       1,298,669Total realized gains or losses
21,144Change in unrealized appreciation (depreciation)
(47,678)Amortization Premium/Discount
(298)Net purchases (sales)
(211,696)Net transfers in (out) of Level 3
Balance as of June 30, 2008
$    1,060,141 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 $206,369,034), including $14,540,740
of securities loaned
$       196,762,761Investment in Daily Assets Fund Institutional
(cost $16,644,679)*
16,644,679Investment in Cash Management QP Trust
(cost $3,450,930)
3,450,930Total investments, at value (cost $226,464,643)
216,858,370Cash
21,833Foreign currency, at value (cost $6,952)
6,955Receivable for investments sold
2,308,658Dividends receivable
468Interest receivable
1,674,151Receivable for Portfolio shares sold
142,309Foreign taxes recoverable
8,064Receivable for daily variation margin on open
futures contracts
4,453Unrealized appreciation on open forward foreign
currency exchange contracts
143,276Other assets
4,526Total assets
221,173,063LiabilitiesPayable for investments purchased
2,209,445Payable for Portfolio shares redeemed
78,664Payable upon return of securities loaned
16,644,679Unrealized depreciation on open forward foreign
currency exchange contracts
160,110Net payable on closed forward foreign currency
exchange contracts
2,279Accrued management fee
61,405Other accrued expenses and payables
130,177Total liabilities
19,286,759Net assets, at value
$    201,886,304Net Assets Consist ofUndistributed net investment income
5,837,220Net unrealized appreciation (depreciation) on:Investments
(9,606,273)Futures
1,647Foreign currency
(19,232)Accumulated net realized gain (loss)
(3,682,982)Paid-in capital
209,355,924Net assets, at value
$    201,886,304Class A
Net Asset Value, offering and redemption price
per share ($201,886,304 ÷ 31,038,482
outstanding shares of beneficial interest, no par
value, unlimited number of shares authorized)
$    6.50 * 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 IncomeDividends
$       21,738Interest (net of foreign taxes withheld of $2,889)
6,363,007Interest  Cash Management QP Trust
87,005Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
116,666Total Income
6,588,416Expenses:Management fee
424,237Administration fee
108,779Custodian fee
25,595Distribution service fee (Class B)
506Services to shareholders
506Record keeping fee (Class B)
202Professional fees
40,912Trustees' fees and expenses
4,861Reports to shareholders
20,859Other
14,173Total expenses before expense reductions
640,630Expense reductions
(1,580)Total expenses after expense reductions
639,050Net investment income
5,949,366Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(2,309,429)Futures
(53,194)Foreign currency
123,277Payments by affiliates (see Note H)
221(2,239,125)Change in net unrealized appreciation
(depreciation) on:Investments
(7,372,636)Futures
1,647Foreign currency
(56,777)(7,427,766)Net gain (loss)
(9,666,891)Net increase (decrease) in net assets
resulting from operations
$    (3,717,525) 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
$       5,949,366
$       11,251,529Net realized gain (loss)
(2,239,125)
(121,794)Change in net unrealized appreciation (depreciation)
(7,427,766)
(1,978,095)Net increase (decrease) in net assets resulting from operations
(3,717,525)
9,151,640Distributions to shareholders from:Net investment income:Class A
(10,882,399)
(10,313,794)Class B
(31,809)
(83,297)Total distributions
(10,914,208)
(10,397,091)Portfolio share transactions:Class A
Proceeds from shares sold
11,958,205
38,092,545Reinvestment of distributions
10,882,399
10,313,794Cost of shares redeemed
(35,264,624)
(36,534,184)Net increase (decrease) in net assets from Class A share transactions
(12,424,020)
11,872,155Class B*
Proceeds from shares sold
292,257
1,299,403Reinvestment of distributions
31,809
83,297Cost of shares redeemed
(890,260)
(2,108,764)Net increase (decrease) in net assets from Class B share transactions
(566,194)
(726,064)Increase (decrease) in net assets
(27,621,947)
9,900,640Net assets at beginning of period
229,508,251
219,607,611Net assets at end of period (including undistributed net investment income of $5,837,220 and
$10,802,062, respectively)
$    201,886,304
$    229,508,251Other InformationClass A
Shares outstanding at beginning of period
32,791,859
31,026,023Shares sold
1,734,259
5,515,644Shares issued to shareholders in reinvestment of distributions
1,674,215
1,510,072Shares redeemed
(5,161,851)
(5,259,880)Net increase (decrease) in Class A shares
(1,753,377)
1,765,836Shares outstanding at end of period
31,038,482
32,791,859Class B*
Shares outstanding at beginning of period
87,887
198,161Shares sold
42,354
183,436Shares issued to shareholders in reinvestment of distributions
4,894
12,196Shares redeemed
(135,135)
(305,906)Net increase (decrease) in Class B shares
(87,887)
(110,274)Shares outstanding at end of period

87,887 * On May 22, 2008 Class B shares were liquidated.  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
$    6.98
$    7.03
$    6.99
$    7.13
$    7.04
$    6.98Income (loss) from investment operations:
Net investment incomeb
.18
.35
.33
.29
.29
.26Net realized and unrealized gain (loss)
(.29)
(.06)
(.01)
(.10)
.08
.09Total from investment operations
(.11)
.29
.32
.19
.37
.35Less distributions from:
Net investment income
(.37)
(.34)
(.27)
(.26)
(.28)
(.29)Net realized gains


(.01)
(.07)

Total distributions
(.37)
(.34)
(.28)
(.33)
(.28)
(.29)Net asset value, end of period
$    6.50
$    6.98
$    7.03
$    6.99
$    7.13
$    7.04Total Return (%)
(1.64)**
4.18
4.72c
2.60
5.38
5.06Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
202
229
218
209
177
176Ratio of expenses before expense reductions (%)
.59*
.61
.66
.68
.60
.58Ratio of expenses after expense reductions (%)
.59*
.61
.62
.68
.60
.58Ratio of net investment income (%)
5.47*
5.03
4.82
4.11
4.18
3.78Portfolio turnover rate (%)
121**
176d
179d
187d
223d
242daFor 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.dThe portfolio turnover rate including mortgage dollar roll transactions was 185%, 186%, 197%, 245% and 286% for the years ended
December 31, 2007, December 31, 2006, December 31, 2005, December 31, 2004, and December 31, 2003, respectively.*Annualized**Not annualized Performance SummaryJune 30, 2008 DWS Growth & Income VIP 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
redeemed, 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 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. While all share classes have the same underlying portfolio,
their performance will differ. 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 0.54% and 0.79% for Class A and Class B 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 expense reimbursement. Without this waiver/reimbursement,
returns would have been lower. Risk Considerations The Portfolio is subject to stock market risk, meaning stocks in the Portfolio may decline in value for extended periods of time due to
the activities and financial prospects of individual companies, or due to general market and economic conditions. Please read this
Portfolio's prospectus for specific information regarding its investments and risk profile. Growth of an Assumed $10,000 Investment[] DWS Growth & Income VIP  Class A
[]Russell 1000 ® Index
The Russell 1000® Index is an unmanaged
index that measures the performance of the
1,000 largest companies in the Russell 3000
Index, which represents approximately 92%
of the total market capitalization of the
Russell 3000 Index.
Index returns assume the reinvestment of
dividends and, unlike portfolio returns, do not
reflect any fees or expenses. It is not
possible to invest directly into an index.dvs1_g10k640Yearly periods ended June 30 Comparative ResultsDWS Growth & Income VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$8,916
$8,738
$10,944
$13,726
$10,460Average annual total return
-10.84%
-12.62%
3.05%
6.54%
.45%Russell 1000 Index
Growth of $10,000
$8,880
$8,764
$11,513
$14,846
$13,942Average annual total return
-11.20%
-12.36%
4.81%
8.22%
3.38%DWS Growth & Income VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass B
Growth of $10,000
$8,895
$8,701
$10,826
$13,484
$10,156Average annual total return
-11.05%
-12.99%
2.68%
6.16%
.15%Russell 1000 Index
Growth of $10,000
$8,880
$8,764
$11,513
$14,846
$13,942Average annual total return
-11.20%
-12.36%
4.81%
8.22%
3.38% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  Information About Your Portfolio's Expenses DWS Growth & Income VIP 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
six-month 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
six-month period and held for the entire 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 BBeginning Account Value 1/1/08
$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       891.60

$       889.50Expenses Paid per $1,000*
$       2.54

$       4.04Hypothetical 5% Portfolio Return
Class A

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

$       1,000.00Ending Account Value 6/30/08
$       1,022.18

$       1,020.59Expenses Paid per $1,000*
$       2.72

$       4.32 * 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 366.  Annualized Expense Ratios
Class A

Class BDWS Variable Series I  DWS Growth & Income VIP
.54%

.86% 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 DWS Growth & Income VIP 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 period ending June 30, 2008. The Russell 3000®
Index, which is generally regarded as a good indicator of the broad stock market, had a negative return of -11.05%
for the six months ended June 2008. Growth stocks, as measured by the Russell 1000® Growth Index (with a
return of -9.06%), performed somewhat better than value stocks, as measured by the Russell 1000® Value Index
(with a return of -13.57%). With a return of -10.84% (Class A shares, unadjusted for contract charges), the
Portfolio's return was quite close to that of its benchmark, the Russell 1000® Index, which posted a return of
-11.20%. The Portfolio is managed using a quantitative stock selection model, and most holdings are large US-based
companies. Since sector weights of this portfolio are normally maintained quite close to those of the Russell
1000 Index, most differences in return between the Portfolio and the index result from stock selection. During the
first half of 2008, stock selection in the banks and materials sectors contributed to performance relative to the
Russell 1000 Index. Positions in the health care equipment & services and energy sectors detracted from
performance. In the banks sector, the Portfolio benefited from avoiding or significantly underweighting some of the large banks
that were off sharply for the period. In the materials sector, a major positive was CF Industries Holdings Inc., a
fertilizer company that is benefiting from strong demand for agricultural products.1 Other positives in this sector
were AK Steel Holding Corp.* and Alpha Natural Resources Inc.*, an Appalachian coal supplier. In the health care equipment & services sector, performance was hurt by positions in several managed care
companies including Humana, Inc., Aetna, Inc. and Health Net Inc.* In the energy sector, performance was hurt
by positions in Frontier Oil Corp.* and Sunoco, Inc., which performed poorly; nonetheless, some of the Portfolio's
best performing issues, including ConocoPhillips and ENSCO International Inc.*, were also in the energy sector.  Robert Wang
Julie AbbettPortfolio Managers The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market
capitalization, which represents approximately 98% of the investable US equity market. The Russell 1000 Growth Index is an unmanaged, capitalization- weighted index containing those securities in the Russell 1000 Index with
higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index is an unmanaged index that consists of those stocks in the Russell 1000 Index with lower price-to-book ratios
and lower forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index,
which represents approximately 92% of the total market capitalization of the Russell 3000 Index. Index returns assume the reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index. * As of June 30, 2008, the positions were sold.  1"Overweight" means the portfolio holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the
portfolio holds a lower weighting.  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. Past performance does not guarantee future results. Portfolio Summary DWS Growth & Income VIP Asset Allocation(As a % of Investment Portfolio Excluding Securities Lending Collateral)
6/30/08
12/31/07Common Stocks
97%
97%Cash Equivalents
2%
3%Government & Agency Obligation
1%
100%
100% Sector Diversification(As a % of Common Stocks)
6/30/08
12/31/07Information Technology
16%
15%Industrials
15%
13%Health Care
14%
14%Energy
14%
14%Financials
12%
15%Consumer Discretionary
11%
11%Consumer Staples
7%
9%Materials
5%
3%Telecommunication Services
5%
4%Utilities
1%
2%100%
100% Asset allocation and sector diversification are subject to change. For more complete details about the Portfolio's investment portfolio, see page 25. 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) DWS Growth & Income VIP Shares
Value ($)Common Stocks 96.9%Consumer Discretionary 10.5%Auto Components 0.8%Autoliv, Inc.
8,800
410,256Cooper Tire & Rubber Co.
10,800
84,672Johnson Controls, Inc.
8,500
243,780Lear Corp.*
31,000
439,580TRW Automotive Holdings Corp.*
2,200
40,6341,218,922Hotels Restaurants & Leisure 1.8%McDonald's Corp.
13,700
770,214Yum! Brands, Inc.
58,200
2,042,2382,812,452Household Durables 0.3%Leggett & Platt, Inc.
16,800
281,736NVR, Inc.*
400
200,032481,768Leisure Equipment & Products 0.2%Hasbro, Inc.
7,400
264,328Media 3.6%Comcast Corp. "A"
96,800
1,836,296DISH Network Corp. "A"*
20,700
606,096Liberty Global, Inc. "A"*
12,400
389,732Omnicom Group, Inc.
1,400
62,832Scholastic Corp.*
4,500
128,970The DIRECTV Group, Inc.*
91,200
2,362,992The Walt Disney Co.
12,100
377,5205,764,438Multiline Retail 0.2%Big Lots, Inc.* (a)
6,800
212,432Dollar Tree, Inc.*
1,600
52,304264,736Specialty Retail 3.3%AutoZone, Inc.*
6,400
774,464Best Buy Co., Inc.
46,600
1,845,360RadioShack Corp.
70,500
865,035Rent-A-Center, Inc.*
4,000
82,280The Gap, Inc.
31,600
526,772TJX Companies, Inc.
37,100
1,167,5375,261,448Textiles, Apparel & Luxury Goods 0.3%Fossil, Inc.*
12,100
351,747Hanesbrands, Inc.*
2,100
56,994Quiksilver, Inc.*
7,200
70,704Wolverine World Wide, Inc.
1,400
37,338516,783Consumer Staples 6.5%Beverages 1.9%Coca-Cola Enterprises, Inc.
10,000
173,000Pepsi Bottling Group, Inc.
21,200
591,904PepsiCo, Inc.
34,800
2,212,9322,977,836Food & Staples Retailing 0.8%Kroger Co.
42,000
1,212,540Shares
Value ($)Food Products 0.4%Chiquita Brands International,
Inc.* (a)
15,600
236,652Darling International, Inc.*
5,800
95,816Fresh Del Monte Produce, Inc.*
13,200
311,124643,592Household Products 1.7%Colgate-Palmolive Co.
39,000
2,694,900Personal Products 0.1%Herbalife Ltd.
5,900
228,625Tobacco 1.6%Altria Group, Inc.
53,220
1,094,203Lorillard, Inc.*
4,100
283,556Philip Morris International, Inc.*
23,100
1,140,9092,518,668Energy 13.5%Energy Equipment & Services 0.2%Transocean, Inc.*
1,711
260,739Oil, Gas & Consumable Fuels 13.3%Apache Corp.
21,400
2,974,600Chevron Corp.
43,000
4,262,590ConocoPhillips
41,000
3,869,990ExxonMobil Corp.
14,239
1,254,883Frontline Ltd. (a)
5,800
404,724Hess Corp.
9,600
1,211,424Marathon Oil Corp.
32,600
1,690,962Mariner Energy, Inc.*
3,700
136,789Murphy Oil Corp.
2,000
196,100Noble Energy, Inc.
7,400
744,144Occidental Petroleum Corp.
33,100
2,974,366Sunoco, Inc.
29,500
1,200,355W&T Offshore, Inc.
1,500
87,76521,008,692Financials 11.7%Capital Markets 3.6%Bank of New York Mellon Corp.
76,500
2,893,995Investment Technology
Group, Inc.*
3,200
107,072Morgan Stanley
11,935
430,495Northern Trust Corp.
6,100
418,277State Street Corp.
17,900
1,145,421The Goldman Sachs Group, Inc.
3,765
658,4995,653,759Commercial Banks 1.6%Banco Santander SA (ADR)
5,100
92,769Barclays PLC (ADR) (a)
5,500
127,325Lloyds TSB Group PLC (ADR)
2,500
61,675PNC Financial Services Group, Inc.
12,200
696,620Susquehanna Bancshares, Inc.
2,800
38,332Wells Fargo & Co.
60,900
1,446,3752,463,096Consumer Finance 0.1%Cash America International, Inc.
4,500
139,500Shares
Value ($)Diversified Financial Services 2.0%Interactive Brokers Group,
Inc. "A"*
1,700
54,621JPMorgan Chase & Co.
65,100
2,233,581Leucadia National Corp.
3,700
173,678NYSE Euronext
5,700
288,762The Nasdaq OMX Group, Inc.*
13,600
361,0803,111,722Insurance 4.1%ACE Ltd.
35,600
1,961,204Aflac, Inc.
3,100
194,680Allied World Assurance Co.
Holdings Ltd.
2,300
91,126Berkshire Hathaway, Inc. "B"*
100
401,200China Life Insurance Co.,
Ltd. "H" (ADR)
1,300
67,834Endurance Specialty Holdings Ltd.
1,700
52,343Hartford Financial Services Group,
Inc.
1,400
90,398Manulife Financial Corp.
2,100
72,891MetLife, Inc.
44,550
2,350,904PartnerRe Ltd.
5,400
373,302The Travelers Companies, Inc.
19,000
824,6006,480,482Real Estate Investment Trusts 0.3%Boston Properties, Inc. (REIT)
1,700
153,374ProLogis (REIT)
4,500
244,575Simon Property Group, Inc. (REIT)
1,700
152,813550,762Health Care 13.8%Biotechnology 2.2%Gilead Sciences, Inc.*
54,100
2,864,595OSI Pharmaceuticals, Inc.*
15,800
652,8563,517,451Health Care Equipment & Supplies 1.8%Baxter International, Inc.
12,200
780,068Intuitive Surgical, Inc.*
4,900
1,320,060Kinetic Concepts, Inc.*
7,500
299,325St. Jude Medical, Inc.*
11,400
466,0322,865,485Health Care Providers & Services 4.3%Aetna, Inc.
56,200
2,277,786Express Scripts, Inc.*
15,000
940,800Health Management Associates,
Inc. "A"*
28,900
188,139Humana, Inc.*
31,400
1,248,778Kindred Healthcare, Inc.*
4,200
120,792LifePoint Hospitals, Inc.*
1,600
45,280Medco Health Solutions, Inc.*
37,800
1,784,160Owens & Minor, Inc.
3,800
173,6226,779,357Life Sciences Tools & Services 0.5%Invitrogen Corp.*
19,800
777,348Pharmaceuticals 5.0%Bristol-Myers Squibb Co.
99,700
2,046,841Eli Lilly & Co.
34,900
1,610,984Johnson & Johnson
5,000
321,700Merck & Co., Inc.
26,400
995,016Perrigo Co.
1,200
38,124Pfizer, Inc.
24,500
428,015Shares
Value ($)Schering-Plough Corp.
76,400
1,504,316Sepracor, Inc.*
45,300
902,376Watson Pharmaceuticals, Inc.*
900
24,4537,871,825Industrials 14.3%Aerospace & Defense 6.1%Boeing Co.
41,740
2,743,153Bombardier, Inc. "B"*
27,400
199,111General Dynamics Corp.
10,400
875,680Goodrich Corp.
10,400
493,584Honeywell International, Inc.
43,720
2,198,242Lockheed Martin Corp.
20,500
2,022,530Northrop Grumman Corp.
7,500
501,750Teledyne Technologies, Inc.*
1,000
48,790United Technologies Corp.
8,800
542,9609,625,800Building Products 0.1%Armstrong World Industries, Inc.
2,700
78,894Commercial Services & Supplies 0.8%Allied Waste Industries, Inc.*
23,800
300,356IKON Office Solutions, Inc.
4,100
46,248Manpower, Inc.
4,300
250,432The Brink's Co.
7,700
503,734United Stationers, Inc.*
1,900
70,2051,170,975Construction & Engineering 1.2%EMCOR Group, Inc.*
12,100
345,213Fluor Corp.
4,000
744,320Perini Corp.*
13,400
442,870Shaw Group, Inc.*
6,900
426,3511,958,754Electrical Equipment 0.4%GrafTech International Ltd.*
25,500
684,165Industrial Conglomerates 0.8%General Electric Co.
15,650
417,698Walter Industries, Inc.
8,100
881,0371,298,735Machinery 3.0%AGCO Corp.*
30,500
1,598,505Caterpillar, Inc.
32,700
2,413,914Flowserve Corp.
800
109,360Parker Hannifin Corp.
7,500
534,9004,656,679Marine 0.2%Kirby Corp.*
7,500
360,000Road & Rail 1.7%Burlington Northern Santa Fe Corp.
3,800
379,582Norfolk Southern Corp.
3,300
206,811Ryder System, Inc.
30,800
2,121,5042,707,897Information Technology 15.7%Communications Equipment 0.2%Cisco Systems, Inc.*
14,100
327,966Computers & Peripherals 6.2%Apple, Inc.*
14,100
2,360,904Hewlett-Packard Co.
57,600
2,546,496International Business Machines
Corp.
15,000
1,777,950Shares
Value ($)Lexmark International, Inc. "A"*
28,500
952,755QLogic Corp.*
11,200
163,408Sun Microsystems, Inc.*
40,300
438,464Western Digital Corp.*
43,700
1,508,9619,748,938Electronic Equipment & Instruments 0.6%Avnet, Inc.*
20,100
548,328Dolby Laboratories, Inc. "A"*
9,800
394,940Tyco Electronics Ltd.
1,300
46,566989,834Internet Software & Services 1.4%eBay, Inc.*
25,070
685,163Google, Inc. "A"*
2,820
1,484,5042,169,667IT Services 2.3%Accenture Ltd. "A"
21,200
863,264Computer Sciences Corp.*
21,700
1,016,428MasterCard, Inc. "A"
6,700
1,778,9843,658,676Semiconductors & Semiconductor Equipment 1.8%Amkor Technology, Inc.*
52,500
546,525Analog Devices, Inc.
12,300
390,771Skyworks Solutions, Inc.*
7,300
72,051Texas Instruments, Inc.
61,900
1,743,1042,752,451Software 3.2%Microsoft Corp.
177,475
4,882,337Symantec Corp.*
12,030
232,7815,115,118Materials 4.6%Chemicals 3.1%Celanese Corp. "A"
19,100
872,106CF Industries Holdings, Inc.
10,000
1,528,000Monsanto Co.
6,400
809,216Terra Industries, Inc.
33,600
1,658,1604,867,482Containers & Packaging 0.9%Owens-Illinois, Inc.*
33,300
1,388,277Metals & Mining 0.6%Southern Copper Corp.
2,200
234,586United States Steel Corp.
4,400
813,0321,047,618Telecommunication Services 4.6%Diversified Telecommunication Services 4.5%AT&T, Inc.
61,480
2,071,261Shares
Value ($)Embarq Corp.
35,400
1,673,358Telus Corp.
2,400
100,901Verizon Communications, Inc.
91,400
3,235,5607,081,080Wireless Telecommunication Services 0.1%Telephone & Data Systems, Inc.
2,800
132,356Utilities 1.7%Electric Utilities 0.3%Edison International
4,900
251,762Southern Co.
4,300
150,156401,918Gas Utilities 0.2%ONEOK, Inc.
6,800
332,044Independent Power Producers & Energy Traders 0.5%Constellation Energy Group, Inc.
10,400
853,840Multi-Utilities 0.7%Ameren Corp.
1,200
50,676Dominion Resources, Inc.
2,200
104,478Sempra Energy
15,600
880,6201,035,774Total Common Stocks (Cost $155,369,457)
152,786,192 Principal
Amount ($)
Value ($)Government & Agency Obligation 0.6%US Treasury ObligationUS Treasury Bill, 1.08%**,
7/17/2008 (b) (Cost $885,566)
886,000
885,444 Shares
Value ($)Securities Lending Collateral 0.6%Daily Assets Fund Institutional,
2.74% (c) (d) (Cost $939,745)
939,745
939,745Cash Equivalents 2.5%Cash Management QP Trust,
2.49% (c) (Cost $3,886,826)
3,886,826
3,886,826 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $161,081,594)+
100.6
158,498,207Other Assets and Liabilities, Net
(0.6)
(896,976)Net Assets
100.0
157,601,231 * Non-income producing security.  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $163,395,398. At June 30, 2008, net unrealized depreciation for all securities based on tax
cost was $4,897,191. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $10,150,473 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $15,047,664.  (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 $913,002 which is 0.6% of net assets.  (b) At June 30, 2008, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.  (c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at
period end.  (d) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  ADR: American Depositary Receipt REIT: Real Estate Investment Trust At June 30, 2008, open futures contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregated
Face
Value ($)
Value ($)
Unrealized
Depreciation ($)S&P 500 Index
9/18/2008
10
3,399,282
3,202,750
(196,532) 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
$       157,612,763
$       (196,532)Level 2  Other Significant Observable Inputs
885,444
Level 3  Significant Unobservable Inputs

Total
$    158,498,207
$    (196,532) + + 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 $156,255,023), including $913,002 of
securities loaned
$       153,671,636Investment in Daily Assets Fund Institutional
(cost $939,745)*
939,745Investment in Cash Management QP Trust
(cost $3,886,826)
3,886,826Total investments, at value (cost $161,081,594)
158,498,207Cash
4,609Foreign currency, at value (cost $950)
938Dividends receivable
87,987Interest receivable
9,919Receivable for Portfolio shares sold
132,680Receivable for daily variation margin on open
futures contracts
4,433Other assets
1,974Total assets
158,740,747LiabilitiesPayable for Portfolio shares redeemed
63,644Payable upon return of securities loaned
939,745Payable for investments purchased
4,609Accrued management fee
51,489Accrued distribution service fee (Class B)
336Other accrued expenses and payables
79,693Total liabilities
1,139,516Net assets, at value
$    157,601,231Net Assets Consist ofUndistributed net investment income
998,444Net unrealized appreciation (depreciation) on:Investments
(2,583,387)Futures
(196,532)Foreign currency
(13)Accumulated net realized gain (loss)
(20,797,328)Paid-in capital
180,180,047Net assets, at value
$    157,601,231Class A
Net Asset Value, offering and redemption price
per share ($154,669,579 ÷ 20,902,471
outstanding shares of beneficial interest, no par
value, unlimited number of shares authorized)
$    7.40Class B
Net Asset Value, offering and redemption price
per share ($2,931,652 ÷ 397,119 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized)
$    7.38 * 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 (net of foreign taxes withheld
of $4,537)
$       1,373,570Interest
7,544Interest  Cash Management QP Trust
79,797Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
7,912Total Income
1,468,823Expenses:Management fee
349,400Administration fee
89,590Custodian fee
15,368Distribution service fee (Class B)
12,086Services to shareholders
1,296Record keeping fee (Class B)
3,191Professional fees
27,767Trustees' fees and expenses
5,962Reports to shareholders
27,173Other
6,976Total expenses before expense reductions
538,809Expense reductions
(39,567)Total expenses after expense reductions
499,242Net investment income (loss)
969,581Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(8,124,173)Futures
(653,343)Foreign currency
(67)(8,777,583)Change in net unrealized appreciation
(depreciation) on:Investments
(13,469,335)Futures
(176,976)Foreign currency
(25)(13,646,336)Net gain (loss)
(22,423,919)Net increase (decrease) in net assets
resulting from operations
$    (21,454,338) 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)
$       969,581
$       3,281,163Net realized gain (loss)
(8,777,583)
38,689,859Change in net unrealized appreciation (depreciation)
(13,646,336)
(35,739,490)Net increase (decrease) in net assets resulting from operations
(21,454,338)
6,231,532Distributions to shareholders from:Net investment income:Class A
(3,050,163)
(3,254,218)Class B
(190,157)
(431,057)Net realized gains:Class A
(35,948,939)
(3,589,531)Class B
(2,803,004)
(675,883)Total distributions
(41,992,263)
(7,950,689)Portfolio share transactions:Class A
Proceeds from shares sold
2,470,767
7,943,494Reinvestment of distributions
38,999,102
6,843,749Cost of shares redeemed
(22,911,843)
(96,721,167)Net increase (decrease) in net assets from Class A share transactions
18,558,026
(81,933,924)Class B
Proceeds from shares sold
136,306
1,756,094Reinvestment of distributions
2,993,161
1,106,940Cost of shares redeemed
(10,787,972)
(40,893,714)Net increase (decrease) in net assets from Class B share transactions
(7,658,505)
(38,030,680)Increase (decrease) in net assets
(52,547,080)
(121,683,761)Net assets at beginning of period
210,148,311
331,832,072Net assets at end of period (including undistributed net investment income of $998,444 and $3,269,183,
respectively)
$    157,601,231
$    210,148,311Other InformationClass A
Shares outstanding at beginning of period
18,082,818
25,561,711Shares sold
283,825
724,126Shares issued to shareholders in reinvestment of distributions
5,038,644
621,594Shares redeemed
(2,502,816)
(8,824,613)Net increase (decrease) in Class A shares
2,819,653
(7,478,893)Shares outstanding at end of period
20,902,471
18,082,818Class B
Shares outstanding at beginning of period
1,355,326
4,788,468Shares sold
14,279
161,143Shares issued to shareholders in reinvestment of distributions
387,214
100,722Shares redeemed
(1,359,700)
(3,695,007)Net increase (decrease) in Class B shares
(958,207)
(3,433,142)Shares outstanding at end of period
397,119
1,355,326 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
$    10.81
$    10.94
$    9.72
$    9.29
$    8.50
$    6.77Income (loss) from investment operations:
Net investment income (loss)b
.05
.13
.13d
.10
.12
.07Net realized and unrealized gain (loss)
(1.12)
.02
1.19
.45
.74
1.74Total from investment operations
(1.07)
.15
1.32
.55
.86
1.81Less distributions from:
Net investment income
(.18)
(.13)
(.10)
(.12)
(.07)
(.08)Net realized gains
(2.16)
(.15)



Total distributions
(2.34)
(.28)
(.10)
(.12)
(.07)
(.08)Net asset value, end of period
$    7.40
$    10.81
$    10.94
$    9.72
$    9.29
$    8.50Total Return (%)
(10.84)c**
1.36c
13.63c,d
6.07c
10.16
26.74Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
155
196
280
294
172
161Ratio of expenses before expense reductions (%)
.58*
.57
.56
.57
.56
.59Ratio of expenses after expense reductions (%)
.54*
.56
.54
.54
.56
.59Ratio of net investment income (loss) (%)
1.10*
1.18
1.24d
1.10
1.37
.91Portfolio turnover rate (%)
67**
310
105
115
33
37aFor 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.dIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.007 per share and an increase in the ratio of net investment income of 0.07%. Excluding this non-recurring income, total return
would have been 0.06% lower.*Annualized**Not annualized Class B
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    10.77
$    10.90
$    9.68
$    9.25
$    8.47
$    6.75Income (loss) from investment operations:
Net investment income (loss)b
.03
.09
.09d
.07
.09
.05Net realized and unrealized gain (loss)
(1.11)
.02
1.19
.45
.73
1.73Total from investment operations
(1.08)
.11
1.28
.52
.82
1.78Less distributions from:
Net investment income
(.15)
(.09)
(.06)
(.09)
(.04)
(.06)Net realized gains
(2.16)
(.15)



Total distributions
(2.31)
(.24)
(.06)
(.09)
(.04)
(.06)Net asset value, end of period
$    7.38
$    10.77
$    10.90
$    9.68
$    9.25
$    8.47Total Return (%)
(11.05)c**
1.00c
13.28c,d
5.73c
9.78
26.55Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
3
15
52
47
33
18Ratio of expenses before expense reductions (%)
.90*
.95
.94
.95
.89
.85Ratio of expenses after expense reductions (%)
.86*
.92
.89
.89
.89
.85Ratio of net investment income (loss) (%)
.78*
.82
.89d
.75
1.04
.65Portfolio turnover rate (%)
67**
310
105
115
33
37aFor 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.dIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.007 per share and an increase in the ratio of net investment income of 0.07%. Excluding this non-recurring income, total return
would have been 0.06% lower.*Annualized**Not annualized Performance SummaryJune 30, 2008 DWS Capital Growth VIP 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
redeemed, 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 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. While all share classes have the same underlying portfolio,
their performance will differ. 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 0.50% and 0.88% for Class A and Class B 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 expense reimbursement. Without this waiver/reimbursement,
returns would have been lower. Risk Considerations The Portfolio is subject to stock market risk, meaning stocks in the Portfolio may decline in value for extended periods of time due to
the activities and financial prospects of individual companies, or due to general market and economic conditions. Please read this
Portfolio's prospectus for specific information regarding its investments and risk profile. Growth of an Assumed $10,000 Investment[] DWS Capital Growth VIP  Class A
[]Russell 1000® Growth Index
[]S&P 500® Index
The Russell 1000® Growth Index is an
unmanaged, capitalization- weighted index
containing those securities in the Russell
1000 Index with higher price-to-book ratios
and higher forecasted growth values. 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.
Index returns assume the reinvestment of
dividends and, unlike portfolio returns, do not
reflect any fees or expenses. It is not
possible to invest directly into an index.dvs1_g10k630Yearly periods ended June 30 Comparative ResultsDWS Capital Growth VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$9,407
$9,912
$12,350
$15,321
$12,697Average annual total return
-5.93%
-.88%
7.29%
8.91%
2.42%Russell 1000 Growth Index
Growth of $10,000
$9,094
$9,404
$11,880
$14,239
$10,999Average annual total return
-9.06%
-5.96%
5.91%
7.32%
.96%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 Capital Growth VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass B
Growth of $10,000
$9,393
$9,879
$12,219
$15,043
$12,298Average annual total return
-6.07%
-1.21%
6.91%
8.51%
2.09%Russell 1000 Growth Index
Growth of $10,000
$9,094
$9,404
$11,880
$14,239
$10,999Average annual total return
-9.06%
-5.96%
5.91%
7.32%
.96%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% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  Information About Your Portfolio's Expenses DWS Capital Growth VIP 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
six-month 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
six-month period and held for the entire 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 BBeginning Account Value 1/1/08
$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       940.70

$       939.30Expenses Paid per $1,000*
$       2.36

$       3.95Hypothetical 5% Portfolio Return
Class A

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

$       1,000.00Ending Account Value 6/30/08
$       1,022.43

$       1,020.79Expenses Paid per $1,000*
$       2.46

$       4.12 * 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 366.  Annualized Expense Ratios
Class A

Class BDWS Variable Series I  DWS Capital Growth VIP
.49%

.82% 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 DWS Capital Growth VIP 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 inter-related problems including
liquidity issues in financial markets, increased concern about rising prices for energy and food, and rising
unemployment. Essentially all US equity indices posted negative returns for the period ending June 30, 2008. The Russell 3000®
Index, which is generally regarded as a good indicator of the broad stock market, had a negative return of -11.05%
for the six months ended June 30, 2008. Growth stocks, as measured by the Russell 1000® Growth Index (with a
return of -9.06%), performed somewhat better than value stocks, as measured by the Russell 1000® Value Index
(with a return of -13.57%). With a return of -5.93% (Class A shares, unadjusted for contract charges), the
Portfolio outperformed its benchmarks, the Russell 1000® Growth Index, which returned -9.06%, and the
Standard & Poor's 500® (S&P 500) Index, which returned -11.91%. The Portfolio's performance relative to the
Russell 1000 Growth Index was helped by both sector allocation decisions and stock selection. The greatest contributor to performance during the period was stock selection in the health care sector. Holdings
that performed especially well were Celgene Corp., Genentech, Inc., Gilead Sciences, Inc. and Baxter
International, Inc. The Portfolio's significant overweight in the energy sector continued to be rewarded; energy
holdings that performed especially well included EOG Resources, Inc., Devon Energy Corp. and XTO Energy, Inc.1 Relative performance was weakest in consumer staples and industrials sectors. A significant detractor in the
consumer staples sector was Dean Foods Co., which was hurt by soaring milk prices. In the industrials sector,
the major detractors were overweight positions in Goodrich Corp., General Electric Co. and United Technologies
Corp.; however, drops in the prices of these holdings were partially offset by strength in Canadian National
Railway Co.  Julie M. Van Cleave, CFA Jack A. ZehnerLead Portfolio Manager   Richard ShepleyPortfolio Managers 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 Russell 1000 Growth Index is an unmanaged, capitalization-weighted index containing those securities in the Russell 1000 Index with
higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower
forecasted growth values. 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. Index returns assume the reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to
invest directly in an index. 1"Overweight" means the portfolio holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the
portfolio holds a lower weighting.  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. Past performance does not guarantee future results. Portfolio Summary DWS Capital Growth VIP Asset Allocation(As a % of Investment Portfolio excluding Securities Lending Collateral)
6/30/08
12/31/07Common Stocks
98%
98%Cash Equivalents
2%
2%100%
100% Sector Diversification(As a % of Common Stocks)
6/30/08
12/31/07Information Technology
22%
24%Health Care
19%
18%Energy
16%
14%Consumer Discretionary
11%
10%Industrials
10%
11%Consumer Staples
10%
11%Materials
6%
4%Financials
4%
5%Telecommunication Services
1%
2%Utilities
1%
1%100%
100% Asset allocation and sector diversification are subject to change. For more complete details about the Portfolio's investment portfolio, see page 37. 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) DWS Capital Growth VIP Shares
Value ($)Common Stocks 98.1%Consumer Discretionary 10.4%Automobiles 0.5%Harley-Davidson, Inc.
138,700
5,029,262Hotels Restaurants & Leisure 2.2%Darden Restaurants, Inc.
140,400
4,484,376McDonald's Corp.
293,900
16,523,05821,007,434Media 0.5%Omnicom Group, Inc. (a)
106,480
4,778,822Multiline Retail 2.8%Kohl's Corp.*
300,100
12,016,004Target Corp.
300,400
13,965,59625,981,600Specialty Retail 3.9%Best Buy Co., Inc. (a)
127,100
5,033,160Dick's Sporting Goods, Inc.*
177,600
3,150,624GameStop Corp. "A"* (a)
177,600
7,175,040Lowe's Companies, Inc.
232,400
4,822,300Staples, Inc.
457,365
10,862,419Tiffany & Co.
151,200
6,161,40037,204,943Textiles, Apparel & Luxury Goods 0.5%NIKE, Inc. "B"
72,400
4,315,764Consumer Staples 9.7%Beverages 3.7%Diageo PLC
560,188
10,310,085PepsiCo, Inc.
386,325
24,566,40734,876,492Food & Staples Retailing 1.5%Shoppers Drug Mart Corp.
116,300
6,374,431Walgreen Co.
239,800
7,795,89814,170,329Food Products 2.6%Dean Foods Co.*
383,318
7,520,699Groupe Danone
121,692
8,545,275Kellogg Co.
179,400
8,614,78824,680,762Household Products 1.9%Colgate-Palmolive Co.
154,040
10,644,164Procter & Gamble Co.
108,670
6,608,22317,252,387Energy 15.9%Energy Equipment & Services 8.3%Baker Hughes, Inc.
215,500
18,821,770Halliburton Co.
156,600
8,310,762Noble Corp.
169,000
10,978,240Schlumberger Ltd.
278,000
29,865,540Transocean, Inc.*
63,027
9,604,68577,580,997Oil, Gas & Consumable Fuels 7.6%ConocoPhillips
115,760
10,926,586Shares
Value ($)Devon Energy Corp.
183,300
22,025,328EOG Resources, Inc.
132,425
17,374,160XTO Energy, Inc.
311,882
21,367,03671,693,110Financials 3.6%Capital Markets 1.3%State Street Corp. (a)
189,970
12,156,180Diversified Financial Services 0.9%CME Group, Inc. (a)
22,137
8,482,677Insurance 1.4%Aflac, Inc.
207,624
13,038,787Health Care 18.3%Biotechnology 5.4%Celgene Corp.*
162,400
10,372,488Genentech, Inc.*
197,250
14,971,275Gilead Sciences, Inc.*
475,120
25,157,60450,501,367Health Care Equipment & Supplies 6.1%Baxter International, Inc.
318,200
20,345,708C.R. Bard, Inc. (a)
106,800
9,393,060Hologic, Inc.*
200,600
4,373,080Medtronic, Inc.
248,000
12,834,000Zimmer Holdings, Inc.*
150,240
10,223,83257,169,680Health Care Providers & Services 1.3%Laboratory Corp. of America
Holdings* (a)
116,500
8,111,895UnitedHealth Group, Inc.
158,585
4,162,85612,274,751Life Sciences Tools & Services 1.1%Thermo Fisher Scientific, Inc.*
182,800
10,187,444Pharmaceuticals 4.4%Abbott Laboratories
208,900
11,065,433Eli Lilly & Co.
102,200
4,717,552Johnson & Johnson
404,166
26,004,04141,787,026Industrials 9.9%Aerospace & Defense 4.1%Goodrich Corp.
230,400
10,934,784Honeywell International, Inc.
270,600
13,605,768United Technologies Corp.
221,300
13,654,21038,194,762Electrical Equipment 1.4%Emerson Electric Co.
270,600
13,381,170Industrial Conglomerates 0.9%General Electric Co.
325,165
8,678,654Machinery 1.3%Caterpillar, Inc. (a)
73,400
5,418,388Parker Hannifin Corp.
92,300
6,582,83612,001,224Road & Rail 2.2%Canadian National Railway Co. (a)
282,000
13,558,560Shares
Value ($)Norfolk Southern Corp.
113,700
7,125,57920,684,139Information Technology 22.2%Communications Equipment 3.2%Cisco Systems, Inc.*
617,820
14,370,493Nortel Networks Corp.*
230
1,891QUALCOMM, Inc.
304,900
13,528,413Research In Motion Ltd.*
20,800
2,431,52030,332,317Computers & Peripherals 6.9%Apple, Inc.*
149,035
24,954,421EMC Corp.*
737,415
10,832,626Hewlett-Packard Co.
264,300
11,684,703International Business Machines
Corp.
148,900
17,649,11765,120,867Electronic Equipment & Instruments 1.1%Mettler-Toledo International,
Inc.* (a)
107,600
10,206,936Internet Software & Services 1.1%Google, Inc. "A"*
19,725
10,383,634IT Services 3.5%Accenture Ltd. "A"
358,600
14,602,192Fiserv, Inc.*
151,900
6,891,703Visa, Inc. "A"*
142,700
11,602,93733,096,832Semiconductors & Semiconductor Equipment 2.5%Broadcom Corp. "A"* (a)
172,700
4,712,983Intel Corp.
843,990
18,128,90522,841,888Software 3.9%Adobe Systems, Inc.*
296,975
11,697,845Electronic Arts, Inc.* (a)
163,300
7,255,419Microsoft Corp.
647,380
17,809,42436,762,688Shares
Value ($)Materials 6.2%Chemicals 5.1%Ecolab, Inc. (a)
219,100
9,419,109Monsanto Co.
171,000
21,621,240Praxair, Inc.
178,400
16,812,41647,852,765Metals & Mining 1.1%Freeport-McMoRan Copper & Gold,
Inc. (a)
94,900
11,121,331Telecommunication Services 1.4%Diversified Telecommunication Services 0.9%AT&T, Inc.
242,300
8,163,087Wireless Telecommunication Services 0.5%American Tower Corp. "A"*
119,300
5,040,425Utilities 0.5%Electric UtilitiesAllegheny Energy, Inc.
88,600
4,439,746Total Common Stocks (Cost $646,412,201)
922,472,279Securities Lending Collateral 6.7%Daily Assets Fund Institutional,
2.74% (b) (c) (Cost $63,114,605)
63,114,605
63,114,605Cash Equivalents 1.9%Cash Management QP Trust,
2.49% (b) (Cost $17,814,074)
17,814,074
17,814,074 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $727,340,880)+
106.7
1,003,400,958Other Assets and Liabilities, Net
(6.7)
(63,078,524)Net Assets
100.0
940,322,434 *  Non-income producing security.  +  The cost for federal income tax purposes was $732,493,766. At June 30, 2008, net unrealized appreciation for all securities based on tax
cost was $270,907,192. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $312,247,466 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $41,340,274.  (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 $61,161,901 which is 6.5% of net assets.  (b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at
period end.  (c) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  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
ValueLevel 1  Quoted Prices
$       984,545,598Level 2  Other Significant Observable Inputs
18,855,360Level 3  Significant Unobservable Inputs
Total
$    1,003,400,958 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 $646,412,201), including $61,161,901 of
securities loaned
$       922,472,279Investment in Daily Assets Fund Institutional
(cost $63,114,605)*
63,114,605Investment in Cash Management QP Trust
(cost $17,814,074)
17,814,074Total investments, at value (cost $727,340,880)
1,003,400,958Cash
64,547Foreign currency, at value (cost $366,116)
371,632Dividends receivable
552,629Interest receivable
5,358Receivable for Portfolio shares sold
88,671Foreign taxes recoverable
66,954Due from Advisor
268Other assets
18,329Total assets
1,004,569,346LiabilitiesPayable for Portfolio shares redeemed
611,542Payable upon return of securities loaned
63,114,605Accrued management fee
273,409Accrued distribution service fee (Class B)
2,729Other accrued expenses and payables
244,627Total liabilities
64,246,912Net assets, at value
$    940,322,434Net Assets Consist ofUndistributed net investment income
3,791,367Net unrealized appreciation (depreciation) on:Investments
276,060,078Foreign currency
13,668Accumulated net realized gain (loss)
(255,781,980)Paid-in capital
916,239,301Net assets, at value
$    940,322,434Class A
Net Asset Value, offering and redemption price
per share ($924,658,358 ÷ 48,627,783
outstanding shares of beneficial interest, no par
value, unlimited number of shares authorized)
$    19.02Class B
Net Asset Value, offering and redemption price
per share ($15,664,076 ÷ 825,724 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized)
$    18.97 * 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 (net of foreign taxes withheld of
$59,071)
$5,571,036Interest  Cash Management QP Trust
247,842Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
181,275Total Income
6,000,153Expenses:Management fee
1,826,968Administration fee
492,293Custodian fee
37,035Distribution service fee (Class B)
20,881Services to shareholders
1,334Record keeping fee (Class B)
8,018Professional fees
34,698Trustees' fees and expenses
24,647Reports to shareholders
37,708Other
14,039Total expenses before expense reductions
2,497,621Expense reductions
(50,956)Total expenses after expense reductions
2,446,665Net investment income (loss)
3,553,488Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
26,600,620Foreign currency
(5,449)26,595,171Change in net unrealized appreciation
(depreciation) on:Investments
(93,323,298)Foreign currency
10,220(93,313,078)Net gain (loss)
(66,717,907)Net increase (decrease) in net assets
resulting from operations
$    (63,164,419) 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)
$       3,553,488
$       9,712,813Net realized gain (loss)
26,595,171
108,270,953Change in net unrealized appreciation (depreciation)
(93,313,078)
19,841,624Net increase (decrease) in net assets resulting from operations
(63,164,419)
137,825,390Distributions to shareholders from:Net investment income:Class A
(9,355,147)
(6,887,657)Class B
(96,190)
(258,683)Total distributions
(9,451,337)
(7,146,340)Portfolio share transactions:Class A
Proceeds from shares sold
12,349,570
22,292,590Reinvestment of distributions
9,355,147
6,887,657Cost of shares redeemed
(83,904,624)
(225,450,131)Net increase (decrease) in net assets from Class A share transactions
(62,199,907)
(196,269,884)Class B
Proceeds from shares sold
418,286
1,548,433Reinvestment of distributions
96,190
258,683Cost of shares redeemed
(2,351,894)
(97,598,529)Net increase (decrease) in net assets from Class B share transactions
(1,837,418)
(95,791,413)Increase (decrease) in net assets
(136,653,081)
(161,382,247)Net assets at beginning of period
1,076,975,515
1,238,357,762Net assets at end of period (including undistributed net investment income of $3,791,367 and
$9,689,216, respectively)
$    940,322,434
$    1,076,975,515Other InformationClass A
Shares outstanding at beginning of period
51,857,448
62,005,444Shares sold
628,125
1,165,102Shares issued to shareholders in reinvestment of distributions
468,930
362,508Shares redeemed
(4,326,720)
(11,675,606)Net increase (decrease) in Class A shares
(3,229,665)
(10,147,996)Shares outstanding at end of period
48,627,783
51,857,448Class B
Shares outstanding at beginning of period
920,834
5,921,673Shares sold
21,540
80,681Shares issued to shareholders in reinvestment of distributions
4,831
13,644Shares redeemed
(121,481)
(5,095,164)Net increase (decrease) in Class B shares
(95,110)
(5,000,839)Shares outstanding at end of period
825,724
920,834 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
$    20.41
$18.24
$    16.90
$    15.67
$    14.59
$    11.54Income (loss) from investment operations:
Net investment income (loss)b
.07
.17e
.13d
.10
.14
.08Net realized and unrealized gain (loss)
(1.27)
2.12
1.31
1.29
1.02
3.03Total from investment operations
(1.20)
2.29
1.44
1.39
1.16
3.11Less distributions from:
Net investment income
(.19)
(.12)
(.10)
(.16)
(.08)
(.06)Net asset value, end of period
$    19.02
$    20.41
$    18.24
$    16.90
$    15.67
$    14.59Total Return (%)
(5.93)c**
12.59c
8.53c,d
8.96c
7.99
26.89Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
925
1,058
1,131
1,031
698
705Ratio of expenses before expense reductions (%)
.50*
.53
.52
.50
.50
.51Ratio of expenses after expense reductions (%)
.49*
.52
.49
.49
.50
.51Ratio of net investment income (loss) (%)
.73*
.86e
.73d
.61
.98
.61Portfolio turnover rate (%)
10**
30
16
17
15
13aFor 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.dIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.007 per share and an increase in the ratio of net investment income of 0.04%. Excluding this non-recurring income, total return
would have been 0.03% lower.eNet investment income per share and ratio of net investment income include non-recurring dividend income amounting to $0.03 per
share and 0.17% of average daily net assets, respectively.*Annualized**Not annualized Class B
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    20.31
$    18.15
$    16.81
$    15.59
$    14.52
$    11.49Income (loss) from investment operations:
Net investment income (loss)b
.04
.09e
.06d
.04
.09
.03Net realized and unrealized gain (loss)
(1.27)
2.12
1.31
1.28
1.01
3.02Total from investment operations
(1.23)
2.21
1.37
1.32
1.10
3.05Less distributions from:
Net investment income
(.11)
(.05)
(.03)
(.10)
(.03)
(.02)Net asset value, end of period
$    18.97
$    20.31
$    18.15
$    16.81
$    15.59
$    14.52Total Return (%)
(6.07)c**
12.18c
8.17c,d
8.51c
7.56
26.51Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
16
19
107
73
23
15Ratio of expenses before expense reductions (%)
.85*
.94
.91
.89
.88
.87Ratio of expenses after expense reductions (%)
.82*
.90
.86
.86
.88
.87Ratio of net investment income (loss) (%)
.40*
.48e
.36d
.24
.60
.25Portfolio turnover rate (%)
10**
30
16
17
15
13aFor 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.dIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.007 per share and an increase in the ratio of net investment income of 0.04%. Excluding this non-recurring income, total return
would have been 0.03% lower.eNet investment income per share and ratio of net investment income include non-recurring dividend income amounting to $0.03 per
share and 0.17% of average daily net assets, respectively.*Annualized**Not annualized Performance SummaryJune 30, 2008 DWS Global Opportunities VIP 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
redeemed, 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 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. While all share classes have the same underlying portfolio,
their performance will differ. 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 1.10% and 1.46% for Class A and Class B 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. Risk Considerations This Portfolio is subject to stock market risk. Investing in foreign securities presents certain risks, such as currency fluctuations,
political and economic changes and market risks. Additionally, stocks of small-sized companies involve greater risk as they often have
limited product lines, markets, or financial resources and may be sensitive to erratic and abrupt market movements more so than
securities of larger, more-established companies. All of these factors may result in greater share price volatility. Please read this
Portfolio's prospectus for specific details regarding its investments and risk profile. Growth of an Assumed $10,000 Investment[] DWS Global Opportunities VIP  Class A
[]S&P®/Citigroup Extended Market Index-World
The S&P®/Citigroup Extended Market
Index-World, is an unmanaged index of
small-capitalization stocks within 26
countries around the globe.
Index returns assume the reinvestment of
dividends net of withholding tax and, unlike
portfolio returns, do not reflect any fees or
expenses. It is not possible to invest directly
into an index.dvs1_g10k620Yearly periods ended June 30 Comparative ResultsDWS Global Opportunities VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$8,883
$8,907
$13,402
$21,772
$24,397Average annual total return
-11.17%
-10.93%
10.25%
16.84%
9.33%S&P/Citigroup Extended
Market Index-World
Growth of $10,000
$9,133
$8,659
$13,377
$21,378
$23,316Average annual total return
-8.67%
-13.41%
10.19%
16.41%
8.83%DWS Global Opportunities VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass B
Growth of $10,000
$8,873
$8,878
$13,313
$21,534
$23,846Average annual total return
-11.27%
-11.22%
10.01%
16.58%
9.08%S&P/Citigroup Extended
Market Index-World
Growth of $10,000
$9,133
$8,659
$13,377
$21,378
$23,316Average annual total return
-8.67%
-13.41%
10.19%
16.41%
8.83% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  Information About Your Portfolio's Expenses DWS Global Opportunities VIP 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
six-month 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
six-month period and held for the entire 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 BBeginning Account Value 1/1/08
$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       888.30

$       887.30Expenses Paid per $1,000*
$       4.65

$       6.10Hypothetical 5% Portfolio Return
Class A

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

$       1,000.00Ending Account Value 6/30/08
$       1,019.94

$       1,018.40Expenses Paid per $1,000*
$       4.97

$       6.52 * 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 366.  Annualized Expense Ratios
Class A

Class BDWS Variable Series I  DWS Global Opportunities VIP
.99%

1.30% 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 DWS Global Opportunities VIP Although global small-cap stocks produced a negative absolute return during the first half of 2008, a lower
exposure to the troubled financial sector enabled the asset class to outpace the return of large-caps. DWS Global
Opportunities VIP's Class A shares (unadjusted for contract charges) returned -11.17% and lagged the -8.67%
return of the S&P/Citigroup Extended Market Index  World. The leading causes for the portfolio's underperformance were its positions in the emerging markets, particularly
two China-related holdings: Synear Food Holdings Ltd. and Kingboard Chemical Holdings Ltd. Also weighing on
returns was the underperformance of the portfolio's holdings in the consumer staples sector. On the plus side,
stock selection was favorable in the consumer discretionary sector, the worst performing group within small-caps.
Performance was also helped by overweight positions in energy and health care.1 The market volatility of the past six months made it a challenging time to be invested in small company stocks.
Nevertheless, we look at volatility as an opportunity to both lock in profits in our top performers and buy what we
feel are inexpensive shares of companies we want to own for the long term. We believe these buy and sell
decisions, taken together, have helped us construct a portfolio that is well balanced between steady growers on
one hand, and faster growing, more aggressive companies on the other. This provides both an element of
defensiveness in case global economic growth continues to slow, and enough growth exposure to help the
portfolio to keep pace if stocks rally in the second half. Most important, both segments of the portfolio are
populated with what we believe are fundamentally sound, quality growth companies identified by our bottom-up
research efforts.  Joseph Axtell, CFA       Terrence S. Gray, CFALead Portfolio Manager       Portfolio Manager The S&P/Citigroup Extended Market Index  World is an unmanaged index of small-capitalization stocks within 26 countries around
the globe. Index returns assume the reinvestment of dividends net of withholding tax and, unlike portfolio returns, do not reflect any fees or expenses.
It is not possible to invest directly into an index. 1"Overweight" means the portfolio holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the
portfolio holds a lower weighting.  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. Past performance does not guarantee future results. Portfolio Summary DWS Global Opportunities VIP Asset Allocation(As a % of Investment Portfolio excluding Securities Lending Collateral)
6/30/08
12/31/07Common Stocks
99%
98%Cash Equivalents
1%
2%100%
100% Geographical Diversification(As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)
6/30/08
12/31/07Continental Europe
37%
38%United States
33%
31%United Kingdom
10%
9%Pacific Basin
8%
10%Japan
6%
6%Canada
3%
2%Latin America
1%
1%Australia
1%
2%Other
1%
1%100%
100% Sector Diversification(As a % of Common Stocks)
6/30/08
12/31/07Industrials
18%
16%Financials
17%
21%Information Technology
17%
18%Health Care
16%
16%Energy
16%
10%Consumer Discretionary
10%
10%Utilities
3%
4%Consumer Staples
3%
3%Materials

1%Telecommunication Services

1%100%
100% Asset allocation, geographical diversification and sector diversification are subject to change. For more complete details about the Portfolio's investment portfolio, see page 47. 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) DWS Global Opportunities VIP Shares
Value ($)Common Stocks 98.7%Australia 0.5%Babcock & Brown Ltd. (a)
(Cost $2,675,146)
196,233
1,405,541Austria 0.6%Wienerberger AG
(Cost $1,840,072)
35,439
1,485,508Bahrain 1.1%Gulf Finance House EC (GDR),
144A (Cost $1,582,698)
69,623
2,732,703Belgium 0.6%Hansen Transmissions International
NV* (Cost $1,094,124)
308,511
1,648,802Bermuda 0.8%Orient-Express Hotels Ltd. "A"
(Cost $1,713,712)
46,700
2,028,648Brazil 0.7%Diagnosticos da America SA
(Cost $1,664,080)
73,200
1,885,821Canada 2.7%CAE, Inc.
161,000
1,818,888Certicom Corp.*
301,900
515,157Flint Energy Services Ltd.*
40,700
984,272OPTI Canada, Inc.*
78,000
1,766,990SunOpta, Inc.*
344,800
1,789,512(Cost $8,931,812)
6,874,819China 0.9%Synear Food Holdings Ltd.
1,406,000
447,224VanceInfo Technologies, Inc.
(ADR)*
105,600
889,152WuXi PharmaTech Cayman, Inc.
(ADR)* (a)
53,100
1,077,930(Cost $4,114,636)
2,414,306Cyprus 0.3%Prosafe Production Public Ltd.*
(Cost $858,656)
119,823
694,019France 2.4%Financiere Marc de Lacharriere
SA (a)
24,110
1,676,279Flamel Technologies SA (ADR)* (a)
206,000
2,062,060JC Decaux SA (a)
93,481
2,380,310(Cost $6,809,792)
6,118,649Germany 13.9%Fresenius Medical Care AG & Co.
KGaA
165,107
9,091,604Grenkeleasing AG
38,617
1,280,062Hypo Real Estate Holding AG (a)
25,016
700,945M.A.X. Automation AG (a)
318,781
2,157,922QSC AG* (a)
249,212
794,145Rational AG (a)
11,684
2,355,891SGL Carbon AG
29,000
2,029,417Software AG
27,504
1,665,064Stada Arzneimittel AG (a)
92,234
6,603,403Tognum AG
49,920
1,338,514United Internet AG (Registered) (a)
269,643
5,308,359Wincor Nixdorf AG
35,934
2,494,818(Cost $18,061,993)
35,820,144Shares
Value ($)Greece 4.0%Coca-Cola Hellenic Bottling Co. SA
112,000
3,039,299Hellenic Exchanges SA
95,700
1,195,290Piraeus Bank SA
197,075
5,353,740Titan Cement Co. SA
18,700
738,268(Cost $5,914,916)
10,326,597Hong Kong 4.8%Dalian Port (PDA) Co., Ltd. "H"*
2,290,000
1,284,997K Wah International Holdings Ltd.
2,970,000
1,226,108Kingboard Chemical Holdings Ltd.
886,140
4,084,245Midland Holdings Ltd.
1,772,357
1,097,156Wing Hang Bank Ltd.
351,700
4,655,802(Cost $6,315,465)
12,348,308Ireland 5.2%Anglo Irish Bank Corp. PLC
269,547
2,500,383C&C Group PLC (b)
155,973
851,126C&C Group PLC (b)
2,146
11,861FBD Holdings PLC
29,800
794,566ICON PLC (ADR)*
45,800
3,458,816Kingspan Group PLC
103,407
1,000,245Paddy Power PLC
105,236
3,302,002Ryanair Holdings PLC* (b)
2,200
9,579Ryanair Holdings PLC* (b)
317,328
1,395,429(Cost $8,419,656)
13,324,007Italy 1.4%Lottomatica SpA
37,485
1,117,023Prysmian SpA
99,500
2,512,900(Cost $3,818,794)
3,629,923Japan 5.9%AEON Credit Services Co., Ltd.
85,800
1,072,803AEON Mall Co., Ltd.
134,000
3,950,444JAFCO Co., Ltd.
20,700
706,044KITZ Corp. (a)
160,000
816,447Matsui Securities Co., Ltd. (a)
154,200
924,706Mitsubishi UFJ Lease & Finance
Co., Ltd.
38,530
1,665,624Nidec Corp.
20,500
1,362,319Park24 Co., Ltd. (a)
203,000
1,228,329Sumitomo Realty & Development
Co., Ltd.
174,000
3,447,188(Cost $13,044,572)
15,173,904Netherlands 4.9%Arcadis NV
68,883
1,557,696Chicago Bridge & Iron Co. NV
(New York Shares)
29,100
1,158,762QIAGEN NV* (a)
176,900
3,574,569SBM Offshore NV (a)
174,845
6,441,199(Cost $7,690,913)
12,732,226Norway 0.5%ProSafe SE (Cost $1,104,367)
119,823
1,184,747Spain 0.9%Tecnicas Reunidas SA
(Cost $1,675,242)
27,292
2,276,366Sweden 0.7%Brostrom AB "B" (a)
136,400
971,204Eniro AB (a)
135,334
488,307Shares
Value ($)Micronic Laser Systems AB* (a)
120,100
480,513(Cost $3,104,710)
1,940,024Switzerland 1.1%Advanced Digital Broadcast
Holdings SA (ADB Group)
(Registered)*
16,061
471,521Partners Group Holding AG
17,500
2,411,178(Cost $1,753,397)
2,882,699Taiwan 1.6%Powerchip Semiconductor Corp.
2,582,339
730,041Siliconware Precision
Industries Co.
2,270,778
3,329,987(Cost $2,685,785)
4,060,028Thailand 0.7%Bangkok Bank PCL (Foreign
Registered) (Cost $1,211,675)
487,500
1,741,683United Kingdom 9.6%Aegis Group PLC
461,136
988,313ARM Holdings PLC
1,242,362
2,092,938Ashmore Group PLC
574,770
2,461,494BlueBay Asset Management PLC
(Unit) (a)
255,991
1,143,855John Wood Group PLC
236,959
2,330,041Kofax PLC
336,646
1,271,626Lamprell PLC
341,074
3,891,279Michael Page International PLC
413,420
1,920,785Serco Group PLC
543,319
4,821,762Taylor Nelson Sofres PLC
338,598
1,563,869Xchanging Ltd.
448,726
2,185,802(Cost $21,043,497)
24,671,764United States 32.9%Advance Auto Parts, Inc.
58,550
2,273,497Aecom Technology Corp.*
81,268
2,643,648Aeropostale, Inc.*
100,700
3,154,931Akamai Technologies, Inc.*
54,100
1,882,139Allegheny Energy, Inc.
164,900
8,263,139AMERIGROUP Corp.*
81,600
1,697,280BE Aerospace, Inc.*
65,700
1,530,153Carter's, Inc.*
82,100
1,134,622Cogent, Inc.*
93,900
1,067,643Diamond Foods, Inc.
58,300
1,343,232Dresser-Rand Group, Inc.*
83,100
3,249,210EMS Technologies, Inc.*
48,900
1,067,976Shares
Value ($)Euronet Worldwide, Inc.* (a)
83,700
1,414,530Foundation Coal Holdings, Inc.
45,100
3,994,958FTI Consulting, Inc.*
65,050
4,453,323Gentex Corp.
74,400
1,074,336Harman International
Industries, Inc.
27,200
1,125,808Invitrogen Corp.*
46,600
1,829,516Itron, Inc.* (a)
52,100
5,124,035Joy Global, Inc.
66,475
5,040,799Lam Research Corp.*
26,600
961,590Metabolix, Inc.* (a)
44,600
437,080Mueller Water Products, Inc. "A"
82,600
666,582Mylan, Inc. (a)
108,400
1,308,388NeuStar, Inc. "A"*
61,900
1,334,564NxStage Medical, Inc.* (a)
184,400
708,096Owens & Minor, Inc.
59,500
2,718,555Perficient, Inc.* (a)
77,900
752,514Phillips-Van Heusen Corp.
30,200
1,105,924Rowan Companies, Inc.
44,400
2,075,700Schawk, Inc.
82,400
987,976Somanetics Corp.* (a)
79,800
1,691,760TETRA Technologies, Inc.*
122,800
2,911,588Thoratec Corp.*
136,200
2,368,518THQ, Inc.*
127,300
2,579,098Ultra Petroleum Corp.*
91,300
8,965,660(Cost $57,398,440)
84,938,368Total Common Stocks (Cost $184,528,150)
254,339,604Securities Lending Collateral 18.4%Daily Assets Fund Institutional,
2.74% (c) (d) (Cost $47,444,770)
47,444,770
47,444,770Cash Equivalents 0.9%Cash Management QP Trust,
2.49% (c) (Cost $2,415,566)
2,415,566
2,415,566 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $234,388,486)+
118.0
304,199,940Other Assets and Liabilities,
Net (a)
(18.0)
(46,385,622)Net Assets
100.0
257,814,318 *  Non-income producing security.  +  The cost for federal income tax purposes was $240,383,981. At June 30, 2008, net unrealized appreciation for all securities based on tax
cost was $63,815,959. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $99,516,429 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $35,700,470.  (a) All or a portion of these securities were on loan (see Notes to Financial Statements) amounting to $45,057,840. In addition, included in
other assets and liabilities are pending sales, amounting to $139,652, that are also on loan. The value of all securities loaned at June 30,
2008 amounted to $45,197,492 which is 17.5% of net assets.  ( b ) Securities with the same description are the same corporate entity but trade on different stock exchanges.  (c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period
end.  (d) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  ADR: American Depositary Receipt GDR: Global Depositary Receipt 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 ValueLevel 1  Quoted Prices
$       154,234,712Level 2  Other Significant Observable Inputs
149,965,228Level 3  Significant Unobservable Inputs
Total
$    304,199,940 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 $184,528,150), including $45,057,840
of securities loaned
$       254,339,604Investment in Daily Assets Fund Institutional
(cost $47,444,770)*
47,444,770Investment in Cash Management QP Trust
(cost $2,415,566)
2,415,566Total investments, at value (cost $234,388,486)
304,199,940Cash
22Foreign currency, at value (cost $175,787)
176,062Receivable for investments sold
1,094,559Dividends receivable
219,662Interest receivable
79,598Receivable for Portfolio shares sold
28,796Foreign taxes recoverable
81,344Due from Advisor
204Other assets
3,876Total assets
305,884,063LiabilitiesPayable for Portfolio shares redeemed
249,916Payable upon return of securities loaned
47,444,770Accrued management fee
204,370Accrued distribution service fee (Class B)
2,177Other accrued expenses and payables
168,512Total liabilities
48,069,745Net assets, at value
$    257,814,318Net Assets Consist ofAccumulated distributions in excess of net
investment income
(2,279,041)Net unrealized appreciation (depreciation) on:Investments
69,811,454Foreign currency
20,174Accumulated net realized gain (loss)
8,791,673Paid-in capital
181,470,058Net assets, at value
$    257,814,318Class A
Net Asset Value, offering and redemption price
per share ($247,764,553 ÷ 17,908,854
outstanding shares of beneficial interest, no par
value, unlimited number of shares authorized)
$    13.83Class B
Net Asset Value, offering and redemption price
per share ($10,049,765 ÷ 737,531 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized)
$    13.63 * 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 (net of foreign taxes withheld
of $230,658)
$       4,145,717Interest
1,494Interest  Cash Management QP Trust
76,808Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
353,882Total Income
4,577,901Expenses:Management fee
1,225,065Administration fee
137,648Custodian fee
83,911Distribution service fee (Class B)
13,283Services to shareholders
567Record keeping fee (Class B)
3,177Professional fees
32,431Trustees' fees and expenses
7,264Reports to shareholders
4,275Other
1,285Total expenses before expense reductions
1,508,906Expense reductions
(129,410)Total expenses after expense reductions
1,379,496Net investment income (loss)
3,198,405Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
9,370,305Foreign currency
25,7799,396,084Change in net unrealized appreciation
(depreciation) on:Investments
(47,839,704)Foreign currency
2,529(47,837,175)Net gain (loss)
(38,441,091)Net increase (decrease) in net assets
resulting from operations
$    (35,242,686) 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)
$       3,198,405
$       1,523,675Net realized gain (loss)
9,396,084
41,714,536Change in net unrealized appreciation (depreciation)
(47,837,175)
(9,538,525)Net increase (decrease) in net assets resulting from operations
(35,242,686)
33,699,686Distributions to shareholders from:Net investment income:Class A
(606,759)
(4,162,201)Class B

(385,143)Net realized gains:Class A
(38,799,742)
(23,747,876)Class B
(1,584,503)
(2,659,501)Total distributions
(40,991,004)
(30,954,721)Portfolio share transactions:Class A
Proceeds from shares sold
5,396,414
25,551,412Reinvestment of distributions
39,406,501
27,910,077Cost of shares redeemed
(34,079,920)
(76,124,259)Net increase (decrease) in net assets from Class A share transactions
10,722,995
(22,662,770)Class B
Proceeds from shares sold
598,165
2,661,166Reinvestment of distributions
1,584,503
3,044,644Cost of shares redeemed
(1,354,419)
(30,666,540)Net increase (decrease) in net assets from Class B share transactions
828,249
(24,960,730)Increase (decrease) in net assets
(64,682,446)
(44,878,535)Net assets at beginning of period
322,496,764
367,375,299Net assets at end of period (including accumulated distributions in excess of net investment income of
$2,279,041 and $4,870,687, respectively)
$    257,814,318
$    322,496,764Other InformationClass A
Shares outstanding at beginning of period
16,980,253
18,234,839Shares sold
346,044
1,377,801Shares issued to shareholders in reinvestment of distributions
2,730,873
1,512,741Shares redeemed
(2,148,316)
(4,145,128)Net increase (decrease) in Class A shares
928,601
(1,254,586)Shares outstanding at end of period
17,908,854
16,980,253Class B
Shares outstanding at beginning of period
673,793
2,034,192Shares sold
38,171
144,813Shares issued to shareholders in reinvestment of distributions
111,428
167,013Shares redeemed
(85,861)
(1,672,225)Net increase (decrease) in Class B shares
63,738
(1,360,399)Shares outstanding at end of period
737,531
673,793 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
$    18.28
$    18.15
$    15.00
$    12.77
$    10.38
$    6.97Income (loss) from investment operations:
Net investment income (loss)b
.18f
.08e
.03d
.04
.01
.02Net realized and unrealized gain (loss)
(2.12)
1.61
3.28
2.27
2.41
3.40Total from investment operations
(1.94)
1.69
3.31
2.31
2.42
3.42Less distributions from:
Net investment income
(.04)
(.23)
(.16)
(.08)
(.03)
(.01)Net realized gains
(2.47)
(1.33)



Total distributions
(2.51)
(1.56)
(.16)
(.08)
(.03)
(.01)Net asset value, end of period
$    13.83
$    18.28
$    18.15
$    15.00
$    12.77
$    10.38Total Return (%)
(11.17)c**
9.33c
22.08d
18.19
23.35
49.09Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
248
310
331
285
232
183Ratio of expenses before expense reductions  (%)
1.08*
1.14
1.12
1.17
1.18
1.18Ratio of expenses after expense reductions  (%)
.99*
1.12
1.12
1.17
1.18
1.18Ratio of net investment income (loss) (%)
1.16f**
.45e
.16d
.32
.09
.28Portfolio turnover rate (%)
9**
19
28
30
24
41aFor 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.dIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return
would have been 0.01% lower.eNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.02 per
share and 0.09% of average daily net assets, respectively.fNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.05 per
share and 0.31% of average daily net assets, respectively.*Annualized**Not annualized Class B
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    18.03
$    17.93
$    14.84
$    12.62
$    10.25
$    6.89Income (loss) from investment operations:
Net investment income (loss)b
.16g
.01f
(.00)c,e
.03
(.01)
.00cNet realized and unrealized gain (loss)
(2.09)
1.61
3.24
2.24
2.38
3.36Total from investment operations
(1.93)
1.62
3.24
2.27
2.37
3.36Less distributions from:
Net investment income

(.19)
(.15)
(.05)

Net realized gains
(2.47)
(1.33)



Total distributions
(2.47)
(1.52)
(.15)
(.05)

Net asset value, end of period
$    13.63
$    18.03
$    17.93
$    14.84
$    12.62
$    10.25Total Return (%)
(11.27)d**
8.92d
21.88d,e
18.06d
23.12d
48.77Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
10
12
37
33
24
13Ratio of expenses before expense reductions (%)
1.40*
1.53
1.51
1.54
1.52
1.43Ratio of expenses after expense reductions (%)
1.30*
1.50
1.31
1.24
1.39
1.43Ratio of net investment income (loss) (%)
1.01g**
.07f
(.03)e
.25
(.12)
.03Portfolio turnover rate (%)
9**
19
28
30
24
41aFor the six months ended June 30, 2008 (Unaudited).bBased on average shares outstanding during the period.cAmount is less than $.005.dTotal return would have been lower had certain expenses not been reduced.eIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.002 per share and an increase in the ratio of net investment income of 0.01%. Excluding this non-recurring income, total return
would have been 0.01% lower.fNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.02 per
share and 0.09% of average daily net assets, respectively.gNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.05 per
share and 0.31% of average daily net assets, respectively.*Annualized**Not annualized Performance SummaryJune 30, 2008 DWS International VIP 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
redeemed, 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 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. While all share classes have the same underlying portfolio,
their performance will differ. 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 0.94% and 1.19% for Class A and Class B 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. Returns for all periods shown for Class B shares reflect a fee waiver and/or reimbursement. Without this waiver/reimbursement,
returns would have been lower. Risk Considerations This Portfolio is subject to stock market risk. Investing in foreign securities presents certain risks, such as currency fluctuation, political
and economic changes and market risks. This may result in greater share price volatility. Derivatives may be more volatile and less
liquid than traditional securities, and the Portfolio could suffer losses on an underlying Portfolio's derivative position. Investing in
securities of emerging markets presents certain risks, such as currency fluctuation, political and economic changes and market risks.
Please read this Portfolio's prospectus for specific details regarding its investments and risk profile. Growth of an Assumed $10,000 Investment[] DWS International VIP  Class A
[]MSCI EAFE® Index
The Morgan Stanley Capital International
(MSCI) Europe, Australasia and Far East
(EAFE®) Index is an unmanaged index that
tracks international stock performance in the
21 developed markets in Europe, Australasia
and the Far East. The index is calculated
using closing local market prices and
translates into US dollars using the London
close foreign exchange rates.
Index returns assume the reinvestment of
dividends net of withholding tax and, unlike
portfolio returns, do not reflect any fees or
expenses. It is not possible to invest directly
into an index.dvs1_g10k610Yearly periods ended June 30 Comparative ResultsDWS International VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass A
Growth of $10,000
$9,309
$9,683
$15,636
$21,988
$15,572Average annual total return
-6.91%
-3.17%
16.07%
17.07%
4.53%MSCI EAFE® Index
Growth of $10,000
$8,904
$8,939
$14,367
$21,615
$17,625Average annual total return
-10.96%
-10.61%
12.84%
16.67%
5.83%DWS International VIP
6-Month
1-Year
3-Year
5-Year
10-YearClass B
Growth of $10,000
$9,288
$9,642
$15,471
$21,633
$15,174Average annual total return
-7.12%
-3.58%
15.66%
16.69%
4.26%MSCI EAFE® Index
Growth of $10,000
$8,904
$8,939
$14,367
$21,615
$17,625Average annual total return
-10.96%
-10.61%
12.84%
16.67%
5.83% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  Information About Your Portfolio's Expenses DWS International VIP 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
six-month period, Class B shares of 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 six-month period and held for the
entire 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 BBeginning Account Value 1/1/08
$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       930.90

$       928.80Expenses Paid per $1,000*
$       4.61

$       6.23Hypothetical 5% Portfolio Return
Class A

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

$       1,000.00Ending Account Value 6/30/08
$       1,020.09

$       1,018.40Expenses Paid per $1,000*
$       4.82

$       6.52 * 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 366.  Annualized Expense Ratios
Class A

Class BDWS Variable Series I  DWS International VIP
.96%

1.30% 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 DWS International VIP The MSCI EAFE Index (the Portfolio's benchmark) returned -10.96% during the first six months of 2008, a time in
which rising oil prices and slower economic growth resulted in pressure on corporate profit margins and
persistent downward revisions to analysts' earnings estimates. While Class A shares of the Portfolio produced a
total return of -6.91% (unadjusted for contract charges), this represented solid outperformance relative to the
benchmark. We believe an important factor in the Portfolio's outperformance was its focus on companies that can
perform well independent of broader economic cycles. We look for companies with competitive advantages,
superior pricing power, and strong long-term earnings growth. At a time of slowing economic activity and
declining profit margins, companies with favorable independent growth prospects and the ability to raise prices
have been rewarded. The Portfolio generated the best performance in the materials sector, where Potash Corp. of Saskatchewan, Inc.
(Canada), Uralkali (Russia), and Xstrata PLC (Switzerland) all performed exceptionally well. The energy and
industrials sectors were also sources of outperformance. On the negative side, an underweight in Japan weighed
on performance relative to the benchmark.1 Additionally, the Portfolio's holdings in the communications services
sector lagged due in part to the poor returns of China Mobile Ltd. and Bharti Airtel Ltd. (India). While our overall outlook remains cautious, we believe the international markets offer a wealth of opportunities
for those, such as us, who focus on individual stock selection. We believe broader market turbulence provides an
excellent environment in which to find the type of undervalued, fundamentally sound companies in which we
seek to invest.  Matthias Knerr, CFAChris LaJaunie, CFAPortfolio Managers The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE®) Index is an unmanaged index that tracks
international stock performance in the 21 developed markets in Europe, Australasia and the Far East. The index is calculated using closing
local market prices and translates into US dollars using the London close foreign exchange rates. Index returns assume the reinvestment of dividends net of withholding tax and, unlike portfolio returns, do not reflect any fees or expenses. It
is not possible to invest directly into an index. 1"Overweight" means the portfolio holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the
portfolio holds a lower weighting.  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. Past performance does not guarantee future results. Portfolio Summary DWS International VIP Asset Allocation(As a % of Investment Portfolio excluding Securities Lending Collateral)
6/30/08
12/31/07Common Stocks
94%
98%Exchange Traded Funds
3%
Participatory Notes
1%
Cash Equivalents
1%
Preferred Stocks
1%
2%100%
100% Geographical Diversification(As a % of Common, Preferred Stocks and Participatory Notes)
6/30/08
12/31/07Continental Europe
46%
53%United Kingdom
17%
15%Japan
12%
14%Pacific Basin
8%
7%Latin America
7%
3%Australia
3%
3%Middle East
3%
3%Other
4%
2%100%
100% Sector Diversification(As a % of Common, Preferred Stocks and Participatory Notes)
6/30/08
12/31/07Financials
21%
22%Energy
16%
5%Industrials
12%
17%Health Care
10%
6%Materials
9%
10%Consumer Discretionary
7%
14%Telecommunication Services
7%
9%Information Technology
7%
5%Consumer Staples
6%
7%Utilities
5%
5%100%
100% Asset allocation, geographical diversification and sector diversification are subject to change. For more complete details about the Portfolio's investment portfolio, see page 58. 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) DWS International VIP Shares
Value ($)Common Stocks 94.9%Australia 2.7%Leighton Holdings Ltd. (a)
216,300
10,424,573QBE Insurance Group Ltd.
262,600
5,576,674(Cost $14,409,245)
16,001,247Austria 0.8%Erste Bank der oesterreichischen
Sparkassen AG (a)
(Cost $4,427,686)
73,027
4,517,371Belgium 1.0%InBev NV
52,000
3,594,300KBC Groep NV
20,750
2,288,299(Cost $4,940,321)
5,882,599Brazil 4.4%Banco Bradesco SA (ADR)
(Preferred)
350,250
7,166,115Companhia Vale do Rio Doce (ADR)
112,600
4,033,332Petroleo Brasileiro SA (ADR)
129,800
9,193,734Redecard SA (GDR) 144A
156,300
6,042,963(Cost $22,647,246)
26,436,144Canada 1.9%Potash Corp. of Saskatchewan, Inc.
(Cost $6,879,296)
48,521
11,256,949China 0.4%China Infrastructure Machinery
Holdings Ltd. (Cost $2,536,992)
2,703,000
2,496,046Denmark 4.1%Carlsberg AS "B" (a)
128,700
12,417,336FLSmidth & Co. AS
42,800
4,691,554Novo Nordisk AS "B"
111,900
7,372,580(Cost $25,653,850)
24,481,470Egypt 0.7%Orascom Construction Industries
(GDR) (REG S) (Cost $5,191,367)
31,800
4,347,800Finland 2.9%Nokia Oyj
196,500
4,813,496Nokian Renkaat Oyj
264,446
12,619,301(Cost $9,963,056)
17,432,797France 2.4%Axa
85,355
2,515,798BNP Paribas
32,201
2,884,962Total SA
105,779
9,017,750(Cost $9,249,871)
14,418,510Germany 10.0%Adidas AG
61,300
3,859,584Allianz SE (Registered)
26,300
4,621,209Bayer AG
132,192
11,103,300Deutsche Boerse AG
44,200
4,959,211E.ON AG
76,468
15,398,935Fresenius Medical Care
AG & Co. KGaA
138,382
7,619,994Gerresheimer AG*
135,266
6,883,119Linde AG (a)
38,800
5,439,657(Cost $42,601,128)
59,885,009Shares
Value ($)Greece 0.5%National Bank of Greece SA
(Cost $2,676,145)
68,444
3,082,941Hong Kong 5.4%Chaoda Modern Agriculture
(Holdings) Ltd.
1,918,000
2,412,579China Mobile Ltd.
401,000
5,366,444CNOOC Ltd.
4,579,300
7,942,896Esprit Holdings Ltd.
744,000
7,743,935Noble Group Ltd.
2,496,000
4,361,666Wharf Holdings Ltd.
1,052,000
4,395,831(Cost $31,893,280)
32,223,351India 2.1%Bharti Airtel Ltd.*
426,136
7,132,338Housing Development Finance
Corp., Ltd.
30,866
1,387,869ICICI Bank Ltd.
270,000
3,986,817(Cost $16,986,260)
12,507,024Indonesia 1.7%PT Bumi Resources Tbk
4,833,800
4,320,188PT Telekomunikasi Indonesia (ADR)
175,800
5,669,550(Cost $11,805,556)
9,989,738Italy 2.5%Intesa Sanpaolo
1,522,500
8,662,495UniCredit SpA
1,022,673
6,229,651(Cost $18,318,308)
14,892,146Japan 12.0%Canon, Inc.
305,950
15,683,007Komatsu Ltd.
327,000
9,092,760Makita Corp.
117,000
4,772,113Mitsubishi Corp.
278,500
9,163,761Mitsui & Co., Ltd.
268,000
5,916,840Nintendo Co., Ltd.
25,100
14,126,335Suzuki Motor Corp.
272,900
6,439,041Terumo Corp.
130,400
6,644,425(Cost $59,541,811)
71,838,282Kazakhstan 1.0%KazMunaiGas Exploration
Production (GDR) 144A
(Cost $4,560,431)
194,800
6,077,760Mexico 1.9%America Movil SAB de CV "L"
(ADR)
116,900
6,166,475Grupo Financiero Banorte
SAB de CV "O" (a)
1,032,900
4,857,477(Cost $10,768,977)
11,023,952Norway 1.5%StatoilHydro ASA (Cost $6,464,526)
239,000
8,922,826Qatar 1.8%Commercial Bank of Qatar
(GDR) 144A*
1,124,100
9,554,850Qatar National Bank*
22,273
1,394,930(Cost $9,933,377)
10,949,780Shares
Value ($)Russia 5.4%Gazprom (ADR) (b)
61,900
3,590,200Gazprom (ADR) (b)
183,100
10,599,028Novorossiysk Sea Trade Port (GDR)
144A*
88,200
1,320,354Sberbank*
1,696,752
5,364,797Uralkali (GDR) 144A*
154,500
11,232,150(Cost $22,634,379)
32,106,529Spain 3.8%Iberdrola SA
750,706
10,035,148Telefonica SA
476,994
12,606,446(Cost $21,207,346)
22,641,594Switzerland 7.1%Compagnie Financiere Richemont
SA "A" (Unit)
50,550
2,791,629Lonza Group AG (Registered) (a)
72,178
9,963,810Nestle SA (Registered)
234,680
10,604,306Roche Holding AG (Genusschein)
59,701
10,712,798Xstrata PLC
104,963
8,341,864(Cost $30,377,216)
42,414,407United Arab Emirates 0.0%Arabtec Holding Co.*
(Cost $37,017)
8,407
37,079United Kingdom 16.9%3i Group PLC
669,699
10,941,864AMEC PLC
1,257,666
22,249,026Anglo American PLC
108,232
7,665,967Babcock International Group PLC
640,788
7,795,963BAE Systems PLC
417,889
3,678,122BG Group PLC
303,202
7,898,246HSBC Holdings PLC (Registered)
192,513
2,968,298Imperial Tobacco Group PLC
105,685
3,933,488Intertek Group PLC
249,595
4,903,478Man Group PLC
343,770
4,237,532Prudential PLC
698,726
7,400,772Standard Chartered PLC
194,478
5,499,647Vedanta Resources PLC
176,785
7,709,318Vodafone Group PLC
1,364,420
4,020,261(Cost $91,172,299)
100,901,982Total Common Stocks (Cost $486,876,986)
566,765,333Shares
Value ($)Preferred Stocks 0.7%GermanyPorsche Automobil Holding SE
(Cost $2,691,124)
29,085
4,470,905Participatory Notes 1.2%Aldar Properties PJSC, Commercial
Bank of Qatar, Dubai Islamic
Bank, National Central Cooling
Co., and Qatar Electricity &
Water Co. (issuer Merrill Lynch
International & Co.), Expiration
Date 4/24/2009*
43,000
4,229,910Arabtec Holding Co. (issuer Merrill
Lynch International & Co.),
Expiration Date 1/12/2010*
50,800
222,911Merrill Lynch Pioneers Index
(issuer Merrill Lynch
International & Co.), Expiration
Date 2/1/2010*
28,500
2,620,005Total Participatory Notes (Cost $7,374,385)
7,072,826Exchange Traded Funds 2.7%United StatesiShares MSCI Japan Index Fund
(Cost $17,535,262)
1,304,369
16,278,524Securities Lending Collateral 5.3%Daily Assets Fund Institutional,
2.74% (c) (d) (Cost $31,651,592)
31,651,592
31,651,592Cash Equivalents 1.0%Cash Management QP Trust,
2.49% (c) (Cost $5,717,792)
5,717,792
5,717,792 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $551,847,141)+
105.8
631,956,972Other Assets and Liabilities, Net
(5.8)
(34,562,241)Net Assets
100.0
597,394,731 * Non-income producing security.  +  The cost for federal income tax purposes was $554,823,716. At June 30, 2008, net unrealized appreciation for all securities based on tax
cost was $77,133,256. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $114,310,258 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $37,177,002.  (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 $29,891,347 which is 5.0% of net assets.  (b) Securities with the same description are the same corporate entity but trade on different stock exchanges.  (c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period
end.  (d) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. ADR: American Depositary Receipt GDR: Global Depositary Receipt MSCI: Morgan Stanley Capital International 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 ValueLevel 1  Quoted Prices
$       112,654,565Level 2  Other Significant Observable Inputs
519,302,407Level 3  Significant Unobservable Inputs
Total
$    631,956,972 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 $514,477,757), including $29,891,347
of securities loaned
$       594,587,588Investment in Daily Assets Fund Institutional
(Cost $31,651,592)
31,651,592Investment in Cash Management QP Trust
(cost $5,717,792)*
5,717,792Total investments, at value (cost $551,847,141)
631,956,972Cash
17Foreign currency, at value (cost $212,193)
221,970Receivable for investments sold
4,496,602Dividends receivable
1,580,706Interest receivable
87,662Receivable for Portfolio shares sold
105,450Foreign taxes recoverable
299,084Other assets
8,485Total assets
638,756,948LiabilitiesPayable for investments purchased
8,443,849Payable for Portfolio shares redeemed
526,039Payable upon return of securities loaned
31,651,592Accrued management fee
408,336Other accrued expenses and payables
332,401Total liabilities
41,362,217Net assets, at value
$    597,394,731Net Assets Consist ofUndistributed net investment income
12,396,920Net unrealized appreciation (depreciation) on:Investments
80,109,831Foreign currency
43,696Accumulated net realized gain (loss)
(14,543,226)Paid-in capital
519,387,510Net assets, at value
$    597,394,731Class A
Net Asset Value, offering and redemption price
per share ($596,642,968 ÷ 50,919,293
outstanding shares of beneficial interest, no par
value, unlimited number of shares authorized)
$    11.72Class B
Net Asset Value, offering and redemption price
per share ($751,763 ÷ 64,132 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized)
$    11.72 * 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 (net of foreign taxes withheld of
$1,107,066)
$       14,753,882Interest
52,421Interest  Cash Management QP Trust
92,776Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
655,563Total Income
15,554,642Expenses:Management fee
2,372,029Administration fee
312,356Custodian fee
211,424Distribution service fee (Class B)
9,121Services to shareholders
1,311Record keeping fee (Class B)
3,554Professional fees
31,928Trustees' fees and expenses
13,864Reports to shareholders
20,796Other
52,133Total expenses before expense reductions
3,028,516Expense reductions
(4,749)Total expenses after expense reductions
3,023,767Net investment income (loss)
12,530,875Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments (net of foreign taxes of $13,109)
(11,518,254)Foreign currency
(334,937)Payments by affiliates (See Note H)
304,364(11,548,827)Change in net unrealized appreciation
(depreciation) on:Investments (net of deferred foreign tax credit
of $152,816)
(49,971,336)Foreign currency
20,262(49,951,074)Net gain (loss)
(61,499,901)Net increase (decrease) in net assets
resulting from operations
$    (48,969,026) 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)
$       12,530,875
$       11,097,935Net realized gain (loss)
(11,548,827)
163,447,235Change in net unrealized appreciation (depreciation)
(49,951,074)
(70,490,293)Net increase (decrease) in net assets resulting from operations
(48,969,026)
104,054,877Distributions to shareholders from:Net investment income:Class A
(7,239,383)
(17,645,331)Class B
(82,273)
(1,050,909)Net realized gains:Class A
(94,147,000)
Class B
(1,663,249)
Total distributions
(103,131,905)
(18,696,240)Portfolio share transactions:Class A
Proceeds from shares sold
12,741,853
64,649,737Reinvestment of distributions
101,386,383
17,645,331Cost of shares redeemed
(69,545,600)
(163,705,768)Net increase (decrease) in net assets from Class A share transactions
44,582,636
(81,410,700)Class B
Proceeds from shares sold
316,008
1,213,337Reinvestment of distributions
1,745,522
1,050,909Cost of shares redeemed
(11,319,955)
(45,235,722)Net increase (decrease) in net assets from Class B share transactions
(9,258,425)
(42,971,476)Increase (decrease) in net assets
(116,776,720)
(39,023,539)Net assets at beginning of period
714,171,451
753,194,990Net assets at end of period (including undistributed net investment income of $12,396,920 and
$7,187,701, respectively)
$    597,394,731
$    714,171,451Other InformationClass A
Shares outstanding at beginning of period
46,761,118
52,299,023Shares sold
972,321
4,471,485Shares issued to shareholders in reinvestment of distributions
8,413,808
1,243,505Shares redeemed
(5,227,954)
(11,252,895)Net increase (decrease) in Class A shares
4,158,175
(5,537,905)Shares outstanding at end of period
50,919,293
46,761,118Class B
Shares outstanding at beginning of period
818,856
3,829,429Shares sold
22,987
84,891Shares issued to shareholders in reinvestment of distributions
144,736
74,060Shares redeemed
(922,447)
(3,169,524)Net increase (decrease) in Class B shares
(754,724)
(3,010,573)Shares outstanding at end of period
64,132
818,856 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
$    15.01
$    13.42
$    10.85
$    9.50
$    8.26
$    6.52Income (loss) from investment operations:
Net investment income (loss)b
.26e
.21d
.28c
.15
.09
.09Net realized and unrealized gain (loss)
(1.23)
1.73
2.51
1.36
1.26
1.70Total from investment operations
(.97)
1.94
2.79
1.51
1.35
1.79Less distributions from:
Net investment income
(.17)
(.35)
(.22)
(.16)
(.11)
(.05)Net realized gains
(2.15)




Total distributions
(2.32)
(.35)
(.22)
(.16)
(.11)
(.05)Net asset value, end of period
$    11.72
$    15.01
$    13.42
$    10.85
$    9.50
$    8.26Total Return (%)
(6.91)f**
14.59
25.91
16.17
16.53
27.75Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
597
702
702
558
533
485Ratio of expenses (%)
.96*
.98
.98
1.02
1.04
1.05Ratio of net investment income (loss) (%)
2.00e**
1.48d
2.32c
1.59
1.05
1.32Portfolio turnover rate (%)
55**
108
105
59
73
119aFor the six months ended June 30, 2008 (Unaudited).bBased on average shares outstanding during the period.cNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.11 per
share and 0.92% of average daily net assets, respectively.dNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.05 per
share and 0.33% of average daily net assets, respectively.eNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 per
share and 0.68% of average daily net assets, respectively.fIncludes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of certain operation errors during the
period. Excluding this reimbursement, total return would have been 0.05% lower.*Annualized**Not annualized Class B
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    14.98
$    13.38
$    10.82
$    9.48
$    8.24
$    6.50Income (loss) from investment operations:
Net investment income (loss)b
.24f
.16e
.24d
.12
.06
.07Net realized and unrealized gain (loss)
(1.24)
1.73
2.50
1.35
1.27
1.71Total from investment operations
(1.00)
1.89
2.74
1.47
1.33
1.78Less distributions from:
Net investment income
(.11)
(.29)
(.18)
(.13)
(.09)
(.04)Net  realized gains
(2.15)




Total distributions
(2.26)
(.29)
(.18)
(.13)
(.09)
(.04)Net asset value, end of period
$    11.72
$    14.98
$    13.38
$    10.82
$    9.48
$    8.24Total Return (%)
(7.12)c,g**
14.25c
25.44c
15.71c
16.24c
27.52Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
.8
12
51
40
35
24Ratio of expenses before expense reductions (%)
1.34*
1.41
1.37
1.41
1.38
1.32Ratio of expenses after expense reductions (%)
1.30*
1.39
1.36
1.37
1.35
1.32Ratio of net investment income (loss) (%)
1.83f**
1.07e
1.94d
1.24
.74
1.05Portfolio turnover rate (%)
55**
108
105
59
73
119aFor 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.dNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.11 per
share and 0.92% of average daily net assets, respectively.eNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.05 per
share and 0.33% of average daily net assets, respectively.fNet investment income per share and the ratio of net investment income include non-recurring dividend income amounting to $0.09 per
share and 0.68% of average daily net assets, respectively.gIncludes a reimbursement from the Advisor to reimburse the effect of losses incurred as the result of certain operation errors during the
period. Excluding this reimbursement, total return would have been 0.05% lower.*Annualized**Not annualized Performance SummaryJune 30, 2008 DWS Health Care VIP 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
redeemed, shares may be worth more or less then 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 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. While all share classes have the same underlying portfolio,
their performance will differ. 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 0.90% and 1.28% for Class A and Class B 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. Risk Considerations This Portfolio is subject to stock market risk. The Portfolio may focus its investments on certain industry sectors, thereby increasing
its vulnerability to any single industry or regulatory development. All of these factors may result in greater share price volatility. Please
read this Portfolio's prospectus for specific details regarding its investments and risk profile. Growth of an Assumed $10,000 Investment[] DWS Health Care VIP  Class A
[]S&P 500® Index
[]S&P® GSSI Health Care Sector Index
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. The S&P® GSSI Health Care
Sector Index is an unmanaged, market
capitalization-weighted index of 133 stocks
designed to measure the performance of
companies in the health care sector.
Index returns assume the reinvestment of
dividends and, unlike portfolio returns, do not
reflect any fees or expenses. It is not
possible to invest directly into an index.dvs1_g10k600Yearly periods ended June 30 Comparative ResultsDWS Health Care VIP
6-Month
1-Year
3-Year
5-Year
Life of
Portfolio*Class A
Growth of $10,000
$9,313
$9,836
$12,005
$14,917
$14,574Average annual total return
-6.87%
-1.64%
6.28%
8.33%
5.38%S&P 500 Index
Growth of $10,000
$8,809
$8,688
$11,381
$14,413
$11,639Average annual total return
-11.91%
-13.12%
4.41%
7.58%
2.14%S&P GSSI Health Care
Sector Index
Growth of $10,000
$8,768
$8,907
$10,590
$12,699
$11,882Average annual total return
-12.32%
-10.93%
1.93%
4.89%
2.44%DWS Health Care VIP
6-Month
1-Year
3-Year
5-Year
Life of Class**Class B
Growth of $10,000
$9,299
$9,796
$11,878
$14,656
$17,664Average annual total return
-7.01%
-2.04%
5.91%
7.95%
9.95%S&P 500 Index
Growth of $10,000
$8,809
$8,688
$11,381
$14,413
$14,449Average annual total return
-11.91%
-13.12%
4.41%
7.58%
6.33%S&P GSSI Health Care
Sector Index
Growth of $10,000
$8,768
$8,907
$10,590
$12,699
$14,225Average annual total return
-12.32%
-10.93%
1.93%
4.89%
6.04% The growth of $10,000 is cumulative.   Total returns shown for periods less than one year are not annualized.  *  The Portfolio commenced operations on May 1, 2001. Index returns began on April 30, 2001.  ** The Portfolio commenced offering Class B shares on July 1, 2002. Index returns began on June 30, 2002.  Information About Your Portfolio's Expenses DWS Health Care VIP 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. The example in the
table is based on an investment of $1,000 invested at
the beginning of the six-month period and held for the
entire 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 BBeginning Account Value 1/1/08
$       1,000.00

$       1,000.00Ending Account Value 6/30/08
$       931.30

$       929.90Expenses Paid per $1,000*
$       4.42

$       6.09Hypothetical 5% Portfolio Return
Class A

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

$       1,000.00Ending Account Value 6/30/08
$       1,020.29

$       1,018.55Expenses Paid per $1,000*
$       4.62

$       6.37 * 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 366.  Annualized Expense Ratios
Class A

Class BDWS Variable Series I  DWS Health Care VIP
.92%

1.27% 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 DWS Health Care VIP During a time of uncertainty over the state of the US economy and consumer confidence, DWS Health Care VIP
posted a -6.87% return for its most recent semiannual period ended June 30, 2008. (Class A shares, unadjusted
for contract charges). In comparison, the Standard & Poor's 500® (S&P 500) Index returned -11.91% and the
S&P® GSSI Health Care Sector Index returned -12.32%. Holdings in BioMarin Pharmaceutical, Inc. posted strong gains during the period, as the company received
marketing authorization from the Food and Drug Administration (FDA) for its drug Kuvan for the treatment of
phenylketonuria, a rare genetic disorder caused by an enzyme deficiency. Two small-cap positions, Cepheid, Inc.
and NuVasive, Inc., were also top performers during the period. Cepheid's Xpert test allows for the rapid
detection of methicillin-resistant staphylococcus aureus (MRSA) infection; NuVasive is a medical device company
with a product that assists with minimally-invasive surgical treatments for the spine. The largest detractor from
the Portfolio's comparative performance was an underweight position in Johnson & Johnson, as the company's
shares posted gains based on investors' view of the stock as a defensive holding given its diversified revenue
base, as well as clinical data showing progress on its late-stage pharmaceutical product pipeline.1 With the prospects for the US economy uncertain, we believe that investors may focus on defensive areas of the
market including health care stocks going forward. However, we are mindful of the risk that news headlines
surrounding the upcoming US presidential election could dampen enthusiasm for the sector, as reducing health
care costs and increasing access for the uninsured are priorities for voters and candidates.  Leefin Lai, CFA, CPAManaging Director and Portfolio Manager Thomas E. Bucher, CFAManaging Director and Consultant 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. The S&P GSSI Health Care Sector Index is an unmanaged, market-capitalization-weighted index of 133 stocks designed to measure the
performance of companies in the health care sector. Index returns assume the reinvestment of dividends and, unlike portfolio returns, do not reflect any fees or expenses. It is not possible to
invest directly into an index. 1"Overweight" means the portfolio holds a higher weighting in a given sector or security than the benchmark. "Underweight" means the
portfolio holds a lower weighting.  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. Past performance does not guarantee future results. Portfolio Summary DWS Health Care VIP Asset Allocation(As a % of Investment Portfolio excluding Securities Lending Collateral)
6/30/08
12/31/07Common Stocks
98%
99%Cash Equivalents
2%
1%100%
100% Industry Diversification(As a % of Common Stocks)
6/30/08
12/31/07Pharmaceuticals
29%
31%Medical Supply & Specialty
23%
21%Biotechnology
22%
21%Health Care Services
19%
22%Life Sciences Equipment
7%
5%100%
100% Asset allocation and industry diversification are subject to change. For more complete details about the Portfolio's investment portfolio, see page 69. Information concerning portfolio holdings of the Portfolio as
of month-end will be posted to www.dws-investments.com on the 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) DWS Health Care VIP Shares
Value ($)Common Stocks 97.9%Health Care 97.9%Biotechnology 21.2%Acorda Therapeutics, Inc.*
10,400
341,432Alexion Pharmaceuticals, Inc.* (a)
13,500
978,750Amgen, Inc.*
27,550
1,299,258Amylin Pharmaceuticals, Inc.*
5,100
129,489Applera Corp.  Celera Group*
36,800
418,048Biogen Idec, Inc.*
26,320
1,471,025BioMarin Pharmaceutical, Inc.*
31,900
924,462Celgene Corp.*
35,960
2,296,765Cepheid, Inc.*
19,500
548,340Gen-Probe, Inc.*
12,300
584,004Genentech, Inc.*
24,300
1,844,370Genmab A/S*
4,600
174,957Genzyme Corp.*
32,800
2,362,256Gilead Sciences, Inc.*
56,900
3,012,855Medarex, Inc.* (a)
26,100
172,521Myriad Genetics, Inc.* (a)
6,300
286,776Onyx Pharmaceuticals, Inc.*
10,000
356,000OSI Pharmaceuticals, Inc.*
5,900
243,788Regeneron Pharmaceuticals, Inc.*
27,900
402,876Rigel Pharmaceuticals, Inc.*
11,700
265,122Savient Pharmaceuticals, Inc.* (a)
11,400
288,420United Therapeutics Corp.*
8,500
830,875Vertex Pharmaceuticals, Inc.*
7,400
247,67819,480,067Health Care Services 18.2%Aetna, Inc.
28,100
1,138,893Allscripts Healthcare
Solutions, Inc.* (a)
48,600
603,126Covance, Inc.*
13,900
1,195,678CVS Caremark Corp.
47,331
1,872,888Express Scripts, Inc.*
20,500
1,285,760Fresenius Medical Care
AG & Co. KGaA
27,797
1,530,640Health Management Associates,
Inc., "A"*
36,500
237,615Henry Schein, Inc.*
16,600
856,062Laboratory Corp. of America
Holdings*
18,800
1,309,044McKesson Corp.
24,200
1,353,022Medco Health Solutions, Inc.*
30,668
1,447,529Quality Systems, Inc. (a)
31,800
931,104Quest Diagnostics, Inc.
27,500
1,332,925UnitedHealth Group, Inc.
24,800
651,000WellPoint, Inc.*
20,100
957,96616,703,252Life Sciences Equipment 7.4%Applera Corp.  Applied
Biosystems Group
15,400
515,592Charles River Laboratories
International, Inc.*
12,000
767,040Illumina, Inc.*
5,900
513,949Mettler-Toledo International, Inc.*
6,900
654,534Shares
Value ($)Pharmaceutical Product
Development, Inc.
27,400
1,175,460Thermo Fisher Scientific, Inc.*
56,700
3,159,8916,786,466Medical Supply & Specialty 22.8%Alcon, Inc.
10,800
1,758,132Align Technology, Inc.* (a)
17,400
182,526ArthroCare Corp.* (a)
17,000
693,770Baxter International, Inc.
47,500
3,037,150Beckman Coulter, Inc.
7,900
533,487Becton, Dickinson & Co.
30,200
2,455,260C.R. Bard, Inc.
27,800
2,445,010Covidien Ltd.
40,200
1,925,178Hologic, Inc.*
60,400
1,316,720Medtronic, Inc.
47,300
2,447,775NuVasive, Inc.* (a)
10,300
459,998ResMed, Inc.*
11,800
421,732SonoSite, Inc.* (a)
13,900
389,339Stryker Corp.
28,500
1,792,080Zimmer Holdings, Inc.*
15,500
1,054,77520,912,932Pharmaceuticals 28.3%Abbott Laboratories
37,600
1,991,672Allergan, Inc.
24,700
1,285,635Astellas Pharma, Inc.
23,800
1,011,014Barr Pharmaceuticals, Inc.*
11,300
509,404Bristol-Myers Squibb Co.
59,600
1,223,588Cardiome Pharma Corp.* (a)
27,800
244,640Eli Lilly & Co.
36,400
1,680,224Forest Laboratories, Inc.*
11,500
399,510Johnson & Johnson
35,000
2,251,900Merck & Co., Inc.
44,300
1,669,667Merck KGaA
10,862
1,542,348Mylan, Inc. (a)
85,900
1,036,813Novartis AG (Registered)
19,150
1,050,119Pfizer, Inc.
54,740
956,308Roche Holding AG (Genusschein)
15,845
2,843,240Sanofi-Aventis
7,646
508,654Schering-Plough Corp.
67,600
1,331,044Sepracor, Inc.*
21,700
432,264Shire Ltd. (ADR)
19,800
972,774Stada Arzneimittel AG (a)
15,797
1,130,971Wyeth
40,700
1,951,97226,023,761Total Common Stocks (Cost $68,270,525)
89,906,478Securities Lending Collateral 7.5%Daily Assets Fund Institutional,
2.74% (b) (c) (Cost $6,893,229)
6,893,229
6,893,229Cash Equivalents 2.2%Cash Management QP Trust,
2.49% (b) (Cost $2,007,756)
2,007,756
2,007,756 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $ 77,171,510)+
107.6
98,807,463Other Assets and Liabilities,
Net (a)
(7.6)
(6,972,517)Net Assets
100.0
91,834,946 *  Non-income producing security.  +  The cost for federal income tax purposes was $77,595,113. At June 30, 2008, net unrealized appreciation for all securities based on tax
cost was $21,212,350. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $25,870,448 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over
value of $4,658,098.  (a) All or a portion of these securities were on loan (see Notes to Financial Statements) amounting to $6,276,078. In addition, included in
other assets and liabilities, net are pending sales, amounting to $353,430, that are also on loan. The value of all securities loaned at
June 30, 2008 amounted to $6,629,508 which is 7.2% of net assets.  (b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at
period end.  (c) Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.  ADR: American Depositary Receipt The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund's assets carried at fair value: Valuation Inputs
Investments in
Securities at
ValueLevel 1  Quoted Prices
$       89,015,520Level 2  Other Significant Observable Inputs
9,791,943Level 3  Significant Unobservable Inputs
Total
$    98,807,463 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 $68,270,525), including $6,276,078 of
securities loaned
$       89,906,478Investment in Daily Assets Fund Institutional
(cost $6,893,229)*
6,893,229Investment in Cash Management QP Trust
(cost $2,007,756)
2,007,756Total investments, at value (cost $77,171,510)
98,807,463Foreign currency, at value (cost $68,678)
68,950Dividends receivable
39,966Interest receivable
18,564Receivable for Portfolio shares sold
40,305Receivable for investments sold
413,669Foreign taxes recoverable
21,633Other assets
1,984Total assets
99,412,534LiabilitiesCash overdraft
403,669Payable for Portfolio shares redeemed
137,317Payable upon return of securities loaned
6,893,229Accrued management fee
50,788Accrued distribution service fee (Class B)
990Other accrued expenses and payables
91,595Total liabilities
7,577,588Net assets, at value
$    91,834,946Net Assets Consist ofUndistributed net investment income
324,081Net unrealized appreciation (depreciation) on:Investments
21,635,953Foreign currency
486Accumulated net realized gain (loss)
1,150,389Paid-in capital
68,724,037Net assets, at value
$    91,834,946Class A
Net Asset Value, offering and redemption price
per share ($87,033,084 ÷ 7,591,848 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized)
$    11.46Class B
Net Asset Value, offering and redemption price
per share ($4,801,862 ÷ 427,954 outstanding
shares of beneficial interest, no par value,
unlimited number of shares authorized)
$    11.22 * 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 (net of foreign taxes withheld
of $34,497)
$       689,774Interest
1,294Interest  Cash Management QP Trust
23,447Securities lending income, including income
from Daily Assets Fund Institutional, net of
borrower rebates
83,302Total Income
797,817Expenses:Management fee
325,812Administration fee
48,994Custodian fee
8,215Distribution service fee (Class B)
6,166Services to shareholders
5,197Record keeping fee (Class B)
2,466Professional fees
26,567Trustees' fees and expenses
3,241Reports to shareholders
23,497Other
9,655Total expenses before expense reductions
459,810Expense reductions
(586)Total expenses after expense reductions
459,224Net investment income (loss)
338,593Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
1,536,647Foreign currency
64,8231,601,470Change in net unrealized appreciation
(depreciation) on:Investments
(9,226,610)Foreign currency
(17,702)(9,244,312)Net gain (loss)
(7,642,842)Net increase (decrease) in net assets
resulting from operations
$    (7,304,249) 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)
$       338,593
$       173,147Net realized gain (loss)
1,601,470
15,451,366Change in net unrealized appreciation (depreciation)
(9,244,312)
(1,128,994)Net increase (decrease) in net assets resulting from operations
(7,304,249)
14,495,519Distributions to shareholders from:Net investment income:Class A
(269,428)
Net realized gains:Class A
(14,518,785)
(6,096,998)Class B
(789,529)
(1,254,197)Total distributions
(15,577,742)
(7,351,195)Portfolio share transactions:Class A
Proceeds from shares sold
8,574,410
9,495,145Reinvestment of distributions
14,788,213
6,096,998Cost of shares redeemed
(13,077,975)
(24,413,031)Net increase (decrease) in net assets from Class A share transactions
10,284,648
(8,820,888)Class B
Proceeds from shares sold
449,529
827,879Reinvestment of distributions
789,529
1,254,197Cost of shares redeemed
(703,704)
(18,374,489)Net increase (decrease) in net assets from Class B share transactions
535,354
(16,292,413)Increase (decrease) in net assets
(12,061,989)
(17,968,977)Net assets at beginning of period
103,896,935
121,865,912Net assets at end of period (including undistributed net investment income of $324,081 and $254,916,
respectively)
$    91,834,946
$    103,896,935Other InformationClass A
Shares outstanding at beginning of period
6,708,658
7,330,897Shares sold
609,539
663,065Shares issued to shareholders in reinvestment of distributions
1,271,557
431,188Shares redeemed
(997,906)
(1,716,492)Net increase (decrease) in Class A shares
883,190
(622,239)Shares outstanding at end of period
7,591,848
6,708,658Class B
Shares outstanding at beginning of period
376,902
1,544,881Shares sold
34,676
59,012Shares issued to shareholders in reinvestment of distributions
69,318
90,295Shares redeemed
(52,942)
(1,317,286)Net increase (decrease) in Class B shares
51,052
(1,167,979)Shares outstanding at end of period
427,954
376,902 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
$    14.68
$    13.77
$    13.02
$    12.00
$    10.95
$    8.19Income (loss) from investment operations:
Net investment income (loss)b
.05
.03d
(.01)c
(.02)
(.03)
(.02)Net realized and unrealized gain (loss)
(1.03)
1.75
.81
1.04
1.08
2.78Total from investment operations
(.98)
1.78
.80
1.02
1.05
2.76Less distributions from:
Net investment income
(.04)




Net realized gains
(2.20)
(.87)
(.05)


Total distributions
(2.24)
(.87)
(.05)


Net asset value, end of period
$    11.46
$    14.68
$    13.77
$    13.02
$    12.00
$    10.95Total Return (%)
(6.87)**
13.20
6.17c
8.50
9.59
33.70Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
87
98
101
109
109
101Ratio of expenses (%)
.92*
.93
.89
.88
.88
.87Ratio of net investment income (loss) (%)
.71*
.19d
(.03)c
(.18)
(.29)
(.24)Portfolio turnover rate (%)
11**
37
47
43
77
64aFor the six months ended June 30, 2008 (Unaudited).bBased on average shares outstanding during the period.cIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.003 per share and an increase in the ratio of net investment income of 0.02%. Excluding this non-recurring income, total return
would have been 0.02% lower.dNet investment income per share and ratio of net investment income include non-recurring dividend income amounting to $0.02 per
share and 0.13% of average daily net assets, respectively.*Annualized**Not annualized Class B
Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning of period
$    14.40
$    13.55
$    12.87
$    11.91
$    10.91
$    8.19Income (loss) from investment operations:
Net investment income (loss)b
.02
(.03)d
(.06)c
(.07)
(.08)
(.07)Net realized and unrealized gain (loss)
(1.00)
1.75
.79
1.03
1.08
2.79Total from investment operations
(.98)
1.72
.73
.96
1.00
2.72Less distributions from:
Net realized gains
(2.20)
(.87)
(.05)


Net asset value, end of period
$    11.22
$    14.40
$    13.55
$    12.87
$    11.91
$    10.91Total Return (%)
(7.01)**
12.88
5.77c
8.06
9.17
33.21Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
5
5
21
23
20
11Ratio of expenses (%)
1.27*
1.34
1.28
1.27
1.27
1.26Ratio of net investment income (loss) (%)
.36*
(.22)d
(.42)c
(.57)
(.68)
(.63)Portfolio turnover rate (%)
11**
37
47
43
77
64aFor the six months ended June 30, 2008 (Unaudited).bBased on average shares outstanding during the period.cIncludes non-recurring income from the Advisor recorded as a result of an administrative proceeding regarding disclosure of brokerage
allocation practices in connection with sales of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.003 per share and an increase in the ratio of net investment income of 0.02%. Excluding this non-recurring income, total return
would have been 0.02% lower.dNet investment income per share and ratio of net investment income include non-recurring dividend income amounting to $0.02 per
share and 0.13% of average daily net assets, respectively.*Annualized**Not annualized Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS Variable Series I (the "Series") is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end, registered management investment company organized as a Massachusetts
business trust. The Series consists of six diversified portfolios: DWS Bond VIP, DWS Growth & Income VIP, DWS
Capital Growth VIP, DWS Global Opportunities VIP, DWS International VIP and DWS Health Care VIP (individually
or collectively hereinafter referred to as a "Portfolio" or the "Portfolios"). The Series is intended to be the
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 Series offers two classes of shares (Class A shares and
Class B shares) for each of the Portfolios. Class B shares are subject to Rule 12b-1 distribution fees under the
1940 Act and record keeping fees equal to an annual rate of 0.25% and up to 0.15%, respectively, of the average
daily net assets of the Class B shares of the applicable Portfolio. Class A shares are not subject to such fees. On
May 22, 2008, Class B shares of DWS Bond VIP were liquidated. 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 Series' 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 Series in the preparation of the financial
statements for its Portfolios. 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. Debt securities are valued by independent pricing services approved by the Trustees of the Series. If the pricing
services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated
price, as applicable, obtained from a broker-dealer. Such services may use various pricing techniques which take
into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics
and other data, as well as broker quotes. 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 Series may use a fair valuation model
to value international equity securities in order to adjust for events which may occur between the close of the
foreign exchanges and the close of the New York Stock Exchange. The Portfolios 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 Portfolios' assets and liabilities. Fair value is an estimate of
the price the Portfolio 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 Portfolio'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 Portfolio's own assumptions in determining the fair
value of investments) For Level 1 inputs, the Portfolio 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
Portfolio'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 Portfolio 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 Portfolio 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 Pronouncement. In March 2008, the Financial Accounting Standards Board ("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. Each 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 borrower rebates and fees paid to the 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. Options. An option contract is a contract in which the writer of the option grants the buyer of the option the right
to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within
a specified period of time. Certain options, including options on indices, will require cash settlement by the
Portfolio if the option is exercised. Each Portfolio may enter into option contracts in order to hedge against
potential adverse price movements in the value of portfolio assets; as a temporary substitute for selling selected
investments; to lock in the purchase price of a security or currency which it expects to purchase in the near
future; as a temporary substitute for purchasing selected investments; and to enhance potential gain. The liability representing the Portfolio's obligation under an exchange traded written option or investment in a
purchased option is valued at the last sale price or, in the absence of a sale, the mean between the closing bid
and asked prices or at the most recent asked price (bid for purchased options) if no bid and asked prices are
available. Over-the-counter written or purchased options are valued using dealer supplied quotations. Gain or loss
is recognized when the option contract expires or is closed. If the Portfolio writes a covered call option, the Portfolio foregoes, in exchange for the premium, the opportunity
to profit during the option period from an increase in the market value of the underlying security above the
exercise price. If the Portfolio writes a put option it accepts the risk of a decline in the market value of the
underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of
counterparties to meet the terms of their contracts. The Portfolio's maximum exposure to purchased options is
limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts
including the risk that an illiquid secondary market will limit the Portfolio's ability to close out an option contract
prior to the expiration date and that a change in the value of the option contract may not correlate exactly with
changes in the value of the securities or currencies hedged. 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). Each Portfolio may use futures in
circumstances where portfolio management believes they offer an economic means of gaining exposure to a
particular asset class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining
exposure to the market. In addition, the DWS Bond VIP, DWS Capital Growth VIP, DWS Global Opportunities VIP
and DWS Health Care VIP Portfolios may use futures for hedging and for risk management or for non-hedging
purposes to seek to enhance potential gains. 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 dependent 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 or currencies
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. Foreign Currency Translations. The books and records of the Portfolios are maintained in US dollars. Investment
securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the
prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are
translated into US dollars at the prevailing exchange rates on the respective dates of the transactions. Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses
between trade and settlement dates on securities transactions, the disposition of forward foreign currency
exchange contracts and foreign currencies, and the difference between the amount of net investment income
accrued and the US dollar amount actually received. That portion of both realized and unrealized gains and losses
on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is
included with net realized and unrealized gain/appreciation and loss/depreciation on investments. Forward Foreign Currency Exchange Contracts. A forward foreign currency exchange contract ("forward currency
contract") is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. The
Portfolios may enter into forward currency contracts in order to hedge their exposure to changes in foreign
currency exchange rates on their foreign currency denominated portfolio holdings and to facilitate transactions in
foreign currency denominated securities. The Portfolio may also engage in forward currency contracts for
non-hedging purposes. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and
unrealized gain (loss) is recorded daily. Sales and purchases of forward currency contracts having the same
settlement date and broker are offset and any gain (loss) is realized on the date of offset; otherwise, gain (loss) is
realized on settlement date. Realized and unrealized gains and losses which represent the difference between the
value of a forward currency contract to buy and a forward currency contract to sell are included in net realized and
unrealized gain (loss) from foreign currency related transactions. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties
to meet the terms of their contracts. Additionally, when utilizing forward currency contracts to hedge, the
Portfolio gives up the opportunity to profit from favorable exchange rate movements during the term of the
contract. Mortgage Dollar Rolls. DWS Bond VIP may enter into mortgage dollar rolls in which the Portfolio sells
mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase similar,
but not identical, securities at an agreed upon price and date. During the period between the sale and repurchase,
the Portfolio will not be entitled to earn interest and receive principal payment on securities sold. The Portfolio
receives compensation as consideration for entering into the commitment to repurchase. The compensation is
paid in the form of a lower price for the security upon its repurchase or, alternatively, a fee. Mortgage dollar rolls
may be renewed with a new sale and repurchase price and a cash settlement made at each renewal without
physical delivery of the securities subject to the contract. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to
meet the terms of their commitments. Additionally, the value of the securities sold by the Portfolio may decline
below the repurchase price of those securities. Federal Income Taxes. Each Portfolio is treated as a separate taxpayer as provided for in the Internal Revenue
Code, as amended. It is each Portfolio's policy 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 income to
the separate accounts of the Participating Insurance Companies which hold its shares. Additionally, based on the Series' understanding of the tax rules and rates related to income, gains and
transactions for the foreign jurisdictions in which each Portfolio invests, the Series will provide for foreign taxes,
and where appropriate, deferred foreign taxes. At December 31, 2007, the following Portfolios had an approximate net tax basis capital loss carryforward which
may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until the
following expiration dates, whichever occurs first: Portfolio
Capital Loss
Carryforwards ($)
Expiration
DateDWS Bond VIP
1,266,000
12/31/2014DWS Growth & Income VIP
4,777,000
12/31/2010DWS Capital Growth VIP
277,224,000
12/31/2008-12/31/2012 In addition, from November 1, 2007 through December 31, 2007, DWS Bond VIP and DWS Growth & Income VIP
incurred approximately $136,000 and $4,777,000, respectively, of net realized capital losses. As permitted by tax
regulations, the Portfolio intends to elect to defer these losses and treat them as arising in the fiscal year ended
December 31, 2008. At December 31, 2007, DWS Growth & Income VIP had a net tax basis capital loss carryforward of approximately
$4,777,000 inherited from its merger with SVS Focus Value+Growth Portfolio, which is included in the table
above and may be applied against any realized net taxable gains of each succeeding year until fully utilized or
December 31, 2010, the expiration date, whichever occurs first, and which may be subject to certain limitations
under Sections 382-384 of the Internal Revenue Code. At December 31, 2007, DWS Capital Growth VIP had a net tax basis capital loss carryforward of approximately
$277,224,000, of which a portion was inherited from its mergers with the SVS Eagle Focused Large Cap Growth
Portfolio, Scudder Growth Portfolio, DWS Oak Strategic Equity VIP and DWS Janus Growth Opportunities VIP, and
which is included in the table above and may be applied against any realized net taxable capital gains of each
succeeding year until fully utilized or until the expiration dates, whichever occurs first, and which may be subject
to certain limitations under Section 382-384 of the Internal Revenue Code. The DWS Capital Growth VIP utilized
approximately $2,550,000 of the inherited amounts, which is included in the table above. Each 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 each Portfolio's financial statements. Each of the
Portfolio's federal tax returns for the prior three fiscal years remains subject to examination by the Internal
Revenue Service. Distribution of Income and Gains. Each Portfolio will declare and distribute dividends from their net investment
income, if any, annually, although additional distributions may be made if necessary. Net realized gains from
investment transactions, in excess of available capital loss carryforwards, would be taxable to each 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 investments in foreign denominated investments,
investments in forward foreign currency exchange contracts, passive foreign investment companies, post
October loss deferrals 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, each 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. Expenses. Expenses of the Series arising in connection with a specific Portfolio are allocated to that Portfolio.
Other Series expenses which cannot be directly attributed to a Portfolio are apportioned among the Portfolios in
the Series. Contingencies. In the normal course of business, eachPortfoliomay enter into contracts with service providers
that contain general indemnification clauses. EachPortfolio's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against eachPortfoliothat have not yet been
made. However, based on experience, eachPortfolioexpects the risk of loss to be remote. Other. For each Portfolio, investment transactions are accounted for on a trade date plus one basis for daily net
asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade
date. Interest income is recorded on the accrual basis net of foreign withholding taxes. 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 date as soon as the Portfolio is informed of such dividends. Realized
gains and losses from investment transactions are recorded on an identified cost basis. All discounts and
premiums are accreted/amortized for both tax and financial reporting purposes. B. Purchases and Sales of Securities During the six months ended June 30, 2008, purchases and sales of investment securities (excluding short-term
investments) were as follows: Portfolio
Purchases ($)
Sales ($)DWS Bond VIPexcluding US Treasury Obligations
69,063,912
73,248,468US Treasury Obligations
189,069,535
203,718,703DWS Growth & Income VIP
116,945,639
145,921,282DWS Capital Growth VIP
96,334,028
160,531,418DWS Global Opportunities VIP
23,463,182
45,750,683DWS International VIP
345,317,040
400,874,166DWS Health Care VIP
10,865,042
15,479,236 C. Related Parties 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 Portfolios in accordance with their 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 Portfolios or, for DWS Bond VIP, delegates such responsibility to the Portfolio's subadvisor. Under the Investment Management Agreement with the Advisor, the Portfolios pay a monthly management fee,
based on the average daily net assets of each Portfolio, computed and accrued daily and payable monthly, at the
annual rates shown below: Portfolio
Annual
Management
Fee RateDWS Bond VIPfirst $250 million of average daily net assets
.390%next $750 million of average daily net assets
.365%over $1 billion of average daily net assets
.340%DWS Growth & Income VIPfirst $250 million of average daily net assets
.390%next $750 million of average daily net assets
.365%over $1 billion of average daily net assets
.340%DWS Capital Growth VIPfirst $250 million of average daily net assets
.390%next $750 million of average daily net assets
.365%over $1 billion of average daily net assets
.340%DWS Global Opportunities VIPfirst $500 million of average daily net assets
.890%next $500 million of average daily net assets
.875%next $1 billion of average daily net assets
.860%over $2 billion of average daily net assets
.845%DWS International VIPfirst $500 million of average daily net assets
.790%over $500 million of average daily net assets
.640%DWS Health Care VIPfirst $250 million of average daily net assets
.665%next $750 million of average daily net assets
.640%next $1.5 billion of average daily net assets
.615%next $2.5 billion of average daily net assets
.595%next $2.5 billion of average daily net assets
.565%next $2.5 billion of average daily net assets
.555%next $2.5 billion of average daily net assets
.545%over $12.5 billion of average daily net assets
.535% DWS Bond VIP's subadvisor and sub-subadvisor are Aberdeen Asset Management, Inc. ("AAMI") and Aberdeen
Asset Management Investment Services Limited ("AAMISL"), respectively. AAMI is responsible for the day to day
operation of the high-yield and core bond, active fixed-income and high-yield portions of DWS Bond VIP. AAMISL
is responsible for the day-to-day management of the foreign securities, foreign currencies and related
investments for DWS Bond VIP. For the period from January 1, 2008 through April 30, 2008, the Advisor, the underwriter and accounting agent
contractually agreed to waive a portion of their fee to the extent necessary to maintain the operating expenses of
each class (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) as follows: Portfolio
Annual RateDWS Bond VIP Class B
1.03% In addition, for the period from January 1, 2008 through September 30, 2008 the Advisor, the underwriter and
accounting agent contractually agreed to waive a portion of their fee to the extent necessary to maintain the
operating expenses of each class (excluding certain expenses such as extraordinary expenses, taxes, brokerage
and interest) as follows: Portfolio
Annual RateDWS Bond VIP Class A
.63% In addition, for the period from January 1, 2008 through April 30, 2009, the Advisor, the underwriter and
accounting agent contractually agreed to waive a portion of their fee to the extent necessary to maintain the
operating expenses of each class (excluding certain expenses such as extraordinary expenses, taxes, brokerage
and interest) as follows: Portfolio
Annual RateDWS Global Opportunities VIP Class A
.99%DWS Global Opportunities VIP Class B
1.39% In addition, for the period from January 1, 2008 through April 30, 2010 the Advisor, the underwriter and
accounting agent contractually agreed to waive a portion of their fee to the extent necessary to maintain the
operating expenses of each class(excluding certain expenses such as extraordinary expenses, taxes, brokerage
and interest) as follows: Portfolio
Annual RateDWS Capital Growth VIP Class A
.49%DWS Capital Growth VIP Class B
.82%DWS Growth & Income VIP Class A
.54%DWS Growth & Income VIP Class B
.87%DWS International VIP Class A
.96%DWS International VIP Class B
1.29% In addition, for the period from January 1, 2008 through April 27, 2010, the Advisor has contractually agreed to
waive 0.01% of the management fee for DWS Growth & Income VIP. Accordingly, for the six months ended June 30, 2008, the Portfolios earned and waived a portion of their
management fee as follows: Portfolio
Total
Aggregated ($)
Waived ($)
Annualized
Effective RateDWS Bond VIP
424,237

.39%DWS Growth & Income VIP
349,400
38,215
.35%DWS Capital Growth VIP
1,826,968
43,611
.36%DWS Global Opportunities VIP
1,225,065
127,617
.80%DWS International VIP
2,372,029

.76%DWS Health Care VIP
325,812

.67% In addition, for the six months ended June 30, 2008, the Advisor waived record keeping expenses of Class B
shares of each Portfolio as follows: Portfolio
Waived ($)DWS Capital Growth VIP
1,423DWS International VIP
1,273 Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative
services to the Series. For all services provided under the Administrative Services Agreement, each Portfolio pays
the Advisor an annual fee ("Administration Fee") of 0.10% of each Portfolio's average daily net assets, computed
and accrued daily and payable monthly. For the six months ended June 30, 2008, the Advisor received an
Administration Fee as follows: Portfolio
Total
Aggregated ($)
Unpaid at
June 30, 2008 ($)DWS Bond VIP
108,779
16,552DWS Growth & Income VIP
89,590
13,605DWS Capital Growth VIP
492,293
80,771DWS Global Opportunities VIP
137,648
22,359DWS International VIP
312,356
50,434DWS Health Care VIP
48,994
7,696 Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer
agent, dividend-paying agent and shareholder service agent for the Series. Pursuant to a sub-transfer agency
agreement between 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 it receives from each Portfolio. For the six months ended June 30, 2008, the amounts
charged to the Portfolios by DISC were as follows: Portfolio
Total
Aggregated ($)
Waived ($)
Unpaid at
June 30, 2008 ($)DWS Bond VIP Class A
418

341DWS Bond VIP Class B
19

19DWS Growth & Income VIP Class A
347
347
DWS Growth & Income VIP Class B
94

78DWS Capital Growth VIP Class A
615
615
DWS Capital Growth VIP Class B
129
129
DWS Global Opportunities VIP Class A
347
347
DWS Global Opportunities VIP Class B
130

130DWS International VIP Class A
348

348DWS International VIP Class B
225
225
DWS Health Care VIP Class A
145

131DWS Health Care VIP Class B
82

82 DWS Investments Distributors, Inc. ("DIDI"), also an affiliate of the Advisor, is the Series' Distributor. In
accordance with the Master Distribution Plan, DIDI receives 12b-1 fees of 0.25% of average daily net assets of
Class B shares. Pursuant to the Master Distribution Plan, DIDI remits these fees to the Participating Insurance
Companies for various costs incurred or paid by these companies in connection with marketing and distribution of
Class B shares. These fees are detailed in each Portfolio's Statement of Operations. Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing
typesetting and certain regulatory filing services to the Portfolios. For the six months ended June 30, 2008, the
amount charged to the Portfolios by DIMA included in the Statement of Operations under "reports to
shareholders" was as follows: Portfolio
Total
Aggregated ($)
Unpaid at
June 30, 2008 ($)DWS Bond VIP
1,383
1,383DWS Growth & Income VIP
3,340
334DWS Capital Growth VIP
1,469
DWS Global Opportunities VIP
4,275
739DWS International VIP
4,636
1,431DWS Health Care VIP
3,811
1,729 Trustees' Fees and Expenses. Each Portfolio paid each Trustee not affiliated with the Advisor retainer fees plus
specified amounts for various committee services and for the Board Chairperson and Vice Chairperson. In connection with the board consolidation on April 1, 2008, of the two DWS Funds Boards of Trustees, certain
Independent Board Members retired prior to their normal retirement date, and received a one-time retirement
benefit. DIMA has agreed to reimburse the Portfolios for the cost of this benefit. During the period ended
June 30, 2008, each Portfolio paid its allocated portion, as follows, of the retirement benefit to the non-continuing
Independent Board Members, and each Portfolio was reimbursed by DIMA for this payment: Portfolio
Amount ($)DWS Bond VIP
1,213DWS Growth & Income VIP
988DWS Capital Growth VIP
5,091DWS Global Opportunities VIP
1,446DWS International VIP
3,251DWS Health Care VIP
535 Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Series may invest in the
Cash Management QP Trust (the ``QP Trust''), and other affiliated funds managed by the 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 Advisor a management fee for the affiliated funds'
investments in the QP Trust. D. Investing in Emerging Markets The DWS Bond VIP, DWS Global Opportunities VIP and DWS International VIP may invest in emerging markets.
Investing in emerging markets may involve special risks and considerations not typically associated with investing
in the United States of America. These risks include revaluation of currencies, high rates of inflation, repatriation
restrictions on income and capital, and future adverse political, social and economic developments. Moreover,
securities issued in these markets may be less liquid, subject to government ownership controls or delayed
settlements and may have prices more volatile than those of comparable securities of issuers in the United
States of America. E. Fee Reductions DWS Bond VIP, DWS Growth & Income VIP, DWS Capital Growth VIP and DWS Health Care VIP have entered into
an arrangement with their custodian whereby credits realized as a result of uninvested cash balances are used to
reduce a portion of the custodian expenses. During the six months ended June 30, 2008, the custodian fees
were reduced as follows: Portfolio
Custody
Credits ($)DWS Bond VIP
367DWS Growth & Income VIP
17DWS Capital Growth VIP
87DWS Health Care VIP
51 F. Ownership of the Portfolios At the end of the period, the beneficial ownership in the Portfolios was as follows: DWS Bond VIP: One participating insurance company was an owner of record of 10% or more of the total
outstanding Class A shares of the Portfolio, owning 62%. DWS Growth & Income VIP: Three participating insurance companies were owners of record of 10% or more of
the total outstanding Class A shares of the Portfolio, each owning 30%, 30% and 14%. One participating
insurance company was an owner of record, owning 90% of the total outstanding Class B shares of the Portfolio. DWS Capital Growth VIP: Three participating insurance companies were owners of record of 10% or more of the
total outstanding Class A shares of the Portfolio, each owning 38%, 27% and 11%. One participating insurance
company was an owner of record, owning 95% of the total outstanding Class B shares of the Portfolio. DWS Global Opportunities VIP: Three participating insurance companies were owners of record of 10% or more
of the total outstanding Class A shares of the Portfolio, each owning 58%, 17% and 10%. Two participating
insurance companies were owners of record, each owning 64% and 34% of the total outstanding Class B shares
of the Portfolio. DWS International VIP: Two participating insurance companies were owners of record of 10% or more of the
total outstanding Class A shares of the Portfolio, each owning 35% and 19%. Four participating insurance
companies were owners of record, each owning 48%, 18%, 18% and 15% of the total outstanding Class B
shares of the Portfolio. DWS Health Care VIP: Two participating insurance companies were owners of record of 10% or more of the total
outstanding Class A shares of the Portfolio, each owning 75% and 18%. One participating insurance company
was an owner of record, owning 100% of the total outstanding Class B shares of the Portfolio. G. Line of Credit The Series and other affiliated funds (the "Participants") share in a $490 million revolving credit facility provided
by a syndication of banks. The Portfolio 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. Each Portfolio may borrow up to a maximum of
33 percent of its net assets under the agreement. H. Payments Made by Affiliates During the six months ended June 30, 2008, the Advisor fully reimbursed DWS Bond VIP $221 for losses incurred
on trades executed incorrectly. The amount of the losses was less than 0.01% of the Portfolio's average net
asset, thus having no impact on the Portfolio's total return. In addition, during the six months ended June 30, 2008, the Advisor fully reimbursed DWS International VIP
$304,364 for losses incurred on trades executed incorrectly. Proxy Voting The Series' policies and procedures for voting proxies for portfolio securities and information about how the
Series voted proxies related to its portfolio securities during the 12-month period endedJune 30are 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 Series' policies and procedures without charge, upon
request, call us toll free at (800) 621-1048. 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. dvs1_m0Thomas H. Mack Notes Notes dvs1_backcover0dvs1_backcoverlogo0 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 VS1-3  (R-4329-2  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 Variable Series I
  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 Variable Series I
  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