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  811-5357

DWS Blue Chip Fund

(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:  10/31

Date of reporting period: 1/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Blue Chip Fund**

 

|  

  | **Shares**              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **Value ($)** |
|----------------|-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|                |
|           | **Common Stocks 97.2%** |  
**Consumer Discretionary 9.6%**

 
**Auto Components 0.1%**

 
Autoliv, Inc.  

 

7,100 

 

130,569 

Lear Corp.*  

 

53,500 

 

48,685 

 

**179,254**

**Distributors 0.1%**

 
Genuine Parts Co.  

 

6,200 

 

**198,524**

**Hotels Restaurants & Leisure 1.7%**

 
McDonald's Corp.  

 

54,100 

 

3,138,882 

Yum! Brands, Inc.  

 

35,500 

 

1,016,010 

 

**4,154,892**

 

 

 

**Household Durables 0.2%**

 
Leggett & Platt, Inc.  

 

41,600 

 

519,584 

Ryland Group, Inc.  

 

6,200 

 

96,720 

 

**616,304**

**Internet & Catalog Retail 0.4%**

 
Amazon.com, Inc.*  

 

15,400 

 

**905,828**

**Leisure Equipment & Products 0.2%**

 
Hasbro, Inc.  

 

18,500 

 

**446,405**

**Media 3.5%**

 
Comcast Corp. "A" (a) 

 

242,300 

 

3,549,695 

Comcast Corp. Special "A"  

 

58,300 

 

809,204 

DISH Network Corp. "A"*  

 

46,600 

 

598,344 

Liberty Media Corp. - Entertainment "A"*  

 

18,800 

 

344,980 

The DIRECTV Group, Inc.* (a) 

 

134,700 

 

2,949,930 

 

**8,252,153**

**Specialty Retail 3.3%**

 
AutoZone, Inc.*  

 

16,100 

 

2,139,529 

Best Buy Co., Inc. (a) 

 

44,100 

 

1,235,682 

Children's Place Retail Stores, Inc.*  

 

7,400 

 

139,194 

Gymboree Corp.*  

 

3,700 

 

90,650 

RadioShack Corp. (a) 

 

71,100 

 

814,806 

Rent-A-Center, Inc.*  

 

15,700 

 

233,145 

The Gap, Inc.  

 

79,100 

 

892,248 

The Sherwin-Williams Co.  

 

5,000 

 

238,750 

TJX Companies, Inc.  

 

92,800 

 

1,802,176 

Tractor Supply Co.*  

 

5,100 

 

171,921 

 

**7,758,101**

**Textiles, Apparel & Luxury Goods 0.1%**

 
Quiksilver, Inc.*  

 

42,400 

 

89,040 

Wolverine World Wide, Inc.  

 

7,600 

 

137,864 

 

**226,904**

**Consumer Staples 12.8%**

 
**Beverages 1.4%**

 
Pepsi Bottling Group, Inc.  

 

24,000 

 

462,960 

PepsiCo, Inc.  

 

57,800 

 

2,903,294 

 

**3,366,254**

**Food & Staples Retailing 3.7%**

 
Kroger Co.  

 

130,100 

 

2,927,250 

Pantry, Inc.*  

 

3,800 

 

63,194 

Sysco Corp.  

 

32,900 

 

733,341 

Wal-Mart Stores, Inc.  

 

102,900 

 

4,848,648 

 

**8,572,433**

**Food Products 2.0%**

 
Archer-Daniels-Midland Co. (a) 

 

48,300 

 

1,322,454 

Bunge Ltd. (a) 

 

12,900 

 

553,926 

Chiquita Brands International, Inc.* (a) 

 

35,100 

 

490,698 

Darling International, Inc.*  

 

24,300 

 

111,537 

Fresh Del Monte Produce, Inc.*  

 

26,000 

 

626,600 

General Mills, Inc.  

 

28,100 

 

1,662,115 

 

**4,767,330**

**Household Products 3.4%**

 
Church & Dwight Co., Inc.  

 

4,600 

 

244,858 

 

 

 

Colgate-Palmolive Co.  

 

68,900 

 

4,481,256 

Procter & Gamble Co.  

 

61,900 

 

3,373,550 

 

**8,099,664**

**Personal Products 0.2%**

 
Herbalife Ltd.  

 

24,200 

 

**496,342**

**Tobacco 2.1%**

 
Altria Group, Inc.  

 

133,300 

 

2,204,782 

Lorillard, Inc.  

 

1,600 

 

95,136 

Philip Morris International, Inc.  

 

65,200 

 

2,422,180 

Reynolds American, Inc.  

 

6,000 

 

229,080 

 

**4,951,178**

**Energy 11.6%**

 
**Oil, Gas & Consumable Fuels**

Alpha Natural Resources, Inc.*  

 

28,200 

 

460,224 

Apache Corp.  

 

54,500 

 

4,087,500 

Arch Coal, Inc.  

 

24,800 

 

376,712 

Chevron Corp.  

 

51,300 

 

3,617,676 

Cimarex Energy Co. (a) 

 

43,700 

 

1,085,508 

ConocoPhillips  

 

12,400 

 

589,372 

Encore Acquisition Co.*  

 

52,800 

 

1,435,104 

ExxonMobil Corp.  

 

20,286 

 

1,551,473 

Frontline Ltd. (a) 

 

65,200 

 

1,858,852 

Hess Corp. (a) 

 

51,500 

 

2,863,915 

Mariner Energy, Inc.*  

 

53,800 

 

532,620 

Massey Energy Co. (a) 

 

46,000 

 

698,280 

McMoRan Exploration Co.*  

 

72,700 

 

486,363 

Occidental Petroleum Corp.  

 

82,800 

 

4,516,740 

Sunoco, Inc.  

 

17,600 

 

815,232 

W&T Offshore, Inc.  

 

47,300 

 

594,561 

Walter Industries, Inc.  

 

94,100 

 

1,735,204 

 

**27,305,336**

**Financials 10.5%**

 
**Capital Markets 2.0%**

 
Bank of New York Mellon Corp.  

 

147,700 

 

3,801,798 

State Street Corp.  

 

39,500 

 

919,165 

 

**4,720,963**

**Commercial Banks 1.4%**

 
Banco Itau Holding Financeira SA (ADR) (Preferred) (a) 

 

43,600 

 

437,744 

Commerce Bancshares, Inc.  

 

1,700 

 

59,415 

Cullen/Frost Bankers, Inc.  

 

4,100 

 

179,457 

Unibanco - Uniao de Bancos Brasileiros SA (GDR)  

 

5,700 

 

320,796 

Wells Fargo & Co. (a) 

 

118,200 

 

2,233,980 

 

**3,231,392**

**Consumer Finance 0.0%**

 
Cash America International, Inc.  

 

6,100 

 

**111,508**

**Diversified Financial Services 2.0%**

 
JPMorgan Chase & Co.  

 

181,400 

 

**4,627,514**

**Insurance 4.5%**

 
ACE Ltd.  

 

84,800 

 

3,702,368 

Aflac, Inc.  

 

14,800 

 

343,508 

Allied World Assurance Co. Holdings Ltd.  

 

5,800 

 

218,660 

Aon Corp.  

 

37,200 

 

1,378,260 

 

 

 

Arch Capital Group Ltd.*  

 

6,500 

 

390,975 

Arthur J. Gallagher & Co.  

 

10,500 

 

247,485 

Assurant, Inc.  

 

9,700 

 

256,080 

Berkshire Hathaway, Inc. "B"* (a) 

 

800 

 

2,391,200 

Everest Re Group Ltd.  

 

4,000 

 

252,000 

The Travelers Companies, Inc.  

 

17,700 

 

683,928 

Unum Group  

 

11,900 

 

168,504 

W.R. Berkley Corp.  

 

10,600 

 

280,688 

XL Capital Ltd. "A" (a) 

 

88,300 

 

256,070 

 

**10,569,726**

**Real Estate Investment Trusts 0.5%**

 
Boston Properties, Inc. (REIT)  

 

4,300 

 

186,190 

Essex Property Trust, Inc. (REIT)  

 

5,200 

 

343,460 

Rayonier, Inc. (REIT)  

 

16,000 

 

471,040 

Simon Property Group, Inc. (REIT)  

 

4,200 

 

180,516 

 

**1,181,206**

**Real Estate Management & Development 0.1%**

 
The St. Joe Co.* (a) 

 

6,300 

 

**151,515**

**Thrifts & Mortgage Finance 0.0%**

 
First Niagara Financial Group, Inc.  

 

6,600 

 

**86,196**

**Health Care 16.1%**

 
**Biotechnology 2.7%**

 
Amgen, Inc.*  

 

5,800 

 

318,130 

Gilead Sciences, Inc.* (a) 

 

92,900 

 

4,716,533 

OSI Pharmaceuticals, Inc.* (a) 

 

37,900 

 

1,349,240 

 

**6,383,903**

**Health Care Equipment & Supplies 2.7%**

 
Baxter International, Inc.  

 

57,800 

 

3,389,970 

Becton, Dickinson & Co.  

 

37,400 

 

2,717,858 

Kinetic Concepts, Inc.* (a) 

 

2,200 

 

53,020 

Varian Medical Systems, Inc.*  

 

3,400 

 

126,242 

 

**6,287,090**

**Health Care Providers & Services 5.0%**

 
Aetna, Inc.  

 

140,700 

 

4,361,700 

Express Scripts, Inc.*  

 

64,500 

 

3,467,520 

Humana, Inc.*  

 

35,300 

 

1,338,929 

Kindred Healthcare, Inc.*  

 

14,300 

 

194,051 

Magellan Health Services, Inc.*  

 

1,900 

 

68,818 

Medco Health Solutions, Inc.*  

 

47,700 

 

2,143,161 

Universal Health Services, Inc. "B"  

 

4,300 

 

162,755 

 

**11,736,934**

**Pharmaceuticals 5.7%**

 
Abbott Laboratories  

 

34,900 

 

1,934,856 

Eli Lilly & Co.  

 

109,000 

 

4,013,380 

Johnson & Johnson  

 

30,900 

 

1,782,621 

Merck & Co., Inc.  

 

62,400 

 

1,781,520 

Pfizer, Inc.  

 

75,700 

 

1,103,706 

Schering-Plough Corp. (a) 

 

130,900 

 

2,298,604 

Sepracor, Inc.* (a) 

 

11,900 

 

180,880 

Teva Pharmaceutical Industries Ltd. (ADR)  

 

9,200 

 

381,340 

 

**13,476,907**

 

 

 

**Industrials 11.9%**

 
**Aerospace & Defense 3.5%**

 
General Dynamics Corp.  

 

26,100 

 

1,480,653 

Goodrich Corp.  

 

26,100 

 

1,009,026 

Honeywell International, Inc.  

 

95,800 

 

3,143,198 

L-3 Communications Holdings, Inc.  

 

17,100 

 

1,351,242 

Lockheed Martin Corp.  

 

6,800 

 

557,872 

Northrop Grumman Corp.  

 

13,600 

 

654,432 

Spirit AeroSystems Holdings, Inc. "A"*  

 

9,900 

 

134,640 

 

**8,331,063**

**Commercial Services & Supplies 0.3%**

 
The Brink's Co.  

 

27,400 

 

**724,182**

**Construction & Engineering 1.5%**

 
Chicago Bridge & Iron Co. NV (NY Registered Shares)  

 

7,900 

 

88,954 

EMCOR Group, Inc.* (a) 

 

43,300 

 

891,547 

Fluor Corp.  

 

30,200 

 

1,174,780 

Foster Wheeler Ltd.*  

 

40,400 

 

806,788 

Perini Corp.*  

 

25,000 

 

521,250 

 

**3,483,319**

**Electrical Equipment 1.0%**

 
Acuity Brands, Inc.  

 

3,600 

 

96,732 

Energy Conversion Devices, Inc.* (a) 

 

23,000 

 

578,910 

GrafTech International Ltd.*  

 

192,800 

 

1,544,328 

Woodward Governor Co.  

 

5,500 

 

113,135 

 

**2,333,105**

**Machinery 3.2%**

 
AGCO Corp.* (a) 

 

61,800 

 

1,315,104 

Caterpillar, Inc. (a) 

 

19,500 

 

601,575 

CNH Global NV  

 

9,400 

 

75,294 

Cummins, Inc.  

 

48,600 

 

1,165,428 

Dover Corp.  

 

5,900 

 

166,852 

Flowserve Corp. (a) 

 

17,200 

 

916,932 

Gardner Denver, Inc.*  

 

4,000 

 

87,080 

Joy Global, Inc.  

 

25,600 

 

533,248 

Parker Hannifin Corp.  

 

64,400 

 

2,460,724 

Trinity Industries, Inc.  

 

14,400 

 

165,744 

 

**7,487,981**

**Road & Rail 2.4%**

 
Burlington Northern Santa Fe Corp. (a) 

 

34,000 

 

2,252,500 

Norfolk Southern Corp.  

 

39,500 

 

1,515,220 

Ryder System, Inc. (a) 

 

59,500 

 

2,009,910 

 

**5,777,630**

**Information Technology 16.4%**

 
**Communications Equipment 0.3%**

 
Cisco Systems, Inc.*  

 

48,900 

 

**732,033**

**Computers & Peripherals 7.1%**

 
Hewlett-Packard Co.  

 

144,800 

 

5,031,800 

International Business Machines Corp.  

 

64,500 

 

5,911,425 

Lexmark International, Inc. "A"*  

 

73,000 

 

1,728,640 

QLogic Corp.*  

 

100,600 

 

1,138,792 

Western Digital Corp.*  

 

203,300 

 

2,984,444 

 

**16,795,101**

**Electronic Equipment, Instruments & Components 0.3%**

 
Dolby Laboratories, Inc. "A"* (a) 

 

8,400 

 

214,704 

 

 

 

Jabil Circuit, Inc.  

 

100,800 

 

586,656 

 

**801,360**

**Internet Software & Services 1.6%**

 
eBay, Inc.*  

 

43,500 

 

522,870 

Google, Inc. "A"* (a) 

 

9,300 

 

3,148,329 

Yahoo!, Inc.*  

 

11,100 

 

130,203 

 

**3,801,402**

**IT Services 4.0%**

 
Accenture Ltd. "A"  

 

75,300 

 

2,376,468 

Automatic Data Processing, Inc. (a) 

 

69,000 

 

2,506,770 

Computer Sciences Corp.*  

 

50,100 

 

1,845,684 

MasterCard, Inc. "A"  

 

7,800 

 

1,059,084 

SAIC, Inc.*  

 

3,200 

 

63,168 

Visa, Inc. "A" (a) 

 

30,100 

 

1,485,435 

 

**9,336,609**

**Semiconductors & Semiconductor Equipment 0.2%**

 
Altera Corp.  

 

36,900 

 

**567,522**

**Software 2.9%**

 
Microsoft Corp. (a) 

 

367,700 

 

6,287,670 

Symantec Corp.*  

 

32,200 

 

493,626 

 

**6,781,296**

**Materials 2.7%**

 
**Chemicals**

CF Industries Holdings, Inc.  

 

51,900 

 

2,439,300 

Terra Industries, Inc.  

 

177,300 

 

3,631,104 

The Mosaic Co.  

 

6,600 

 

235,422 

 

**6,305,826**

**Telecommunication Services 3.7%**

 
**Diversified Telecommunication Services**

AT&T, Inc.  

 

109,100 

 

2,686,042 

Embarq Corp.  

 

50,500 

 

1,803,860 

Verizon Communications, Inc.  

 

138,900 

 

4,148,943 

 

**8,638,845**

**Utilities 1.9%**

 
**Electric Utilities 0.7%**

 
Duke Energy Corp.  

 

7,100 

 

107,565 

Edison International  

 

21,700 

 

706,769 

Hawaiian Electric Industries, Inc.  

 

3,000 

 

65,040 

Pepco Holdings, Inc.  

 

13,200 

 

235,092 

Portland General Electric Co.  

 

3,900 

 

75,855 

Southern Co. (a) 

 

10,100 

 

337,845 

 

**1,528,166**

**Gas Utilities 0.3%**

 
Atmos Energy Corp.  

 

4,300 

 

105,565 

ONEOK, Inc.  

 

17,100 

 

499,662 

UGI Corp.  

 

3,600 

 

91,332 

 

**696,559**

**Independent Power Producers & Energy Traders 0.4%**

 
AES Corp.*  

 

120,200 

 

**950,782**

**Multi-Utilities 0.5%**

 
Dominion Resources, Inc.  

 

19,900 

 

700,082 

 

 

 

Integrys Energy Group, Inc.  

 

3,400 

 

141,950 

Sempra Energy  

 

7,000 

 

306,880 

TECO Energy, Inc.  

 

5,500 

 

66,055 

 

**1,214,967**

**Total Common Stocks** (Cost $310,658,580)

 

**229,149,504**

 

**Principal****Amount ($)**

 

**Value ($)**

 

**Government & Agency Obligations 0.5%**

 
**US Treasury Obligations**

 
US Treasury Bills:

 
 

0.13% **, 6/11/2009 (b) 

 

1,208,000 

 

1,206,884 

 

0.17% **, 6/18/2009 (b) 

 

37,000 

 

36,962 

**Total Government & Agency Obligations** (Cost $1,244,409)

 

**1,243,846**

 

**Shares**

 

**Value ($)**

 

**Securities Lending Collateral 17.7%**

 
Daily Assets Fund Institutional, 1.25% (c) (d)(Cost $41,684,661)

 

 

41,684,661

 

**41,684,661**

 

**Cash Equivalents 2.5%**

 
Cash Management QP Trust, 1.12% (c)(Cost $5,941,320)

 

 

5,941,320

 

**5,941,320**

 

**% of****Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $359,528,970) †

117.9

 

**278,019,331**

**Other Assets and Liabilities, Net**

(17.9)

 

**(42,142,194)**

**Net Assets**

100.0

 

**235,877,137**

*For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.*

***

*Non-income producing security.*

****

*Annualized yield at time of purchase; not a coupon rate.*

*†*

*The cost for federal income tax purposes was $363,836,324.  At January 31, 2009, net unrealized depreciation for all securities based on tax cost was $85,816,993.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $5,528,252 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $91,345,245.*

*(a)*

*All or a portion of these securities were on loan.  The value of all securities loaned at January 31, 2009 amounted to $39,933,405 which is 16.9% of net assets.*

*(b)*

*At January 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 Fund is net of borrower rebates.*

*ADR: American Depositary Receipt*

*GDR: Global Depositary Receipt*

*REIT: Real Estate Investment Trust*

*At January 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 

 

3/20/2009 

 

166 

 

7,377,208 

 

6,826,750 

 

**(550,458)**

 
 

***Fair Value Measurements***

 

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

*Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.*

*The following is a summary of the inputs used as of January 31, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$               270,834,165   

$                 (550,458)   

Level 2 

7,185,166   

-   

Level 3 

-   

-   

**Total**

**$               278,019,331**

**$                 (550,458)**

 

*†† 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.*

 

 

**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 Blue Chip Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 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 Blue Chip Fund

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

March 23, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        March 23, 2009

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