UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSR  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 10154-0004 (Address of principal executive offices)             (Zip code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        10/31
  Date of reporting period:
        10/31/08
   ITEM 1.REPORT TO STOCKHOLDERS


|OCTOBER 31, 2008
Annual Report
to Shareholders
|----------------------------------------------
|                                              
|DWS Blue Chip Fund                            
|bcf_cover340                                  

Contents

|4Performance Summary
10Information About Your Fund's Expenses
12Portfolio Management Review
17Portfolio Summary
19Investment Portfolio
25Financial Statements
29Financial Highlights
34Notes to Financial Statements
43Report of Independent Registered Public Accounting Firm
44Tax Information
45Shareholder Meeting Results
47Investment Management Agreement Approval
52Summary of Management Fee Evaluation by Independent
Fee Consultant
57Trustees and Officers
61Account Management Resources
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest.

Investments in mutual funds involve risk. Some funds have more risk than others. This
fund is subject to stock market risk. The fund may invest in various industries and certain
economic sectors, thereby increasing its vulnerability to any single economic, political or
regulatory development. This may result in greater share price volatility. Please read this
fund's prospectus for specific details regarding its investments and risk profile.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance SummaryOctober 31, 2008

Classes A, B, C and Institutional Class

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance.

The maximum sales charge for Class A shares is 5.75%. For Class B shares, the
maximum contingent deferred sales charge (CDSC) is 4% within the first year after
purchase, declining to 0% after six years. Class C shares have no front-end sales
charge but redemptions within one year of purchase may be subject to a CDSC of
1%. Unadjusted returns do not reflect sales charges and would have been lower if
they had. Institutional Class shares are not subject to sales charges.

The total annual fund operating expense ratios, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated February 1, 2008
are 1.13%, 1.99%, 1.91% and 0.67% for Class A, Class B, Class C and Institutional
Class shares, respectively. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended October 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return.

Returns and rankings during all periods shown for Class A, B, C and Institutional Class
shares reflect a fee waiver and/or expense reimbursement. Without this
waiver/reimbursement, returns and rankings would have been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemption of fund shares. Returns and rankings may differ by
share class.

|Average Annual Total Returns(Unadjusted for Sales Charge) as of 10/31/08
|------------------------------------------------------------------------
|DWS Blue Chip Fund                                                      
|Class A                                                                 
|Class B                                                                 
|Class C                                                                 
|Institutional Class                                                     
|Russell 1000® Index+                                                    
|S&P 500® Index++                                                        

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

|Net Asset Value and Distribution Information                           
|-----------------------------------------------------------------------
|                                                                       
|Net Asset Value:
10/31/08                                              
|10/31/07                                                               
|Distribution Information:
Twelve Months as of 10/31/08:Income Dividends
|Capital Gain Distributions                                             

|Class A Lipper Rankings  Multi-Cap Core Funds Categoryas of 10/31/08
|---------------------------------------------------------------------
|Period                                                               
|1-Year                                                               
|3-Year                                                               
|5-Year                                                               
|10-Year                                                              

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return unadjusted for sales charges with distributions reinvested. If
sales charges had been included, rankings might have been less favorable. Rankings are
for Class A shares; other share classes may vary.

|Growth of an Assumed $10,000 Investment(Adjusted for Maximum Sales Charge)
|--------------------------------------------------------------------------
|[]DWS Blue Chip Fund  Class A
[]Russell 1000 Index+
[]S&P 500 Index++    
|bcf_g10k2c0                                                               
|Yearly periods ended October 31                                           

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales
charge of 5.75%. This results in a net initial investment of $9,425.

|Comparative Results(Adjusted for Maximum Sales Charge) as of 10/31/08
|---------------------------------------------------------------------
|DWS Blue Chip Fund                                                   
|Class A                                                              
|Average annual total return                                          
|Class B                                                              
|Average annual total return                                          
|Class C                                                              
|Average annual total return                                          
|Russell 1000 Index+                                                  
|Average annual total return                                          
|S&P 500 Index++                                                      
|Average annual total return                                          

The growth of $10,000 is cumulative.

|Growth of an Assumed $1,000,000 Investment                                        
|----------------------------------------------------------------------------------
|[]DWS Blue Chip Fund  Institutional Class
[]Russell 1000 Index+
[]S&P 500 Index++
|bcf_g10k2b0                                                                       
|Yearly periods ended October 31                                                   

|Comparative Resultsas of 10/31/08
|---------------------------------
|DWS Blue Chip Fund               
|Institutional
Class              
|Average annual total return      
|Russell 1000
Index+              
|Average annual total return      
|S&P 500
Index++                  
|Average annual total return      

The growth of $1,000,000 is cumulative.

The minimum initial investment for the Institutional Class is $1,000,000.

Class S

Class S shares are generally not available to new investors except under certain
circumstances. (Please refer to the Fund's Statement of Additional Information.)

All performance shown is historical, assumes reinvestment of all dividend and
capital gain distributions, and does not guarantee future results. Investment return
and principal value fluctuate with changing market conditions so that, when
redeemed, shares may be worth more or less than their original cost. Current
performance may be lower or higher than the performance quoted. Please visit
www.dws-investments.com for the Fund's most recent month-end performance.

The total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated February 1, 2008
is 0.91% for Class S shares. Please see the Information About Your Fund's Expenses,
the Financial Highlights and Notes to the Financial Statements (Note C, Related
Parties) sections of this report for gross and net expense related disclosure for the
period ended October 31, 2008.

To discourage short-term trading, the Fund imposes a 2% redemption fee on
shareholders redeeming shares held less than 15 days, which has the effect of
lowering total return.

Returns and rankings during all periods shown reflect a fee waiver and/or expense
reimbursement. Without this waiver/reimbursement, returns and rankings would have
been lower.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on
fund distributions or the redemptions of fund shares. Returns and rankings may differ by
share class.

|Average Annual Total Returnsas of 10/31/08
|------------------------------------------
|DWS Blue Chip Fund                        
|Class S                                   
|Russell 1000 Index+                       
|S&P 500 Index++                           

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

|Net Asset Value and Distribution Information                           
|-----------------------------------------------------------------------
|                                                                       
|Net Asset Value:
10/31/08                                              
|10/31/07                                                               
|Distribution Information:
Twelve Months as of 10/31/08:Income Dividends
|Capital Gain Distributions                                             

|Class S Lipper Rankings  Multi-Cap Core Funds Categoryas of 10/31/08
|---------------------------------------------------------------------
|Period                                                               
|1-Year                                                               
|3-Year                                                               

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings
are based on total return with distributions reinvested. Rankings are for Class S shares;
other share classes may vary.

|Growth of an Assumed $10,000 Investment                               
|----------------------------------------------------------------------
|[]DWS Blue Chip Fund  Class S
[]Russell 1000 Index+
[]S&P 500 Index++
|bcf_g10k2a0                                                           
|                                                                      

|Comparative Resultsas of 10/31/08
|---------------------------------
|DWS Blue Chip Fund               
|Class S                          
|Average annual total return      
|Russell 1000 Index+              
|Average annual total return      
|S&P 500 Index++                  
|Average annual total return      

The growth of $10,000 is cumulative.

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees,
distribution and service (12b-1) fees and other Fund expenses. Examples of
transaction costs include sales charges (loads), redemption fees and
account maintenance fees, which are not shown in this section. The
following tables are intended to help you understand your ongoing expenses
(in dollars) of investing in the Fund and to help you compare these expenses
with the ongoing expenses of investing in other mutual funds. In the most
recent six-month period, the Fund limited these expenses; had they not
done so, expenses would have been higher. The example in the table is
based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire period(May 1, 2008 to October 31,
2008).

The tables illustrate your Fund's expenses in two ways:

•   Actual Fund Return. This helps you estimate the actual dollar amount of
ongoing expenses (but not transaction costs) paid on a $1,000
investment in the Fund using the Fund's actual return during the period.
To estimate the expenses you paid over the period, simply divide your
account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the
"Expenses Paid per $1,000" line under the share class you hold.

•   Hypothetical 5% Fund Return. This helps you to compare your Fund's
ongoing expenses (but not transaction costs) with those of other mutual
funds using the Fund's actual expense ratio and a hypothetical rate of
return of 5% per year before expenses. Examples using a 5%
hypothetical fund return may be found in the shareholder reports of other
mutual funds. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you
paid for the period.

Please note that the expenses shown in these tables are meant to highlight
your ongoing expenses only and do not reflect any transaction costs. The
"Expenses Paid per $1,000" line of the tables is useful in comparing
ongoing expenses only and will not help you determine the relative total
expense of owning different funds. An account maintenance fee of $6.25
per quarter for Class S shares may apply for certain accounts whose
balances do not meet the applicable minimum initial investment. This fee is
not included in these tables. If it was, the estimate of expenses paid for
Class S shares during the period would be higher, and account value during
the period would be lower, by this amount.

|Expenses and Value of a $1,000 Investmentfor the six months ended October 31, 2008
|----------------------------------------------------------------------------------
|Actual Fund Return                                                                
|Beginning Account Value 5/1/08                                                    
|Ending Account Value 10/31/08                                                     
|Expenses Paid per $1,000*                                                         
|Hypothetical 5% Fund Return                                                       
|Beginning Account Value 5/1/08                                                    
|Ending Account Value 10/31/08                                                     
|Expenses Paid per $1,000*                                                         

|Annualized Expense Ratios | Class A | Class B | Class C | Class S | Institutional
Class
|------------------------- | ------- | ------- | ------- | ------- | -------------------
|DWS Blue Chip Fund        | 1.18%   | 2.09%   | 1.96%   | .98%    | .77%               

For more information, please refer to the Fund's prospectus.

Portfolio Management Review

DWS Blue Chip Fund: A Team Approach to Investing

Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), which is part of Deutsche Asset Management, is the investment
advisor for DWS Blue Chip Fund. DIMA and its predecessors have more
than 80 years of experience managing mutual funds and DIMA provides a
full range of investment advisory services to institutional and retail clients.

Deutsche Asset Management is a global asset management organization
that offers a wide range of investing expertise and resources. This
well-resourced global investment platform brings together a wide variety of
experience and investment insight across industries, regions, asset classes
and investing styles.

DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG.
Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual
funds, retail, private and commercial banking, investment banking and
insurance.

Portfolio Management Team

Robert Wang

Managing Director of Deutsche Asset Management and Portfolio Manager of the fund.

• Joined Deutsche Asset Management in 1995 as portfolio manager for asset allocation after
13 years of experience of trading fixed income, foreign exchange and derivative products at
J.P. Morgan.

• Senior portfolio manager for Multi Asset Class Quantitative Strategies: New York.

• Joined the fund in 2003.

• BS, The Wharton School, University of Pennsylvania.

James B. Francis, CFA

Director of Deutsche Asset Management and Portfolio Manager of the fund.

• Head of Active Quantitative Equity Portfolio Management: New York.

• Joined Deutsche Asset Management in 2008 after 20 years of experience as senior
quantitative global equity portfolio manager at State Street Global Advisors, and most
recently, Northern Trust Global Investments.

• BS in Applied Mathematics from University of Massachusetts, Amherst.

Julie Abbett

Director of Deutsche Asset Management and Portfolio Manager of the fund.

• Senior portfolio manager for Global Quantitative Equity: New York.

• Joined Deutsche Asset Management in 2000 after four years of combined experience as a
consultant with equity trading services for BARRA, Inc. and a product developer for FactSet
Research.

• Joined the fund in 2005.

• BA, University of Connecticut.

In the following interview the portfolio management team discusses
DWS Blue Chip Fund's performance, management strategy and
the market environment during the 12-month period ended October 31,
2008.

The views expressed in the following discussion reflect those of the portfolio management
team only through the end of the period of the report as stated on the cover. The management
team's views are subject to change at any time based on market and other conditions and
should not be construed as a recommendation. Past performance is no guarantee of future
results. Current and future portfolio holdings are subject to risk.

Q: How would you describe the market environment over the last
12 months?

A:In the mid-year report for this fund, we described the six-month
period ended April 30, 2008, as a time of economic uncertainty and
turmoil in capital markets. Since that time, there has been
pronounced deterioration in equity and debt markets not only in the
US but throughout the world. Credit markets have become so
intolerant of risk that they are essentially frozen. The US
government has taken unprecedented actions to support weakened
financial institutions, but markets remain very weak.

Essentially all US equity indices posted negative returns for this
period. The Russell 3000® Index, which is generally regarded as a
good indicator of the broad stock market, returned -36.60% for the
period.1 There was little difference between the returns of large-cap
stocks and small-cap stocks: the large-cap Russell 1000® Index
posted a return of -36.80% for the 12 months ended October 31,
2008, while the small-cap Russell 2000® Index returned -34.16%.2

Q: How did the fund perform during this period?

A:DWS Blue Chip Fund (Class A shares) produced a total return of
-40.56% for the 12 months ended October 31, 2008. (Returns are
unadjusted for sales charges. If sales charges had been included,
returns would have been lower. Past performance is no guarantee of
future results. Please see pages 4 through 9 for the performance
of other share classes and more complete performance
information.) The fund underperformed its benchmark, the Russell
1000 Index, which had a return of -36.80%, and its Lipper peer
group, the Multi-Cap Core Funds, which had an average return of
-38.42% for the period.3

Q: How is this fund managed?

A:Under normal circumstances, the fund invests at least 80%
of net assets, plus the amount of any borrowings for investment
purposes, in common stocks of large US companies that are similar
in size to the companies in the Standard & Poor's 500® (S&P 500)
Index and that we consider to be "blue chip" companies.4 Blue chip
companies are large, well-known companies that typically have an
established earnings and dividend history, easy access to credit,
solid positions in their industry and strong management.

Our investment process is focused on stock selection, using a
quantitative model to evaluate a company's growth prospects and
financial characteristics relative to its stock price.5 We look for
companies whose stock price is attractive relative to potential
growth, using quantitative techniques and fundamental equity
analysis to evaluate each company's stock price relative to the
company's earnings, operating trends, market outlook and other
measures of performance potential. We normally sell a stock when
we believe its fundamental factors have changed, other investments
offer better opportunities, or in the course of adjusting the fund's
emphasis on or within a given industry. We continually monitor the
model in an effort to further refine and enhance our stock selection
process.

Q: What decisions had the greatest effects on the fund's
performance relative to its benchmarks over this period?

A:In this very challenging market environment, the most positive
decisions tended to be underweighting or not holding the worst-
performing stocks.6 Three sectors in which our management
process contributed to returns relative to the Russell 1000 Index
were diversified financials; media; and hotels, restaurants & leisure.
In the diversified financials sector, performance benefited from an
overweight position in JPMorgan Chase & Co., which was down but
dropped less than the sector, and from not owning Fannie Mae,
whose value dropped precipitously after it was taken over by the US
government. In the media sector, relative performance benefited
from an overweight position in The DIRECTV Group, Inc., which was
down less than the media group as a whole. In hotels, restaurants &
leisure, an overweight position in McDonald's Corp., one of the few
stocks with a positive return for the period, contributed to
performance.

The fund's positioning in the materials; energy; and health care
equipment & services sectors detracted most from performance
relative to the benchmark. In the materials sector, major negatives
were overweight positions in United States Steel Corp.; GrafTech
International Ltd., which manufactures products used in steel
production; and steel producer Nucor Corporation*. In energy,
performance was hurt by an underweight position in ExxonMobil
Corp., which was down less than the sector, and by an overweight
in coal producer Massey Energy Co. In health care equipment &
services, performance was hurt by overweight positions in several
health care services providers including Aetna Inc.; Humana Inc.;
and Health Net Inc.*, a managed care company.

Q: Do you have other comments for shareholders?

A:Although performance during this challenging period was
disappointing, we believe that our quantitative process for stock
selection can enable this fund to perform well over the long term.

Portfolio Summary

|Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral) | 10/31/08 | 10/31/07
|---------------------------------------------------------------------------------------- | -------- | --------
|                                                                                         |          |         
|Common Stocks                                                                            | 97%      | 100%    
|Cash Equivalents                                                                         | 2%       |        
|Government & Agency Obligation                                                           | 1%       |        
|                                                                                         | 100%     | 100%    

|Sector Diversification(As a % of Common Stocks) | 10/31/08 | 10/31/07
|----------------------------------------------- | -------- | --------
|                                                |          |         
|Information Technology                          | 17%      | 16%     
|Health Care                                     | 15%      | 13%     
|Consumer Staples                                | 14%      | 8%      
|Energy                                          | 13%      | 14%     
|Financials                                      | 12%      | 15%     
|Industrials                                     | 11%      | 11%     
|Consumer Discretionary                          | 10%      | 13%     
|Telecommunication Services                      | 4%       | 4%      
|Materials                                       | 3%       | 4%      
|Utilities                                       | 1%       | 2%      
|                                                | 100%     | 100%    

Asset allocation and sector diversification are subject to change.

|Ten Largest Equity Holdings at October 31, 2008(23.2% of Net Assets)                                                   
|-----------------------------------------------------------------------------------------------------------------------
|1.      Microsoft Corp.
Developer of computer software                                                                 
|2.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
|3.      JPMorgan Chase & Co.
Provider of global financial services                                                     
|4.      Wal-Mart Stores, Inc.
Operator of discount stores                                                              
|5.      Hewlett-Packard Co.
Provider of imaging and printing systems and information technology                        
|6.      Verizon Communications, Inc.
Provider of advanced communication and information technology services            
|7.      Chevron Corp.
Operator of petroleum exploration, delivery and refining facilities                              
|8.      Apache Corp.
Explorer, developer, and producer of natural gas and crude oil                                    
|9.      Gilead Sciences, Inc.
Developer of nucleotide pharmaceuticals                                                  
|10.     Baxter International, Inc.
Manufacturer and distributor of hospital and laboratory products and services       

Portfolio holdings are subject to change.

For more complete details about the Fund's investment portfolio, see page 19. A quarterly Fact
Sheet is available upon request. A complete list of the fund's portfolio holdings is posted as of
the month end on www.dws-investments.com on or about the 15th day of the following
month. More frequent posting of portfolio holdings information may be made from time to time
on www.dws-investments.com. Please see the Account Management Resources section for
contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be available
on the SEC's Web site at www.sec.gov, and it also may be reviewed and
copied at the SEC's Public Reference Room in Washington, D.C. Information
on the operation of the SEC's Public Reference Room may be obtained by
calling (800) SEC-0330.

Investment Portfolioas of October 31, 2008

|                                                    | Shares      | Value ($)
|--------------------------------------------------- | ----------- | ---------
|                                                    |            
|Common Stocks 97.5%                                
|Consumer Discretionary 9.6%                        
|Auto Components 0.1%                               
|Autoliv, Inc.                                       | 7,200       | 153,792  
|Lear Corp.*                                         | 54,300      | 109,143  
|                                                    | 262,935    
|Hotels Restaurants & Leisure 2.1%                  
|McDonald's Corp.                                    | 78,700      | 4,559,091
|Yum! Brands, Inc.                                   | 35,700      | 1,035,657
|                                                    | 5,594,748  
|Household Durables 0.3%                            
|Leggett & Platt, Inc.                               | 41,700      | 723,912  
|NVR, Inc.*                                          | 600         | 294,126  
|                                                    | 1,018,038  
|Leisure Equipment & Products 0.2%                  
|Hasbro, Inc.                                        | 18,600      | 540,702  
|Media 3.3%                                         
|Comcast Corp. "A"                                   | 243,000     | 3,829,680
|DISH Network Corp. "A"*                             | 51,900      | 816,906  
|Liberty Global, Inc. "A"*                           | 4,900       | 80,801   
|The DIRECTV Group, Inc.*                            | 188,700     | 4,130,643
|                                                    | 8,858,030  
|Specialty Retail 3.5%                              
|AutoZone, Inc.*                                     | 16,100      | 2,049,369
|Best Buy Co., Inc. (a)                              | 98,000      | 2,627,380
|RadioShack Corp. (a)                                | 85,100      | 1,077,366
|Rent-A-Center, Inc.*                                | 9,500       | 138,700  
|The Gap, Inc.                                       | 79,300      | 1,026,142
|TJX Companies, Inc.                                 | 93,000      | 2,488,680
|                                                    | 9,407,637  
|Textiles, Apparel & Luxury Goods 0.1%              
|Quiksilver, Inc.*                                   | 42,500      | 110,075  
|Wolverine World Wide, Inc.                          | 3,600       | 84,600   
|                                                    | 194,675    
|Consumer Staples 13.1%                             
|Beverages 2.1%                                     
|Pepsi Bottling Group, Inc.                          | 24,100      | 557,192  
|PepsiCo, Inc.                                       | 87,400      | 4,982,674
|                                                    | 5,539,866  
|Food & Staples Retailing 3.9%                      
|Kroger Co.                                          | 105,400     | 2,894,284
|Sysco Corp.                                         | 33,000      | 864,600  
|Wal-Mart Stores, Inc.                               | 120,300     | 6,713,943
|                                                    | 10,472,827 
|Food Products 1.2%                                 
|Chiquita Brands International, Inc.* (a)            | 39,200      | 535,080  
|Darling International, Inc.*                        | 24,600      | 185,484  
|Fresh Del Monte Produce, Inc.*                      | 29,000      | 612,190  
|General Mills, Inc.                                 | 28,200      | 1,910,268
|                                                    | 3,243,022  
|Household Products 2.9%                            
|Colgate-Palmolive Co.                               | 77,900      | 4,889,004
|Procter & Gamble Co.                                | 47,500      | 3,065,650
|                                                    | 7,954,654  
|Personal Products 0.2%                             
|Herbalife Ltd.                                      | 20,500      | 500,815  
|Tobacco 2.8%                                       
|Altria Group, Inc.                                  | 133,700     | 2,565,703
|Philip Morris International, Inc.                   | 113,900     | 4,951,233
|                                                    | 7,516,936  
|Energy 13.0%                                       
|Energy Equipment & Services 0.1%                   
|Transocean, Inc.*                                   | 4,266       | 351,220  
|Oil, Gas & Consumable Fuels 12.9%                  
|Apache Corp.                                        | 64,400      | 5,302,052
|Chevron Corp.                                       | 72,700      | 5,423,420
|Cimarex Energy Co.                                  | 43,200      | 1,747,872
|ConocoPhillips                                      | 12,400      | 645,048  
|Encore Acquisition Co.*                             | 59,000      | 1,837,850
|ExxonMobil Corp.                                    | 19,786      | 1,466,538
|Frontline Ltd. (a)                                  | 80,100      | 2,547,180
|Hess Corp.                                          | 75,600      | 4,551,876
|Mariner Energy, Inc.*                               | 49,700      | 715,183  
|Massey Energy Co.                                   | 31,600      | 729,644  
|McMoRan Exploration Co.* (a)                        | 51,100      | 725,109  
|Occidental Petroleum Corp.                          | 83,000      | 4,609,820
|W&T Offshore, Inc.                                  | 55,500      | 1,063,935
|Walter Industries, Inc.                             | 82,900      | 3,212,375
|                                                    | 34,577,902 
|Financials 11.2%                                   
|Capital Markets 2.5%                               
|Bank of New York Mellon Corp.                       | 92,900      | 3,028,540
|Invesco Ltd.                                        | 48,600      | 724,626  
|Northern Trust Corp.                                | 15,400      | 867,174  
|State Street Corp.                                  | 45,000      | 1,950,750
|                                                    | 6,571,090  
|Commercial Banks 2.5%                              
|Banco Bradesco SA (ADR) (Preferred) (a)             | 59,900      | 700,830  
|Unibanco  Uniao de Bancos Brasileiros SA (GDR)     | 52,100      | 3,286,468
|Wells Fargo & Co.                                   | 79,600      | 2,710,380
|                                                    | 6,697,678  
|Consumer Finance 0.0%                              
|Cash America International, Inc.                    | 2,700       | 95,499   
|Diversified Financial Services 2.5%                
|JPMorgan Chase & Co.                                | 163,400     | 6,740,250
|Insurance 3.4%                                     
|ACE Ltd.                                            | 34,300      | 1,967,448
|Aflac, Inc.                                         | 7,700       | 340,956  
|Allied World Assurance Co. Holdings Ltd.            | 5,800       | 186,006  
|Assurant, Inc.                                      | 22,400      | 570,752  
|Berkshire Hathaway, Inc. "B"*                       | 300         | 1,152,000
|MetLife, Inc.                                       | 111,700     | 3,710,674
|XL Capital Ltd. "A" (a)                             | 135,400     | 1,313,380
|                                                    | 9,241,216  
|Real Estate Investment Trusts 0.3%                 
|Boston Properties, Inc. (REIT)                      | 4,300       | 304,784  
|ProLogis (REIT)                                     | 11,300      | 158,200  
|Simon Property Group, Inc. (REIT)                   | 4,300       | 288,229  
|                                                    | 751,213    
|Health Care 14.6%                                  
|Biotechnology 2.8%                                 
|Amgen, Inc.*                                        | 5,800       | 347,362  
|Gilead Sciences, Inc.*                              | 114,900     | 5,268,165
|OSI Pharmaceuticals, Inc.* (a)                      | 46,500      | 1,764,675
|                                                    | 7,380,202  
|Health Care Equipment & Supplies 2.7%              
|Baxter International, Inc.                          | 85,000      | 5,141,650
|Becton, Dickinson & Co.                             | 26,600      | 1,846,040
|Kinetic Concepts, Inc.*                             | 13,800      | 334,098  
|                                                    | 7,321,788  
|Health Care Providers & Services 3.9%              
|Aetna, Inc.                                         | 141,100     | 3,509,157
|Express Scripts, Inc.*                              | 69,800      | 4,230,578
|Humana, Inc.*                                       | 18,000      | 532,620  
|Kindred Healthcare, Inc.*                           | 10,700      | 155,043  
|Medco Health Solutions, Inc.*                       | 54,200      | 2,056,890
|                                                    | 10,484,288 
|Pharmaceuticals 5.2%                               
|Bristol-Myers Squibb Co.                            | 46,100      | 947,355  
|Eli Lilly & Co.                                     | 136,900     | 4,629,958
|Johnson & Johnson                                   | 31,000      | 1,901,540
|Merck & Co., Inc.                                   | 66,200      | 2,048,890
|Perrigo Co.                                         | 3,000       | 102,000  
|Pfizer, Inc.                                        | 75,900      | 1,344,189
|Schering-Plough Corp.                               | 191,800     | 2,779,182
|Sepracor, Inc.* (a)                                 | 25,700      | 342,324  
|                                                    | 14,095,438 
|Industrials 10.9%                                  
|Aerospace & Defense 2.9%                           
|General Dynamics Corp.                              | 26,200      | 1,580,384
|Goodrich Corp.                                      | 26,100      | 954,216  
|Honeywell International, Inc.                       | 109,700     | 3,340,365
|L-3 Communications Holdings, Inc.                   | 17,100      | 1,388,007
|Lockheed Martin Corp.                               | 6,800       | 578,340  
|                                                    | 7,841,312  
|Commercial Services & Supplies 0.3%                
|The Brink's Co.                                     | 19,300      | 935,857  
|Construction & Engineering 0.4%                    
|EMCOR Group, Inc.*                                  | 34,500      | 613,065  
|Perini Corp.*                                       | 24,000      | 456,480  
|                                                    | 1,069,545  
|Electrical Equipment 0.6%                          
|GrafTech International Ltd.*                        | 193,000     | 1,565,230
|Industrial Conglomerates 0.4%                      
|General Electric Co.                                | 53,200      | 1,037,932
|Machinery 3.6%                                     
|AGCO Corp.*                                         | 61,900      | 1,951,088
|Caterpillar, Inc.                                   | 79,200      | 3,023,064
|Cummins, Inc.                                       | 57,800      | 1,494,130
|Flowserve Corp.                                     | 11,600      | 660,272  
|Parker Hannifin Corp.                               | 64,600      | 2,504,542
|                                                    | 9,633,096  
|Road & Rail 2.7%                                   
|Burlington Northern Santa Fe Corp.                  | 53,800      | 4,791,428
|Ryder System, Inc.                                  | 64,400      | 2,551,528
|                                                    | 7,342,956  
|Information Technology 16.4%                       
|Communications Equipment 0.2%                      
|Cisco Systems, Inc.*                                | 32,300      | 573,971  
|Computers & Peripherals 7.6%                       
|Hewlett-Packard Co.                                 | 170,500     | 6,526,740
|International Business Machines Corp.               | 76,500      | 7,112,205
|Lexmark International, Inc. "A"*                    | 81,800      | 2,112,894
|QLogic Corp.*                                       | 100,900     | 1,212,818
|Western Digital Corp.*                              | 214,200     | 3,534,300
|                                                    | 20,498,957 
|Electronic Equipment, Instruments & Components 0.5%
|Avnet, Inc.*                                        | 5,600       | 93,744   
|Dolby Laboratories, Inc. "A"* (a)                   | 8,400       | 265,188  
|Jabil Circuit, Inc.                                 | 115,300     | 969,673  
|                                                    | 1,328,605  
|Internet Software & Services 1.2%                  
|eBay, Inc.*                                         | 43,500      | 664,245  
|Google, Inc. "A"*                                   | 7,300       | 2,623,328
|                                                    | 3,287,573  
|IT Services 3.6%                                   
|Accenture Ltd. "A"                                  | 53,100      | 1,754,955
|Automatic Data Processing, Inc.                     | 57,200      | 1,999,140
|Computer Sciences Corp.*                            | 50,200      | 1,514,032
|Visa, Inc. "A"                                      | 76,600      | 4,239,810
|                                                    | 9,507,937  
|Software 3.3%                                      
|Microsoft Corp.                                     | 381,300     | 8,514,429
|Symantec Corp.*                                     | 32,300      | 406,334  
|                                                    | 8,920,763  
|Materials 3.2%                                     
|Chemicals 2.5%                                     
|CF Industries Holdings, Inc.                        | 52,000      | 3,337,880
|Terra Industries, Inc. (a)                          | 150,600     | 3,311,694
|                                                    | 6,649,574  
|Metals & Mining 0.7%                               
|AK Steel Holding Corp.                              | 73,100      | 1,017,552
|United States Steel Corp.                           | 21,900      | 807,672  
|                                                    | 1,825,224  
|Telecommunication Services 4.2%                    
|Diversified Telecommunication Services             
|AT&T, Inc.                                          | 109,400     | 2,928,638
|Embarq Corp.                                        | 88,800      | 2,664,000
|Verizon Communications, Inc.                        | 196,100     | 5,818,287
|                                                    | 11,410,925 
|Utilities 1.3%                                     
|Electric Utilities 0.3%                            
|Edison International                                | 21,700      | 772,303  
|Gas Utilities 0.2%                                 
|ONEOK, Inc. (a)                                     | 17,100      | 545,490  
|Independent Power Producers & Energy Traders 0.4%  
|AES Corp.*                                          | 120,500     | 960,385  
|Constellation Energy Group, Inc.                    | 12,100      | 292,941  
|                                                    | 1,253,326  
|Multi-Utilities 0.4%                               
|Dominion Resources, Inc.                            | 20,000      | 725,600  
|Sempra Energy                                       | 7,000       | 298,130  
|                                                    | 1,023,730  
|Total Common Stocks (Cost $354,628,560)             | 262,436,975

|                                                           | Principal
Amount ($) | Value ($)
|---------------------------------------------------------- | -------------------- | ---------
|                                                           |                     
|Government & Agency Obligation 0.4%                       
|US Treasury Obligation                                    
|US Treasury Bill, 0.17%**, 1/15/2009 (b) (Cost $1,179,582) | 1,180,000            | 1,179,127

|                                                                  | Shares     | Value ($) 
|----------------------------------------------------------------- | ---------- | ----------
|                                                                  |           
|Securities Lending Collateral 4.8%                               
|Daily Assets Fund Institutional, 2.63% (c) (d)
(Cost $12,820,460) | 12,820,460 | 12,820,460
|                                                                 
|Cash Equivalents 2.2%                                            
|Cash Management QP Trust, 2.30% (c) (Cost $5,853,146)             | 5,853,146  | 5,853,146 

|                                               | % of Net
Assets | Value ($)   
|---------------------------------------------- | --------------- | ------------
|                                               |                
|Total Investment Portfolio(Cost $374,481,748)+ | 104.9           | 282,289,708 
|Other Assets and Liabilities, Net              | (4.9)           | (13,153,936)
|Net Assets                                     | 100.0           | 269,135,772 

ADR: American Depository Receipt

GDR: Global Depositary Receipt

REIT: Real Estate Investment Trust

At October 31, 2008, open futures contracts purchased were as follows:

|Futures              | Expiration
Date | Contracts | Aggregate
Face Value ($) | Value ($) | Unrealized
Depreciation ($)
|-------------------- | --------------- | --------- | ------------------------ | --------- | ---------------------------
|S&P E Mini 500
Index | 12/19/2008      | 141       | 7,597,631                | 6,819,465 | (778,166)                  

The accompanying notes are an integral part of the financial statements.

Financial Statements

|Statement of Assets and Liabilitiesas of October 31, 2008                                                       
|----------------------------------------------------------------------------------------------------------------
|Assets                                                                                                          
|Investments:Investments in securities, at value (cost $355,808,142)  including
$12,716,307 of securities loaned
|Investment in Daily Assets Fund Institutional (cost $12,820,460)*                                               
|Investment in Cash Management QP Trust (cost 5,853,146)                                                         
|Total investments, at value (cost $374,481,748)                                                                 
|Cash                                                                                                            
|Foreign currency, at value (cost $4,539)                                                                        
|Dividends receivable                                                                                            
|Interest receivable                                                                                             
|Receivable for Fund shares sold                                                                                 
|Receivable for daily variation margin on open futures                                                           
|Due from Advisor                                                                                                
|Other assets                                                                                                    
|Total assets                                                                                                    
|Liabilities                                                                                                     
|Payable upon return of securities loaned                                                                        
|Payable for Fund shares redeemed                                                                                
|Accrued management fee                                                                                          
|Other accrued expenses and payables                                                                             
|Total liabilities                                                                                               
|Net assets, at value                                                                                            
|Net Assets Consist of                                                                                           
|Undistributed net investment income                                                                             
|Net unrealized appreciation (depreciation) on:Investments                                                       
|Futures                                                                                                         
|Foreign currency                                                                                                
|Accumulated net realized gain (loss)                                                                            
|Paid-in capital                                                                                                 
|Net assets, at value                                                                                            

The accompanying notes are an integral part of the financial statements.

|Statement of Assets and Liabilitiesas of October 31, 2008 (continued)                                                                                                                                                                       
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Net Asset Value                                                                                                                                                                                                                             
|Class A
Net Asset Value and redemption price(a) per share
($217,917,604 ÷ 19,069,531 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                                                      
|Maximum offering price per share (100 ÷ 94.25 of $11.43)                                                                                                                                                                                    
|Class B
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($18,676,151 ÷ 1,785,817 outstanding
shares of beneficial interest, $.01 par value, unlimited number of shares
authorized)
|Class C
Net Asset Value, offering and redemption price(a) (subject to contingent
deferred sales charge) per share ($19,134,278 ÷ 1,797,472 outstanding
shares of beneficial interest, $.01 par value, unlimited number of shares
authorized)
|Class S
Net Asset Value, offering and redemption price(a)per share
($11,901,226 ÷ 1,040,855 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                                               
|Institutional Class
Net Asset Value, offering and redemption price(a)per share
($1,506,513 ÷ 126,353 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)                                      

The accompanying notes are an integral part of the financial statements.

|Statement of Operationsfor the year ended October 31, 2008                                               
|---------------------------------------------------------------------------------------------------------
|Investment Income                                                                                        
|Income:Dividends (net of foreign taxes withheld of $10,593)                                              
|Interest                                                                                                 
|Interest  Cash Management QP Trust                                                                      
|Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
|Total Income                                                                                             
|Expenses:Management fee                                                                                  
|Services to shareholders                                                                                 
|Administration fee                                                                                       
|Distribution and service fees                                                                            
|Reports to shareholders and shareholder meeting                                                          
|Professional fees                                                                                        
|Custodian fee                                                                                            
|Registration fees                                                                                        
|Trustees' fees and expenses                                                                              
|Other                                                                                                    
|Total expenses before expense reductions                                                                 
|Expense reductions                                                                                       
|Total expenses after expense reductions                                                                  
|Net investment income (loss)                                                                             
|Realized and Unrealized Gain (Loss)                                                                      
|Net realized gain (loss) from:Investments                                                                
|Futures                                                                                                  
|Foreign currency                                                                                         
|                                                                                                         
|Change in net unrealized appreciation (depreciation) on:Investments                                      
|Futures                                                                                                  
|Foreign currency                                                                                         
|                                                                                                         
|Net gain (loss)                                                                                          
|Net increase (decrease) in net assets resulting from operations                                          

The accompanying notes are an integral part of the financial statements.

|Statement of Changes in Net Assets                                                                                    
|----------------------------------------------------------------------------------------------------------------------
|Increase (Decrease) in Net Assets                                                                                     
|2008                                                                                                                  
|Operations:Net investment income (loss)                                                                               
|Net realized gain (loss)                                                                                              
|Change in net unrealized appreciation (depreciation)                                                                  
|Net increase (decrease) in net assets resulting from
operations                                                       
|Distributions to shareholders from:Net investment income:Class A                                                      
|Institutional Class                                                                                                   
|Class S                                                                                                               
|Net realized gains:Class A                                                                                            
|Class B                                                                                                               
|Class C                                                                                                               
|Institutional Class                                                                                                   
|Class S                                                                                                               
|Total distributions                                                                                                   
|Fund share transactions:Proceeds from shares sold                                                                     
|Reinvestment of distributions                                                                                         
|Cost of shares redeemed                                                                                               
|Redemption fees                                                                                                       
|Net increase (decrease) in net assets from Fund share
transactions                                                    
|Increase (decrease) in net assets                                                                                     
|Net assets at beginning of period                                                                                     
|Net assets at end of period (including undistributed net
investment income of $2,225,948 and $3,194,057,
respectively)

The accompanying notes are an integral part of the financial statements.

Financial Highlights

|Class A
Years Ended October 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2008       | 2007       | 2006       | 2005       | 2004      
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $    22.57 | $    22.16 | $    19.07 | $    17.30 | $    15.24
|Income (loss) from investment operations:
Net investment income (loss)a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | .11        | .14        | .17d       | .09        | .06       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (8.15)     | 2.47       | 2.98       | 1.73       | 2.00      
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.04)     | 2.61       | 3.15       | 1.82       | 2.06      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | (.16)      | (.14)      | (.06)      | (.05)      |          
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (2.94)     | (2.06)     |           |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | (3.10)     | (2.20)     | (.06)      | (.05)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .00*       | .00*       | .00*       | .00*       |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $    11.43 | $    22.57 | $    22.16 | $    19.07 | $    17.30
|Total Return (%)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (40.56)c   | 12.68      | 16.54d     | 10.54      | 13.52     
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 218        | 436        | 429        | 405        | 382       
|Ratio of expenses (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 1.19       | 1.13       | 1.12       | 1.19       | 1.13      
|Ratio of net investment income (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | .69        | .68        | .82d       | .49        | .42       
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 140        | 266        | 259        | 329        | 222       
|aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.012 per share and an increase in the ratio of net investment income of 0.06%.
Excluding this non-recurring income, total return would have been 0.06% lower.*Amount is less than $.005.

|Class B
Years Ended October 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2008       | 2007       | 2006       | 2005       | 2004      
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $    20.92 | $    20.72 | $    17.94 | $    16.37 | $    14.55
|Income (loss) from investment operations:
Net investment income (loss)a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (.01)      | (.01)      | (.01)d     | (.04)      | (.06)     
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (7.51)     | 2.27       | 2.79       | 1.61       | 1.88      
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (7.52)     | 2.26       | 2.78       | 1.57       | 1.82      
|Less distributions from:
Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2.94)     | (2.06)     |           |           |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .00*       | .00*       | .00*       | .00*       |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $    10.46 | $    20.92 | $    20.72 | $    17.94 | $    16.37
|Total Return (%)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (41.08)c   | 11.72      | 15.50c,d   | 9.59c      | 12.51c    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 19         | 52         | 74         | 100        | 138       
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2.10       | 1.99       | 2.11       | 2.16       | 2.09      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 2.09       | 1.99       | 2.02       | 2.01       | 2.01      
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (.21)      | (.18)      | (.06)d     | (.33)      | (.46)     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 140        | 266        | 259        | 329        | 222       
|aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.012 per share and an increase in the ratio of net investment income of 0.06%.
Excluding this non-recurring income, total return would have been 0.06% lower.*Amount is less than $.005.

|Class C
Years Ended October 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 2008       | 2007       | 2006       | 2005       | 2004      
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $    21.22 | $    20.97 | $    18.12 | $    16.53 | $    14.69
|Income (loss) from investment operations:
Net investment income (loss)a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (.00)*     | (.00)*     | .02d       | (.04)      | (.07)     
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (7.63)     | 2.31       | 2.83       | 1.63       | 1.91      
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (7.63)     | 2.31       | 2.85       | 1.59       | 1.84      
|Less distributions from:
Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2.94)     | (2.06)     |           |           |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | .00*       | .00*       | .00*       | .00*       |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $    10.65 | $    21.22 | $    20.97 | $    18.12 | $    16.53
|Total Return (%)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (41.06)c   | 11.77      | 15.73d     | 9.62c      | 12.53c    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 19         | 40         | 43         | 43         | 46        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 1.97       | 1.91       | 1.83       | 2.02       | 2.06      
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 1.97       | 1.91       | 1.83       | 2.00       | 2.00      
|Ratio of net investment income (loss) (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (.09)      | (.10)      | .11d       | (.32)      | (.45)     
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 140        | 266        | 259        | 329        | 222       
|aBased on average shares outstanding during the period.bTotal return does not reflect the effect of any sales charges.cTotal return would have been lower had certain expenses not been reduced.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.012 per share and an increase in the ratio of net investment income of 0.06%.
Excluding this non-recurring income, total return would have been 0.06% lower.*Amount is less than $.005.

|Class S
Years Ended October 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2008       | 2007       | 2006       | 2005a     
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $    22.59 | $    22.15 | $    19.10 | $    18.44
|Income (loss) from investment operations:
Net investment income (loss)b                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | .15        | .19        | .19d       | .07       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (8.16)     | 2.48       | 2.98       | .59       
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (8.01)     | 2.67       | 3.17       | .66       
|Less distributions from:Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (.21)      | (.17)      | (.12)      |          
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | (2.94)     | (2.06)     |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | (3.15)     | (2.23)     | (.12)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | .00***     | .00***     | .00***     | .00***    
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $    11.43 | $    22.59 | $    22.15 | $    19.10
|Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | (40.48)c   | 12.91      | 16.72c,d   | 3.58c**   
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 12         | 15         | 4          | 1         
|Ratio of expenses before expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 1.01       | .91        | 1.02       | 1.12*     
|Ratio of expenses after expense reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 1.01       | .91        | 1.01       | 1.00*     
|Ratio of net investment income (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | .87        | .90        | .91d       | .49*      
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 140        | 266        | 259        | 329       
|aFor the period from February 1, 2005 (commencement of operations of Class S shares) to
October 31, 2005.bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.dIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.012 per share and an increase in the ratio of net investment income of 0.06%.
Excluding this non-recurring income, total return would have been 0.06% lower.*Annualized**Not annualized***Amount is less than $.005.

|Institutional Class
Years Ended October 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 2008       | 2007       | 2006       | 2005       | 2004      
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | ---------- | ---------- | ---------- | ----------
|Selected Per Share Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Net asset value, beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $    23.43 | $    22.91 | $    19.73 | $    17.90 | $    15.70
|Income (loss) from investment operations:
Net investment income (loss)a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | .17        | .24        | .26c       | .17        | .12       
|Net realized and unrealized gain (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | (8.47)     | 2.58       | 3.07       | 1.80       | 2.08      
|Total from investment operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (8.30)     | 2.82       | 3.33       | 1.97       | 2.20      
|Less distributions from:
Net investment income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | (.27)      | (.24)      | (.15)      | (.14)      |          
|Net realized gains                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (2.94)     | (2.06)     |           |           |          
|Total distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (3.21)     | (2.30)     | (.15)      | (.14)      |          
|Redemption fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .00*       | .00*       | .00*       | .00*       |          
|Net asset value, end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $    11.92 | $    23.43 | $    22.91 | $    19.73 | $    17.90
|Total Return (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | (40.34)b   | 13.21      | 17.02b,c   | 11.04b     | 14.01b    
|Ratios to Average Net Assets and Supplemental Data                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|Net assets, end of period ($ millions)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 2          | 29         | 41         | 73         | 50        
|Ratio of expenses before expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | .75        | .67        | .78        | .77        | .74       
|Ratio of expenses after expense
reductions (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | .75        | .67        | .73        | .73        | .74       
|Ratio of net investment income (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 1.13       | 1.14       | 1.25c      | .95        | .81       
|Portfolio turnover rate (%)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 140        | 266        | 259        | 329        | 222       
|aBased on average shares outstanding during the period.bTotal return would have been lower had certain expenses not been reduced.cIncludes non-recurring income from the Advisor recorded as a result of an administrative
proceeding regarding disclosure of brokerage allocation practices in connection with sales
of DWS Funds. The non-recurring income resulted in an increase in net investment income
of $0.012 per share and an increase in the ratio of net investment income of 0.06%.
Excluding this non-recurring income, total return would have been 0.06% lower.*Amount is less than $.005.

Notes to Financial Statements

A. Significant Accounting Policies

DWS Blue Chip Fund (the ``Fund'') is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as an open-end,
diversified management investment company organized as a Massachusetts
business trust.

The Fund offers multiple classes of shares which provide investors with
different purchase options. Class A shares are offered to investors subject to
an initial sales charge. Class B shares are offered without an initial sales
charge but are subject to higher ongoing expenses than Class A shares and
a contingent deferred sales charge payable upon certain redemptions. Class
B shares automatically convert to Class A shares six years after issuance.
Class C shares are offered to investors without an initial sales charge but are
subject to higher ongoing expenses than Class A shares and a contingent
deferred sales charge payable upon certain redemptions within one year of
purchase. Class C shares do not convert into another class. Institutional
Class shares are offered to a limited group of investors, are not subject to
initial or contingent deferred sales charges and have lower ongoing
expenses than other classes. Class S shares are not subject to initial or
contingent deferred sales charges and are generally not available to new
investors except under certain circumstances.

Investment income, realized and unrealized gains and losses, and certain
fund-level expenses and expense reductions, if any, are borne pro rata on
the basis of relative net assets by the holders of all classes of shares,
except that each class bears certain expenses unique to that class such as
distribution and service fees, services to shareholders and certain other
class specific expenses. Differences in class-level expenses may result in
payment of different per share dividends by class. All shares of the Fund
have equal rights with respect to voting subject to class-specific
arrangements.

The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require
the use of management estimates. Actual results could differ from those
estimates. The policies described below are followed consistently by the
Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the
close of regular trading on the New York Stock Exchange on each day the
exchange is open for trading. Equity securities are valued at the most recent
sale price or official closing price reported on the exchange (US or foreign) or
over-the-counter market on which the security is traded most extensively.
Securities for which no sales are reported are valued at the calculated mean
between the most recent bid and asked quotations on the relevant market
or, if a mean cannot be determined, at the most recent bid quotation.

Money market instruments purchased with an original or remaining maturity
of sixty days or less, maturing at par, are valued at amortized cost.
Investments in open-end investment companies and Cash Management QP
Trust are valued at their net asset value each business day.

Securities and other assets for which market quotations are not readily
available or for which the above valuation procedures are deemed not to
reflect fair value are valued in a manner that is intended to reflect their fair
value as determined in accordance with procedures approved by the
Trustees.

New Accounting Pronouncements. In September 2006, the Financial
Accounting Standards Board ("FASB") released Statement of Financial
Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157").
FAS 157 defines fair value, establishes a framework for measuring fair value
and expands disclosures about fair value measurements. FAS 157 is
effective for fiscal years beginning after November 15, 2007. As of
October 31, 2008, management does not believe the adoption of FAS 157
will impact the amounts reported in the financial statements, however,
additional disclosures will be required about the levels of inputs used to
develop the measurements of fair value and the effect of certain of the
measurements reported in the statement of operations for a fiscal period.

In addition, in March 2008, the FASB issued Statement of Financial
Accounting Standards No. 161 ("FAS 161"), "Disclosures about Derivative
Instruments and Hedging Activities". FAS 161 requires enhanced disclosure
about an entity's derivative and hedging activities including qualitative
disclosures about the objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of gains and losses on
derivative instruments, and disclosures about credit-risk-related contingent
features in derivative agreements. FAS 161 is effective for fiscal years and
interim periods beginning after November 15, 2008. Management is
currently reviewing the enhanced disclosure requirements for the adoption
of FAS 161.

Foreign Currency Translations. The books and records of the Fund are
maintained in US dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into US dollars at
the prevailing exchange rates at period end. Purchases and sales of
investment securities, income and expenses are translated into US dollars at
the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency
transactions represent net gains and losses between trade and settlement
dates on securities transactions, the disposition of forward foreign currency
exchange contracts and foreign currencies, and the difference between the
amount of net investment income accrued and the US dollar amount
actually received. That portion of both realized and unrealized gains and
losses on investments that results from fluctuations in foreign currency
exchange rates is not separately disclosed but is included with net realized
and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending. The Fund may lend securities to financial institutions.
The Fund retains beneficial ownership of the securities it has loaned and
continues to receive interest and dividends paid by the issuer of securities
and to participate in any changes in their market value. The Fund requires
the borrowers of the securities to maintain collateral with the Fund
consisting of liquid, unencumbered assets having a value at least equal to
the value of the securities loaned. When the collateral falls below specified
amounts, the lending agents will use their best efforts to obtain additional
collateral on the next business day to meet required amounts under the
security lending agreement. The Fund may invest the cash collateral into a
joint trading account in an affiliated money market fund pursuant to
Exemptive Orders issued by the SEC. The Fund receives compensation for
lending its securities either in the form of fees or by earning interest on
invested cash collateral net of borrower rebates and fees paid to the lending
agent. Either the Fund or the borrower may terminate the loan. There may
be risks of delay and costs in recovery of securities or even loss of rights in
the collateral should the borrower of the securities fail financially. The Fund
is also subject to all investment risks associated with the value of any cash
collateral received, including, but not limited to, interest rate, credit and
liquidity risk associated with such investments.

Futures Contracts. A futures contract is an agreement between a buyer or
seller and an established futures exchange or its clearinghouse in which the
buyer or seller agrees to take or make a delivery of a specific amount of a
financial instrument at a specified price on a specific date (settlement date).
The Fund may enter into futures contracts as a hedge against anticipated
interest rate, currency or equity market changes, and for duration
management, risk management and return enhancement purposes.

Upon entering into a futures contract, the Fund is required to deposit with a
financial intermediary an amount ("initial margin") equal to a certain
percentage of the face value indicated in the futures contract. Subsequent
payments ("variation margin") are made or received by the Fund dependent
upon the daily fluctuations in the value of the underlying security and are
recorded for financial reporting purposes as unrealized gains or losses by
the Fund. When entering into a closing transaction, the Fund will realize a
gain or loss equal to the difference between the value of the futures
contract to sell and the futures contract to buy. Futures contracts are valued
at the most recent settlement price.

Certain risks may arise upon entering into futures contracts, including the
risk that an illiquid secondary market will limit the Fund's ability to close out
a futures contract prior to the settlement date and that a change in the value
of a futures contract may not correlate exactly with the changes in the value
of the securities or currencies hedged. When utilizing futures contracts to
hedge, the Fund gives up the opportunity to profit from favorable price
movements in the hedged positions during the term of the contract. Risk of
loss may exceed amounts recognized on the Statement of Assets and
Liabilities.

Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders.

At October 31, 2008, the Fund had a net tax basis capital loss carryforward
of approximately $53,482,000, which may be applied against any realized
net taxable capital gains of each succeeding year until fully utilized or until
October 31, 2016, the expiration date, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of
October 31, 2008 and has determined that no provision for income tax is
required in the Fund's financial statements. The Fund's federal tax returns
for the prior three fiscal years remain subject to examination by the Internal
Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund, if
any, is declared and distributed to shareholders annually. Net realized gains
from investment transactions, in excess of available capital loss
carryforwards, would be taxable to the Fund if not distributed, and,
therefore, will be distributed to shareholders at least annually.

The timing and characterization of certain income and capital gain
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences primarily relate to certain
securities sold at a loss. As a result, net investment income (loss) and net
realized gain (loss) on investment transactions for a reporting period may
differ significantly from distributions during such period. Accordingly, the
Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund.

At October 31, 2008, the Fund's components of distributable earnings on a
tax-basis were as follows:

|Undistributed ordinary income*                            | $       2,228,882   
|--------------------------------------------------------- | --------------------
|Capital loss carryforwards                                | $       (53,482,000)
|Net unrealized appreciation (depreciation) on investments | $       (96,499,394)

In addition, the tax character of distributions paid to shareholders by the
Fund is summarized as follows:

|                                           | Years Ended October 31,
|------------------------------------------ | -----------------------
|                                           | 2008                   
|Distributions from ordinary income*        | $       38,529,285     
|Distributions from long-term capital gains | $       36,944,365     

Redemption Fees. The Fund imposes a redemption fee of 2% of the total
redemption amount on the Fund shares redeemed or exchanged within
15 days of buying them, either by purchase or exchange. This fee is
assessed and retained by the Fund for the benefit of the remaining
shareholders. The redemption fee is accounted for as an addition to paid-in
capital.

Contingencies.In the normal course of business, the Fund may enter into
contracts with service providers that contain general indemnification
clauses. The Fund's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Fund that have not yet been made. However, based on experience, the Fund
expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment transactions are reported on trade date. Interest
income is recorded on the accrual basis. Dividend income is recorded on the
ex-dividend date net of foreign withholding taxes. Certain dividends from
foreign securities may be recorded subsequent to the ex-dividend date as
soon as the Fund is informed of such dividends. Realized gains and losses
from investment transactions are recorded on an identified cost basis.

B. Purchases and Sales of Securities

During the year ended October 31, 2008, purchases and sales of investment
securities (excluding short-term instruments) aggregated $590,592,202 and
$699,894,850, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement
with Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the
Advisor directs the investments of the Fund in accordance with its
investment objectives, policies and restrictions. The Advisor determines the
securities, instruments and other contracts relating to investments to be
purchased, sold or entered into by the Fund. In addition to portfolio
management services, the Advisor provides certain administrative services
in accordance with the Investment Management Agreement.

Prior to June 1, 2008, under the Investment Management Agreement with
the Advisor, the Fund paid a monthly management fee computed and
accrued daily and payable monthly, at the following annual rates:

|First $250 million of the Fund's average daily net assets | .58%
|--------------------------------------------------------- | ----
|Next $750 million of such net assets                      | .55%
|Next $1.5 billion of such net assets                      | .53%
|Next $2.5 billion of such net assets                      | .51%
|Next $2.5 billion of such net assets                      | .48%
|Next $2.5 billion of such net assets                      | .46%
|Next $2.5 billion of such net assets                      | .44%
|Over $12.5 billion of such net assets                     | .42%

Effective June 1, 2008, under the Amended and Restated Investment
Management Agreement, the Fund pays a monthly management fee based
on the Fund's average daily net assets, computed and accrued daily and
payable monthly at the following annual rates:

|First $250 million of the Fund's average daily net assets | .48%
|--------------------------------------------------------- | ----
|Next $750 million of such net assets                      | .45%
|Next $1.5 billion of such net assets                      | .43%
|Next $2.5 billion of such net assets                      | .41%
|Next $2.5 billion of such net assets                      | .38%
|Next $2.5 billion of such net assets                      | .36%
|Next $2.5 billion of such net assets                      | .34%
|Over $12.5 billion of such net assets                     | .32%

Accordingly, for the year ended October 31, 2008, the fee pursuant to the
Investment Management Agreement was equivalent to an annual effective
rate of 0.53% of the Fund's average daily net assets.

Effective October 1, 2008 through September 30, 2009, the Advisor had
contractually agreed to waive all or a portion of its management fee and
reimburse or pay certain operating expenses of Class B shares (excluding
certain expenses such as extraordinary expenses, taxes, brokerage and
interest) to the extent necessary to maintain the operating expenses
at 2.08%.

Administration Fee. Effective June 1, 2008, pursuant to an Administrative
Services Agreement, DIMA provides most administrative services to the
Fund. For all services provided under the Administrative Services
Agreement, the Fund pays the Advisor an annual fee ("Administration Fee")
of 0.10% of the Fund's average daily net assets, computed and accrued daily
and payable monthly. For the period from June 1, 2008 through October 31,
2008, the Advisor received an Administration Fee of $154,959, of which
$23,192 is unpaid.

Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent of the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder serving fee it receives from the Fund. For the year ended
October 31, 2008, the amounts charged to the Fund by DISC were as
follows:

|Services to Shareholders | Total
Aggregated | Unpaid at
October 31,
2008
|------------------------ | ---------------- | --------------------------
|Class A                  | $       725,536  | $       163,892           
|Class B                  | 125,520          | 29,875                    
|Class C                  | 75,074           | 16,458                    
|Class S                  | 45,119           | 14,449                    
|Institutional Class      | 2,844            |                          
|                         | $    974,093     | $    224,674              

Distribution and Service Fees. Under the Fund's Class B and Class C 12b-1
Plans, DWS Investments Distributors, Inc., ("DIDI"), an affiliate of the
Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net
assets of each of Class B and C shares. In accordance with the Fund's
Underwriting and Distribution Service Agreement, DIDI enters into related
selling group agreements with various firms at various rates for sales of
Class B and C shares. For the year ended October 31, 2008, the Distribution
Fee was as follows:

|Distribution Fee | Total
Aggregated | Unpaid at
October 31,
2008
|---------------- | ---------------- | --------------------------
|Class B          | $       256,587  | $       11,773            
|Class C          | 229,936          | 12,226                    
|                 | $    486,523     | $    23,999               

In addition, DIDI provides information and administrative services for a fee
("Service Fee") to Class A, B and C shareholders at an annual rate of up to
0.25% of average daily net assets for each such class. DIDI in turn has
various agreements with financial services firms that provide these services
and pays these fees based upon the assets of shareholder accounts the
firms service. For the year ended October 31, 2008, the Service Fee was as
follows:

|Service Fee | Total
Aggregated | Unpaid at
October 31,
2008 | Annual
Effective Rate
|----------- | ---------------- | -------------------------- | ---------------------
|Class A     | $       822,199  | $       38,847             | .24%                 
|Class B     | 83,833           | 2,970                      | .25%                 
|Class C     | 75,380           | 4,122                      | .25%                 
|            | $    981,412     | $    45,939                |                      

Underwriting Agreement and Contingent Deferred Sales Charge. DIDI is
the principal underwriter for the Fund. Underwriting commissions paid in
connection with the distribution of Class A shares for the year ended
October 31, 2008 aggregated $20,252.

In addition, DIDI receives any contingent deferred sales charge ("CDSC")
from Class B share redemptions occurring within six years of purchase and
Class C share redemptions occurring within one year of purchase. There is
no such charge upon redemption of any share appreciation or reinvested
dividends. The CDSC is based on declining rates ranging from 4% to 1% for
Class B and 1% for Class C, of the value of shares redeemed. For the year
ended October 31, 2008, the CDSC for Class B and C shares aggregated
$69,699 and $412, respectively. A deferred sales charge of up to 1% is
assessed on certain redemptions of Class A shares. For the year ended
October 31, 2008, DIDI received $1,234 for the Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the year ended October 31, 2008, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders and shareholder meeting" aggregated
$25,201, of which $7,277 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with
the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson and Vice Chairperson.

In connection with the board consolidation on April 1, 2008, of the two DWS
Funds Boards of Trustees, certain Independent Board Members retired prior
to their normal retirement date, and received a one-time retirement benefit.
DIMA has agreed to reimburse the Funds for the cost of this benefit. During
the period ended October 31, 2008, the Fund paid its allocated portion of
the retirement benefit of $22,470 to the non-continuing Independent Board
Members, and the Fund was reimbursed by DIMA for this payment.

Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, the Fund may invest in the Cash Management QP Trust (the
"QP Trust") and other affiliated funds managed by the Advisor. The QP Trust
seeks to provide as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity. The QP Trust does
not pay the Advisor a management fee for the affiliated funds' investments
in the QP Trust.

D. Fee Reductions

For the year ended October 31, 2008, the Advisor agreed to reimburse the
Fund $1,300, which represents a portion of the expected fee savings for the
Advisor through December 31, 2007, related to the outsourcing by the
Advisor of certain administrative services to an unaffiliated service provider.

The Fund has entered into an arrangement with its custodian and transfer
agent whereby credits realized as a result of uninvested cash balances are
used to reduce a portion of the Fund's custodian expenses. During the year
ended October 31, 2008, the custodian fees were reduced by $265 and
$2,913, respectively, for custody and transfer agent credits earned.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a
$490 million revolving credit facility provided by a syndication of banks. The
Fund may borrow for temporary or emergency purposes, including the
meeting of redemption requests that otherwise might require the untimely
disposition of securities. The Participants are charged an annual
commitment fee which is allocated based on net assets, among each of the
Participants. Interest is calculated at the Federal Funds Rate plus
0.35 percent. The Fund may borrow up to a maximum of 33 percent of its
net assets under the agreement.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

|                                                               | Year Ended October 31, 2008 | Year Ended October 31, 2007
|-------------------------------------------------------------- | --------------------------- | ---------------------------
|                                                               | Shares                      | Dollars                    
|Shares sold                                                   
|Class A                                                        | 2,188,288                   | $       36,398,952         
|Class B                                                        | 195,284                     | 2,880,977                  
|Class C                                                        | 286,469                     | 4,439,885                  
|Institutional Class                                            | 3,019                       | 61,448                     
|Class S                                                        | 482,246                     | 8,156,031                  
|                                                               |                             | $    51,937,293            
|Shares issued to shareholders in reinvestment of distributions
|Class A                                                        | 3,112,018                   | $       55,519,258         
|Class B                                                        | 402,504                     | 6,625,340                  
|Class C                                                        | 315,165                     | 5,275,857                  
|Institutional Class                                            | 120,713                     | 2,240,436                  
|Class S                                                        | 111,680                     | 1,991,261                  
|                                                               |                             | $    71,652,152            
|Shares redeemed                                               
|Class A                                                        | (5,564,120)                 | $       (90,957,058)       
|Class B                                                        | (1,300,556)                 | (20,217,845)               
|Class C                                                        | (703,548)                   | (10,814,698)               
|Institutional Class                                            | (1,236,226)                 | (24,210,225)               
|Class S                                                        | (197,096)                   | (3,138,271)                
|                                                               |                             | $    (149,338,097)         
|Redemption fees                                                | $    3,387                  |                            
|Net increase (decrease)                                       
|Class A                                                        | (263,814)                   | $       961,855            
|Class B                                                        | (702,768)                   | (10,711,473)               
|Class C                                                        | (101,914)                   | (1,098,953)                
|Institutional Class                                            | (1,112,494)                 | (21,908,341)               
|Class S                                                        | 396,830                     | 7,011,647                  
|                                                               |                             | $    (25,745,265)          

Report of Independent Registered
Public Accounting Firm

To the Shareholders and Board of Trustees of DWS Blue Chip Fund:

We have audited the accompanying statement of assets and liabilities of
DWS Blue Chip Fund (the "Fund"), including the investment portfolio, as of
October 31, 2008, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial highlights are free of
material misstatement. We were not engaged to perform an audit of the
Fund's internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting. Accordingly, we express no
such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements and
financial highlights, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial
statement presentation. Our procedures included confirmation of securities
owned as of October 31, 2008, by correspondence with the custodian and
brokers. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of DWS
Blue Chip Fund at October 31, 2008, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the periods
indicated therein, in conformity with U.S. generally accepted accounting
principles.

|Boston, Massachusetts
December 23, 2008 |  | bcf_eny0
|--------------------------------------- |  | --------

Tax Information(Unaudited)

The Fund paid distributions of $1.504 per share from net long-term capital
gains during its year ended October 31, 2008, of which 100% represents
15% rate gains.

For corporate shareholders, 100% of the income dividends paid during the
Fund's fiscal year ended October 31, 2008, qualified for the dividends
received deduction.

For federal income tax purposes, the Fund designates $8,357,000, or the
maximum amount allowable under tax law, as qualified dividend income.

Please consult a tax advisor if you have questions about federal or state
income tax laws, or on how to prepare your tax returns. If you have specific
questions about your account, please call (800) 621-1048.

Shareholder Meeting Results(Unaudited)

The Special Meeting of Shareholders of DWS Blue Chip Fund (the "Fund")
was held on March 31, 2008 and then reconvened on May 1, 2008 at the
offices of Deutsche Asset Management, 345 Park Avenue, New York,
NY 10154. The following matters were voted upon by the shareholders of
said Fund (the resulting votes are presented below):

1.       Election of the Board of Trustees.

|                       | Number of Votes:
|---------------------- | ----------------
|Trustee                | For             
|John W. Ballantine     | 15,282,075.1945 
|Henry P. Becton, Jr.   | 15,278,324.6135 
|Dawn-Marie Driscoll    | 15,272,702.0218 
|Keith R. Fox           | 15,277,395.3628 
|Paul K. Freeman        | 15,288,249.4732 
|Kenneth C. Froewiss    | 15,283,262.7591 
|Richard J. Herring     | 15,277,760.1761 
|William McClayton      | 15,283,879.8326 
|Rebecca W. Rimel       | 15,282,598.9337 
|William N. Searcy, Jr. | 15,273,063.0039 
|Jean Gleason Stromberg | 15,279,174.1408 
|Robert H. Wadsworth    | 15,285,975.3747 
|Axel Schwarzer         | 15,281,134.3453 

The Special Meeting of Shareholders was reconvened on May 1, 2008, at
which time the following matter was voted upon by the shareholders (the
resulting votes are presented below):

2A.      Approval of an Amended and Restated Investment Management
Agreement.

|Number of Votes:
|----------------
|For             
|11,527,417.6991 

2B.      Approval of a Subadvisor Approval Policy.

|Number of Votes:
|----------------
|For             
|11,419,778.1045 

3.      Approval of the Revision of the Fundamental Policy regarding
Commodities.

|Number of Votes:
|----------------
|For             
|11,465,528.0661 

The Meeting was further reconvened on August 15, 2008, at which time the
following matter was voted upon by the shareholders (the resulting votes
are presented below):

4A.      Approval of Amended and Restated Declaration of Trust.

|Number of Votes:
|----------------
|For             
|14,160,684.2814 

Investment Management Agreement
Approval

The Board of Trustees, including the Independent Trustees, approved the
renewal of your Fund's investment management agreement (the
"Agreement") with Deutsche Investment Management Americas Inc.
("DIMA") in September 2008.

In terms of the process that the Board followed prior to approving the
Agreement, shareholders should know that:

•   At the present time, all but one of your Fund's Trustees are independent
of DIMA and its affiliates.

•   The Trustees meet frequently to discuss fund matters. Each year, the
Trustees dedicate part or all of several meetings to contract review
matters. Over the course of several months, the Board's Contract
Committee, in coordination with the Board's Equity Oversight
Committee, reviewed comprehensive materials received from DIMA,
independent third parties and independent counsel. These materials
included an analysis of the Fund's performance, fees and expenses, and
profitability compiled by the Fund's independent fee consultant. The
Board also received extensive information throughout the year regarding
performance of the Fund.

•   The Independent Trustees regularly meet privately with their
independent counsel (and, as needed, other advisors) to discuss contract
review and other matters. In addition, the Independent Trustees were
also advised by the Fund's independent fee consultant in the course of
their review of the Fund's contractual arrangements and considered a
comprehensive report prepared by the independent fee consultant in
connection with their deliberations (the "IFC Report").

•   In connection with reviewing the Agreement, the Board also reviewed
the terms of the Fund's Rule 12b-1 plan, distribution agreement,
administrative services agreement, transfer agency agreement and other
material service agreements.

•   Based on its evaluation of the information provided, the Contract
Committee presented its findings and recommendations to the
Independent Trustees as a group. The Independent Trustees reviewed
the Contract Committee's findings and recommendations and presented
their recommendations to the full Board.

In connection with the contract review process, the Contract Committee
and the Board considered the factors discussed below, among others.
The Board also considered that DIMA and its predecessors have managed
the Fund since its inception, and the Board believes that a long-term
relationship with a capable, conscientious advisor is in the best interests of
the Fund. The Board considered, generally, that shareholders chose to invest
or remain invested in the Fund knowing that DIMA managed the Fund, and
that the Agreement was approved by the Fund's shareholders at a special
meeting held in 2008. DIMA is part of Deutsche Bank, a major global
banking institution that is engaged in a wide range of financial services. The
Board believes that there are significant advantages to being part of a global
asset management business that offers a wide range of investing expertise
and resources, including hundreds of portfolio managers and analysts with
research capabilities in many countries throughout the world.

While shareholders may focus primarily on fund performance and fees, the
Fund's Board considers these and many other factors, including the quality
and integrity of DIMA's personnel and such other issues as back-office
operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of
the Agreement, including the scope of advisory services provided under the
Agreement. The Board noted that, under the Agreement, DIMA provides
portfolio management services to the Fund and that, pursuant to a separate
administrative services agreement, DIMA provides administrative services
to the Fund. The Board considered the experience and skills of senior
management and investment personnel, the resources made available to
such personnel, the ability of DIMA to attract and retain high-quality
personnel, and the organizational depth and stability of DIMA. The Board
reviewed the Fund's performance over short-term and long-term periods and
compared those returns to various agreed-upon performance measures,
including market indices and a peer universe compiled by the independent
fee consultant using information supplied by Lipper Inc. ("Lipper"). The
Board also noted that it has put a process into place of identifying "Focus
Funds" (e.g., funds performing poorly relative to their benchmark or a peer
group compiled by Lipper), and receives more frequent reporting and
information from DIMA regarding such funds, along with DIMA's remedial
plans to address underperformance. The Board believes this process is an
effective manner of identifying and addressing underperforming funds.
Based on the information provided, the Board noted that for the one-, three-
and five-year periods ended December 31, 2007, the Fund's performance
(Class A shares) was in the 3rd quartile, 3rd quartile and 2nd quartile,
respectively, of the applicable Lipper universe (the 1st quartile being the
best performers and the 4th quartile being the worst performers). The Board
also observed that the Fund has underperformed its benchmark in each of
the one- and three-year periods ended December 31, 2007 and
outperformed its benchmark in the five-year period ended December 31,
2007. The Board noted the disappointing investment performance of the
Fund in recent periods and continued to discuss with senior management of
DIMA the factors contributing to such underperformance and actions being
taken to improve performance. The Board recognized that DIMA has made
significant changes in its investment personnel and processes in recent
years in an effort to improve long-term performance.

On the basis of this evaluation and the ongoing review of investment results
by the Board, the Board concluded that the nature, quality and extent of
services provided by DIMA historically have been and continue to be
satisfactory.

Fees and Expenses. The Board considered the Fund's investment
management fee schedule, operating expenses, and total expense ratios,
and comparative information provided by Lipper and the independent fee
consultant regarding investment management fee rates paid to other
investment advisors by similar funds (1st quartile being the most favorable
and 4th quartile being the least favorable). With respect to management
fees paid to other investment advisors by similar funds, the Board noted that
the contractual fee rates paid by the Fund, which include the 0.10% fee paid
to DIMA under the Fund's administrative services agreement, were lower
than the median (1st quartile) of the applicable Lipper peer group (based on
Lipper data provided as of December 31, 2007). The Board noted that the
Fund's Class A shares' total (net) operating expenses (excluding 12b-1 fees)
were expected to be lower than the median (2nd quartile) of the applicable
Lipper expense universe (based on Lipper data provided as of December 31,
2007, and analyzing Lipper expense universe Class A expenses less any
applicable 12b-1 fees) ("Lipper Universe Expenses"). The Board also
reviewed each other share class's total (net) operating expenses relative to
the Lipper Universe Expenses. The Board considered the Fund's
management fee rate as compared to fees charged by DIMA and certain of
its affiliates for comparable mutual funds and considered differences in fund
and fee structures between the DWS Funds. The Board also considered
how the Fund's total (net) operating expenses compared to the total (net)
operating expenses of a more customized peer group selected by Lipper
(based on such factors as asset size). The Board also noted that the expense
limitation agreed to by DIMA helped to ensure that the Fund's total
(net) operating expenses would be competitive relative to the applicable
Lipper universe.

On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues
received by DIMA under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by DIMA from advising the DWS
Funds, as well as estimates of the pre-tax profits attributable to managing
the Fund in particular. The Board also received information regarding the
estimated enterprise-wide profitability of the DWS Investments organization
with respect to all fund services in totality and by fund. The Board reviewed
DIMA's methodology in allocating its costs to the management of the Fund.
Based on the information provided, the Board concluded that the pre-tax
profits realized by DIMA in connection with the management of the Fund
were not unreasonable. The Board also reviewed information regarding the
profitability of certain similar investment management firms. The Board
noted that while information regarding the profitability of such firms is
limited (and in some cases is not necessarily prepared on a comparable
basis), DIMA and its affiliates' overall profitability with respect to the DWS
Investments fund complex (after taking into account distribution and other
services provided to the funds by DIMA and its affiliates) was lower than the
overall profitability levels of many comparable firms for which such data was
available.

Economies of Scale. The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board noted that the Fund's
management fee schedule includes fee breakpoints. The Board concluded
that the Fund's fee schedule represents an appropriate sharing between the
Fund and DIMA of such economies of scale as may exist in the
management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the
character and amount of other incidental benefits received by DIMA and its
affiliates, including any fees received by DIMA for administrative services
provided to the Fund and any fees received by an affiliate of DIMA for
distribution services. The Board also considered benefits to DIMA related to
brokerage and soft-dollar allocations, including allocating brokerage to pay
for research generated by parties other than the executing broker dealers,
which pertain primarily to funds investing in equity securities, along with the
incidental public relations benefits to DIMA related to DWS Funds
advertising and cross-selling opportunities among DWS Investments
products and services. The Board concluded that management fees were
reasonable in light of these fallout benefits.

Compliance. The Board considered the significant attention and resources
dedicated by DIMA to documenting and enhancing its compliance
processes in recent years. The Board noted in particular (i) the experience
and seniority of DIMA's chief compliance officer; (ii) the large number of
compliance personnel who report to DIMA's chief compliance officer; and (iii)
the substantial commitment of resources by DIMA and its affiliates to
compliance matters.

Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
continuation of the Agreement is in the best interests of the Fund. In
making this determination the Board did not give particular weight to any
single factor identified above. The Board considered these factors over the
course of numerous meetings, certain of which were in executive session
with only the Independent Trustees and their counsel present. It is possible
that individual Trustees may have weighed these factors differently in
reaching their individual decisions to approve the continuation of the
Agreement.

Summary of Management Fee Evaluation by
Independent Fee Consultant

October 24, 2008

Pursuant to an Order entered into by Deutsche Investment Management
Americas and affiliates (collectively, "DeAM") with the Attorney General of
New York, I, Thomas H. Mack, have been appointed the Independent Fee
Consultant for the DWS Funds (formerly the DWS Scudder Funds). My
duties include preparing an annual written evaluation of the management
fees DeAM charges the Funds, considering among other factors the
management fees charged by other mutual fund companies for like
services, management fees DeAM charges other clients for like services,
DeAM's costs of supplying services under the management agreements
and related profit margins, possible economies of scale if a Fund grows
larger, and the nature and quality of DeAM's services, including fund
performance. This report summarizes my evaluation for 2008, including my
qualifications, the evaluation process for each of the DWS Funds,
consideration of certain complex-level factors, and my conclusions. I served
in substantially the same capacity in 2007.

Qualifications

For more than 35 years I have served in various professional capacities
within the investment management business. I have held investment
analysis and advisory positions, including securities analyst, portfolio
strategist and director of investment policy with a large investment firm. I
have also performed business management functions, including business
development, financial management and marketing research and analysis.

Since 1991, I have been an independent consultant within the asset
management industry. I have provided services to over 125 client
organizations, including investment managers, mutual fund boards, product
distributors and related organizations. Over the past ten years I have
completed a number of assignments for mutual fund boards, specifically
including assisting boards with management contract renewal.

I hold a Master of Business Administration degree, with highest honors,
from Harvard University and Master of Science and Bachelor of Science
(highest honors) degrees from the University of California at Berkeley. I am
an independent director and audit committee financial expert for two
closed-end mutual funds, serve on the board of directors of a private market
research company, and have served in various leadership and financial
oversight capacities with non-profit organizations.

Evaluation of Fees for each DWS Fund

My work focused primarily on evaluating, fund-by-fund, the fees charged to
each of the 129 Fund portfolios in the DWS Fund family. For each Fund, I
considered each of the key factors mentioned above, as well as any other
relevant information. In doing so I worked closely with the Funds'
Independent Directors in their annual contract renewal process, as well as in
their approval of contracts for several new funds (documented separately).

In evaluating each Fund's fees, I reviewed comprehensive materials provided
by or on behalf of DeAM, including expense information prepared by Lipper
Analytical, comparative performance information, profitability data, manager
histories, and other materials. I also accessed certain additional information
from the Lipper, Strategic Insight, and Morningstar databases and drew on
my industry knowledge and experience.

To facilitate evaluating this considerable body of information, I prepared for
each Fund a document summarizing the key data elements in each area as
well as additional analytics discussed below. This made it possible to
consider each key data element in the context of the others.

In the course of contract renewal, DeAM agreed to implement a number of
fee and expense adjustments requested by the Independent Directors
which will favorably impact future fees and expenses, and my evaluation
includes the effects of these changes.

Fees and Expenses Compared with Other Funds

The competitive fee and expense evaluation for each fund focused on two
primary comparisons:

The Fund's contractual management fee (the advisory fee plus the
administration fee where applicable) compared with those of a group
of typically 12-15 funds in the same Lipper investment category
(e.g. Large Capitalization Growth) having similar distribution arrangements
and being of similar size.

The Fund's total expenses compared with a broader universe of funds
from the same Lipper investment category and having similar distribution
arrangements.

These two comparisons provide a view of not only the level of the fee
compared with funds of similar scale but also the total expense the Fund
bears for all the services it receives, in comparison with the investment
choices available in the Fund's investment category and distribution channel.
The principal figure-of-merit used in these comparisons was the subject
Fund's percentile ranking against peers.

DeAM's Fees for Similar Services to Others

DeAM provided management fee schedules for all of its US domiciled fund
and non-fund investment management accounts in any of the investment
categories where there is a DWS Fund. These similar products included the
other DWS Funds, non-fund pooled accounts, institutional accounts and
sub-advisory accounts. Using this information, I calculated for each Fund the
fee that would be charged to each similar product, at the subject Fund's
asset level.

Evaluating information regarding non-fund products is difficult because there
are varying levels of services required for different types of accounts, with
mutual funds generally requiring considerably more regulatory and
administrative types of service as well as having more frequent cash flows
than other types of accounts. Also, while mutual fund fees for similar fund
products can be expected to be similar, there will be some differences due
to different pricing conditions in different distribution channels (e.g. retail
funds versus those used in variable insurance products), differences in
underlying investment processes and other factors.

Costs and Profit Margins

DeAM provided a detailed profitability analysis for each Fund. After making
some adjustments so that the presentation would be more comparable to
the available industry figures, I reviewed profit margins from investment
management alone, from investment management plus other fund services
(excluding distribution) provided to the Funds by DeAM (principally
shareholder services), and DeAM profits from all sources, including
distribution. A later section comments on overall profitability.

Economies of Scale

Economies of scale  an expected decline in management cost per dollar
of fund assets as fund assets grow  are very rarely quantified and
documented because of inherent difficulties in collecting and analyzing
relevant data. However, in virtually every investment category that I
reviewed, larger funds tend to have lower fees and lower total expenses
than smaller funds. To see how each DWS Fund compares with this industry
observation, I reviewed:

The trend in Fund assets over the last five years and the accompanying
trend in total expenses. This shows if the Fund has grown and, if so,
whether total expense (management fees as well as other expenses)
have declined as a percent of assets.

Whether the Fund has break-points in its management fee schedule, the
extent of the fee reduction built into the schedule and the asset levels
where the breaks take effect, and in the case of a sub-advised Fund how
the Fund's break-points compare with those of the sub-advisory fee
schedule.

How the Fund's contractual fee schedule compares with trends in the
industry data. To accomplish this, I constructed a chart showing how
actual latest-fiscal-year contractual fees of the Fund and of other similar
funds relate to average fund assets, with the subject Fund's contractual
fee schedule superimposed.

Quality of Service  Performance

The quality-of-service evaluation focused on investment performance, which
is the principal result of the investment management service. Each Fund's
performance was reviewed over the past 1, 3, 5 and 10 years, as applicable,
and compared with that of other funds in the same investment category and
with a suitable market index.

In addition, I calculated and reviewed risk-adjusted returns relative to an
index of similar mutual funds' returns and a suitable market index. The
risk-adjusted returns analysis provides a way of determining the extent to
which the Fund's return comparisons are mainly the product of investment
value-added (or lack thereof) or alternatively taking considerably more or less
risk than is typical in its investment category.

I also received and considered the history of portfolio manager changes for
each Fund, as this provided an important context for evaluating the
performance results.

Complex-Level Considerations

While this evaluation was conducted mainly at the individual fund level,
there are some issues relating to the reasonableness of fees that can
alternatively be considered across the whole fund complex:

I reviewed DeAM's profitability analysis for all DWS Funds, with a view
toward determining if the allocation procedures used were reasonable
and how profit levels compared with public data for other investment
managers.

I considered whether DeAM and affiliates receive any significant ancillary
or "fall-out" benefits that should be considered in interpreting the direct
profitability results. These would be situations where serving as the
investment manager of the Funds is beneficial to another part of the
Deutsche Bank organization.

I considered how aggregated DWS Fund expenses had varied over the
years, by asset class and in the context of trends in asset levels.

I reviewed the structure of the DeAM organization, trends in staffing
levels, and information on compensation of investment management and
other professionals compared with industry data.

Findings

Based on the process and analysis discussed above, which included
reviewing a wide range of information from management and external data
sources and considering among other factors the fees DeAM charges other
clients, the fees charged by other fund managers, DeAM's costs and profits
associated with managing the Funds, economies of scale, possible fall-out
benefits, and the nature and quality of services provided, in my opinion the
management fees charged the DWS Funds are reasonable.

bcf_sigmack0Thomas H. Mack

Trustees and Officers

The following table presents certain information regarding the Board
Members and Officers of the Trust as of October 31, 2008. Each Board
Member's year of birth is set forth in parentheses after his or her name.
Unless otherwise noted, (i) each Board Member has engaged in the
principal occupation(s) noted in the table for at least the most recent five
years, although not necessarily in the same capacity; and (ii) the address of
each Independent Board Member is c/o Dawn-Marie Driscoll, PO Box
100176, Cape Coral, FL 33904. Except as otherwise noted below, the term
of office for each Board Member is until the election and qualification of a
successor, or until such Board Member sooner dies, resigns, is removed or
as otherwise provided in the governing documents of the fund. Because the
fund does not hold an annual meeting of shareholders, each Board Member
will hold office for an indeterminate period. The Board Members may also
serve in similar capacities with other funds in the fund complex. The Length
of Time Served represents the year in which the Board Member joined the
board of one or more DWS funds now overseen by the Board.

|Independent Board Members                                               
|------------------------------------------------------------------------
|Name, Year of
Birth, Position
with the Fund
and Length of
Time Served1  
|Dawn-Marie
Driscoll (1946)Chairperson since
20042Board Member
since 1987
|Paul K. Freeman
(1950)Vice Chairperson
since 2008Board Member
since 1993
|John W.
Ballantine (1946)Board Member
since 1999                        
|Henry P. Becton,
Jr. (1943)Board Member
since 1990                      
|Keith R. Fox
(1954)Board Member
since 1996                              
|Kenneth C.
Froewiss (1945)Board Member
since 2001                       
|Richard J. Herring
(1946)Board Member
since 1990                        
|William
McClayton (1944)Board Member
since 2004                         
|Rebecca W.
Rimel (1951)Board Member
since 1995                          
|William N. Searcy,
Jr. (1946)Board Member
since 1993                    
|Jean Gleason
Stromberg (1943)Board Member
since 1997                    
|Robert H.
Wadsworth(1940)Board Member
since 1999                        

|Interested Board Member                                               
|----------------------------------------------------------------------
|Name, Year of
Birth, Position
with the Fund
and Length of
Time Served1
|Axel Schwarzer4(1958)Board Member
since 2006                          

|Officers6                                                                           
|------------------------------------------------------------------------------------
|Name, Year of Birth,
Position with the Fund and
Length of Time Served7              
|Michael G. Clark8 (1965)President, 2006-present                                     
|John Millette9 (1962)Vice President and Secretary,
1999-present                     
|Paul H. Schubert8 (1963)Chief Financial Officer,
2004-presentTreasurer, 2005-present
|Patricia DeFilippis10(1963)Assistant Secretary,
2005-present                        
|Elisa D. Metzger10 (1962)Assistant Secretary
2005-present                           
|Caroline Pearson9 (1962)Assistant Secretary,
1997-present                           
|Paul Antosca9 (1957)Assistant Treasurer,
2007-present                               
|Jack Clark9 (1967)Assistant Treasurer,
2007-present                                 
|Kathleen Sullivan D'Eramo9
(1957)Assistant Treasurer,
2003-present                  
|Diane Kenneally9(1966)Assistant Treasurer,
2007-present                             
|Jason Vazquez10 (1972)Anti-Money Laundering
Compliance Officer,
2007-present        
|Robert Kloby10 (1962)Chief Compliance Officer,
2006-present                         
|J. Christopher Jackson10
(1951)Chief Legal Officer,
2006-present                    

The fund's Statement of Additional Information ("SAI") includes additional information about
the Board Members. The SAI is available, without charge, upon request. If you would like to
request a copy of the SAI, you may do so by calling the following toll-free number:
(800) 621-1048.

Account Management Resources

|                      
|----------------------
|For More
Information  
|Web Site              
|Written
Correspondence
|Proxy Voting          
|Principal
Underwriter 

|              | Class A    | Class B    | Class C    | Class S    | Institutional
Class
|------------- | ---------- | ---------- | ---------- | ---------- | -------------------
|Nasdaq Symbol | KBCAX      | KBCBX      | KBCCX      | KBCSX      | KBCIX              
|CUSIP Number  | 233372 101 | 233372 200 | 233372 309 | 233372 507 | 233372 408         
|Fund Number   | 031        | 231        | 331        | 2331       | 1431               

Notes

Notes

Notes

Notes

bcf_backcover0




ITEM 2.
        CODE OF ETHICSAs of the end of the period, October 31, 2008, DWS Blue Chip Fund has a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTThe Funds audit committee is comprised solely of trustees who are independent (as such term has been defined by the Securities and Exchange Commission (SEC) in regulations implementing Section 407 of the Sarbanes-Oxley Act (the Regulations)). The Funds Board of Trustees has determined that there are several audit committee financial experts (as such term has been defined by the Regulations) serving on the Funds audit committee including Mr. William McClayton, the chair of the Funds audit committee.  The SEC has stated that an audit committee financial expert is not an expert for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an audit committee
financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICES
 DWS BLUE CHIP FUND FORM N-CSR DISCLOSURE RE: AUDIT FEES The following table shows the amount of fees that Ernst & Young LLP (E&Y), the Funds Independent Registered Public Accountant, billed to the Fund during the Funds last two fiscal years.  The Audit Committee approved in advance all audit services and non-audit services that E&Y provided to the Fund. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). Services that the Funds Independent Registered Public Accountant Billed to the Fund Fiscal YearEndedOctober 31,
        Audit Fees Billed to Fund
        Audit-RelatedFees Billed to Fund
        Tax Fees Billed to Fund
        AllOther Fees Billed to Fund2008
        $50,644
        $0
        $6,906
        $02007
        $48,731
        $0
        $6,645
        $0
  The above "Tax Fees" were billed for professional services rendered for tax return preparation.  
 Services that the Funds Independent Registered Public Accountant Billed to the Adviser and Affiliated Fund Service Providers The following table shows the amount of fees billed by E&Y to Deutsche Investment Management Americas, Inc. (DIMA or the Adviser), and any entity controlling, controlled by or under common control with DIMA (Control Affiliate) that provides ongoing services to the Fund (Affiliated Fund Service Provider), for engagements directly related to the Funds operations and financial reporting, during the Funds last two fiscal years.  Fiscal YearEndedOctober 31,
        Audit-RelatedFees Billedto Adviser and Affiliated Fund Service Providers
        Tax Fees Billed to Adviser and Affiliated Fund Service Providers
        AllOther Fees Billed to Adviser and Affiliated Fund Service Providers2008
        $0
        $382,000
        $02007
        $250,000
        $486,614
        $0
  The Audit-Related Fees were billed for services in connection with agreed upon procedures related to fund mergers and the above Tax Fees were billed in connection with tax compliance services and agreed upon procedures. Non-Audit Services The following table shows the amount of fees that E&Y billed during the Funds last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that E&Y provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Funds operations and financial reporting. The Audit Committee requested and received information from E&Y about any non-audit services that E&Y rendered during the Funds last fiscal year to the Adviser and any Affiliated Fund Service Provider.  The Committee considered this information in evaluating E&Ys independence.  Fiscal YearEndedOctober 31,
        TotalNon-Audit Fees Billed to Fund
(A)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
        Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
        Total of (A), (B)and (C)2008
        $6,906
        $382,000
        $1,474,733
        $1,863,6392007
        $6,645
        $486,614
        $1,129,726
        $1,622,985
   All other engagement fees were billed for services in connection with internal control reviews, agreed upon procedures and tax compliance for DIMA and other related entities that provide support for the operations of the fund.  *** 
 In connection with the audit of the 2007 and 2008 financial statements, the Fund entered into an engagement letter with E&Y.  The terms of the engagement letter required by E&Y, and agreed to by the Audit Committee, include provisions in which the parties consent to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury and an exclusion of punitive damages.  *** E&Y advised the Funds Audit Committee that certain arrangements between the Ernst & Young member firm in Germany (E&Y Germany) and Deutsche Bank AG (DB) had been determined to be inconsistent with the SEC auditor independence rules.  DB is within the Investment Company Complex (as defined by SEC rules) and therefore covered by the SEC auditor independence rules applicable to the Fund.  In 2006 and 2007, DB provided standard overdraft protection on a depository account and a guarantee of certain lease deposits to E&Y Germany.  E&Y advised the Audit Committee that while neither of these arrangements was ever utilized by E&Y Germany, they could constitute lending type arrangements in violation of Rule 2-01 of Regulation S-X.  (Rule 2-01(c)(1)(ii)(A) provides that an accountant is not independent when an
accounting firm has a loan to or from an audit client.)  E&Y advised the Audit Committee that E&Y believes its independence has not been impacted as it relates to the audits of the Fund.  In reaching this conclusion, E&Y noted a number of factors, including that neither of the arrangements was ever utilized and, accordingly, E&Y Germany never had amounts outstanding to DB, these arrangements were immaterial to E&Y Germany and DB and the E&Y professionals responsible for the Funds audits were not aware of these arrangements.  E&Y informed the Audit Committee that E&Y Germany has cancelled the overdraft arrangements and has terminated the guarantee on the lease deposits.  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.
  
  ITEM 11.
        CONTROLS AND PROCEDURES(a)          The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)          There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.ITEM 12.
        EXHIBITS(a)(1)     Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.(a)(2)     Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)         Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSR Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Central Europe & Russia Fund, Inc. DWS Core Fixed Income Fund, a series of DWS Advisor Funds DWS High Income Plus Fund, a series of DWS Advisor Funds DWS International Select Equity Fund, a series of DWS Advisor Funds DWS Short Duration Fund, a series of DWS Advisor Funds DWS Short-Term Municipal Bond Fund, a series of DWS Advisor Funds DWS Balanced Fund DWS Blue Chip Fund DWS Global High Income Fund, Inc. DWS Emerging Markets Fixed Income Fund, a series of DWS Global/International Fund, Inc. DWS Global Bond Fund, a series of DWS Global/International Fund, Inc. DWS Global Opportunities Fund, a series of DWS Global/International Fund, Inc. DWS Emerging Markets Equity Fund, a series of DWS International Fund, Inc. DWS Europe Equity Fund, a series of DWS International Fund, Inc. DWS Latin America Equity Fund, a series of DWS International Fund, Inc. DWS Gold & Precious Metals Fund, a series of DWS Mutual Funds, Inc. DWS Strategic Government Securities Fund DWS Strategic Income Fund DWS Technology Fund  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 29, 2008
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  By:
        /s/Michael G. Clark
 Michael G. Clark
 President  Date:
        December 29, 2008
  By:
        /s/Paul Schubert
 Paul Schubert
 Chief Financial Officer and Treasurer  Date:
        December 29, 2008