UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549  FORM N-CSRS  Investment Company Act file number
        811-06071
  DWS Institutional Funds (Exact Name of Registrant as Specified in Charter)  345 Park Avenue New York, NY 10154-0004 (Address of Principal Executive Offices) (Zip Code)  Registrants Telephone Number, including Area Code:(212) 454-7190  Paul Schubert 345 Park Avenue New York, NY 10154-0004 (Name and Address of Agent for Service)  Date of fiscal year end:
        12/31
  Date of reporting period:
        06/30/09
   ITEM 1.REPORT TO STOCKHOLDERS   
 JUNE 30, 2009
Semiannual Report
to ShareholdersDWS Equity 500 Index Funde500i_cover240 Contents 4Performance Summary
8Information About Your
Fund's Expenses
10Portfolio Summary
DWS Equity 500 Index Fund
12Financial Statements
15Financial Highlights
17Notes to Financial
Statements
DWS Equity 500 Index Portfolio
22Investment Portfolio
37Financial Statements
40Financial Highlights
41Notes to Financial
Statements
46Summary of Management
Fee Evaluation by
Independent Fee Consultant
51Summary of Administrative
Fee Evaluation by
Independent Fee Consultant
52Account Management
Resources
53Privacy Statement This report must be preceded or accompanied by a prospectus. To obtain a
prospectus for any of our funds, refer to the Account Management Resources
information provided in the back of this booklet. We advise you to consider the
fund's objectives, risks, charges and expenses carefully before investing. The
prospectus contains this and other important information about the fund. Please
read the prospectus carefully before you invest. Investments in mutual funds involve risk. Some funds have more risk than others.
Derivatives may be more volatile and less liquid than traditional securities, and the
fund could suffer losses on its derivatives positions. This fund is not sponsored, endorsed,
sold, nor promoted by Standard & Poor's®, and Standard & Poor's makes no
representation regarding the advisability of investing in the portfolio. Additionally, the fund
may not be able to replicate the S&P 500® Index closely enough to track its performance
for several reasons, including the fund's cost to buy and sell securities, the flow of money
into and out of the fund and the potential underperformance of stocks selected. Please
read this fund's prospectus for specific information regarding its investments and risk
profile. DWS Investments is part of Deutsche Bank's Asset Management division and, within the US,
represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust
Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust
Company. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY Performance SummaryJune 30, 2009 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 total annual fund operating expense ratio, gross of any fee waivers or expense
reimbursements, as stated in the fee table of the prospectus dated May 1, 2009 is
0.24% for Institutional Class shares. Please see the Information About Your Fund's
Expenses, the Financial Highlights and Notes to the Financial Statements (Note C,
Related Parties) sections of this report for gross and net expense-related disclosure
for the period ended June 30, 2009. 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 redemption of fund shares. Returns and rankings may differ by
share class. Average Annual Total Returnsas of 6/30/09DWS Equity 500 Index Fund
6-Month
1-Year
3-Year
5-Year
10-YearInstitutional Class
3.18%
-26.18%
-8.26%
-2.29%
-2.31%S&P 500® Index+
3.16%
-26.21%
-8.22%
-2.24%
-2.22% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.   Total returns shown for periods less than one year are not annualized.  Net Asset Value and Distribution InformationInstitutional
ClassNet Asset Value:
6/30/09
$     104.1312/31/08
$     102.25Distribution Information:
Six Months as of 6/30/09:Income Dividends
$     1.26 Institutional Class Lipper Rankings  S&P 500 Index Objective Funds
Categoryas of 6/30/09Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
35
of
175
203-Year
22
of
168
145-Year
19
of
149
1210-Year
11
of
92
12 Source: Lipper Inc. Rankings are historical and do not guarantee future results.Rankings
are based on total returns with distributions reinvested. Rankings are for Institutional
Class shares; other share classes may vary. Growth of an Assumed $1,000,000 Investment[]DWS Equity 500 Index Fund  Institutional Class
[]S&P 500 Index+e500i_g10k1c0Yearly periods ended June 30 Comparative Resultsas of 6/30/09DWS Equity 500 Index Fund
1-Year
3-Year
5-Year
10-YearInstitutional
Class
Growth of $1,000,000
$738,200
$772,100
$890,700
$791,500Average annual total return
-26.18%
-8.26%
-2.29%
-2.31%S&P 500 Index+
Growth of $1,000,000
$737,900
$773,000
$892,800
$798,700Average annual total return
-26.21%
-8.22%
-2.24%
-2.22% The growth of $1,000,000 is cumulative. The minimum initial investment for the Institutional Class is $1,000,000. +  The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index
of 500 stocks. The index is designed to measure performance of the broad domestic
economy through changes in the aggregate market value of 500 stocks representing all
major industries. "Standard & Poor's," "S&P 500," "Standard & Poor's 500" and "500"
are trademarks of The McGraw-Hill Companies Inc., and have been licensed for use by the
Fund's investment advisor. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into
an index.  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 May 1, 2009 is
0.32% 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 June 30, 2009. 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 redemption of fund shares. Returns and rankings may differ by
share class. On May 19, 2003, the Investment Class of the Fund was issued in conjunction with the
combination of Equity 500 Index Fund  Investment (the "Acquired fund") and the Fund.
The Acquired fund was, and the Fund is, a feeder fund investing all of its investable assets
in the same master portfolio, the DWS Equity 500 Index Portfolio. Returns shown prior to
May 19, 2003 are the actual returns of the Acquired fund and for the period after May 19,
2003 are those of the Fund's Investment Class. On October 20, 2006, Investment Class
was renamed Class S. Average Annual Total Returnsas of 6/30/09DWS Equity 500 Index Fund
6-Month
1-Year
3-Year
5-Year
10-YearClass S
3.11%
-26.27%
-8.35%
-2.41%
-2.44%S&P 500 Index+
3.16%
-26.21%
-8.22%
-2.24%
-2.22% Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.   Total returns shown for periods less than one year are not annualized.  Net Asset Value and Distribution InformationClass SNet Asset Value:
6/30/09
$     103.0912/31/08
$     101.24Distribution Information:
Six Months as of 6/30/09:Income Dividends
$     1.19 Class S Lipper Rankings  S&P 500 Index Objective Funds Categoryas of 6/30/09Period
Rank

Number of
Funds Tracked
Percentile
Ranking (%)1-Year
52
of
175
303-Year
43
of
168
255-Year
39
of
149
2610-Year
27
of
92
30 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 Equity 500 Index Fund  Class S
[]S&P 500 Index+e500i_g10k1b0Yearly periods ended June 30 Comparative Resultsas of 6/30/09DWS Equity 500 Index Fund
1-Year
3-Year
5-Year
10-YearClass S
Growth of $10,000
$7,373
$7,698
$8,852
$7,813Average annual total return
-26.27%
-8.35%
-2.41%
-2.44%S&P 500 Index+
Growth of $10,000
$7,379
$7,730
$8,928
$7,987Average annual total return
-26.21%
-8.22%
-2.24%
-2.22% The growth of $10,000 is cumulative. +  The Standard & Poor's 500 (S&P 500) Index is an unmanaged, capitalization-weighted index
of 500 stocks. The index is designed to measure performance of the broad domestic
economy through changes in the aggregate market value of 500 stocks representing all
major industries. "Standard & Poor's," "S&P 500," "Standard & Poor's 500" and "500"
are trademarks of The McGraw-Hill Companies Inc., and have been licensed for use by the
Fund's investment advisor. Index returns assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into
an index.  Information About Your Fund's Expenses As an investor of the Fund, you incur two types of costs: ongoing expenses
and transaction costs. Ongoing expenses include management fees and
other Fund expenses. Examples of transaction costs include 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 it 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 (January 1, 2009 to June 30, 2009). 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 June 30, 2009Actual Fund Return*
Class S
Institutional
ClassBeginning Account Value 1/1/09
$     1,000.00
$     1,000.00Ending Account Value 6/30/09
$     1,031.10
$     1,031.80Expenses Paid per $1,000**
$     1.11
$     .76Hypothetical 5% Fund Return*
Class S
Institutional
ClassBeginning Account Value 1/1/09
$     1,000.00
$     1,000.00Ending Account Value 6/30/09
$     1,023.70
$     1,024.05Expenses Paid per $1,000**
$     1.10
$     .75 * Expenses include amounts allocated proportionally from the master portfolio.  ** Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied
by the average account value over the period, multiplied by the number of days in the most
recent six-month period, then divided by 365.  Annualized Expense Ratios
Class S
Institutional
ClassDWS Equity 500 Index Fund
.22%
.15% For more information, please refer to the Fund's prospectuses. Portfolio Summary Asset Allocation(As a % of Investment Portfolio excluding
Securities Lending Collateral)
6/30/09
12/31/08Common Stocks
99%
99%Cash Equivalents
1%
1%100%
100% Sector Diversification(As a % of Common Stocks)
6/30/09
12/31/08Information Technology
18%
15%Health Care
14%
15%Financials
14%
13%Energy
12%
13%Consumer Staples
12%
13%Industrials
10%
11%Consumer Discretionary
9%
9%Utilities
4%
4%Telecommunication Services
4%
4%Materials
3%
3%100%
100% Asset allocation and sector diversification are subject to change. Ten Largest Equity Holdings at June 30, 2009(20.0% of Net Assets)1.      ExxonMobil Corp.
Explorer and producer of oil and gas
4.2%2.      Microsoft Corp.
Developer of computer software
2.2%3.      Johnson & Johnson
Provider of health care products
1.9%4.      Procter & Gamble Co.
Manufacturer of diversified consumer products
1.8%5.      AT&T, Inc.
Provider of communications services
1.8%6.      International Business Machines Corp.
Manufacturer of computers and provider of information processing services
1.7%7.      JPMorgan Chase & Co.
Provider of global financial services
1.7%8.      Chevron Corp.
Operator of petroleum exploration, delivery and refining facilities
1.6%9.      Apple, Inc.
Manufacturer of personal computers and communication solutions
1.6%10.     General Electric Co.
Diversified technology, media and financial services company
1.5% Portfolio holdings are subject to change. For more complete details about the Portfolio's investment portfolio, see page 22. A quarterly
Fact Sheet is available upon request. A complete list of the Portfolio'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. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2009 (Unaudited)AssetsInvestment in the DWS Equity 500 Index Portfolio, at value
$       1,728,178,156Receivable for Fund shares sold
1,147,786Due from Advisor
882Other assets
4,174Total assets
1,729,330,998LiabilitiesPayable for Fund shares redeemed
1,891,060Accrued expenses and other payables
561,413Total liabilities
2,452,473Net assets, at value
$    1,726,878,525Net Assets Consist ofUndistributed net investment income
1,268,377Net unrealized appreciation (depreciation) on investments and futures
(69,984,564)Accumulated net realized gain (loss)
(348,573,169)Paid-in capital
2,144,167,881Net assets, at value
$    1,726,878,525Net Asset ValueClass S
Net Asset Value, offering and redemption price per share
($388,936,303 ÷ 3,772,634 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    103.09Institutional Class
Net Asset Value, offering and redemption price per share
($1,337,942,222 ÷ 12,849,241 outstanding shares of beneficial interest,
$.01 par value, unlimited number of shares authorized)
$    104.13 The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended June 30, 2009 (Unaudited)Investment IncomeIncome and expenses allocated from DWS Equity 500 Index Portfolio:Dividends (net of foreign taxes withheld of $10,751)
$       21,362,281Interest  Cash Management QP Trust
47,054Interest
5,391Securities lending income, including income from Daily
Assets Fund Institutional, net of borrower rebates
676,525Expenses*
(400,412)Net investment income allocated from DWS Equity 500 Index Portfolio
21,690,839Expenses:Administration fee
800,222Services to shareholders
422,127Professional fees
36,704Trustees' fees and expenses
4,036Reports to shareholders
26,316Registration fees
39,015Other
9,748Total expenses before expense reductions
1,338,168Expense reductions
(326,157)Total expenses after expense reductions
1,012,011Net investment income (loss)
20,678,828Realized and Unrealized Gain (Loss)Net realized gain (loss) allocated from DWS Equity 500 Index Portfolio:Investments
(58,242,244)Futures
2,424,431(55,817,813)Change in net unrealized appreciation (depreciation) allocated from
DWS Equity 500 Index Portfolio on:Investments
94,447,857Futures
(196,212)94,251,645Net gain (loss)
38,433,832Net increase (decrease) in net assets resulting from operations
$    59,112,660 *  Advisor reimbursement allocated from DWS Equity 500 Index Portfolio was $376,064 for
the six months ended June 30, 2009.  The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Six Months
Ended
June 30, 2009
(Unaudited)
Years Ended
December 31,
2008Operations:Net investment income (loss)
$       20,678,828
$       52,424,185Net realized gain (loss)
(55,817,813)
(77,726,183)Change in net unrealized appreciation (depreciation)
94,251,645
(1,025,254,803)Net increase (decrease) in net assets resulting from
operations
59,112,660
(1,050,556,801)Distributions to shareholders from:Net investment income:Class S
(4,777,712)
(12,944,113)Institutional Class
(16,155,292)
(37,661,893)Total distributions
(20,933,004)
(50,606,006)Fund share transactions:Proceeds from shares sold
248,506,760
566,455,568Reinvestment of distributions
20,164,641
48,282,105Cost of shares redeemed
(301,732,130)
(514,871,845)Redemption fees
17,842
49,468Net increase (decrease) in net assets from Fund share
transactions
(33,042,887)
99,915,296Increase (decrease) in net assets
5,136,769
(1,001,247,511)Net assets at beginning of period
1,721,741,756
2,722,989,267Net assets at end of period (includes undistributed net
investment income of $1,268,377 and $1,522,553,
respectively)
$    1,726,878,525
$    1,721,741,756 The accompanying notes are an integral part of the financial statements. Financial Highlights Class S
Years Ended December 31,
2009a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value,
beginning of period
$    101.24
$    164.58
$    158.94
$    139.85
$    135.69
$    124.93Income (loss) from
investment operations:
Net investment income
(loss)b
1.20
2.94
2.96
2.56
2.21
2.27Net realized and
unrealized gain (loss)
1.84
(63.44)
5.61
19.04
4.10
10.78Total from investment
operations
3.04
(60.50)
8.57
21.60
6.31
13.05Less distributions from:
Net investment income
(1.19)
(2.84)
(2.93)
(2.51)
(2.15)
(2.29)Redemption fees
.00***
.00***
.00***
.00***
.00***
Net asset value, end
of period
$    103.09
$    101.24
$    164.58
$    158.94
$    139.85
$    135.69Total Return (%)c
3.11**
(37.12)
5.39
15.58
4.70
10.57Ratios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
389
439
772
771
768
727Ratio of expenses before
expense reductions,
including expenses allocated
from DWS Equity 500 Index
Portfolio (%)
.28*
.32
.29
.33
.36
.36Ratio of expenses after
expense reductions,
including expenses allocated
from DWS Equity 500 Index
Portfolio (%)
.22*
.21
.19
.22
.25
.25Ratio of net investment
income (loss) (%)
2.54*
2.13
1.77
1.73
1.62
1.77aFor the six months ended June 30, 2009 (Unaudited).bBased on average shares outstanding during period.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Institutional Class
Years Ended December 31,
2009a
2008
2007
2006
2005
2004Selected Per Share DataNet asset value,
beginning of period
$    102.25
$    166.22
$    160.54
$    141.29
$    137.10
$    126.22Income (loss) from
investment operations:
Net investment income
(loss)b
1.25
3.09
3.11
2.73
2.41
2.46Net realized and
unrealized gain (loss)
1.89
(64.06)
5.71
19.28
4.16
10.93Total from investment
operations
3.14
(60.97)
8.82
22.01
6.57
13.39Less distributions from:
Net investment income
(1.26)
(3.00)
(3.14)
(2.76)
(2.38)
(2.51)Redemption fees
.00***
.00***
.00***
.00***
.00***
Net asset value, end
of period
$    104.13
$    102.25
$    166.22
$    160.54
$    141.29
$    137.10Total Return (%)c
3.18**
(37.06)
5.49
15.72
4.85
10.74Ratios to Average Net Assets and Supplemental DataNet assets, end of period
($ millions)
1,338
1,283
1,951
1,991
1,812
1,828Ratio of expenses before
expense reductions,
including expenses allocated
from DWS Equity 500 Index
Portfolio (%)
.25*
.24
.22
.20
.11
.11Ratio of expenses after
expense reductions,
including expenses allocated
from DWS Equity 500 Index
Portfolio (%)
.15*
.10
.10
.10
.10
.10Ratio of net investment
income (loss) (%)
2.61*
2.24
1.86
1.85
1.77
1.92aFor the six months ended June 30, 2009 (Unaudited).bBased on average shares outstanding during the period.cTotal return would have been lower had certain expenses not been reduced.*Annualized**Not annualized***Amount is less than $.005. Notes to Financial Statements(Unaudited) A. Organization and Significant Accounting Policies DWS Equity 500 Index Fund (the "Fund") is a diversified series of
DWS Institutional Funds (the "Trust") which is registered under the
Investment Company Act of 1940, as amended, (the "1940 Act"), as an
open-end management investment company organized as a Massachusetts
business trust. The Fund, a feeder fund, seeks to achieve its investment objective by
investing all of its investable assets in a master portfolio, DWS Equity 500
Index Portfolio (the "Portfolio"), a diversified, open-end management
investment company advised by Deutsche Investment Management
Americas Inc. ("DIMA"), an indirect, wholly owned subsidiary of Deutsche
Bank AG. On June 30, 2009, the Fund owned approximately 80% of the
Portfolio. The Fund offers two classes of shares: Institutional Class and Class S.
Institutional Class and Class S shares are offered to a limited group of
investors, and are not subject to initial or contingent deferred sales charges.
Institutional shares have lower ongoing expenses than Class S shares. 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 both classes of shares,
except that each class bears certain expenses unique to that class such as
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. The financial statements
of the Portfolio, including the Investment Portfolio, are contained elsewhere
in this report and should be read in conjunction with the Fund's financial
statements. Security Valuation. The Fund records its investment in the Portfolio at value,
which reflects its proportionate interest in the net assets of the Portfolio.
Valuation of the securities held by the Portfolio is discussed in the notes to
the Portfolio's financial statements included elsewhere in this report. Federal Income Taxes. The Fund's policy is to comply with the requirements
of the Internal Revenue Code, as amended, which are applicable to
regulated investment companies, and to distribute all of its taxable income
to its shareholders. At December 31, 2008, the Fund had a net tax basis capital loss
carryforward of approximately $281,382,000, which may be applied against
any realized net taxable capital gains of each succeeding year until fully
utilized or until December 31, 2010 ($40,508,000), December 31, 2011
($53,713,000), December 31, 2012 ($73,803,000), December 31, 2013
($22,343,000), December 31, 2014 ($21,981,000) and December 31, 2016
($69,034,000), the respective expiration dates, whichever occurs first, which
may be subject to certain limitations under Sections 382-384 of the Internal
Revenue Code. In addition, from November 1, 2008 through December 31, 2008, the Fund
incurred approximately $11,528,000 of net realized capital losses. As
permitted by tax regulations, the Fund intends to elect to defer these losses
and treat them as arising in the fiscal year ended December 31, 2009. The Fund has reviewed the tax positions for the open tax years as of
December 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 is
declared and distributed to shareholders quarterly. Net realized gains from
investment transactions, in excess of available capital loss carryforwards,
would be taxable to the Fund if not distributed, and, therefore, will be
distributed to shareholders at least annually. The timing and characterization of certain income and capital gains
distributions are determined annually in accordance with federal tax
regulations which may differ from accounting principles generally accepted
in the United States of America. As a result, net investment income (loss)
and net realized gain (loss) on investment transactions for a reporting period
may differ significantly from distributions during such period. Accordingly,
the Fund may periodically make reclassifications among certain of its capital
accounts without impacting the net asset value of the Fund. The tax character of current year distributions will be determined at the end
of the current fiscal year. Redemption Fees. The Fund imposed 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 was
assessed and retained by the Fund for the benefit of the remaining
shareholders. The redemption fee was accounted for as an addition to
paid-in capital. The Fund no longer imposes the 2% redemption fee on Fund
shares acquired (either by purchase or exchange) on or after June 1, 2009. 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. The Fund receives a daily allocation of the Portfolio's income,
expenses and net realized and unrealized gains and losses in proportion to
its investment in the Portfolio. Expenses directly attributed to a fund are
charged to that fund, while expenses which are attributable to the Trust are
allocated among the funds in the Trust on the basis of relative net assets. B. Related Parties Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is
the Advisor for the Portfolio. In the event the Board of Trustees determines it is in the best interests of
the Fund to withdraw its investment in the Portfolio, the Advisor may
become responsible for directly managing the assets of the Fund. In such
event, the Fund would pay the Advisor an annual fee of 0.15% of the Fund's
average daily net assets, accrued daily and payable monthly. For Institutional Class shares, the Advisor has voluntarily agreed to waive all
or a portion of its fees and reimburse or pay certain operating expenses of
the Fund, including expenses allocated from the Portfolio (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest) to
the extent necessary to maintain the operating expenses at 0.15%. This
voluntary waiver of reimbursement may be terminated at any time at the
option of the Advisor. Under this arrangement, during the six months ended June 30, 2009, DIMA
waived $67,473 of sub-recordkeeping expenses for Institutional Class
shares. Administration Fee. 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
six months ended June 30, 2009, the Administration Fee was $800,222, of
which $130,603 was waived and $148,669 is unpaid. Service Provider Fees. DWS Investments Service Company ("DISC"), an
affiliate of the Advisor, is the transfer agent, dividend-paying agent and
shareholder service agent for the Fund. Pursuant to a sub-transfer agency
agreement between DISC and DST Systems, Inc. ("DST"), DISC has
delegated certain transfer agent, dividend-paying agent and shareholder
service agent functions to DST. DISC compensates DST out of the
shareholder servicing fee it receives from the Fund. For the six months
ended June 30, 2009, the amount charged to the Fund by DISC was as
follows: Services to Shareholders
Total
Aggregated
Waived
Unpaid at
June 30, 2009Class S
$       49,943
$       
$       17,434Institutional Class
128,081
128,081
$    178,024
$    128,081
$    17,434 Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA
is compensated for providing typesetting and certain regulatory filing
services to the Fund. For the six months ended June 30, 2009, the amount
charged to the Fund by DIMA included in the Statement of Operations
under "reports to shareholders" aggregated $13,311, all of which 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. C. Share Transactions The following table summarizes share and dollar activity in the Fund: Six Months Ended June 30, 2009
Year Ended December 31, 2008Shares
Dollars
Shares
DollarsShares soldClass S
534,200
$       50,531,279
1,008,383
$       138,436,679Institutional Class
2,134,761
197,975,481
3,002,815
428,018,889$    248,506,760

$    566,455,568Shares issued to shareholders in reinvestment of distributionsClass S
48,245
$       4,558,855
93,979
$       12,152,598Institutional Class
163,010
15,605,786
277,931
36,129,507$    20,164,641

$    48,282,105Shares redeemedClass S
(1,147,255)
$       (110,043,699)
(1,457,141)
$       (195,736,417)Institutional Class
(1,992,009)
(191,688,431)
(2,473,383)
(319,135,428)$    (301,732,130)

$    (514,871,845)Redemption fees

$    17,842

$    49,468Net increase (decrease)Class S
(564,810)
$       (54,942,453)
(354,779)
$       (45,122,732)Institutional Class
305,762
21,899,566
807,363
145,038,028$    (33,042,887)

$    99,915,296 D. Review for Subsequent Events In accordance with the provisions set forth in Financial Accounting
Standards Board Statement of Financial Accounting Standards No. 165
"Subsequent Events," adopted by the Fund as of June 30, 2009, events and
transactions from July 1, 2009 through August 20, 2009, the date the
financial statements were available to be issued, have been evaluated by
management for subsequent events. Management has determined that
there were no material events that would require disclosure in the Fund's
financial statements through this date.  (The following financial statements of the DWS Equity 500
Index Portfolio should be read in conjunction with the Fund's
financial statements.) Investment Portfolioas of June 30, 2009 (Unaudited) Shares
Value ($)Common Stocks 98.5%Consumer Discretionary 8.8%Auto Components 0.2%Goodyear Tire & Rubber Co.*
66,996
754,375Johnson Controls, Inc.
159,992
3,475,0264,229,401Automobiles 0.3%Ford Motor Co.* (a)
859,176
5,215,198Harley-Davidson, Inc. (a)
64,251
1,041,5096,256,707Distributors 0.1%Genuine Parts Co.
42,678
1,432,274Diversified Consumer Services 0.2%Apollo Group, Inc. "A"*
29,483
2,096,831DeVry, Inc.
16,700
835,668H&R Block, Inc.
86,582
1,491,8084,424,307Hotels Restaurants & Leisure 1.5%Carnival Corp. (Units)
118,497
3,053,668Darden Restaurants, Inc.
36,280
1,196,514International Game Technology
80,064
1,273,018Marriott International, Inc. "A" (a)
78,151
1,724,800McDonald's Corp.
294,056
16,905,279Starbucks Corp.*
191,408
2,658,657Starwood Hotels & Resorts Worldwide, Inc. (a)
48,812
1,083,626Wyndham Worldwide Corp.
45,314
549,206Wynn Resorts Ltd.* (a)
18,200
642,460Yum! Brands, Inc.
120,182
4,006,86833,094,096Household Durables 0.3%Black & Decker Corp.
15,652
448,586Centex Corp.
30,504
258,064D.R. Horton, Inc.
73,100
684,216Fortune Brands, Inc.
38,254
1,328,944Harman International Industries, Inc.
15,300
287,640KB HOME
20,472
280,057Leggett & Platt, Inc.
44,266
674,171Lennar Corp. "A"
39,900
386,631Newell Rubbermaid, Inc.
68,350
711,523Pulte Homes, Inc.
54,456
480,846Snap-on, Inc.
14,732
423,398The Stanley Works
18,653
631,218Whirlpool Corp.
19,477
828,9417,424,235Internet & Catalog Retail 0.4%Amazon.com, Inc.* (a)
85,112
7,120,470Expedia, Inc.* (a)
53,670
810,9547,931,424Leisure Equipment & Products 0.1%Eastman Kodak Co.
71,031
210,252Hasbro, Inc.
34,402
833,904Mattel, Inc.
90,814
1,457,5652,501,721Media 2.5%CBS Corp. "B" (a)
175,054
1,211,374Comcast Corp. "A"
759,890
11,010,806Gannett Co., Inc. (a)
57,969
206,949Interpublic Group of Companies, Inc.*
117,695
594,360McGraw-Hill Companies, Inc.
85,374
2,570,611Meredith Corp.
10,038
256,471New York Times Co. "A" (a)
37,073
204,272News Corp. "A"
610,900
5,565,299Omnicom Group, Inc.
80,136
2,530,695Scripps Networks Interactive "A"
23,100
642,873The DIRECTV Group, Inc.* (a)
138,200
3,414,922Time Warner Cable, Inc.
93,070
2,947,527Time Warner, Inc. (a)
316,670
7,976,917Viacom, Inc. "B"*
160,354
3,640,036Walt Disney Co.
495,664
11,563,841Washington Post Co. "B"
1,500
528,27054,865,223Multiline Retail 0.8%Big Lots, Inc.*
22,996
483,606Family Dollar Stores, Inc.
35,172
995,368J.C. Penney Co., Inc. (a)
57,475
1,650,107Kohl's Corp.*
81,338
3,477,199Macy's, Inc. (a)
108,550
1,276,548Nordstrom, Inc.
41,332
822,093Sears Holdings Corp.* (a)
14,338
953,764Target Corp. (a)
199,591
7,877,85717,536,542Specialty Retail 1.9%Abercrombie & Fitch Co. "A"
22,700
576,353AutoNation, Inc.* (a)
31,559
547,549AutoZone, Inc.*
9,908
1,497,198Bed Bath & Beyond, Inc.*
67,266
2,068,429Best Buy Co., Inc. (a)
91,772
3,073,444GameStop Corp. "A"*
41,500
913,415Home Depot, Inc. (a)
453,147
10,707,864Limited Brands, Inc.
70,311
841,623Lowe's Companies, Inc.
394,974
7,666,445O'Reilly Automotive, Inc.* (a)
35,700
1,359,456Office Depot, Inc.*
69,059
314,909RadioShack Corp.
35,795
499,698Staples, Inc.
186,373
3,759,143The Gap, Inc.
125,458
2,057,511The Sherwin-Williams Co.
25,205
1,354,769Tiffany & Co.
31,716
804,318TJX Companies, Inc.
111,699
3,514,05141,556,175Textiles, Apparel & Luxury Goods 0.5%Coach, Inc.
86,200
2,317,056NIKE, Inc. "B"
104,316
5,401,482Polo Ralph Lauren Corp.
15,100
808,454VF Corp.
22,140
1,225,4499,752,441Consumer Staples 11.8%Beverages 2.6%Brown-Forman Corp. "B"
25,523
1,096,957Coca-Cola Co. (a)
529,935
25,431,581Coca-Cola Enterprises, Inc.
81,424
1,355,710Constellation Brands, Inc. "A"*
49,400
626,392Dr. Pepper Snapple Group, Inc.*
66,300
1,404,897Molson Coors Brewing Co. "B" (a)
40,904
1,731,466Pepsi Bottling Group, Inc.
35,362
1,196,650PepsiCo, Inc.
414,650
22,789,16455,632,817Food & Staples Retailing 3.0%Costco Wholesale Corp.
115,033
5,257,008CVS Caremark Corp.
384,191
12,244,167Kroger Co.
176,563
3,893,214Safeway, Inc.
113,107
2,303,990SUPERVALU, Inc.
53,391
691,413Sysco Corp.
154,290
3,468,439Wal-Mart Stores, Inc.
593,854
28,766,288Walgreen Co.
261,778
7,696,273Whole Foods Market, Inc. (a)
35,200
668,09664,988,888Food Products 1.7%Archer-Daniels-Midland Co.
167,753
4,490,748Campbell Soup Co.
51,909
1,527,163ConAgra Foods, Inc.
122,052
2,326,311Dean Foods Co.*
46,500
892,335General Mills, Inc.
87,950
4,926,959H.J. Heinz Co.
83,754
2,990,018Hormel Foods Corp.
17,900
618,266Kellogg Co.
65,134
3,033,290Kraft Foods, Inc. "A"
393,884
9,981,020McCormick & Co., Inc.
33,700
1,096,261Sara Lee Corp.
180,539
1,762,061The Hershey Co.
42,160
1,517,760The J.M. Smucker Co.
32,910
1,601,401Tyson Foods, Inc. "A"
75,400
950,79437,714,387Household Products 2.6%Clorox Co.
35,632
1,989,335Colgate-Palmolive Co. (a)
133,768
9,462,748Kimberly-Clark Corp. (a)
111,307
5,835,826Procter & Gamble Co.
774,948
39,599,84356,887,752Personal Products 0.2%Avon Products, Inc.
115,470
2,976,816Estee Lauder Companies, Inc. "A" (a)
28,900
944,1633,920,979Tobacco 1.7%Altria Group, Inc.
552,052
9,048,132Lorillard, Inc.
43,954
2,978,763Philip Morris International, Inc.
522,852
22,806,804Reynolds American, Inc. (a)
42,690
1,648,68836,482,387Energy 12.2%Energy Equipment & Services 1.8%Baker Hughes, Inc.
82,773
3,016,248BJ Services Co. (a)
72,728
991,283Cameron International Corp.*
56,100
1,587,630Diamond Offshore Drilling, Inc.
19,300
1,602,865ENSCO International, Inc.
36,600
1,276,242FMC Technologies, Inc.* (a)
32,800
1,232,624Halliburton Co.
240,778
4,984,105Nabors Industries Ltd.*
71,938
1,120,794National-Oilwell Varco, Inc.*
112,500
3,674,250Rowan Companies, Inc.
27,539
532,053Schlumberger Ltd.
318,744
17,247,238Smith International, Inc.
56,500
1,454,87538,720,207Oil, Gas & Consumable Fuels 10.4%Anadarko Petroleum Corp.
133,968
6,080,807Apache Corp.
87,974
6,347,324Cabot Oil & Gas Corp.
25,700
787,448Chesapeake Energy Corp.
152,000
3,014,160Chevron Corp.
533,056
35,314,960ConocoPhillips
395,009
16,614,079CONSOL Energy, Inc.
47,600
1,616,496Denbury Resources, Inc.* (a)
65,600
966,288Devon Energy Corp.
119,004
6,485,718El Paso Corp.
180,398
1,665,074EOG Resources, Inc.
65,600
4,455,552ExxonMobil Corp. (a)
1,295,868
90,594,132Hess Corp.
76,765
4,126,119Marathon Oil Corp.
188,788
5,688,182Massey Energy Co.
21,100
412,294Murphy Oil Corp.
49,200
2,672,544Noble Energy, Inc.
44,700
2,635,959Occidental Petroleum Corp.
216,362
14,238,783Peabody Energy Corp.
71,300
2,150,408Pioneer Natural Resources Co.
31,300
798,150Range Resources Corp. (a)
40,242
1,666,421Southwestern Energy Co.*
91,400
3,550,890Spectra Energy Corp.
166,398
2,815,454Sunoco, Inc.
29,272
679,110Tesoro Corp. (a)
34,500
439,185Valero Energy Corp.
150,340
2,539,243Williams Companies, Inc.
148,723
2,321,566XTO Energy, Inc.
152,650
5,822,071226,498,417Financials 13.4%Capital Markets 3.0%Ameriprise Financial, Inc.
66,608
1,616,576Bank of New York Mellon Corp.
319,192
9,355,517Charles Schwab Corp.
252,433
4,427,675E*TRADE Financial Corp.*
132,700
169,856Federated Investors, Inc. "B"
21,700
522,753Franklin Resources, Inc.
39,871
2,871,111Invesco Ltd.
106,181
1,892,145Janus Capital Group, Inc.
39,279
447,781Legg Mason, Inc.
36,200
882,556Morgan Stanley
360,164
10,268,276Northern Trust Corp.
62,605
3,360,636State Street Corp.
131,934
6,227,285T. Rowe Price Group, Inc. (a)
66,652
2,777,389The Goldman Sachs Group, Inc.
133,969
19,752,38964,571,945Commercial Banks 2.6%BB&T Corp. (a)
173,718
3,818,322Comerica, Inc.
38,557
815,481Fifth Third Bancorp.
199,091
1,413,546First Horizon National Corp.
51,726
620,708Huntington Bancshares, Inc. (a)
137,396
574,315KeyCorp
181,883
953,067M&T Bank Corp. (a)
20,400
1,038,972Marshall & Ilsley Corp.
92,053
441,854PNC Financial Services Group, Inc.
123,423
4,790,047Regions Financial Corp. (a)
298,719
1,206,825SunTrust Banks, Inc.
125,692
2,067,633US Bancorp.
506,415
9,074,957Wells Fargo & Co. (a)
1,237,221
30,014,981Zions Bancorp. (a)
27,956
323,17157,153,879Consumer Finance 0.6%American Express Co. (a)
316,843
7,363,431Capital One Financial Corp. (a)
121,343
2,654,985Discover Financial Services
123,032
1,263,539SLM Corp.*
121,565
1,248,47212,530,427Diversified Financial Services 3.7%Bank of America Corp.
2,148,334
28,358,009CIT Group, Inc. (a)
91,800
197,370Citigroup, Inc. (a)
1,472,360
4,372,909CME Group, Inc.
17,800
5,537,758IntercontinentalExchange, Inc.* (a)
19,700
2,250,528JPMorgan Chase & Co.
1,036,943
35,370,126Leucadia National Corp.*
45,200
953,268Moody's Corp.
49,800
1,312,230NYSE Euronext
67,500
1,839,375The NASDAQ OMX Group, Inc.*
35,500
756,50580,948,078Insurance 2.3%Aflac, Inc. (a)
125,544
3,903,163Allstate Corp.
143,070
3,490,908American International Group, Inc. (a)
699,448
811,360Aon Corp.
73,587
2,786,740Assurant, Inc.
28,900
696,201Chubb Corp.
95,358
3,802,877Cincinnati Financial Corp.
42,934
959,575Genworth Financial, Inc. "A"
107,300
750,027Hartford Financial Services Group, Inc.
89,246
1,059,350Lincoln National Corp.
65,874
1,133,692Loews Corp.
92,523
2,535,130Marsh & McLennan Companies, Inc.
138,732
2,792,675MBIA, Inc.*
50,246
217,565MetLife, Inc.
219,011
6,572,520Principal Financial Group, Inc.
81,519
1,535,818Progressive Corp.*
176,988
2,674,289Prudential Financial, Inc.
123,916
4,612,153The Travelers Companies, Inc.
157,375
6,458,670Torchmark Corp.
22,310
826,362Unum Group
84,494
1,340,075XL Capital Ltd. "A"
85,732
982,48949,941,639Real Estate Investment Trusts 1.0%Apartment Investment & Management Co. "A" (REIT)
36,916
326,707AvalonBay Communities, Inc. (REIT) (a)
22,229
1,243,490Boston Properties, Inc. (REIT) (a)
37,800
1,803,060Equity Residential (REIT)
70,860
1,575,218HCP, Inc. (REIT) (a)
69,455
1,471,751Health Care REIT, Inc. (REIT)
27,600
941,160Host Hotels & Resorts, Inc. (REIT) (a)
155,500
1,304,645Kimco Realty Corp. (REIT)
82,400
828,120Plum Creek Timber Co., Inc. (REIT) (a)
43,324
1,290,189ProLogis (REIT)
113,700
916,422Public Storage (REIT)
34,530
2,261,024Simon Property Group, Inc. (REIT) (a)
75,000
3,857,250Ventas, Inc. (REIT)
39,600
1,182,456Vornado Realty Trust (REIT) (a)
43,383
1,953,53720,955,029Real Estate Management & Development 0.0%CB Richard Ellis Group, Inc. "A"*
59,600
557,856Thrifts & Mortgage Finance 0.2%Hudson City Bancorp., Inc.
133,300
1,771,557People's United Financial, Inc.
94,100
1,415,2643,186,821Health Care 13.8%Biotechnology 1.9%Amgen, Inc.*
270,124
14,300,364Biogen Idec, Inc.*
77,571
3,502,331Celgene Corp.*
121,700
5,822,128Cephalon, Inc.* (a)
18,700
1,059,355Genzyme Corp.*
71,340
3,971,498Gilead Sciences, Inc.*
242,020
11,336,21739,991,893Health Care Equipment & Supplies 2.0%Baxter International, Inc.
162,298
8,595,302Becton, Dickinson & Co.
63,592
4,534,745Boston Scientific Corp.* (a)
392,606
3,981,025C.R. Bard, Inc.
25,594
1,905,473DENTSPLY International, Inc.
38,600
1,178,072Hospira, Inc.*
40,422
1,557,055Intuitive Surgical, Inc.*
10,200
1,669,332Medtronic, Inc.
298,999
10,432,075St. Jude Medical, Inc.*
90,426
3,716,509Stryker Corp.
62,248
2,473,736Varian Medical Systems, Inc.*
31,300
1,099,882Zimmer Holdings, Inc.*
58,908
2,509,48143,652,687Health Care Providers & Services 2.1%Aetna, Inc.
120,496
3,018,425AmerisourceBergen Corp.
83,096
1,474,123Cardinal Health, Inc.
93,668
2,861,558CIGNA Corp.
70,575
1,700,152Coventry Health Care, Inc.*
38,758
725,162DaVita, Inc.*
26,600
1,315,636Express Scripts, Inc.*
71,100
4,888,125Humana, Inc.*
43,351
1,398,503Laboratory Corp. of America Holdings*
27,700
1,877,783McKesson Corp. (a)
73,715
3,243,460Medco Health Solutions, Inc.*
128,176
5,846,107Patterson Companies, Inc.*
27,600
598,920Quest Diagnostics, Inc. (a)
40,402
2,279,885Tenet Healthcare Corp.*
117,448
331,203UnitedHealth Group, Inc.
315,624
7,884,288WellPoint, Inc.*
128,616
6,545,26845,988,598Health Care Technology 0.0%IMS Health, Inc.
48,206
612,216Life Sciences Tools & Services 0.4%Life Technologies Corp.*
45,103
1,881,697Millipore Corp.*
13,681
960,543PerkinElmer, Inc.
30,063
523,096Thermo Fisher Scientific, Inc.* (a)
112,528
4,587,767Waters Corp.*
24,805
1,276,7139,229,816Pharmaceuticals 7.4%Abbott Laboratories (a)
411,822
19,372,107Allergan, Inc. (a)
80,178
3,814,869Bristol-Myers Squibb Co.
522,336
10,608,644Eli Lilly & Co. (a)
265,747
9,205,476Forest Laboratories, Inc.*
78,681
1,975,680Johnson & Johnson
732,601
41,611,737King Pharmaceuticals, Inc.* (a)
61,575
592,967Merck & Co., Inc. (a)
562,206
15,719,280Mylan, Inc.*
77,300
1,008,765Pfizer, Inc. (a)
1,794,993
26,924,895Schering-Plough Corp.
433,952
10,900,874Watson Pharmaceuticals, Inc.*
25,907
872,807Wyeth
355,409
16,132,015158,740,116Industrials 9.7%Aerospace & Defense 2.7%Boeing Co. (a)
194,020
8,245,850General Dynamics Corp.
102,460
5,675,259Goodrich Corp.
31,238
1,560,963Honeywell International, Inc.
199,568
6,266,435ITT Corp.
46,592
2,073,344L-3 Communications Holdings, Inc.
30,600
2,123,028Lockheed Martin Corp.
86,726
6,994,452Northrop Grumman Corp.
87,550
3,999,284Precision Castparts Corp.
36,200
2,643,686Raytheon Co.
104,523
4,643,957Rockwell Collins, Inc.
40,144
1,675,209United Technologies Corp. (a)
251,440
13,064,82358,966,290Air Freight & Logistics 1.0%C.H. Robinson Worldwide, Inc. (a)
45,600
2,378,040Expeditors International of Washington, Inc.
54,200
1,807,028FedEx Corp.
83,001
4,616,516United Parcel Service, Inc. "B" (a)
265,670
13,280,84322,082,427Airlines 0.1%Southwest Airlines Co.
193,891
1,304,886Building Products 0.1%Masco Corp.
91,805
879,492Commercial Services & Supplies 0.5%Avery Dennison Corp.
27,531
706,996Cintas Corp.
32,666
746,092Iron Mountain, Inc.*
46,400
1,334,000Pitney Bowes, Inc.
52,685
1,155,382R.R. Donnelley & Sons Co.
55,621
646,316Republic Services, Inc.
86,599
2,113,882Stericycle, Inc.*
22,100
1,138,813Waste Management, Inc.
133,740
3,766,11811,607,599Construction & Engineering 0.2%Fluor Corp.
48,108
2,467,459Jacobs Engineering Group, Inc.*
32,700
1,376,343Quanta Services, Inc.*
51,300
1,186,5695,030,371Electrical Equipment 0.4%Cooper Industries Ltd. "A"
44,302
1,375,577Emerson Electric Co.
199,840
6,474,816Rockwell Automation, Inc.
37,356
1,199,8759,050,268Industrial Conglomerates 2.1%3M Co. (a)
182,866
10,990,246General Electric Co.
2,804,665
32,870,674Textron, Inc.
67,754
654,50444,515,424Machinery 1.4%Caterpillar, Inc.
158,668
5,242,391Cummins, Inc.
51,992
1,830,638Danaher Corp.
68,322
4,218,200Deere & Co.
113,592
4,538,000Dover Corp.
49,759
1,646,525Eaton Corp.
45,254
2,018,781Flowserve Corp.
15,000
1,047,150Illinois Tool Works, Inc.
104,242
3,892,396Manitowoc Co., Inc.
31,800
167,268PACCAR, Inc. (a)
98,015
3,186,468Pall Corp.
31,010
823,626Parker Hannifin Corp.
41,252
1,772,18630,383,629Professional Services 0.2%Dun & Bradstreet Corp.
14,000
1,136,940Equifax, Inc.
32,709
853,705Monster Worldwide, Inc.* (a)
31,489
371,885Robert Half International, Inc.
40,275
951,2963,313,826Road & Rail 0.9%Burlington Northern Santa Fe Corp.
73,386
5,396,806CSX Corp.
105,752
3,662,192Norfolk Southern Corp.
95,744
3,606,676Ryder System, Inc.
14,590
407,353Union Pacific Corp.
135,230
7,040,07420,113,101Trading Companies & Distributors 0.1%Fastenal Co. (a)
33,100
1,097,927W.W. Grainger, Inc. (a)
17,162
1,405,2252,503,152Information Technology 18.1%Communications Equipment 2.7%Ciena Corp.*
21,498
222,504Cisco Systems, Inc.*
1,533,964
28,593,089Harris Corp.
33,900
961,404JDS Uniphase Corp.*
55,939
319,971Juniper Networks, Inc.*
136,900
3,230,840Motorola, Inc.
605,596
4,015,102QUALCOMM, Inc.
440,654
19,917,561Tellabs, Inc.*
111,530
639,06757,899,538Computers & Peripherals 5.4%Apple, Inc.* (a)
237,078
33,767,020Dell, Inc.*
460,447
6,321,937EMC Corp.*
538,662
7,056,472Hewlett-Packard Co.
635,136
24,548,006International Business Machines Corp.
351,420
36,695,276Lexmark International, Inc. "A"*
20,257
321,074NetApp, Inc.*
84,609
1,668,490QLogic Corp.*
31,000
393,080SanDisk Corp.* (a)
58,000
852,020Sun Microsystems, Inc.*
193,291
1,782,143Teradata Corp.*
45,298
1,061,332Western Digital Corp.*
58,500
1,550,250116,017,100Electronic Equipment, Instruments & Components 0.5%Agilent Technologies, Inc.* (a)
89,741
1,822,640Amphenol Corp. "A"
45,000
1,423,800Corning, Inc.
410,490
6,592,469FLIR Systems, Inc.*
37,900
855,024Jabil Circuit, Inc.
50,875
377,493Molex, Inc.
35,886
558,02711,629,453Internet Software & Services 1.8%Akamai Technologies, Inc.*
44,200
847,756eBay, Inc.*
283,932
4,863,755Google, Inc. "A"* (a)
63,800
26,897,442VeriSign, Inc.*
50,000
924,000Yahoo!, Inc.* (a)
367,522
5,755,39539,288,348IT Services 1.0%Affiliated Computer Services, Inc. "A"*
25,300
1,123,826Automatic Data Processing, Inc.
135,437
4,799,887Cognizant Technology Solutions Corp. "A"*
79,600
2,125,320Computer Sciences Corp.*
41,532
1,839,868Convergys Corp.*
33,540
311,251Fidelity National Information Services, Inc. (a)
47,500
948,100Fiserv, Inc.*
42,750
1,953,675MasterCard, Inc. "A" (a)
19,500
3,262,545Paychex, Inc. (a)
87,667
2,209,208Total System Services, Inc. (a)
47,866
640,926Western Union Co.
185,588
3,043,64322,258,249Office Electronics 0.1%Xerox Corp.
222,156
1,439,571Semiconductors & Semiconductor Equipment 2.4%Advanced Micro Devices, Inc.* (a)
142,097
549,915Altera Corp.
76,743
1,249,376Analog Devices, Inc.
74,568
1,847,795Applied Materials, Inc.
349,835
3,837,690Broadcom Corp. "A"*
115,370
2,860,022Intel Corp.
1,486,982
24,609,552KLA-Tencor Corp.
43,885
1,108,096Linear Technology Corp. (a)
57,006
1,331,090LSI Corp.* (a)
165,055
752,651MEMC Electronic Materials, Inc.*
57,600
1,025,856Microchip Technology, Inc. (a)
46,600
1,050,830Micron Technology, Inc.* (a)
217,049
1,098,268National Semiconductor Corp. (a)
50,366
632,093Novellus Systems, Inc.*
25,082
418,869NVIDIA Corp.* (a)
149,147
1,683,870Teradyne, Inc.* (a)
43,358
297,436Texas Instruments, Inc.
341,848
7,281,363Xilinx, Inc. (a)
74,913
1,532,72053,167,492Software 4.2%Adobe Systems, Inc.*
140,604
3,979,093Autodesk, Inc.*
58,348
1,107,445BMC Software, Inc.*
48,069
1,624,252CA, Inc.
100,115
1,745,004Citrix Systems, Inc.*
45,914
1,464,198Compuware Corp.*
72,821
499,552Electronic Arts, Inc.*
86,206
1,872,394Intuit, Inc.*
83,566
2,353,219McAfee, Inc.*
39,600
1,670,724Microsoft Corp. (a)
2,034,195
48,352,815Novell, Inc.*
87,582
396,747Oracle Corp.
1,008,729
21,606,975Salesforce.com, Inc.*
27,100
1,034,407Symantec Corp.*
220,106
3,424,84991,131,674Materials 3.2%Chemicals 1.8%Air Products & Chemicals, Inc.
54,390
3,513,050CF Industries Holdings, Inc.
13,300
986,062Dow Chemical Co.
287,991
4,648,175E.I. du Pont de Nemours & Co. (a)
242,652
6,216,744Eastman Chemical Co.
20,486
776,419Ecolab, Inc.
43,242
1,686,006International Flavors & Fragrances, Inc.
19,916
651,651Monsanto Co.
145,584
10,822,715PPG Industries, Inc.
41,662
1,828,962Praxair, Inc.
82,428
5,858,158Sigma-Aldrich Corp.
32,568
1,614,07038,602,012Construction Materials 0.1%Vulcan Materials Co.
31,176
1,343,686Containers & Packaging 0.2%Ball Corp.
24,224
1,093,956Bemis Co., Inc.
25,930
653,436Owens-Illinois, Inc.*
43,400
1,215,634Pactiv Corp.*
33,149
719,333Sealed Air Corp.
40,872
754,0884,436,447Metals & Mining 0.9%AK Steel Holding Corp.
29,600
568,024Alcoa, Inc. (a)
262,551
2,712,152Allegheny Technologies, Inc. (a)
24,379
851,558Freeport-McMoRan Copper & Gold, Inc.
110,099
5,517,061Newmont Mining Corp.
130,100
5,317,187Nucor Corp.
84,536
3,755,935Titanium Metals Corp.
22,200
204,018United States Steel Corp. (a)
39,092
1,397,14820,323,083Paper & Forest Products 0.2%International Paper Co.
116,704
1,765,732MeadWestvaco Corp.
45,844
752,300Weyerhaeuser Co.
56,629
1,723,2204,241,252Telecommunication Services 3.5%Diversified Telecommunication Services 3.1%AT&T, Inc. (a)
1,568,830
38,969,737CenturyTel, Inc. (a)
25,655
787,608Embarq Corp.
36,381
1,530,185Frontier Communications Corp. (a)
81,505
581,946Qwest Communications International, Inc. (a)
394,881
1,638,756Verizon Communications, Inc. (a)
756,412
23,244,541Windstream Corp.
115,874
968,70767,721,480Wireless Telecommunication Services 0.4%American Tower Corp. "A"*
104,300
3,288,579MetroPCS Communications, Inc.*
67,200
894,432Sprint Nextel Corp.* (a)
769,028
3,699,0247,882,035Utilities 4.0%Electric Utilities 2.3%Allegheny Energy, Inc.
42,418
1,088,022American Electric Power Co., Inc.
129,715
3,747,466Duke Energy Corp.
342,196
4,992,640Edison International
88,890
2,796,479Entergy Corp.
53,009
4,109,258Exelon Corp.
176,538
9,040,511FirstEnergy Corp.
82,495
3,196,681FPL Group, Inc. (a)
110,494
6,282,689Northeast Utilities
42,000
937,020Pepco Holdings, Inc.
50,600
680,064Pinnacle West Capital Corp.
24,896
750,614PPL Corp.
96,548
3,182,222Progress Energy, Inc. (a)
71,550
2,706,737Southern Co. (a)
210,388
6,555,69050,066,093Gas Utilities 0.1%EQT Corp.
34,900
1,218,359Nicor, Inc.
11,737
406,335Questar Corp.
43,700
1,357,3222,982,016Independent Power Producers & Energy Traders 0.2%AES Corp.*
171,150
1,987,052Constellation Energy Group, Inc.
49,587
1,318,022Dynegy, Inc. "A"*
107,461
243,9363,549,010Multi-Utilities 1.4%Ameren Corp.
53,419
1,329,599CenterPoint Energy, Inc.
100,868
1,117,617CMS Energy Corp. (a)
66,349
801,496Consolidated Edison, Inc.
75,216
2,814,583Dominion Resources, Inc.
159,180
5,319,796DTE Energy Co.
42,303
1,353,696Integrys Energy Group, Inc.
19,100
572,809NiSource, Inc.
80,866
942,897PG&E Corp. (a)
98,647
3,791,991Public Service Enterprise Group, Inc.
135,446
4,419,603SCANA Corp. (a)
30,600
993,582Sempra Energy
66,690
3,309,825TECO Energy, Inc.
52,988
632,147Wisconsin Energy Corp.
30,500
1,241,655Xcel Energy, Inc.
115,737
2,130,71830,772,014Total Common Stocks (Cost $2,224,304,276)
2,134,412,398 Principal
Amount ($)
Value ($)Government & Agency Obligation 0.3%US Treasury ObligationUS Treasury Bill, 0.285%**, 11/19/2009 (b) (Cost $6,313,220)
6,320,000
6,313,686 Shares
Value ($)Securities Lending Collateral 18.0%Daily Assets Fund Institutional, 0.48% (c) (d) (Cost $389,582,024)
389,582,024
389,582,024Cash Equivalents 1.1%Cash Management QP Trust, 0.27% (c) (Cost $24,346,005)
24,346,005
24,346,005 % of Net
Assets
Value ($)Total Investment Portfolio(Cost $2,644,545,525)+
117.9
2,554,654,113Other Assets and Liabilities, Net
(17.9)
(388,695,125)Net Assets
100.0
2,165,958,988 * Non-income producing security  ** Annualized yield at time of purchase; not a coupon rate.  +  The cost for federal income tax purposes was $2,826,085,327. At June 30, 2009, net
unrealized depreciation for all securities based on tax cost was $271,431,214. This
consisted of aggregate gross unrealized appreciation for all securities in which there was
an excess of value over tax cost of $482,118,660 and aggregate gross unrealized
depreciation for all securities in which there was an excess of tax cost over value of
$753,549,874.  (a)All or a portion of these securities were on loan (see Notes to Financial Statements).  The
value of all securities loaned at June 30, 2009 amounted to $376,289,798, which is 17.4%
of net assets.  (b)At June 30, 2009, this security has been pledged, in whole or in part, to cover initial margin
requirements for open futures contracts.  (c)Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate
shown is the annualized seven-day yield at period end.  (d)Represents collateral held in connection with securities lending.  Income earned by the
Fund is net of borrower rebates.  REIT: Real Estate Investment Trust At June 30, 2009, open futures contracts purchased were as follows: Futures
Expiration
Date
Contracts
Aggregate
Face
Value ($)
Value ($)
Unrealized
Appreciation ($)S&P 500 Index
9/17/2009
136
31,040,454
31,127,000
86,546 For information on the Portfolio's policy and additional disclosures regarding futures contracts,
please refer to the Derivatives section of Note A in the accompanying Notes to Financial
Statements. Fair Value Measurements Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157,
"Fair Value Measurements," as amended, establishes a three-tier hierarchy for measuring fair
value and requires additional disclosure about the classification of fair value measurements. Various inputs are used in determining the value of the Portfolio's investments. These inputs
are summarized in three broad levels. Level 1 includes quoted prices in active markets for
identical securities. Level 2 includes other significant observable inputs (including quoted prices
for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes
significant unobservable inputs (including the Portfolio's own assumptions in determining the
fair value of investments). The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used as of June 30, 2009 in valuing the Portfolio's
investments. For information on the Portfolio's policy regarding the valuation of investments,
please refer to the Security Valuation section of Note A in the accompanying Notes to the
Financial Statements. Assets
Level 1
Level 2
Level 3
TotalCommon Stock and/or
Other Equity Investments
(e)
$       2,134,412,398
$       
$       
$       2,134,412,398Short-Term Investments (e)
389,582,024
30,659,691

420,241,715Derivatives (f)
86,546


86,546Total
$    2,524,080,968
$    30,659,691
$    
$    2,554,740,659 (e)See Investment Portfolio for additional detailed categorizations.  (f)Derivatives include unrealized appreciation on open futures contracts.  The accompanying notes are an integral part of the financial statements. Financial Statements Statement of Assets and Liabilitiesas of June 30, 2009 (Unaudited)AssetsInvestments:Investments in securities, at value (cost $2,230,617,496)  including
$376,289,798 of securities loaned
$       2,140,726,084Investment in Daily Assets Fund Institutional (cost $389,582,024)*
389,582,024Investment in Cash Management QP Trust (cost $24,346,005)
24,346,005Total investments in securities, at value (cost $2,644,545,525)
2,554,654,113Cash
22,810Receivable for investments sold
1,812,265Dividends receivable
2,914,282Interest receivable
130,207Other assets
92,238Total assets
2,559,625,915LiabilitiesPayable upon return of securities loaned
389,582,024Payable for investments purchased
3,693,499Payable for daily variation margin on open futures contracts
198,471Accrued management fee
27,999Other accrued expenses and payables
164,934Total liabilities
393,666,927Net assets
$    2,165,958,988 * Represents collateral on securities loaned.  The accompanying notes are an integral part of the financial statements. Statement of Operationsfor the six months ended June 30, 2009 (Unaudited)Investment IncomeIncome:Dividends (net of foreign taxes withheld of $13,338)
$       26,672,950Interest  Cash Management QP Trust
58,606Interest
6,722Securities lending income, including income from Daily Assets Fund
Institutional, net of borrower rebates
846,522Total Income
27,584,800Expenses:Investment management fee
499,518Administration fee
299,712Professional fees
43,058Custodian fee
39,224Trustees' fees and expenses
27,148Insurance
24,428Reports to shareholders
3,313Other
32,507Total expenses before expense reductions
968,908Expense reductions
(469,210)Total expenses after expense reductions
499,698Net investment income (loss)
27,085,102Realized and Unrealized Gain (Loss)Net realized gain (loss) from:Investments
(72,654,586)Futures
3,038,781(69,615,805)Change in net unrealized appreciation (depreciation) during the period on:Investments
115,292,173Futures
(313,736)114,978,437Net gain (loss)
45,362,632Net increase (decrease) in net assets resulting from operations
$    72,447,734 The accompanying notes are an integral part of the financial statements. Statement of Changes in Net AssetsIncrease (Decrease) in Net Assets
Six Months
Ended
June 30, 2009
(Unaudited)
Year Ended
December 31,
2008Operations:Net investment income (loss)
$       27,085,102
$       67,660,758Net realized gain (loss)
(69,615,805)
(96,428,766)Change in net unrealized appreciation (depreciation)
114,978,437
(1,276,204,964)Net increase (decrease) in net assets resulting from
operations
72,447,734
(1,304,972,972)Capital transactions in shares of beneficial interest:Proceeds from capital invested
294,735,269
698,602,342Value of capital withdrawn
(354,616,570)
(648,903,152)Net increase (decrease) in net assets from capital
transactions in shares of beneficial interest
(59,881,301)
49,699,190Increase (decrease) in net assets
12,566,433
(1,255,273,782)Net assets at beginning of period
2,153,392,555
3,408,666,337Net assets at end of period
$    2,165,958,988
$    2,153,392,555 The accompanying notes are an integral part of the financial statements. Financial Highlights Years Ended December 31,
2009a
2008
2007
2006
2005
2004Ratios to Average Net Assets and Supplemental DataNet assets, end of period ($ millions)
2,166
2,153
3,409
3,549
3,307
3,272Ratio of expenses before expense
reductions (%)
.10*
.10
.09
.08
.06
.06Ratio of expenses after expense
reductions (%)
.05*
.05
.05
.05
.05
.05Ratio of net investment income
(loss) (%)
2.71*
2.29
1.91
1.90
1.82
1.97Portfolio turnover rate (%)
6**
6
5
4
9
7Total investment return (%)b,c
3.23**
(37.01)
5.54
15.72
4.90
10.79aFor the six months ended June 30, 2009 (Unaudited).bTotal investment return would have been lower had certain expenses not been reduced.cTotal investment return for the Portfolio was derived from the performance of the
Institutional Class of DWS Equity 500 Index Fund.*Annualized**Not annualized The accompanying notes are an integral part of the financial statements. Notes to Financial Statements(Unaudited) A. Organization and Significant Accounting Policies DWS Equity 500 Index Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as a
diversified open-end management investment company organized as a New
York business trust. A master/feeder fund structure is one in which a fund (a "feeder fund"),
instead of investing directly in a portfolio of securities, invests most or all of
its investment assets in a separate registered investment company (the
"master fund") with substantially the same investment objective and
policies as the feeder fund. Such a structure permits the pooling of assets of
two or more feeder funds, preserving separate identities or distribution
channels at the feeder fund level. The Portfolio may have several feeder
funds, including affiliated DWS feeder funds, with a significant ownership
percentage of the Portfolio's net assets. Investment activities of these
feeder funds could have a material impact on the Portfolio. As of June 30,
2009, DWS S&P 500 Index Fund and DWS Equity 500 Index Fund owned
approximately 20% and 80%, respectively, of the Portfolio. The Portfolio'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 Portfolio 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 they trade. 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. In accordance with the Portfolio's valuation procedures, factors
used in determining value may include, but are not limited to, the type of
the security, the size of the holding, the initial cost of the security, the
existence of any contractual restrictions on the security's disposition, the
price and extent of public trading in similar securities of the issuer or of
comparable companies, quotations or evaluated prices from broker-dealers
and/or pricing services, information obtained from the issuer, analysts,
and/or the appropriate stock exchange (for exchange-traded securities), an
analysis of the company's financial statements, an evaluation of the forces
that influence the issuer and the market(s) in which the security is
purchased and sold and with respect to debt securities, the maturity,
coupon, creditworthiness, currency denomination, and the movement of the
market in which the security is normally traded. The value determined under
these procedures may differ from published values for the same securities. Securities Lending. The Portfolio may lend securities to financial institutions.
The Portfolio 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 Portfolio requires
the borrowers of the securities to maintain collateral with the Portfolio
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 Portfolio 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 Portfolio 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 a lending
agent. Either the Portfolio 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 Portfolio is also subject to all investment risks associated with the
reinvestment of any cash collateral received, including, but not limited to,
interest rate, credit and liquidity risk associated with such investments. Derivatives. The Portfolio has adopted the provisions of Statement of
Financial Accounting Standard No. 161 ("FAS 161"), "Disclosures about
Derivative Instruments and Hedging Activities," effective at the beginning of
the Portfolio's fiscal year. FAS 161 requires enhanced disclosures about the
Portfolio's derivative and hedging activities and derivatives accounted for as
hedging instruments under FAS 133 must be disclosed separately from
derivatives that do not qualify for hedge accounting under FAS 133. Because
investment companies account for their derivatives at fair value and record
any changes in fair value in current period earnings, the Portfolio's
derivatives are not accounted for as hedging instruments under FAS 133. As
such, even though the Portfolio may use derivatives in an attempt to achieve
an economic hedge, the Portfolio's derivatives are not considered to be
hedging instruments under FAS 133. The disclosure below is presented in
accordance with FAS 161. 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 Portfolio is subject to equity risk. The Portfolio invests in future
contracts to keep cash on hand to meet shareholder redemptions or other
needs while maintaining exposure to the stock market. Futures contracts are valued at the most recent settlement price. Upon
entering into a futures contract, the Portfolio is required to deposit with a
financial intermediary cash or securities ("initial margin") in an amount
equal to a certain percentage of the face value indicated in the futures
contract. Subsequent payments ("variation margin") are made or received
by the Portfolio dependent upon the daily fluctuations in the value and are
recorded for financial reporting purposes as unrealized gains or losses by
the Portfolio. Gains or losses are realized when the contract expires or is
closed. Since all futures contracts are exchange traded, counterparty risk
is minimized as the exchange's clearinghouse acts as the counterparty,
and guarantees the futures against default. Certain risks may arise upon entering into futures contracts, including the
risk that an illiquid market will limit the Portfolio'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 underlying hedged security or index. Risk of loss may exceed
amounts recognized on the Statement of Assets and Liabilities. The primary risk exposure of the futures contracts is equity contract risk.
The unrealized appreciation as of June 30, 2009 is $86,546. The Liability
on the Statement of Assets and Liabilities payable for daily variation
margin on open futures contracts reflects unsettled variation margin. See
the Statement of Operations for net realized gain (loss) from futures and
for change in net realized appreciation (depreciation) on futures. A summary of the open futures contracts as of June 30, 2009 is included
in a table following the Portfolio's Investment Portfolio. The volume
indicated is generally indicative of the volume throughout the period. Federal Income Taxes. The Portfolio is considered a partnership under the
Internal Revenue Code, as amended. Therefore, no federal income tax
provision is necessary. It is intended that the Portfolio's assets, income and distributions will be
managed in such a way that an investor in the Portfolio will be able to satisfy
the requirements of Subchapter M of the Code, assuming that the investor
invested all of its assets in the Portfolio. The Portfolio has reviewed the tax positions for the open tax years as of
December 31, 2008 and has determined that no provision for income tax is
required in the Portfolio's financial statements. The Portfolio's federal tax
returns for the prior three fiscal years remain subject to examination by the
Internal Revenue Service. Contingencies. In the normal course of business, the Portfolio may enter
into contracts with service providers that contain general indemnification
clauses. The Portfolio's maximum exposure under these arrangements is
unknown as this would involve future claims that may be made against the
Portfolio that have not yet been made. However, based on experience, the
Portfolio expects the risk of loss to be remote. Other. Investment transactions are accounted for on a trade date plus one
basis for daily net asset value calculations. However, for financial reporting
purposes, investment security transactions are reported on trade date.
Interest income is recorded on the accrual basis. Dividend income is
recorded on the ex-dividend date. Realized gains and losses from
investment transactions are recorded on an identified cost basis. The Portfolio makes a daily allocation of its net investment income and
realized and unrealized gains and losses from securities, futures and foreign
currency transactions to its investors in proportion to their investment in the
Portfolio. B. Purchases and Sales of Securities During the six months ended June 30, 2009, purchases and sales of
investment securities (excluding short-term investments) aggregated
$121,689,879 and $169,017,511, respectively. C. Related Parties Deutsche Investment Management Americas Inc. ("DIMA" or the
"Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is
the Advisor for the Portfolio. Management Agreement. Under the Investment Management Agreement,
the Advisor determines the securities, instruments and other contracts
relating to investments to be purchased, sold or entered into by the Portfolio
or delegates such responsibility to the Portfolio's sub-advisor. The
investment management fee payable under the Investment Management
Agreement is equal to an annual rate of 0.05% of the Portfolio's average
daily net assets, computed and accrued daily and payable monthly. Northern
Trust Investments, N.A. ("NTI") serves as sub-advisor to the Portfolio and is
paid by the Advisor for its services. NTI is responsible for the day to day
management of the Portfolio. For the period from January 1, 2009 through September 30, 2009, DIMA
has contractually agreed to waive all or a portion of its investment
management fee and reimburse or pay certain operating expenses of the
Portfolio to the extent necessary to maintain the annual operating expenses
of the Portfolio at 0.05% of average daily net assets (excluding certain
expenses such as extraordinary expenses, taxes, brokerage and interest). Accordingly, for the six months ended June 30, 2009, the Advisor waived a
portion of its investment management fee pursuant to the Investment
Management Agreement of $469,205 and charged $30,313, which was
equivalent to an annualized effective rate of 0.003% of the Portfolio's
average daily net assets. Administration Fee.Pursuant to an Administrative Services Agreement,
DIMA provides most administrative services to the Portfolio. For all services
provided under the Administrative Services Agreement, the Portfolio pays
the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's
average daily net assets, computed and accrued daily and payable monthly.
For the six months ended June 30, 2009, the Administration Fee was
$299,712, of which $53,296 is unpaid. Trustees' Fees and Expenses. The Portfolio paid each Trustee not affiliated
with the Advisor retainer fees plus specified amounts for various committee
services and for the Board Chairperson. Cash Management QP Trust. Pursuant to an Exemptive Order issued by the
SEC, the Portfolio 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 its Advisor a management fee for the affiliated funds' investments in
the QP Trust. D. Line of Credit The Portfolio and other affiliated funds (the "Participants") share in a
$450 million revolving credit facility provided by a syndication of banks. The
Portfolio 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 a rate per annum equal to the sum of
the Federal Funds Rate plus 1.25 percent plus if LIBOR exceeds the Federal
Funds Rate the amount of such excess. The Portfolio may borrow up to a
maximum of 33 percent of its net assets under the agreement. E. Fee Reductions The Portfolio 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 Portfolio's custodian expenses.
During the six months ended June 30, 2009, the Portfolio's custodian fee
was reduced by $5 for custody credits earned. F. Review for Subsequent Events In accordance with the provisions set forth in Financial Accounting
Standards Board Statement of Financial Accounting Standards No. 165
"Subsequent Events," adopted by the Portfolio as of June 30, 2009, events
and transactions from July 1, 2009 through August 20, 2009, the date the
financial statements were available to be issued, have been evaluated by
management for subsequent events. Management has determined that
there were no material events that would require disclosure in the Portfolio's
financial statements through this date. 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. e500i_sigmack1Thomas H. Mack Summary of Administrative Fee Evaluation
by Independent Fee Consultant September 29, 2008 Pursuant to an Order entered into by Deutsche Asset Management (DeAM)
with the Attorney General of New York, I, Thomas H. Mack, have been
appointed the Independent Fee Consultant for the DWS Funds and have as
part of my duties evaluated the reasonableness of the proposed
management fees to be charged by DeAM to the DWS Funds, taking onto
account a proposal to pass through to the funds certain fund
accounting-related charges in connection with new regulatory requirements.
My evaluation considered the following: •   While the proposal would alter the services to be provided under the
Administration Agreement, which I consider to be part of fund
management under the Order, it is my opinion that the change in
services is slight and that the scope of prospective services under the
combination of the Advisory and Administration Agreements continues
to be comparable with those typically provided to competitive funds
under their management agreements. •   While the proposal would increase fund expenses, according to a pro
forma analysis performed by management, the prospective effect is less
than .01% for all but seven of the DeAM Funds' 438 active share
classes, and in all cases the effect is less than .03% and overall
expenses would remain reasonable in my opinion. Based on the foregoing considerations, in my opinion the fees and expenses
for all of the DWS Funds will remain reasonable if the Directors adopt this
proposal. e500i_sigmack0Thomas H. Mack Account Management Resources For More
Information
The automated telephone system allows you to access personalized
account information and obtain information on other DWS funds using
either your voice or your telephone keypad. Certain account types
within Class S also have the ability to purchase, exchange or redeem
shares using this system.For more information, contact your financial advisor. You may also
access our automated telephone system or speak with a DWS
Investments representative by calling the appropriate number below:For shareholders of Institutional Class:
(800) 621-1048For shareholders of Class S:
(800) 728-3337Web Site
www.dws-investments.com
View your account transactions and balances, trade shares, monitor
your asset allocation, and change your address, 24 hours a day.Obtain prospectuses and applications,blank forms, interactive
worksheets, news about DWS funds, subscription to fund updates by
e-mail, retirement planning information, and more.Written
Correspondence
DWS Investments
PO Box 219151
Kansas City, MO 64121-9151Proxy Voting
The fund's policies and procedures for voting proxies for portfolio
securities and information about how the fund voted proxies related to
its portfolio securities during the 12-month period endedJune 30are
available on our Web site  www.dws-investments.com (click on
"proxy voting"at the bottom of the page)  or on the SEC's Web site
 www.sec.gov. To obtain a written copy of the fund's policies and
procedures without charge, upon request, call us toll free at (800)
621-1048.Principal
Underwriter
If you have questions, comments or complaints, contact:DWS Investments Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808(800) 621-1148 Class S
Institutional ClassNasdaq Symbol
BTIEX
BTIIXCUSIP Number
23339C 305
23339C 206Fund Number
815
565 Privacy Statement Dear Valued Client: We want to make sure you know our policy regarding the way in which our
clients' private information is handled at DWS Investments. The following
information is issued by DWS Investments Distributors, Inc., Deutsche
Investment Management Americas Inc., DeAM Investor Services, Inc.,
DWS Trust Company and the DWS Funds. We consider privacy fundamental to our client relationships and adhere
to the policies and practices described below to protect current and
former clients' information.We never sell customer lists or individual
client information. Internal policies are in place to protect confidentiality,
while allowing client needs to be served. Only individuals who need to do
so in carrying out their job responsibilities may access client information. We
maintain physical, electronic and procedural safeguards that comply with
federal and state standards to protect confidentiality. These safeguards
extend to all forms of interaction with us, including the Internet. In the normal course of business, clients give us nonpublic personal
information on applications and other forms, on our Web sites, and through
transactions with us or our affiliates. Examples of the nonpublic personal
information collected are name, address, Social Security number, and
transaction and balance information. To be able to serve our clients, certain
of this client information is shared with affiliated and nonaffiliated third party
service providers such as transfer agents, custodians and broker-dealers to
assist us in processing transactions and servicing your account. In addition, we may disclose the information we collect to companies that
perform marketing services on our behalf or to other financial institutions
with which we have joint marketing agreements. These organizations may
only use client information for the purpose designated by the companies
listed above, and additional requirements beyond federal law may be
imposed by certain states. To the extent that these state laws apply, we will
comply with them before we share information about you. We may also disclose nonpublic personal information about you to other
parties as required or permitted by law. For example, we are required to or
may provide information to government entities or regulatory bodies in
response to requests for information or subpoenas, to private litigants in
certain circumstances, to law enforcement authorities, or any time we
believe it necessary to protect the firm. At any time, if you have questions about our policy, please write to us at: DWS Investments 
Attention: Correspondence  Chicago
P.O. Box 219415
Kansas City, MO  64121-9415     September 2008 e500i_backcover0


ITEM 2.
        CODE OF ETHICSNot applicable.ITEM 3.
        AUDIT COMMITTEE FINANCIAL EXPERTNot applicable.ITEM 4.
        PRINCIPAL ACCOUNTANT FEES AND SERVICESNot applicable.
  ITEM 5.
        AUDIT COMMITTEE OF LISTED REGISTRANTSNot ApplicableITEM 6.
        SCHEDULE OF INVESTMENTSNot ApplicableITEM 7.
        DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.ITEM 8.
        PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIESNot applicable.
  ITEM 9.
        PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERSNot Applicable.
  ITEM 10.
        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSThe primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Chairman of the Board, P.O. Box 100176, Cape Coral, FL 33910.ITEM 11.
        CONTROLS AND PROCEDURES(a)        The Chief Executive and Financial Officers concluded that the Registrants Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.(b)        There have been no changes in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting.
  
  ITEM 12.
        EXHIBITS(a)(1)   Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.(b)       Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.


Form N-CSRS Item F  SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.  Registrant:
        DWS Equity 500 Index Fund, a series of DWS Institutional FundsBy:
        /s/Michael G. Clark
Michael G. Clark
PresidentDate:
        August 25, 2009
   Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.  Registrant:
        DWS Equity 500 Index Fund, a series of DWS Institutional FundsBy:
        /s/Michael G. Clark
Michael G. Clark
PresidentDate:
        August 25, 2009By:
        /s/Paul Schubert
Paul Schubert
Chief Financial Officer and TreasurerDate:
        August 25, 2009