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 811-4257

DWS Variable Series I

(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:12/31

Date of reporting period:3/31/09

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Bond VIP**

 

|                                                                   | **Principal**

**Amount ($) (a)** |   | **Value ($)** |
|------------------------------------------------------------------------|-----------------------------------|--------|---------------|
|                                                                        |
|                                                                   | **Corporate Bonds 17.8%**         |   |
| **Consumer Discretionary 3.0%**                                        |                              |
| British Sky Broadcasting Group PLC, 144A, 9.5%, 11/15/2018             |                              |   | 590,000       |   | 640,822 |
| Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/2022        |                              |   | 235,000       |   | 258,152 |
| Comcast Cable Holdings LLC, 10.125%, 4/15/2022                         |                              |   | 168,000       |   | 192,421 |
| Grupo Televisa SA, 6.0%, 5/15/2018                                     |                              |   | 500,000       |   | 453,020 |
| TCI Communications, Inc., 8.75%, 8/1/2015                              |                              |   | 511,000       |   | 551,296 |
| Time Warner Cable, Inc.:                                               |                              |
|                                                                   | 6.75%, 7/1/2018                   |   |          | 445,000 |   | 417,723 |
|                                                                   | 7.3%, 7/1/2038                    |   |          | 40,000 |   | 36,143 |
| Time Warner, Inc.:                                                     |                              |
|                                                                   | 7.625%, 4/15/2031                 |   |          | 350,000 |   | 312,734 |
|                                                                   | 7.7%, 5/1/2032                    |   |          | 305,000 |   | 274,267 |
| Viacom, Inc.:                                                          |                              |
|                                                                   | 5.75%, 4/30/2011                  |   |          | 458,000 |   | 446,165 |
|                                                                   | 6.25%, 4/30/2016                  |   |          | 775,000 |   | 680,405 |
|                                                                        |
|                                                                   | **4,263,148**                     |
| **Consumer Staples 2.8%**                                              |                              |
| Altria Group, Inc., 9.25%, 8/6/2019                                    |                              |   | 225,000       |   | 240,569 |
| Anheuser-Busch InBev Worldwide, Inc., 144A, 7.75%, 1/15/2019           |                              |   | 750,000       |   | 747,826 |
| CVS Caremark Corp.:                                                    |                              |
|                                                                   | 6.25%, 6/1/2027                   |   |          | 332,000 |   | 305,947 |
|                                                                   | 6.302%, 6/1/2037                  |   |          | 1,050,000 |   | 630,000 |
| Dr. Pepper Snapple Group, Inc., 6.12%, 5/1/2013                        |                              |   | 750,000       |   | 741,727 |
| Kroger Co., 6.8%, 4/1/2011                                             |                              |   | 505,000       |   | 533,533 |
| Reynolds American, Inc., 7.75%, 6/1/2018                               |                              |   | 785,000       |   | 691,566 |
|                                                                        |
|                                                                   | **3,891,168**                     |
| **Energy 1.6%**                                                        |                              |
| Enterprise Products Operating LLP, Series B, 5.6%, 10/15/2014          |                              |   | 680,000       |   | 628,775 |
| Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038                     |                              |   | 510,000       |   | 436,409 |
| ONEOK Partners LP, 8.625%, 3/1/2019                                    |                              |   | 560,000       |   | 565,075 |
| TransCanada PipeLines Ltd.:                                            |                              |
|                                                                   | 5.85%, 3/15/2036                  |   |          | 185,000 |   | 148,810 |
|                                                                   | 6.5%, 8/15/2018                   |   |          | 420,000 |   | 418,910 |
|                                                                        |
|                                                                   | **2,197,979**                     |
| **Financials 6.2%**                                                    |                              |
| Bank of America Corp., 5.75%, 12/1/2017                                |                              |   | 825,000       |   | 692,823 |
| Citigroup, Inc., 6.125%, 5/15/2018                                     |                              |   | 700,000       |   | 604,196 |
| ESI Tractebel Acquisition Corp., Series B, 7.99%, 12/30/2011           |                              |   | 99,000        |   | 96,997 |
| General Electric Capital Corp., 5.625%, 5/1/2018 (b)                   |                              |   | 1,014,000     |   | 881,694 |
| JPMorgan Chase & Co.:                                              |                              |
|                                                                   | 5.125%, 9/15/2014                 |   |          | 435,000 |   | 384,837 |
|                                                                   | 5.375%, 1/15/2014                 |   |          | 300,000 |   | 294,614 |
| Morgan Stanley, Series F, 6.625%, 4/1/2018                             |                              |   | 650,000       |   | 619,780 |
| National Rural Utilities Cooperative Finance Corp., 10.375%, 11/1/2018 |                              |   | 630,000       |   | 729,356 |
| NLV Financial Corp., 144A, 6.5%, 3/15/2035                             |                              |   | 734,000       |   | 471,320 |
|                                                                        |                                   |        |               |  |  |  |  |  |

 

 

 

| PNC Bank NA, 6.875%, 4/1/2018                                                                        |                                                        |           | 700,000   |      | 682,419     |
|------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|----------------|-----------|-----------|-------------|
| Prudential Financial, Inc., Series B, 5.1%, 9/20/2014 (b)                                            |                                                        |           | 150,000   |      | 112,315     |
| Red Arrow International Leasing PLC, "A", 8.375%, 6/30/2012                                          | RUB                                                         |           | 2,272,476 |      | 49,596      |
| SPI Electricity & Gas Australia Holdings Property Ltd., 144A, 6.15%, 11/15/2013                  |                                                        |           | 425,000   |      | 420,307     |
| The Goldman Sachs Group, Inc., 7.5%, 2/15/2019                                                       |                                                        |           | 1,000,000 |      | 997,813     |
| US Bancorp., LIBOR minus 1.46%, 0.00%, 12/11/2035                                                    |                                                        |           | 255,000   |      | 225,675     |
| Verizon Wireless Capital LLC:                                                                        |                                                        |
|                                                                                                 | 144A, 7.375%, 11/15/2013                                    |           |      | 295,000   |        | 316,290 |
|                                                                                                 | 144A, 8.5%, 11/15/2018                                      |           |      | 370,000   |        | 422,659 |
| Wachovia Corp., Series G, 5.5%, 5/1/2013                                                             |                                                        |           | 700,000   |      | 645,437     |
|                                                                                                      |
|                                                                                                 | **8,648,128**                                               |
| **Health Care 0.5%**                                                                                 |                                                        |
| Medco Health Solutions, Inc., 7.125%, 3/15/2018                                                      |                                                        |           | 715,000   |      | **709,612** |
| **Information Technology 0.5%**                                                                      |                                                        |
| Tyco Electronics Group SA, 6.0%, 10/1/2012                                                           |                                                        |           | 695,000   |      | 591,415     |
| Xerox Corp., 7.2%, 4/1/2016 (b)                                                                      |                                                        |           | 175,000   |      | 134,750     |
|                                                                                                      |
|                                                                                                 | **726,165**                                                 |
| **Materials 0.0%**                                                                                   |                                                        |
| Pliant Corp., 11.85%, 6/15/2009 *                                                                    |                                                        |           | 7         |      | **3**       |
| **Telecommunication Services 2.2%**                                                                  |                                                        |
| AT&T, Inc.:                                                                                      |                                                        |
|                                                                                                 | 6.55%, 2/15/2039                                            |           |      | 1,000,000 |        | 906,982 |
|                                                                                                 | 6.7%, 11/15/2013                                            |           |      | 790,000   |        | 843,763 |
| Telecom Italia Capital SA:                                                                           |                                                        |
|                                                                                                 | 6.2%, 7/18/2011                                             |           |      | 175,000   |        | 171,851 |
|                                                                                                 | 7.721%, 6/4/2038                                            |           |      | 310,000   |        | 257,841 |
| Verizon Communications, Inc.:                                                                        |                                                        |
|                                                                                                 | 5.25%, 4/15/2013                                            |           |      | 105,000   |        | 107,182 |
|                                                                                                 | 6.35%, 4/1/2019                                             |           |      | 850,000   |        | 839,749 |
|                                                                                                      |
|                                                                                                 | **3,127,368**                                               |
| **Utilities 1.0%**                                                                                   |                                                        |
| Alabama Power Co., 6.0%, 3/1/2039                                                                    |                                                        |           | 280,000   |      | 275,396     |
| CenterPoint Energy Resources Corp., 7.75%, 2/15/2011 (b)                                             |                                                        |           | 500,000   |      | 508,064     |
| Energy Future Competitive Holdings Co., 7.48%, 1/1/2017                                              |                                                        |           | 339,527   |      | 165,383     |
| Majapahit Holding BV, REG S, 7.75%, 10/17/2016                                                       |                                                        |           | 100,000   |      | 72,389      |
| Progress Energy, Inc., 7.05%, 3/15/2019 (b)                                                          |                                                        |           | 400,000   |      | 407,530     |
|                                                                                                      |
|                                                                                                 | **1,428,762**                                               |
|                                                                                                      |
| **Total Corporate Bonds**(Cost $26,108,691)                                                          |                                                        | **24,992,333** |
|                                                                                                 | **Asset-Backed 0.5%**                                       |           |
| **Automobile Receivables 0.3%**                                                                      |                                                        |
| Household Automotive Trust, "A4", Series 2006-1, 5.52%, 3/18/2013                                    |                                                        |           | 500,000   |      | **484,968** |
| **Home Equity Loans 0.2%**                                                                           |                                                        |
| First Franklin Mortgage Loan Asset-Backed Certificates, "A2A", Series 2007-FFC, 0.672% **, 6/25/2027 |                                                        |           | 646,382   |      | **207,360** |
|                                                                                                      |
| **Total Asset-Backed**(Cost $1,146,753)                                                              |                                                        | **692,328**    |
|                                                                                                 | **Mortgage-Backed Securities Pass-Throughs 36.3%**          |           |
| Federal Home Loan Mortgage Corp.:                                                                    |                                                        |
|                                                                                                 | 5.294% **, 6/1/2035                                         |           |      | 775,758   |        | 794,383 |
|                                                                                                 | 5.5%, with various maturities from 10/1/2023 until 8/1/2024 |           |      | 673,475   |        | 701,729 |
|                                                                                                 | 5.518% **, 2/1/2038                                         |           |      | 897,949   |        | 923,340 |
|                                                                                                      |                                                             |                |           |           |             |  |  |  |  |

 

 

 

|                                                                                         | 6.0%, 2/1/2036                                                 |           |      | 2,894,232  |      | 3,037,700  |
|----------------------------------------------------------------------------------------------|----------------------------------------------------------------|----------------|-----------|------------|-----------|------------|
|                                                                                         | 6.5%, with various maturities from 3/1/2026 until 12/1/2036    |           |      | 2,891,514  |      | 3,063,280  |
|                                                                                         | 7.0%, 1/1/2038                                                 |           |      | 366,294    |      | 389,402    |
| Federal National Mortgage Association:                                                       |                                                           |
|                                                                                         | 4.5%, 6/1/2034                                                 |           |      | 929,308    |      | 951,888    |
|                                                                                         | 5.0%, with various maturities from 2/1/2021 until 2/1/2038 (c) |           |      | 5,706,682  |      | 5,910,735  |
|                                                                                         | 5.148% **, 9/1/2038                                            |           |      | 853,446    |      | 879,459    |
|                                                                                         | 5.456% **, 1/1/2038                                            |           |      | 1,029,313  |      | 1,066,828  |
|                                                                                         | 5.5%, with various maturities from 1/1/2025 until 7/1/2037     |           |      | 13,728,688 |      | 14,289,224 |
|                                                                                         | 6.0%, with various maturities from 4/1/2024 until 3/1/2025     |           |      | 1,232,235  |      | 1,296,398  |
|                                                                                         | 6.5%, with various maturities from 3/1/2017 until 9/1/2038     |           |      | 9,269,445  |      | 9,844,350  |
|                                                                                         | 8.0%, 9/1/2015                                                 |           |      | 26,271     |      | 28,202     |
| Government National Mortgage Association, 5.0%, 8/1/2036 (c)                                 |                                                           |           | 7,500,000 |       | 7,773,046 |
|                                                                                              |
| **Total Mortgage-Backed Securities Pass-Throughs**(Cost $49,371,347)                         |                                                           | **50,949,964** |
|                                                                                         | **Commercial Mortgage-Backed Securities 4.6%**                 |           |
| Bear Stearns Commercial Mortgage Securities, "AAB", Series 2007-PW16, 5.909% **, 6/11/2040   |                                                           |           | 1,200,000 |       | 968,859   |
| GS Mortgage Securities Corp. II:                                                             |                                                           |
|                                                                                         | "AAB", Series 2007-GG10, 5.993% **, 8/10/2045                  |           |      | 1,620,000  |      | 1,222,076  |
|                                                                                         | "J", Series 2007-GG10, 144A, 5.993% **, 8/10/2045              |           |      | 1,096,000  |      | 48,690     |
|                                                                                         | "K", Series 2007-GG10, 144A, 5.993% **, 8/10/2045              |           |      | 767,000    |      | 33,907     |
| JPMorgan Chase Commercial Mortgage Securities Corp.:                                         |                                                           |
|                                                                                         | "F", Series 2007-LD11, 5.819% **, 6/15/2049                    |           |      | 650,000    |      | 32,758     |
|                                                                                         | "G", Series 2007-LD11, 144A, 5.819% **, 6/15/2049              |           |      | 760,000    |      | 37,107     |
|                                                                                         | "H", Series 2007-LD11, 144A, 5.819% **, 6/15/2049              |           |      | 460,000    |      | 22,072     |
|                                                                                         | "E", Series 2007-LD11, 5.819% **, 6/15/2049                    |           |      | 590,000    |      | 36,414     |
|                                                                                         | "ASB", Series 2007-LD12, 5.833% **, 2/15/2051                  |           |      | 1,175,000  |      | 936,898    |
| Merrill Lynch Mortgage Trust, "ASB", Series 2007-C1, 6.022% **, 6/12/2050                    |                                                           |           | 590,000   |       | 463,302   |
| Merrill Lynch/Countrywide Commercial Mortgage Trust, "ASB", Series 2007-5, 5.362%, 8/12/2048 |                                                           |           | 1,000,000 |       | 776,904   |
| Morgan Stanley Capital I, "AAB", Series 2007-IQ14, 5.654%, 4/15/2049                         |                                                           |           | 1,105,000 |       | 860,795   |
| Wachovia Bank Commercial Mortgage Trust:                                                     |                                                           |
|                                                                                         | "APB", Series 2007-C30, 5.294%, 12/15/2043                     |           |      | 610,000    |      | 472,197    |
|                                                                                         | "H", Series 2007-C32, 144A, 5.741% **, 6/15/2049               |           |      | 770,000    |      | 29,245     |
|                                                                                         | "ABP", Series 2007-C32, 5.741% **, 6/15/2049                   |           |      | 720,000    |      | 567,942    |
|                                                                                              |
| **Total Commercial Mortgage-Backed Securities**(Cost $12,409,344)                            |                                                           | **6,509,166**  |
|                                                                                         | **Collateralized Mortgage Obligations 12.1%**                  |           |
| Bear Stearns Adjustable Rate Mortgage Trust, "3A1", Series 2007-5, 5.977% **, 8/25/2047      |                                                           |           | 1,513,415 |       | 809,313   |
| Chase Mortgage Finance Corp., "3A1", Series 2007-A3, 5.978% **, 12/25/2037                   |                                                           |           | 822,491   |       | 480,257   |
| Citigroup Mortgage Loan Trust, Inc., "2A1A", Series 2007-AR8, 5.913% **, 7/25/2037           |                                                           |           | 632,992   |       | 330,669   |
| Countrywide Home Loans, "A2", Series 2006-1, 6.0%, 3/25/2036                                 |                                                           |           | 808,132   |       | 520,740   |
| CS First Boston Mortgage Securities Corp., "10A3", Series 2005-10, 6.0%, 11/25/2035          |                                                           |           | 200,030   |       | 157,620   |
| Fannie Mae Whole Loan, "1A1", Series 2004-W15, 6.0%, 8/25/2044                               |                                                           |           | 265,396   |       | 272,992   |
| Federal Home Loan Mortgage Corp.:                                                            |                                                           |
|                                                                                         | "WJ", Series 2557, 5.0%, 7/15/2014                             |           |      | 152,050    |      | 153,083    |
|                                                                                         | "TA", Series 2750, 5.0%, 2/15/2032                             |           |      | 1,010,000  |      | 1,059,855  |
|                                                                                         | "PD", Series 2774, 5.0%, 8/15/2032                             |           |      | 1,010,000  |      | 1,061,598  |
|                                                                                         | "EG", Series 2836, 5.0%, 12/15/2032                            |           |      | 1,580,000  |      | 1,660,893  |
|                                                                                         | "ME", Series 2775, 5.0%, 12/15/2032                            |           |      | 460,000    |      | 482,913    |
|                                                                                         | "PD", Series 2893, 5.0%, 2/15/2033                             |           |      | 800,000    |      | 840,834    |
|                                                                                         | "PE", Series 2898, 5.0%, 5/15/2033                             |           |      | 335,000    |      | 351,994    |
|                                                                                         | "PD", Series 2939, 5.0%, 7/15/2033                             |           |      | 535,000    |      | 563,241    |
|                                                                                         | "KG", Series 2987, 5.0%, 12/15/2034                            |           |      | 1,470,000  |      | 1,540,234  |
|                                                                                              |                                                                |                |           |            |           |            |  |  |  |

 

 

 

| Federal National Mortgage Association:                                                     |                                          |
|--------------------------------------------------------------------------------------------|-----------------------------------------------|
|                                                                                       | "EG", Series 2005-22, 5.0%, 11/25/2033        |   |   | 750,000 |   | 786,797 |
|                                                                                       | "WD", Series 2005-86, 5.0%, 3/25/2034         |   |   | 1,525,000 |   | 1,602,995 |
|                                                                                       | "PG", Series 2002-3, 5.5%, 2/25/2017          |   |   | 396,978 |   | 418,935 |
|                                                                                       | "TC", Series 2007-77, 5.5%, 9/25/2034         |   |   | 370,000 |   | 388,094 |
|                                                                                       | "ZQ", Series G92-9, 7.0%, 12/25/2021          |   |   | 8,561 |   | 8,578 |
| GSR Mortgage Loan Trust, "1A1", Series 2007-AR2, 5.77% **, 5/25/2047                       |                                          |   | 1,094,071 |   | 542,824 |
| Indymac Inda Mortgage Loan Trust, "1A2", Series 2007-AR1, 5.69% **, 3/25/2037              |                                          |   | 981,169 |   | 574,748 |
| MASTR Alternative Loans Trust:                                                             |                                          |
|                                                                                       | "5A1", Series 2005-2, 6.5%, 12/25/2034        |   |   | 97,827 |   | 59,002 |
|                                                                                       | "8A1", Series 2004-3, 7.0%, 4/25/2034         |   |   | 18,328 |   | 14,915 |
| Structured Adjustable Rate Mortgage Loan Trust:                                            |                                          |
|                                                                                       | "1A4", Series 2005-22, 5.25%, 12/25/2035      |   |   | 1,160,000 |   | 297,485 |
|                                                                                       | "6A3", Series 2005-21, 5.4%, 11/25/2035       |   |   | 740,000 |   | 282,432 |
|                                                                                       | "7A4", Series 2006-1, 5.62%, 2/25/2036        |   |   | 930,000 |   | 393,509 |
| Structured Asset Securities Corp., "2A1", Series 2003-1, 6.0%, 2/25/2018                   |                                          |   | 3,343 |   | 3,198 |
| SunTrust Adjustable Rate Mortgage Loan Trust, "3A1", Series 2007-4, 5.99% **, 10/25/2037   |                                          |   | 1,482,419 |   | 834,342 |
| Wells Fargo Mortgage Backed Securities Trust, "A4", Series 2005-AR14, 5.387% **, 8/25/2035 |                                          |   | 945,000 |   | 472,943 |
|                                                                                            |
| **Total Collateralized Mortgage Obligations**(Cost $21,831,590)                            |                                          | **16,967,033** |
|                                                                                       | **Government & Agency Obligations 19.0%** |   |
| **Sovereign Bonds 0.9%**                                                                   |                                          |
| Government of Indonesia, REG S, 8.5%, 10/12/2035                                           |                                          |   | 100,000 |   | 84,000 |
| Government of Ukraine, REG S, 6.75%, 11/14/2017                                            |                                          |   | 390,000 |   | 167,700 |
| Republic of Argentina, GDP Linked Note, 12/15/2035                                         |                                          |   | 410,000 |   | 8,441 |
| Republic of Egypt, 9.1%, 9/20/2012                                                         | EGP                                           |   | 230,000 |   | 39,543 |
| Republic of El Salvador, REG S, 8.25%, 4/10/2032                                           |                                          |   | 40,000 |   | 31,200 |
| Republic of Panama:                                                                        |                                          |
|                                                                                       | 6.7%, 1/26/2036                               |   |   | 170,000 |   | 149,175 |
|                                                                                       | 7.125%, 1/29/2026                             |   |   | 220,000 |   | 207,900 |
|                                                                                       | 7.25%, 3/15/2015                              |   |   | 80,000 |   | 81,600 |
| Republic of Philippines:                                                                   |                                          |
|                                                                                       | 7.75%, 1/14/2031                              |   |   | 100,000 |   | 102,125 |
|                                                                                       | 9.5%, 2/2/2030                                |   |   | 60,000 |   | 70,950 |
| Republic of Serbia, REG S, Step-up Coupon, 3.75% to 11/1/2009, 6.75% to 11/1/2024          |                                          |   | 90,000 |   | 61,236 |
| State of Qatar, REG S, 9.75%, 6/15/2030                                                    |                                          |   | 140,000 |   | 177,800 |
|                                                                                            |
|                                                                                       | **1,181,670**                                 |
| **US Government Sponsored Agencies 7.0%**                                                  |                                          |
| Citigroup, Inc., FDIC Guaranteed, 2.125%, 4/30/2012                                        |                                          |   | 5,500,000 |   | 5,518,524 |
| Federal National Mortgage Association, 6.625%, 11/15/2030 (b)                              |                                          |   | 950,000 |   | 1,246,650 |
| John Deere Capital Corp., Series D, FDIC Guaranteed, 2.875%, 6/19/2012 (b)                 |                                          |   | 3,000,000 |   | 3,076,755 |
|                                                                                            |
|                                                                                       | **9,841,929**                                 |
| **US Treasury Obligations 11.1%**                                                          |                                          |
| US Treasury Bill, 0.24% ***, 7/9/2009 (d)                                                  |                                          |   | 370,000 |   | 369,789 |
| US Treasury Bonds:                                                                         |                                          |
|                                                                                       | 3.5%, 2/15/2039                               |   |   | 1,500,000 |   | 1,482,195 |
|                                                                                       | 6.0%, 2/15/2026                               |   |   | 3,000,000 |   | 3,952,500 |
| US Treasury Inflation-Indexed Note, 1.375%, 7/15/2018 (b)                                  |                                          |   | 1,713,268 |   | 1,699,347 |
| US Treasury Notes:                                                                         |                                          |
|                                                                                       | 2.75%, 10/31/2013 (b)                         |   |   | 5,000,000 |   | 5,273,440 |
|                                                                                       | 2.75%, 2/15/2019 (b)                          |   |   | 1,750,000 |   | 1,759,573 |
|                                                                                            |                                               |  |  |  |  |  |  |  |  |

 

 

 

|                                                                                                                                                                                                                    | 3.75%, 11/15/2018 (b)                        |           |             | 1,000,000  |           | 1,090,080 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|----------------|------------------|------------|----------------|-----------|
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **15,626,924**                               |
|                                                                                                                                                                                                                         |
| **Total Government & Agency Obligations**(Cost $26,798,701)                                                                                                                                                         |                                         | **26,650,523** |
|                                                                                                                                                                                                                    | **Municipal Bonds and Notes 4.8%**           |           |
| Alameda, CA, Corridor Transportation Authority Revenue, Series C, 6.6%, 10/1/2029 (e)                                                                                                                                   |                                         | 525,000        |             | 473,146    |
| Florida, State Board of Education, Capital Outlay 2006, Series E, 5.0%, 6/1/2035                                                                                                                                        |                                         | 465,000        |             | 458,290    |
| Gwinnett County, GA, Development Authority Revenue, Gwinnett Stadium Project, 6.4%, 1/1/2028                                                                                                                            |                                         | 655,000        |             | 588,079    |
| Jicarilla, NM, Sales & Special Tax Revenue, Apache Nation Revenue, 144A, 5.2%, 12/1/2013                                                                                                                            |                                         | 670,000        |             | 677,939    |
| Los Angeles, CA, Community Development Agency Tax Allocation Revenue, Adelante Eastside Project, Series C, 6.49%, 9/1/2037 (e)                                                                                          |                                         | 325,000        |             | 229,430    |
| McLennan County, TX, Junior College, 5.0%, 8/15/2032 (e)                                                                                                                                                                |                                         | 340,000        |             | 336,284    |
| New Jersey, Economic Development Authority Revenue, Series B, 6.5%, 11/1/2013 (e)                                                                                                                                       |                                         | 860,000        |             | 945,785    |
| Port Authority New York & New Jersey, One Hundred Fiftieth Series, 4.75%, 9/15/2016                                                                                                                                 |                                         | 930,000        |             | 916,738    |
| Rhode Island, Convention Center Authority Revenue, Civic Center, Series A, 6.06%, 5/15/2035 (e)                                                                                                                         |                                         | 515,000        |             | 469,088    |
| Virgin Islands, Port Authority Marine Revenue, Series B, 5.08%, 9/1/2013 (e)                                                                                                                                            |                                         | 1,295,000      |             | 1,293,316  |
| Washington, Central Puget Sound Regional Transit Authority, Sales & Use Tax Revenue, Series A, 5.0%, 11/1/2036                                                                                                      |                                         | 285,000        |             | 282,042    |
|                                                                                                                                                                                                                         |
| **Total Municipal Bonds and Notes**(Cost $6,853,421)                                                                                                                                                                    |                                         | **6,670,137**  |
|                                                                                                                                                                                                                    | **Loan Participations and Assignments 0.1%** |           |
| **Sovereign Loans**                                                                                                                                                                                                     |                                         |
| Gazprombank, 7.25%, 2/22/2010                                                                                                                                                                                           | RUB                                          |           | 2,000,000        |       | 51,276         |
| Russian Agricultural Bank, REG S, 7.75%, 5/29/2018                                                                                                                                                                      |                                         |           | 100,000          |       | 72,500         |
|                                                                                                                                                                                                                         |
| **Total Loan Participations and Assignments**(Cost $177,737)                                                                                                                                                            |                                         | **123,776**    |
|                                                                                                                                                                                                                    | **Preferred Securities 0.4%**                |           |
| **Financials**                                                                                                                                                                                                          |                                         |
| Royal Bank of Scotland Group PLC:                                                                                                                                                                                       |                                         |
|                                                                                                                                                                                                                    | 144A, 6.99%, 10/5/2017 (f)                   |           |             | 800,000    |           | 352,000   |
|                                                                                                                                                                                                                    | Series U, 7.64%, 9/29/2017 (f)               |           |             | 1,000,000  |           | 225,000   |
|                                                                                                                                                                                                                         |
| **Total Preferred Securities**(Cost $1,721,424)                                                                                                                                                                         |                                         | **577,000**    |
|                                                                                                                                                                                                                    | **Shares**                                   |           | **Value ($)**    |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **Preferred Stock 0.0%**                     |           |
| **Financials**                                                                                                                                                                                                          |                                         |
| Ford Motor Credit Co., LLC, 7.375% (Cost $24,692)                                                                                                                                                                       |                                         | 1,180          |             | **11,505** |
|                                                                                                                                                                                                                    | **Securities Lending Collateral 10.9%**      |           |
| Daily Assets Fund Institutional, 0.78% (g) (h)(Cost $15,336,714)                                                                                                                                                        |                                         |           | 15,336,714       |       | **15,336,714** |
|                                                                                                                                                                                                                    | **Cash Equivalents 8.2%**                    |           |
| Cash Management QP Trust, 0.53% (g)(Cost $11,461,879)                                                                                                                                                                   |                                         |           | 11,461,879       |       | **11,461,879** |
|                                                                                                                                                                                                                    | **% of**

**Net Assets**                     |           | **Value ($)**    |
|                                                                                                                                                                                                                         |
| **Total Investment Portfolio**(Cost $173,242,293) †                                                                                                                                                              | 114.7                                        |           | **160,942,358**  |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                   | (14.7)                                       |           | **(20,579,956)** |
|                                                                                                                                                                                                                         |
| **Net Assets**                                                                                                                                                                                                          | 100.0                                        |           | **140,362,402**  |
| *For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.* |
|                                                                                                                                                                                                                         |                                              |                |                  |            |                |           |  |  |  |  |  |  |

 

 

 

| ***                                                                                                                                                                                                                                                                                                    | *Non-income producing security. Issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. The following table represents bonds that are in default:*                                                                                                                                                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Maturity** |   |   | **Acquisition** |   |   |
| **Security**                                                                                                                                                                                                                                                                                           | **Coupon**                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Date** | **Principal Amount** | **Cost ($)** | **Value ($)** |   |
| Pliant Corp.                                                                                                                                                                                                                                                                                           | 11.85%                                                                                                                                                                                                                                                                                                                                                                                                                                              | 6/15/2009 | 7 | USD | 8 | **3** |   |
| ****                                                                                                                                                                                                                                                                                                   | *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 $173,265,144. At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $12,322,786. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,190,310 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $15,513,096.* |
| *(a)*                                                                                                                                                                                                                                                                                                  | *Principal amount stated in US dollars unless otherwise noted.*                                                                                                                                                                                                                                                                                                                                                                                     |
| *(b)*                                                                                                                                                                                                                                                                                                  | *All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2009 amounted to $14,914,302 which is 10.6% of net assets.*                                                                                                                                                                                                                                                                                     |
| *(c)*                                                                                                                                                                                                                                                                                                  | *When-issued or delayed delivery security included.*                                                                                                                                                                                                                                                                                                                                                                                                |
| *(d)*                                                                                                                                                                                                                                                                                                  | *At March 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*                                                                                                                                                                                                                                                                                                          |
| *(e)*                                                                                                                                                                                                                                                                                                  | *Bond is insured by one of these companies:*                                                                                                                                                                                                                                                                                                                                                                                                        |
| **Insurance Coverage**                                                                                                                                                                                                                                                                                 | **As a % of Total****Investment Portfolio**                                                                                                                                                                                                                                                                                                                                                                                                         |   |
| Assured Guaranty Corp.                                                                                                                                                                                                                                                                                 | 0.6                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| Financial Guaranty Insurance Co.                                                                                                                                                                                                                                                                       | 1.3                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| National Public Finance Guarantee Corp.                                                                                                                                                                                                                                                                | 0.3                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| Radian                                                                                                                                                                                                                                                                                                 | 0.1                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| *(f)*                                                                                                                                                                                                                                                                                                  | *Date shown is call date; not a maturity date for the perpetual preferred securities.*                                                                                                                                                                                                                                                                                                                                                              |
| *(g)*                                                                                                                                                                                                                                                                                                  | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*                                                                                                                                                                                                                                                                                                           |
| *(h)*                                                                                                                                                                                                                                                                                                  | *Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.*                                                                                                                                                                                                                                                                                                                      |
| *144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.*                                                                                          |
| *FDIC: Federal Deposit Insurance Corp.*                                                                                                                                                                                                                                                                |
| *GDP: Gross Domestic Product*                                                                                                                                                                                                                                                                          |
| *PIK: Denotes that all or a portion of the income is paid in kind.*                                                                                                                                                                                                                                    |
| *REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.* |
| *At March 31, 2009, open futures contracts purchased were as follows:*                                                                                                                                                                                                                                 |
| **Futures**                                                                                                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Expiration****Date** |   | **Contracts** |   | **Aggregated****Face****Value ($)** |   | **Value ($)** |   | **Unrealized****Appreciation/****(Depreciation) ($)** |
|                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                   |
| 10 Year US Treasury Note                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6/19/2009 |   | 61 |   | 7,531,194 |   | 7,568,766 |   | 37,572 |   |
| British Pound Currency                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6/15/2009 |   | 31 |   | 2,750,771 |   | 2,779,925 |   | 29,154 |   |
| Canadian Dollar Currency                                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6/16/2009 |   | 18 |   | 1,431,166 |   | 1,429,380 |   | (1,786) |   |
| Euro Currency                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6/15/2009 |   | 12 |   | 1,920,714 |   | 1,992,450 |   | 71,736 |   |
| **Total net unrealized appreciation**                                                                                                                                                                                                                                                                  | **136,676**                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

 

 

 

 

 

 

|                         | *As of March 31, 2009, the Portfolio had the following open forward foreign currency exchange contracts:*                                                                                                                                                                                                                                                                                                                                                                                                       |
|------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         | **Contracts to Deliver**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | **In Exchange For** |   | **Settlement****Date** |   | **Unrealized****Appreciation ($)** |   |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | USD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 224,474 |   | MXN | 3,500,000 |   | 5/15/2009 |   | 20,504 |   |
|                         | USD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 97,047 |   | TRY | 166,435 |   | 5/15/2009 |   | 1,888 |   |
|                         | MXN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 3,500,000 |   | USD | 245,562 |   | 5/15/2009 |   | 584 |   |
|                         | USD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 330,169 |   | BRL | 800,000 |   | 5/15/2009 |   | 10,869 |   |
|                         | **Total unrealized appreciation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   | **33,845** |   |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | **Contracts to Deliver**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | **In Exchange For** |   | **Settlement****Date** |   | **Unrealized****Depreciation ($)** |   |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                         | RUB                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 3,000,000 |   | USD | 80,952 |   | 5/15/2009 |   | (6,115) |   |
|                         | TRY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 166,435 |   | USD | 96,439 |   | 5/15/2009 |   | (2,495) |   |
|                         | BRL                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 800,000 |   | USD | 323,311 |   | 5/15/2009 |   | (17,728) |   |
|                         | **Total unrealized depreciation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |   |   |   | **(26,338)** |   |
|                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
| ***Currency Abbreviations*** |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| *BRL*                        | *Brazilian Real*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | *RUB* | *Russian Ruble* |   |
| *EGP*                        | *Egyptian Pound*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | *TRY* | *Turkish Lira* |   |
| *MXN*                        | *Mexican Peso*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | *USD* | *United States Dollar* |   |
|                         | *Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal Home Loan Mortgage Corp. and Federal National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this                            investment portfolio.* |
|                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

***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 Portfolio'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 Portfolio'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.*

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

 

| **Valuation Inputs** | **Investments in Securities** | **Other Financial Instruments***††* |
|----------------------|-------------------------------|---------------------------------------------------|
| Level 1              | $ 15,348,219                  | $ 136,676                                         |
| Level 2              | 145,505,000                   | 7,507                                             |
| Level 3              | 89,139                        | -                                                 |
| **Total**            | **$ 160,942,358**             | **$ 144,183**                                     |

 

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts and forward foreign currency exchange contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

 

 

 

 

 

*The following is a reconciliation of the Portfolio's Level 3 investments for which significant unobservable inputs were used in determining the value at March 31, 2009:*

 

|                                                                                                      | **Investments in Securities** |
|-----------------------------------------------------------------------------------------------------------|-------------------------------|
| **Balance as of December 31, 2008**                                                                       | $ 349,637                     |
| Total realized gain (loss)                                                                                | (377,176)                     |
| Change in unrealized appreciation (depreciation)                                                          | 373,842                       |
| Amortization premium/discount                                                                             | (42)                          |
| Net purchases (sales)                                                                                     | (257,122)                     |
| Net transfers in (out) of Level 3                                                                         | -                             |
| **Balance as of March 31, 2009**                                                                          | **$ 89,139**                  |
| **Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2009** | **$ 33,212**                  |

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures and forward foreign currency exchange contracts.*

 

|  

 

**Primary Underlying Risk Disclosure** |  

 

**Futures** | **Forward Currency Contracts** |
|--------------------------------------------------------|-----------------------------|--------------------------------|
| Interest Rate Contracts                                | $ 37,572                    | $ -                            |
| Foreign Exchange Contracts                             | $ 99,104                    | $ 7,507                        |
| Credit Contracts                                       | $ -                         | $ -                            |
| Equity Contracts                                       | $ -                         | $ -                            |
| Commodity Contracts                                    | $ -                         | $ -                            |
| Other Contracts                                        | $ -                         | $ -                            |

 

*Futures. The value of the Fund's underlying bond investments are subject to interest rate risk. As interest rates increase, the value of the Fund's fixed rate bonds may fall. The Fund may sell interest rate futures to gain exposure to different parts of the yield curve while managing the overall duration. The Fund may also invest in currency futures for non-hedging purposes to seek to enhance            potential gains. Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an 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. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's            clearinghouse acts as the counterparty, and guarantees the futures against default.*

 

*Forward Foreign Currency Exchange Contracts. The Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. Changes in exchange rates between foreign currencies and the US dollar may affect the US dollar value of foreign securities or the income or gains received on these securities. To reduce the effect of currency fluctuations, the Fund may enter into forward            foreign currency exchange contracts. The Fund may also use forward foreign currency exchange contracts for non-hedging purposes to seek to enhance potential gains. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the            fund.*

 

 

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

 

 

**DWS Capital Growth VIP**

 

|                                          | **Shares**              |    | **Value ($)** |
|-----------------------------------------------|-------------------------|---------|---------------|
|                                               |
|                                          | **Common Stocks 98.7%** |    |
| **Consumer Discretionary 7.0%**               |                    |
| **Hotels Restaurants & Leisure 3.4%**     |                    |
| Darden Restaurants, Inc. (a)                  |                    | 181,100 |          | 6,204,486 |
| Marriott International, Inc. "A"              |                    | 267,300 |          | 4,373,028 |
| McDonald's Corp.                              |                    | 142,400 |          | 7,770,768 |
|                                               |
|                                          | **18,348,282**          |
| **Multiline Retail 1.8%**                     |                    |
| Kohl's Corp.* (a)                             |                    | 233,100 |          | **9,864,792** |
| **Textiles, Apparel & Luxury Goods 1.8%** |                    |
| NIKE, Inc. "B" (a)                            |                    | 203,100 |          | **9,523,359** |
| **Consumer Staples 10.4%**                    |                    |
| **Beverages 3.3%**                            |                    |
| PepsiCo, Inc.                                 |                    | 341,825 |          | **17,597,151** |
| **Food & Staples Retailing 3.6%**         |                    |
| Sysco Corp.                                   |                    | 301,400 |          | 6,871,920 |
| Wal-Mart Stores, Inc. (a)                     |                    | 241,600 |          | 12,587,360 |
|                                               |
|                                          | **19,459,280**          |
| **Household Products 3.5%**                   |                    |
| Colgate-Palmolive Co.                         |                    | 136,240 |          | 8,035,435 |
| Energizer Holdings, Inc.* (a)                 |                    | 146,100 |          | 7,259,709 |
| Procter & Gamble Co. (a)                  |                    | 71,170  |          | 3,351,396 |
|                                               |
|                                          | **18,646,540**          |
| **Energy 8.4%**                               |                    |
| **Energy Equipment & Services 3.3%**      |                    |
| Cameron International Corp.*                  |                    | 284,300 |          | 6,234,699 |
| Schlumberger Ltd. (a)                         |                    | 123,700 |          | 5,024,694 |
| Transocean Ltd.* (a)                          |                    | 110,827 |          | 6,521,061 |
|                                               |
|                                          | **17,780,454**          |
| **Oil, Gas & Consumable Fuels 5.1%**      |                    |
| EOG Resources, Inc.                           |                    | 117,125 |          | 6,413,765 |
| ExxonMobil Corp.                              |                    | 175,600 |          | 11,958,360 |
| Occidental Petroleum Corp.                    |                    | 158,100 |          | 8,798,265 |
|                                               |
|                                          | **27,170,390**          |
| **Financials 3.0%**                           |                    |
| **Capital Markets 2.1%**                      |                    |
| Charles Schwab Corp. (a)                      |                    | 233,900 |          | 3,625,450 |
| T. Rowe Price Group, Inc. (a)                 |                    | 264,100 |          | 7,621,926 |
|                                               |
|                                          | **11,247,376**          |
| **Diversified Financial Services 0.9%**       |                    |
| CME Group, Inc.                               |                    | 19,537  |          | **4,813,721** |
|                                               |                         |         |               |  |  |  |  |

 

 

 

| **Health Care 17.7%**                                 |           |
|-------------------------------------------------------|----------------|
| **Biotechnology 4.7%**                                |           |
| Celgene Corp.* (a)                                    |           | 252,500 |   | 11,211,000 |
| Gilead Sciences, Inc.* (a)                            |           | 297,020 |   | 13,757,966 |
|                                                       |
|                                                  | **24,968,966** |
| **Health Care Equipment & Supplies 5.2%**         |           |
| Baxter International, Inc.                            |           | 63,800 |   | 3,267,836 |
| Edwards Lifesciences Corp.*                           |           | 168,600 |   | 10,222,218 |
| Medtronic, Inc.                                       |           | 190,100 |   | 5,602,247 |
| St. Jude Medical, Inc.* (a)                           |           | 239,300 |   | 8,693,769 |
|                                                       |
|                                                  | **27,786,070** |
| **Health Care Providers & Services 3.3%**         |           |
| Express Scripts, Inc.*                                |           | 249,700 |   | 11,528,649 |
| Laboratory Corp. of America Holdings* (a)             |           | 103,000 |   | 6,024,470 |
|                                                       |
|                                                  | **17,553,119** |
| **Pharmaceuticals 4.5%**                              |           |
| Abbott Laboratories                                   |           | 238,900 |   | 11,395,530 |
| Allergan, Inc. (a)                                    |           | 80,200 |   | 3,830,352 |
| Johnson & Johnson (a)                             |           | 174,766 |   | 9,192,692 |
|                                                       |
|                                                  | **24,418,574** |
| **Industrials 10.7%**                                 |           |
| **Aerospace & Defense 4.1%**                      |           |
| Lockheed Martin Corp.                                 |           | 80,200 |   | 5,536,206 |
| Rockwell Collins, Inc.                                |           | 246,800 |   | 8,055,552 |
| United Technologies Corp.                             |           | 195,900 |   | 8,419,782 |
|                                                       |
|                                                  | **22,011,540** |
| **Commercial Services & Supplies 1.3%**           |           |
| Stericycle, Inc.* (a)                                 |           | 150,500 |   | **7,183,365** |
| **Electrical Equipment 2.7%**                         |           |
| AMETEK, Inc. (a)                                      |           | 464,300 |   | **14,518,661** |
| **Machinery 0.9%**                                    |           |
| Parker Hannifin Corp. (a)                             |           | 146,000 |   | **4,961,080** |
| **Road & Rail 1.7%**                              |           |
| Burlington Northern Santa Fe Corp.                    |           | 51,300 |   | 3,085,695 |
| Norfolk Southern Corp. (a)                            |           | 169,500 |   | 5,720,625 |
|                                                       |
|                                                  | **8,806,320**  |
| **Information Technology 28.2%**                      |           |
| **Communications Equipment 8.4%**                     |           |
| Cisco Systems, Inc.* (a)                              |           | 967,520 |   | 16,225,310 |
| QUALCOMM, Inc. (a)                                    |           | 499,500 |   | 19,435,545 |
| Research In Motion Ltd.* (a)                          |           | 216,100 |   | 9,307,427 |
|                                                       |
|                                                  | **44,968,282** |
| **Computers & Peripherals 6.2%**                  |           |
| Apple, Inc.* (a)                                      |           | 164,835 |   | 17,327,455 |
| EMC Corp.* (a)                                        |           | 780,815 |   | 8,901,291 |
| International Business Machines Corp. (a)             |           | 73,600 |   | 7,131,104 |
|                                                       |
|                                                  | **33,359,850** |
| **Internet Software & Services 0.5%**             |           |
| Google, Inc. "A"*                                     |           | 7,225 |   | **2,514,734** |
| **IT Services 1.6%**                                  |           |
| Accenture Ltd. "A" (a)                                |           | 317,400 |   | **8,725,326** |
| **Semiconductors & Semiconductor Equipment 5.0%** |           |
| Broadcom Corp. "A"* (a)                               |           | 578,100 |   | 11,550,438 |
|                                                       |                |  |  |  |  |

 

 

 

| Intel Corp. (a)                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 746,790         |              | 11,239,189     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-------------------|----------------|
| NVIDIA Corp.* (a)                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 389,800         |              | 3,843,428      |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **26,633,055**                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Software 6.5%**                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Adobe Systems, Inc.* (a)                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 262,775         |              | 5,620,757      |
| Microsoft Corp. (a)                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 779,580         |              | 14,320,885     |
| Oracle Corp.*                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 823,200         |              | 14,875,224     |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **34,816,866**                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Materials 9.6%**                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **Chemicals 7.8%**                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Celanese Corp. "A"                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 205,300         |              | 2,744,861      |
| Ecolab, Inc. (a)                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 287,800         |              | 9,995,294      |
| Monsanto Co. (a)                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 220,700         |              | 18,340,170     |
| Praxair, Inc. (a)                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 157,800         |              | 10,618,362     |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **41,698,687**                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Metals & Mining 1.8%**                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Barrick Gold Corp. (a)                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 309,700         |              | **10,024,474** |
| **Telecommunication Services 2.6%**                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **Diversified Telecommunication Services 1.0%**                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| AT&T, Inc.                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 214,300         |              | **5,400,360**  |
| **Wireless Telecommunication Services 1.6%**                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| American Tower Corp. "A"* (a)                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 290,100         |              | **8,827,743**  |
| **Utilities 1.1%**                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| **Electric Utilities**                                                                                                                                                                                                  |
| Allegheny Energy, Inc.                                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 78,400          |              | 1,816,528      |
| Edison International                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 146,300         |              | 4,214,903      |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **6,031,431**                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                         |
| **Total Common Stocks**(Cost $503,408,400)                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **529,659,848** |
|                                                                                                                                                                                                                    | **Securities Lending Collateral 40.9%**                                                                                                                                                                                                                                                                                                                                                                                                              |            |
| Daily Assets Fund Institutional, 0.78% (b) (c)(Cost $219,393,260)                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |            | 219,393,260       |           | **219,393,260** |
|                                                                                                                                                                                                                    | **Cash Equivalents 1.4%**                                                                                                                                                                                                                                                                                                                                                                                                                            |            |
| Cash Management QP Trust, 0.53% (b)(Cost $7,251,154)                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |            | 7,251,154         |           | **7,251,154** |
|                                                                                                                                                                                                                    | **% of**

**Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                             |            | **Value ($)**     |
|                                                                                                                                                                                                                         |
| **Total Investment Portfolio**(Cost $730,052,814) †                                                                                                                                                              | 141.0                                                                                                                                                                                                                                                                                                                                                                                                                                                |            | **756,304,262**   |
| **Other Assets and Liabilities, Net**(a)                                                                                                                                                                                | (41.0)                                                                                                                                                                                                                                                                                                                                                                                                                                               |            | **(219,915,034)** |
|                                                                                                                                                                                                                         |
| **Net Assets**                                                                                                                                                                                                          | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                |            | **536,389,228**   |
| *For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                                     | *Non-income producing security.*                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *†*                                                                                                                                                                                                              | *The cost for federal income tax purposes was $733,469,820. At March 31, 2009, net unrealized appreciation for all securities based on tax cost was $22,834,442. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $70,213,347 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $47,378,905.* |
| *(a)*                                                                                                                                                                                                                   | *All or a portion of these securities were on loan amounting to $213,035,765. In addition, included in other assets and liabilities, net is a pending sale, amounting to $3,723,536, that is also on loan. The value of all securities loaned at March 31, 2009 amounted to $216,759,301 which is 40.4% of net assets.*                                                                                                                              |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                 |                   |                |  |  |  |  |  |  |  |

 

 

 

| *(b)* | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.* |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------|
| *(c)* | *Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.*            |

 

 

 

***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 Portfolio'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 Portfolio'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.*

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

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ 739,028,634                 |
| Level 2              | 17,275,628                    |
| Level 3              | -                             |
| **Total**            | **$ 756,304,262**             |

 

 

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

 

 

**DWS Global Opportunities VIP**

 

|                                                   | **Shares**              |          | **Value ($)** |
|--------------------------------------------------------|-------------------------|---------------|---------------|
|                                                        |
|                                                   | **Common Stocks 97.4%** |          |
| **Australia 1.1%**                                     |                    |
| Austal Ltd.                                            |                    | 491,771       |          | 595,120 |
| Crown Ltd.                                             |                    | 115,833       |          | 508,948 |
|                                                        |
| (Cost $1,456,820)                                      |                    | **1,104,068** |
| **Belgium 0.3%**                                       |                    |
| Hansen Transmissions International NV* (Cost $814,162) |                    | 229,570       |          | **325,514** |
| **Bermuda 0.6%**                                       |                    |
| Lazard Ltd. "A" (Cost $528,945)                        |                    | 21,900        |          | **643,860** |
| **Brazil 0.6%**                                        |                    |
| Diagnosticos da America SA* (Cost $1,373,093)          |                    | 60,400        |          | **645,725** |
| **Canada 1.6%**                                        |                    |
| CAE, Inc.                                              |                    | 147,081       |          | 890,092 |
| OPTI Canada, Inc.*                                     |                    | 141,600       |          | 111,187 |
| SunOpta, Inc.*                                         |                    | 336,500       |          | 582,145 |
|                                                        |
| (Cost $5,673,964)                                      |                    | **1,583,424** |
| **China 1.9%**                                         |                    |
| Minth Group Ltd.                                       |                    | 1,782,200     |          | 873,354 |
| Soho China Ltd.                                        |                    | 1,557,000     |          | 626,944 |
| VanceInfo Technologies, Inc. (ADR)*                    |                    | 97,800        |          | 489,000 |
|                                                        |
| (Cost $2,127,567)                                      |                    | **1,989,298** |
| **Cyprus 0.7%**                                        |                    |
| Prosafe Production Public Ltd.* (a)                    |                    | 198,423       |          | 311,829 |
| Prosafe SE* (a)                                        |                    | 122,703       |          | 442,033 |
|                                                        |
| (Cost $1,665,632)                                      |                    | **753,862**   |
| **France 3.3%**                                        |                    |
| Bureau Veritas SA                                      |                    | 11,969        |          | 452,539 |
| Financiere Marc de Lacharriere SA                      |                    | 17,494        |          | 594,386 |
| Flamel Technologies SA (ADR)* (b)                      |                    | 191,800       |          | 1,150,800 |
| JC Decaux SA (b)                                       |                    | 49,385        |          | 559,473 |
| Meetic*                                                |                    | 29,082        |          | 593,898 |
|                                                        |
| (Cost $6,115,047)                                      |                    | **3,351,096** |
| **Germany 9.6%**                                       |                    |
| Fresenius Medical Care AG & Co. KGaA               |                    | 103,807       |          | 4,036,332 |
| M.A.X. Automation AG                                   |                    | 280,755       |          | 645,798 |
| QSC AG*                                                |                    | 191,412       |          | 231,568 |
| Rational AG (b)                                        |                    | 8,584         |          | 684,615 |
| SGL Carbon SE* (b)                                     |                    | 24,700        |          | 590,077 |
| Software AG                                            |                    | 10,312        |          | 736,189 |
| Stada Arzneimittel AG                                  |                    | 50,034        |          | 819,633 |
| United Internet AG (Registered) (b)                    |                    | 190,543       |          | 1,590,924 |
|                                                        |                         |               |               |  |  |  |  |  |

 

 

 

| Wincor Nixdorf AG                                                |   | 10,234        |   | 464,470     |
|------------------------------------------------------------------|--------|---------------|--------|-------------|
|                                                                  |
| (Cost $8,119,880)                                                |   | **9,799,606** |
| **Greece 1.0%**                                                  |   |
| Coca-Cola Hellenic Bottling Co. SA                               |   | 36,500        |   | 520,661     |
| Hellenic Exchanges SA                                            |   | 71,300        |   | 514,610     |
|                                                                  |
| (Cost $1,380,589)                                                |   | **1,035,271** |
| **Hong Kong 4.9%**                                               |   |
| K Wah International Holdings Ltd.                                |   | 2,372,000     |   | 318,228     |
| Kingboard Chemical Holdings Ltd.                                 |   | 799,640       |   | 1,667,832   |
| Midland Holdings Ltd.                                            |   | 1,416,357     |   | 469,810     |
| REXLot Holdings Ltd.* (c)                                        |   | 16,150,000    |   | 511,296     |
| Wing Hang Bank Ltd.                                              |   | 196,700       |   | 935,198     |
| Xinyi Glass Holdings Co., Ltd. (c)                               |   | 2,366,000     |   | 1,047,388   |
|                                                                  |
| (Cost $4,748,196)                                                |   | **4,949,752** |
| **Ireland 4.5%**                                                 |   |
| Anglo Irish Bank Corp. PLC                                       |   | 225,606       |   | 65,044      |
| C&C Group PLC                                                |   | 391,598       |   | 676,373     |
| FBD Holdings PLC                                                 |   | 23,700        |   | 189,157     |
| ICON PLC (ADR)                                                   |   | 66,600        |   | 1,075,590   |
| Kingspan Group PLC                                               |   | 76,529        |   | 279,794     |
| Norkom Group PLC*                                                |   | 297,432       |   | 241,134     |
| Paddy Power PLC                                                  |   | 47,956        |   | 772,533     |
| Ryanair Holdings PLC*                                            |   | 319,528       |   | 1,229,626   |
|                                                                  |
| (Cost $7,257,800)                                                |   | **4,529,251** |
| **Japan 7.0%**                                                   |   |
| AEON Credit Service Co., Ltd.                                    |   | 51,300        |   | 465,999     |
| AEON Mall Co., Ltd.                                              |   | 111,000       |   | 1,419,792   |
| Daiseki Co., Ltd. (b)                                            |   | 19,200        |   | 326,664     |
| Internet Initiative Japan, Inc.                                  |   | 278           |   | 296,045     |
| Nidec Corp.                                                      |   | 18,200        |   | 825,518     |
| Nitori Co., Ltd.                                                 |   | 10,000        |   | 558,587     |
| Shinko Plantech Co., Ltd.                                        |   | 165,600       |   | 1,036,707   |
| So-net M3, Inc.                                                  |   | 193           |   | 519,392     |
| Square Enix Holdings Co., Ltd.                                   |   | 55,400        |   | 1,053,032   |
| Sumitomo Realty & Development Co., Ltd.                      |   | 54,000        |   | 602,907     |
|                                                                  |
| (Cost $6,729,464)                                                |   | **7,104,643** |
| **Netherlands 4.2%**                                             |   |
| Arcadis NV                                                       |   | 53,422        |   | 644,523     |
| Chicago Bridge & Iron Co. NV (NY Registered Shares)          |   | 55,400        |   | 347,358     |
| Koninklijke Vopak NV                                             |   | 12,876        |   | 515,291     |
| QIAGEN NV* (b)                                                   |   | 96,400        |   | 1,544,791   |
| SBM Offshore NV                                                  |   | 90,045        |   | 1,197,419   |
|                                                                  |
| (Cost $5,097,970)                                                |   | **4,249,382** |
| **Singapore 0.5%**                                               |   |
| Venture Corp., Ltd. (Cost $531,975)                              |   | 158,000       |   | **523,866** |
| **Spain 1.1%**                                                   |   |
| Grifols SA                                                       |   | 35,959        |   | 518,689     |
| Tecnicas Reunidas SA                                             |   | 19,804        |   | 627,806     |
|                                                                  |
| (Cost $1,718,762)                                                |   | **1,146,495** |
| **Switzerland 1.0%**                                             |   |
| Advanced Digital Broadcast Holdings SA (ADB Group) (Registered)* |   | 13,324        |   | 257,558     |
|                                                                  |        |               |        |             |  |  |

 

 

 

| Partners Group Holding AG                            |   | 12,300        |   | 739,125     |
|------------------------------------------------------|--------|---------------|--------|-------------|
|                                                      |
| (Cost $1,318,924)                                    |   | **996,683**   |
| **Taiwan 1.0%**                                      |   |
| Siliconware Precision Industries Co. (Cost $575,251) |   | 921,743       |   | **978,749** |
| **United Arab Emirates 0.3%**                        |   |
| Lamprell PLC (Cost $940,971)                         |   | 295,333       |   | **277,214** |
| **United Kingdom 7.9%**                              |   |
| Aegis Group PLC                                      |   | 341,674       |   | 404,682     |
| ARM Holdings PLC                                     |   | 435,141       |   | 639,322     |
| Ashmore Group PLC                                    |   | 394,044       |   | 860,910     |
| Babcock International Group PLC                      |   | 169,181       |   | 1,042,379   |
| Balfour Beatty PLC                                   |   | 97,087        |   | 456,130     |
| John Wood Group PLC                                  |   | 148,987       |   | 479,718     |
| Kofax PLC                                            |   | 232,285       |   | 383,299     |
| Michael Page International PLC                       |   | 296,457       |   | 779,157     |
| Rotork PLC                                           |   | 30,658        |   | 374,711     |
| Serco Group PLC                                      |   | 329,162       |   | 1,727,076   |
| The Weir Group PLC                                   |   | 33,112        |   | 196,120     |
| Xchanging PLC (b)                                    |   | 229,632       |   | 668,368     |
|                                                      |
| (Cost $11,570,775)                                   |   | **8,011,872** |
| **United States 44.3%**                              |   |
| Advance Auto Parts, Inc.                             |   | 33,850        |   | 1,390,558   |
| Aecom Technology Corp.*                              |   | 70,668        |   | 1,843,021   |
| Aeropostale, Inc.*                                   |   | 33,700        |   | 895,072     |
| Airgas, Inc.                                         |   | 14,500        |   | 490,245     |
| Allegheny Energy, Inc. (b)                           |   | 136,500       |   | 3,162,705   |
| Alpha Natural Resources, Inc.*                       |   | 41,000        |   | 727,750     |
| American Eagle Outfitters, Inc.                      |   | 61,400        |   | 751,536     |
| AMERIGROUP Corp.* (b)                                |   | 63,100        |   | 1,737,774   |
| ANSYS, Inc.*                                         |   | 11,200        |   | 281,120     |
| BE Aerospace, Inc.*                                  |   | 58,600        |   | 508,062     |
| BioMarin Pharmaceutical, Inc.* (b)                   |   | 26,500        |   | 327,275     |
| BPZ Resources, Inc.* (b) (d)                         |   | 107,000       |   | 395,900     |
| Burger King Holdings, Inc.                           |   | 29,400        |   | 674,730     |
| Cameron International Corp.*                         |   | 12,500        |   | 274,125     |
| Capella Education Co.*                               |   | 9,900         |   | 524,700     |
| Carter's, Inc.*                                      |   | 53,000        |   | 996,930     |
| Chattem, Inc.* (b)                                   |   | 12,500        |   | 700,625     |
| Cogent, Inc.* (b)                                    |   | 81,600        |   | 971,040     |
| Deckers Outdoor Corp.*                               |   | 9,200         |   | 487,968     |
| Diamond Foods, Inc.                                  |   | 49,100        |   | 1,371,363   |
| Dresser-Rand Group, Inc.*                            |   | 72,200        |   | 1,595,620   |
| EMS Technologies, Inc.*                              |   | 42,500        |   | 742,050     |
| EXCO Resources, Inc.*                                |   | 72,200        |   | 722,000     |
| FTI Consulting, Inc.* (b)                            |   | 48,350        |   | 2,392,358   |
| Green Mountain Coffee Roasters, Inc.* (b)            |   | 25,300        |   | 1,214,400   |
| Itron, Inc.* (b)                                     |   | 37,500        |   | 1,775,625   |
| Jefferies Group, Inc. (b)                            |   | 44,400        |   | 612,720     |
| Joy Global, Inc.                                     |   | 60,775        |   | 1,294,508   |
| Lam Research Corp.*                                  |   | 23,100        |   | 525,987     |
| Life Technologies Corp.*                             |   | 41,500        |   | 1,347,920   |
| ManTech International Corp. "A"*                     |   | 12,700        |   | 532,130     |
|                                                      |        |               |        |             |  |  |

 

 

 

| Martin Marietta Materials, Inc. (b)                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 6,200          |                             | 491,660   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------|-----------|
| Metabolix, Inc.* (b)                                                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 38,800         |                             | 264,616   |
| Mueller Water Products, Inc. "A"                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 59,300         |                             | 195,690   |
| Mylan, Inc.* (b)                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 101,200        |                             | 1,357,092 |
| NxStage Medical, Inc.* (b)                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 160,300        |                             | 413,574   |
| Owens & Minor, Inc.                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 44,100         |                             | 1,461,033 |
| Owens-Illinois, Inc.*                                                                                                                                                                                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 41,300         |                             | 596,372   |
| Schawk, Inc.                                                                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 71,600         |                             | 432,464   |
| Somanetics Corp.*                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 69,300         |                             | 1,051,974 |
| Stericycle, Inc.*                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 18,000         |                             | 859,140   |
| Thoratec Corp.*                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 85,100         |                             | 2,186,219 |
| THQ, Inc.*                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 110,600        |                             | 336,224   |
| Ultra Petroleum Corp.* (b)                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 71,100         |                             | 2,551,779 |
| Urban Outfitters, Inc.*                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 39,800         |                             | 651,526   |
| Waddell & Reed Financial, Inc. "A"                                                                                                                                                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 46,400         |                             | 838,448   |
|                                                                                                                                                                                                                         |
| (Cost $44,179,120)                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **44,955,628** |
|                                                                                                                                                                                                                         |
| **Total Common Stocks**(Cost $113,924,907)                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **98,955,259** |
|                                                                                                                                                                                                                    | **Securities Lending Collateral 20.9%**                                                                                                                                                                                                                                                                                                                                                                                                              |           |
| Daily Assets Fund Institutional, 0.78% (e) (f)(Cost $21,208,512)                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           | 21,208,512                       |      | **21,208,512** |
|                                                                                                                                                                                                                    | **Cash Equivalents 4.2%**                                                                                                                                                                                                                                                                                                                                                                                                                            |           |
| Cash Management QP Trust, 0.53% (e)(Cost $4,263,435)                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |           | 4,263,435                        |      | **4,263,435** |
|                                                                                                                                                                                                                    | **% of**

**Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                             |           | **Value ($)**                    |
|                                                                                                                                                                                                                         |
| **Total Investment Portfolio**(Cost $139,396,854) †                                                                                                                                                              | 122.5                                                                                                                                                                                                                                                                                                                                                                                                                                                |           | **124,427,206**                  |
| **Other Assets and Liabilities, Net**(b)                                                                                                                                                                                | (22.5)                                                                                                                                                                                                                                                                                                                                                                                                                                               |           | **(22,867,172)**                 |
|                                                                                                                                                                                                                         |
| **Net Assets**                                                                                                                                                                                                          | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                |           | **101,560,034**                  |
| *For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                                     | *Non-income producing security.*                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *†*                                                                                                                                                                                                              | *The cost for federal income tax purposes was $141,723,934. At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $17,296,728. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $17,391,768 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $34,688,496.* |
| *(a)*                                                                                                                                                                                                                   | *Security is listed in country of domicile. Significant business activities of company are in Norway.*                                                                                                                                                                                                                                                                                                                                               |
| *(b)*                                                                                                                                                                                                                   | *All or a portion of these securities were on loan amounting to $20,267,545. In addition, included in other assets and liabilities, net is a pending sale, amounting to $342,030, that is also on loan. The value of all securities loaned at March 31, 2009 amounted to $20,609,575 which is 20.3% of net assets.*                                                                                                                                  |
| *(c)*                                                                                                                                                                                                                   | *Security is listed in country of domicile. Significant business activities of company are in China.*                                                                                                                                                                                                                                                                                                                                                |
| *(d)*                                                                                                                                                                                                                   | *Security is listed in country of domicile. Significant business activities of company are in Peru and Ecuador.*                                                                                                                                                                                                                                                                                                                                     |
| *(e)*                                                                                                                                                                                                                   | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*                                                                                                                                                                                                                                                                                                            |
| *(f)*                                                                                                                                                                                                                   | *Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.*                                                                                                                                                                                                                                                                                                                       |
| *ADR: American Depositary Receipt*                                                                                                                                                                                      |
| *At March 31,2009, DWS Global Opportunities VIP had the following sector diversification:*                                                                                                                              |
| **Sector**                                                                                                                                                                                                              | **Market Value ($)**                                                                                                                                                                                                                                                                                                                                                                                                                                 |           | **As a % of**

**Common Stocks** |
| Health Care                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 20,458,429     |                             | 20.6      | % |
| Industrials                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 18,568,501     |                             | 18.8      | % |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                |                                  |           |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

 

| Information Technology     |   | 16,690,533     |   | 16.9      | %     |
|----------------------------|--------|----------------|--------|-----------|-------|
| Consumer Discretionary     |   | 12,551,454     |   | 12.7      | %     |
| Energy                     |   | 10,751,087     |   | 10.9      | %     |
| Financials                 |   | 9,897,138      |   | 10.0      | %     |
| Consumer Staples           |   | 5,065,567      |   | 5.1       | %     |
| Utilities                  |   | 3,162,705      |   | 3.2       | %     |
| Materials                  |   | 1,578,277      |   | 1.6       | %     |
| Telecommunication Services |   | 231,568        |   | 0.2       | %     |
| **Total**                  |   | **98,955,259** |   | **100.0** | **%** |

 

 

 

***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 Portfolio'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 Portfolio'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.*

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

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ 72,083,171                  |
| Level 2              | 52,344,035                    |
| Level 3              | -                             |
| **Total**            | **$ 124,427,206**             |

 

 

 

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

 

 

**DWS Growth & Income VIP**

 

|                                          | **Shares**              |   | **Value ($)** |
|-----------------------------------------------|-------------------------|--------|---------------|
|                                               |
|                                          | **Common Stocks 96.4%** |   |
| **Consumer Discretionary 9.5%**               |                    |
| **Auto Components 0.1%**                      |                    |
| Autoliv, Inc.                                 |                    | 2,600  |          | **48,282** |
| **Hotels Restaurants & Leisure 1.9%**     |                    |
| Carnival Corp. (Units)                        |                    | 3,700  |          | 79,920 |
| McDonald's Corp.                              |                    | 20,100 |          | 1,096,857 |
| Yum! Brands, Inc.                             |                    | 13,200 |          | 362,736 |
|                                               |
|                                          | **1,539,513**           |
| **Household Durables 0.6%**                   |                    |
| Centex Corp.                                  |                    | 6,200  |          | 46,500 |
| Garmin Ltd.                                   |                    | 5,800  |          | 123,018 |
| Harman International Industries, Inc.         |                    | 4,100  |          | 55,473 |
| Leggett & Platt, Inc.                     |                    | 15,500 |          | 201,345 |
| Ryland Group, Inc.                            |                    | 2,300  |          | 38,318 |
|                                               |
|                                          | **464,654**             |
| **Internet & Catalog Retail 0.5%**        |                    |
| Amazon.com, Inc.*                             |                    | 5,700  |          | **418,608** |
| **Media 3.6%**                                |                    |
| Comcast Corp. "A"                             |                    | 90,200 |          | 1,230,328 |
| Comcast Corp., Special "A"                    |                    | 21,700 |          | 279,279 |
| DISH Network Corp. "A"*                       |                    | 17,300 |          | 192,203 |
| Liberty Media Corp. - Entertainment "A"*      |                    | 7,000  |          | 139,650 |
| The DIRECTV Group, Inc.*                      |                    | 25,500 |          | 581,145 |
| Time Warner Cable, Inc.                       |                    | 5,346  |          | 132,581 |
| Time Warner, Inc.                             |                    | 21,300 |          | 411,090 |
|                                               |
|                                          | **2,966,276**           |
| **Multiline Retail 0.4%**                     |                    |
| Macy's, Inc.                                  |                    | 41,300 |          | **367,570** |
| **Specialty Retail 2.3%**                     |                    |
| AutoZone, Inc.*                               |                    | 400    |          | 65,048 |
| Children's Place Retail Stores, Inc.*         |                    | 2,700  |          | 59,103 |
| Gymboree Corp.*                               |                    | 1,400  |          | 29,890 |
| RadioShack Corp.                              |                    | 26,500 |          | 227,105 |
| Rent-A-Center, Inc.*                          |                    | 5,800  |          | 112,346 |
| Ross Stores, Inc.                             |                    | 2,800  |          | 100,464 |
| The Gap, Inc.                                 |                    | 29,500 |          | 383,205 |
| TJX Companies, Inc.                           |                    | 34,500 |          | 884,580 |
| Tractor Supply Co.*                           |                    | 1,900  |          | 68,514 |
|                                               |
|                                          | **1,930,255**           |
| **Textiles, Apparel & Luxury Goods 0.1%** |                    |
| Jones Apparel Group, Inc.                     |                    | 14,300 |          | 60,346 |
| Quiksilver, Inc.*                             |                    | 15,800 |          | 20,224 |
| Wolverine World Wide, Inc.                    |                    | 2,800  |          | 43,624 |
|                                               |
|                                          | **124,194**             |
|                                               |                         |        |               |  |  |  |  |

 

 

 

| **Consumer Staples 11.7%**            |          |
|---------------------------------------|---------------|
| **Beverages 0.9%**                    |          |
| PepsiCo, Inc.                         |          | 14,600 |   | **751,608** |
| **Food & Staples Retailing 3.8%** |          |
| Kroger Co.                            |          | 48,500 |   | 1,029,170 |
| Pantry, Inc.*                         |          | 1,400 |   | 24,654 |
| Sysco Corp.                           |          | 7,500 |   | 171,000 |
| Wal-Mart Stores, Inc. (a)             |          | 37,400 |   | 1,948,540 |
|                                       |
|                                  | **3,173,364** |
| **Food Products 2.1%**                |          |
| Archer-Daniels-Midland Co.            |          | 31,600 |   | 877,848 |
| Bunge Ltd. (a)                        |          | 11,000 |   | 623,150 |
| Chiquita Brands International, Inc.*  |          | 6,100 |   | 40,443 |
| Darling International, Inc.*          |          | 9,000 |   | 33,390 |
| Fresh Del Monte Produce, Inc.*        |          | 8,800 |   | 144,496 |
|                                       |
|                                  | **1,719,327** |
| **Household Products 2.3%**           |          |
| Church & Dwight Co., Inc.         |          | 1,700 |   | 88,791 |
| Colgate-Palmolive Co.                 |          | 23,900 |   | 1,409,622 |
| Procter & Gamble Co.              |          | 8,900 |   | 419,101 |
|                                       |
|                                  | **1,917,514** |
| **Personal Products 0.2%**            |          |
| Herbalife Ltd.                        |          | 9,000 |   | **134,820** |
| **Tobacco 2.4%**                      |          |
| Altria Group, Inc.                    |          | 49,620 |   | 794,912 |
| Lorillard, Inc.                       |          | 4,800 |   | 296,352 |
| Philip Morris International, Inc.     |          | 24,300 |   | 864,594 |
|                                       |
|                                  | **1,955,858** |
| **Energy 10.9%**                      |          |
| **Oil, Gas & Consumable Fuels**   |
| Alpha Natural Resources, Inc.*        |          | 10,500 |   | 186,375 |
| Apache Corp.                          |          | 20,300 |   | 1,301,027 |
| Arch Coal, Inc.                       |          | 9,200 |   | 123,004 |
| Chevron Corp.                         |          | 19,100 |   | 1,284,284 |
| Cimarex Energy Co.                    |          | 15,300 |   | 281,214 |
| ConocoPhillips                        |          | 29,300 |   | 1,147,388 |
| Encore Acquisition Co.*               |          | 17,900 |   | 416,533 |
| ExxonMobil Corp.                      |          | 12,339 |   | 840,286 |
| Frontline Ltd. (a)                    |          | 19,000 |   | 330,410 |
| Hess Corp.                            |          | 2,400 |   | 130,080 |
| Mariner Energy, Inc.*                 |          | 20,000 |   | 155,000 |
| Massey Energy Co.                     |          | 3,200 |   | 32,384 |
| McMoRan Exploration Co.*              |          | 28,700 |   | 134,890 |
| Occidental Petroleum Corp.            |          | 29,500 |   | 1,641,675 |
| Sunoco, Inc.                          |          | 2,000 |   | 52,960 |
| Valero Energy Corp.                   |          | 30,200 |   | 540,580 |
| W&T Offshore, Inc. (a)            |          | 12,600 |   | 77,490 |
| Walter Industries, Inc.               |          | 14,800 |   | 338,476 |
|                                       |
|                                  | **9,014,056** |
| **Financials 11.2%**                  |          |
| **Capital Markets 2.1%**              |          |
| Bank of New York Mellon Corp. (a)     |          | 55,000 |   | 1,553,750 |
|                                       |               |  |  |  |  |

 

 

 

| State Street Corp.                                |          | 6,900   |   | 212,382    |
|---------------------------------------------------|---------------|---------|--------|------------|
|                                                   |
|                                              | **1,766,132** |
| **Commercial Banks 1.0%**                         |          |
| Marshall & Ilsley Corp.                       |          | 37,600  |   | 211,688    |
| SunTrust Banks, Inc.                              |          | 45,300  |   | 531,822    |
| Zions Bancorp.                                    |          | 9,900   |   | 97,317     |
|                                                   |
|                                              | **840,827**   |
| **Consumer Finance 0.1%**                         |          |
| Capital One Financial Corp.                       |          | 6,000   |   | 73,440     |
| Cash America International, Inc.                  |          | 2,300   |   | 36,018     |
|                                                   |
|                                              | **109,458**   |
| **Diversified Financial Services 3.7%**           |          |
| Bank of America Corp.                             |          | 142,600 |   | 972,532    |
| Citigroup, Inc. (a)                               |          | 86,400  |   | 218,592    |
| JPMorgan Chase & Co.                          |          | 67,600  |   | 1,796,808  |
| PHH Corp.*                                        |          | 1,800   |   | 25,290     |
|                                                   |
|                                              | **3,013,222** |
| **Insurance 3.8%**                                |          |
| ACE Ltd.                                          |          | 31,600  |   | 1,276,640  |
| Aflac, Inc.                                       |          | 2,700   |   | 52,272     |
| Allied World Assurance Co. Holdings Ltd.          |          | 2,200   |   | 83,666     |
| Aon Corp.                                         |          | 600     |   | 24,492     |
| Arch Capital Group Ltd.*                          |          | 2,400   |   | 129,264    |
| Assurant, Inc.                                    |          | 3,600   |   | 78,408     |
| Berkshire Hathaway, Inc. "B"*                     |          | 300     |   | 846,000    |
| Everest Re Group Ltd.                             |          | 1,500   |   | 106,200    |
| Hartford Financial Services Group, Inc.           |          | 4,900   |   | 38,465     |
| The Travelers Companies, Inc.                     |          | 6,600   |   | 268,224    |
| W.R. Berkley Corp.                                |          | 3,400   |   | 76,670     |
| XL Capital Ltd. "A" (a)                           |          | 27,800  |   | 151,788    |
|                                                   |
|                                              | **3,132,089** |
| **Real Estate Investment Trusts 0.4%**            |          |
| Essex Property Trust, Inc. (REIT) (a)             |          | 1,900   |   | 108,946    |
| Rayonier, Inc. (REIT) (a)                         |          | 6,000   |   | 181,320    |
| Simon Property Group, Inc. (REIT)                 |          | 37      |   | 1,282      |
|                                                   |
|                                              | **291,548**   |
| **Real Estate Management & Development 0.1%** |          |
| The St. Joe Co.*                                  |          | 2,400   |   | **40,176** |
| **Health Care 15.5%**                             |          |
| **Biotechnology 2.4%**                            |          |
| Amgen, Inc.*                                      |          | 2,200   |   | 108,944    |
| Gilead Sciences, Inc.*                            |          | 30,700  |   | 1,422,024  |
| Isis Pharmaceuticals, Inc.*                       |          | 2,000   |   | 30,020     |
| Myriad Genetics, Inc.*                            |          | 3,800   |   | 172,786    |
| OSI Pharmaceuticals, Inc.*                        |          | 4,600   |   | 175,996    |
| PDL BioPharma, Inc.                               |          | 7,500   |   | 53,100     |
|                                                   |
|                                              | **1,962,870** |
| **Health Care Equipment & Supplies 2.5%**     |          |
| Baxter International, Inc.                        |          | 21,500  |   | 1,101,230  |
| Becton, Dickinson & Co.                       |          | 13,900  |   | 934,636    |
| Varian Medical Systems, Inc.*                     |          | 1,300   |   | 39,572     |
|                                                   |
|                                              | **2,075,438** |
| **Health Care Providers & Services 4.7%**     |          |
| Aetna, Inc.                                       |          | 50,600  |   | 1,231,098  |
|                                                   |               |         |        |            |  |

 

 

 

| AmerisourceBergen Corp.                     |          | 2,600  |   | 84,916      |
|---------------------------------------------|---------------|--------|--------|-------------|
| Emergency Medical Services Corp. "A"*       |          | 1,000  |   | 31,390      |
| Express Scripts, Inc.*                      |          | 24,000 |   | 1,108,080   |
| Humana, Inc.*                               |          | 13,100 |   | 341,648     |
| Kindred Healthcare, Inc.*                   |          | 5,400  |   | 80,730      |
| Magellan Health Services, Inc.*             |          | 800    |   | 29,152      |
| McKesson Corp.                              |          | 14,600 |   | 511,584     |
| Medco Health Solutions, Inc.*               |          | 10,000 |   | 413,400     |
| Universal Health Services, Inc. "B"         |          | 1,600  |   | 61,344      |
|                                             |
|                                        | **3,893,342** |
| **Life Sciences Tools & Services 0.1%** |          |
| ICON PLC (ADR)                              |          | 1,700  |   | 27,455      |
| Pharmaceutical Product Development, Inc.    |          | 3,100  |   | 73,532      |
|                                             |
|                                        | **100,987**   |
| **Pharmaceuticals 5.8%**                    |          |
| Abbott Laboratories                         |          | 17,100 |   | 815,670     |
| Eli Lilly & Co.                         |          | 39,300 |   | 1,313,013   |
| Johnson & Johnson                       |          | 11,500 |   | 604,900     |
| Merck & Co., Inc.                       |          | 23,200 |   | 620,600     |
| Pfizer, Inc.                                |          | 72,500 |   | 987,450     |
| Teva Pharmaceutical Industries Ltd. (ADR)   |          | 3,400  |   | 153,170     |
| Watson Pharmaceuticals, Inc.*               |          | 9,300  |   | 289,323     |
|                                             |
|                                        | **4,784,126** |
| **Industrials 11.7%**                       |          |
| **Aerospace & Defense 4.6%**            |          |
| General Dynamics Corp.                      |          | 14,700 |   | 611,373     |
| Goodrich Corp.                              |          | 15,800 |   | 598,662     |
| Honeywell International, Inc.               |          | 35,620 |   | 992,373     |
| L-3 Communications Holdings, Inc.           |          | 6,400  |   | 433,920     |
| Lockheed Martin Corp.                       |          | 2,500  |   | 172,575     |
| Northrop Grumman Corp.                      |          | 21,400 |   | 933,896     |
| Spirit AeroSystems Holdings, Inc. "A"*      |          | 3,700  |   | 36,889      |
|                                             |
|                                        | **3,779,688** |
| **Air Freight & Logistics 0.1%**        |          |
| United Parcel Service, Inc. "B"             |          | 1,000  |   | **49,220**  |
| **Commercial Services & Supplies 0.3%** |          |
| The Brink's Co.                             |          | 10,200 |   | **269,892** |
| **Construction & Engineering 1.3%**     |          |
| EMCOR Group, Inc.*                          |          | 16,100 |   | 276,437     |
| Fluor Corp.                                 |          | 11,200 |   | 386,960     |
| Foster Wheeler AG*                          |          | 15,100 |   | 263,797     |
| Perini Corp.*                               |          | 9,300  |   | 114,390     |
|                                             |
|                                        | **1,041,584** |
| **Electrical Equipment 0.5%**               |          |
| Acuity Brands, Inc.                         |          | 1,300  |   | 29,302      |
| GrafTech International Ltd.*                |          | 59,700 |   | 367,752     |
|                                             |
|                                        | **397,054**   |
| **Machinery 3.1%**                          |          |
| AGCO Corp.*                                 |          | 23,000 |   | 450,800     |
| CNH Global NV                               |          | 3,500  |   | 36,330      |
| Cummins, Inc.                               |          | 18,100 |   | 460,645     |
| Dover Corp.                                 |          | 2,200  |   | 58,036      |
| Flowserve Corp.                             |          | 6,400  |   | 359,168     |
|                                             |               |        |        |             |  |

 

 

 

| Gardner Denver, Inc.*                                       |          | 1,500  |   | 32,610      |
|-------------------------------------------------------------|---------------|--------|--------|-------------|
| Joy Global, Inc.                                            |          | 9,600  |   | 204,480     |
| Parker Hannifin Corp.                                       |          | 24,000 |   | 815,520     |
| Terex Corp.*                                                |          | 8,000  |   | 74,000      |
| Trinity Industries, Inc.                                    |          | 5,400  |   | 49,356      |
|                                                             |
|                                                        | **2,540,945** |
| **Marine 0.0%**                                             |          |
| TBS International Ltd. "A"*                                 |          | 2,500  |   | **18,375**  |
| **Professional Services 0.3%**                              |          |
| Manpower, Inc.                                              |          | 9,100  |   | **286,923** |
| **Road & Rail 1.5%**                                    |          |
| Burlington Northern Santa Fe Corp.                          |          | 2,600  |   | 156,390     |
| Norfolk Southern Corp.                                      |          | 14,700 |   | 496,125     |
| Ryder System, Inc.                                          |          | 22,100 |   | 625,651     |
|                                                             |
|                                                        | **1,278,166** |
| **Information Technology 17.1%**                            |          |
| **Communications Equipment 1.2%**                           |          |
| ADC Telecommunications, Inc.*                               |          | 6,600  |   | 28,974      |
| Cisco Systems, Inc.*                                        |          | 25,900 |   | 434,343     |
| QUALCOMM, Inc.                                              |          | 13,700 |   | 533,067     |
|                                                             |
|                                                        | **996,384**   |
| **Computers & Peripherals 7.0%**                        |          |
| Apple, Inc.*                                                |          | 3,300  |   | 346,896     |
| Hewlett-Packard Co.                                         |          | 36,300 |   | 1,163,778   |
| International Business Machines Corp. (a)                   |          | 21,100 |   | 2,044,379   |
| Lexmark International, Inc. "A"*                            |          | 27,200 |   | 458,864     |
| QLogic Corp.*                                               |          | 37,500 |   | 417,000     |
| Seagate Technology                                          |          | 23,400 |   | 140,634     |
| Western Digital Corp.*                                      |          | 60,100 |   | 1,162,334   |
|                                                             |
|                                                        | **5,733,885** |
| **Electronic Equipment, Instruments & Components 0.5%** |          |
| Avnet, Inc.*                                                |          | 2,600  |   | 45,526      |
| Dolby Laboratories, Inc. "A"*                               |          | 3,100  |   | 105,741     |
| Flextronics International Ltd.*                             |          | 15,900 |   | 45,951      |
| Jabil Circuit, Inc.                                         |          | 37,900 |   | 210,724     |
| Molex, Inc. "A"                                             |          | 1,489  |   | 18,821      |
|                                                             |
|                                                        | **426,763**   |
| **Internet Software & Services 1.8%**                   |          |
| eBay, Inc.*                                                 |          | 16,170 |   | 203,095     |
| Google, Inc. "A"* (a)                                       |          | 3,420  |   | 1,190,365   |
| VeriSign, Inc.*                                             |          | 3,900  |   | 73,593      |
| Yahoo!, Inc.*                                               |          | 4,100  |   | 52,521      |
|                                                             |
|                                                        | **1,519,574** |
| **IT Services 3.1%**                                        |          |
| Accenture Ltd. "A"                                          |          | 28,100 |   | 772,469     |
| Automatic Data Processing, Inc.                             |          | 25,700 |   | 903,612     |
| Computer Sciences Corp.*                                    |          | 18,700 |   | 688,908     |
| MasterCard, Inc. "A"                                        |          | 800    |   | 133,984     |
| SAIC, Inc.*                                                 |          | 1,200  |   | 22,404      |
|                                                             |
|                                                        | **2,521,377** |
| **Semiconductors & Semiconductor Equipment 0.3%**       |          |
| Altera Corp.                                                |          | 13,700 |   | **240,435** |
|                                                             |               |        |        |             |  |

 

 

 

| **Software 3.2%**                                         |          |
|-----------------------------------------------------------|---------------|
| BMC Software, Inc.*                                       |          | 4,400 |   | 145,200 |
| Microsoft Corp.                                           |          | 120,375 |   | 2,211,289 |
| Symantec Corp.*                                           |          | 14,030 |   | 209,608 |
| VMware, Inc. "A"*                                         |          | 4,900 |   | 115,738 |
|                                                           |
|                                                      | **2,681,835** |
| **Materials 3.0%**                                        |          |
| **Chemicals 2.9%**                                        |          |
| Ashland, Inc.                                             |          | 14,300 |   | 147,719 |
| CF Industries Holdings, Inc.                              |          | 13,800 |   | 981,594 |
| Terra Industries, Inc.                                    |          | 41,700 |   | 1,171,353 |
| The Mosaic Co.                                            |          | 2,500 |   | 104,950 |
|                                                           |
|                                                      | **2,405,616** |
| **Metals & Mining 0.1%**                              |          |
| Cliffs Natural Resources, Inc.                            |          | 3,700 |   | **67,192** |
| **Telecommunication Services 3.4%**                       |          |
| **Diversified Telecommunication Services 3.3%**           |          |
| AT&T, Inc.                                            |          | 40,580 |   | 1,022,616 |
| Embarq Corp.                                              |          | 5,300 |   | 200,605 |
| Verizon Communications, Inc.                              |          | 50,100 |   | 1,513,020 |
|                                                           |
|                                                      | **2,736,241** |
| **Wireless Telecommunication Services 0.1%**              |          |
| United States Cellular Corp.*                             |          | 600 |   | **20,004** |
| **Utilities 2.4%**                                        |          |
| **Electric Utilities 1.0%**                               |          |
| Duke Energy Corp.                                         |          | 4,900 |   | 70,168 |
| Edison International                                      |          | 15,500 |   | 446,555 |
| Exelon Corp.                                              |          | 1,700 |   | 77,163 |
| NV Energy, Inc.                                           |          | 2,800 |   | 26,292 |
| Pepco Holdings, Inc.                                      |          | 5,000 |   | 62,400 |
| Southern Co.                                              |          | 3,800 |   | 116,356 |
|                                                           |
|                                                      | **798,934**   |
| **Gas Utilities 0.2%**                                    |          |
| Atmos Energy Corp.                                        |          | 1,600 |   | 36,992 |
| ONEOK, Inc.                                               |          | 6,400 |   | 144,832 |
| UGI Corp.                                                 |          | 1,300 |   | 30,693 |
|                                                           |
|                                                      | **212,517**   |
| **Independent Power Producers & Energy Traders 0.4%** |          |
| AES Corp.*                                                |          | 44,800 |   | 260,288 |
| Mirant Corp.*                                             |          | 6,100 |   | 69,540 |
|                                                           |
|                                                      | **329,828**   |
| **Multi-Utilities 0.8%**                                  |          |
| Dominion Resources, Inc.                                  |          | 7,400 |   | 229,326 |
| Integrys Energy Group, Inc.                               |          | 1,300 |   | 33,852 |
| NiSource, Inc.                                            |          | 23,100 |   | 226,380 |
| Sempra Energy                                             |          | 2,600 |   | 120,224 |
| TECO Energy, Inc.                                         |          | 2,000 |   | 22,300 |
|                                                           |
|                                                      | **632,082**   |
|                                                           |
| **Total Common Stocks**(Cost $104,375,511)                |          | **79,520,628** |
|                                                           |               |  |  |  |  |  |

 

 

 

|                                                                                                                                                                                                                    | **Principal**

**Amount ($)**                                                                                                                                                                                                                                                                                                                                                                                                                       |                   | **Value ($)**   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|-----------------|
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **Government & Agency Obligation 0.8%**                                                                                                                                                                                                                                                                                                                                                                                                         |                   |
| **US Treasury Obligation**                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| US Treasury Bill, 0.13% **, 6/11/2009 (b) (Cost $685,824)                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                |                   | 686,000         |   | **685,754** |
|                                                                                                                                                                                                                    | **Shares**                                                                                                                                                                                                                                                                                                                                                                                                                                          |                   | **Value ($)**   |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **Securities Lending Collateral 9.4%**                                                                                                                                                                                                                                                                                                                                                                                                              |                   |
| Daily Assets Fund Institutional, 0.78% (c) (d)(Cost $7,736,700)                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                |                   | 7,736,700       |   | **7,736,700** |
|                                                                                                                                                                                                                    | **Cash Equivalents 2.6%**                                                                                                                                                                                                                                                                                                                                                                                                                           |                   |
| Cash Management QP Trust, 0.53% (c)(Cost $2,143,440)                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                |                   | 2,143,440       |   | **2,143,440** |
|                                                                                                                                                                                                                    | **% of**

**Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                            |                   | **Value ($)**   |
|                                                                                                                                                                                                                         |
| **Total Investment Portfolio**(Cost $114,941,475) †                                                                                                                                                              | 109.2                                                                                                                                                                                                                                                                                                                                                                                                                                               |                   | **90,086,522**  |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                   | (9.2)                                                                                                                                                                                                                                                                                                                                                                                                                                               |                   | **(7,601,035)** |
|                                                                                                                                                                                                                         |
| **Net Assets**                                                                                                                                                                                                          | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                               |                   | **82,485,487**  |
| *For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                                     | *Non-income producing security.*                                                                                                                                                                                                                                                                                                                                                                                                                    |
| ****                                                                                                                                                                                                                    | *Annualized yield at time of purchase; not a coupon rate.*                                                                                                                                                                                                                                                                                                                                                                                          |
| *†*                                                                                                                                                                                                              | *The cost for federal income tax purposes was $117,856,479. At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $27,769,957. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,291,825 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $30,061,782.* |
| *(a)*                                                                                                                                                                                                                   | *All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2009 amounted to $7,804,120 which is 9.5% of net assets.*                                                                                                                                                                                                                                                                                       |
| *(b)*                                                                                                                                                                                                                   | *At March 31, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*                                                                                                                                                                                                                                                                                                          |
| *(c)*                                                                                                                                                                                                                   | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*                                                                                                                                                                                                                                                                                                           |
| *(d)*                                                                                                                                                                                                                   | *Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.*                                                                                                                                                                                                                                                                                                                      |
| *ADR: American Depositary Receipt*                                                                                                                                                                                      |
| *REIT: Real Estate Investment Trust*                                                                                                                                                                                    |
| *At March 31, 2009, open futures contracts purchased were as follows:*                                                                                                                                                  |
| **Futures**                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Expiration****Date** |            | **Contracts** |   | **Aggregated****Face****Value ($)** |   | **Value ($)** |   | **Unrealized****Depreciation ($)** |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    |
| S&P E-Mini 500 Index                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6/19/2009              |            | 70 |   | 2,862,702 |   | 2,781,800 |   | **(80,902)** |   |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                        |                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

***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 Portfolio'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 Portfolio'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.*

 

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

 

| **Valuation Inputs** | **Investments in Securities** | **Other Financial Instruments***††* |
|----------------------|-------------------------------|---------------------------------------------------|
| Level 1              | $ 87,257,328                  | $ (80,902)                                        |
| Level 2              | 2,829,194                     | -                                                 |
| Level 3              | -                             | -                                                 |
| **Total**            | **$ 90,086,522**              | **$ (80,902)**                                    |

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using futures.*

 

|  

 

**Primary Underlying Risk Disclosure** |  

 

**Futures** |
|--------------------------------------------------------|-----------------------------|
| Interest Rate Contracts                                | $ -                         |
| Foreign Exchange Contracts                             | $ -                         |
| Credit Contracts                                       | $ -                         |
| Equity Contracts                                       | $ (80,902)                  |
| Commodity Contracts                                    | $ -                         |
| Other Contracts                                        | $ -                         |

 

*Futures. The Fund is subject to equity risk. The Fund may use futures contracts in circumstances where the portfolio management team believes they offer economical means of gaining exposure to a particular asset class or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the stock market. Upon entering into a futures contract, the Fund is required to            deposit with a financial intermediary an 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. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against            default.*

 

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

 

 

**DWS Health Care VIP**

 

|                                            | **Shares**              |   | **Value ($)** |
|-------------------------------------------------|-------------------------|--------|---------------|
|                                                 |
|                                            | **Common Stocks 96.1%** |   |
| **Health Care 96.1%**                           |                    |
| **Biotechnology 23.2%**                         |                    |
| Acorda Therapeutics, Inc.*                      |                    | 8,000  |          | 158,480 |
| Alexion Pharmaceuticals, Inc.* (a)              |                    | 23,500 |          | 885,010 |
| Allos Therapeutics, Inc.*                       |                    | 31,100 |          | 192,198 |
| Amgen, Inc.* (a)                                |                    | 34,550 |          | 1,710,916 |
| Biogen Idec, Inc.*                              |                    | 23,520 |          | 1,232,918 |
| BioMarin Pharmaceutical, Inc.* (a)              |                    | 37,100 |          | 458,185 |
| Celera Corp.*                                   |                    | 30,900 |          | 235,767 |
| Celgene Corp.*                                  |                    | 30,260 |          | 1,343,544 |
| Cepheid, Inc.*                                  |                    | 17,400 |          | 120,060 |
| Gen-Probe, Inc.*                                |                    | 9,600  |          | 437,568 |
| Genmab A/S*                                     |                    | 3,800  |          | 144,127 |
| Genzyme Corp.* (a)                              |                    | 31,900 |          | 1,894,541 |
| Gilead Sciences, Inc.* (a)                      |                    | 46,600 |          | 2,158,512 |
| Human Genome Sciences, Inc.*                    |                    | 48,200 |          | 40,006 |
| Incyte Corp.* (a)                               |                    | 41,500 |          | 97,110 |
| Myriad Genetics, Inc.*                          |                    | 6,200  |          | 281,914 |
| OSI Pharmaceuticals, Inc.*                      |                    | 4,500  |          | 172,170 |
| Regeneron Pharmaceuticals, Inc.*                |                    | 16,500 |          | 228,690 |
| Rigel Pharmaceuticals, Inc.* (a)                |                    | 11,300 |          | 69,382 |
| United Therapeutics Corp.*                      |                    | 4,900  |          | 323,841 |
| Vertex Pharmaceuticals, Inc.*                   |                    | 6,300  |          | 180,999 |
|                                                 |
|                                            | **12,365,938**          |
| **Health Care Services 16.9%**                  |                    |
| Aetna, Inc.                                     |                    | 32,000 |          | 778,560 |
| Allscripts-Misys Healthcare Solutions, Inc. (a) |                    | 40,500 |          | 416,745 |
| Cardinal Health, Inc.                           |                    | 16,100 |          | 506,828 |
| Cerner Corp.* (a)                               |                    | 14,500 |          | 637,565 |
| Covance, Inc.*                                  |                    | 8,300  |          | 295,729 |
| CVS Caremark Corp.                              |                    | 29,531 |          | 811,808 |
| Express Scripts, Inc.*                          |                    | 14,400 |          | 664,848 |
| Fresenius Medical Care AG & Co. KGaA        |                    | 21,997 |          | 855,310 |
| Laboratory Corp. of America Holdings*           |                    | 14,900 |          | 871,501 |
| McKesson Corp.                                  |                    | 14,100 |          | 494,064 |
| Medco Health Solutions, Inc.*                   |                    | 22,268 |          | 920,559 |
| Quest Diagnostics, Inc.                         |                    | 22,100 |          | 1,049,308 |
| UnitedHealth Group, Inc.                        |                    | 35,100 |          | 734,643 |
|                                                 |
|                                            | **9,037,468**           |
| **Life Sciences Tools & Services 7.5%**     |                    |
| Charles River Laboratories International, Inc.* |                    | 10,900 |          | 296,589 |
| Illumina, Inc.* (a)                             |                    | 17,400 |          | 647,976 |
| Life Technologies Corp.* (a)                    |                    | 29,229 |          | 949,358 |
| Mettler-Toledo International, Inc.*             |                    | 7,800  |          | 400,374 |
| Pharmaceutical Product Development, Inc.        |                    | 13,800 |          | 327,336 |
|                                                 |                         |        |               |  |  |  |  |

 

 

 

| Thermo Fisher Scientific, Inc.*                                                                                                                                                                                         |                                    | 39,100         |             | 1,394,697 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|----------------|------------------|-----------|
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **4,016,330**                           |
| **Medical Supply & Specialty 19.3%**                                                                                                                                                                                |                                    |
| Alcon, Inc.                                                                                                                                                                                                             |                                    | 7,600          |             | 690,916   |
| Baxter International, Inc.                                                                                                                                                                                              |                                    | 31,100         |             | 1,592,942 |
| Beckman Coulter, Inc.                                                                                                                                                                                                   |                                    | 6,300          |             | 321,363   |
| Becton, Dickinson & Co.                                                                                                                                                                                             |                                    | 25,500         |             | 1,714,620 |
| C.R. Bard, Inc.                                                                                                                                                                                                         |                                    | 14,600         |             | 1,163,912 |
| Covidien Ltd.                                                                                                                                                                                                           |                                    | 39,500         |             | 1,312,980 |
| Hologic, Inc.*                                                                                                                                                                                                          |                                    | 24,200         |             | 316,778   |
| Masimo Corp.*                                                                                                                                                                                                           |                                    | 11,600         |             | 336,168   |
| Medtronic, Inc.                                                                                                                                                                                                         |                                    | 32,200         |             | 948,934   |
| ResMed, Inc.*                                                                                                                                                                                                           |                                    | 8,900          |             | 314,526   |
| Stryker Corp.                                                                                                                                                                                                           |                                    | 20,500         |             | 697,820   |
| Wright Medical Group, Inc.*                                                                                                                                                                                             |                                    | 12,600         |             | 164,178   |
| Zimmer Holdings, Inc.*                                                                                                                                                                                                  |                                    | 18,900         |             | 689,850   |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **10,264,987**                          |
| **Pharmaceuticals 29.2%**                                                                                                                                                                                               |                                    |
| Abbott Laboratories (a)                                                                                                                                                                                                 |                                    | 28,900         |             | 1,378,530 |
| Allergan, Inc.                                                                                                                                                                                                          |                                    | 18,600         |             | 888,336   |
| Astellas Pharma, Inc.                                                                                                                                                                                                   |                                    | 19,600         |             | 603,649   |
| Bristol-Myers Squibb Co. (a)                                                                                                                                                                                            |                                    | 60,100         |             | 1,317,392 |
| Cardiome Pharma Corp.*                                                                                                                                                                                                  |                                    | 22,000         |             | 64,460    |
| Johnson & Johnson (a)                                                                                                                                                                                               |                                    | 29,500         |             | 1,551,700 |
| Merck & Co., Inc.                                                                                                                                                                                                   |                                    | 28,100         |             | 751,675   |
| Merck KGaA* (a)                                                                                                                                                                                                         |                                    | 8,762          |             | 773,331   |
| Mylan, Inc.* (a)                                                                                                                                                                                                        |                                    | 89,800         |             | 1,204,218 |
| Novartis AG (Registered)                                                                                                                                                                                                |                                    | 16,496         |             | 622,622   |
| Perrigo Co.                                                                                                                                                                                                             |                                    | 11,600         |             | 288,028   |
| Pfizer, Inc. (a)                                                                                                                                                                                                        |                                    | 59,740         |             | 813,659   |
| Roche Holding AG (Genusschein)                                                                                                                                                                                          |                                    | 13,397         |             | 1,839,334 |
| Schering-Plough Corp.                                                                                                                                                                                                   |                                    | 58,100         |             | 1,368,255 |
| Shire PLC (ADR)                                                                                                                                                                                                         |                                    | 16,400         |             | 589,416   |
| Wyeth                                                                                                                                                                                                                   |                                    | 31,200         |             | 1,342,848 |
| XenoPort, Inc.*                                                                                                                                                                                                         |                                    | 9,500          |             | 183,920   |
|                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                    | **15,581,373**                          |
|                                                                                                                                                                                                                         |
| **Total Common Stocks**(Cost $49,157,753)                                                                                                                                                                               |                                    | **51,266,096** |
|                                                                                                                                                                                                                    | **Securities Lending Collateral 25.4%** |           |
| Daily Assets Fund Institutional, 0.78% (b) (c)(Cost $13,541,457)                                                                                                                                                        |                                    |           | 13,541,457       |      | **13,541,457** |
|                                                                                                                                                                                                                    | **Cash Equivalents 3.8%**               |           |
| Cash Management QP Trust, 0.53% (b)(Cost $2,048,779)                                                                                                                                                                    |                                    |           | 2,048,779        |      | **2,048,779** |
|                                                                                                                                                                                                                    | **% of**

**Net Assets**                |           | **Value ($)**    |
|                                                                                                                                                                                                                         |
| **Total Investment Portfolio**(Cost $64,747,989) †                                                                                                                                                               | 125.3                                   |           | **66,856,332**   |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                   | (25.3)                                  |           | **(13,501,990)** |
|                                                                                                                                                                                                                         |
| **Net Assets**                                                                                                                                                                                                          | 100.0                                   |           | **53,354,342**   |
| *For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                                     | *Non-income producing security.*        |
|                                                                                                                                                                                                                         |                                         |                |                  |           |  |  |  |  |  |  |  |

 

 

 

| *†*                         | *The cost for federal income tax purposes was $65,319,835. At March 31, 2009, net unrealized appreciation for all securities based on tax cost was $1,536,497. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $9,781,829 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $8,245,332.* |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| *(a)*                              | *All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2009 amounted to $13,262,551 which is 24.9% of net assets.*                                                                                                                                                                                                                                                                                  |
| *(b)*                              | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*                                                                                                                                                                                                                                                                                                        |
| *(c)*                              | *Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.*                                                                                                                                                                                                                                                                                                                   |
| *ADR: American Depositary Receipt* |

 

***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 Portfolio'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 Portfolio'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.*

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

 

| **Valuation Inputs** | **Investments in Securities** |
|----------------------|-------------------------------|
| Level 1              | $ 59,969,180                  |
| Level 2              | 6,887,152                     |
| Level 3              | -                             |
| **Total**            | **$ 66,856,332**              |

 

 

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

 

 

**DWS International VIP**

 

|                                                       | **Shares**              |           | **Value ($)** |
|------------------------------------------------------------|-------------------------|----------------|---------------|
|                                                            |
|                                                       | **Common Stocks 91.6%** |           |
| **Australia 2.5%**                                         |                    |
| BHP Billiton Ltd. (Cost $5,574,438)                        |                    | 273,600        |          | **6,098,214** |
| **Austria 2.5%**                                           |                    |
| Intercell AG* (Cost $5,834,523)                            |                    | 200,966        |          | **6,213,794** |
| **Brazil 1.5%**                                            |                    |
| Petroleo Brasileiro SA (ADR) (a) (Cost $4,766,121)         |                    | 118,900        |          | **3,622,883** |
| **Canada 1.1%**                                            |                    |
| Potash Corp. of Saskatchewan, Inc. (Cost $3,398,368)       |                    | 33,421         |          | **2,702,467** |
| **China 4.6%**                                             |                    |
| China Life Insurance Co., Ltd. "H"                         |                    | 2,033,200      |          | 6,689,252 |
| Industrial & Commercial Bank of China Ltd. "H"         |                    | 8,865,000      |          | 4,588,466 |
|                                                            |
| (Cost $11,622,001)                                         |                    | **11,277,718** |
| **Denmark 2.9%**                                           |                    |
| Carlsberg AS "B" (a)                                       |                    | 121,375        |          | 5,014,862 |
| Novo Nordisk AS "B"                                        |                    | 47,400         |          | 2,273,521 |
|                                                            |
| (Cost $15,634,327)                                         |                    | **7,288,383**  |
| **Finland 4.0%**                                           |                    |
| Fortum Oyj                                                 |                    | 250,700        |          | 4,771,993 |
| Nokia Oyj                                                  |                    | 438,600        |          | 5,134,790 |
|                                                            |
| (Cost $16,353,017)                                         |                    | **9,906,783**  |
| **France 6.5%**                                            |                    |
| Alstom SA                                                  |                    | 50,310         |          | 2,604,623 |
| AXA SA                                                     |                    | 261,982        |          | 3,181,045 |
| BNP Paribas                                                |                    | 76,102         |          | 3,136,664 |
| Compagnie de Saint-Gobain                                  |                    | 114,797        |          | 3,212,629 |
| Total SA                                                   |                    | 77,311         |          | 3,834,306 |
|                                                            |
| (Cost $16,012,130)                                         |                    | **15,969,267** |
| **Germany 13.8%**                                          |                    |
| Allianz SE (Registered)                                    |                    | 57,355         |          | 4,831,771 |
| BASF SE                                                    |                    | 106,100        |          | 3,220,836 |
| Bayer AG                                                   |                    | 80,192         |          | 3,841,707 |
| Deutsche Telekom AG (Registered)                           |                    | 436,500        |          | 5,430,206 |
| E.ON AG                                                    |                    | 127,204        |          | 3,540,763 |
| Fresenius Medical Care AG & Co. KGaA                   |                    | 134,282        |          | 5,221,292 |
| Linde AG                                                   |                    | 45,700         |          | 3,105,393 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) |                    | 39,300         |          | 4,800,194 |
|                                                            |
| (Cost $39,440,499)                                         |                    | **33,992,162** |
| **Hong Kong 2.2%**                                         |                    |
| China Mobile Ltd. (Cost $6,936,217)                        |                    | 631,000        |          | **5,505,247** |
|                                                            |                         |                |               |  |  |  |  |  |

 

 

 

| **Ireland 2.0%**                                                 |   |
|------------------------------------------------------------------|--------|
| CRH PLC (Cost $5,074,997)                                        |   | 231,300 |   | **4,974,989** |
| **Italy 1.8%**                                                   |   |
| Saipem SpA (Cost $6,314,390)                                     |   | 255,000 |   | **4,549,478** |
| **Japan 13.3%**                                                  |   |
| Astellas Pharma, Inc.                                            |   | 87,900 |   | 2,707,184 |
| Canon, Inc.                                                      |   | 143,650 |   | 4,190,225 |
| East Japan Railway Co.                                           |   | 47,739 |   | 2,483,767 |
| Japan Tobacco, Inc.                                              |   | 1,112 |   | 2,969,736 |
| Mitsubishi Corp.                                                 |   | 247,900 |   | 3,298,402 |
| Mitsui & Co., Ltd.                                           |   | 352,000 |   | 3,583,560 |
| Nintendo Co., Ltd.                                               |   | 11,500 |   | 3,373,352 |
| Nippon Telegraph & Telephone Corp.                           |   | 56,769 |   | 2,156,160 |
| Seven & I Holdings Co., Ltd.                                 |   | 127,000 |   | 2,803,995 |
| Toyota Motor Corp.                                               |   | 163,200 |   | 5,234,279 |
|                                                                  |
| (Cost $41,667,584)                                               |   | **32,800,660** |
| **Luxembourg 1.6%**                                              |   |
| ArcelorMittal (a) (Cost $6,851,038)                              |   | 197,092 |   | **3,988,997** |
| **Netherlands 1.7%**                                             |   |
| Koninklijke (Royal) Philips Electronics NV (a) (Cost $4,826,692) |   | 278,500 |   | **4,110,750** |
| **Norway 3.0%**                                                  |   |
| DnB NOR ASA                                                      |   | 662,600 |   | 2,999,261 |
| StatoilHydro ASA                                                 |   | 245,700 |   | 4,294,582 |
|                                                                  |
| (Cost $8,931,515)                                                |   | **7,293,843** |
| **Russia 1.7%**                                                  |   |
| Gazprom (ADR)                                                    |   | 222,500 |   | 3,268,672 |
| Gazprom OAO (ADR)                                                |   | 61,900 |   | 919,215 |
|                                                                  |
| (Cost $9,840,069)                                                |   | **4,187,887** |
| **Spain 3.7%**                                                   |   |
| Banco Santander SA                                               |   | 532,000 |   | 3,657,853 |
| Telefonica SA                                                    |   | 272,353 |   | 5,439,438 |
|                                                                  |
| (Cost $8,741,660)                                                |   | **9,097,291** |
| **Sweden 1.2%**                                                  |   |
| Hennes & Mauritz AB "B" (Cost $2,993,050)                    |   | 77,200 |   | **2,897,737** |
| **Switzerland 10.2%**                                            |   |
| ABB Ltd. (Registered)*                                           |   | 325,861 |   | 4,546,567 |
| Credit Suisse Group AG (Registered)                              |   | 131,722 |   | 3,995,262 |
| Lonza Group AG (Registered) (a)                                  |   | 30,009 |   | 2,966,763 |
| Nestle SA (Registered)                                           |   | 159,632 |   | 5,403,461 |
| Novartis AG (Registered)                                         |   | 89,305 |   | 3,370,710 |
| Roche Holding AG (Genusschein)                                   |   | 16,539 |   | 2,270,714 |
| Xstrata PLC                                                      |   | 392,267 |   | 2,617,261 |
|                                                                  |
| (Cost $23,181,299)                                               |   | **25,170,738** |
| **United Kingdom 9.8%**                                          |   |
| AMEC PLC                                                         |   | 293,278 |   | 2,230,255 |
| Babcock International Group PLC                                  |   | 176,684 |   | 1,088,608 |
| BAE Systems PLC                                                  |   | 429,980 |   | 2,063,107 |
| BG Group PLC                                                     |   | 426,044 |   | 6,457,631 |
| HSBC Holdings PLC                                                |   | 643,060 |   | 3,640,368 |
|                                                                  |        |  |  |  |  |  |

 

 

 

| Imperial Tobacco Group PLC                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 177,485             |            | 3,986,041              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|-----------------|------------------------|
| Vodafone Group PLC                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2,658,402           |            | 4,644,236              |
|                                                                                                                                                                                                                         |
| (Cost $32,956,250)                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **24,110,246**      |
|                                                                                                                                                                                                                         |
| **Total Common Stocks**(Cost $276,950,185)                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **225,759,534**     |
|                                                                                                                                                                                                                    | **Rights 0.7%**                                                                                                                                                                                                                                                                                                                                                                                                                                      |                |
| **Ireland 0.5%**                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| CRH PLC, Expiration Date 4/8/2009* (Cost $1,008,438)                                                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 48,314              |            | **1,052,716**          |
| **United Kingdom 0.2%**                                                                                                                                                                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| HSBC Holdings PLC, Expiration Date 4/3/2009* (Cost $533,035)                                                                                                                                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 267,941             |            | **542,082**            |
|                                                                                                                                                                                                                         |
| **Total Rights**(Cost $1,541,473)                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **1,594,798**       |
|                                                                                                                                                                                                                    | **Exchange-Traded Fund 3.7%**                                                                                                                                                                                                                                                                                                                                                                                                                        |                |
| **Japan**                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| iShares MSCI Japan Index Fund (Cost $13,354,175)                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 1,156,566           |            | **9,148,437**          |
|                                                                                                                                                                                                                    | **Securities Lending Collateral 5.8%**                                                                                                                                                                                                                                                                                                                                                                                                               |                |
| Daily Asset Fund Institutional, 0.78% (b) (c)(Cost $14,256,940)                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                | 14,256,940      |                   | **14,256,940** |
|                                                                                                                                                                                                                    | **Cash Equivalents 0.3%**                                                                                                                                                                                                                                                                                                                                                                                                                            |                |
| Cash Management QP Trust, 0.53% (b)(Cost $813,518)                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                | 813,518         |                   | **813,518** |
|                                                                                                                                                                                                                    | **% of**

**Net Assets**                                                                                                                                                                                                                                                                                                                                                                                                                             |                | **Value ($)**   |
|                                                                                                                                                                                                                         |
| **Total Investment Portfolio**(Cost $306,916,291) †                                                                                                                                                              | 102.1                                                                                                                                                                                                                                                                                                                                                                                                                                                |                | **251,573,227** |
| **Other Assets and Liabilities, Net**                                                                                                                                                                                   | (2.1)                                                                                                                                                                                                                                                                                                                                                                                                                                                |                | **(5,133,067)** |
|                                                                                                                                                                                                                         |
| **Net Assets**                                                                                                                                                                                                          | 100.0                                                                                                                                                                                                                                                                                                                                                                                                                                                |                | **246,440,160** |
| *For information on the Portfolio's policies regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual financial statements.* |
| ***                                                                                                                                                                                                                     | *Non-income producing security.*                                                                                                                                                                                                                                                                                                                                                                                                                     |
| *†*                                                                                                                                                                                                              | *The cost for federal income tax purposes was $309,960,186. At March 31, 2009, net unrealized depreciation for all securities based on tax cost was $58,386,959. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $13,138,576 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $71,525,535.* |
| *(a)*                                                                                                                                                                                                                   | *All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2009 amounted to $13,981,745 which is 5.7% of net assets.*                                                                                                                                                                                                                                                                                       |
| *(b)*                                                                                                                                                                                                                   | *Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.*                                                                                                                                                                                                                                                                                                            |
| *(c)*                                                                                                                                                                                                                   | *Represents collateral held in connection with securities lending. Income earned by the Portfolio is net of borrower rebates.*                                                                                                                                                                                                                                                                                                                       |
| *ADR: American Depositary Receipt*                                                                                                                                                                                      |
| *MSCI: Morgan Stanley Capital International*                                                                                                                                                                            |
| *As of March 31, 2009, the Portfolio had entered into the following open forward foreign currency exchange contracts:*                                                                                                  |
| **Contracts to Deliver**                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                 | **In Exchange For** |            | **Settlement****Date** |   | **Unrealized****Appreciation ($)** |   |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| JPY                                                                                                                                                                                                                     | 2,277,300,000                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | USD             | 23,425,879             |   | 5/29/2009 |   | 398,977 |   |
| JPY                                                                                                                                                                                                                     | 1,159,470,900                                                                                                                                                                                                                                                                                                                                                                                                                                        |                | USD             | 11,858,198             |   | 6/26/2009 |   | 127,925 |   |
| **Total unrealized appreciation**                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                |            |                   |   | **526,902** |   |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                     |                 |                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

 

| ***Currency Abbreviations*** |           |   |
|------------------------------|----------------|--------|
| *JPY*                        | *Japanese Yen* | *USD*  | *United States Dollar* |
|                              |                |        |  |

 

 

| *At March 31, 2009, DWS International VIP had the following sector diversification:* |
|--------------------------------------------------------------------------------------|
| **Sector**                                                                           | **Market Value ($)** |   | **As a % of Common Stocks and Rights** |
| Financials                                                                           |   | 42,062,218 |   | 18.5% |   |
| Energy                                                                               |   | 29,177,022 |   | 12.8% |   |
| Health Care                                                                          |   | 28,865,685 |   | 12.7% |   |
| Materials                                                                            |   | 27,760,873 |   | 12.2% |   |
| Industrials                                                                          |   | 26,992,013 |   | 11.9% |   |
| Telecommunication Services                                                           |   | 23,175,287 |   |   10.2% |   |
| Consumer Staples                                                                     |   | 20,178,095 |   | 8.9% |   |
| Information Technology                                                               |   | 12,698,367 |   | 5.6% |   |
| Utilities                                                                            |   | 8,312,756 |   | 3.6% |   |
| Consumer Discretionary                                                               |   | 8,132,016 |   | 3.6% |   |
| **Total**                                                                            |   | **227,354,332** |   | **100.0%** |   |

 

***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 Portfolio'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 Portfolio'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.*

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

 

| **Valuation Inputs** | **Investments in Securities** | **Other Financial Instruments***††* |
|----------------------|-------------------------------|---------------------------------------------------|
| Level 1              | $ 32,244,740                  | $ -                                               |
| Level 2              | 219,328,487                   | 526,902                                           |
| Level 3              | -                             | -                                                 |
| **Total**            | **$ 251,573,227**             | **$ 526,902**                                     |

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as forward foreign currency exchange contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.*

 

***Derivative Instruments and Hedging Activities***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities,” requires enhanced disclosure about an entity’s derivative and hedging activities.*

 

*The following is a summary of the unrealized appreciation (depreciation) of the Fund's derivative instruments categorized by risk exposure as of March 31, 2009. Please see below for information on the Fund’s policy regarding the objectives and strategies for using forward foreign currency exchange contracts.*

 

|  

 

**Primary Underlying Risk Disclosure** | **Forward Currency Contracts** |
|--------------------------------------------------------|--------------------------------|
| Interest Rate Contracts                                | **$ -**                        |
| Foreign Exchange Contracts                             | **$**526,902                   |
| Credit Contracts                                       | **$ -**                        |
| Equity Contracts                                       | **$ -**                        |
| Commodity Contracts                                    | **$ -**                        |
| Other Contracts                                        | **$ -**                        |

 

*Forward Foreign Currency Exchange Contracts. The Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. Changes in exchange rates between foreign currencies and the US dollar may affect the US dollar value of foreign securities or the income or gains received on these securities. To reduce the effect of currency fluctuations, the Fund may enter into forward            foreign currency exchange contracts. Certain risks may arise upon entering into forward currency contracts from the potential inability of counterparties to meet the terms of their contracts. The maximum counterparty credit risk to the Fund is measured by the current value of the forward currency contract, to the extent that this amount is beneficial to the fund.*

 

 

| **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: | DWS Variable Series I |
|-------------|-----------------------|

 

| 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: | DWS Variable Series I |
|-------------|-----------------------|

 

| 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 |
|-------|--------------|