UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

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

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:(212) 454-7190

Date of fiscal year end:06/30

Date of reporting period:3/31/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of March 31, 2009 (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**Daily Assets Fund Institutional**

 

|                                 | **Principal**

**Amount ($)**                    |       | **Value ($)** |
|--------------------------------------|--------------------------------------------------|------------|---------------|
|                                      |
|                                 | **Certificates of Deposit and Bank Notes 22.8%** |       |
| Bank of America NA, 2.35%, 5/5/2009  |                                             | 35,000,000 |          | 35,000,000 |
| Bank of Nova Scotia, 0.7%, 4/23/2009 |                                             | 80,000,000 |          | 80,000,000 |
| Bank of Tokyo-Mitsubishi UFJ Ltd.:   |                                             |
|                                 | 1.02%, 6/15/2009                                 |       | 110,000,000   |   | 110,000,000 |
|                                 | 1.05%, 5/14/2009                                 |       | 75,000,000    |   | 75,000,000 |
| BNP Paribas:                         |                                             |
|                                 | 0.81%, 4/27/2009                                 |       | 50,000,000    |   | 50,000,000 |
|                                 | 1.0%, 5/26/2009                                  |       | 90,000,000    |   | 90,000,000 |
|                                 | 1.0%, 8/10/2009                                  |       | 95,000,000    |   | 95,000,000 |
| Calyon:                              |                                             |
|                                 | 1.2%, 5/4/2009                                   |       | 35,000,000    |   | 35,000,000 |
|                                 | 1.76%, 4/1/2009                                  |       | 30,000,000    |   | 30,000,000 |
| DnB NOR Bank ASA:                    |                                             |
|                                      |                                                  |            |               |  |  |  |  |

 

 

 

|                                                                  | 0.9%, 4/28/2009            |              | 70,000,000  |       | 70,000,000  |
|-----------------------------------------------------------------------|----------------------------|-------------------|-------------|------------|-------------|
|                                                                  | 1.57%, 4/22/2009           |              | 150,000,000 |       | 150,000,871 |
| European Investment Bank, 4.0%, 3/3/2010                              |                       | 22,150,000        |        | 22,722,492 |
| Kreditanstalt fuer Wiederaufbau, 4.5%, 9/21/2009                      |                       | 17,100,000        |        | 17,356,176 |
| Mizuho Corporate Bank Ltd.:                                           |                       |
|                                                                  | 0.95%, 5/11/2009           |              | 100,000,000 |       | 100,000,000 |
|                                                                  | 1.0%, 6/10/2009            |              | 48,000,000  |       | 48,000,000  |
| Nordea Bank Finland PLC, 0.91%, 5/4/2009                              |                       | 24,000,000        |        | 24,000,219 |
| Rabobank Nederland NV, 0.72%, 5/29/2009                               |                       | 25,000,000        |        | 25,000,000 |
| Societe Generale, 1.0%, 4/27/2009                                     |                       | 80,000,000        |        | 80,000,000 |
| Toronto-Dominion Bank:                                                |                       |
|                                                                  | 1.15%, 8/17/2009           |              | 75,000,000  |       | 75,014,281  |
|                                                                  | 2.0%, 5/12/2009            |              | 36,750,000  |       | 36,750,000  |
|                                                                  | 2.52%, 5/12/2009           |              | 25,000,000  |       | 25,000,553  |
| US Bank NA, 0.6%, 5/26/2009                                           |                       | 50,000,000        |        | 50,000,000 |
| Westpac Banking Corp., 1.2%, 4/13/2009                                |                       | 25,000,000        |        | 25,000,000 |
|                                                                       |
| **Total Certificates of Deposit and Bank Notes**(Cost $1,348,844,592) |                       | **1,348,844,592** |
|                                                                  | **Commercial Paper 48.9%** |              |
| **Issued at Discount ****                                             |                       |
| Alpine Securitization, 144A, 0.72%, 4/7/2009                          |                       | 100,000,000       |        | 99,988,000 |
| Antalis US Funding Corp.:                                             |                       |
|                                                                  | 144A, 0.75%, 4/9/2009      |              | 50,000,000  |       | 49,991,667  |
|                                                                  | 144A, 1.1%, 6/18/2009      |              | 65,000,000  |       | 64,845,083  |
| BP Capital Markets PLC:                                               |                       |
|                                                                  | 0.76%, 10/13/2009          |              | 25,000,000  |       | 24,897,083  |
|                                                                  | 0.78%, 10/22/2009          |              | 60,000,000  |       | 59,734,800  |
| Caisse D'Amortissement de la Dette Sociale:                           |                       |
|                                                                  | 0.5%, 4/30/2009            |              | 15,000,000  |       | 14,993,958  |
|                                                                  | 0.65%, 4/3/2009            |              | 51,000,000  |       | 50,998,158  |
|                                                                  | 0.82%, 8/27/2009           |              | 45,000,000  |       | 44,848,300  |
|                                                                  | 1.05%, 9/9/2009            |              | 28,000,000  |       | 27,868,517  |
| CBA (Delaware) Finance, Inc., 0.69%, 4/17/2009                        |                       | 70,000,000        |        | 69,978,533 |
| Citibank Omni Master Trust, 144A, 0.7%, 4/6/2009                      |                       | 90,000,000        |        | 89,991,250 |
| Coca-Cola Co.:                                                        |                       |
|                                                                  | 0.52%, 7/6/2009            |              | 30,000,000  |       | 29,958,400  |
|                                                                  | 0.57%, 7/15/2009           |              | 23,700,000  |       | 23,660,599  |
|                                                                  | 0.65%, 8/12/2009           |              | 58,000,000  |       | 57,860,720  |
| CVS Caremark Corp., 0.55%, 4/1/2009                                   |                       | 40,000,000        |        | 40,000,000 |
| Eli Lilly & Co., 0.75%, 10/5/2009                                 |                       | 50,000,000        |        | 49,805,208 |
| European Investment Bank:                                             |                       |
|                                                                  | 0.85%, 6/11/2009           |              | 15,000,000  |       | 14,974,854  |
|                                                                  | 2.13%, 5/5/2009            |              | 35,000,000  |       | 34,929,592  |
| Gotham Funding Corp.:                                                 |                       |
|                                                                  | 144A, 0.72%, 5/4/2009      |              | 25,000,000  |       | 24,983,500  |
|                                                                  | 144A, 0.8%, 5/22/2009      |              | 60,000,000  |       | 59,932,000  |
|                                                                  | 144A, 0.82%, 6/1/2009      |              | 30,000,000  |       | 29,958,317  |
| Government of Canada:                                                 |                       |
|                                                                  | 0.5%, 7/7/2009             |              | 5,000,000   |       | 4,993,264   |
|                                                                  | 0.5%, 7/8/2009             |              | 16,000,000  |       | 15,978,222  |
|                                                                  | 0.85%, 11/19/2009          |              | 12,000,000  |       | 11,934,267  |
|                                                                  | 0.9%, 11/30/2009           |              | 25,000,000  |       | 24,848,125  |
| Hewlett-Packard Co.:                                                  |                       |
|                                                                  | 0.39%, 4/20/2009           |              | 18,500,000  |       | 18,496,192  |
|                                                                  | 0.5%, 5/14/2009            |              | 50,000,000  |       | 49,970,139  |
| Johnson & Johnson:                                                |                       |
|                                                                       |                            |                   |             |            |             |  |  |  |

 

 

 

|                                                                   | 0.3%, 7/22/2009        |        | 20,000,000 |        | 19,981,333 |
|------------------------------------------------------------------------|------------------------|-------------|------------|-------------|------------|
|                                                                   | 0.45%, 8/3/2009        |        | 25,000,000 |        | 24,961,250 |
| Kellogg Co.:                                                           |                   |
|                                                                   | 0.55%, 4/17/2009       |        | 10,000,000 |        | 9,997,556  |
|                                                                   | 0.65%, 4/3/2009        |        | 10,000,000 |        | 9,999,639  |
| Kingdom of Denmark:                                                    |                   |
|                                                                   | 0.35%, 5/5/2009        |        | 17,500,000 |        | 17,494,215 |
|                                                                   | 0.75%, 4/22/2009       |        | 25,000,000 |        | 24,989,063 |
| Kreditanstalt fuer Wiederaufbau:                                       |                   |
|                                                                   | 144A, 0.48%, 5/5/2009  |        | 25,000,000 |        | 24,988,667 |
|                                                                   | 144A, 0.6%, 8/27/2009  |        | 30,000,000 |        | 29,926,000 |
|                                                                   | 144A, 0.75%, 9/3/2009  |        | 30,000,000 |        | 29,903,125 |
| Liberty Street Funding LLC:                                            |                   |
|                                                                   | 144A, 0.4%, 4/16/2009  |        | 20,000,000 |        | 19,996,667 |
|                                                                   | 144A, 0.43%, 4/27/2009 |        | 25,000,000 |        | 24,992,236 |
|                                                                   | 144A, 0.7%, 5/7/2009   |        | 40,000,000 |        | 39,972,000 |
|                                                                   | 144A, 0.75%, 5/19/2009 |        | 50,000,000 |        | 49,950,000 |
| LMA Americas LLC:                                                      |                   |
|                                                                   | 144A, 0.6%, 4/27/2009  |        | 74,900,000 |        | 74,867,543 |
|                                                                   | 144A, 0.62%, 4/17/2009 |        | 30,000,000 |        | 29,991,733 |
| Market Street Funding LLC, 144A, 0.8%, 5/13/2009                       |                   | 71,000,000  |       | 70,933,733  |
| New York Life Capital Corp., 144A, 0.55%, 4/17/2009                    |                   | 3,000,000   |       | 2,999,267   |
| Nieuw Amsterdam Receivables Corp., 144A, 0.62%, 4/17/2009              |                   | 35,000,000  |       | 34,990,356  |
| Nordea North America, Inc., 0.95%, 5/15/2009                           |                   | 95,000,000  |       | 94,889,695  |
| Oesterreichische Kontrollbank AG, 0.32%, 5/11/2009                     |                   | 23,000,000  |       | 22,991,822  |
| Pacific Gas & Electric Co.:                                        |                   |
|                                                                   | 144A, 0.9%, 4/2/2009   |        | 15,000,000 |        | 14,999,625 |
|                                                                   | 144A, 1.1%, 4/14/2009  |        | 10,000,000 |        | 9,996,028  |
| Pfizer, Inc.:                                                          |                   |
|                                                                   | 0.5%, 5/11/2009        |        | 25,000,000 |        | 24,986,111 |
|                                                                   | 1.15%, 4/6/2009        |        | 18,000,000 |        | 17,997,125 |
|                                                                   | 1.3%, 4/15/2009        |        | 14,000,000 |        | 13,992,922 |
| Procter & Gamble International Funding SCA, 144A, 0.65%, 8/11/2009 |                   | 35,000,000  |       | 34,916,583  |
| Rabobank USA Financial Corp., 0.74%, 7/15/2009                         |                   | 50,000,000  |       | 49,892,083  |
| Romulus Funding Corp., 144A, 0.75%, 4/1/2009                           |                   | 100,000,000 |       | 100,000,000 |
| San Paolo IMI US Financial Co.:                                        |                   |
|                                                                   | 0.7%, 4/6/2009         |        | 35,000,000 |        | 34,996,597 |
|                                                                   | 1.1%, 4/6/2009         |        | 26,500,000 |        | 26,495,951 |
| Shell International Finance BV, 2.4%, 5/11/2009                        |                   | 20,000,000  |       | 19,946,667  |
| Societe Generale North America, Inc.:                                  |                   |
|                                                                   | 1.0%, 6/15/2009        |        | 12,000,000 |        | 11,975,000 |
|                                                                   | 1.01%, 5/4/2009        |        | 34,900,000 |        | 34,867,688 |
| Starbird Funding Corp.:                                                |                   |
|                                                                   | 144A, 0.8%, 6/29/2009  |        | 15,000,000 |        | 14,970,333 |
|                                                                   | 144A, 0.82%, 6/30/2009 |        | 10,000,000 |        | 9,979,500  |
|                                                                   | 144A, 0.85%, 4/13/2009 |        | 50,000,000 |        | 49,985,833 |
|                                                                   | 144A, 1.0%, 6/22/2009  |        | 45,000,000 |        | 44,897,500 |
|                                                                   | 144A, 1.27%, 6/17/2009 |        | 55,000,000 |        | 54,850,599 |
|                                                                   | 144A, 1.32%, 5/29/2009 |        | 44,000,000 |        | 43,906,427 |
|                                                                   | 144A, 1.38%, 6/12/2009 |        | 30,000,000 |        | 29,917,200 |
|                                                                   | 144A, 1.4%, 6/3/2009   |        | 25,000,000 |        | 24,938,750 |
| Thunder Bay Funding LLC, 2.125%, 4/20/2009                             |                   | 130,000,000 |       | 129,854,201 |
| Total Capital SA, 144A, 0.34%, 4/3/2009                                |                   | 32,000,000  |       | 31,999,396  |
| Toyota Motor Credit Corp., 2.1%, 4/1/2009                              |                   | 35,000,000  |       | 35,000,000  |
| Victory Receivables Corp.:                                             |                   |
|                                                                   | 144A, 0.5%, 4/21/2009  |        | 29,990,000 |        | 29,981,670 |
|                                                                   | 144A, 0.7%, 4/23/2009  |        | 82,000,000 |        | 81,964,922 |
|                                                                        |                        |             |            |             |            |  |

 

 

 

|                                                                                                      | 144A, 0.79%, 6/8/2009                         |              | 75,000,000 |           | 74,888,083 |
|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------|-------------------|------------|----------------|------------|
|                                                                                                      | 144A, 0.8%, 5/22/2009                         |              | 72,000,000 |           | 71,919,873 |
| Wal-Mart Stores, Inc., 0.75%, 9/8/2009                                                                    |                                          | 20,000,000        |       | 19,933,333     |
|                                                                                                           |
| **Total Commercial Paper**(Cost $2,893,284,648)                                                           |                                          | **2,893,284,648** |
|                                                                                                      | **Short Term Notes* 9.6%**                    |              |
| Abbey National Treasury Services PLC, 0.941%, 4/24/2009                                                   |                                          | 20,000,000        |       | 20,000,000     |
| ANZ National International Ltd., 144A, 1.512%, 4/10/2009                                                  |                                          | 10,000,000        |       | 10,000,280     |
| Australia & New Zealand Banking Group Ltd.:                                                           |                                          |
|                                                                                                      | 144A, 1.491%, 7/2/2009                        |              | 15,000,000 |           | 15,000,000 |
|                                                                                                      | 144A, 1.512%, 7/10/2009                       |              | 12,500,000 |           | 12,500,000 |
| Bank of Nova Scotia, 1.585%, 5/6/2009                                                                     |                                          | 50,000,000        |       | 50,000,000     |
| BNP Paribas, 1.441%, 5/13/2009                                                                            |                                          | 15,000,000        |       | 15,000,000     |
| Credit Agricole SA, 144A, 1.476%, 7/22/2009                                                               |                                          | 35,000,000        |       | 35,000,000     |
| Inter-American Development Bank, 1.252%, 2/19/2010                                                        |                                          | 56,000,000        |       | 56,000,000     |
| International Bank for Reconstruction & Development, 1.124%, 2/1/2010                                 |                                          | 65,500,000        |       | 65,496,741     |
| Intesa Sanpaolo SpA, 1.056%, 5/13/2009                                                                    |                                          | 55,000,000        |       | 55,000,000     |
| JPMorgan Chase & Co., 1.465%, 4/3/2009                                                                |                                          | 35,000,000        |       | 34,999,990     |
| Kreditanstalt fuer Wiederaufbau, 1.182%, 1/21/2010                                                        |                                          | 46,000,000        |       | 46,000,000     |
| Metropolitan Life Global Funding I, 144A, 1.647%, 5/11/2009                                               |                                          | 7,500,000         |       | 7,500,000      |
| National Australia Bank Ltd., 1.631%, 4/7/2009                                                            |                                          | 17,500,000        |       | 17,500,000     |
| Procter & Gamble International Funding SCA:                                                           |                                          |
|                                                                                                      | 1.422%, 7/6/2009                              |              | 35,000,000 |           | 35,009,040 |
|                                                                                                      | 1.465%, 8/19/2009                             |              | 17,500,000 |           | 17,513,172 |
| Rabobank Nederland NV, 144A, 1.431%, 10/9/2009                                                            |                                          | 27,500,000        |       | 27,500,000     |
| Royal Bank of Canada, 144A, 0.956%, 7/15/2009                                                             |                                          | 28,000,000        |       | 28,000,000     |
| Svenska Handelsbanken AB, 144A, 1.509%, 5/26/2009                                                         |                                          | 17,500,000        |       | 17,500,000     |
|                                                                                                           |
| **Total Short Term Notes**(Cost $565,519,223)                                                             |                                          | **565,519,223**   |
|                                                                                                      | **Supranational 0.3%**                        |              |
| International Bank for Reconstruction & Development, 0.42% **, 6/1/2009 (Cost $19,985,767)            |                                          | 20,000,000        |       | **19,985,767** |
|                                                                                                      | **Municipal Bonds and Notes 0.2%**            |              |
| Connecticut, State Health & Educational Revenue, Yale University, 0.762%, 6/5/2009 (Cost $14,130,839) |                                          | 14,150,000        |       | **14,130,839** |
|                                                                                                      | **Government & Agency Obligations 12.5%** |              |
| **US Government Sponsored Agencies 9.9%**                                                                 |                                          |
| Federal Farm Credit Bank:                                                                                 |                                          |
|                                                                                                      | 0.7% *, 3/26/2010                             |              | 45,000,000 |           | 45,000,000 |
|                                                                                                      | 0.958% *, 4/1/2010                            |              | 35,000,000 |           | 35,000,000 |
| Federal Home Loan Bank:                                                                                   |                                          |
|                                                                                                      | 0.408% *, 8/6/2009                            |              | 40,000,000 |           | 39,970,325 |
|                                                                                                      | 0.45% *, 4/3/2009                             |              | 38,000,000 |           | 38,000,000 |
|                                                                                                      | 0.66% *, 5/12/2009                            |              | 20,000,000 |           | 20,004,184 |
|                                                                                                      | 0.797% **, 12/4/2009                          |              | 24,000,000 |           | 23,868,267 |
|                                                                                                      | 0.84% *, 3/11/2010                            |              | 55,700,000 |           | 55,693,160 |
| Federal Home Loan Mortgage Corp.:                                                                         |                                          |
|                                                                                                      | 0.458% *, 10/8/2009                           |              | 30,000,000 |           | 29,981,221 |
|                                                                                                      | 0.526% *, 9/18/2009                           |              | 44,000,000 |           | 43,969,677 |
|                                                                                                      | 0.546% **, 8/3/2009                           |              | 18,000,000 |           | 17,965,900 |
|                                                                                                      | 1.087% *, 9/25/2009                           |              | 85,000,000 |           | 85,119,498 |
|                                                                                                      | 1.72% **, 5/27/2009                           |              | 18,500,000 |           | 18,449,639 |
| Federal National Mortgage Association:                                                                    |                                          |
|                                                                                                      | 0.495% **, 7/1/2009                           |              | 28,000,000 |           | 27,964,611 |
|                                                                                                      | 0.816% **, 11/2/2009                          |              | 30,000,000 |           | 29,853,083 |
|                                                                                                           |                                               |                   |            |                |            |  |  |  |

 

 

 

|                                                                                                                                                                                                          | 1.233% **, 6/11/2009                                                                                                                                                                                                                     |            | 34,000,000        |            | 33,916,181 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-------------------|-----------------|------------|
|                                                                                                                                                                                                          | 1.721% **, 5/29/2009                                                                                                                                                                                                                     |            | 18,500,000        |            | 18,447,840 |
|                                                                                                                                                                                                          | 1.884% **, 7/27/2009                                                                                                                                                                                                                     |            | 22,000,000        |            | 21,864,150 |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **585,067,736**                                                                                                                                                                                                                          |
| **US Treasury Obligations 2.6%**                                                                                                                                                                              |                                                                                                                                                                                                                                     |
| US Treasury Bills:                                                                                                                                                                                            |                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                          | 0.3% **, 7/23/2009                                                                                                                                                                                                                       |            | 27,000,000        |            | 26,974,575 |
|                                                                                                                                                                                                          | 0.345% **, 7/30/2009                                                                                                                                                                                                                     |            | 25,000,000        |            | 24,971,250 |
|                                                                                                                                                                                                          | 0.4% **, 8/6/2009                                                                                                                                                                                                                        |            | 20,000,000        |            | 19,971,778 |
|                                                                                                                                                                                                          | 0.48% **, 1/14/2010                                                                                                                                                                                                                      |            | 42,500,000        |            | 42,336,800 |
|                                                                                                                                                                                                          | 0.5% **, 1/14/2010                                                                                                                                                                                                                       |            | 25,000,000        |            | 24,900,000 |
|                                                                                                                                                                                                          | 0.99% **, 5/15/2009                                                                                                                                                                                                                      |            | 18,500,000        |            | 18,477,615 |
|                                                                                                                                                                                                               |
|                                                                                                                                                                                                          | **157,632,018**                                                                                                                                                                                                                          |
|                                                                                                                                                                                                               |
| **Total Government & Agency Obligations**(Cost $742,699,754)                                                                                                                                              |                                                                                                                                                                                                                                     | **742,699,754** |
|                                                                                                                                                                                                          | **Time Deposit 1.7%**                                                                                                                                                                                                                    |            |
| Societe Generale, 0.25%, 4/1/2009 (Cost $100,000,000)                                                                                                                                                         |                                                                                                                                                                                                                                     | 100,000,000     |              | **100,000,000** |
|                                                                                                                                                                                                          | **Repurchase Agreements 4.6%**                                                                                                                                                                                                           |            |
| BNP Paribas, 0.13%, dated 3/31/2009, to be repurchased at $150,000,542 on 4/1/2009 (a)                                                                                                                        |                                                                                                                                                                                                                                     | 150,000,000     |              | 150,000,000     |
| The Goldman Sachs & Co., 0.17%, dated 3/31/2009, to be repurchased at $124,180,586 on 4/1/2009 (b)                                                                                                        |                                                                                                                                                                                                                                     | 124,180,000     |              | 124,180,000     |
|                                                                                                                                                                                                               |
| **Total Repurchase Agreements**(Cost $274,180,000)                                                                                                                                                            |                                                                                                                                                                                                                                     | **274,180,000** |
|                                                                                                                                                                                                          | **% of**

**Net Assets**                                                                                                                                                                                                                 |            | **Value ($)**     |
|                                                                                                                                                                                                               |
| **Total Investment Portfolio**(Cost $5,958,644,823) †                                                                                                                                                  | 100.6                                                                                                                                                                                                                                    |            | **5,958,644,823** |
| **Other Assets and Liabilities, Net**                                                                                                                                                                         | (0.6)                                                                                                                                                                                                                                    |            | **(35,667,889)**  |
|                                                                                                                                                                                                               |
| **Net Assets**                                                                                                                                                                                                | 100.0                                                                                                                                                                                                                                    |            | **5,922,976,934** |
| *For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                           | *Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of March 31, 2009.* |
| ****                                                                                                                                                                                                          | *Annualized yield at time of purchase; not a coupon rate.*                                                                                                                                                                               |
| *†*                                                                                                                                                                                                    | *The cost for federal income tax purposes was $5,958,644,823.*                                                                                                                                                                           |
| *(a)*                                                                                                                                                                                                         | *Collateralized by $153,050,600 US Treasury Bill, maturing on 6/11/2009 with a value of $153,000,093.*                                                                                                                                   |
| *(b)*                                                                                                                                                                                                         | *Collateralized by $137,221,624 Federal National Mortgage Association - Principal Only, with various maturity dates of 1/1/2033-5/1/2037 with a value of $127,905,400.*                                                                  |
| *144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.* |
| *Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities.*                                   |
|                                                                                                                                                                                                               |                                                                                                                                                                                                                                          |                 |                   |                 |            |  |  |  |  |  |

 

 

 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements," establishes a three-tier hierarchy for measuring fair value and requires additional disclosure about the classification of fair value measurements.*

 

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including*

 

*quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Securities held by a money            market fund are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.*

 

*The following is a summary of the inputs used as of March 31, 2009 in valuing the Fund's investments.*

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ -                           |
| Level 2              | 5,958,644,823                 |
| Level 3              | -                             |
| **Total**            | **$ 5,958,644,823**           |

 

 

| **ITEM 2.** | **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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial                            reporting. |
|        |                                                                                                                                                                                                                                                                                                                                                                                         |
| **ITEM 3.** | **EXHIBITS**                                                                                                                                                                                                                                                                                                                                                                                 |
|        |                                                                                                                                                                                                                                                                                                                                                                                         |
|        | 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.                                                                                                                                                                                                                                      |

 

 

**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: | Daily Assets Fund Institutional, a series of DWS Institutional Funds |
|-------------|----------------------------------------------------------------------|

 

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 20, 2009 |
|-------|--------------|

 

 

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: | Daily Assets Fund Institutional, a series of DWS Institutional Funds |
|-------------|----------------------------------------------------------------------|

 

 

| By: | /s/Michael G. Clark |
|-----|---------------------|

|   | Michael G. Clark |
|--------|------------------|

President

 

| Date: | May 20, 2009 |
|-------|--------------|

 

 

| By: | /s/Paul Schubert |
|-----|------------------|

|   | Paul Schubert |
|--------|---------------|

Chief Financial Officer and Treasurer

 

Date:                                        May 20, 2009