UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number  811-06071  DWS Institutional Funds (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        12/31
  Date of reporting period:
        06/30/08
   ITEM 1.REPORT TO STOCKHOLDERS   
 JUNE 30, 2008
Semiannual Report
to ShareholdersDWS EAFE® Equity Index Fundeafe_cover1b0 Contents click herePerformance Summary
click hereInformation About Your Fund's Expenses
click herePortfolio Management Review
click herePortfolio Summary
click hereInvestment Portfolio
click hereFinancial Statements
click hereFinancial Highlights
click hereNotes to Financial Statements
click hereSummary of Management Fee Evaluation by Independent
Fee Consultant
click hereAccount Management Resources
click herePrivacy Statement This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest. Investments in mutual funds involve risk. Some funds have more risk than others.
Investing in foreign securities presents certain risks, such as currency fluctuation,
political and economic changes, and market risks. Additionally, the fund may not be
able to replicate the MSCI EAFE®Index closely enough to track its performance for
several reasons, including the fund's cost to buy and sell securities, the flow of money
into and out of the fund and the potential underperformance of stocks selected. All of
these factors may result in greater share price volatility. Please read this fund's
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. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryJune 30, 2008 All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment
return and principal value fluctuate with changing market conditions so that,
when redeemed, shares may be worth more or less than their original cost.
Current performance may be lower or higher than the performance quoted.
Please visit www.dws-investments.com for the Fund's most recent month-end
performance. The total annual fund 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 0.47% for Institutional Class shares. Please see the Information
About Your Fund'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. To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return. Returns and rankings during the 3-year, 5-year and 10-year periods shown reflect a fee
waiver and/or expense reimbursement. Without this waiver/reimbursement, returns
and rankings would have been lower. Performance figures do not reflect the deduction of taxes that a shareholder would pay
on fund distributions or the redemption of fund shares. The MSCI EAFE®Index is the exclusive property of Morgan Stanley Capital
International, a service of Morgan Stanley, and has been licensed for use by the Fund's
investment advisor. There is no guarantee that the Fund will be able to mirror the
MSCI EAFE®Index closely to track its performance. Average Annual Total Returnsas of 6/30/08DWS EAFE® Equity Index Fund
6-Month
1-Year
3-Year
5-Year
10-YearInstitutional Class
-11.01%
-10.82%
12.70%
16.03%
5.28%MSCI EAFE® Index+
-10.96%
-10.61%
12.84%
16.67%
5.83% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc. Total returns shown for periods less than one year are not annualized.  Net Asset Value and Distribution InformationInstitutional
ClassNet Asset Value:
6/30/08
$     15.4412/31/07
$     17.39Distribution Information:
Six Months as of 6/30/08:Income Dividends
$     .03 Institutional Class Lipper Rankings  International Multi-Cap Core
Funds Categoryas of 6/30/08Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
243
of
394
623-Year
147
of
268
555-Year
95
of
193
4910-Year
68
of
97
70 Source: Lipper Inc. Includes portfolios that invest assets in securities with primary
trading markets outside of the United States. It is not possible to invest directly in a
Lipper category. Rankings are historical and do not guarantee future results.Rankings
are based on total return with distributions reinvested. Growth of an Assumed $1,000,000 Investment[]DWS EAFE® Equity Index Fund  Institutional Class
[]MSCI EAFE® Index+eafe_g10k160Yearly periods ended June 30 Comparative Resultsas of 6/30/08DWS EAFE® Equity Index Fund
1-Year
3-Year
5-Year
10-YearInstitutional
Class
Growth of $1,000,000
$891,800
$1,431,600
$2,103,000
$1,673,000Average annual
total return
-10.82%
12.70%
16.03%
5.28%MSCI EAFE®
Index+
Growth of $1,000,000
$893,900
$1,436,700
$2,161,500
$1,762,500Average annual
total return
-10.61%
12.84%
16.67%
5.83% The growth of $1,000,000 is cumulative. The minimum initial investment for Institutional Class shares is $1,000,000. +  The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE)
Index is an unmanaged capitalization-weighted index that tracks international stock
performance in the 21 developed markets of 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 reinvestment of
dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible
to invest directly into an index.  Information About Your Fund's Expenses As an investor of the Fund, you incur two types of costs: ongoing
expenses and transaction costs. Ongoing expenses include management
fees and other Fund expenses. Examples of transaction costs include
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 Fund 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 Fund's expenses in two ways: •    Actual Fund Return. This helps you estimate the actual dollar amount
of ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund'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% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other
mutual funds using the Fund's actual expense ratio and a hypothetical
rate of return of 5% per year before expenses. Examples using a 5%
hypothetical fund 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 Fund Return
Institutional
ClassBeginning Account Value 1/1/08
$     1,000.00Ending Account Value 6/30/08
$     889.90Expenses Paid per $1,000*
$     2.40Hypothetical 5% Fund Return
Institutional
ClassBeginning Account Value 1/1/08
$     1,000.00Ending Account Value 6/30/08
$     1,022.33Expenses Paid per $1,000*
$     2.56 * Expenses are equal to the Fund's annualized expense ratio 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 Ratio
Institutional
ClassDWS EAFE® Equity Index Fund
.51% For more information, please refer to the Fund's prospectus. Portfolio Management Review In the following interview, the portfolio management team discusses
the recent market environment and DWS EAFE® Equity Index Fund's
performance during the six-month period ended June 30, 2008. The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The
management team's views are subject to change at any time based on market and other
conditions and should not be construed as a recommendation. Past performance is no
guarantee of future results. Q: How did DWS EAFE Equity Index Fund perform during the
past half-year? A:For the period ending June 30, 2008, DWS EAFE Equity Index
Fund produced a total return of -11.01% (Institutional Class),
compared with a return of -10.96% for its benchmark, the
Morgan Stanley Capital International (MSCI) Europe, Australasia
and Far East (EAFE) Index.1 (Past performance is no guarantee of
future results. Please see pages 5 through 6 for more complete
performance information.) The fund is designed to replicate the
index. 1 The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE)
Index is an unmanaged capitalization-weighted index that tracks international stock
performance in the 21 developed markets of 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 reinvestment of
dividends and, unlike fund returns, do not reflect any fees or expenses. It is not possible
to invest directly into an index.  Q: What were the primary factors affecting the international
equity markets during the past six months? A:International equities lost ground during the past six months,
due largely to investors' concern that the US credit crisis was
spreading to the broader world economy. Market sentiment was
dampened further by sharply rising oil prices, signs of growing
inflation pressures and downward revisions to analysts'
second-half earnings estimates. Although overseas equities (as measured by the MSCI EAFE
Index) produced a negative absolute return, the asset class
outperformed the -11.91% return of US equities, as measured by
the Standard & Poor's 500® (S&P 500) Index.2 This continues the
trend of multiyear outperformance for the international markets. 2 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 reinvestment of dividends and,
unlike fund returns, do not reflect any fees or expenses. It is not possible to invest
directly into an index.  The effect of currency exchange rates was slightly positive, albeit
not as strong as it was in 2006 and 2007. When the fund buys
shares traded on foreign exchanges, it must first convert its US
dollars into foreign currencies. As a result, a decline in the dollar
 and corresponding rise in the value of foreign currencies 
increases the value of its investments. The dollar in fact
performed poorly in the first quarter, boosting the return of
international equities for US investors. This trend reversed in the
second quarter, however, providing a headwind to fund
performance in the latter half of the period. Q: Which sectors within the MSCI EAFE Index were the best and
worst performers? A:The list of first-half winners within the international markets
was very narrow. At a time when the sustainability of corporate
earnings growth was very much in question, investors gravitated
to the stocks seen as being most likely to deliver reliable growth.
The result was that of the 10 major sectors, only two  materials
and energy  generated positive returns. Materials stocks, which
benefited from strength in the broader commodities sector and
metals in particular, delivered a return of about 5.9%, well above
the return of the broader market. Performance was led by stocks
such as the steel company ArcelorMittal and the mining
companies BHP Billiton Ltd., Rio Tinto PLC and Anglo American
PLC. Energy stocks also benefited from the strength of the
underlying commodities; in this case oil, natural gas and coal. The
energy sector gained approximately 5.1%, led by BG Group PLC,
Woodside Petroleum Ltd. and StatoilHydro ASA. The most notable source of weakness was, of course, financial
stocks. The US credit crisis has become a global issue, affecting
banks across the world. The result was a return of -19.8% for the
sector, which accounted for almost half of the loss of the index
due to the sector's high weighting of 26.2%. While there were
many individual benchmark components that declined between
15-50% during the first half, some of the more notable detractors
were UBS AG (Registered), Royal Bank of Scotland Group PLC,
HBOS PLC, and Barclays PLC. Not surprisingly, the consumer discretionary sector was the
second-worst-performing industry group. Slower economic
growth generally causes people to pare back on their
discretionary expenses, and this weighed on the earnings outlook
for the sector. The result was a loss of over 17%, with retail
stocks generally leading the way on the downside. Q: What countries delivered the best and worst performance? A:Hong Kong, which makes up only a little over 2% of the
benchmark, nonetheless stood out as a detractor due to its loss
of over -22%. Hong Kong's market contains a heavy weighting of
Chinese companies, which delivered sharply negative returns
during the first half of the year. European stocks also weighed on index performance. The
prospect of both slowing growth and higher interest rates on the
Continent caused both France and Germany, which together make
up over 19% of the benchmark, to underperform. The United
Kingdom, which remains under pressure by the same housing and
credit crisis that is affecting the United States, also lagged with a
return of about -11.8%. UK stocks make up over 21% of the
MSCI EAFE Index. Although Japan's market produced a negative absolute return
(-5.6%), it outperformed the index by a substantial margin. Japan
was seen as being a more "defensive" investment because it has
been less affected by broader macroeconomic trends than the
other major world markets thus far. In addition, the weaker yen
boosted shares of the country's exporters. Q: Have you made any changes to your investment approach? A:We have made no changes in the fund's strategy, as our goal is
to replicate the return and risk characteristics of the index. To this
end, all changes made to the index were incorporated in the fund
in order to maintain proper tracking. The index itself provides
broad-based exposure to 21 of the largest developed markets
outside the United States, across all sectors of the economy. We
will continue to follow a passive strategy designed to provide
returns that approximate those of the benchmark index. Portfolio Summary Geographic Diversification
(As a % of Investment Portfolio excluding Cash Equivalents and
Securities Lending Collateral)
6/30/08
12/31/07Japan
21%
20%United Kingdom
19%
20%France
10%
10%Germany
9%
9%Switzerland
8%
7%Australia
7%
7%Netherlands
5%
5%Spain
4%
4%Italy
4%
4%Other
13%
14%100%
100% Sector Diversification
(As a % of Common & Preferred Stocks)
6/30/08
12/31/07Financials
25%
27%Industrials
12%
12%Materials
12%
10%Consumer Discretionary
10%
11%Energy
9%
8%Consumer Staples
8%
9%Health Care
7%
6%Utilities
6%
6%Telecommunication Services
6%
6%Information Technology
5%
5%100%
100% Geographic diversification and sector diversification are subject to change. Ten Largest Equity Holdingsat June 30, 2008 (14.5% of Net Assets)
Country
Percent1.      Royal Dutch Shell PLC
Explores, produces and refines petroleum
Netherlands
2.0%2.      BHP Billiton
Producer of petroleum, minerals and steel products
Australia
1.8%3.      BP PLC
Exporter, Ltd. and producer of oil and natural gas
United Kingdom
1.7%4.      Total SA
Produces, retires, transports and markets oil and
natural gas
France
1.5%5.      HSBC Holdings PLC
Provider of international banking and financial services
United Kingdom
1.5%6.      Nestle SA
Producer and seller of food products
Switzerland
1.4%7.      Rio Tinto
Operator of a mining, manufacturing and development
company
United Kingdom
1.3%8.      Vodafone Group PLC
Provider of mobile telecommunication services
United Kingdom
1.3%9.      E.ON AG
Distributor of electricity to commercial and residential
customers
Germany
1.0%10.     Toyota Motor Corp.
Manufacturer of diversified automotive products
Japan
1.0% Portfolio holdings are subject to change. For more complete details about the Fund's investment portfolio, see page 15. A quarterly
Fact Sheet is available upon request. Information concerning portfolio holdings of the Fund
as of month end will be posted to www.dws-investments.com on or after the last day of the
following month. Please see the Account Management Resources section for contact
information. Following the Fund'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 Portfolioas of June 30, 2008 (Unaudited) Shares
Value ($)Common Stocks 97.2%Australia 6.7%AGL Energy Ltd.
17,960
246,456Alumina Ltd.
39,127
176,984Amcor Ltd.
35,193
170,207AMP Ltd.
65,283
417,996Aristocrat Leisure Ltd.
11,798
72,488Asciano Group
18,776
62,618ASX Ltd.
6,107
183,461Australia & New Zealand Banking Group Ltd.
69,819
1,249,992AXA Asia Pacific Holdings Ltd.
25,507
114,220Babcock & Brown Ltd.
7,299
52,280Bendigo Bank Ltd.
6,301
65,891BHP Billiton Ltd.
119,939
5,108,403Billabong International Ltd.
3,349
34,619BlueScope Steel Ltd.
27,481
298,300Boart Longyear Group
30,333
64,767Boral Ltd.
20,006
108,211Brambles Ltd.
52,124
437,751Caltex Australia Ltd.
3,811
47,775CFS Retail Property Trust (REIT)
1,265
2,243CFS Retail Property Trust (Unit)
49,764
88,167Coca-Cola Amatil Ltd.
20,213
135,702Cochlear Ltd.
1,919
80,392Commonwealth Bank of Australia
47,538
1,826,701Computershare Ltd.
14,173
124,948Crown Ltd.
16,216
144,191CSL Ltd.
19,947
683,659CSR Ltd.
31,897
74,506Dexus Property Group (REIT)
84,240
111,227Fairfax Media Ltd.
42,249
118,854Fortescue Metals Group Ltd.*
47,986
543,954Foster's Group Ltd.
73,146
355,063Goodman Fielder Ltd.
5,658
7,612Goodman Group (REIT)
47,521
141,117GPT Group (REIT)
86,074
183,623Harvey Norman Holdings Ltd.
16,119
47,674Incitec Pivot Ltd.
2,137
376,478Insurance Australia Group Ltd.
68,457
226,080Leighton Holdings Ltd.
5,224
251,771Lend Lease Corp., Ltd.
12,613
115,324Lion Nathan Ltd.
12,132
99,097Macquarie Airports
24,810
49,111Macquarie Group Ltd.
9,989
464,069Macquarie Infrastructure Group (Unit)
87,106
193,355Macquarie Office Trust (REIT)
42,116
31,201Metcash Ltd.
17,900
63,426Mirvac Group
35,141
99,505National Australia Bank Ltd.
57,838
1,465,265Newcrest Mining Ltd.
17,107
482,726Onesteel Ltd.
24,732
176,200Orica Ltd.
11,550
323,961Origin Energy Ltd.
33,692
518,914Oxiana Ltd.
37,819
94,594Oxiana Ltd.*
48,378
121,045Paladin Energy Ltd.*
15,203
92,834Perpetual Ltd.
1,300
52,840Qantas Airways Ltd.
28,624
83,378QBE Insurance Group Ltd.
32,833
697,254Rio Tinto Ltd.
10,380
1,353,141Santos Ltd.
22,574
465,110Sims Group Ltd.
4,389
175,703Sonic Healthcare Ltd.
10,815
150,654St. George Bank Ltd.
18,802
487,602Stockland (REIT)
57,279
295,470Suncorp-Metway Ltd.
34,702
432,927TABCORP Holding Ltd.
17,223
161,779Tatts Group Ltd.
31,041
69,470Telstra Corp., Ltd.
161,800
657,141Toll Holdings Ltd.
19,277
111,556Transurban Group (Unit)
35,540
143,339Wesfarmers Ltd.
23,370
834,330Wesfarmers Ltd. (PPS)
5,865
211,294Westfield Group (REIT)
62,411
972,367Westpac Banking Corp., Ltd.
68,222
1,305,243Woodside Petroleum Ltd.
17,269
1,121,121Woolworths Ltd.
43,379
1,015,373WorleyParsons Ltd.
5,139
186,216(Cost $16,327,306)
29,810,316Austria 0.6%Andritz AG
1,080
67,939Erste Bank der oesterreichischen Sparkassen AG
7,024
434,497Immoeast AG*
13,270
116,992Immofinanz Immobilien Anlagen AG
16,045
165,392Oesterreichische Elektrizitaetswirtschafts AG "A"
2,960
264,840OMV AG
6,120
477,731Raiffeisen International Bank-Holding AG
1,870
236,976Strabag SE
1,620
125,928Telekom Austria AG
12,697
274,761Vienna Insurance Group
1,337
88,223voestalpine AG
4,050
332,162Wienerberger AG
3,280
137,489(Cost $1,725,147)
2,722,930Belgium 1.0%Belgacom SA
6,070
260,209Colruyt SA
515
135,510Compagnie Nationale a Portefeuille
1,055
79,116Delhaize Group
3,479
233,848Dexia SA
17,794
282,461Fortis
75,418
1,196,989Fortis (VVPR Strip)*
27,966
440Groupe Bruxelles Lambert SA
2,920
345,811InBev NV
6,921
478,387KBC Ancora
831
72,161KBC Groep NV
5,961
657,376Mobistar SA
744
60,427Solvay SA
2,149
279,454UCB SA
3,721
136,857Umicore
4,821
237,836(Cost $3,956,115)
4,456,882Bermuda 0.1%Seadrill Ltd. (Cost $148,908)
9,100
278,076Denmark 1.0%A P Moller-Maersk AS "A"
18
219,618A P Moller-Maersk AS "B"
41
499,331Carlsberg AS "B"
3,558
343,286Coloplast AS "B"
812
70,742Danisco AS
1,655
106,302Danske Bank AS
16,949
486,222DSV AS
6,480
155,038FLSmidth & Co. AS
1,799
197,199Jyske Bank AS (Registered)*
1,992
118,360Novo Nordisk AS "B"
16,655
1,097,322Novozymes AS "B"
1,560
140,096Rockwool International AS "B"
169
21,708Sydbank AS
1,965
74,781Topdanmark AS*
613
92,295Trygvesta AS
910
64,020Vestas Wind Systems AS*
6,774
883,854William Demant Holding AS*
765
50,289(Cost $2,038,963)
4,620,463Finland 1.5%Cargotec Corp. "B"
1,200
41,479Elisa Oyj
5,062
105,487Fortum Oyj
16,553
838,312Kesko Oyj "B"
2,433
78,262Kone Oyj "B"
5,420
189,351Metso Corp.
4,186
189,386Neste Oil Oyj
4,336
127,024Nokia Oyj
142,846
3,499,179Nokian Renkaat Oyj
3,100
147,931Orion Oyj "B"
2,200
43,727Outokumpu Oyj
4,200
145,898Pohjola Bank PLC
2,300
39,643Rautaruukki Oyj
3,222
146,498Sampo Oyj "A"
16,025
402,778SanomaWSOY Oyj
1,621
35,748Stora Enso Oyj "R"
19,656
182,989UPM-Kymmene Oyj
20,694
336,418Wartsila Oyj
3,517
220,140YIT Oyj
3,400
84,902(Cost $4,135,574)
6,855,152France 9.6%Accor SA
6,942
461,150Aeroports de Paris
992
92,675Air France-KLM
5,076
120,965Air Liquide SA
8,980
1,183,894Alcatel-Lucent*
84,378
508,007Alstom
3,862
885,462Atos Origin SA*
2,155
118,591Axa
55,856
1,646,329BNP Paribas
28,955
2,594,145Bouygues SA
8,968
591,228Bureau Veritas SA
928
55,076Cap Gemini SA
5,045
296,526Carrefour SA
22,909
1,291,823Casino Guichard-Perrachon SA
1,306
147,450Christian Dior SA
1,719
176,147CNP Assurances
1,552
174,717Compagnie de Saint-Gobain
10,034
626,258Compagnie Generale de Geophysique-Veritas*
4,575
215,991Compagnie Generale des Etablissements Michelin "B"
5,242
373,922Credit Agricole SA (a)
32,874
666,146Dassault Systemes SA
2,049
124,338Electricite de France
7,120
675,061Eramet
158
155,803Essilor International SA
7,248
442,222Eurazeo
695
73,914Eutelsat Communications
951
26,363France Telecom SA
65,677
1,927,952Gaz de France
6,593
422,364Gecina SA
556
67,144Groupe DANONE
15,485
1,083,598Hermes International
2,448
383,528Icade (REIT)
95
11,050Imerys SA
1,022
73,921JC Decaux SA
2,519
64,141Klepierre
2,886
144,565L'Oreal SA
8,789
954,685Lafarge SA
5,251
803,309Lagardere SCA
4,589
260,810Legrand SA
1,432
35,933LVMH Moet Hennessy Louis Vuitton SA
8,726
909,438M6 Metropole Television
416
8,977Natixis
13,563
148,991Neopost SA
943
99,590PagesJaunes SA
3,445
50,414Pernod Ricard SA
6,074
622,970PPR
2,931
323,804PSA Peugeot Citroen
5,297
285,199Publicis Groupe
5,334
172,145Renault SA
6,842
559,773Safran SA
6,778
130,673Sanofi-Aventis
36,743
2,444,347Schneider Electric SA
7,843
845,359SCOR
5,089
115,970Societe BIC SA
1,073
56,057Societe Generale
16,811
1,447,240Societe Television Francaise 1
4,061
67,485Sodexo
2,959
193,450Suez SA
37,506
2,547,243Suez SA (VVPR Strip)*
3,124
49Technip SA
3,621
332,925Thales SA
3,436
195,481Total SA
76,883
6,554,341Unibail-Rodamco (REIT)
3,006
693,987Valeo SA
2,050
65,313Vallourec SA
1,971
688,541Veolia Environnement
13,746
765,863Vinci SA
15,052
918,427Vivendi
42,012
1,590,458Wendel
1,166
117,776Zodiac SA
1,383
63,321(Cost $30,289,823)
42,972,810Germany 8.5%Adidas AG
7,290
458,995Allianz SE (Registered)
16,107
2,830,183Arcandor AG*
2,059
23,878BASF SE
34,726
2,391,500Bayer AG
27,402
2,301,596Bayerische Motoren Werke (BMW) AG
12,145
582,834Beiersdorf AG
3,087
227,076Bilfinger Berger AG
1,345
116,413Celesio AG
3,525
127,414Commerzbank AG
22,801
673,697Continental AG
5,513
564,800Daimler AG
32,695
2,018,186Deutsche Bank AG (Registered) (b)
18,089
1,558,472Deutsche Boerse AG
7,104
797,064Deutsche Lufthansa AG (Registered)
8,159
175,244Deutsche Post AG (Registered)
30,673
800,181Deutsche Postbank AG
2,606
228,021Deutsche Telekom AG (Registered)
101,973
1,667,254E.ON AG
22,612
4,553,548Fraport AG
1,613
109,300Fresenius Medical Care AG & Co. KGaA
7,145
393,439GEA Group AG
5,622
197,901Hamburger Hafen und Logistik AG
153
11,885Hannover Rueckversicherung AG (Registered)
1,735
85,582HeidelbergCement AG
763
110,534Henkel AG & Co. KGaA
4,406
164,941Hochtief AG
1,509
152,622Hypo Real Estate Holding AG
7,466
209,196Infineon Technologies AG*
27,075
233,935IVG Immobilien AG
2,728
53,696K+S AG
1,293
741,830Linde AG
4,874
683,322MAN AG
3,893
431,310Merck KGaA
2,443
346,893Metro AG
4,316
275,021Muenchener Rueckversicherungs-Gesellschaft AG
(Registered)
7,469
1,307,296Puma AG
163
54,582Q-Cells AG*
2,210
223,660Rheinmetall AG
1,001
72,219RWE AG
15,974
2,015,113Salzgitter AG
1,505
275,019SAP AG
31,400
1,641,396Siemens AG (Registered)
31,042
3,437,438Solarworld AG
2,432
115,454ThyssenKrupp AG
12,838
804,515TUI AG
6,799
157,316United Internet AG (Registered)
2,550
50,201Volkswagen AG
5,250
1,513,116Wacker Chemie AG
468
97,543(Cost $23,376,101)
38,062,631Greece 0.6%Alpha Bank AE
14,010
420,991Coca-Cola Hellenic Bottling Co. SA
6,205
168,383EFG Eurobank Ergasias
10,985
259,240Hellenic Petroleum SA
4,312
59,189Hellenic Telecommunications Organization SA
9,950
246,920Marfin Investment Group SA*
21,790
172,182National Bank of Greece SA
17,295
779,023OPAP SA
8,089
281,465Piraeus Bank SA
11,528
313,170Public Power Corp. SA
3,486
121,223Titan Cement Co. SA
1,949
76,946(Cost $1,952,828)
2,898,732Hong Kong 2.1%ASM Pacific Technology Ltd.
5,000
37,686Bank of East Asia Ltd.
52,904
286,880BOC Hong Kong (Holdings) Ltd.
132,000
349,105Cathay Pacific Airways Ltd.
55,000
104,651CC Land Holdings Ltd.
19,000
11,750Cheung Kong (Holdings) Ltd.
51,000
685,836Cheung Kong Infrastrucure Holdings Ltd.
10,000
42,285Chinese Estates Holdings Ltd.
20,143
30,966CITIC International Financial Holdings Ltd.*
43,000
32,677CLP Holdings Ltd.
75,774
648,840Esprit Holdings Ltd.
38,815
404,006Foxconn International Holdings Ltd.*
78,000
74,908Genting International PLC*
29,496
12,588Hang Lung Group Ltd.
34,000
150,874Hang Lung Properties Ltd.
75,000
239,888Hang Seng Bank Ltd.
27,300
575,305Henderson Land Development Co., Ltd.
39,672
246,820Hong Kong & China Gas Co., Ltd.
149,242
357,957Hong Kong Aircraft Engineering Co., Ltd.
1,600
24,619Hong Kong Exchanges & Clearing Ltd.
38,000
551,990Hongkong Electric Holding Ltd.
50,000
298,811Hopewell Holdings Ltd.
25,000
88,672Hutchison Telecommunications International Ltd.*
42,000
59,587Hutchison Whampoa Ltd.
78,100
789,779Hysan Development Co., Ltd.
13,744
37,769Kerry Properties Ltd.
24,432
128,015Kingboard Chemical Holdings Ltd.
20,900
96,329Lee & Man Paper Manufacturing Ltd.
14,000
20,701Li & Fung Ltd.
85,120
255,972Lifestyle International Holdings Ltd.
15,000
21,105Link (REIT)
81,500
185,413Mongolia Energy Corp., Ltd.*
108,000
208,600MTR Corp., Ltd.
51,991
163,452New World Development Co., Ltd.
87,036
176,798Noble Group Ltd.
38,400
67,102NWS Holdings Ltd.
22,000
57,286Orient Overseas International Ltd.
5,900
29,350Pacific Basin Shipping Ltd.
41,000
58,201PCCW Ltd.
139,443
84,323Shangri-La Asia Ltd.
52,499
122,405Shun Tak Holdings Ltd.
18,000
16,780Sino Land Co., Ltd.
49,198
97,570Sun Hung Kai Properties Ltd.
51,297
694,476Swire Pacific Ltd. "A"
31,000
318,535Television Broadcasts Ltd.
9,000
51,882Wharf Holdings Ltd.
48,864
204,180Wheelock & Co., Ltd.
26,000
69,593Wing Hang Bank Ltd.
6,000
79,428Wing Lung Bank Ltd.
1,800
35,362Yue Yuen Industrial (Holdings) Ltd.
21,000
49,818(Cost $6,830,774)
9,436,925Ireland 0.6%Allied Irish Banks PLC
32,758
504,939Anglo Irish Bank Corp. PLC
26,763
248,260Bank of Ireland (c)
26,400
228,877Bank of Ireland (c)
9,333
81,270CRH PLC
19,840
577,433Elan Corp. PLC*
17,064
603,578Experian Group Ltd.
37,590
277,805Irish Life & Permanent PLC
9,055
93,594Kerry Group PLC "A"
4,107
121,531Ryanair Holdings PLC*
10,294
45,267Smurfit Kappa Group PLC
2,677
21,809(Cost $2,742,086)
2,804,363Italy 3.7%A2A SpA (a)
39,812
146,239Alleanza Assicurazioni SpA
15,390
166,671Assicurazioni Generali SpA
38,008
1,454,686Atlantia SpA
9,451
285,244Autogrill SpA*
3,093
36,993Banca Carige SpA
20,481
72,035Banca Monte dei Paschi di Siena SpA
33,891
95,343Banca Popolare di Milano Scarl
14,402
134,325Banco Popolare Societa Cooperativa
22,811
402,326Bulgari SpA
3,349
33,707Enel SpA
155,452
1,475,016Eni SpA
92,025
3,426,775Fiat SpA
25,456
415,586Finmeccanica SpA
10,868
284,000Fondiaria-Sai SpA
2,571
84,637IFIL Investments SpA
9,999
64,815Intesa Sanpaolo
276,422
1,572,745Intesa Sanpaolo (RNC)
34,089
175,482Italcementi SpA
2,813
46,562Italcementi SpA (RNC)
2,521
29,310Lottomatica SpA
2,109
62,847Luxottica Group SpA
4,890
114,310Mediaset SpA
29,562
194,320Mediobanca SpA
17,934
302,986Mediolanum SpA
6,085
25,241Parmalat SpA
57,791
150,646Pirelli & C. SpA
84,527
57,973Prysmian SpA
3,800
95,970Saipem SpA
9,818
459,908Snam Rete Gas SpA
31,423
214,453Telecom Italia SpA
364,827
730,551Telecom Italia SpA (RNC)
214,061
345,111Terna  Rete Elettrica Nationale SpA
38,013
160,771UniCredit SpA
402,658
2,452,806Unione di Banche Italiane ScpA
21,764
508,739Unipol Gruppo Finanziario SpA
16,413
38,533(Cost $12,645,671)
16,317,662Japan 20.9%ACOM Co., Ltd.
2,300
71,435Advantest Corp.
5,300
111,939AEON Co., Ltd.
25,000
307,950AEON Credit Services Co., Ltd.
2,730
34,135AEON Mall Co., Ltd.
1,100
32,429Aiful Corp.
1,950
22,544Aioi Insurance Co., Ltd.
11,000
58,814Aisin Seiki Co., Ltd.
7,500
244,837Ajinomoto Co., Inc.
27,000
255,035Alfresa Holdings Corp.
1,000
71,481All Nippon Airways Co., Ltd.
25,000
93,408Alps Electric Co., Ltd.
6,000
62,135Amada Co., Ltd.
15,000
117,977Aozora Bank Ltd.
12,000
27,427Asahi Breweries Ltd.
15,400
287,749Asahi Glass Co., Ltd.
38,000
460,338Asahi Kasei Corp.
47,000
246,641ASICS Corp.
3,000
32,675Astellas Pharma, Inc.
18,000
764,632Benesse Corp.
2,200
89,005Bridgestone Corp.
23,400
356,138Brother Industries Ltd.
6,000
82,644Canon Marketing Japan, Inc.
2,000
35,142Canon, Inc.
38,000
1,947,881Casio Computer Co., Ltd.
9,200
104,594Central Japan Railway Co.
59
649,752Chubu Electric Power Co., Inc.
24,900
607,029Chugai Pharmaceutical Co., Ltd. (a)
3,217
51,540Chugoku Electric Power Co., Inc.
8,600
183,610Chuo Mitsui Trust Holdings, Inc.
28,100
166,811Citizen Holdings Co., Ltd.
9,300
70,999Cosmo Oil Co., Ltd.
14,000
50,565Credit Saison Co., Ltd.
6,300
132,066CSK Holdings Corp.
2,100
41,249Dai Nippon Printing Co., Ltd.
22,000
324,159Daicel Chemical Industries Ltd.
6,000
33,739Daido Steel Co., Ltd.
8,000
44,783Daihatsu Motor Co., Ltd.
4,000
45,741Daiichi Sankyo Co., Ltd.
25,400
698,409Daikin Industries Ltd.
9,800
493,633Dainippon Ink & Chemical, Inc.
21,000
60,837Daito Trust Construction Co., Ltd.
3,000
145,304Daiwa House Industry Co., Ltd.
21,000
196,115Daiwa Securities Group, Inc.
48,000
439,276DeNA Co., Ltd.
6
35,448Denki Kagaku Kogyo Kabushiki Kaisha
17,000
63,218Denso Corp.
17,900
612,696DENTSU, Inc.
81
171,974Dowa Holdings Co., Ltd.
9,000
65,714East Japan Railway Co.
122
993,011Eisai Co., Ltd.
9,300
328,042Electric Power Development Co., Ltd.
4,700
174,222Elpida Memory, Inc.*
3,100
99,551FamilyMart Co., Ltd.
2,300
93,933FANUC Ltd.
7,000
682,062Fast Retailing Co., Ltd.
1,700
160,801Fuji Electric Holdings Co., Ltd.
13,000
45,820Fuji Heavy Industries Ltd.
14,000
68,399Fuji Television Network, Inc.
21
31,692Fujifilm Holdings Corp.
17,900
612,915Fujitsu Ltd.
70,000
517,595Fukuoka Financial Group, Inc.
26,000
117,575Hakuhodo Dy Holdings, Inc.
500
26,693Hankyu Hanshin Holdings, Inc.
47,200
198,082Haseko Corp.
28,000
37,257Hikari Tsushin, Inc.
500
16,460Hino Motors Ltd.
6,000
37,112Hirose Electric Co., Ltd.
900
90,198Hisamitsu Pharmaceutical Co., Inc.
1,500
65,193Hitachi Chemical Co., Ltd.
3,400
70,452Hitachi Construction Machinery Co., Ltd.
2,700
76,383Hitachi High-Technologies Corp.
1,000
23,096Hitachi Ltd.
122,000
877,436Hitachi Metals Ltd.
4,000
65,617Hokkaido Electric Power Co., Inc.
5,400
109,778Hokugin Financial Group, Inc.
52,000
150,560Hokuriku Electric Power Co.
5,000
118,843Honda Motor Co., Ltd.
59,600
2,027,791Hoya Corp.
15,800
366,152IBIDEN Co., Ltd.
4,200
151,952Idemitsu Kosan Co., Ltd.
900
80,080IHI Corp.
50,000
101,622INPEX Holdings, Inc.
31
392,713Isetan Mitsukoshi Holdings Ltd.*
12,120
129,570Isuzu Motors Ltd.
51,000
244,905ITO EN Ltd.
1,600
25,217Itochu Corp.
56,000
594,426Itochu Techno-Solutions Corp.
800
25,933J. Front Retailing Co., Ltd.
16,000
84,214JAFCO Co., Ltd.
600
20,465Japan Airlines Corp.*
19,000
39,879Japan Petroleum Exploration Co., Ltd.
500
35,810Japan Prime Realty Investment Corp. (REIT)
10
29,503Japan Real Estate Investment Corp. (REIT)
15
158,554Japan Retail Fund Investment Corp. (REIT)
15
86,319Japan Steel Works Ltd.
12,000
234,788Japan Tobacco, Inc.
163
693,715JFE Holdings, Inc.
19,025
956,313JGC Corp.
7,000
137,500JS Group Corp.
9,348
148,894JSR Corp.
7,200
142,788JTEKT Corp.
7,100
112,344Jupiter Telecommunications Co., Ltd.*
56
43,375Kajima Corp.
33,000
115,052Kamigumi Co., Ltd.
6,000
45,313Kaneka Corp.
8,000
54,573Kansai Electric Power Co., Inc.
28,100
657,347Kansai Paint Co., Ltd.
5,000
34,560Kao Corp.
19,000
497,694Kawasaki Heavy Industries Ltd.
51,000
135,597Kawasaki Kisen Kaisha Ltd.
22,000
207,801KDDI Corp.
108
668,631Keihin Electric Express Railway Co., Ltd.
12,000
74,301Keio Corp.
16,000
81,026Keisei Electric Railway Co., Ltd.
5,000
25,532Keyence Corp.
1,470
349,562Kikkoman Corp.
6,000
73,437Kinden Corp.
6,000
60,588Kintetsu Corp.
46,900
146,997Kirin Holdings Co., Ltd.
29,000
451,608Kobe Steel Ltd.
101,000
288,451Komatsu Ltd.
32,500
903,715Konami Co., Ltd.
3,600
125,655Konica Minolta Holdings, Inc.
17,000
287,781Kubota Corp.
43,000
308,376Kuraray Co., Ltd.
14,000
167,322Kurita Water Industries Ltd.
4,400
162,622Kyocera Corp.
6,000
563,393Kyowa Hakko Kogyo Co., Ltd.
6,910
70,708Kyushu Electric Power Co., Inc.
14,400
300,888Lawson, Inc.
1,900
92,562Leopalace21 Corp.
5,000
71,123Mabuchi Motor Co., Ltd.
1,200
65,171Makita Corp.
5,000
203,936Marubeni Corp.
61,000
508,605Marui Co., Ltd.
10,400
80,947Maruichi Steel Tube Ltd.
1,000
31,223Matsushita Electric Industrial Co., Ltd.
66,614
1,428,533Matsushita Electric Works Ltd.
11,000
112,007Mazda Motor Corp.
26,000
135,359Mediceo Paltac Holdings Co., Ltd.
5,100
93,776Meiji Dairies Corp.
8,000
41,006Millea Holdings, Inc.
25,600
996,427Minebea Co., Ltd.
8,000
45,954Mitsubishi Chemical Holdings Corp.
50,000
290,149Mitsubishi Corp.
48,200
1,585,972Mitsubishi Electric Corp.
71,000
767,859Mitsubishi Estate Co., Ltd.
42,000
958,916Mitsubishi Gas Chemical Co., Inc.
16,000
115,200Mitsubishi Heavy Industries Ltd.
119,000
569,848Mitsubishi Logistics Corp.
5,000
54,845Mitsubishi Materials Corp.
43,000
183,496Mitsubishi Motors Corp.* (a)
123,000
223,239Mitsubishi Rayon Co., Ltd.
17,000
53,541Mitsubishi Tanabe Pharma Corp.
8,000
104,713Mitsubishi UFJ Financial Group, Inc.
369,500
3,252,668Mitsubishi UFJ Lease & Finance Co., Ltd.
1,450
62,682Mitsubishi UFJ NICOS Co., Ltd.*
5,000
16,474Mitsui & Co., Ltd.
62,000
1,368,821Mitsui Chemicals, Inc.
24,000
118,046Mitsui Engineering & Shipbuilding Co., Ltd.
20,000
63,103Mitsui Fudosan Co., Ltd.
30,000
639,521Mitsui Mining & Smelting Co., Ltd.
19,000
55,918Mitsui O.S.K. Lines Ltd.
43,000
617,576Mitsui Sumitomo Insurance Group Holdings, Inc.*
13,778
474,113Mitsumi Electric Co., Ltd.
2,000
44,441Mizuho Financial Group, Inc.
350
1,620,769Mizuho Trust & Banking Co., Ltd.
37,000
63,595Murata Manufacturing Co., Ltd.
8,200
388,952Namco Bandai Holdings, Inc.
9,050
102,611NEC Corp.
74,000
388,613NEC Electronics Corp.*
1,800
44,668NGK Insulators Ltd.
9,000
174,593NGK Spark Plug Co., Ltd.
6,000
68,641NHK Spring Co., Ltd.
3,000
23,822Nidec Corp.
3,900
259,173Nikon Corp.
13,000
377,836Nintendo Co., Ltd.
3,600
2,026,088Nippon Building Fund, Inc. (REIT)
20
234,811Nippon Electric Glass Co., Ltd.
14,000
242,673Nippon Express Co., Ltd.
25,000
119,602Nippon Meat Packers, Inc.
5,000
67,652Nippon Mining Holdings, Inc.
32,500
203,997Nippon Oil Corp.
48,000
323,037Nippon Paper Group, Inc.
29
79,340Nippon Sheet Glass Co., Ltd.
16,000
78,956Nippon Steel Corp.
186,000
1,004,816Nippon Telegraph & Telephone Corp.
187
911,484Nippon Yusen Kabushiki Kaisha
40,000
383,831NIPPONKOA Insurance Co., Ltd.
21,000
182,561Nishi-Nippon City Bank Ltd.
16,000
47,432Nissan Chemical Industries Ltd.
4,000
49,309Nissan Motor Co., Ltd.
82,500
679,186Nisshin Seifun Group, Inc.
5,000
62,936Nisshin Steel Co., Ltd.
29,000
98,411Nisshinbo Industries
3,000
35,695Nissin Food Products Co., Ltd. (a)
3,600
120,591Nitori Co., Ltd.
700
35,953Nitto Denko Corp.
6,500
249,021NOK Corp.
3,300
52,402Nomura Holdings, Inc.
63,700
941,001Nomura Real Estate Holdings, Inc.
1,000
21,050Nomura Real Estate Office Fund, Inc. (REIT)
6
44,998Nomura Research Institute Ltd.
3,800
88,990NSK Ltd.
17,000
149,125NTN Corp.
13,000
86,736NTT Data Corp.
46
179,446NTT DoCoMo, Inc.
581
852,051NTT Urban Development Corp.
25
32,652Obayashi Corp.
21,000
94,958Obic Co., Ltd.
200
33,514Odakyu Electric Railway Co., Ltd.
25,000
162,316Oji Paper Co., Ltd.
25,000
117,688OKUMA Corp.
3,000
29,742Olympus Corp.
9,000
305,013Omron Corp.
6,400
138,161Ono Pharmaceutical Co., Ltd.
4,000
220,619Onward Kashiyama Co.
4,000
42,056Oracle Corp.
1,100
44,821Oriental Land Co., Ltd.
1,800
107,545ORIX Corp.
3,400
491,321Osaka Gas Co., Ltd.
80,000
293,449OSAKA Titanium Technologies Co., Ltd.
400
20,967Otsuka Corp.
300
20,675Pioneer Corp.
5,400
43,373Promise Co., Ltd.
2,700
75,391Rakuten, Inc.
236
118,995Resona Holdings, Inc.
200
306,266Ricoh Co., Ltd.
25,000
452,506ROHM Co., Ltd.
4,100
235,261Sankyo Co., Ltd.
1,500
97,715Santen Pharmaceutical Co., Ltd.
2,000
50,252Sanyo Electric Co., Ltd.* (a)
50,000
116,601Sapporo Hokuyo Holdings, Inc.
8
53,904Sapporo Holdings Ltd.
5,000
34,938SBI E*Trade Securities Co., Ltd.
48
37,430SBI Holdings, Inc.
486
106,113Secom Co., Ltd.
7,900
384,640Sega Sammy Holdings, Inc.
6,000
52,451Seiko Epson Corp.
3,300
90,507Sekisui Chemical Co., Ltd.
14,000
95,495Sekisui House Ltd.
18,000
167,686Seven & I Holdings Co., Ltd.
29,800
851,974Sharp Corp.
37,000
603,723Shikoku Electric Power Co., Inc.
5,600
153,940Shimadzu Corp.
6,000
59,644Shimamura Co., Ltd.
1,000
61,425Shimano, Inc.
2,500
125,359Shimizu Corp.
18,000
85,094Shin-Etsu Chemical Co., Ltd.
14,900
919,463Shinko Electric Industries Co., Ltd.
1,000
12,284Shinko Securities Co., Ltd.
12,000
35,161Shinsei Bank Ltd.
43,000
146,817Shionogi & Co., Ltd.
12,000
237,116Shiseido Co., Ltd.
12,000
275,043Showa Denko KK
34,000
90,125Showa Shell Sekiyu KK
5,000
54,853SMC Corp.
2,100
230,528Softbank Corp.
24,900
419,012Sojitz Corp.
36,300
121,873Sompo Japan Insurance, Inc.
31,000
290,729Sony Corp.
35,800
1,538,155Sony Financial Holdings, Inc.
27
108,468Square Enix Co., Ltd.
1,300
38,402Stanley Electric Co., Ltd.
6,200
149,290Sumco Corp.
4,600
101,475Sumitomo Chemical Co., Ltd.
59,000
370,953Sumitomo Corp.
41,900
549,263Sumitomo Electric Industries Ltd.
26,900
342,599Sumitomo Heavy Industries Ltd.
20,000
135,064Sumitomo Metal Industries Ltd.
142,000
623,179Sumitomo Metal Mining Co., Ltd.
21,000
319,666Sumitomo Mitsui Financial Group, Inc.
234
1,755,510Sumitomo Realty & Development Co., Ltd.
14,000
277,360Sumitomo Rubber Industries Ltd.
6,600
49,342Sumitomo Trust & Banking Co., Ltd.
54,000
376,313Suzuken Co., Ltd.
1,900
70,107Suzuki Motor Corp.
13,200
311,452T&D Holdings, Inc.
7,400
456,333Taiheiyo Cement Corp.
29,000
58,050Taisei Corp.
29,000
69,257Taisho Pharmaceutical Co., Ltd.
5,000
92,580Taiyo Nippon Sanso Corp.
7,000
58,460Takashimaya Co., Ltd.
12,000
109,000Takeda Pharmaceutical Co., Ltd.
30,100
1,526,454Takefuji Corp.
3,900
54,078TDK Corp.
4,500
269,810Teijin Ltd.
30,000
102,683Terumo Corp.
6,200
315,916The 77 Bank Ltd.
8,000
50,110The Bank of Kyoto Ltd.
12,000
125,120The Bank of Yokohama Ltd.
49,000
337,973The Chiba Bank Ltd.
31,000
217,784The Chugoku Bank Ltd.
4,000
58,181The Furukawa Electric Co., Ltd.
24,000
103,969The Gunma Bank Ltd.
10,000
66,693The Hachijuni Bank Ltd.
13,258
86,088The Hiroshima Bank Ltd.
12,000
53,570The Iyo Bank Ltd.
6,000
70,142The Joyo Bank Ltd.
28,000
136,417The Shizuoka Bank Ltd.
24,000
245,510The Suruga Bank Ltd.
6,000
78,195THK Co., Ltd.
3,300
63,885Tobu Railway Co., Ltd.
35,000
165,979Toho Co., Ltd.
4,300
87,753Toho Gas Co., Ltd.
11,000
60,218Toho Titanium Co., Ltd.
1,000
19,591Tohoku Electric Power Co., Inc.
16,100
350,436Tokai Rika Co., Ltd.
800
16,576Tokuyama Corp.
8,000
59,275Tokyo Broadcasting System, Inc.
1,800
34,212Tokyo Electric Power Co., Inc.
43,700
1,122,924Tokyo Electron Ltd.
6,100
350,759Tokyo Gas Co., Ltd.
81,000
325,890Tokyo Steel Manufacturing Co., Ltd.
4,400
50,751Tokyo Tatemono Co., Ltd.
12,000
77,443Tokyu Corp.
39,000
202,114Tokyu Land Corp.
16,000
91,221TonenGeneral Sekiyu KK
9,000
81,628Toppan Printing Co., Ltd.
19,000
208,897Toray Industries, Inc.
48,000
257,833Toshiba Corp.
111,000
816,101Tosoh Corp.
15,000
61,458TOTO Ltd. (a)
10,000
70,316Toyo Seikan Kaisha Ltd.
5,000
88,459Toyo Suisan Kaisha Ltd.
2,000
45,128Toyoda Gosei Co., Ltd.
1,300
38,064Toyota Boshoku Corp.
1,400
37,366Toyota Industries Corp.
6,700
213,259Toyota Motor Corp.
96,800
4,553,264Toyota Tsusho Corp.
8,800
206,976Trend Micro, Inc.
4,000
131,620Ube Industries Ltd.
29,000
102,481Unicharm Corp.
1,400
99,351UNY Co., Ltd.
5,000
49,170Ushio, Inc.
4,000
65,164USS Co., Ltd.
800
52,797West Japan Railway Co.
66
324,181Yahoo! Japan Corp.
560
214,715Yakult Honsha Co., Ltd.
3,000
84,378Yamada Denki Co., Ltd.
3,200
227,492Yamaguchi Financial Group, Inc.
6,000
82,871Yamaha Corp.
5,000
96,682Yamaha Motor Co., Ltd.
7,400
138,120Yamato Holdings Co., Ltd.
16,000
223,983Yamato Kogyo Co., Ltd.
800
38,043Yamazaki Baking Co., Ltd.
5,000
54,860Yaskawa Electric Corp.
6,000
58,686Yokogawa Electric Corp.
6,000
55,006(Cost $75,521,086)
92,975,537Kazakhstan 0.1%Eurasian Natural Resources Corp.* (Cost $213,469)
10,480
277,346Luxembourg 0.8%ArcelorMittal
31,147
3,074,601Millicom International Cellular SA (SDR)
2,000
207,172SES (FDR)
11,738
295,731(Cost $1,566,187)
3,577,504Netherlands 4.6%Aegon NV
50,266
664,048Akzo Nobel NV
9,813
671,819ASML Holding NV
14,751
359,263Corio NV (REIT)
1,310
101,737European Aeronautic Defence & Space Co.
12,689
238,156Fugro NV (CVA)
2,062
175,819Heineken Holding NV
3,745
171,135Heineken NV
8,745
444,494ING Groep NV (CVA)
68,108
2,152,342James Hardie Industries NV
11,685
47,414Koninklijke (Royal) KPN NV
66,186
1,131,464Koninklijke (Royal) Philips Electronics NV
38,904
1,313,719Koninklijke Ahold NV
43,191
578,577Koninklijke DSM NV
4,630
270,731Randstad Holdings NV
3,337
116,434Reed Elsevier NV
21,731
364,510Royal Dutch Shell PLC "A"
126,525
5,193,178Royal Dutch Shell PLC "B"
97,531
3,919,854SBM Offshore NV
4,602
169,535SNS Reaal
4,084
78,707TNT NV
13,793
468,503TomTom NV*
1,786
50,790Unilever NV (CVA)
58,255
1,652,035Wolters Kluwer NV
10,078
233,781(Cost $14,445,674)
20,568,045New Zealand 0.1%Auckland International Airport Ltd.
33,452
49,868Contact Energy Ltd.
10,746
65,419Fletcher Building Ltd.
17,031
82,388Sky City Entertainment Group Ltd.
17,085
39,839Telecom Corp. of New Zealand Ltd. (a)
66,789
181,197(Cost $321,371)
418,711Norway 1.0%Aker Solutions ASA
5,600
131,664DNB NOR ASA
26,650
337,839Norsk Hydro ASA
23,800
346,462Orkla ASA
28,220
361,076Petroleum Geo-Services ASA
5,950
145,350Renewable Energy Corp. AS*
6,050
155,927StatoilHydro ASA
46,417
1,732,932Storebrand ASA
13,812
102,095Telenor ASA
30,400
569,735Yara International ASA
7,150
630,683(Cost $1,766,335)
4,513,763Portugal 0.3%Banco BPI SA (Registered)
8,149
33,567Banco Comercial Portugues SA (Registered)
68,071
146,568Banco Espirito Santo SA (Registered)
8,457
131,347Brisa
9,843
113,419CIMPOR-Cimentos de Portugal, SGPS, SA
9,328
62,623EDP  Energias de Portugal SA
67,571
352,273Portugal Telecom SGPS, SA (Registered)
24,592
277,176Sonae SGPS, SA
24,104
28,988Zon Multimedia Servicos de Telecomunicacoes e
Multimedia SGPS, SA
5,453
45,122(Cost $899,607)
1,191,083Singapore 1.2%Ascendas Real Estate Investment Trust (REIT)
36,750
59,818CapitaCommercial Trust (REIT)
41,000
57,377Capitaland Ltd.
60,750
255,159CapitaMall Trust (REIT)
47,300
104,139City Developments Ltd.
21,000
168,061ComfortDelGro Corp., Ltd.
80,000
88,339Cosco Corp., (Singapore) Ltd.
20,000
47,181DBS Group Holdings Ltd.
40,513
562,832Fraser & Neave Ltd.
37,488
125,262Golden Agri-Resources Ltd.
177,000
117,472Jardine Cycle & Carriage Ltd.
3,604
45,121Keppel Corp., Ltd.
44,500
366,918Keppel Land Ltd.
13,000
47,571Neptune Orient Lines Ltd.
20,000
47,583Olam International Ltd.
28,898
51,759Oversea-Chinese Banking Corp., Ltd.
88,008
529,331Parkway Holdings Ltd.
27,060
45,723SembCorp Industries Ltd.
29,449
90,485SembCorp. Marine Ltd.
26,600
79,640Singapore Airlines Ltd.
21,670
234,528Singapore Exchange Ltd.
30,000
152,868Singapore Press Holdings Ltd.
58,758
182,873Singapore Technologies Engineering Ltd.
59,000
118,264Singapore Telecommunications Ltd.
289,301
772,069United Overseas Bank Ltd.
45,448
623,952UOL Group Ltd.
16,544
41,438Venture Corp., Ltd.
8,000
57,807Wilmar International Ltd.
22,000
82,013(Cost $3,136,774)
5,155,583Spain 4.0%Abertis Infraestructuras SA
9,321
220,046Acciona SA
1,045
246,538Acerinox SA
5,841
133,955ACS, Actividades de Construccion y Servicios SA
7,223
360,722Banco Bilbao Vizcaya Argentaria SA
127,364
2,426,132Banco de Sabadell SA
30,609
258,514Banco Popular Espanol SA
29,272
404,471Banco Santander SA
223,139
4,071,427Bankinter SA
8,017
91,101Cintra Concesiones de Infraestructuras de Transporte SA
7,499
83,562Criteria Caixacorp SA
26,933
161,183Enagas
5,709
161,419Fomento de Construcciones y Contratas SA
1,296
76,512Gamesa Corp. Tecnologica SA
6,073
298,079Gas Natural SDG SA
3,983
231,856Gestevision Telecinco SA
3,997
50,832Grifols SA
3,866
123,201Grupo Ferrovial SA
2,461
151,988Iberdrola Renovables*
26,124
201,667Iberdrola SA
125,533
1,678,077Iberia Lineas Aereas de Espana SA
11,243
26,756Indra Sistemas SA
3,458
89,686Industria de Diseno Textil SA
8,153
374,779Mapfre SA
20,460
97,482Promotora de Informaciones SA (Prisa)
2,251
23,964Red Electrica de Espana
3,554
230,925Repsol YPF SA
26,507
1,042,931Sacyr Vallehermoso SA
3,290
99,872Telefonica SA
153,309
4,051,794Union Fenosa SA
4,632
269,575Zardoya Otis SA
3,496
72,446(Cost $10,797,459)
17,811,492Sweden 2.1%Alfa Laval AB
10,000
154,659Assa Abloy AB "B"
12,300
177,766Atlas Copco AB "A"
22,526
331,134Atlas Copco AB "B"
13,452
178,768Boliden AB
10,200
82,373Electrolux AB "B"
9,285
117,821Getinge AB "B"*
6,056
147,824Hennes & Mauritz AB "B"
18,400
993,133Holmen AB "B"
1,900
55,511Husqvarna AB "B"
12,385
107,684Investor AB "B"
13,908
291,901Lundin Petroleum AB*
4,600
68,019Modern Times Group MTG AB "B"
1,700
99,661Nordea Bank AB
74,814
1,024,264Sandvik AB
37,225
508,589Scania AB "B"
14,000
191,585Securitas AB "B"
10,591
122,843Skandinaviska Enskilda Banken AB "A"
17,934
330,082Skanska AB "B"
16,600
237,067SKF AB "B"
13,700
214,518SSAB Svenskt Stal AB "A"
6,562
210,734SSAB Svenskt Stal AB "B"
937
26,523Svenska Cellulosa AB "B"
21,198
298,475Svenska Handelsbanken AB "A"
18,459
436,429Swedbank AB "A"
10,800
207,292Swedish Match AB
9,065
184,664Tele2 AB "B"
10,300
200,262Telefonaktiebolaget LM Ericsson "B"
109,500
1,129,964TeliaSonera AB
83,732
616,951Volvo AB "B"
39,100
476,983(Cost $5,790,942)
9,223,479Switzerland 7.4%ABB Ltd. (Registered)*
78,967
2,228,677Actelion Ltd. (Registered)*
2,742
145,896Adecco SA (Registered)
4,957
244,456Baloise Holding AG (Registered)
1,529
160,012Compagnie Financiere Richemont SA "A" (Unit)
18,954
1,046,737Credit Suisse Group (Registered)
37,811
1,715,632Geberit AG (Registered)
1,370
200,652Givaudan SA (Registered)
204
181,686Holcim Ltd. (Registered)
7,542
609,813Julius Baer Holding AG (Registered)
7,535
504,322Kuehne & Nagel International AG (Registered)
1,621
153,359Lindt & Spruengli AG
19
52,219Logitech International SA (Registered)*
4,867
129,737Lonza Group AG (Registered)
1,455
200,855Nestle SA (Registered)
140,300
6,339,629Nobel Biocare Holding AG
500
16,328Nobel Biocare Holding AG (Bearer)
4,045
131,457Novartis AG (Registered)
83,021
4,552,583OC Oerlikon Corp. AG (Registered)*
276
76,368Pargesa Holding SA (Bearer)
692
76,692Roche Holding AG (Genusschein)
25,149
4,512,758Schindler Holding AG
1,409
104,513SGS SA (Registered)
171
243,950Sonova Holding AG (Registered)
1,615
132,960STMicroelectronics NV
24,790
255,758Straumann SA (Registered)
150
35,759Sulzer AG (Registered)
1,210
153,419Swatch Group AG (Bearer)
1,155
286,196Swatch Group AG (Registered)
1,800
83,692Swiss Life Holding (Registered)*
1,147
304,614Swiss Re (Registered)
12,992
859,683Swisscom AG (Registered)
828
275,305Syngenta AG (Registered)
3,839
1,242,384Synthes, Inc.
2,116
290,355UBS AG (Registered)*
105,695
2,185,155Xstrata PLC
22,831
1,814,478Zurich Financial Services AG (Registered)
5,282
1,348,694(Cost $20,575,874)
32,896,783United Kingdom 18.7%3i Group PLC
13,118
214,328Acergy SA
7,250
161,658Alliance & Leicester PLC
11,040
64,452AMEC PLC
13,043
230,740Anglo American PLC
47,269
3,348,017Antofagasta PLC
12,507
162,623Associated British Foods PLC
11,446
172,687AstraZeneca PLC
52,229
2,221,239Aviva PLC
94,879
940,131BAE Systems PLC
124,935
1,099,637Balfour Beatty PLC
15,608
131,848Barclays PLC
235,919
1,365,819Berkeley Group Holdings PLC*
3,365
45,439BG Group PLC
119,573
3,114,811BHP Billiton PLC
78,920
3,031,261BP PLC
672,234
7,798,649British Airways PLC*
20,939
89,075British American Tobacco PLC
54,305
1,872,624British Energy Group PLC
35,143
496,814British Land Co. PLC (REIT)
18,131
254,166British Sky Broadcasting Group PLC
41,689
391,470BT Group PLC
284,987
1,132,786Bunzl PLC
10,766
140,167Burberry Group PLC
14,663
131,650Cadbury PLC
47,423
595,068Cairn Energy PLC*
4,342
278,622Capita Group PLC
21,375
292,273Carnival PLC
6,238
198,169Carphone Warehouse PLC
10,867
42,670Cattles PLC*
3,274
8,364Centrica PLC
131,921
813,831Cobham PLC
35,339
139,020Compass Group PLC
69,246
520,246Daily Mail & General Trust "A"
8,909
55,379Diageo PLC
91,730
1,684,789Enterprise Inns PLC
17,192
138,739FirstGroup PLC
18,841
194,843Friends Provident PLC
73,638
149,035G4S PLC
42,853
172,630GKN PLC
21,368
94,720GlaxoSmithKline PLC
195,230
4,314,791Hammerson PLC
10,111
178,726Hays PLC
48,724
87,290HBOS PLC
130,416
713,788Home Retail Group PLC
28,789
124,310HSBC Holdings PLC
422,744
6,518,158ICAP PLC
18,409
196,886IMI PLC
11,801
102,048Imperial Tobacco Group PLC
36,141
1,345,131Inchcape PLC
16,109
101,969InterContinental Hotel Group PLC
10,738
143,318International Power PLC
54,025
462,258Invensys PLC*
24,603
127,418Investec PLC
11,827
71,873ITV PLC
130,916
115,894J Sainsbury PLC
39,434
249,565Johnson Mathey PLC
8,002
292,614Kazakhmys PLC
6,659
209,320Kingfisher PLC
86,679
193,413Ladbrokes PLC
18,509
94,004Land Securities Group PLC
16,881
411,651Legal & General Group PLC
229,957
456,252Liberty International PLC
8,316
141,777Lloyds TSB Group PLC
198,026
1,213,615Logica PLC
50,547
108,548London Stock Exchange Group PLC
5,196
80,113Lonmin PLC
5,858
369,312Man Group PLC
62,712
773,029Marks & Spencer Group PLC
61,045
398,658Meggitt PLC
19,017
80,383Meinl European Land Ltd.*
10,913
122,464Mondi PLC
12,896
75,642National Express Group PLC
3,467
65,611National Grid PLC
90,183
1,181,825Next PLC
7,135
137,563Old Mutual PLC
171,616
314,313Pearson PLC
29,797
364,143Persimmon PLC
9,981
62,436Prudential PLC
87,820
930,173Punch Taverns PLC
9,513
59,193Reckitt Benckiser Group PLC
21,511
1,089,222Reed Elsevier PLC
37,425
427,888Rentokil Initial PLC
61,382
121,216Rexam PLC
20,867
160,773Rio Tinto PLC
35,607
4,365,717Rolls-Royce Group PLC*
65,756
446,477Royal & Sun Alliance Insurance Group PLC
113,049
281,158Royal Bank of Scotland Group PLC
577,221
2,461,901SABMiller PLC
32,473
743,561Schroders PLC
3,819
69,036Scottish & Southern Energy PLC
30,949
863,663Segro PLC (REIT)
13,604
105,877Serco Group PLC
16,202
143,787Severn Trent PLC
7,488
191,246Shire Ltd.
18,685
306,210Smith & Nephew PLC
33,554
368,519Smiths Group PLC
14,836
320,351Stagecoach Group PLC
12,780
71,061Standard Chartered PLC
50,637
1,431,965Standard Life PLC
71,788
297,254Tate & Lyle PLC
15,030
118,795Taylor Wimpey PLC
36,431
44,696Tesco PLC
276,438
2,029,981The Sage Group PLC
51,033
211,295Thomas Cook Group PLC
15,210
70,797Thomson Reuters PLC
6,632
177,249Tomkins PLC
28,347
85,073Tui Travel PLC
14,230
57,838Tullow Oil PLC
26,580
505,931Unilever PLC
46,744
1,329,848United Business Media PLC
7,221
78,319United Utilities PLC
30,898
421,458Vedanta Resources PLC
4,718
205,745Vodafone Group PLC
1,893,573
5,579,411Whitbread PLC
6,446
157,181William Hill PLC
11,248
71,317William Morrison Supermarkets PLC
89,485
473,492Wolseley PLC
25,392
188,788WPP Group PLC
41,483
399,355(Cost $63,402,177)
83,453,415Total Common Stocks (Cost $304,606,251)
433,299,683Warrants 0.0%JapanDowa Holdings Co., Ltd. Expiration Date 1/29/2010*
(Cost $0)
9,000
2,512Preferred Stocks 0.4%Germany 0.4%Fresenius SE
3,004
259,254Henkel KGaA
6,141
243,869Porsche Automobil Holding SE
3,155
484,982ProSiebenSat. 1 Media AG
3,181
31,853RWE AG
1,157
116,320Volkswagen AG
3,777
544,368(Cost $1,017,757)
1,680,646Italy 0.0%IFI-Istituto Finanziario Industriale SpA*
1,427
28,338Unipol Gruppo Finanziario SpA
27,828
53,378(Cost $133,296)
81,716Total Preferred Stocks (Cost $1,151,053)
1,762,362Rights 0.0%Spain 0.0%Zardoya Otis SA, Expiration Date 6/30/2008* (Cost $13,452)
3,496
7,211United Kingdom 0.0%HBOS PLC, Expiration Date 7/18/2008*
52,166
11,170Barclays PLC*
50,554
9,566(Cost $35,460)
20,736Total Rights (Cost $48,912)
27,947Securities Lending Collateral 0.3%Daily Assets Fund Institutional, 2.74% (d) (e)
(Cost $1,324,952)
1,324,952
1,324,952Cash Equivalents 1.2%Cash Management QP Trust, 2.49% (d) (Cost $5,523,281)
5,523,281
5,523,281 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $312,654,449)+
99.1
441,940,737Other Assets and Liabilities, Net (a)
0.9
3,872,189Net Assets
100.0
445,812,926 * Non-income producing security.  +  The cost for federal income tax purposes was $316,564,167. At June 30, 2008,
net unrealized appreciation for all securities based on tax cost was $125,376,570. This
consisted of aggregate gross unrealized appreciation for all securities in which there
was an excess of value over tax cost of $146,681,015 and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over value of
$21,304,445.  (a) All or a portion of these securities were on loan amounting to $1,147,252. In addition
included in other Assets and Liabilities, net is a pending sale, amounting to $86,641, that
is also on loan (see Notes to Financial Statements). The value of all securities loaned at
June 30, 2008 amounted to $1,233,893 which is 0.3% of net assets.  (b) Affiliated issuer. This security is owned in proportion with its representation in the index.  (c) Securities with the same description are the same corporate entity but trade on different
stock exchanges.  (d) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate
shown is the annualized seven-day yield at period end.  (e) Represents collateral held in connection with securities lending. Income earned by the
Fund is net of borrower rebates.  CVA: Certificaten Van Aandelen FDR: Fiduciary Depositary Receipt PPS: Price Protected Shares REIT: Real Estate Investment Trust RNC: Riparmio Non-Convertible (Non-Convertible Savings Shares) SDR: Swedish Depositary Receipt At June 30, 2008, open futures contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregate
Face
Value ($)
Value ($)
Unrealized
Depreciation ($)DJ Euro Stoxx 50
Index
9/19/2008
105
5,829,799
5,587,727
(242,072)FTSE 100 Index
9/19/2008
26
3,009,443
2,924,991
(84,452)Hang Seng Stock
Index
7/30/2008
3
437,342
425,535
(11,807)SPI 200 Index
9/18/2008
6
774,615
746,740
(27,875)TOPIX Index
9/12/2008
20
2,590,084
2,483,402
(106,682)Total unrealized depreciation
(472,888) At June 30, 2008, the Fund had the following open forward foreign currency exchange
contracts as follows: Contracts to Deliver

In Exchange For

Settlement
Date
Unrealized
Appreciation ($)USD
2,523,000

GBP
1,304,065

9/17/2008
58,986USD
23,000

JPY
2,468,912

9/17/2008
351Total unrealized appreciation
59,337 Contracts to Deliver

In Exchange For

Settlement
Date
Unrealized
Depreciation ($)EUR
20,926

USD
32,000

9/17/2008
(816) Currency AbbreviationsEUR     EuroGBP     British PoundJPY     Japanese YenUSD     United States Dollar Fair Value Measurements The following is a summary of the inputs used as of June 30, 2008 in valuing the Fund's
assets carried at fair value. The inputs or methodology used for valuing securities may not be
an indication of the risk associated with investing in those securities. For information on the
Fund's policy regarding the valuation of investments and of the valuation inputs, and their
aggregate levels used in the table below, please refer to the Security Valuation section in the
accompanying Notes to Financial Statements. Valuation Inputs
Investments in
Securities at
Value
Net Unrealized
Appreciation/
(Depreciation)
on Other
Financial
Instruments++Level 1  Quoted Prices
$       5,491,981
$       (472,888)Level 2  Other Significant Observable Inputs
436,448,756
58,521Level 3  Significant Unobservable Inputs

Total
$    441,940,737
$    (414,367) + + Other financial instruments are derivative instruments not reflected in the Portfolio of
Investments, such as futures contracts and forward foreign currency exchange
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 Liabilitiesas of June 30, 2008 (Unaudited)AssetsInvestments:Investments in securities, at value (cost $305,806,216)  including
$1,147,252 of securities loaned
$       435,092,504Investment in Daily Assets Fund Institutional (cost $1,324,952)*
1,324,952Investment in Cash Management QP Trust (cost $5,523,281)
5,523,281Total investments, at value (cost $312,654,449)
441,940,737Cash
10,000Foreign currency, at value (cost $2,270,437)
2,288,481Deposit with broker for open futures contracts
2,742,972Receivable for Fund shares sold
151,081Receivable for investments sold
216,515Dividends receivable
942,223Interest receivable
35,372Foreign taxes recoverable
598,309Unrealized appreciation on open forward currency exchange contracts
59,337Other assets
34,241Total assets
449,019,268LiabilitiesPayable upon return of securities loaned
1,324,952Payable for investments purchased
310,506Payable for variation margin on open futures contracts
464,822Payable for Fund shares redeemed
797,705Accrued management fee
94,600Unrealized depreciation on open forward foreign currency
exchange contracts
816Other accrued expenses and payables
212,941Total liabilities
3,206,342Net assets, at value
$    445,812,926 * Represents collateral on securities loaned  The accompanying notes are an integral part of the financial statements. Statement of Assets and Liabilitiesas of June 30, 2008 (Unaudited) (continued)Net Assets Consist ofUndistributed net investment income
4,595,593Net unrealized appreciation (depreciation) on:Investments
129,286,288Futures
(472,888)Foreign currency
340,570Accumulated net realized gain (loss)
(36,440,907)Paid-in capital
348,504,270Net assets, at value
$    445,812,926Net Asset ValueNet Asset Value, offering and redemption price(a) per share
($445,812,926 ÷ 28,868,984 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    15.44 (a) Redemption price per share for shares held less than 15 days is equal to net asset value
less a 2% redemption fee.  The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended June 30, 2008 (Unaudited)Investment IncomeDividends (net of foreign taxes withheld of $1,071,408)
9,652,936Interest  Cash Management QP Trust
110,525Interest
22,867Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
117,368Total Income
9,903,696Expenses:Investment management fee
559,925Administration fee
223,970Services to shareholders
89,192Custodian fee
139,471Professional fees
50,464Trustees' fees and expenses
12,017Reports to shareholders
29,183Registration fees
5,912Other
30,075Total expenses, before expense reductions
1,140,209Expense reductions
(2,402)Total expenses, after expense reductions
1,137,807Net investment income
8,765,889Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(1,048,412)Futures
(786,365)Foreign currency
292,448(1,542,329)Change in net unrealized appreciation (depreciation) on:Investments
(60,280,335)Futures
(560,653)Foreign currency
149,684(60,691,304)Net gain (loss)
(62,233,633)Net increase (decrease) in net assets resulting from operations
$    (53,467,744) 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)
$       8,765,889
$       11,230,357Net realized gain (loss)
(1,542,329)
8,124,861Change in net unrealized appreciation (depreciation)
(60,691,304)
26,496,921Net increase (decrease) in net assets resulting from
operations
(53,467,744)
45,852,139Distributions to shareholders from:Net investment income
(941,570)
(13,484,534)Fund share transactions:Proceeds from shares sold
75,437,150
130,000,756Reinvestment of distributions
893,571
12,750,421Cost of shares redeemed
(51,418,347)
(99,792,324)Redemption fees
1,800
8,669Net increase (decrease) in net assets from Fund share
transactions
24,914,174
42,967,522Increase (decrease) in net assets
(29,495,140)
75,335,127Net assets at beginning of period
475,308,066
399,972,939Net assets at end of period (including undistributed net
investment income and accumulated distributions in
excess of net investment income of $4,595,593 and
$3,228,726, respectively)
$    445,812,926
$    475,308,066 The accompanying notes are an integral part of the financial statements. Financial Highlights Years Ended December 31,
2008a
2007
2006
2005
2004
2003Selected Per Share DataNet asset value, beginning
of period
$    17.39
$    16.17
$    13.15
$    11.89
$    10.35
$    7.77Income (loss) from investment
operations:
Net investment income (loss)
.32b
.42b
.35b
.29b
.33
.17bNet realized and unrealized
gain (loss)
(2.24)
1.30
3.03
1.33
1.64
2.64Total from investment
operations
(1.92)
1.72
3.38
1.62
1.97
2.81Less distributions from:
Net investment income
(.03)
(.50)
(.36)
(.33)
(.43)
(.23)Tax return of capital



(.03)

Total distributions
(.03)
(.50)
(.36)
(.36)
(.43)
(.23)Redemption fees
.00***
.00***
.00***
.00***

Net asset value, end of period
$    15.44
$    17.39
$    16.17
$    13.15
$    11.89
$    10.35Total Return (%)
(11.01)**
10.71
25.69c
13.57c
19.42c
36.45cRatios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
446
475
400
309
285
231Ratio of expenses before expense
reductions (%)
.51*
.47
.55
.56
.58
.60Ratio of expenses after expense
reductions (%)
.51*
.47
.45
.40
.40
.40Ratio of net investment income
(loss) (%)
3.91**
2.40
2.40
2.35
1.98
1.99Portfolio turnover rate
5**
7
8d
16
12
6aFor 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.dOn January 13, 2006, the DWS EAFE® Equity Index Portfolio was closed. This ratio
includes the purchases and sales of portfolio securities of the DWS EAFE® Equity Index
Fund as a stand-alone fund in addition to the DWS EAFE® Equity Index Portfolio.*Annualized.**Not annualized.***Amount is less than $.005. Notes to Financial Statements(Unaudited) A. Significant Accounting Policies DWS EAFE® Equity Index Fund (the "Fund") is a diversified series of the
DWS Institutional Funds (the "Trust") which is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end management investment company organized as a
Massachusetts business trust. The Fund's financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America
which require the use of management estimates. Actual results could
differ from those estimates. The policies described below are followed
consistently by the Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most
recent sale price or official closing price reported on the exchange (US or
foreign) or over-the-counter market on which the security is traded most
extensively. Securities for which no sales are reported are valued at the
calculated mean between the most recent bid and asked quotations on
the relevant market or, if a mean cannot be determined, at the most
recent bid quotation. Money market instruments purchased with an original or remaining
maturity of sixty days or less, maturing at par, are valued at amortized
cost. Investments in open-end investment companies as well as Cash
Management QP Trust are valued at their net asset value each business
day. Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees. The Fund 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 exchange and the close of the New York Stock
exchange. The Fund adopted Financial Accounting Standards Board Statement of
Financial Accounting Standards No. 157, Fair Value Measurements
("FAS 157"), which governs the application of generally accepted
accounting principles that require fair value measurements of the Fund's
assets and liabilities. Fair value is an estimate of the price the Fund would
receive upon selling a security in a timely transaction to an independent
buyer in the principal or most advantageous market of the security.
FAS 157 established a three-tier hierarchy to maximize the use of
observable market data and minimize the use of unobservable inputs and
to establish classification of fair value measurements for disclosure
purposes. Inputs refer broadly to the assumptions that market participants
would use in pricing the asset or liability, including assumptions about
risk, for example, the risk inherent in a particular valuation technique used
to measure fair value including such a pricing model and/or the risk
inherent in the inputs to the valuation technique. Inputs may be
observable or unobservable. Observable inputs are inputs that reflect the
assumptions market participants would use in pricing the asset or liability
developed based on market data obtained from sources independent of
the reporting entity. Unobservable inputs are inputs that reflect the
reporting entity's own assumptions about the assumptions market
participants would use in pricing the asset or liability developed based on
the best information available in the circumstances. Various inputs are used in determining the value of the Fund's
investments. These inputs are summarized in the three broad levels as
follows: •    Level 1  quoted prices in active markets for identical securities •    Level 2  other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds, credit risk,
etc.) •    Level 3  significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments) For Level 1 inputs, the Fund uses unadjusted quoted prices in active
markets for assets or liabilities with sufficient frequency and volume to
provide pricing information as the most reliable evidence of fair value. The
Fund's Level 2 valuation techniques include inputs other than quoted
prices within Level 1 that are observable for an asset or liability, either
directly or indirectly. Level 2 observable inputs may include quoted prices
for similar assets and liabilities in active markets or quoted prices for
identical or similar assets or liabilities in markets that are not active in
which there are few transactions, the prices are not current, or price
quotations vary substantially over time or among market participants.
Inputs that are observable for the asset or liability in Level 2 include such
factors as interest rates, yield curves, prepayment speeds, credit risk, and
default rates for similar liabilities. For Level 3 valuation techniques, the
Fund uses unobservable inputs that reflect assumptions market
participants would be expected to use in pricing the asset or liability.
Unobservable inputs are used to measure fair value to the extent that
observable inputs are not available and are developed based on the best
information available under the circumstances. In developing
unobservable inputs, market participant assumptions are used if they are
reasonably available without undue cost and effort. The Fund may record changes to valuations based on the amount that
might reasonably be expected to receive for a security upon its current
sale consistent with the fair value measurement objective. Each
determination is based on a consideration of all relevant factors, which are
likely to vary from one pricing context to another. Examples of such
factors may include, but are not limited to the type of the security, the
existence of any contractual restrictions on the security's disposition, the
price and extent of public trading in similar securities of the issue or of
comparable companies, quotations or evaluated prices from
broker-dealers and/or pricing services, information obtained from the
issuer, analysts, and/or the appropriate stock exchange (for
exchange-traded securities), an analysis of the company's financial
statements, an evaluation of the forces that influence the issuer and the
market(s) in which the security is purchased and sold, and with respect to
debt securities, the maturity, coupon, creditworthiness, currency
denomination, and the movement of the market in which the security is
normally traded. Because of the inherent uncertainties of valuation, the
values reflected in the financial statements may materially differ from the
value determined upon sale of those investments. New Accounting Pronouncement. In March 2008, FASB issued
Statement of Financial Accounting Standards No. 161 ("FAS 161")
Disclosures about Derivative Instruments and Hedging Activities, an
amendment of FASB Statement No. 133. FAS 161 requires enhanced
disclosure about an entity's derivative and hedging activities. FAS 161 is
effective for fiscal years beginning after November 15, 2008. Management
is currently evaluating the impact the adoption of FAS 161 will have on the
Fund's financial statement disclosures. Foreign Currency Translations. The books and records of the Fund 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. Securities Lending.The Fund may lend securities to financial
institutions.The Fund 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
Fund requires the borrowers of the securities to maintain collateral with
the Fund consisting of liquid, unencumbered assets having a value at least
equal to the value of the securities loaned. The Fund 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 Fund 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 Fund or the borrower may
terminate the loan. The Fund is subject to all investment risks associated
with the value of any cash collateral received, including, but not limited to,
interest rate, credit and liquidity risk associated with such investments. Futures Contracts. A futures contract is an agreement between a buyer or
seller and an established futures exchange or its clearinghouse in which
the buyer or seller agrees to take or make a delivery of a specific amount
of a financial instrument at a specified price on a specific date (settlement
date). The Fund invests in futures contracts to keep cash on hand to meet
shareholder redemptions while maintaining exposure to the stock market. Upon entering into a futures contract, the Fund 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 Fund
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 Fund. When entering into a closing transaction, the
Fund 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 Fund'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. 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 Fund may enter into forward currency contracts
in order to hedge its exposure to changes in foreign currency exchange
rates on its foreign currency denominated portfolio holdings and to
facilitate transactions in foreign currency denominated securities. 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. 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 Fund gives up the opportunity to profit from favorable
exchange rate movements during the term of the contract. Federal Income Taxes. The Fund's policy is to comply with the
requirements of the Internal Revenue Code, as amended, which are
applicable to regulated investment companies, and to distribute all of its
taxable income to its shareholders. At December 31, 2007 the Fund had a net tax basis capital loss
carryforward of approximately $30,989,000 which may be applied against
any realized net taxable capital gains of each succeeding year until fully
utilized or until December 31, 2008 ($1,863,000), December 31, 2009
($14,051,000), December 31, 2010 ($14,930,000) and December 31, 2011
($145,000), the respective expiration dates, whichever occurs first, which
may be subject to certain limitations under Sections 382-383 of the
Internal Revenue Code. The Fund has reviewed the tax positions for the open tax years as of
December 31, 2007 and has determined that no provision for income tax
is required in the Fund's financial statements. The Fund's federal tax
return for the prior three fiscal years remain subject to examination by the
Internal Revenue Service. Distribution of Income and Gains. Net investment income of the Fund is
declared and distributed to shareholders annually. Net realized gains from
investment transactions, in excess of available capital loss carryforwards,
would be taxable to the Fund 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 passive foreign investment companies, foreign denominated
investments, investments in futures, recognition of certain foreign
currency gains (losses) as ordinary income (loss) and certain securities
sold at a loss. As a result, net investment income (loss) and net realized
gain (loss) on investment transactions for a reporting period may differ
significantly from distributions during such period. Accordingly, the Fund
may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund. The tax character of current year distributions will be determined at the
end of the current fiscal year. Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on all Fund shares redeemed or exchanged within 15
days of buying them, either by purchase or exchange. This fee is assessed
and retained by the Fund for the benefit of the remaining shareholders.
The redemption fee is accounted for as an addition to paid-in-capital. Expenses. Expenses of the Trust arising in connection with a specific fund
are allocated to that fund. Other Trust expenses which cannot be directly
attributed to a fund are apportioned among the funds in the Trust. Contingencies. In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against
the Fund that have not yet been made. However, based on experience,
the Fund expects the risk of loss to be remote. Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date net of foreign withholding taxes. Certain
dividends from foreign securities may be recorded subsequent to the
ex-dividend date as soon as the Fund is informed of such dividends.
Realized gains and losses from investment transactions are recorded on
an identified cost basis. B. Purchases and Sales of Securities During the six months ended June 30, 2008 purchases and sales of
investment securities (excluding short-term investments), aggregated
$53,919,718 and $24,090,457, respectively. C. Related Parties Management Agreement. Under the Investment Management
Agreement with Deutsche Investment Management Americas Inc.
("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of
Deutsche Bank AG, the Advisor determines the securities, instruments
and other contracts relating to investments to be purchased, sold, or
entered into by the Fund or delegates such responsibility to the Fund's
sub-advisor. Northern Trust Investments, N.A. ("NTI") serves as sub-advisor with
respect to the investment and reinvestment of assets in the Fund, and is
paid by the Advisor for its services. The management fee payable under the Investment Management
Agreement is equal to an annual rate of 0.25% of the Fund's average daily
net assets, computed and accrued daily and payable monthly. Administration Fee. Pursuant to the Administrative Services Agreement,
DIMA provides most administrative services to the Fund. For all services
provided under the Administrative Services Agreement, the Fund pays the
Advisor an annual fee ("Administration fee") of 0.10% of the Fund's
average daily net assets, computed and accrued daily and payable
monthly. For the six months ended June 30, 2008 DIMA received an
Administration fee of $223,970, of which $37,840 is unpaid. 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 Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"). DISC
compensates DST out of the shareholder servicing fee it receives from
the Fund, DISC has delegated certain transfer agent, dividend paying
agent and shareholder service agent functions to DST. For the six months
ended June 30, 2008 the amount charged to the Fund by DISC
aggregated $65,049, of which $50,997 was unpaid. Trustees' Fees and Expenses. The Fund 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 Funds for the cost
of this benefit. During the period ended June 30, 2008, the Fund paid its
allocated portion of the retirement benefit of $2,224 to the non-continuing
Independent Board Members, and the Fund was reimbursed by DIMA for
this payment. Typesetting and Filing Service Fees. Under an agreement with DIMA,
DIMA is compensated for providing typesetting and certain regulatory
filing services to the Fund. For the six months ended June 30, 2008 the
amount charged to the Fund by DIMA included in the Statement of
Operations under "reports to shareholders" aggregated $10,346, all of
which is unpaid. Cash Management QP Trust. Pursuant to an Exemptive Order issued by
the SEC, the Fund 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 income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay its advisor a management fee for the affiliated funds' investments
in the QP Trust. D. Fee Reductions The Fund has entered into an agreement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the
six months ended June 30, 2008, the Fund's custodian fee was reduced
by $53 and $125, respectively, for custody and transfer agent credits
earned. E. Line of Credit The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility administered by a syndication of
banks. The Fund may borrow for temporary or emergency purposes,
including the meeting of redemption requests that otherwise might
require the untimely disposition of securities. The Participants are charged
an annual commitment fee which is allocated based on net assets, among
each of the Participants. Interest is calculated at the Federal Funds Rate
plus 0.35 percent. The Fund may borrow up to a maximum of 33 percent
of its net assets under the agreement. F. Share Transactions The following table summarizes share and dollar activity in the Fund: Six Months Ended June 30, 2008
Year Ended December 31, 2007Shares
Dollars
Shares
DollarsShares sold
4,667,564
$       75,437,150
7,597,810
$       130,000,756Shares issued to
shareholders in
reinvestment of
distributions
57,762
$       893,571
744,655
$       12,750,421Shares redeemed
(3,193,858)
$       (51,418,347)
(5,745,166)
$       (99,792,324)Redemption Fees

$       1,800

$       8,669Net increase
(decrease)
1,531,468
$    24,914,174
2,597,299
$    42,967,522 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. eafe_m0Thomas H. Mack Account Management Resources For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds
using either your voice or your telephone keypad.For more information, contact your financial advisor. You may also
access our automated telephone system or speak with a DWS
Investments representative by calling the appropriate number
below:For shareholders of Institutional Class:
(800) 621-1048Web Site
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, and change your address, 24 hours a day.Obtain prospectuses and applications,blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates
by e-mail, retirement planning information, and more.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund 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 fund's
policies and procedures without charge, upon request, call us toll
free at (800) 621-1048.Principal
Underwriter
If you have questions, comments or complaints, contact:DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808(800) 621-1148 Institutional ClassNasdaq Symbol
BTAEXCUSIP Number
23339C  768Fund Number
558 Privacy Statement This privacy statement is issued by DWS Investments Distributors, Inc.,
Deutsche Investment Management Americas Inc., DeAM Investor
Services, Inc., DWS Trust Company and the DWS Funds. We never sell customer lists or individual client information. We consider
privacy fundamental to our client relationships and adhere to the
policies and practices described below to protect current and former
clients' information.Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information.
We maintain physical, electronic and procedural safeguards that comply
with federal and state standards to protect confidentiality. These
safeguards extend to all forms of interaction with us, including the
Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and
through transactions with us or our affiliates. Examples of the nonpublic
personal information collected are name, address, Social Security number
and transaction and balance information. To be able to serve our clients,
certain of this client information is shared with affiliated and nonaffiliated
third-party service providers such as transfer agents, custodians, and
broker-dealers to assist us in processing transactions and servicing your
account with us. In addition, we may disclose all of the information we
collect to companies that perform marketing services on our behalf or
to other financial institutions with which we have joint marketing
agreements. The organizations described above that receive client
information may only use it for the purpose designated by the DWS
Investments Companies listed in the first paragraph of this Privacy
Statement. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required or
we may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. Questions on this policy may be sent to: DWS Investments
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415 September 2007 eafe_notesblank0Notes eafe_backcover0


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 EAFE Equity Index Fund, a series of DWS Institutional Funds
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 26, 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 EAFE Equity Index Fund, a series of DWS Institutional Funds
  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        August 26, 2008
   By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        August 26, 2008